Business24 Newspaper 19 August 2022

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FRIDAY, AUGUST 19, 2022

NEWS FOR BUSINESS LEADERS

.COM.GH

U.S. gov’t awards $2.63m grants to 12 agric finance intermediaries Story on page 3

Make climate funds flexible for Africa -ACET fellow By Eugene Davis

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BoG raises policy rate to 22 per cent

MTN Group hosts Ghanaian investors MTN Group this week hosted a Ghanaian investor at our Fairland head office, where we were pleased to exchange ideas and discuss our Ambition 2025 strategy: Leading digital solutions for Africa’s progress. MTN Ghana, which is part of our West and Central Africa (WECA) region, is a significant operating

company within the MTN Group portfolio of 18 opcos. It is a particularly important Mobile Money (MoMo) market, where we have offered MoMo services since 2009. MTN Group President and Chief Executive Officer Ralph Mupita, MTN Group Chief Financial Officer Tsholofelo Molefe and MTN Group Executive for Investor Relations

Thato Motlanthe met with Databank Asset Management Services Head of Research Alex Boahen and Associate Director Nii Ampa-Sowa. One of our four strategic priorities is to ‘create shared value’ and regularly engaging with our key stakeholders is essential for us to deliver on this priority.

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Horticulture fast becoming the new job-making machine “When the last tree dies, the last man dies” they say and truly so because flora and fauna preserve the environment and hence human life, and at a time that economies are grossly feeling the harsh outcomes of climate change, the need to preserve our environment and green resources have become even more critical. Aside the enviro-friendly outcomes, there is proven economic potential in the green economy, specifically the horticultural value chain. Recent statistics put proportions of the youth (15 to 35) that are unemployed and seeking work at 34.2percent. Unemployment is therefore considered by many to be the most critical issue affecting the country. It is trite to say that with the right national and individual orientation, policies, and drive, Ghana’s rich flora and fauna resources could provide millions of jobs to the country’s teeming youth. Stratcomm Africa is leading the charge to green

Ghana for the varied purposes of beautification, wealth and job creation as well as a sustainable fight against climate change. Now in is tenth year, the annual Garden and Flower Show challenges and motivates the youth and businesses in the sector to aspire to grow and reach their full potential, in order to improve their livelihoods and impact society. This year’s theme “Growth Unleashed” preps the mind of young Ghanaians to burst forth and to grow beyond the norms to achieve a blooming environment. The global horticulture market is estimated to be valued at USD 20.77 Billion as of 2021 and is projected to reach US$40.24bn by 2026 at a compound annual growth of 10.2percent whilst global flower and ornamental plants market was valued at US$475.6m in 2020 and is expected to reach US$725.4m by the end of 2027, growing annually at 6.3percent during 2021-2027.

Make climate funds flexible for Africa -ACET fellow

By Eugene Davis

L im ite d Copyright @ 2019 Business24 Limited. All Rights Reserved. Your subscription along with the support of businesses that advertise in Business24 -- makes an investment in journalism that is essential to keep the business community in Ghana wellinformed. We value your support and loyalty. Contact: editor@business24.com.gh Newsroom: 030 296 5315 Advertising / Sales: +233 24 212 2742

Prof. John Asafu-Adjaye, a senior fellow and head of research at the African Center for Economic Transformation (ACET), has asked donor countries to be “more flexible” in terms of climate funds to African countries. According to him, funds are not geared towards countries that are more vulnerable to climate change and reckons the time has come for rich countries to be more flexible towards the most affected countries in Africa. Available data suggests by 2050, Africa’s adaptation costs could rise to USD 50 billion per year for a scenario holding global warming below 2°C, and up to USD 100 billion per year by 2050, if the world does not manage to turn away from the current path that could lead to more than 4°C warming by 2100. Speaking virtually at the 2nd African Transformation Briefing on Climate Financing, carbon agenda and a just transition for Africa, Prof. Asafu-Adjaye said “ If you take the Global Climate Fund(GCF), it is not easy to get funding in terms of the procedures you will go through and if you consider Africa and Asia, Asia has been able to get more money than Africa just because they have addressed some of the hurdles we spoke about -capacity and verification issues, I think they have gone much further. The rules are such that we are less able to access these funds, the funds are not geared towards countries that are more vulnerable, in other words if you

are a vulnerable country, say a country in Sahel, where there is low income and the threats are so high, the fund will not make any distinction about the rule, they will still apply the same rules as everybody else, so this is where we saying that such cases, exceptions could be made for these countries or failing that extra assistance be given to such vulnerable countries to help them to apply, For Prof. Asafu-Adjaye, the main challenge holding African countries from accessing the GCF is that most vulnerable countries are not able to apply because they do not have sufficient bankable projects which is all due to lack of capacity. Another issue, he raised was the need for the Fund to ask themselves why they are “making life difficult for vulnerable countries; so there needs to be some flexibility in how these funds are allocated and I believe addressing and implementing these reforms will make it easy for

Prof. John Asafu-Adjaye

climate funds to be more available for African countries.” As the country prepares for the upcoming COP27 in Sharm el Sheikh, Egypt later in November, he also noted that Ghana and other African countries should team up with the African Union to speak with one voice at the conference. Ghana as the current Chair of the Climate Vulnerable Forum (CVF) believes that adaptation, 1.5 º Ambition, loss and damage, and the urgent need to scale up accessible finance must be at the center of the negotiations during the COP. Climate failure ranks as one of the top risks in the Global Risks Report 2022, published by the World Economic Forum. A new report, titled The State of Finance for Nature in the G20, confirms the urgency of increasing net-zero and nature-positive investments if the world is to adequately close the climate finance gap.


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U.S. gov’t awards $2.63m grants to 12 agric finance intermediaries The U.S. government has awarded COVID-19 relief and resilience grants to 12 agricultural finance intermediaries in the country. The presentation was done in Tamale, Northern Region. This will be carried out through the USAID-supported Feed the Future Ghana Mobilizing Finance in Agriculture (MFA) Activity. The 12 intermediaries received grant amounts totaling $2.63 million to support farmers and agribusinesses including women and youth-led agribusinesses whose activities have been negatively impacted by the COVID-19 pandemic to mitigate the effects of the pandemic and become more resilient against probable future shocks. A press statement signed by Dr. Victor Antwi, Chief of Party, Feed the Future Ghana Mobilizing Finance in Agriculture (MFA) Activity indicated that the beneficiaries were selected from among 84 applicants who participated in a competitive process that followed the launch of the COVID-19 Relief and Resilience Challenge Fund by the MFA Activity in March 2022.

representatives of USAID/Ghana, and the Ministry of Food and Agriculture were present to grace the ceremony. Feed the Future is the U.S. Government’s initiative to end global hunger. Led by USAID and driven by collaborative partnerships across public and private sectors, including eleven (11) U.S. Government agencies, Feed the Future addresses the root causes of poverty and hunger. This is done by boosting inclusive agriculture-led economic growth, resilience, and nutrition in countries with great need and opportunity for

improvement. On the other hand, Feed the Future Ghana Mobilizing Finance in Agriculture (MFA) Activity is a USAID-supported activity that seeks to improve access to finance for farmers and agribusinesses in Ghana. The Activity enables transaction advisors to support agribusinesses to secure loans and investment. MFA also assists diverse financial institutions to expand financing of farmers and agribusinesses, so that enterprises can purchase agricultural inputs (such as seeds and fertilizers), invest in processing, expand production, and scale operations.

From 2020 to 2024, MFA is to help 81,493 enterprises access $261 million in finance, leading to $500 million in new sales. MFA is also supporting Ghana’s agricultural financing system to mitigate the negative impacts of the ongoing COVID-19 pandemic on farmers and agribusinesses. As of August 2022, MFA has facilitated $146 million to approximately 10,000 agribusinesses including 62% female-led enterprises in the MFA target value chains (maize, soy, groundnut, cowpea, cashew, mango and shea as well as other high value export crops).

