Business24 Newspaper - August 14, 2020

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FRIDAY AUGUST 14, 2020

BoG alarmed by rising fraud involving bank staff Youth most concerned about jobs and school—survey A new Afrobarometer survey conducted by the Centre for Democratic Development (CDD) has revealed that unemployment and education continue to be the most important problem that young Ghanaians want the government to address.

BY BENSON AFFUL

>>PAGE 3

The central bank wants banks to raise the pay of contract staff to curb their involvement in fraudulent activities

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BY NII ANNERQUAYE ABBEY

he Bank of Ghana has expressed worry over the rising incidence of fraud committed by banks’ staff.

In its 2019 Banking Industry Fraud Report, the central bank stated that while the overall number of fraud cases went up marginally, those committed by banks’ staff remained dominant.

The report, released on Wednesday, said the total number of cases reported were 2,295, with 1,667 of them committed by banks’ staff, either permanently employed or on contract.

“The alarming rate of involvement of bank staff

in the perpetration of fraud in the banking sector calls for significant reforms in the engagement, remuneration and disengagement processes of employees and contractual staff of financial institutions,” the report stated.

According to the report, the dominant type of fraud committed by these staff—typically tellers, mobile bankers and other frontline staff—is the suppression of cash or deposits.

In 2019, the total value of fraud cases in this category amounted to GH¢5m, out of which GH¢4m was never recovered by the financial institutions involved. >> MORE ON PAGE 2

Increased transport fares nudge July inflation to 11.4 percent ABDUL-RAHMAN SANI

U.S. supports Shea Parkland Restoration Initiative and women’s economic empowerment

>> PAGE 3

ECONOMIC INDICATORS *EXCHANGE RATE (INT. RATE)

USD$1 =GHC 5.6734*

*POLICY RATE

14.5%*

GHANA REFERENCE RATE

15.12%

OVERALL FISCAL DEFICIT

11.4 % OF GDP

PROJECTED GDP GROWTH RATE AVERAGE PETROL & DIESEL PRICE:

GHc 5.13*

INTERNATIONAL MARKET BRENT CRUDE $/BARREL NATURAL GAS $/MILLION BTUS GOLD $/TROY OUNCE CORN $/BUSHEL

>> MORE ON PAGE 5

0.9%

43.22 1.79 1,842.40 329.50

COCOA $/METRIC TON

1,562.00

COFFEE $/POUND:

$109.65

COPPER USD/T OZ.

220.15

SILVER $/TROY OUNCE:

17.07

Copyright @ 2020 Business24 Limited.

All Rights Reserved.

Tel: +233 030 296 5297 editor@thebsuiness24online.net

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NEWS/EDITORIAL

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FRIDAY AUGUST 14, 2020

EDITORIAL

1

Wash your hands 2

Cover your cough 3

Time to decisively tackle youth unemployment A recent Afrobarometer survey has empirically confirmed what we have all known over the past decade. The survey found that youth unemployment and education are the two key issues that young people want addressed Indeed, the study revealed that Job creation is first on Ghanaians’ list of priorities for additional spending to help young people, and citizens are willing to pay more taxes to fund programmes for youth development, the findings of the survey showed.

The good news is that majority of Ghanaian adults (Six in 10 adults) are prepared to pay higher taxes to fund programmes to help the youth, while a similar proportion said job creation would be the highest priority if the government could increase its spending to help the youth.

It must be said that while

the traditional state–citizen relationship remains crucial for service delivery, Africa’s youth should no longer be seen just as beneficiaries but rather as stakeholders who should be empowered to participate at the level of agenda setting and decision-making for Africa’s development.

In other words, this relationship needs to transcend viewing youth as mere recipients of state services (such as education, health and employment) and instead ensure that young people participate meaningfully in social, political and economic life and are included in decision-making.

On the education front, World Bank report warns that millions of young students in low and middle-income countries face the prospect of lost opportunity and lower wages because their

primary and secondary schools are failing to educate them to succeed in life. Meanwhile, the government since 2017 has embarked on a free Senior High School policy that has increased enrolment by 50 percent to 1.2m students in second-cycle institutions across the country.

To get the best out of the policy, the Trades Union Congress, while commending government for its efforts in implementing the policy, said that the only way free Senior High School will pay for itself is to put beneficiary Ghanaians into productive work.

Business24 believes that this is imperative to avoid creating a pool of disgruntled young people who may resort to violence and crime to make ends meet.

BoG alarmed by rising fraud involving bank staff Wear a mask Brought to you by

LIMITED Copyright @ 2019 Business24 Limited. All Rights Reserved.

Editorial Team Dominic Andoh: Editor Eugene Kwabena Davis (Head of Parliamentary Business & Commodities) Benson Afful (Head of Energy & Education) Patrick Paintsil (Head of Maritime & Banking) Nii Annerquaye Abbey (Online Editor) Marketing Alexander Lartey Agyemang (Business Development Manager) Ruth Fosua Tetteh (Dept. Business Development Manager) Gifty Mensah (Marketing Manager) Irene Mottey (Sales Manager) Edna Eyram Swatson (Special Projects Manager ) Events Evelyn Kanyoke (Snr. Events Consultant) Finance/Administration Joseph Ackon Bissue (Accountant)

CONTINUED FROM COVER

Way forward The reported also highlighted other types of fraud which were reported to the Financial Stability Department of the central bank. These include cheque fraud, email/cyber fraud, impersonation, e-money fraud, and forgery.

It said the fraudsters attempted stealing GH¢115.5m but were only successful in making away with GH¢33.4m, representing 29 percent.

The bank recommended that to forestall future occurrences, contract or temporary staff of banks and specialised deposit-taking institutions must be adequately vetted by the police in order to avoid employing fraudsters in the industry.

Also, the BoG tasked the financial institutions to review remuneration and working conditions of contract staff and mobile bankers and aligned these to that of permanent staff, since the former are often found to be involved in suppressing the value of cash and deposits.

“Staff of banks and specialised deposit-taking institutions, when undertaking transactions relating to special cheque-clearing, must be very diligent, since most cloned cheques come through that channel,” the report said.

The central bank also expects consumers to be encouraged to use efficient electronic payment methods that keep an audit trail of fund movements, even as banks

and specialised deposit-taking institutions enforce directives and due diligence on over-the-counter payments.

For the mobile telecommunication companies, the central bank encouraged them to enhance their registration and monitoring processes in order to significantly reduce the incidence of fraudulent call diversion, chip swaps and number porting.

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Youth most concerned about jobs and school—survey

BY BENSON AFFUL

Job creation is first on Ghanaians’ list of priorities for additional spending to help young people, and citizens are willing to pay more taxes to fund programmes for youth development, the findings of the survey showed.

Six in 10 adult Ghanaians of all ages said they would support higher taxes to fund programmes to help the youth, while a similar proportion said job creation would be the highest priority if the government could increase its spending to help the youth.

With an allocation of over 6 percent of Gross Domestic Product (GDP), Ghana’s spending on education is among the highest in Africa.

In spite of the relatively high levels of investment, experts argue that the sector is not living up to expectations as standards are deemed to have fallen to an alltime low.

Spending on the sector, as happens in other sectors, has been found to be largely for

recurrent payments in wages and salaries, instead of for investment in infrastructure, teaching and learning aids.

The state of education in the country, educationists argue, will

restrict its ability to transform the economy from middle-income with HIPC infrastructure, low total factor productivity and weak systems, to the status of a developed economy.

Already, employers complain about the poor quality of graduates at all levels of education – with some decidedly giving preference to Ghanaians who have schooled abroad.

A World Bank report warns that millions of young students in low and middle-income countries face the prospect of lost opportunity and lower wages because their primary and secondary schools are failing to educate them to succeed in life.

The report, dubbed “Facing Forward: Schooling with Learning in Africa”, asked the Ghanaian government to invest in quality pre-primary education, which is critical to developing noncognitive foundational skills.

Meanwhile, the government since 2017 has embarked on a free Senior High School policy that has increased enrolment by 50 percent to 1.2m students in second-cycle institutions across the country.

Increased transport fares nudge July inflation to 11.4 percent

BY ABDUL-RAHMAN SANI

The Ghana Statistical Service inflation recorded for the month of July rose to 11.4 percent largely on the account of an upward adjustment in transport fares.

However, the usual contributor to inflation especially over the past six months since the pandemic struck, the food and non-alcoholic division, dropped by 0.5 percentage point against the previous month.

