Business24 Newspaper 21st October, 2020

THEBUSINESS24ONLINE.NET

1

WEDNESDAY OCTOBER 21, 2020

NO. B24 / 116 | NEWS FOR BUSINESS LEADERS

Take advantage of AfCFTA

– Akufo-Addo charges businesses

WEDNESDAY OCTOBER 21, 2020

Home loans 60% cheaper under national mortgage scheme

By Joshua Worlasi Amlanu macjosh1922@gmail.com

U

nder government’s National Mortgage Scheme, mortgage rates have been reduced by over 60 percent, affording low-income workers the opportunity to acquire their own homes, the Ministry of Finance has stated.

Cont’d on page 3

President launches 2017/2018 census report on agriculture

P in Accra said the businesses and the private sector generally must take advantage of the gradual decline in reported cases of COVID-19 to boost their operations.

resident Nana Addo Dankwa Akufo-Addo has launched the 2017/2018 National Report of the Ghana Census of Agriculture.

The Census report will provide a basis to monitor the progress of Government’s interventions, offer insights on the transformation of the sector, and ensure the integration of the agriculture, industry and services sectors.

The census of agriculture is supposed to be taken every ten years. The last time one was taken in Ghana was 33 years ago- The first in 1963, the second in 1975, and the third in 1985.

Cont’d on page 2

Cont’d on page 3

President Nana Addo Dankwa Akufo-Addo

By Eugene Davis ugendavis@gmail.com

P

resident Nana Addo Dankwa Akufo-Addo is urging Ghanaian businesses to position

themselves to tap into the opportunities created by the Africa Continental Free Trade Area (AfCFTA) when it takes off next year. The President speaking at the opening of a two-day national conference on the implementation of AfCFTA

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22

NEWS/EDITORIAL Editorial / News

MONDAY SEPTEMBER 142020 2020 WEDNESDAY OCTOBER 21,

EDITORIAL Editorial

Pay before boarding order needs a rethink

1

Wash your hands 2

Cover your cough 3

Home ownership must be a necessity The new directive for all passengers to pay for their COVID-19 online before their he test proverbial housing arrival at Kotoka International deficit is not narrowing any Airport has Various been meet with sooner. numbers resentment by airlines have been bandied about and as passengers. being the number of housing At that a time when will passengers units country requireare to still cominghouse to terms with the successfully its citizens in US$150 � GHC 900� mandatory decent shelters. payment for number COVID-19may test seem upon While the arrival at KIA, the new directive alarming, the question has has generated more debate. always been whether those who Passengers travelling to Ghana really do need these units can will from Tuesday, September 15 actually afford them even if given be required to make online the option. payments the mandatory Indeed, for homeownership in C OV I D -1 9 te s t at Ko to k a this part of the world appear International Airport prior to a luxury that not most people boarding of their flight, a can due tot ithe d i r afford. e c t i v eUsually,

by F ron er costly nature of mortgages ory HealthCare� the compan house prices, to many prefer to put contracted carry out the up their test structures at their own antigen at KIA--to all airlines pace ratherhas than buy. on Friday revealed.

That process B y t h e n e w dcould i r e c t i vbe e, laborious and usually to take a “Passengers are required show long time which could in the end proof of payment to airlines as a bring on additional costs. But home seekers would generally

T

condition for boarding of flights to KIA.” prefer T h e that n eroute. w d i re c t ive , h a s But mostdescribed developed however,in been by countries, the airlines as detrimental general to the requirement for buying a house renewed efforts to stimulate would a regular income. demandbe for air travel, given that cash payments remainshome the Usually, in these countries predominant mode of payment– financing is through mortgage for most Ghanaian travelers. something that remains a fairly unpopular means here.

An airline operator who The reason why mortgages are wishes to remain anonymous, told widely Business24 that “The is not patronised is cost down already too high and now this to a number of reasons with newchief policy is also going to the be the among them being iinterest mplem e n t e d .

T h e r e a re on these loans. hundreds of Ghanaian traders It was therefore a welcome who travel to buy goods to retail news when government in the country. set to correct this anomaly of them any by“Most setting up don� thet carry National electronic Scheme, payment one cardsoftotwo be Mortgage able to pay online.

They should schemes being piloted by the have the flexibility to pay cash National Housing and Mortgage when they arrive.”

Fund (NHMF), established Consumer toProtection byThegovernment provide Agency � CPA� has also raised more affordable financing for critical questions about the housing development and home relatively high cost of the acquisition.

The second scheme is the

COVID-19: Banks deferred GH¢3bn indetermination loan retopassist aym ents Ghanaian

Take advantage of AfCFTA CONTINUED FROM COVER

that the desired outcomes are achieved from andcover the economy Continued brought back on track.”

Wear a mask Brought to you by

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country� s COVID-19 testing regime.

Affordable Estate The CPA�Housing s Chief Real Executive Investment Trusts (REITs) Officer, Kofi Kapito, said (Rentin as to-Own) scheme. much as the government want to Theimported recent announcement curb cases of the that mortgages rates itthrough the respiratory disease, must not burden passenger but charge Nationalthe Mortgage Scheme have what enough by to 60 cover their been isreduced percent cost and not to profit from the is exciting news. This paper passenger. believes that not only does government haveAfrica to see to you the “Look around and see that what is paid in Ghana reduction mortgage rates but for the the test must is the highest.

Why attempt be made to ensure should that be� ” that home prices themselves fall.

This paper welcomes He also raised questions about the reduction but believes why the Noguchi Memorial Institute for Medical of that beyond theseResearch rates are the University of Ghana, not outrageous house priceswas which made handle the testing for a wouldto require a holistic approach reasonable feeWebut rather a to bring down. can only solve contract given to a foreign this when we take a second company to do what Noguchi look at our land tenure system, could adequately handle. materials used etc.

Business24 like gain to urgeis While thewould recent aremarkable, flexible approach that more needs allows to be passengers to either pay online done to ensure homeownership or cash on arrival. becomes more of a necessity than a luxury.

Mr. in Awuah� s remarks were “We Ghana cannot afford reinforced by majority of the top to let the window of opportunity bank executives who responded slip. We hope that the private to the facilitated survey. The sector andrespondents supported advised the Bank of Ghana to by government will be at the increase stakeholder consultation forefront to more take in order ofto trying propose advantage of the vast possibilities beneficial policies. presented by the AfCFTA,” the This, they said, will help President said.timelines and extent estimate the He indicated the freeoftrade to which thethat policies the initiative perfectly with regulator ties will inremain available. the S o mgovernment’s e r e s p o n d evision n t s sofi mless ply thought thaton there dependency aid was the need for“Adetailed guidelines fromhas the self-reliant Ghana that government and Bank of Ghana to free itself from the mindset on the implement ation of of dependence, aid, charity and measures put in place to curb the hunger and should be determined impact of the pandemic. to make disciplined use of its In their view, clear guidance resources the basis for her growth was missing, and though this and c o uprosperity,” l d b e s hhea rcharged. ed during AfCFTA provides the stakeholder consultation, they opportunity for Africa create could not fully embedtothe new the world’s free trade area, policies inlargest operational strategy without detailed todocumented with the apotential unite 1.3 directive. billion people, in a $2.5 trillion economic bloc and usher in a new eraPost-pandemic of development.banking The main objectives of When asked by the audit firm the AfCFTA are to create a about how the pandemic� s continental market for goods and