The COVID-19 Relief and Resilience grants will help the intermediaries meet demand for finance and investment for production and processing activities in the maize, soy, cowpea, groundnut, shea, mango, cashew and pineapple value chains to ensure local food security and increase the country’s foreign exchange through exports. Farmers, agribusinesses,

BoG raises policy rate to 22 per cent The Bank of Ghana (BoG) has raised the policy rate by 300 basis points (bp) to 22 per cent in a historic move meant to ease growing inflationary pressure and contain the heightened fall in the value of the cedi. The central bank has also raised the primary reserve requirement of banks from 12 per cent to 15 per cent to help mop up liquidity and dowse the price pressures. The two policy decisions are part of a raft of measures that BoG took after an emergency Monetary Policy Committee meeting on Wednesday (August 17, 2022). The seven-member committee also announced plans by the

Bank to purchase all foreign exchange arising from the voluntary repatriation of export proceeds from mining, and oil and gas companies to help shore up forex liquidity. BoG is betting on the measures to help arrest the cedi depreciation which has heightened in the face of growing micro fiscal challenges. Beyond helping to slowdown inflation and the cedi depreciation, the increment in the policy rate and the reserve requirement of banks is expected to feed into interest rates, leading to higher lending costs for households and businesses.


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Aker Energy halts Ghana oilfield devt over involvement of Russian firm Norway’s Aker Energy has put on hold its Pecan oilfield development in Ghana amid concern the project could face sanctions over the war in Ukraine due to the involvement of Russian oil firm Lukoil. Aker Energy owns 50% in the deepwater block off Ghana where the Pecan field is located, while Lukoil holds 38%, Ghana National Petroleum Corporation has 10% and Fueltrade 2%. Aker ASA Chief Executive Oeyvind Eriksen in a call with analysts Wednesday said the partners will not submit a development plan to Ghanaian authorities until the challenges have been resolved. Russia invaded Ukraine in February in what it called “a special military operation”, prompting unprecedented Western sanctions on Moscow and a breakup of economic relations. “We are continuing a dialogue with Lukoil and Ghanaian authorities about possible solutions”, Eriksen told Reuters, adding that one option was for Lukoil to divest from the project. Aker Energy halts Ghana oil development over involvement of Russian form

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5 Tax strategies for every business owner By Augustine Viduku In my years of experience as an auditor and a tax consultant, I noticed that most businesses, including some multinationals, are infuriated at the mention of the Ghana Revenue Authority (the Authority). That is simply because their experiences with staff of the Authority have not been pleasant, with the claims that either the tax officers want to collapse their businesses or milk them. These five tax strategies that will enable all have a peaceful relationship with tax authorities that may contribute to business success. Know your obligation Often business owners are busy selling with little concentration on which taxes impact their transactions. Taxpayers must be certain about their tax obligations, especially within their business industry. That recalls the canon of certainty, as one of the four cannons of a good tax system. Adam Smith explained certainty in plain terms to mean “the tax each individual is bound to pay ought to be certain and not arbitrary. The time of payment, the manner of payment, and the quantity to be paid all ought to be clear and plain”.

Ghana’s tax system is not arbitrary, and therefore, business owners must have a working knowledge of their tax obligations to ensure that they do not pay huge sums of monies as interest and penalties, which could be invested into the business. Plan taxes Most businesses do not budget for taxes in their annual budget plan, often due to ignorance of tax laws. If your business aims at increasing sales or acquiring additional assets for expansion, you must know the tax implication of your acquisition plan if that would result in withholding tax obligations. How do you deal with the supplier who is not exempt from withholding taxes, but refuses to let you withhold? In employing new staff, do we plan the taxes on the wages and salaries? If you fail to plan your taxes, they accumulate and will result in penalties and interest, which the Authority will recover from the business in the future. Tax worth saving Personnel from the Authority will not tell you the savings you can make under the law, when they come to recover taxes from you. Business owners must be interested in tax savings they

can make to reduce their tax liabilities. There are a lot of tax benefits, however, because most business owners are not aware of these, they turn to pay more taxes than they should pay. A number of businesses today are still not aware there is tax amnesty to save them from penalties and interest that have accumulated over the period. If you know your tax obligations and also plan them carefully you are able to adjust income to expenditure to avoid the same taxes and also make some savings. Taxpayers must be interested in the benefits provided in the act for them. Compliance Every business owner must have a compliance mindset, as noncompliance makes you pay more taxes than usual. I always use the example of driving a non-insured vehicle on the road as an example to my clients and potential clients who do not have the appetite for compliance. If you are caught by the police driving an uninsured vehicle, you may be forced to pay a bribe to them of about GH¢5, assume you move your insured car every day and you are caught. It implies that you will keep paying the GH¢5. In a year, you would be paying

GH¢1,820 as a bribe to the police. That is five times more than thirdparty insurance in a year. This is the same for taxes. Very often business owners in Ghana do not see the essence of consulting simply because of their attitude of not complying with the law and paying taxes. Even as consultants and practitioners we do not know it all; we consult our colleagues and pay for it most of the time. This is the case because experience and knowledge are varied and no one person knows it all. If you are not too sure of the tax implication of your transaction, it is always better if you consult, as consulting takes away doubts and provides certainty to your transactions, and hence, the business success as you will not have to use your investment to pay taxes.


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NAACP Amos C. Brown student fellows return from transformative journey through Ghana

The Amos C. Brown Student Fellowship to Ghana is the first program of its kind to be powered by the NAACP. The fully funded 10-day experience, from July 31- August 10, took 50 multicultural college students, young adults, and seminarians between the ages of 18 and 25 from the United States to Ghana for an experiential learning opportunity, at no cost to the fellows.

The fellow’s current college students and graduates were selected from a highly competitive pool of applicants, and hail from communities across the country from New York, Georgia, and California to Michigan, Utah, and Texas. The program was conducted alongside The Church of Jesus Christ of Latter-Day Saints and led by The Adinkra Group, global leaders of African birthright

journeys. “For myself, the NAACP staff, and our Amos C. Brown Student Fellows, the past ten days in Ghana have been transformative,” said Derrick Johnson, President and CEO of the NAACP. “As our fellows traveled throughout Ghana, they were able to examine their ancestry and deepen their understanding and appreciation for their identities in ways not possible outside of this land. I hope that every young person who came along on this journey has been empowered in new ways to own their identity and step into their power – and are now emboldened to drive forward progress in their communities toward true equality and justice.” While in Ghana, fellows were taken on an emotional and educational journey through the discovery of their identities, immersing in Ghanaian culture and learning about and discussing the deep ties that bind them to the land, their ancestors,

and their heritage. Participants traveled to Cape Coast, retracing the passage of enslaved people through Ghana and stepping into the dungeons that trapped millions of their ancestors. Fellows visited the W.E.B. DuBois Memorial Centre to reflect on his efforts to connect our world with the African diaspora, how they can continue these efforts today, and engaged with student peers in Accra to develop flourishing cross-Atlantic relationships that will keep students directly connected to their roots for decades to come. Throughout their visits, participants had the opportunity to grapple with and have critical, in the moment conversations about their experiences – many even learning that they shared the same DNA as a colleague or co-participant – and how they can transform how they embrace their identities to be stronger social justice leaders and change agents in their communities.