The increase in the prices of diesel and petrol in July caused a 3.9 percentage-point jump in transport’s contribution to inflation, its biggest month-onmonth contribution since October 2019.

“National year-on-year inflation for July 2020 was 11.4%. The month-on-month inflation rate of 0.5% seems to indicate that prices are increasing at pre-COVID-19 levels. With the exception of fuels, most product categories saw month-on-month inflation rates

comparable to the period October 2019 to March 2020, Government Statistician, Prof. Samuel Kobina Anim told reporters in Accra.

The new figure meant that inflation has risen to its highest since the pandemic struck — also the highest since November 2017 when it was measured at 11.8 percent.

The food and non-alcoholic beverages division recorded a year-on-year inflation rate of 13.7 percent, 0.1 percentage point lower than in June 2020 (13.8 percent) and 1.4 percentage points lower than May 2020 (15.1 percent).

Although Food declined slightly to contribute 53.0 percent to year-

on-year inflation, it remains the predominant driver of year-onyear inflation, despite contributing less in the last three months.

Non-food inflation edged-up 0.5 percentage point to come in at 9.7 percent compared with the rate in June 2020.

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RTI law does not fully support fighting illicit financial flows Dr Stephen Manteaw, the Cochair of the Ghana Extractive Industry Transparency Initiative has noted that Ghana’s Right to Information (RTI) Law in its current form will not fully support efforts at countering illicit financial flows.

He said the Law would have to be used together with other transparency legislations such as Beneficial Ownership, Open Contracting and the Petroleum Register to achieve its purpose.

Dr Manteaw was speaking at a day’s media capacity building workshop in Accra by the Tax Justice Coalition, with sponsorship from Open Society Foundations (OSIWA) on the, “Beneficial Ownership (BO) and the RTI Law: what role and opportunities are there for journalists in curbing Illicit Financial Flow in Ghana.”

He said the RTI had some exemptions that were not healthy to the implementation of the law, which included; information that affected the security of the State, Economic and any other interest and information on tax.

Other exemptions are information relating to Cabinet, information relating to law enforcement and

public safety and information affecting international relations.

He said with that, “I do not see the uniqueness of the RTI law in the fight against corruption in the country so we will continue to use the 1992 Constitution in addition to fight the menace.”

Dr Manteaw said there were also concerns in the implementation of the law apart from the weaknesses identified earlier.

On the BO, the Co-chair said secret ownership structures enabled some extractive companies to evade payment of tax and also hidden ownership posed problems for honest companies, as they did not know who they were doing business with.

He said the risk of anonymity of ownership created wealth in the pockets of a few at the expense of advancing development to the benefit of the larger society.

Dr Manteaw said, “Corporate anonymity facilitates a phenomenon known as capacity fight removing wealth from one nation and transferring that wealth to another.”

Mr Vitus Azeem, Chairman Tax Justice Coalition who launched

the Financial Bleeding Register, said the register, in the form of a website would be used to compile malfeasance and corruption occurring in the country for the attention of the public.

He commended journalists for efforts in educating the public on issues of taxation and Illicit Financial Flows (IFFs) in the country.

Mr Bernard Anaba, Policy Analysts at the Ghana Tax Justice Coalition said the website also provided for Ghanaians a session to record any

issues on malfeasance.

He said the workshop was expected to improve the understanding and participation of media practitioners on the issues of taxation, tracking and reporting of financial malfeasance, particularly to help curb the phenomenon of IFFs in Ghana.

“It is to educate participants on new ways to fight corruption and IFFs by interacting and learning from each other,” Mr Anaba said.

GNA

U.S. supports Shea Parkland Restoration Initiative and women’s economic empowerment The United States Government, through the U.S. Agency for International Development (USAID), and the Global Shea Alliance (GSA), Wednesday, launched the Action for Shea Parklands (ASP) initiative, under which 20,000 shea trees will be planted in Ghana this year.

Spearheaded by GSA, the initiative seeks to promote, plant, and protect the shea parklands while advancing a shea industry commitment to plant 10 million trees across West Africa over the next 10 years.

Ghana’s 20,000 trees for 2020 will be planted across the five northern regions.

A press release issued by the United States Embassy, in Accra, and copied to the Ghana News Agency, said to commemorate the launch, Ambassador Stephanie S. Sullivan joined members of the Global Shea Alliance and women shea cooperative leaders to plant 50 shea seedlings in seedling bags.

These would be transported to the Northern Region of Ghana for planting during the 2021 shea season.

Ambassador Sullivan, the

release said, commended the project’s partners, stating, “Given the impact of the industry on improving incomes for women and their families, I’ve been excited to witness first-hand the enormous growth of the shea export industry in Ghana.

“U.S. companies and consumers continue to play a key role in this growth, ensuring that the industry contributes to Ghana’s economic development while meeting the highest social and environmental standards.”

The initiative, the release said, also highlighted the importance of bolstering women’s economic development activities in Ghana.

Shea is a primary source of livelihood for women living in northern Ghana.

Togo and Benin, the release said, were also pilot countries for the ASP initiative.

This month, 6,000 trees will be planted in northern Togo by 500 rural farmers, including 300 women.

The seedlings were acquired from a network of small community nurseries established in 2019.

In Benin, the Fédération Nationale des Productrices d’amandes et de beurre de Karité du Bénin (FNPK), the umbrella of women cooperatives, launched the shea planting campaign as part of ASP in June 2020.

The campaign, the release said, involved 400 women from the northern regions in Benin who planted 2,400 trees in July this year.

In partnership with USAID, GSA is leading the industry’s sustainability effort.

To date, the release said, 100,000 seedlings had been raised and 8,000 shea trees planted with private sector funding under the USAID-funded “Sustainable Shea Initiative” (SSI), a public-private partnership with GSA. “The SSI is an $18 million, fiveyear program that promotes the sustainable expansion of the shea industry in Ghana, Benin, Côte d’Ivoire, Togo, Mali, Nigeria, and Burkina Faso as well as increases the incomes of rural women, who form the backbone of the industry, “ the release explained. GNA

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COVID-19 pandemic has sent shockwaves throughout all economic sectors of the globe

BY ROBERT ODURO

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his pandemic has seen some economies struggle to stay on their feet due to the protocols instituted to reduce personto-person spread and thus reduce the number of cases and subsequent deaths from the virus spread.

The oil industry, like all other industries, has been one of the hardest hit and has suffered its fair share of the shock on oil prices.

The effect of the virus on fuel prices came in two folds - the demand side effect and the supply side effect.

The demand shock, which is evident throughout the world, is mostly due to reduction in transportation and the closure of facilities around the world, which would have rather used petroleum products for production. The World Bank in an April report estimated that global demand for oil would drop by 9.3 million barrels per day in 2020.

Furthermore, demand in April was estimated to be 29 million barrels per day lower than 2019 figures; while second quarter estimations stand at 23.1 million barrels lower than 2019 figures (IEA, 2020).

The supply shock, on the other hand, was caused by the oversupply of oil due to the lifted restrictions for Organization of Petroleum Exporting Countries (OPEC ) and a price war between Saudi Arabia and Russia. This price war was initiated when OPEC countries decided to cut supply by 1.5million barrels per day until June when prices began to drop, with Non-OPEC states, such as Russia, also tasked to follow suit.

However, Saudi went against the plan and the non-OPEC members retaliated by pumping more oil into the market leading to plummeting of oil prices (African Union, 2020).

Though the COVID-19 spread was declared as a global pandemic on 11 March, 2020, the effect on the petroleum market had been evident on Brent and other price indices from midJanuary and eventually became worse in the succeeding months as more countries declared countrywide and local lockdown, leading to reduction in demand of petroleum products across the world.

The price changes of crude or finished petroleum products, such as gasoline and gasoil, on the international market usually have a trickle-down effect on the price at which consumers purchase fuel for their individual and household usage (ex-pump price). However, the price at which individuals buy fuel differs from country to country based on different factors, such as the strength of the currency (Forex), import and export levels of oil, taxes in the build-up and subsidies.

In Ghana, the ex-pump price is made

up of different taxes and levies, CIF or DES pricing, margining sharing (Distributors, Marketers and retail margins). Based on the changes in any of these, the price consumers pay for fuel is likely to change.

Using gasoline price data between the months of January to June from trading economics, a comparison of the ex-pump price percentage variations between Ghana and other countries is elaborated. The data used was analysed using monthly averages for gasoline prices, and the percentage changes were then computed between succeeding months.

The ex-pump comparison is done in two ways. Ghana is first compared against other oil producing countries such as US and Saudi Arabia; and then compared against other countries on different income levels. This is to give some context to the comparison.