businesses take full advantage of outbreak had transformed their AfCFTA team structures the new and to to ensure thatway theof operations, chiefs required working financial in order and to maximise services, with the freebank movement human responded that the immediate efficienciesare of mobilised digital banking, of people and capital, and pave resources and response wascreating to enforce remote and ensure less-paper operations the way for a Customs developed to make Ghana a new working while realigning workers� and requirements for social Union. It will also grow intra- manufacturing hub and financial roles. distancing. In the long run, these African trade through better service centre for the continent,” While the majority, 69 percent, measures may result in possible harmonization andindicated coordination noted.for some whose jobs layoffs of respondents that he of trade liberalization across the remote working will become a become automated,” the report continent. said. markets permanent option going forward, Bigger Commenting on the findings of there was general in consensus that The government preparation the survey, wasMinister, on the the new norm will ultimately lead towards AfCFTA, the President Trade and which Industry theme “The new normal� banks� to the shedding workers whose explained, has of initiated key Alan Kwadwo Kyerematen, response to COVID-19”, PwC� s jobs have become automated. interventions to promote value maintained that the country needs “ M o s t b a n k s i n t e n d t o Country Senior Partner, Vish addition including the One bigger markets to become major permanently incorporate remote Ashiagbor, cautioned that for District Plantingto exporter provides the workers and thatAfCFTA survive the digital working One as an factory, option available for Food and Jobs –aimed to vision.to p ro g re s s i oto n ,realise t heythat h ave staff based on their roles. 12.5� of opportunity achieve food security forthey farmers, to remain banks confirmed that have upgrade In ordertheir to skills take advantage development new relevant. already begunofand will strategic continue of AfCFTA, the county has to to realign the job roles and work diversify its export base and industries such as garments and textiles, pharmaceuticals, export more value added automobile assembly and products which is at the core of component manufacturing, the National Export Development petrochemical, iron and steel Strategy, Mr. Kyerematen noted. among others , with the hope of The Secretary General of diversifying the economy beyond AfCFTA secretariat, Wamkele traditional dependence on cocoa, Mene, said Africa should gold and timber. emancipate itself from colonial The president also stated economic model it inherited. that government will look to ADVERTISE WITH US Further to this, a successful +233 024 212 2742 continuously empower TEL: local implementation of AfCFTA will businesses, since it will generate a help lift close to 68m Africans out www.thebusiness24online.net new sense of dynamism. of poverty by 2035.

“Let me reaffirm government’s

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WEDNESDAY OCTOBER 21, 2020

Home loans 60% cheaper under national mortgage scheme Continued from cover The National Mortgage Scheme (NMS) is one of two schemes being piloted by the National Housing and Mortgage Fund (NHMF), which was established by government to provide more affordable financing for housing development and home acquisition. The second scheme is the Affordable Housing Real Estate Investment Trusts (REITs) (Rent-to-Own) scheme.

In a statement, the Ministry of Finance said NMS mortgages are being underwritten at rates of 10 percent to 12 percent by the participating banks, namely, GCB Bank, Stanbic, and Republic Bank. This compares to the average market rate of 28 percent.

Based on the building specification, the starting prices for houses under the scheme are GH¢140,000 and GH¢90,000

for standard two-bedroom and one-bedroom properties, respectively.

The ministry’s statement came after a working visit by the Minister for Finance, Ken Ofori-Atta, and the Minister for Works and Housing, Samuel Atta Akyea, to the Tema Development Corporation (TDC) affordable housing enclave and Adom City Estates, in Tema Communities 26 and 25, respectively.

The Affordable Housing REITs

scheme promotes the rent-toown scheme, whereby renters of affordable houses supported by the scheme have the option, after a period, to acquire the rented properties.

This is designed to give lowincome workers the opportunity to rent and eventually own homes.

The focus will be on apartments and inner-city rehabilitation, according to the ministry.

The scheme is presently being piloted using some of the TDC affordable housing units.

According to the ministry, the monthly rents under the

initiative are GH¢525 and GH¢625 for standard two-bedroom and three-bedroom apartments respectively, compared to the market average price of GH¢650 and GH¢850 in the neighbourhood.

“Government will use this framework, the Affordable Housing REITs, to revive the affordable housing concept and complete many of the abandoned housing units across the country.

The Affordable REITs will become the off-taker of the properties for the rent-to-own scheme,” the statement said.

President launches 2017/2018 census report on agriculture Continued from cover At a short ceremony at the Jubilee House, Accra, President AkufoAddo noted that the importance of agriculture to Ghana’s growth and development demands that the data on the sector, which informed the formulation of strategies and policies, as well as the monitoring and evaluation of such policies, must be accurate and up-to-date.

He noted that in the early decades of Ghana’s nationhood, the census of agriculture was conducted every ten years, but for the last 33 years, no such enumeration had been undertaken.

The President said prior to his assumption of office in 2017, policy had consequently been based largely on guess work, which according to him, led to systematic decline of Ghana’s agriculture.

He recalled how, on June 8, 2018, at Sefwi Wiawso, as part of his working visit to the Western Region,

he launched the Ghana Census of Agriculture, the first time in 33 years that such a census was to be conducted.

The Report shows that there are 2,585,531 agricultural households in the country, with a population of 11,340,947, with women making up 50.5% of the population, and males making up 49.5%.

According to the Report, 75.2 per cent of agricultural activity in the country remains mainly rural and rudimentary, with little innovation and modernisation.

It also suggest that the use of modern tools and equipment such as tractors, shellers, power tillers, hatchery/incubator, meat processing equipment and milking equipment is negligible; tractors are the most used, yet the least owned equipment; fertilizer is not used by most holders; the use of pesticides is highly prevalent among holders; and crop cultivation is predominantly dependent on rain.

Additionally, the Report indicated that the sector remains unfriendly to special interest groups, including persons with difficulty in performing activities and women; the level of education among agricultural holders is low; and the sector, to a large extent, is characterised by consumption of its own produce.

The majority of parcels of land used for the cultivation of crops is smaller than 2 acres, with the youth, generally, finding agribusiness unattractive.

“From these results, it is clear that agriculture continues to be the anchor of the country’s economy,” President Akufo-Addo noted.

“The data also point to the fact that production methods are not modern, and income levels of farmers and fisher-folk remain low, making the sector unattractive to the youth as a viable means of livelihood,” he said.

The President said that was why government instituted its flagship

programme, Planting for food and Jobs, to change the fortunes of Ghana’s agriculture.

“We have begun to change the narrative by modernising agriculture, improving production efficiency, achieving food security, and guaranteeing profitability for our farmers, all aimed at significantly increasing agricultural productivity.”