Mzansi National Philharmonic Orchestra collaborates with top sa artists to highlight the plight of refugees The Mzansi National Philharmonic Orchestra (Mzansi NPO) was proud to partner with the Turquoise Harmony Institute (THI) at a recent performance in Johannesburg aimed at highlighting the plight of asylum seekers and refugees, who are among the world’s most disenfranchised people. The intention was to reframe the refugee experience, shifting the debate away from refugee statistics and refocusing on the attitudes of those who may not be sure who refugees even are, creating connections through common experiences and increased understanding. This performance succeeds an inaugural week where the Mzansi NPO performed to soldout houses as part of William Kentridge’s “Oh to Believe in Another World”, which celebrated Wits University’s 100th Anniversary. Under the baton of Mzansi NPO’s associate conductor, Kutlwano Masote, the orchestra accompanied some of South Africa’s finest artists. This stellar line-up featured PJ Powers, Msaki, Thandi Ntuli, Neill Solomon,

Rock Steady Dub, Lebo Mashile, Bienvenue Nseka, Pops Mohamed and Sipho “Hotstix” Mabuse. The Mzansi NPO demonstrated that an orchestra can be at the base of an idea that represents good neighbourliness, tolerance, togetherness, and beauty when we come together. The concert also premiered Don Laka’s “Like the Moon”, commissioned by Mzansi NPO, which was a homage to the victims of the recent KwaZuluNatal floods and the Covid-19 pandemic. This was performed by the Ijadu Chorus and accompanied by the Mzansi NPO. Two new arrangements for the concert, namely Refugee (Come Home) performed by Sipho Mabuse and Women of Africa performed by PJ Powers, were newly arranged and written by the associate conductor, Kutlwano Masote. Sipho “Hotstix” Mabuse commented that “the Refugees Concert was another milestone in creating awareness of the plight of displaced people. Participation by all the musicians, including the Mzansi NPO, forges a united front against the plight of refugees.

This is commendable and to be encouraged, the Mzansi National Philharmonic Orchestra remains an integral part of South Africa’s development and advancement of the arts, music in particular”. Further commenting on working with the Mzansi NPO, singer, songwriter and composer Maski said, “I was honoured to have collaborated with Mzansi National Philharmonic Orchestra and I loved working with these musicians across various settings. I respect the fact that this Orchestra is a moving entity, is inclusive and has musicians that are excellent and who hail from many of our provinces.” Ayhan Cetin, Executive Director of Turquoise Harmony Institute, said, “We are delighted to have collaborated with Mzansi National Philharmonic Orchestra for this concert and we look forward to a long and fruitful partnership.” Samson Diamond, lecturer and leader of the Odeion String Quartet at the University of the Free State and associate concertmaster of the Mzansi

NPO, led the Mzansi NPO through a range of songs from PJ Powers – from the ever-popular and embracing song, Jabulani, to Neil Solomon’s new song, Homeland, which was publicly launched at this concert. This was the 3rd concert that the Turquoise Harmony Institute (THI) presented with the aim of bringing hope, awareness and advocacy to our country’s and continent’s refugees. Other partner organisations that contributed to making this concert possible, include: the Nelson Mandela Foundation, Amnesty International, Department of Sports, Arts and Culture, Universal Rights Association, Wits University, Flame Studios, Horizon Educational Trust, Mail and Guardian, Time to Care, Scalabrini Centre, JT Communication, Music in Africa, SAMRO, Concerts SA and Refugee Social Services. All monies raised from this concert will be used to help refugees in South Africa through respected charities such as Gift of the Givers, Three to Six schools, and various other programs at the Turquoise Harmony Institute.


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Nova Wellness Center adjudged Wellness Company of the Year The 2022 Ghana Business Standard Awards (GBSA) has been held in Accra, with Nova Wellness Center (NWC) emerging as the wellness company of the year. The GBSA seeks to celebrate organizations committed to remarkable business standards in their sectors and industry leaders breaking barriers of excellence across the Ghanaian business space and the world at large. The 2022 edition of the awards ceremony was held at the Movenpick Ambassador Hotel on 12th August 2022, under the theme “Celebrating Organizations Committed to Remarkable Business Standards Geared Towards Sustainable Growth”. According to the organizers, KN Unique Communications, in partnership with Zeliatte Media, West Africa Chamber of Commerce and Industry and Strategic Accountancy Africa,

the awards scheme provides a platform to encourage the introduction of standard processes, services, or products and the improvement of existing methods or practices to affect positive change in businesses in Ghana. In all, 43 companies and individuals in Ghana were recognized across various award categories. Commenting on the awards, the Chief Executive Officer of Nova Wellness Center, Dr. Naa Asheley Ashietey, said as Ghana’s favourite chiropractic and wellness clinic, this latest award feeds into NWC’s vision to inspire community members to live anew through education, application of technology and excellent service. “For close to a decade, Nova Wellness Center has been helping people to look better, feel better and move better by using integrative medicine, and we believe this award is a testimony

to that”, Dr. Naa Asheley Ashietey said. Nova Wellness Center was established in 2013 and has grown from a spine-focused clinic to becoming a holistic wellness centre. Since its inception, Nova Wellness Center has been of immense benefit to thousands of individuals by helping them

to achieve maximum wellness naturally without the use of drugs or surgery. Some other awardees included Anglogold Ashanti- Iduapriem Mine Ghana, GNPC Foundation, Ghana Post Limited and the Ghana Export Promotion Authority.

Taking Warehouse Space Optimisation to the Max With the rising demands of a growing population, an e-commerce boom and supply chain challenges continuing to affect the warehouse and logistics sector, the need for efficient and fully space optimised warehouse facilities are more important than ever. Deciding how large the warehouse should be, how and where the material is stored and how the stock or components are recorded, controlled and accessed, is absolutely essential to the success of the companies’ operations. To achieve these efficiencies, intelligent warehouse design plays a vital role in any production, manufacturing or distribution enterprise and should be given the utmost consideration. Data-Driven Approach to Warehouse Design Once the strategic requirements have been identified, it is then essential to create a sense of the operational challenges. The best method of doing this is to analyse critical performance data such as order profiles, volumetric throughput and product sizes.

In-depth data analysis of these elements will identify the most efficient way to store, move and replenish stock. This in turn will help to drive a decision on the equipment and technology solutions needed to deliver the efficiencies identified by the warehouse design. The design process also taken into account the full height and width of the building to ensure the optimum use of the available space is incorporated in the overall design solution. Improving storage and stock control There are many types of goods handling and storage equipment available such as Dexion, which can be installed to increase capacity, improve access, or assist with stock control and security. Additionally, new systems and technologies are being developed to meet changing market conditions all the time. In many warehouse facilities, the most useful storage equipment is standard adjustable pallet racking and sometimes extra benefits can be achieved

by designing these components into new racking designs such as Drive-In racks, Narrow Aisle, Mobile racking and other variations which will meet the particular needs for the product or location. Cost-effective mezzanine floors Mezzanine floors are a frequent infrastructure component of new facilities and are a very cost effective and efficient way to add valuable floor area into an existing warehouse area where unused headroom is available. For our international customers, mezzanine floors are supplied from the UK in ready-to-install kit form and, with the company’s on-site supervisor giving training and guiding a local installation team, they can be erected with limited disruption to existing operations. All mezzanines we supply are designed to meet the highest structural standards and meet fully British and European Standards. Generally, they can be installed on existing good quality warehouse concrete floors and this allows valuable overhead space to be used for storage or

office space without costly new buildings or extensions. A mezzanine floor installation should always be considered before an expensive new building is undertaken so that existing premises are being used to the full. Shelving, racking, mesh security fencing or office partitioning can all be combined with the installation so that the footprint of the mezzanine is fully utilised. Efficient Warehouses for the Future To discuss your warehouse storage requirements, please get in touch with our team of experts. We provide warehouse design solutions based on real operational data which drives a bespoke design. Through data analysis, our warehouse designs are proven to be the most efficient and fully optimised storage solution for your needs, both now and for your future growth. SEC Exports: Intelligent Warehouses, Globally Delivered. www.sec-exports.co.uk info @sec-exports.co.uk