GLOBAL CRUDE PRICES The monthly average of the global crude prices for Brent crude as against the local gasoline prices in Ghana with the percentage changes between the months are shown in Table 1.1. The table shows that globally, the international oil prices saw a dip from the January average of around US$63.94 to the lowest point in the reference period of US$26.63 average in mid-April when the pandemic intensified.

As the tension surrounding the pandemic is beginning to ease and countries are beginning to ease down restrictions, prices of crude are beginning to climb up once again as seen in the percentage differences from April to May (21.70%) and from May to June (25.79%).

However, in Ghana the ex-pump price changes do not match the monthly price change on the international market perfectly. This can be attributed to the system of petroleum pricing. In Ghana, ex-pump price changes have a 16-day interval due to the structure of the pricing windows1 and changes on the international market might not reflect until the following month when marketers review their prices.

AFRICAN COUNTRIES The percentage price increase in expump for six African countries for the first six months of 2020 are shown in Figure 2. The countries used in the comparison are South Africa (SA), Egypt, Nigeria, Zimbabwe and Kenya.

From the figure, it can be seen that all countries had varying percentages of change in the ex-pump prices in the reference period. Between January and February, all the countries, except Nigeria, experienced a change in the ex-pump. Of the changes, South Africa and Zimbabwe experienced a price fall of 4.50% and 3.81% respectively, which was in line with the change in the international crude prices, while countries such as Ghana, Egypt and

Kenya had ex-pump prices increasing.

All the countries experienced a percentage decrease in ex-pump between February and March, the largest drop in this period was noticed in Zimbabwe (40.00%) and the smallest drop was in Egypt (2.04%).

A very important anomaly is the percentage change of ex-pump prices in Zimbabwe between March and April.

Ex-pump prices increased by as high as 13.79% when all countries shown experienced a fall. This also came in a period when global Brent crude prices had fallen as much as 21.05%.

In general, the changes in ex-pump in Ghana were very similar to that in Egypt and Kenya though some differences existed. Zimbabwe also had very high fluctuations in the percentage changes compared to other African countries.

Egypt also had the smallest average change between the period averaging about 1.29% change between February and June.

OIL PRODUCING COUNTRIES The percentage price variations of Ghana are compared to that of other oil producing countries such as the United States and Saudi Arabia. As shown in Figure 3, Ghana saw a percentage increase in ex-pump prices between January and February, which was similar to that of Saudi. However, the United States saw a drop within that same period similar to the global prices.

In the following month all countries had a price decrease with Ghana experiencing the highest change of 15.84% as compared to that of the US (7.81%) and Saudi Arabia (1.79%).

Ghana experienced an increase in ex-pump price in May-June after three periods of decrease. Ghana’s increase was greater than that of the US but less than that of Saudi Arabia. These variations show that Ghana and Saudi experienced similar variations in terms of direction of change although the percentage changes were different for different reference periods.

LOW-INCOME COUNTRIES The variations between Ghana and Haiti are similar except in the FebruaryMarch period. In that period, while Ghana experienced a fall in its ex-pump prices by 15.84%, Haiti had an increase in ex-pump price of 3.28%.

In general, Haiti and Ghana had different levels of prices.

LOWER MIDDLE-INCOME COUNTRIES Ghana was compared to two other countries, who are in the same UN classification based on income levels as herself. The countries used in the comparison are Nigeria and Vietnam. In this comparison, Nigeria had no change in ex-pump prices between January and February as compared to Ghana’s increase while Vietnam had a fall in its ex-pump price.

In the following month, all countries

experienced a percentage decrease in their ex-pump prices. For the periods April-May and May-June, Nigeria’s expump prices stayed constant at 0% change, while Vietnam continued its positive change trajectory.

Overall, Vietnam had a percentage change movement similar to the global crude price while Nigeria had two periods of zero change. Also, in all cases except in March-April, Ghana had a higher absolute percent change as compared to Nigeria.

UPPER MIDDLE-INCOME COUNTRIES In comparison to upper middle countries, Ghana experienced a price increase in the first period ( JanuaryFebruary) while the other countries saw a percentage reduction.

In the second period, all the countries including Ghana, experienced a fall in ex-pump prices. The negative percentage change was the same for the third period in all the countries except for Indonesia, which experienced a 5.0% increase in ex-pump prices. In the May-June reference period, Ghana experienced a percentage increase in ex-pump prices higher than that of any other country in the sample and closer to the percentage change in global crude price.

HIGH INCOME Lastly, Ghana was compared to some countries in the high-income level category. This comparison shows that Ghana’s ex-pump price variations had a similar outlook to those of these countries in the February-March period as they all experienced a drop in expump price similar to that of the global crude price.

In the March-April period, Ghana again had a negative variation as all others except Canada in which price seemed to increase by 3.64%. In the final reference period (May-June) all the countries under review had an increase in expump price with Ghana experiencing the biggest leap of 26.76%.

CONCLUSION In the face of producing more than 100,000 barrels of crude oil per day, Ghana continues to depend on imports of crude oil to meet its demand for petroleum products, which has risen exponentially as a result of increasing economic activities. Consequently, the country is exposed to the vagaries of a competitive international market for crude and petroleum products. The expump price variations that have so far been experienced in Ghana during the COVID-19 period have not been limited to Ghana.

These variations have happened across the globe in different ways. Though the overall trend is similar across all countries reviewed, the amount of change and the speed of change, in reference to the global crude price changes, have been different.GNA

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A better alternative to Trump’s WeChat ban

BY SHANG-JIN WEI

Shortly after US President Donald Trump issued an executive order effectively banning the Chineseowned social-media app TikTok, he issued a second order prohibiting “any transaction that is related to WeChat by any person … as identified by the Secretary of Commerce.”

According to the White House, the WeChat ban – which will take effect on September 20 – is intended to protect Americans and visiting Chinese in the United States from violations of privacy by the Chinese government and to limit fake news from the Chinese government reaching Americans.

But the ban is likely to be counterproductive, and there are better solutions to these problems.

WeChat, owned by Tencent, a Chinese company listed on the Hong Kong Stock Exchange, is a widely used multipurpose app that combines messaging, social media, digital payments, and other functions. If Tencent’s founders, Pony (Huateng) Ma and four other partners, had built their company in the US, they would be celebrated in much the same way that Bill Gates, Jeff Bezos, and Elon Musk are.

Chinese entrepreneurs likely have had to overcome much greater difficulties to succeed than their American counterparts.

After all, funding for those without family wealth or political connections is scanter in China due to a less developed capital market. Property rights protection is weaker, and Chinese Internet users’ purchasing power is much lower than that of Americans. In 1998, when Tencent was founded, China’s per capita income was a mere $850 – less than 5% of the US level and less than 20% of the Mexican level that year.

WeChat was introduced in 2011, and quickly grew to become China’s dominant social-media app. It is now a ubiquitous communications tool, used by young and old alike.

Virtually every Chinese person with a smartphone has a WeChat account, which they use to stay in touch with friends, family, and work colleagues, and to pay restaurant, utility, and grocery bills. Even the US Embassy in China has an official WeChat profile, where it broadcasts US government information and provides services to US citizens living and working in China.

US residents with family members or friends in China are also likely to use WeChat when they communicate, and Chinese

tourists in other countries rely on the app to stay connected while abroad. Similarly, many academics in the Chinese diaspora now use the service to collaborate with researchers in Singapore, Hong Kong, and mainland China (where it is used much more often than WhatsApp, Zoom, or Skype).

Banning WeChat outright will thus disrupt the lives of many US citizens and residents – probably on the order of one million people – who use the app regularly.

Whether the move is worthwhile depends on if it serves some higher purpose effectively.

According to Trump’s order, WeChat is guilty of two offenses.

First, it collects mobility data and the content of communications from US citizens, permanent residents, and visitors to the US from China, and potentially makes this information available to the Chinese government. So, a ban protects people’s privacy.

Second, the Trump administration claims that disguised Chinese government entities are spreading disinformation on WeChat, in which case a ban would curtail Beijing’s ability to transmit propaganda.

Both these apparent benefits are illusory. The idea that a ban strengthens privacy rests on the assumption that WeChat users in the US are stupid or uninformed, and thus cannot weigh the costs and benefits on their own. The

implication is that Uncle Sam needs to strip away the right to download and use the app in order to protect users from themselves.

The irony is that the ban comes from a president who declines to adopt a mandatory face-mask requirement in public places during a viral pandemic, which would have saved American lives.