President Akufo-Addo told the gathering that Government, through the Ministry for Food and Agriculture, is pursuing a valueaddition strategy, aimed at rapidly ramping up agro-processing, and developing new and stable markets for our products.

“Planting for Food and Jobs has not only increased substantially the production of maize, rice, soybean and sorghum, and transformed our nation into a net exporter of food, but has also created some two million jobs direct and indirect jobs,” he emphasized.

GNA

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WEDNESDAY OCTOBER 21, 2020

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News

WEDNESDAY OCTOBER 21, 2020

CBG partners with Allianz to distribute insurance

C

onsolidated Bank Ghana (CBG) has partnered Allianz to provide bancassurance services to its clients.

This partnership is designed to provide convenience for CBG customers, as they will be able to conduct all their financial business in one location, making CBG a one-stop shop for their financial needs. In order to enhance and continually improve the experience of our customers, this service will be conducted electronically, with speed, efficiency and accuracy in mind.

Allianz Insurance is one of the world’s leading insurers and asset managers with more than 100 million retail and corporate customers. CBG is the second largest indigenous bank in Ghana with over 114 networked branches.

The partnership will offer three products to CBG customers; Motor Insurance, Home Insurance and Travel Insurance.

The Motor Insurance product responds to both the minimum requirements of the Road Traffic Act and also includes Comprehensive cover.

The Home Insurance product offers protection for your home and contents against risks such as Fire, Flood, Earthquake, theft etc.

The policy is relevant and available to both Homeowners and Renters. The Travel Insurance policy takes care of emergency medical expenses while travelling outside of Ghana. In addition, the policy can be extended to include loss of baggage, delayed and canceled trips.

Onyema, Sadiku headline 2nd Edition of United Capital Pan-African E-Conference

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oming on the heels of the successful conclusion of the maiden edition of its Pan-African E-Conference, Investment and Financial services conglomerate, United Capital Plc, is set to host the 2nd edition of

its conference on Friday, October 23, 2020, titled ‘Unravelling Investment Opportunities in Africa: The Role of Regulation & Technology’.

The panel session which will be held via video conferencing

platform, Zoom, and streamed live on the company’s YouTube channel will be headlined by Chief Executive Officer of The Nigerian Stock Exchange, Oscar N. Onyema, OON, Executive Secretary/CEO Nigerian Investment Promotion

The coming together of Allianz Insurance and CBG gives clients an opportunity to learn about insurance and select suitable products that are priced and packaged to meet their specific needs.

The CEO of Allianz Insurance, Mr Darlington Munhuwani is assuring clients that “this is a partnership for the success of our clients. Allianz’s promise is to; insure and secure the future of all the clients who will be covered in terms of this agreement. Our staff and processes are all geared towards meeting this objective”.

The Managing Director of CBG, Daniel Wilson Addo in his remarks emphasized that service and product enhancements are priority to the vision of the bank.

Hence, partnering Allianz is a strategic move to upscale product offerings to give customers convenience and absolute peace of mind.

Commission (NIPC), Yewande Sadiku and other crème of the crop professionals such as Chief Investment Officer, Heirs Holdings Limited, Sam Nwanze and Founder, AZA, Elizabeth Rossiello.

Speaking to the relevance of the event, Group CEO, United Capital Plc, Peter Ashade, said: “As Africans, first and foremost, we have a collective duty to the continent to ensure that it upsurges from the confinement of underdevelopment. As an industry leader, we are resolute in our commitment to exploring innovative countercyclical opportunities that will accelerate economic growth across Africa.

This e-conference is a convergence of investment and financial specialists who will provide relevant insights on investment trends and opportunities available”.

With our maiden edition attracting over a thousand attendees, we can guarantee that this session which will be an extensive dialogue on the role of regulation and technology in enabling capital flows across Africa, stimulating investment opportunities, and driving growth across the continent.” he said.

The e-conference will be available via Zoom and YouTube, and would be moderated by the MD/CEO United Capital Asset Management Odiri Oginni, CFA.

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WEDNESDAY OCTOBER 21, 2020

www.surflinegh.com

WEAR YOUR FACEMASK ALWAYS surfline ...it’s about time

7

Feature

WEDNESDAY OCTOBER 21, 2020

Saving money through bulk buying

By Zybamall.com

W

hether you’re running a business or managing a household, saving money on regular purchases is very important, and buying in bulk is one effective strategy for doing so.

Being a great option for larger families or groups of roommates, buying in bulk saves time and money for the consumer long-term Buying food and household products in bulk is a great way to reduce your shopping bill and ensure you have the ingredients you need when cooking at home.

The time you save on shopping each week gives you more time to plan and prepare your meals, giving you peace of mind, healthier meals and eliminating the need to buy takeaways.

Another great advantage is that you always have what you need.

How many times have you started a recipe only to discover that you’re missing a vital ingredient? It saves you trips to the shops and money on freight for deliveries.

One of the things humans cannot do without is food and buying consumables in bulk is one of the most commonly shared frugal strategies, and for good reason.

Also, buying large quantities of a particular item, such as buying diapers in bulk, can save you a lot of money.

Buying in bulk makes it easier to handle emergencies. Having a large quantity of basic toiletries and food items on hand means that in an emergency situation,

you’re prepared for the worst.

Many people stock bulk supplies in their storerooms for preparedness reasons.

Bulk buying allows for low-cost because mostly prices of bulk items are cheaper than buying in bits. If you like to prepare meals in advance, bulk purchasing can make that process a lot easier and cheaper. Buying a gallon of oil and a bag of rice, for example, makes it easier and more cost-efficient to prepare any rice dish for the Family for a month and more.

Some food items are perishable and when bought in bulk can make one loose money. However, there are soo many ways in buying and preserving perishable items, for instance instead of buying fresh peppers, tomatoes and veggies on daily basis one can buy them for a week or two and by so doing save money for fuel or transportation and time. Alternatively, you can blend, cut,pack in storage bowls and freeze them.

Items bought in bulk are cheaper than buying same item thrice in a week. For instance if a cartoon of carnation milk cost GH¢75.00 ie 24 per pack and a single one at a nearby shop cost GH¢4.5, then certainly its very expensive to buy GH¢4.5 everyday or everyother day @ GH¢108 for 24 pack of milk.

Some items to buy in bulk include: • Toiletories • Rice • Oil

• Detergents • Canned Foods (Tin

tomatoes, tin fish and

miced meat) • Diapers.

• Milk • Sea foods (Because they

can be frozen) • Poultry products (chicken,

meat, etc ) The list goes on and on according to individual eating preference.

When you are comparing the per kg price, the larger size is more cost effective, and therefore by spending more upfront, you save in the long term.

Here are our four most important tips to help get you started and make the most out of your bulk buying!

• Don’t buy an item you haven’t tried before in bulk Before you buy a couple of kilos of a product you have never tried before, it is best to buy a smaller pack and ensure it suits your taste or works well in your home.

Otherwise, you may be left with an item that sits in your kitchen for months, creating food waste and taking up space.

• Split bulk buying with others If you want to start buying bulk but not confident that you will be able to use the entire amount? Talk to your friends and family! Not only will you end up with a more suitable amount, but your loved ones will save too.