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Hardest hit by climate crises but left behind By Albert Oppong-Ansah Distraught-looking Mustapha Adams (pseudo name) 40, is a smallholder farmer and resident of Savelugu, near Tamale. He has no formal education and walks with the aid of crochets. The reason for his mood is the consistent record of low maize yield in the last five years and occasional bush fire that consumes the little maize left on the farm. He observes that during the vegetative and reproductive stages of growth, rains cease for some time. As a result, the crops do not get the needed volume of rain to grow. “For all these years, I have been trying my best to support myself by engaging in maize and vegetable farming. The crops have not been doing well these years. These are difficult times,” he said with sadness on his face. Wondering where his next meal would come from has been Mustapha’s worry and that of the visually and hearing impaired, cripple, and albinos who formed about five per cent of the membership of the Peasant Farmers Association of Ghana (PFAG). His story is just one of the different ways Persons With Disabilities, especially those in Ghana and sub-Saharan Africa are experiencing due to impacts of the climate crisis. The United Nations Convention on the Rights of Persons with Disabilities defines PWDs as people who have physical or sensory impairments that, when combined with other obstacles, prevent them from fully and effectively participating in society on an equal footing with others. In Ghana, Persons With Disabilities form eight per cent translating to 2,098,138 of the population, according to the 2021 Population and Housing census. Globally, about one million are contributing in diverse ways to economic growth but often face discrimination. The majority of persons with disabilities, according to a UN Human Rights Report at the 44th Session of the UN General Assembly in 2020, live in poverty, as highlighted in the Convention on the Rights of Persons With Disability. Poorest people will continue to experience the worst effects of climate change through lost income and livelihood opportunities, displacement, hunger, and health issues, the 2014 Impact, Adaptation and Vulnerability report of the Intergovernmental Panel on Climate Change projected. Madam Rita Kusi Kyeremaa,

the Executive Director of the Ghana Federation of Disability Organisations, told the Ghana News Agency that Persons With Disabilities were most adversely affected in an emergency, sustaining disproportionately higher rates of morbidity and mortality, and are among those least able to access emergency support. Natural disasters affect the access of Persons With Disabilities to food and nutrition, safe drinking water and sanitation, healthcare services and medicines, education and training, adequate housing, and access to decent work, she said. “It is sad to note that we suffer double fold because of our disabilities. But when the government and some of its agencies are developing climate change plans and policies or implementing programmes we are not considered,” she lamented. “Extreme weather events like increased temperature, drought, and dwindling rainfall are becoming frequent and intense. These are causing anxiety, stress, and depression that affect the ability of our members to function.” “What makes the situation worse is that disability issues become afterthoughts…most of the systems are not inclusive and there is low acceptance. There is limited knowledge among our members on climate change and impacts,” she said. Ghana has ratified the United Nations Convention on the Rights of Persons with Disabilities (UNCRPD) and deposited the instrument.

This means the Government made a commitment to the obligation that: “States Parties undertake (measures) to ensure and promote the full realization of all human rights and fundamental freedoms for all Persons with disabilities without discrimination of any kind on the basis of disability.” “Given that persons with disabilities are disproportionately affected by climate change, their voice must be taken into account in climate action efforts,” UN Deputy High Commissioner for Human Rights Nada Al-Nasif said at a panel discussion on the rights of persons with disabilities in the context of climate change. “Both as beneficiaries and as decision makers in policies raising and responding to their concerns,” she told the Human Rights Council. Major national policies including the National Communication to the United Nations Framework Convention on Climate Change, National Determined Contributions and National Climate Adaptation Plan (NAPs) do not include Persons With Disabilities, the GNA’s investigation has revealed. “When an abled person’s rice farm is in flames, the fellow can rush to salvage some produce, but what of a cripple, or a hearingimpaired farmer?” Dr Charles Nyaaba the Executive Director of PFAG questioned. “Equally, when drought strikes, an abled farmer can dig a well in search of water to irrigate his or her farm. What if it happened to a visually impaired farmer? Practically, they lose everything.”

He advocates for the urgent development of a customized climate change adaptation and mitigation strategy to sensitize Persons With Disabilities, provide early warning systems, and build their resilience. The Environmental Protection Agency (EPA) acknowledged the challenge and has begun steps to engage the leadership of Persons With Disabilities, including them in all forms of national consultations and workshops. Mr Ebenezer Appah-Sampong, the Deputy Executive Director of EPA, told the GNA that there had been limited involvement of Persons With Disabilities in climate change discourse. The implementation of the National Adaptation Planning Project would help capture their existing structural vulnerability and build resilience. There are plans to capture Persons With Disabilities in the Climate Vulnerable Forum activities, of which Ghana is the current President. The Agency hopes to identify their priorities and how to address their concerns. “This challenge was also identified during one of our engagements with the Parliamentary Select Committee on Environment, Science and Technology and we have included them in the programmes to sensitize and empower them,” he added. However, Persons with Disabilities who are the hardest hit by the climate crisis must not be left behind. A GNA feature Oppong-Ansah

by

Albert


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The Republican God that failed By Nina L. Khrushcheva In 1949, five of the world’s greatest living writers – André Gide, Richard Wright, Ignazio Silone, Stephen Spender, and Arthur Koestler – and the American foreign correspondent Louis Fischer contributed essays to a collection called The God That Failed, in which they reflected on their embrace, rejection, and disavowal of communism. Liz Cheney – one of Donald Trump’s most prominent Republican critics, who was just routed in a party primary, denying her the chance to defend her seat in the US House of Representatives in November – might be able to relate. The twentieth century was the heyday of ideological commitment and political disillusion. The communist cause seemed to many people, particularly literary intellectuals, to offer a path toward personal fulfillment and social justice, even a kind of salvation. By the time Gide, Koestler, and the others put their disillusionment down on paper, this belief was well and truly behind them. But they understood that for many – particularly their intellectual peers – communism’s spell had yet to be broken. In fact, it would take the Soviet repression of the Hungarian Revolution of 1956 to get the tooclever-by-half Jean-Paul Sartre to question his conviction that the Soviet Union was leading the way to humankind’s future. George Bernard Shaw, with his predilection for shocking statements, never voiced any doubt about the Soviet

experiment, no matter the body count. Shaw’s loyalty was so steadfast that my own great-grandmother Nina, a lifelong Bolshevik, took note. In working on a biography of Nikita Khrushchev, my greatgrandfather, I learned that Nina had a tremendous crush on Shaw after meeting him in Moscow in 1931, even learning to read English because of him. Shaw, she insisted, was superior to most Westerners and many Soviets, because he never betrayed his revolutionary beliefs. For those who did commit such a “betrayal,” one thing was all but guaranteed: their rejection of the communist creed would be as zealous as their embrace of it. However fervently they had worshipped their secular god, they would work even more fervently to confront the danger that it posed to the world. From books to talks, they condemned the Soviet Union as an evil experiment that was the inevitable result of an arrogant idea. They may well have spoken out to protect the world. But they were probably also protecting themselves. Communist apostates were distraught – and even, as in Silone’s case, embarrassed – by their original investment in a god they later found to be false. So, they compensated, even to the point of overcompensating. Political and ideological disillusion seems to be stimulating a similar oppositional zeal in the United States today, with Cheney as a case in point.