As for the claim about disinformation, there are two points to consider. First, given the Chinese state’s control of all media (online and off ) within the country, WeChat is a relatively unimportant channel for the government’s message outreach.

Second, US-based users often share information with friends and family in China, who then may pass it along to other WeChat groups. That makes WeChat a crack in China’s Great Firewall.

Even if a post is taken down by a WeChat censor, it is often reposted in some other form, and users regularly deploy creative wording and formatting in their messages to bypass the censoring algorithm.

By banning WeChat in the US, Trump is closing an important opening in the firewall.

An alternative three-pronged policy would be superior to a ban.

First, the president could order all US government agencies and employees not to use WeChat, with the US embassy in China being the exception. Second, the US government could mandate

that Apple, Google, and other US app vendors issue a pop-up warning to anyone downloading WeChat. It could state that, “The US government determines that this app may be used to track your movement and the content of your communication and that this data could be available to the Chinese government. Some advertisements on WeChat may come from the Chinese government.”1 Third, the US could order Tencent to stop sending push notifications or advertisements to any users whose accounts are registered with a US phone number, or who are traveling in the US. This is easy to do technically, and Tencent would have an interest in complying with such a directive.

Because the US commerce secretary must still define the prohibited “transactions” mentioned in the order, there is hope that the scope of the policy will be narrow enough to avoid some of the counterproductive consequences. But the threepronged alternative approach would be even better.

Shang-Jin Wei, a former chief economist at the Asian Development Bank, is Professor of Finance and Economics at Columbia Business School and Columbia University’s School of International and Public Affairs. Copyright: www.project-syndicate.com

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Statement by the Executive Director of National Service Scheme, Mustapha Ussif, on International Youth Day

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he National Service Scheme has played and continues to play a crucial role in deploying graduates from our tertiary institutions to workplaces within the public and private sectors across the country.

“In the past 6 years, the Scheme has posted about 502,494 graduates to various public and private sectors of the economy averaging 70,000 each year and over 100,000 deployed in 2019”.

National Service Scheme under this regime has strategically positioned the scheme to ensure service personnel become job creators instead of job seekers.

In recognizing the instrumental role the Scheme plays in brokering graduates employment between different sectors of the economy, the Scheme has been on a constant quest to consistently evolve itself and become responsible to the needs of graduates and employment trends of the job market and the required skills needed.

The Scheme has strategically introduced initiatives that will ensure our graduates benefit fully from H. E. President AkufoAddo’s flagship programmes such as the Planting and Rearing

for Food and Jobs. This has led to the introduction of the Entrepreneurship and Innovative Module (EIM) by the Scheme where graduates are trained in the various value chain of poultry production.

Subsequently, successful beneficiaries of this programme were resourced financially and provided with the needed logistics to enable them to set up their own businesses after service”.

The Scheme also facilitated personnel under this module to acquire the needed financial capital and required skills from Microfinance and Small Loans

Centre(MASLOC), National Entrepreneurship and Innovation Plan (NEIP), Venture Capital and other agencies which enabled them to start their own enterprises.

This has helped in creating jobs to absorb other unemployed graduates and non-graduates.

The Scheme also entered into a strategic partnership with an entity called Songhai Group to establish a training hub, where ten (10) personnel were trained and vetted by consultants on how to develop next-generation digital tools. Their mandate is to develop solutions to the many challenges we face as a country.

The Scheme believes that a strong partnership with the private sector would galvanize the ongoing efforts towards developing and empowering service personnel who can create jobs and compete globally on the talent market.

A few days ago, the Scheme signed a Memorandum of Understanding (MOU) with the Springboard Road Show for a Covid-19 resilient programme to train personnel in relevant workplace skills and job readiness, wellness, and safety at the workplace and health awareness in general. This is to ensure personnel bounce back fully and readily from the impact of Covid-19.

As we celebrate the International Youth Day, we as youth owe ourselves and the country a responsibility to transform our beloved motherland. It is therefore important that we take advantage of policies and programmes of President Akufo-Addo to ensure we are not left out.

Ghana is working with the effort, dedication, determination, and strong spirit of patriotism among the youth. Let us all play our respective roles in ensuring that Ghana keeps working.

COVID-19: FirstRand Receives US$235m Guarantee from MIGA to Unlock Liquidity MIGA, a member of the World Bank Group, has issued guarantees of up to US$235 million to a wholly-owned subsidiary of South Africa’s FirstRand group, for a period of up to 15 years, covering the subsidiaries’ mandatory reserves held as per regulatory requirements in Botswana, Eswatini, Ghana, Lesotho, Mozambique, Nigeria, and Zambia.

The guarantees will help unlock funding and liquidity, and support the economies of the host countries, which are being severely impacted by the COVID-19 pandemic, particularly in the commodities markets.

Nearly 60 percent of the support provided by the MIGA guarantees will be directed to low-income IDA countries, and twelve percent will go to Mozambique, a country recently affected by conflict.

The global outlook remains weak due to the COVID-19 crisis.

Economic growth is projected to contract in all of the host countries,

with five of the seven (excluding Ghana and Mozambique) entering negative growth in 2020. Banks are facing increased pressure to optimize capital allocation and reduce risk exposures.

“Our support for a key regional bank that is helping weather the fallout from the global pandemic across seven countries in Sub-Saharan Africa is timely and essential,” said MIGA Executive Vice President Hiroshi Matano. “MIGA guarantees will help build resilience within the countries through the continued supply of credit. For the longer term, our support will help lay the foundations for credit growth and employment.”

MIGA’s capital optimization product reduces the risk-weighting of the subsidiaries’ mandatory minimum reserves on FirstRand’s balance sheet. FirstRand will use the freed-up capital to sustain the lending activities of its subsidiaries.

“MIGA’s capital optimization product is particularly important

now, given the stresses in many of the economies in which we operate on the African continent.

In particular, it enables the availability of capital to support these economies through continued lending,” said Andries du Toit, FirstRand Group Treasurer.

MIGA’s support also entails providing assistance to the subsidiaries through the implementation of FirstRand’s updated Environmental and Social Management Systems (ESMS) and other policies related to MIGA’s Performance Standards. This will improve the subsidiaries’ current environmental and social risk management practices.

MIGA was created in 1988 as a member of the World Bank Group to promote foreign direct investment in emerging economies by helping mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments,

expropriation, and war & civil disturbance; and offering credit enhancement to private investors and lenders.

Since its creation, MIGA has issued over $59 billion in guarantees across 118 developing countries.

The World Bank Group, one of the largest sources of funding and knowledge for developing countries, is taking broad, fast action to help developing countries strengthen their pandemic response. We are supporting public health interventions, working to ensure the flow of critical supplies and equipment, and helping the private sector continue to operate and sustain jobs. We will be deploying up to $160 billion in financial support over 15 months to help more than 100 countries protect the poor and vulnerable, support businesses, and bolster economic recovery.

This includes $50 billion of new IDA resources through grants and highly concessional loans.

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S U P P L E M E N T O N

74TH INDIA

INDEPENDENCE DAY

STRENGTHENING INDIA-GHANA RELATIONS

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74th Independence Day of India

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H.E. Ram Nath Kovind President of India

H.E. Narendra Modi Prime Minister of India

Message from His Excellency Sugandh Rajaram High Commissioner of India to Ghana

O

n the occasion of the c e l e b r a t i o n o f 74 t h Independence Day of I n d i a , I e x t e n d w a r m e s t greetings and felicitations to my compatriots living in Ghana.

Since its independence in 1947, India has progressed considerably in the journey of n at i o n b u i l d i n g . T h e re i s i m p r o v e d p h y s i c a l infrastructure. India used to import food grains and depend on international food aid till the mid-1960s. Today India is selfsufficient in terms of food production and even exports various food grains. India is one of the fastest growing tech hubs of the world. Tech c o m p a n i e s i n I n d i a h av e created jobs, driven growth and increased access to various resources, resulting in lowered poverty levels and enhanced lifestyles. India has achieved “universal primary education” with increased gender equality in terms of enrollment. India is among a handful of countries w i t h a d v a n c e d s p a c e technology and has launched satellites to explore the moon and also launched Mars Orbiter Mission to probe Mars.