You can also start or join a buying group! Buying groups are a bunch of individuals who join together to purchase items. This gives them the ability to bulk buy at wholesale prices, providing benefits to their members, both socially and financially. Zybamall proudly serves over 1,000 people by grouping them according to their needs, contact us (www.zybamall.com/ 0249842536) to find out more about split bulk buying!

• Don’t overdo it While it might be tempting to grab that 50L pail of grougnut paste, ask yourself, “Am I really going to use that??” You don’t want to buy in bulk just to end up with the “bulk” of it in the trash. Stick to buying things you know you or your family will eat.

Also, take into consideration how much space you have to store food in your home.

• Store your groceries correctly It’s important to store your bulk food items correctly to ensure they stay fresh for as long as possible and also avoid insect infestations.

It’s advisable to transfer some items as soon as possible into an airtight glass, plastic containers and polybags or metal containers – don’t forget to label them!

Are you ready to try out bulk buying or Split Bulk Buying?

You can filter zybamall.com to see our bulk product offerings

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WEDNESDAY OCTOBER 21, 2020

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Feature

WEDNESDAY OCTOBER 21, 2020

Ghana Business Standard Awards honours outstanding companies, individuals

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he 2nd Edition of the Ghana Business Standard Awards organised by KN Unique Communications seeks to celebrate organisations committed to remarkable business standards in their sectors and industry leaders breaking barriers of excellence across the Ghanaian business region and the world at

large.

The 2020 red carpet and fivestar dinner event was held at Movenpick Ambassador Hotel on 16th October, 2020 with the theme “Celebrating Organizations Committed to Remarkable Business Standards Geared Towards Sustainable Growth.

The purpose of the event is to

bring together business players and recognize local and international companies meeting business standards involved in various sectors and encourage various organizations to strive to meet local and international standards in their delivery of service.

The event was graced by the Special Guest of Honour, Pierre

Laporte, Country Director, World Bank Africa, Ambassadors of states.

The Board Chair of KN Unique Communications, HRM Okatakyie Nana Asafo Boakye III congratulated all the awardees and nominees and encouraged them to adhere to high business standards

Below is the list of Awardees 1.

Abrantie College

Outstanding Creative Arts Institution Of the Year 2.

Agroecom Ghana Ltd,

Outstanding Agro Commodity Trading Company Of the Year 3.

B5 Plus Limited

Outstanding Steel Manufacturing Company Of the Year 4.

Bijou Homes

Outstanding Residential Brand Of the Year 5.

Blag Ghana

Outstanding Artificial Grass Company Of the Year 6.

Blowchem Industries

Non Alcoholic Beverage Company Of the Year 7.

EBN Television

Most Promising Media Company of the year 8.

Emirates Airline

Outstanding Airline Company Of the Year 9.

Enovate Advertising

Outstanding Advertising Company Of the Year (Outdoor) 10. Ezipay

Outstanding Fintech Company Of the Year 11.

Furnart Ghana

Outstanding Furniture Company Of the Year 12.

Ghana Export Promotions Authority

Outstanding Government Agency Of the Year 13.

Goldfields Ghana

Outstanding Mining Company Of the Year 14.

Holy Trinity Spa & Health Farm

Outstanding Health Spa Of the Year 15.

Hydronomics Limited

Outstanding Building Construction Company Of the Year 16.

Hyundai Motors

Outstanding Automobile Brand Of the Year 17.

Interplast Limited

Outstanding CSR Company Of the Year 18.

JL Properties

Outstanding Residential Developer of the year 1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

19. Kabfam

Outstanding Electronic Retail Company Of the Year 20.

Lubricants Supplies

Diversified Lubricant Supplier Of the Year 21.

M&G Pharmaceutical Limited

Outstanding Pharmaceutical Manufacturing Company Of the Year 22.

Max International

Outstanding Health And Wellness Company Of the Year 23.

Blowchem Industries

Outstanding Drinking Water Company Of the Year 24.

Nationwide Health Insurance

Outstanding Health Insurance Company Of the Year 25.

New Crystal Health Services

Outstanding Private Healthcare Company Of the Year 26.

Newlife Homeopathic Hospital

Outstanding Homeopathic Hospital Of the Year 27.

Quieroz Galvao

Outstanding Infrastructure Company Of the Year 28.

Republic Bank (Ghana) limited

Digital Banking Transformation Award 29.

Sunon Asogli Power Limited

Outstanding Power Company Of the Year 30.

Sunshine Healthcare

Outstanding Medical Diagnostic Centre Of the Year 31.

Starlife Assurance Company Limited

Outstanding Life Insurance Company of the Year 32.

TCL Ghana

Outstanding Electronic Brand Of the Year 33.

Yabah Properties

Outstanding Real Estate Company – Low and Middle Income 34.

Zenith Bank

Outstanding Bank Of the Year 35.

Opportunity International

Outstanding Non-Bank Institution of the year

Individuals Dr Mark Agyei (Chief Executive Officer, Newlife Homeopathic Hospital ) – Outstanding Entrepreneur of the year (Alternative Medicine) Mr. James Kwofie (Managing Director Ghana Post Company Limited) – Outstanding CEO of the year (State Enterprise) Dr Felix Anyah (Executive Chairman, Holy Trinity Medical Centre) – Outstanding Business Leader Of the Year(Health) Madam Jane Reason Ahadzi, Chief Executive Officer, Stopover JRA Cosmetics Limited – Female Business Leader of the year Amit Gaur (CEO, Ezipay) – Outstanding Business Leader of the year (Technology) Mr. Adnan Yucel (GM , Movenpick) – Outstanding Business leader of the year (Hospitality) Mr. John Appiah Biney (Chief Executive Officer, JA Biney ) – Visionary Leadership Award Nabiya Ayache (Chief Executive Officer, Dreamline Furniture) – Outstanding Business Leader Of the Year (Interior Design) Mr. Mahesh Mahtani (Country Director, Hyundai Motors & Investment Ghana Limited) – Outstanding Business Leader Of the Year( Automobile) Dr. Akshay Rath (Founder, ASVA Biologicals Limited) – Outstanding Researcher Award Frank M. Bednar (Managing Director, West Africa Mills Company Limited (WAMCO) – Outstanding Business Leader of the Year- Agroprocessing.

Mrs. Alice Nimako Debrah (Chief Operations Officer, CPL Developers) – Outstanding Business Leader of the Year (Real Estate)

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WEDNESDAY OCTOBER 21, 2020

11

World

WEDNESDAY OCTOBER 21, 2020

Google hit by antitrust charges in US over search

T

he US government has filed charges against Google, accusing the company of abusing its dominance to preserve a monopoly over internet searches and online advertising.

The lawsuit marks the biggest challenge brought by US regulators against a major tech company in years.

It follows more than a year of investigation and comes as the biggest tech firms face intense scrutiny of their practices at home and abroad.

Google called the case “deeply flawed”.

The company has maintained that its sector remains intensely competitive and that its practices put customers first.

“People use Google because they choose to - not because they’re forced to or because they can’t find alternatives,” it said.