Cheney has served three terms as Wyoming’s only representative in the House, each time winning massive majorities. But, this time, Wyoming voters dealt her a resounding defeat. The reason is as simple as it is undeniable: Cheney refused to kowtow to Trump and his Big Lie that the 2020 presidential election was “stolen.” Cheney has long condemned the “personality cult” that has hijacked the Republican Party, and has helped lead the House investigation into the role of Trump and his allies in the Capitol riot on January 6, 2021. Wyoming voters, however, are still in thrall to Trump. So they chose Cheney’s Trump-endorsed opponent, Harriet Hageman, a fervid proponent of the Big Lie and most of the other conspiracy theories that have emerged from Trumpworld. But Cheney is not finished. She has announced the formation of a political action committee focused on highlighting threats to democracy and opposing any effort by Trump to secure a second term as president. She is even considering running for president herself in 2024 – a move that it is widely believed would not lead to victory, but could help to block Trump from the White House. To be clear, Cheney opposes Trump, not Republican conservatism per se. On policy matters, she voted in line with her party – and Trump – 93% of the time. She rejected Trump and his “personality cult” only after recognizing that he posed

a mortal threat to American democracy, and to the Republican Party that her family represents. This is something of a historical irony, given that President George W. Bush’s administration – in which her father, Dick Cheney, served as vice president – was far from a beacon of democracy. In fact, Trump’s presidency probably would not have been possible without the rulebreaking and norm-violating that occurred on Cheney’s watch. And while Cheney himself could have spoken out against Trump’s nomination back in 2015, he didn’t. In a private conversation, he told me that he would support Trump simply because he was the Republican Party’s nominee. His daughter then followed the same logic. I later heard that he regretted that decision – too late for him, his daughter, and America. In any case, hoary myths about the American West, with its supposedly straight-talking, straight-shooting people, or about practical and pragmatic Midwesterners and warm and community-minded Southerners, need to be retired. Six years into the Trump revolution, a majority of Republicans in these regions choose conspiracy theories over truth, tribal loyalty over country, and false gods over democracy. When asked to choose between an acolyte of Trump’s Big Lie and the daughter of cowboy aristocracy, Wyoming voters embraced the psychopathic god that failed.


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A 20-year review of Ghana’s public debt: trends, drivers, implications Rapidly rising levels of public debt threaten the overall positive growth performance over the past decade. The rising public debt is partly driven by the persistent budget deficits forcing the government to resort to increasing volumes of domestic and external borrowing. Government revenue has systematically failed to keep pace with expenditures, resulting in steady fiscal deficits. Following 2016, when expenditures exceeded projections by 3.9 percent of GDP, government expenditures have consistently remained below targets, which is usually the case for non-election years. Revenue outturns, however, have not kept pace with targets. An exception was 2020, when revenue as a percent of GDP exceeded the target by 0.5 percent. The persistent fiscal deficits resulting from government revenue shortfalls have led to years of debt accumulation and rising debt servicing costs. The HIPC and the MDRI programs enabled the government of Ghana to reduce the country’s debt stock from 2000 to 2006. The overall debt reduction from the HIPC initiative and MDRI were US$3.7 billion and US$3.5 billion, respectively (Ministry of Finance). This freed up resources to support economic programs to facilitate poverty reduction and stimulate growth through increased investment and employment creation. However, the borrowing and fiscal space created by the debt relief package from the HIPC

and MDRI programs have also been exploited vigorously by the government, leading to a rapid increase in the public debt. Ghana’s total debt As of December 2021, Ghana’s total public debt has risen sharply to US$58.6 billion (or GHc351.8 billion), representing 76.6 percent of GDP. This may be compared with the US$50.8 billion (or GHc291.6 billion, representing 76.1 percent of GDP) recorded a year earlier (Ministry of Finance). By the end of the first quarter of 2022, Ghana’s total public debt stock is US$55.1 billion (or GHc391.9 billion), representing 78 percent of GDP (Bank of Ghana). The alarming increase in the public debt is a source of concern to investors, development partners, and the Ghanaian population. Currently, Ghana ranks among the top 10 countries in SSA with the highest debt to GDP ratios and the debt to GDP is projected to reach 85 percent by 2023. It is important to note that Ghana’s debt to GDP in 2021 is relatively high compared to the average reported for middleincome countries (59.1 percent), the SSA region (56.9 percent), and the ECOWAS region (47.2 percent). The public debt stock recorded an annual growth rate of approximately 15 percent in 2021, down from 29 percent a year earlier (Figure 7). The rate of debt accumulation for 2021 was 18 percent, down from 34 percent in 2020 (Ministry of Finance, 2022). The rate of debt accumulation in 2019 and 2018 was 26.1 percent

and 21.4 percent, respectively. The financial sector bailout and energy sector bailout have contributed significantly to the annual increases in debt accumulation since 2018. Excluding the financial sector bailout, the Ministry of Finance reports that the rate of debt accumulation, was 14.5 percent, 15.8 percent, and 22.4 percent in 2018, 2019, and 2020, respectively. External Debt: trends, composition, drivers of acceleration Following the debt relief package from the HIPC and MDRI programs, the share of external debt in the total public debt declined to 41 percent in 2006. Since 2008, the share of external debt in total public debt has fluctuated between 48 percent and 60 percent, reaching 60 percent in 2015 and dipping to 48 percent in 2021. By December 2021, external debt was US$28.3 billion (or GHc170 billion), an increase from the US$24.7 billion (or GHc141.8 billion) recorded at the end of 2020. External debt inched up to US$28.4 billion (or GHc201.9 billion) in March 2022. The middle-income status attained by Ghana in 2010 has since reduced Ghana’s access to concessional loans, and as a result, Ghana has had to diversify away from traditional creditors. Ghana’s diversification of its financing sources away from the traditional creditors, including multilateral and bilateral creditors, toward commercial creditors, explains the increase in the share of external debt in the total public debt,

From 2007 to 2020, Ghana raised a total of US$12.5 billion (or US$13 billion in 2019 constant dollar terms) from international capital markets (Table A5 in the Appendix). As of December 2020, US$10.3 billion of this debt remains outstanding (Figure 9). By December 2021, the debt stock from the international capital market had reached US$13.1 billion. The combined outstanding loans to multilateral and bilateral creditors were approximately US$9.5 billion in 2021. In percentage terms, multilateral creditors’ share of total external debt has declined from 61 percent in 2007 to 29 percent in 2021 (Figure 10). Similarly, bilateral creditors’ share of total external debt steadily declined from 39 percent in 2011 to 5 percent in 2021. Loans from international capital market Loans from the international capital market have gradually increased from 8 percent in 2012 to 46 percent in 2021. Noticeably, the share of commercial creditors, which peaked at 18 percent in 2015, has returned to its 2019 level of 10 percent by 2021. Roughly 70 percent of the total external debt is denominated in US dollars and about 17.3 percent in Euros (Table 6). The Chinese Yuan (CNY), British Pound Sterling (GBP), and Japanese Yen ( JPY) accounted for 3.8 percent, 2.2 percent, and 2.0 percent of the Total External Debt denominations, respectively.