The recently launched New Education Policy, a landmark in the history of education in

I n d i a , i s c o m p r e h e n s i v e , holistic, farsighted and will certainly play a great role in the nation's future growth that seeks to transform India into a vibrant knowledge society. It r i g h t f u l l y b a l a n c e s t h e rootedness and pride in India as well as acceptance of the best ideas and practices in the world of learning from across the globe. The Government is working on providing every Indian an affordable housing w i t h t o i l e t , e l e c t r i c i t y c o n n e c t i o n , L P G g a s connection, access to drinking water, etc. Other important schemes by the Government include Skill India Mission, Digital India Mission, Make in India Mission, and Start-up I n d i a M i s s i o n f o r ove r a l l economic development of the nation.

India is facing the COVID-19 situation with fortitude and a spirit of self-reliance. That is evident in the fact that from zero production of PPEs before March 2020, India today has created a capacity of producing 200,000 PPE kits daily. The call by the Prime Minister to use these trying times to become 'Atmanirbhar' (self-reliant) has been very well received to enable the resurgence of the Indian economy. Self-reliant India does not mean cutting off from the rest of the world but translates into being a bigger and more important part of the global economy. As part of 'Atmanirbhar Bharat', various m e a s u r e s h a v e b e e n announced for businesses, i n c l u d i n g M S M E s , a n d t o b e n e fi t e n e r g y, m i n i n g , agriculture, animal husbandry and fisheries sectors and, more importantly, the farmers and poor migrant labourers.

I n d i a a n d G h a n a h ave traditionally enjoyed close and friendly relations that have stood the test of time. There is much that unites India and Ghana - our cultural values,

people-to-people linkages, the shared struggle for freedom, t h e d a w n o f t h e n e w opportunities, and the unity of a s p i r a t i o n s o f o u r yo u n g population and much more. As we are passing through this difficult and unprecedented period of corona crisis, we stand shoulder to shoulder much more with the people and Government of Ghana to fight this disease and overcome the crisis. I would like to take this opportunity to commend the people and Government of Ghana for taking all timely measures towards containing the pandemic.

There have been frequent high-level exchanges between the two countries in the recent past, including the visit by H.E. Nana Addo Dankwa AkufoAddo, the President of Ghana, for the Founding Conference of the International Solar Alliance held in New Delhi in March 2018, and H.E. Dr. Mahamudu Bawumia, Vice President of Ghana, as the Chief Guest at the 14th CII-EXIM Bank Conclave held at New Delhi in March 2019 – besides other ministerial level visits from both sides.

India has been a reliable and steady partner of Ghana in her developmental journey of socio-economic growth, guided by the principle of South-South C o o p e r a t i o n . I n d i a ' s developmental partnership, based on the priorities set by the Government of Ghana, made signific ant pro gre ss through concessional Lines of Credit being extended by the Government of India to the G overnment of Ghana for development projects. India would be happy to consider o t h e r p r o j e c t s u n d e r concessional lines of credit.

O n t h e e c o n o m i c a n d commercial front, India is keen to strengthen relations with Ghana for mutual benefit of both peoples and supports the realisation of "Ghana Beyond

Aid" through enhanced trade and investment relationship.

Indian investment is significant in Ghana and covers wide sectors like construction, m a nu f a c t u r i n g , t r a d i n g , pharmaceuticals, agroprocessing, ser vices and tourism, etc.

Ghana is included in the countries whose nationals are eligible for e-Visa, and we invite Ghanaian nationals to visit India for tourism, business or medical treatment using the evisa facility.

People-to-people linkages a r e f u n d a m e n t a l t o o u r relationship. ITEC training programmes are popular and sought after by Ghanaians.

India has been supporting Ghana in capacity building by sending large numbers of Ghanaian officials for various programmes/fellowships under the ITEC programme and under the India-Africa Forum Summit decisions. During the last two years, Ghana utilised around 200 ITEC slots, 60 slots under IAFS and 30 slots under ICCR scholarships. We are also currently implementing the 'tele-education' project in Ghana.

Ghana is home to a sizable number of people of Indian origin who cherish the warmth and friendship of the Ghanaian people. Some of them have been in Ghana for over seven decades and they form a bridge between our two countries and, in a sense, are our t rue Ambassadors.

India has always stood with Ghana and will continue to extend its helping hand to G h a n a i n i t s e c o n o m i c development. I am confident that the coming years will help to build even closer bonds of friendship between our two nations.

Jai Hind! Long Live Independence of India! Long Live India-Ghana Friendship.

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h a r m a n o v a i s a m u l t i n a t i o n a l p h a r m a c e u t i c a l manufacturing company with operations in West Africa. Its headquarters is in Osu, Accra, G h a n a . T h e c o m p a n y manufactures 60 percent of its quality medicines in a wide array of therapeutic categories.

Pharmanova imports a few specialised products such as vaccines, serums, anesthetics and antibiotics (injections), and suppositories from wellrenowned companies from all over the globe.

Pharmanova Limited was first incorporated in Ghana as a limited liability company in May 2005 and has expanded, with subsidiaries in other countries such as Côte d'Ivoire (Pharmanova Cote d'Ivoire), Benin (Pharmanova Limited SARL), Burkina Faso, Mali, Guinea, and has partnered with other pharmaceutical marketing companies such as Blooms Pharmaceutic als (Nigeria) and Alpha Sante (Togo).

Pharmanova is a pioneer of combination therapy for cardiac products in Ghana. The company makes supplies to the Ministries of Health in Ghana, Benin, Togo, Côte d'Ivoire, Mali, Guinea, Burkina Faso, and Chad through their Central Medical Stores.

We currently produce the following products in tablet form: Anti- Cardiac; AntiD i a b e t i c ; A n t i b i o t i c ; Analgesics; Antihistamines; Anti-cold; Anti-Cough; and Antacids. We also manufacture suppositories and various vitamin preparations, among others To enable us establish a broader presence in the West African sub-region, and to stop the impor t ation of L arge

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Pharmanova Limited

Volumes Parenterals as well as ear, eye and nose drops, which, u l t i m a t e l y, w i l l h e l p i n conserving and earning foreign exchange for the country, we have established a subsidiary company, Atlantic Lifesciences L td . , wh i c h h a s re c e ive d authorisation from the Free Zones Authority. We have subsequently acquired a 20acre land in the NingoPrampram District along the Tema-Aflao road, and we are currently constructing a stateo f - t h e - a r t f a c t o r y u s i n g G e r m a n t e c h n o l o g y ( B F S technology) for manufacturing i n f u s i o n s . We s h a l l a l s o produce eye, ear & nose drops, oral liquid, as well as mass production of hand sanitisers.

The construction has reached a n a d v a n c e d s t a g e o f completion.

Additionally, currently, we are importing Anti-Snake s e r u m a n d A n t i - R a b i e s vaccines for distribution in the country, but we are putting up s t r u c t u re s f o r t h e l o c a l manufacture of Anti-Snake serum, Anti-Rabies vaccine and Anti-Tetanus vaccine, with technical cooperation from Vins BioProducts Ltd. of India, for supply not only in Ghana but to export about 70% to all countries in Africa. At the moment, we are the major importers and suppliers of Anti-Snake serum and Anti- Rabies vaccine in the West African sub-region. We intend to produce six (6) vaccines, Anti- Snake, Anti-Rabies, Anti- Diphtheria, Anti-Scorpion, A n t i -Te t a nu s , a n d A n t i - Gangrene locally when on full stream. We expect to employ over three hundred workers.

As at the end of the second q u a r t e r o f 2 0 1 8 , we h a d successfully commenced the manufacturing of suppository

locally, writing our name as the fi r s t p h a r m a c e u t i c a l manufacturing company in Ghana to produce suppository locally. This is in line with our aim to reduce reliance on scarce foreign exchange to i m p o r t t h e n e e d e d pharmaceutical medicines for our people. We shall continue to chalk such feats in the coming years by gradually but systematically manufacturing most of the essential drugs locally to relieve the tension on our foreign reserves. We will continue to set for ourselves t h e h i g h e s t s t a n d a rd s o f business ethics and customer services.

Pharmanova Limited, t h r o u g h i t s s u b s i d i a r y company Pharmanova Côte d'Ivoire SARL, has acquired a large piece of land and has constructed a state-of-the-art GMP standard factory in the M a h a t m a G a n d h i Technological Park at VITIB (Free Zones) in Grand Bassam, Republic of Côte d'Ivoire. It is the first pharmaceutic al manufacturing company in that free zones enclave in Côte d'Ivoire. The project was commissioned on 27th June, 2019 by the Vice President of the Republic of Côte d'Ivoire and will help in providing good quality and affordable drugs to Ivory Coast and the other neighbouring countries. The factory's focus will be on manufacturing/repacking and delivering innovative and highq u a l i t y p r o d u c t s , w h i c h include a broad portfolio of specialised prescription as well as Over the Counter (OTCs) m e d i c a l p r o d u c t s i n a l l i m p o r t a n t t h e r a p e u t i c segments.