Monopoly concerns The charges, filed in federal court, were brought by the US Department of Justice and 11

other states. The lawsuit focuses on the billions of dollars Google pays each year to ensure its search engine is installed as the default option on browsers and devices such as mobile phones.

Officials said those deals have helped secure Google’s placeas the “gatekeeper” to the internet, owning or controlling the channels for about 80% of search queries in the US. “Google has thus foreclosed competition for internet search,”

the lawsuit said. “General search engine competitors are denied vital distribution, scale, and product recognition - ensuring they have no real chance to challenge Google.”

It added: “Google is so dominant that ‘Google’ is not only a noun to identify the company and the Google search engine but also a verb that means to search the internet.”

The case could be the first of many in the US that challenge the

dominance of big tech firms and potentially lead to their break-up.

Coming just a few weeks before the US presidential election, it has also been viewed as a move by the Trump administration to prove its willingness to challenge the influence of the sector if it gains a second term.

Officials said they had not rushed the investigation to ensure it was filed before the election.

“We’re acting when the facts and the law warranted,” deputy attorney general Jeffrey Rosen said, adding that the department’s review of competition practices in the technology sector is continuing.

Google has faced similar claims in the European Union.

It is already appealing against €8.2bn ($9.5bn; £7.3bn) in fines demanded by the European Commission which include: • in 2017, a €2.4bn fine over shopping results • in 2018, a €4.3bn fine over claims it used Android software to unfairly promote its own apps • in 2019, a €1.5bn fine for blocking adverts from rival search engines.

BBC

Covid-19: First UK airport coronavirus testing begins

P

assengers flying from Heathrow to Hong Kong on Tuesday will be the first to have the option of paying for a rapid Covid test before checking in.

The test will cost £80 and the result is guaranteed within an hour.

The aim is to help people travelling to destinations where proof of a negative result is required on arrival.

Collinson, the company behind the initiative had hoped the test could be used to enter Italy, but talks with the Italian government are continuing.

A growing number of countries have classified the UK as being “at risk”, meaning travellers from the UK face more restrictions.

The authorities in Hong Kong now require people to show they have a negative test result, taken within 72 hours of a flight from London.

The rapid saliva swab, which is now available at Heathrow Terminals 2 and 5, is known as a Lamp (Loop-mediated Isothermal Amplification) test.

Tim Alderslade, chief executive of the aviation trade body Airlines UK, said he would like the cost of the test to be lower.

“For business passengers £80

is probably quite competitive but we’ve certainly said to the government in terms of introducing a test on arrival in the UK anything from £50-£60 would be better,” he said.

Confidence to travel A Lamp test is quicker than the PCR test, which is widely used in the NHS, because the sample does not need to be sent to a laboratory.

Collinson, the company behind the initiative at Heathrow, admitted that the Lamp test is “slightly less sensitive” than the PCR test.

However, the Lamp test is considered to be much better than another rapid option - the antigen test.

Collinson’s chief executive David Evans told the BBC that “health screening” was quickly becoming another stage of the airport experience.

He said passengers would only have to turn up at the airport an hour earlier. And he maintained testing would help give people confidence to travel, because flights would be “Covid-secure”.

“It starts to make travel easier again,” he said.

Opening routes Collinson, which partners with Swissport, hopes testing will help open up routes between the UK and other countries.

People arriving in Italy from the UK must now either prove they had a negative coronavirus test before departure, or take a test on arrival at an airport in Italy.

However, the type of test offered at Heathrow is not sufficient for people travelling to some destinations, such as Cyprus, the Bahamas and Bermuda.

All those places currently require proof of a negative PCR test, which requires analysis in a laboratory.

The hope is that more countries will change their rules and allow for other types of test, which could be administered on the spot at Heathrow.

It is important to note that the new testing facility at Heathrow is not for passengers flying into the airport.

That means it will not have any immediate impact on the UK’s two-week travel quarantine for people arriving from “at risk” countries.

Collinson set up a separate

testing facility in arrivals at Heathrow over the summer.

However, that facility has not been used by passengers, because the government has not given its backing to testing people on arrival.

Ministers have promised that next month, they will give their formal approval to the idea of people paying for a test after a week of quarantine, to avoid the full two weeks.

On Monday, Transport Secretary Grant Shapps confirmed the government was in talks with the US Department of Homeland Security about a different type of system, possibly involving “multiple tests”.

The government is looking at another system, under which people could take one test two or three days before they fly into the UK, and then another test when they arrive.

That could make it possible for someone arriving in the UK from an “at risk” country to avoid quarantine altogether.

However, Mr Shapps said he could not say when that type of system would be up and running, because it required international co-operation.

BBC

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COVID-19 to add as many as 150m extreme poor by 2021

…Eight out of 10 ‘new poor’ will be in middle-income countries

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lobal extreme poverty is expected to rise in 2020 for the first time in over 20 years as the disruption of the COVID-19 pandemic compounds the forces of conflict and climate change, which were already slowing poverty reduction progress, the World Bank said today.

The COVID-19 pandemic is estimated to push an additional 88 million to 115 million people into extreme poverty this year, with the total rising to as many as 150 million by 2021, depending on the severity of the economic contraction.

Extreme poverty, defined as living on less than US$1.90 a day, is likely to affect between 9.1 percent and 9.4 percent of the world’s population in 2020, according to the biennial Poverty and Shared Prosperity Report.

This would represent a regression to the rate of 9.2 percent in 2017.

Had the pandemic not convulsed the globe, the poverty rate was expected to drop to 7.9 percent in 2020.

“The pandemic and global recession may cause over 1.4 percent of the world’s population to fall into extreme poverty,” said World Bank Group President David Malpass. “In order to reverse this serious setback to development progress and poverty reduction, countries will need to prepare for a different economy post-COVID, by allowing capital, labor, skills, and innovation to move into new businesses and sectors.

World Bank Group support— across IBRD, IDA, IFC and MIGA— will help developing countries resume growth and respond to the health, social, and economic impacts of COVID-19 as they work toward a sustainable and inclusive recovery.”

The report also finds that many of the new poor will be in countries that already have high poverty rates. A number of middle-income countries will see significant numbers of people slip below the extreme poverty line.

About 82% of the total will be in middle-income countries, the report estimates.

The convergence of the COVID-19 pandemic with the pressures of conflict and climate change will put the goal of ending poverty by 2030 beyond reach without swift, significant and substantial policy action, the World Bank said. By 2030, the global poverty rate could be about 7 percent.

Increasing numbers of urban dwellers are expected to fall into extreme poverty, which has traditionally affected people in rural areas.

Progress was slowing even before the COVID-19 crisis. New global poverty data for 2017 show that 52 million people rose out of poverty between 2015 and 2017.

Yet despite this progress, the rate of reduction slowed to less than half a percentage point per year between 2015 and 2017. Global poverty had dropped at the rate of around 1 percentage point per year between 1990 and 2015.