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FRIDAY, AUGUST 19, 2022

Brexit Britain confronts reality By Nina L. Khrushcheva Emma Duncan, one of Britain’s most respected journalists, recently wrote a commentary in The Times in which she reported on the experience of a Spanish friend who had visited the United Kingdom earlier this summer. Never mind the dire political situation in Britain, where there is currently little sign of anything resembling adequate government. Her friend encountered long airport queues, endless waits for luggage, crowded trains, miserable journeys, and dirty streets. Ask Britons whether this sounds like an unfair exaggeration, and my guess is that most would say it matched their own recent experience – especially if they had waited for hours in our airports or ports to get away on holiday. In fact, many would recite a litany of other daily problems. With annual inflation at 10%, trade unions are up in arms and threatening strikes. The National Health Service is in increasing trouble. And soaring energy bills this winter will leave many families facing real hardship. Charities that work with the poor and deprived increasingly talk about people having to choose between eating and heating. All this represents to some extent the accumulated political and economic detritus of years of bad governance. The COVID-19 pandemic, the war in Ukraine, and the inevitable consequences of an

appallingly negotiated Brexit have added to Britain’s problems. On top of that, Prime Minister Boris Johnson was unfit for the office he has held, mendaciously peddling cheap British boosterism and appealing to prejudice instead of offering rational and competent policymaking. True British patriotism – as opposed to Johnson’s shabby populism – should begin by forgetting about tabloid headlines and remembering that the country still does some things very well. Our active and committed charity sector involves millions of people in helping others less fortunate than themselves. We have some great universities and researchers leading the world in many areas. We have a formidable arts and culture sector. Our armed forces are widely respected for their professionalism (although they are less well-funded than they should be). And our legal system still works pretty well, despite attacks on its independence by some politicians and newspapers. In general, however, Britain is a medium-size country with a declining international reputation. Our political institutions and political culture no longer command much respect. Our civil service has been hit hard by poor political leadership and attacks on its competence and integrity by those who are supposed to direct and inspire it. Our police are not

held in the same esteem they once were. Moreover, the economy, the success of which enables us to prosper and improve our public services, is struggling. Britain’s recent productivity record is pretty abysmal, and our northwest European neighbors have fastergrowing per capita incomes and less unequal income distributions than we do. This is the backdrop against which the relatively small number of Conservative Party members are currently choosing a new party leader, who will succeed Johnson as prime minister. The contest has pitched the remaining two candidates against each other in ways that seem to exemplify our national problems. On one side, there is the foreign secretary, Liz Truss, for whom all but the most partisan Tory would struggle to count many successes during her lengthy cabinet career. Truss was formerly a strong advocate of Britain remaining in the European Union but is now regarded as the candidate favored by hardline Conservative Brexiteers, having tailored her appeal to the Tory right wing. She only occasionally concedes that the tax cuts she promises as the answer to soaring inflation would somehow need to be paid for. Her opponent is the economically orthodox and intelligent former chancellor

of the exchequer, Rishi Sunak, whose proposed policies appear more attuned to the imperative of tackling inflation and the hardship it is causing. But on the big issues of the past few years, Sunak has been wrong. He backed Brexit from the beginning, denies the damage it is doing, and enthusiastically supported Johnson’s bid for the premiership. Which of these two can offer honesty to the British people, who deserve to be treated like grown-ups? To paraphrase the US Democratic politician Adlai Stevenson, the average man and woman are better than average. Perhaps the opposition Labour Party and its leader, Keir Starmer, will soon shed their lasting identification with past left-wing nonsense and present a reasonable challenge to the rightwing Conservative government. But, for the moment, Britain’s political and economic prospects look grim. To say this is not to be unreasonably pessimistic, but simply to face facts. Britons should not be in denial. We must look at ourselves calmly and honestly, recognizing the tough times that lie ahead and the changes needed to get the country back on track. Above all, as Johnson prepares to leave 10 Downing Street, there can be no going back to the belief that Britain can continue to have its cake and eat it in large slices.


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Birmingham 2022 Commonwealth Games legacy: Enhancing West Midlands - Africa economic relations Monday 15 August 2022, Birmingham - African Business Chamber (AfBC) hosted the Annual Midlands - Africa Business Forum 2022 in Birmingham to coincide with the Birmingham 2022 Commonwealth Games under the theme “Accelerating Economic, Trade, Investment, Tourism and Cultural Relationships to Unlock and Drive Sustainable Growth” Speakers in attendance included: H.E Nathi Mthethwa Minister of Sport, Arts and Culture, Government of South Africa, Jeremy Lefroy - Board Member, Eastern Africa Association (EEA), Former Member of Parliament for Stafford, Prime Minister trade envoy for Ethiopia, champion of the Kenya - UK Healthcare Partnership; H.E Manoah Esipisu – Kenyan High Commissioner to the UK; Hon John L Mugerwa - Ambassador/ Deputy High Commissioner, Uganda High Commission; David Grady - CFO at Birmingham 2022 Commonwealth Games Organising Committee; Opeyemi Abebe - Adviser & Head, Trade Competitiveness Section, Trade, Oceans and Natural Resources Directorate, The Commonwealth Secretariat; Paul Forrest - Director, West Midlands Economic Forum; Stephen Cartwright - Head, Trade & Developing Markets, Foreign, Commonwealth and Development Office (FCDO); Agnes Gitau - Managing Partner,

GBS Africa; Pumela Salela - UK Country Head, Brand South Africa; Papa Kow Bartels - Head, Trade and Investment, Ghana High Commission; Dr Thomas Domboka - Head of Business Department and Associate Professor, Birmingham City Business School; Jeff Madzingo CEO, Diaspora Insurance Dr Abdi Rahman, Director for Midlands College of Commerce. Eugene Nizeyimana, Chief Executive, African Business Chamber stated at the opening of the forum: “The Commonwealth Games is a golden opportunity and unique moment to strengthen existing Midlands Africa relationships, open new links and build legacy. The AfBC Forum aims to drive and increase Midlands’s commercial connectivity and strengthen economic ties, boost trade and investment relations. In addition, drive innovation and cross border entrepreneurship. It will also support to jump start tourism and travel economy, cultural and diaspora linkages with African countries during the games and beyond”. “We are seeing the benefits of the Games already. Kora, the Nigerian FinTech payment startup headquartered in Canada has announced its partnership with the Birmingham City Council to launch its fully operational UK office in the region”. H.E Nathi Mthethwa - Minister

of Sport, Arts and Culture, Government of South Africa graced the forum and highlighted the importance of leveraging global sports and cultural events such as The Commonwealth Games to drive long-term economic benefits for sustainable growth and development. Discussed Ekhaya concept, objectives and successes of previous Centres hosted across the World to promote South Africa to the world as a sport, cultural and tourism destination including the upcoming 2023 Netball World Cup (NWC2023). Furthermore, supporting to unlock creativity and innovation by supporting artists such as Nene Mahlangu, Thato Kokwana, ‘Ntate’ Vusi Mahlasela, Asanda, Qadasi and Maqhinga (Maskandi Multi cultural duo music), The Joy Acapella Music and Ensemble and Msaki (Pop Music Vocalist). Finally, thanked all South African athletes who has kept the flag flying high. Their achievements dominated by women athletes in this women’s Month continues in the footsteps of Banyana-Banyana by putting smiles in the faces of South Africans. Jeremy Lefroy, Board Member, Eastern Africa Association (EEA), shared his experience living and working in Tanzania and being the PM trade envoy for Ethiopia. Jeremy has founded and runs Equity for Africa which seeks

to alleviate poverty in a selfsustaining way by creating jobs through investing in small and medium-sized enterprises (SMEs) in Africa. The discussions and presentations covered various topical areas including: Ways to enhance UK - Africa relations through sports and culture. Establishing stronger Commonwealth Games legacy to accelerate economic, trade competitiveness, investment flow, tourism, travel economy and cultural relationships to unlock and drive sustainable growth. Increasing import and export through Africa Growth Gateway programme. Unlocking new economic and market growth opportunities for businesses and investors in countries such as South Africa, Kenya, Ghana, Nigeria and Uganda. Doing business in Africa and navigating the economic environment. Further discussion explored ways to strengthen education partnerships, knowledge transfer, innovation and entrepreneurship between the Midlands and African Universities. Final presentation, looked on solving diaspora challenges through entrepreneurship. The forum was attended by diverse stakeholders, business leaders, government officials, academia, entrepreneurs, and investors who appreciated the discussions as being informative and in line with current economic trends and growing interests of the UK companies to do business with Africa. The forum was supported by key partners including Brand South Africa, Birmingham 2022 Commonwealth Games, Department for International Trade (DIT), UK, West Midland Growth Company, West Midlands Combined Authority (WMCA), Visit Birmingham, Greater Birmingham and Solihull Local Enterprise Partnership (LEP), Birmingham Commonwealth Association (BCA), African High Commissions and sponsors including Diaspora Insurance.