Branches

In addition to the head

office which is located in Osu, Accra, we have regional offices in Kumasi, which caters for the Ashanti, Brong Ahafo, and Eastern Regions, and Tamale, which caters for the Northern, Upper East and Upper West Regions. The head office caters for the Greater Accra, Central, Western and Volta Regions. We have over 300 workers in all these offices, and the number is expected to increase to over 750 in the coming year.

Vision

Pharmanova Limited is dedicated to improve the quality of people's lives by providing innovative health care products which are not just affordable but also meet the highest quality. This is in t u n e w i t h t h e c o m p a ny ' s sl o g a n o f “C o m m i t t e d t o provide quality healthcare.”

Mission

To become Africa's "most v a l u e d c o m p a n y i n t h e pharmaceutical sector". This involves our ability to emerge as a company recognised as the best in price and quality by patients, customers and all s t a ke h o l d e r s w i t h i n t h e industry and honouring our social responsibilities in the communities where we live and work. It's a long-term mission focused on making Pharmanova's irrefut able s u c c e s s s t o r y a w i n n i n g proposition for everyone!

Our Goal

Regional expansion to all countries in the West African sub-region and ultimately the whole of Africa, while keeping our eyes on our customers, serving them with respect and keeping faith with them.

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A stronger partnership with Bajaj Auto Limited

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omoco Ghana Limited is a s u b s i d i a r y o f t h e M o h i n a n i G r o u p , a leading manufacturing and trading company in Ghana.

Established in 2013, Somoco Ghana Limited partnered with the world's fourth largest two wheeler and largest three wheeler manufacturer, Bajaj Auto Limited, to launch Bajaj Boxer motor bikes and RE tricycles in Ghana.

The company is currently the sole authorised distributor and partner of Boxer motor bikes and Bajaj RE passenger wheelers. As partners, Somoco and Bajaj Auto have worked together to bring Ghanaians another worldc l a s s s o l u t i o n t o transportation and mobility in Ghana.

Since its entry to the Ghanaian market, the Bajaj brand has constantly appealed to Ghanaians through its primary qualities of reliability, durability, and fuel efficiency.

T h e b r a n d i s b a c k e d b y efficient and timely after-sales service. Ghana became the 51st market destination of Bajaj

globally, with 9 operational s h o w r o o m s i n 7 r e g i o n s nationwide.

Today, Somoco Ghana Limited boasts of a large and widespread service and spare parts network across Ghana, providing swift, efficient and excellent customer service to Ghanaians nationwide. The c o m p a n y h a s p r o v i d e d efficient, economical, ecofriendly transportation solutions to thousands of Ghanaians.

Somoco's commitment does not stop with providing cutting-edge technology to the market, but also commitment to the safety of customers. The company continues to invest and run road safety initiatives educating and promoting road safety in Ghana.

Bajaj 2 Wheelers – Boxer

Bajaj's product range comes with 6 months engine warranty for some of the best a n d m o s t e c o n o m i c a l 2 wheelers, like Boxer 100ES, an electric start 2 wheeler bike.

Noted for its low maintenance cost and durability, Bajaj boxer 100ES has superior engine,

long lasting performance power gears, and optimal fuel utilisation.

The Bajaj Boxer 150 has 150cc engine with 5 Speed Gear Box that ensures better engine utilisation. This product gives riders maximum comfort as a result of its wider foot rest and mobile charger.

Another of Bajaj's 2 wheelers is Boxer 125. Boxer 125 has absorptive suspension, robust chassis, gear indicator, and superior engine running on 5 Gears.

Latest among its kind is the Bajaj Boxer 150x, the ultimate off-road companion that allows heavy loads whilst d e l ive r i n g s u p e r b performance. Boxer 150x sports a powerful 144.8cc engine with a net torque of 12.3 NM at 5500 RPM. This bike model is equipped with strong chassis and long wheel base that keeps it sturdy on rough roads.

3 Wheelers – Bajaj RE

Bajaj RE is the world's most powerful, durable, and economical tricycle. Bajaj RE is rated as Africa's No.1 most

e ffi c i e n t a n d e c o n o m i c a l tricycle with 4 Stroke DTS.I Engine (double spark plug).

The Bajaj RE is robust, safe and easy to use even in the most remote areas.

Currently, Somoco Ghana i s o ff e r i n g 3 - c o u n t F r e e Services and 12 months Engine Warranty across its authorised service stations nationwide.

Somoco's Bajaj RE range offers the best Crank Case, Crank Shaft, Cylinder Head, Gear Box and Block Piston.

T h e c o m p a ny ' s l ate s t addition is the Bajaj Maxima Z, which is roomy, comfortable and bigger. Bajaj Maxima Z has a powerful engine in the industry, with 12% more power and 17% more pickup than any other 3 wheeler vehicle.

The product is highly durable with long lasting dry clutch, uniaxial balancer for less vibrations, and reinforced chassis for longer vehicle life.

I t h a s c a r- l i ke a d v a n c e d features like the car type clutch pedal to handle heavy load, 5 speed gear box to handle tough roads, and wide seats for driver comfort.

The consumer electronics and durables distributor

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s t a b l i s h e d i n 1 9 8 6 , Somotex Ghana Limited i s G h a n a ' s l e a d i n g consumer electronics and durables distributor with 23 retail outlets under the brand name Electromart.

Noted for world- class service centres across 5 regions, Somotex Ghana has constantly evolved with continuous innovation across the commercial airconditioning sector and consumer electronics. The company has strong ties with global brands such as LG, Panasonic, Philips, Orient, Samsung and many more international brands.

T h e c o m p a ny ' s re t a i l shop, Electromart, is Ghana's leading authority in consumer electronics and mobile phone retailing with 21 showrooms across Ghana. Electromart is a 3x Multiple CIMG recipient for Best Electronics Retail Outlet 2015, 2016 and 2017. In 2017, Electromart was recognised as the Best Electronic Company of the Year by Ghana Business Awards.

MRF Tyres

Somotex Ghana is the sole distributor of MRF tyres in Ghana. MRF is the largest tyre producer from India. The company has the widest range o f t y re s , s t a r t i n g w i t h 2

wheelers and passenger 4X4, truck radials, truck nylon, offthe-road tyres, grader, and industrial forklift tyres.

T h e c o m p a n y a l s o produces fighter plane tyres, exporting to over 139 countries in the world. MRF tyres are well accepted in Ghana and known for their quality and trouble-free services. OEM manufacturers like Toyota, Nissan, Renault, Hyundai, Mercedes Benz, Ford, Suzuki, and TATA use MRF tyres for their vehicles.

Index Batteries

Index is a brand of automotive batteries

m a n u f a c t u r e d b y E x i d e Industries Limited, India.

T h e y a r e t h e l a r g e s t manufacturers of batteries in India, with 60% market share.

Index batteries are heavier and made with virgin lead for all types of vehicle.

Index batteries come with warranty. They are durable and suited for the Ghanaian tropical climate. Some of the global brands that use Index batteries are Toyota, Nissan, Hyundai, Renault, Ford, Volvo, Mercedes Benz, Suzuki, TATA and Ashok Leyland. Somotex Ghana is the first company to introduce Index batteries into the Ghana market.

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& G Pharmaceuticals Limited is one of the m o s t re c o g n i s e d pharmaceutical manufacturing companies in Ghana. We have o u r h e a d q u a r t e r s i n Jamestown, Accra, with offices in Kumasi and Tamale, serving over 800 clients. These include Ministry of Health, Central Medical Store, all the 10 regional medical stores, NGOs, private hospitals and clinics, regional and district-level g o v e r n m e n t h o s p i t a l s , w h o l e s a l e a n d r e t a i l pharmac ies, and licensed chemical shops. In 2014, we started exports to The Gambia

T

he Melcom Group of Companies consists of six separate entities: Melcom Limited, Century Industries Limited, Crownstar Electronic Industries Limited, Melcom Hospitality, Melcom Travels Limited, and Melcom Care Foundation. Melcom Limited, the first company of Melcom Group, i s one of Ghana's premier retail chains.

Ap a r t f ro m c a p t u r i n g a n extensive retail market share with a network of 46 Melcom retail outlets and 7 cash 'n carry stores spread all over Ghana, the Group is well-diversified into other industries as well.