In addition to the US$1.90per-day international poverty line, the World Bank measures poverty lines of US$3.20 and US$5.50, reflecting national

poverty lines in lower-middleincome and upper-middleincome countries. The report further measures poverty across a multidimensional spectrum that includes access to education and basic infrastructure.

While less than a tenth of the world’s population lives on less than US$1.90 a day, close to a quarter of the world’s population lives below the US$3.20 line and more than 40 percent of the world’s population – almost 3.3 billion people – live below the US$5.50 line.

The COVID-19 crisis has also diminished shared prosperity – defined as the growth in the income of the poorest 40 percent of a country’s population.

Average global shared prosperity is estimated to stagnate or even contract over 2019-2021 due to the reduced growth in average incomes. The deceleration in economic activity intensified by the pandemic is likely to hit the poorest people especially hard, and this could lead to even lower shared prosperity indicators in coming years.

The prospect of less inclusive growth is a clear reversal from previous trends. Shared prosperity increased in 74 of 91 economies for which data was available in the period 2012-2017, meaning that growth was inclusive and the incomes of the poorest 40 percent of the population grew.

In 53 of those countries, growth benefited the poorest more than the entire population.

Average global shared prosperity (growth in the incomes of the bottom 40 percent) was 2.3 percent for 2012-2017. This suggests that without policy actions, the COVID-19 crisis may trigger cycles of higher income inequality, lower social mobility among the vulnerable, and lower resilience to future shocks.

The report calls for collective action to ensure years of progress in poverty reduction are not erased, and that efforts to confront poverty caused by COVID-19 also face threats that disproportionally impact the world’s poor at the same time, particularly conflict and climate change.

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Managing employees during and after Covid-19

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he COVID-19 pandemic, which has already infected almost over three million people in 148 countries, resulting in nearly one million deaths, has the potential to reach a large proportion of the global population.

Deemed to emerge into one of the most difficult global economic situations since the Second World War, the aftermath of the newly rampant and virulent strain of the Novel Coronavirus, (COVID-19) is soon going to change the way one looks at businesses as well as employment.

With the necessary lockdowns and travel restrictions across the nation and the world in order to contain the COVID-19 from becoming a full-blown pandemic, businesses across the country have come to an abrupt halt, clinging closer into an economic recession.

We are in unprecedented times, unchartered waters for employers.

While businesses are focused on simply keeping themselves afloat, it is important for employers not to lose sight of their most important assets; it’s employees.

How businesses manage their employees today will have a profound impact on how these same employees perform after the pandemic is over.

As lockdown measures are eased, many employees are now being encouraged back into the workplace after months of working from home.

Although this return to ‘normal’ is welcomed by some, many employees will have concerns about this. When coupled with other stressors, this can have a significant impact on their mental wellbeing.

Whilst large businesses may have the benefit of an HR department and a range of support services, in reality small businesses do not have this luxury. However, Small and Medium business owners have fewer employees in their firms and may have a closer relationship with their staff than is sometimes possible in a larger organisation, they would be able to spot when someone is struggling.

The pandemic and all it has entailed thus far has, unsurprisingly, taken its toll on the mental wellbeing of many people.

Employees’ anxieties have been wide-ranging, including concerns about their own health, the health of their families, the impact of the restrictions, financial worries, loss of jobs, depression brought about by isolation, grief for loss of loved ones and the sheer impact on the world.

Employers have a great responsibility to ease staff back to work in a way that doesn’t increase any feelings of anxiety. A one-sizefits-all approach simply won’t work, and smaller employers are likely to have a good idea about how Covid-19 has affected individuals because of their small size.

from home. Softwares such as google meet and zoom, enables employees to see their colleagues maintaining the connection they had before COVID-19.

3. Connect Emotionally

Some suggestions for supporting employees include: • Empathetic active listening: take the time to speak to employees, ask open questions and most importantly listen attentively without interruptions.

• Ask what would help them: it may not always be possible to deliver on all their needs but it could help to understand their situation.

• Pick-up on verbal and nonverbal messages and signs that something may not be right and offer support.

• Be supportive and nonjudgmental • Follow-up regularly.

Employee management considerations While there is not a ‘one-sizefits-all’ approach, we believe that employers should be reviewing the options available to manage their employees after this period. These are complicated and fast-moving circumstances, and we recommend that you seek professional advice before making important decisions that affect your employees.

Actions that could be taken include: 1. Changing working arrangements Employers and employees must discuss in good faith the implications of the COVID-19 on their working arrangements.

Good faith includes the following three elements: • Parties must not act in a misleading or deceptive way.

• Parties must be responsive and communicative.

• Before making a decision, which may result in employees losing their job, the employer must give the affected employees sufficient information to be able to understand the proposal and then give them a proper opportunity to comment.

Both employees and employers must agree to undertake different ways of working. This is because working as usual may be difficult for employers and employees due to the impacts of COVID-19.

Employers and employees may want flexible ways of working during this time. For example, staggering start times to avoid peak

times for public transport.

The number of hours to be worked in a day may also be varied.

The place of work, such as working from home as well as number of days to be worked must all be discussed and agreed upon. All these changes can be temporary or permanent.

It is important to put these changes including the length of time for these changes into writing into a variation agreement, signed by both parties.

For many employees, COVID-19 has disrupted the way they work and even where they work. Business owners have to understand that the ‘new normal’ is here to stay.

It is therefore imperative for business owners to understand that employees work now depend largely on digital revolution.

This revolution requires new skills, this is about helping employees build their digital awareness; understanding the skills to fully participate in the digital world and why it must be now. We have learnt that people can work remotely i.e. from home. This has redefined our workplace.

2. Team Engagement Many businesses have asked employees to work from home raising new challenges on employee management. Some of these challenges are: Slow internet connection, data security management, misrepresentation of information due to poor communication and disruption from children. Managers should identify behaviours of employees that they want to celebrate.

Then they should celebrate these behaviours when demonstrated by employees and communicate to all employees in the organisations.

Regular check-ins with employees through effective team huddles is another means of keeping your employees engaged.

Since the place and way of working has changed, businesses must also redefine key performance measures. This can be done through daily and / or weekly performance reports to track achievements of set goals. Managers must identify training needs in response to the ‘new normal’.

Businesses are encouraged to use technology to interact with their employees and allow the employees to also interact among themselves even though working

As we move into the new normal, teams will become virtual, meetings will become virtual, and everything will be virtual. Businesses must offer help to employees to settle into the new normal. Employees who may not be technologically savvy will need great support to navigate all these new technological tools. Just like employees did when they were physically together, they can still have fun.

Businesses should build communities among employees and make time to share and connect on a personal level. As businesses return to normal work, it is important for them to provide and support employee wellness programs. This will be for both onsite and offsite work.

4. Upskilling for the digital world This means that employees need to be given the opportunity to acquire the knowledge, tools and ability needed to use advanced and ever-changing technologies at the work place and in their lives.

Businesses must innovate or die.

In this new normal business that fail to adapt to technology will fail.

Therefore, it is crucial to upskill all employees in the business to maintain a relevant workforce.

Upskilling can be both hard skills and softs skills such as adaptability and a flexible workforce.