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Vodafone Virtual Skills Fair Set for 1st September 2022 Vodafone Ghana will host the 2022 edition of its muchanticipated Virtual Skills Fair on 1st September. The event, which was a resounding success last year, is part of the organisation’s continuous commitment to supporting youth development and preparing them for the future. The 2022 edition of the oneday fair, dubbed “#LevelUp,” will feature a great lineup of ten speakers who are subjectmatter experts and will share their experience, knowledge, and advice on specific topics. These include Stella Agyenim Boateng, Deputy Chief Executive Officer (CEO) of the Volta River Authority (VRA) and a celebrated HR professional; Paul Kofi Mante, Managing Director of Ecobank Development Corporation (EDC), an expert in financial planning

and investment; and Christian Boakye-Yiadom, CEO of the Pizzaman-Chickenman franchise, a young and successful Ghanaian entrepreneur. The speakers will lead sessions on critical topics such as future skills, career counselling, financial literacy and entrepreneurship as they prepare the youth for the future and the job market, and help raise a generation of young entrepreneurs. Speaking ahead of the event, Vodafone Ghana’s Director of Human Resource, Hannah Ashiokai Akrong, was upbeat that this year’s skills fair would have a significant impact on the youth, as it did during the previous edition. “Last year, we had over 4,000 youth taking part in the Virtual Skills Fair. Participants had access to valuable information

that helped shape their career decisions. They got the training, information, and direction they needed to be ready for the business world. I am confident that the 2022 edition will be no different, as we are committed to utilising more of our resources, expertise, and technology to develop Ghana’s human capital. “ “We believe it is essential for today’s youth to have an eye on the future to guarantee their involvement in the digital world. As a country, we can eliminate poverty and drive progressive development by connecting the youth to economic opportunities, and it starts by preparing them for the future,” she added. She further encouraged the youth in Ghana to register and take part in the Virtual Skills Fair to sharpen their technology

and business skills. Ashiokai is especially excited to lead the session on “CVs and Interviewing: What And What Not To Do”. Vodafone is known for its plethora of youth development programmes, including the ‘’Discover Programme’’, which trains and equips university graduates for challenging roles in the organization and the Female Engineering Students Scholarship Program which provides females pursuing STEM programs in tertiary institutions, mentors, scholarships and internships programs in the organization. Details about the event and registration will be made available on Vodafone Ghana’s social media platforms @Vodafone Ghana on Facebook and Twitter. -ENDS-


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MPS on track with investments in the Port of Tema

The Port of Tema has been significantly transformed by the Tema Port Expansion Project, a Build, Operate and Transfer (BoT) Project between Ghana Ports and Harbours Authority and Meridian Port Services Ltd. With the completion and operationalization of the 1st phase and the commencement of the 2nd Phase of the Project, there has been a significant increase in the capacity of the Port of Tema with Four (4) New Berths at Terminal 3 offering the opportunity for vessels with a draft of up to 16 meters berthing at Terminal 3. The 24 hours services rendered at Terminal, 3 backed by the wellorganized Truck Appointment System (TAS) have significantly enhanced the ease of doing business in Terminal 3 and further boosted the efficiency and image of the Port of Tema. Security of transactions at Terminal 3 has been reinforced by the introduction of E-Invoicing, E-Payments, Access Control Systems, License Plate Recognition Systems, CCTV Cameras, X-Ray Scanners for both Imports and Exports, and Radio Frequency Identification Systems. Indeed, many were those who

stakeholders of Truckers, Customs Officials, Clearing and Forwarding Agents, Immigration Officers, among many others have all been successfully onboarded onto these systems and are using same with ease. The integration of all these systems with the ICUMS system to enhance the Paperless Port Processes have been very successful at Terminal 3. MPS has also handed back to GPHA the 2 berths of over 11 meters draft and a sizable yard capacity stretching over 247,000 m2 of fully paved area at Terminal 2. This has given GPHA the opportunity to transform Terminal 2 to a multi-purpose Terminal to handle deeper drafted vessels with many different kinds of cargo including general cargo vessels, bagged cargo, RoRo, dry bulk, liquid bulk etc. Undoubtedly, the port of Tema is recognized as one of the burgeoning hubs within the West African sub-region. In its quest to secure Tema Port as the Hub of West Africa, Meridian Port Services Ltd (MPS) continues to invest into the development of the Tema Port with additional facilities and infrastructure. The company has commenced the construction of a Harbour

doubted that the introduction of these systems would work in Ghana. But they have been pleasantly surprised as the

Craft Jetty alongside preparations for the operationalization of the yard behind its 4th new berth. The Chief Executive Officer

of MPS, Mr. Mohamed Samara emphasized the need for the developments being undertaken. “We are excited to note that the Ministry of Trade has launched a National Policy Framework Plan for the Africa Continental Free Trade Area (AfCFTA) and announced an action plan to boost Ghana’s trading prospects. As the government focuses on its policy framework, MPS’ continued investments in the Port of Tema will complement Government’s efforts to position

Transhipment Trade Highlights Following a resumption in the transhipment trade with Mediterranean Shipping Company (MSC) between the Far East and South America, MPS has handled a total of 16,038 TEUs discharged from 8 different vessels from the Far East and loaded on 3 different vessels to Brazil. With the combined strength of the various departments, MPS has from 25th June 2022 to 31st July 2022 is continuously improving

the Tema Port to become more competitive in the sub-region. Again, MPS anticipates an increase in volumes (both gateway and transhipment) as such, we have committed to increasing the yard storage and handling capacity to complement gearing up the 4th New berth with the latest gantry cranes. Moreover, the development of the jetty to provide a docking place for harbour craft at Terminal 3 will allow the Pilots and Tugboats to respond in record time upon completion of the vessel operations. It is expected that the reduction in response time will provide a better turnaround time for vessels at berthing and departure and enhance security at Terminal 3.”

productivity levels as evidenced on the transhipment vessel with a productivity in the range 125 Moves Per Hour. The month of July also saw the unique occurrence of having 3 MSC vessels that were handled simultaneously on all the three berths. MPS through its shareholders has since 2017 invested over 1.2 billion USD in the areas of infrastructure, technology, human resource development and other areas resulting in increased cargo volumes and positioning of the port as the most preferred in the West African subregion. ~END~


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FRIDAY, AUGUST 19, 2022

WEEKLY MARKET REVIEW FOR WEEK ENDING - AUGUST 12, 2022 MACROECONOMIC INDICATORS Q3, 2021 GDP Growth

3.3%

Average GDP Growth for 2021

3.3%

2022 Projected GDP Growth

3.7%

BoG Policy Rate

19.0%

Weekly Interbank Interest Rate

21.92%

Inflation for February, 2022

31.7%

End Period Inflation Target – 2022

28.5%

Budget Deficit (% GDP) – Dec, 2021

5.0%

2022 Budget Deficit Target (%GDP)

6.6%

Public Debt (billion GH¢) – Dec, 2021

393.4%

Debt to GDP Ratio – Dec, 2021

78.3%

STOCK MARKET REVIEW The Ghana Stock Exchange strengthened for the week on the back of price gains by 4 counters. The GSE Composite Index (GSE CI) gained 163.96 points (+6.84%) to close at 2,560.49 points, reflecting year-to-date (YTD) loss of 8.20%. The GSE Financial Stocks Index (GSE FI) however lost 7.50 points (-0.36%) to close at 2,085.40 points, reflecting YTD loss of 3.09%. Market capitalization inched up by 3.14% to close the week at GH¢64,802.35 million, from GH¢62,827.57 million at the close of the previous week. This reflects YTD increase of 0.48%. Trading activity recorded a total of 4,660,329 shares valued at GH¢14,758,112.92 changing hands, compared with 66,164,780 shares, valued at GH¢50,649,299.41 in the preceding week. MTN dominated volume of trades, accounting for 50.82% of shares traded for the week whiles New Gold dominated value of trades for the week, accounting for 53.80% of volumes traded. The market ended the week with 4 advancers and 2 decliners as indicated on the table below.