We believe in integration, a n d h ave g row n t h ro u g h backward integration. This has allowed us to enter different i n d u s t r i e s i n c l u d i n g electronics, servicing, plastics manufac turing and more.

While our main business is primarily driven by retail, we are also strong players in semiwh o l e s a l e a n d wh o l e s a l e distribution due to a combination of the vast range of goods we stock as well as our wide distribution network. Our commitments include having

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and Liberia, and have also registered our products in Sierra Leone.

We currently have a total product range of 152 products, available in tablets, capsules, s y r u p , s u s p e n s i o n s , d r y powders and injectables.

Our success is driven by our people and their commitment to operating responsibly, executing with exc e l l e n c e , a n d a p p l y i n g innovative technologies to produce medicines of the highest quality.

We b e l i e v e t h a t n o country can progress without a strong industrial base. The

most developed countries in the world today are strong because they have a very strong and sound industrial base.

M & G Pharmaceuticals is an executive member of the Association of Ghana Industries (AGI), past treasurer of West Afr ic an Pharmaceutic al Manufacturers' Association (WAPMA), and also past vice president of Pharmaceutical Manufacturers' Association of Ghana (PMAG).

M & G Pharmaceuticals has been awarded the Ghana Quality Awards in the early part of the millennium as well as b e i n g a d j u d g e d t h e b e s t

performing company in the pharmaceutical industry in Ghana by the AGI. Our brands, 'Zintab' and 'Ezipen', were awarded the best Made in Ghana pharmaceutical brands of the year 2013 by the G h a n a E n t r e p r e n e u r Foundation. Our company was a l s o r e c o g n i s e d b y Superbrands, the world's largest independent arbitrator for branding, as one of the 40 topmost emerging brands in the year 2013.

M & G Pharmaceuticals has been a member of the prestigious Ghana Club 100 for the past 17 consecutive years.

the largest variety of goods under one roof, offering quality products at affordable prices, ensuring a conducive shopping environment, providing the best customer service and after - sales support, conveniently locating outlets in all regions and bringing the shopping experience to the consumer's doorstep while guaranteeing uniform pricing throughout Ghana and catering for all income levels. These qualities h a v e m a d e M e l c o m t h e household name it is today.

of Fame in 2017 2. Ranked No.1 Retail Outlet of t h e Ye a r by t h e C I M G Ghana (14 consecutive years) 3. Listed on GIPC Ghana Club 100 Companies in Ghana 4. Achieved Superbrands Status, 2018-2020 5. Ghana Ecommerce Awards, Best Online Superstore of the Year, 2018 6 . N a m e d O u t s t a n d i n g Company in Affordables by Business Executive Magazine, 2018 7. Won Most Compliant in Building Safety Regulations at the Environment Health & Safety Awards, 2018 8. Adjudged Best Made in Ghana Retail Outlet of the Year by Entrepreneurs Foundation, 2018 9. Named Best Company in Project Promoting Arts & Culture - Sustainability Awards, 2018 10. Won Outstanding Retail C o m p a ny a t t h e We s t African Business Awards, 2019 1 1 . Aw a r d e d P l a s t i c s Manufacturing Company of t h e Ye a r - G h a n a

Manufacturing Awards, 2019

Awards & Recognition Melcom Group of Companies is proud to be recognised by organisations and publications as a leader across the manufacturing, wholesale and retail sector in Ghana. Melcom has also been recognised for our brand value, product innovation, product excellence, customer service, and community investment.

Here are some of the awards we have been honoured to receive:

Recognition as a Leading Company 1. Inducted into the CIMG Hall

Recognition as Business Leaders 1. Lifetime Achievement in Brand Management by the Business Executive Magazine, 2018 2. Best Director of Brand Management by the Fe m i n i n e Ac h i e ve r s Awards ( 3 Consecutive Years) 3. Samsung Partner of the Year (4 Consecutive Years) 4. Group CEO of the Year, 2019 5. Internal Audit Team of the Year at the Ghana Finance Innovation Awards, 2019 6. Finance Team of the Year, Retail at the Ghana Finance Innovation Awards, 2019 7. Our CFO won CFO of the Year at the Ghana Finance Innovation Awards, 2019 8. Ghana Human Resource Innovation Awards - HR Innovation of the Year, 2019 9. H u a w e i E x c e l l e n t Performance Award 10. Yamaha Outstanding Sales Growth

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India: A premier healthcare destination

ver the years, India has grown to become a top-notch destination for medical value travel because it scores high over a range of factors that determine the overall quality of care.

Imagine a complex surgical procedure being done in a world-class global hospital by acclaimed medical specialists at a fifth to a tenth of what it normally takes! That's India. From quality of therapy, range of procedural and treatment options, infrastructure and skilled manpower to perform any medical procedure with zero waiting time, the list of benefits of travelling for medical treatment in India are many.

reduce length of hospital stay. The recent advancements in robotic surgeries, radiation surgery or radio therapies with cyberknife stereotactic options, IMRT / I G RT, t ra n sp l a n t su pp o r t s ys te m s , advanced neuro and spinal options are all available in India. India's medic al management and acclaimed specialists are q u i t e c o m f o r t a b l e i n c h a l l e n g i n g themselves to new frontiers to provide solutions, always building on their expertise.

Finest doctors

advantage is unique for India. The benefit is unimaginable when it comes to major treatments such as for leukemia, where the difference in cost is 10 to 20 times. For other treatments, it could be anything from a fifth to a tenth when compared to Western countries and 80 to 90 per cent of what is charged in other South Asian medical destinations. The estimated 600,000 people who step into India from other countries do not do so for cheap healthcare but for quality healthcare at an affordable cost. They are not compromised at any level but regain health at a fraction of the cost.

Fast track – zero waiting time

Why India?

The basics for successful healthcare solutions Facilities

The high-end healthcare system in India is as good as the best in the world. India maintains not only a robust accreditation system but also a large number of accredited facilities (about 275 such f a c i l i t i e s t h a t m a t c h a ny g l o b a l infrastructure). India has a good number (22) of JCI ( Joint Commission International) accredited hospitals and compares well with other countries in Asia. This set of approved hospitals in India can provide care at par with or above global standards.

Frontier technologies

India has not only hospitals with worldclass facilities but skilled world-class doctors and medical personnel too. The country has the largest pool of doctors and paramedics in South Asia (1.2 million Allopathic doctors, 0.17 million dental surgeons, 2 million nurses). Many of them have established their credentials as leaders around the world. India's medical history spans thousands of years through Ayurvedic and alternate medicine forms.

There are about 0.8 million formally trained Ayurvedic doctors. With a large number of doctors, there is a high level of competency and capability in adoption of newer technologies and innovation and fresh treatment methods. It is a wonderful example of higher quantity leading to h i g h e r q u a l i t y a n d v i c e ve r s a .

Communicate, talk to the doctors in the accredited facilities prior to your visit and they will study your needs and customise the treatment for you!

Quick and immediate attention for surgeries and all interventions are assured in India. Getting an appointment for bypass surgery or a planned angioplasty in certain countries takes almost 3-6 months. And there these treatments are very costly too.

It's zero waiting time in India for any procedure, be it heart surgery, kidney care, cancer treatment, neuro-spinal procedure, knee/hip/joint replacements, dental, cosmetic surgeries, weight loss surgery, etc.

Feeling the pulse

Financial savings

Cutting-edge technologies to support m e d i c a l d i a g n o s t i c s a n d m e d i c a l procedures are employed by specialists in medical facilities. All recognised hospitals h av e i nv e s t e d a l o t i n s u p p o r t i v e technology and operative techniques.

Complicated heart surgeries, cancer care and surgeries, neuro and even general surgeries require high-end technology to continually better outcomes, minimise complications, enable faster recovery, and

Quality of care is what attracts people.

However, quality services should not be beyond the affordability of the patient who requires it. If quality comes at an affordable cost it is an unbeatable advantage. This confluence of highest quality and cost

For greater understanding bet ween patients and healthcare personnel, the warmth and hospitality of Indian hospitals is a big factor in choosing India as a healthcare destination. Among the top medical destinations of the world, India has the highest percentage of English language-speaking people. Amidst the variety of culture and traditions, if there is one thing that is common in India, that is the English language. If other language options are essential, there are expert interpreters who will be arranged by the hospit als—all leading to reassuring hospitality and great after-care.