Authored by: Mrs. Margaret TitusGlover Margaret is a certified HR Professional with over 14 years of combined experience in Human Resource Management. A creative thinker, problem solver and decision maker whose experience is in helping start-up businesses develop strong HR policies, procedures and processes.

She is experienced in HR Strategy, Benefits Management, Recruitment and Retention Strategy, Performance Management, Orientation/On boarding Programs, Recognition Programs, HR Compliance, Compensation, Employment Policies, Employee Engagement Initiatives and Professional Development.

Are you a passionate small business owner and looking to expand or improve your HR capabilities and create a successful plan for growth and sustainability?

Then MS Staffing is the right company for you.

Contact: MS Staffing on: 0248036563 | info@msstaffinggh. com | www.msstaffinggh.com | Facebook: msstaffinggh | LinkedIn: MS Staffinggh

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GSS rolls out pre-certification training programme for trainers of censuses

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hana Statistical Service has launched the maiden Pre-certification Training for National Trainers with the initiation of registration, which does not require the payment of any fees.

The online application for the training programme attracted 3,058 applications from all over the country. A competitive shortlisting, screening and interview process led to the selection of 1,744 applicants who will participate in the programme.

The training will combine virtual with in-person training.

The virtual training of National Trainers, which is the first of its kind, is one of the innovations of the upcoming digital Population and Housing census. The virtual training allows for a cost-effective sustained engagement and is

Prof. Samuel Kobina Annim, Government Statistician, GSS

designed to give participants the flexibility to learn at their own pace and at times most suited for them.

The mode of course delivery will be mainly offline with

participants required to listen to pre-recorded lectures and complete uploaded assessments.

Participants will have the chance to interact live with facilitators once a week as well as post their

questions and comments in their group platforms.

The virtual training programme kicks off with an orientation starting from 19th October, 2020 for participants. The orientation will provide an introduction to the training and an overview of the tools needed to train successfully in censuses. The main virtual training will start on 26th October 2020 and is scheduled to run for three months.

The conduct of the Census is in accordance with the objectives of Ghana Statistical Service (GSS) to provide quality, relevant, accurate and timely statistical information for the purpose of national development as stipulated in Clause 3 of the Statistical Service Act, 2019 (Act 1003) and oversight of capacity building in the statistical ecosystem.

Guinness Ghana distributes over 6,000 Veronica buckets nationwide

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uinness Ghana has donated over 6,000 Veronica buckets to its retailers, bar owners and distributors throughout the country as they transition back to business after the break caused

Some recipients of the Veronica buckets

necessitated by the pandemic.

This comes on the back of easing of restrictions on restarurants and drinking spots with the company seeking to leverage its ongoing customer loyalty programme, ‘Yεn Nyin

Mbom,’ to give back to its trade partners and customers, and add value to their businesses.

Over the years, Guinness Ghana has sought to find innovative and creative ways to support its trade partners, and the recent global pandemic has made it more crucial to extend a hand of

support to businesses within its distribution channel.

A beneficiary and owner of Old Timers Spot, located in Adabraka, a suburb of Accra, Daniel Kwarteng said: “The Veronica buckets help us ensure that customers wash their hands before entering the bar. We also make sure that they wear their nose masks each time they are coming in.”

Commercial Director, Guinness Ghana, Obinna Anyalebechi, in his remarks at the donation drive said, “As government eases the restriction on outdoor drinking spots, Guinness Ghana wants to assure our partners that we are with them and ready to help them get back on their feet, as they bounce back from the effects of Covid-19.”

“In the coming weeks, we are going to look out for retailers and wholesalers who adhere to minimum standards of availability of our products, quality, and visibility.

“We’ll be doing this throughout the country and those who keep to these guidelines will be rewarded for their efforts. We want to assure our customers that we can and will rise up again if we work together through strong partnerships,” he further stated.

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The leader the WTO needs

By Mo Ibrahim, Kevin Watkins and Mary Robinson

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ith the global trading system under severe pressure, international cooperation to strengthen a rules-based order is vital. Now, perhaps more than ever, we need a World Trade Organization that supports economic recovery, defends multilateralism, rebuilds trust, and rises to the twentyfirst-century challenges posed by poverty, inequality, climate change, and – more immediately – the COVID-19 pandemic.

We write as representatives of non-government organizations, philanthropists, and business leaders united in our conviction that Ngozi Okonjo-Iweala is uniquely well placed to lead the WTO into a critical new era.

It is all too easy to lose sight of why trade matters to ordinary people around the world. Aid plays a critical role in advancing human development. But it is through trade and markets, from local to global, that people work their way out of poverty and countries create jobs, build prosperity, and seize business opportunities. In our interdependent world, an open multilateral trading system overseen by the WTO can benefit all countries.

For the world’s poorest countries, trade offers a route to higher value-added production.

Managed effectively, and linked to strategies for inclusive growth, international trade can help realize the ambition of the Sustainable Development Goals (SDGs) to eradicate poverty and build shared prosperity.

With the world teetering on the brink of historic reversals of hard-won progress on reducing extreme poverty

and malnutrition, combating child mortality, and extending educational opportunity, we need a trading system that works for the poor.

Okonjo-Iweala is well placed to work with governments to build that system. The hallmark of her career has been an unwavering commitment to poverty reduction, marginalized people, and gender equity. Under her leadership, the WTO would be a force driving progress toward the SDGs. Beyond poverty, international trade matters for a raft of global goals for 2030. What happens through the trading system has a profound impact on the environment. The climate crisis, biodiversity loss, unsustainable use of natural resources, and pollution of the land, sea, and air point to a single overwhelming conclusion: business as usual is not an option. The scale and intensity of these challenges pose a direct threat to livelihoods, food systems, and human health.

Effective multilateral rules could help steer the world away from an ecological collision course with our planetary boundaries. The WTO could play a critical role in decarbonizing growth, protecting biodiversity, and managing pollution. Our success – or failure – in rising to this century’s great ecological challenges will define how future generations look back at us and our political leaders.

There is also an enormous prize at stake: New business opportunities linked to a more sustainable global economy could reach $12 trillion per year or more by 2030, implying more jobs and greater prosperity. Outcomes will depend in part on whether countries are able to come

together through the WTO. While trade may seem far removed from the urgent challenges posed by COVID-19, the pandemic has demonstrated our shared vulnerability and interdependence. It has also highlighted the ways in which trade can support public health.

Trade in protective equipment, testing kits, and medicines has helped save lives. Looking ahead, overcoming the pandemic will require not just vaccines, but their equitable distribution worldwide.

We need to act as a single global community in protecting health. But without effective and equitable trade rules, supply chains can be disrupted, vulnerable people can be denied access to treatment, and entire countries can miss out on access to vaccines.

None of the benefits of trade are automatic. That is why the WTO needs a director-general equipped to work across political divides, build bridges, and find practical solutions. In short, it needs a leader who can work with governments, helping them rise above their differences to find common ground.

We believe that Okonjo-Iweala is uniquely well placed to play that role.

As a highly respected development economist, she has consistently highlighted the crucial role of trade in building a path to shared prosperity.