THE CURRENCY MARKET The Cedi depreciated against the USD for the week. It traded at GH¢8.0571/$, compared with GH¢8.0001/$ at week open, reflecting w/w and YTD depreciations of 0.71% and 25.46% respectively. This compares with YTD depreciation of 1.06% a year ago. The Cedi also weakened against the GBP for the week. It traded at GH¢9.7841/£, compared with GH¢9.6341/£ at week open, reflecting w/w and YTD loss of 1.53% and 16.94% respectively. This compares with YTD depreciation of 2.39% a year ago. The Cedi also lost against the Euro for the week. It traded at GH¢8.2170/€, compared with GH¢8.1243/€ at week open, reflecting w/w and YTD depreciations of 1.77% and 17.44% respectively. This compares with YTD appreciation of 2.85% a year ago. The Cedi again weakened against the Canadian Dollar for the week. It opened at GH¢6.1811/C$ but closed at GH¢6.3063/C$, reflecting w/w and YTD depreciations of 1.99% and 24.81% respectively. This compares with YTD depreciation of 2.67% a year ago.


FRIDAY, AUGUST 19, 2022

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COMMODITY MARKET Crude Oil prices settled up more than 3% after the International Energy Agency raised its oil demand growth forecast for this year, as soaring natural gas prices had some consumers switching to oil. Brent futures traded at US$98.15 a barrel on Friday, compared to US$94.92 at week open. This reflects a w/w and YTD gain of 3.40% and 26.19% respectively. Gold prices drifted higher on the back of a drop in U.S. Treasury yields. Gold settled at US$1,815.50, from US$1,791.20 last week, reflecting w/w gain and YTD loss of 1.36% and 0.72% respectively. Prices of Cocoa declined for the week. The commodity traded at US$2,352.00 per tonne on Friday, from US$2,305.00 last week, reflecting w/w gain and YTD loss of 2.04% and 6.67% respectively.

INTERNTIONAL COMMODITIES PRICES

ABOUT CIDAN CIDAN Investments Limited is an investment and fund management company licensed by the Securities & Exchange Commission (SEC) and the National Pensions Regulatory Authority (NPRA).

RESEARCH TEAM Name: Ernest Tannor Email:etannor@cidaninvestments.com Tel:+233 (0) 20 881 8957 Name: Audrey Asiedua Wiafe Email:aaudrey@cidaninvestments.com Tel:+233 (0) 57 840 2700 Name: Moses Nana Osei-Yeboah Email:moyeboah@cidaninvestments.com Tel:+233 (0) 24 499 0069

CORPORATE INFORMATION CIDAN Investments Limited CIDAN House Plot No. 169 Block 6 Haatso, North Legon – Accra Tel: +233 (0) 26171 7001/ 26 300 3917 Fax: +233 (0)30 254 4351 Email: info@cidaninvestmens.com Website: www.cidaninvestments.com

GOVERNMENT SECURITIES MARKET

Disclaimer The contents of this report have been prepared to provide you with general information only. Information provided on and available from this report does not constitute any investment recommendation. The information contained herein has been obtained from sources that we believe to be reliable, but its accuracy and completeness are not guaranteed.

Government raised a sum of GH¢1,860.97 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢1,301.71 million raised in the previous week. The 91-Day Bill settled at 27.34% p.a from 27.04% p.a. last week whilst the 182-Day Bill settled at 28.73% p.a from 28.51% p.a. last week. The 364-Day Bill settled at 28.83% from 28.40% at last issue. The table and graph below highlight primary market yields at close of the week.

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BUSINESS TERM OF THE WEEK Bank Run: A bank run occurs when a large number of customers of a bank or other financial institution withdraw their deposits simultaneously over concerns of the bank’s solvency. Source: https://www.wallstreetprep.com/knowledge/ cyclical-stocks/


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NO. B24/317 | NEWS FOR BUSINESS LEADERS

FRIDAY, AUGUST 19, 2022

African Council of Chairpersons urged to improve organization supervision, support continent’s dev’t agenda Urgent thought-leading and value-adding supervisory interventions are required to help protect shareholder assets and make organisations more socially and economically responsible and accountable to support Ghana and the rest of Africa’s long-term developmental agenda. This, according to Professor Douglas Boateng, MIIF’s nonexecutive chair and founder of the African Council of Chairpersons (AfCOCH), a regional-wide organisation that aims to provide African chairpersons with a platform to collaborate on supervisory issues of organizational, sectorial, national and regional importance. The vision of AfCOCH is to institute, monitor, and maintain performance-driven leadership standards plus help promote chairpersonships as a profession guided by a code of conduct.” Currently, the entire region’s chairpersons are relatively working as individuals with no collective voice, no real supervisory leadership power, or collaborative coordination. “This means that accomplished professionals and elderly state persons cannot comment and effectively provide guidance on governance matters or broader business and developmentrelated issues,” he said. Commenting on the initiative after officially receiving copies of the Executive Compendium on Supply Chain Management terms for distribution to all Council of State members, the chairperson of the group of accomplished elder state persons, Nana Otuo Serebour II, said: “The AfCOCH initiative shall undoubtedly help to strengthen and monitor regional wide fiduciary responsibilities of chairpersons. For us at the Council of State, the time has come for overseers of organizations to help push supply chain governance to support national developmental objectives and the UNSDGs.”. Summarily articulating how AfCOCH activities shall support the Council of State and other institutions, Mr. Stephen Blay, Director of Finance and Administration at the Council of

State, said, “AfCOCH will play an important role in assisting the Executive, legislature, SIGA, and private sector organizations to protect and grow shareholder assets.” Ambassador Edward Boateng, the Director General of SIGA, affirmed the urgent need for chairpersons to provide directional leadership, act as mentors, counselors, and coaches to executive and non-executive leadership teams within organizations, and be socially responsible. “The purpose of the AfCOCH is to ensure that public and private sector organizations have the authority, up-to-date skills, tools, facilities, and ‘real’ support to help address matters of

EDITOR: BENSON AFFUL editor@business24.com.gh | +233 545 516 133.

strategic and material importance to regional, national, sectorial, and organizational development. It will achieve this by providing a best-in-class platform (s) for chairpersons to engage and coordinate developmental imperatives”. Ambassador Edward Boateng concluded. AfCOCH, according to Professor Boateng, is independent, industry-driven, and not government driven. Nor is it partisan and for profit. “The focus of AfCOCH is for the greater good of the nation, the continent, and African chairpersons. It will provide unrivaled regional-wide facilities and administrative support for chairpersons to execute their supervisory duties,”

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he emphasized. Further engagements on the role of AfCOCH, according to Professor Boateng, are scheduled to take place in the months to come. “The supporting partner organisations and I are very pleased with (a) the positive responses and encouragement from fellow chairpersons and regional bodies; (b) in-principle acceptance of Ghana as the ‘preferred’ regional headquarters for the project, and (c) progress with the initial establishment of the AfCOCH office in Accra. We look forward to possibly officially launching AfCOCH later in the year in Ghana and announcing affiliate satellite offices in other African countries,” He announced.