Moreover, trade has figured prominently in her portfolio.

During her 25 years at the World Bank, Okonjo-Iweala worked on economic policy, including the trade challenges facing developing countries in all regions.

As Nigeria’s finance minister, and its first-ever coordinating minister of the economy, she

oversaw the critical intersection of trade and investment with other productive sectors, and she participated in the reform of national and sub-regional trade.

Moreover, Okonjo-Iweala has a distinguished track record as an effective reformer. As Managing Director at the World Bank, she negotiated a wide range of development finance initiatives.

In Nigeria, she led major financial reforms and championed transparency. Her deft handling of complex deals on debt relief demonstrated an ability to navigate a practical pathway to solutions.

Okonjo-Iweala has impressive credentials on health and the environment as well. She currently chairs Gavi, the Vaccine Alliance, a public-private partnership that has saved millions of lives. In that role, she has been one of the architects of the path breaking COVAX facility, which has now attracted over $1.7 billion in support to ensure equitable and affordable access to vaccines for poorer countries. She also cochairs the Global Commission on the Economy and Climate.

As a seasoned policymaker, Okonjo-Iweala has the skills and experience to engage governments and other stakeholders. All countries – rich and poor – stand to gain from an effectively managed trading system that puts shared interests first.

We believe in the WTO, and we want to see it led by a directorgeneral who can galvanize action and deliver results not just for the most powerful economies, but also for the world’s poorest countries and the people who have been left behind. OkonjoIweala is the right candidate for the job.

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New jets promise to revive supersonic travel

“

Nasa’s X-59 hopes to solve the problem of the sonic boom

People have always wanted to travel fast, ever since the first person galloped across the plains on horseback,” says Mike Bannister.

And he should know. Mr Bannister flew Concorde with British Airways for 22 years. As the airline’s senior Concorde captain he piloted the final commercial flight over London in October 2003 and subsequently the very last flight delivering a Concorde to a Bristol museum.

Nearly two decades later the world is edging closer to again having passenger jets that can fly faster than the speed of sound.

This month, Boom Supersonic rolled out its XB-1 supersonic test plane. It’s the first civilian supersonic aircraft since the Soviet Union’s Tupolev TU-144 in 1968.

The skinny, sharply-pointed machine will allow Boom to confirm aspects of the design of its proposed Overture, a much more elegant delta-winged project that echoes Concorde.

Overture is intended to carry between 65 and 88 passengers across oceanic routes, sparing human populations the supersonic boom generated by its Mach 2.2 speed.

Nasa has a more outlandish test aircraft in the wings, the spindly X-59. This will fly in 2022, chasing the prize of sustained supersonic flight overland. This means finding ways to eliminate, or at least mitigate, the supersonic boom.

Then there’s Aerion, claiming its AS2 design will offer civil supersonic flight by the end of the decade. But with just 8-10 passengers the AS2 is aimed at an entirely new market, that for supersonic business travel.

Mr Bannister says it’s important to understand that these jets are not rivals, but new entrants in completely different sectors of

commercial flight.

“With AS2, Aerion are hoping to fly overland at Mach 1.4, generating a low supersonic boom. Boom wants to go over the ocean at Mach 2.2 and in my opinion that’s the stronger market,” he says.

One engineering problem that all of these aircraft have to overcome is how air is ingested by the engines at high speed.

Gulping in air at supersonic speeds creates problems for all aircraft engines. The intakes are devised so as to break up that airflow and reduce it to a velocity the engine can cope with.

It’s a highly sensitive area, which even caused an Anglo-French rift at the time of Concorde’s retirement. Air France retired its fleet, but British Airways was keen to keep the aircraft flying.

“One reason Airbus, which had assumed authority over Concorde’s design, wouldn’t give us the full design authority to keep it flying was because the intake design was still secret,” says Mr Bannister.

The aerospace industry is in a vicious downturn at the moment, caused by the Covid-19 pandemic.

Airlines have delayed or cancelled orders in response to a slump in passenger numbers.

So will there be demand for supersonic jets?

“The big question is how aviation will pan out postCovid. There is a theory that business travel will not return to its previous level. But for very wealthy people status matters,” says Mr Bannister.

He thinks that the prestige of supersonic flight could steal these passengers away from sub-sonic business jets.

Aerion’s AS2 is being built in Florida near Cape Canaveral on what locals call the Space Coast.

The company is betting that a triple-engined business jet, which will catapult a handful of people across the world at 1,000mph, is just what business travellers are waiting for.

It aims to have the jet flying by 2027.

Companies that operate fleets of business jets offer a selection of designs and Aerion sees the AS2 as a valuable addition to that choice. The aim is to sell 300 aircraft over 10 years.

Aerion gained credibility when aerospace giant Boeing chipped in with a minority holding in the company, taking two seats on the Aerion board. Likewise Boom boasts former executives from defence contractor Lockheed Martin on its advisory board.

“It’s not a question of if, it’s a question of when,” says Chad Anderson, the president of Jetcraft, which buys, sells and advises on private jets. “The most valuable commodity any of us have is time.” He says that routes such as London to New York or Dubai are natural fits for this technology.

But despite Boom’s stated intention to fly supersonic over the sea and Aerion’s belief that Mach 1.4 flights can be tolerated overland, US regulators have yet to lift a ban on civil supersonic travel.

So there’s a whole world of political lobbying to be got through and Nasa’s X-59 will play a big part in this.

Importantly, the participation of big names such as enginemaker GE and Boeing has turned the tide after previous years of speculative supersonic designs.

“These are real, capable players,” says Mr Anderson.

Nasa feels that the sonic boom is still the biggest challenge in getting supersonic passenger flights up and running again.

Although it overlaps with the XB-

1, Nasa’s own bizarre entrant into the supersonic research stakes, the X-59, is a very different beast.

A long pencil of a craft sporting delta wings sandwiched between foreplanes (known as canards) and tail surfaces plus a pilot’s cockpit buried far back along the nose , the X-59 is a shot at developing technology that will see more passengers go supersonic in future.

With a limit of Mach 1.4 the X-59 will search for a place in its flight profile where the sonic boom hardly hits the ground at all. This is all about the N-wave, named after the N shape of the pressure signature that we experience as a sonic boom descending from on high. The X-59 seeks to allow regulators to define a tolerable boom.

Due to fly in 2022 its shape should mean sonic shocks ripple along the elongated fuselage, thus minimising their impact at ground level.

Come 2024 this unique shape will be sliding through the sound barrier across selected areas of the US while the population below are canvassed on their reaction to the noise it creates.

High-definition cameras are part of the package because the pilot needs to see right through the endless nose blocking vision ahead. It’s a nod to Concorde, which used the famous droopsnoot nose, a visor lowered for visibility during take-off and landing but raised during flight.

This engineering hat-tip should satisfy Mr Bannister. And the eccentric appearance of both the X-59 and the XB-1 leaves Concorde the winner in terms of looks. Its beauty created affection lasting to this day. “Concorde pleased both sides of the brain, artistic and scientific,” the veteran Concorde pilot concludes.

BBC

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