Credit: indiahealthcaretourism.com

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Sights and Sounds of India

ourism in India is important for the country's economy and is growing rapidly, with the sector generating approximately US$240bn or 9.2 percent of India's GDP in 2018, according to the World Travel and Tourism Council.

In 2018 tourism supported 42.67m jobs, representing 8.1 percent of India's total employment.

The country's medical tourism sector was estimated to be worth US$3bn back in 2015, and had been projected to grow to US$7–8bn by the end of 2020, with more foreign patients travelling to India to seek medical treatment.

Known all over the world for its rich culture and traditions, there is a newly found side to this ancient country, and that is its colourful nightlife thriving in the cities. Pubs, nightclubs, lounges, musical concerts and vibrant restaurants have found their way into the nightlife of India's Gen Y. Here, we profile a list of top Indian tourism attractions and arts/culture destinations that have endeared the nation to the hearts of millions of 'holidayers' and business visitors.

Taj Mahal

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also one of the world's most iconic monuments, visited by millions of tourists each year.

The complex was designated a UNESCO World Heritage site in 1983.

Lotus Temple

Lotus Temple in New Delhi is another popular tourist destination in India.

The Lotus Temple in Delhi is a Bahai House of Worship and a matchless architectural marvel that serves as one of India's p r i m e t o u r i s t attractions.

Shaped in the form of a spectacular lotus with white petals, it makes for a breathtaking sight and a t t r a c t s c o u n t l e s s visitors throughout the year.

Unlike most other places of worship, this temple or Bahai House of Worship does not allow ritualistic ceremonies and has no fixed pattern to conduct worship.

The Lotus Temple, also known as Mashriqu'l-Adhkár, opened to the public in December 1986, and like all other Bahai temples, it is dedicated to the oneness of religions and humanity.

Followers of all religions are welcome to gather here to pray, worship, and read their scriptures. The Lotus Temple in Delhi is touted as one of the seven major Bahai Houses of Worship located across the world and the only one in Asia.

Goa

Goa is Indian's “party-town”.

With cheap drinks and a number of beaches, Goa is where you'll have a good time, no matter what. Discos, beach parties, jazz concerts, full moon trance parties, rave parties – you name it and it's there for you. Casinos are also quite famous here. Goa is one of the best places in the country for celebrating New Year. If you're up for a neverending part y, then Baga beach is where you need to be.

The Taj Mahal in Agra, one of the New 7 Wonders of the World, is a popular tourist destination and a UNESCO World Heritage site.

Taj Mahal is a mausoleum complex in Agra, western Uttar Pradesh state, northern India.

It is situated in the eastern part of the city on the southern (right) bank of the Yamuna ( Jumna) River.

Agra Fort (Red Fort), also on the right bank of the Yamuna, is about 1-mile (1.6 km) west of the Taj Mahal.

In its harmonious proportions and its fluid incorporation of decorative elements, the Taj Mahal is distinguished as the finest example of Mughal architecture, a blend of Indian, Persian, and Islamic styles.

One of the most beautiful structural compositions in the world, the Taj Mahal is

The City of Mumbai

“The City of Dreams” or “The Maximum City”, Mumbai has always gone by many names.

Apart from Bollywood and glamour, the nightlife is also what the city is famous for.

You'll find some of the best k n o w n i n t e r n a t i o n a l celebrities, DJs and bands doing the rounds at parties and entertaining the humongous crowds here. Insomnia at the Taj Mahal hotel is very popular for partying in Mumbai.

Enigma, Fire n Ice and Totos are attractive too. For a vintage style party, head to Harbour Bar at Taj Mahal, but if casual is more like your thing, then the best place is Colaba Social.

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from Staff and Management of w w w . t h e b u s i n e s s 2 4 o n l i n e . n e t

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Dollar Sensationalism

BYBARRY EICHENGREEN

T

he dollar’s fall in July to a two-year low against the euro was the catalyst for sensational headlines shouting that the dollar would soon meet its doom. But too much should not be read into the dollar’s recent moves, which reflect readily explicable fluctuations, not the greenback’s terminal decline.

The dollar is in free-fall! The global greenback is doomed! scream recent headlines. Actually, such sensational headlines are “too sensational,” to echo that noted authority on currencies, Miss Prism, in Oscar Wilde’s “The Importance of Being Ernest.”

The dollar’s fall in July to a twoyear low against the euro was the immediate impetus for these stories. In fact, the dollar’s recent slide is one in a series of readily explicable fluctuations. When the COVID-19 pandemic went global in March, the dollar strengthened on the back of safe-haven flows into US Treasuries, as it does at the start of every crisis. By May, the Federal Reserve, acting as global lender of last resort, had accommodated this mad scramble for dollars by pouring buckets of liquidity into financial markets, and the greenback gave back its early gains.

The dollar’s subsequent depreciation reflects the changing prospects of the US and European economies. With the spread of COVID-19, the US outlook is deteriorating, so investors expect the Fed to keep interest rates low

for longer. In the eurozone, the virus is under better control, and data from purchasing managers’ surveys are surprising on the upside.

This improving outlook doesn’t mean that the European Central Bank will start raising its policy rate tomorrow. But it does incline investors to believe that it will start normalizing interest rates earlier.

This relationship – you tell me the outlook for interest rates, and I can tell you the change in the exchange rate – has a name, of course. As Miss Prism will remind you, it’s called “interest parity.”

This theory doesn’t work perfectly.

But no theory of what determines the exchange rate does. When seeking to understand events, we shouldn’t make the perfect the enemy of the good.

Seeking to explain euro bullishness, some observers, point instead to agreement by European leaders to issue €750 billion ($884 billion) of European Union bonds.

This is bullishness without the “ishness.” Seven hundred fifty billion euros is less than 5% of the stock of US government debt held by the public. It’s a drop in the bucket, in other words. And a drop does not a liquid market in safe assets make.

Even if this really is Europe’s “Hamiltonian moment,” ramping up EU issuance by a factor of 20 will take decades. That’s how long Europe will need to create a benchmark asset with the liquidity of US Treasuries. And foreignexchange markets trade on today’s news, not on something that may

or may not happen decades from now.

Indeed, the most striking takeaway from recent experience is the dollar’s resiliency. Normally, investors hold a currency when the issuer’s policies are sound and stable. US policy has been risky and erratic, despite having a “stable genius” at the helm.

Banks and firms hold a currency when it is useful for invoicing and settling trade with the issuing country. But President Donald Trump’s administration has done more than any in living memory to disrupt US trade. Governments, for their part, hold and use the currencies of their alliance partners. And, under Trump, the United States today is no longer the reliable alliance partner it once was.

Given all this, it would appear that the stars are aligned for banks, firms, and reserve managers to back away from the dollar. But the currency’s international role has not diminished significantly.

It has declined only along select dimensions – its share in central banks’ foreign-exchange reserves, for example – and even there only marginally.

The explanation for this stasis, as Margaret Thatcher famously put it, is “TINA”: there is no alternative.

The euro is not an alternative. The stock of safe euro assets remains segmented along national lines, and Alexander Hamilton is not coming to the rescue anytime soon.

Nor is the renminbi a viable

alternative. Given heightened tensions with China, no Western government will encourage its residents to depend on the People’s Bank of China for liquidity, any more than they will encourage them to depend on Huawei for 5G. With the Federal Reserve able and willing to act as lender of last resort to the world, the status quo is tolerable. One personnel change at the Fed will not alter how foreign officials view this situation. But one personnel change could augur another, at which point other countries will think twice. At that point, they will realize they have no other option to which to turn.

The only solution to this conundrum is more resources for the International Monetary Fund, so that it can supply countries, in a crisis, with the dollars that a future Fed fails to provide. This of course is the solution that John Maynard Keynes offered already in 1944, albeit by another name.

The 80th anniversary of Keynes’s “bancor” proposal is imminent.

What better way to mark the occasion than by implementing it?

Barry Eichengreen is Professor of Economics at the University of California, Berkeley, and a former senior policy adviser at the International Monetary Fund. His latest book is The Populist Temptation: Economic Grievance and Political Reaction in the Modern Era. Copyright: project-syndicate.org

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In Five Charts: Understanding the Africa country Policy and Institutional Assessment 2019 Report The Country Policy and Institutional Assessment (CPIA) for Africa is an annual diagnostic tool for Sub-Saharan African countries eligible for International Development Association (IDA) financing.

Covering the year from January to December, the report measures the countries’ quality of policies and institutional frameworks, and their ability to support sustainable growth and poverty reduction.

The report provides scores for 16 criteria for each country and an overall regional score on a scale of 1 (lowest) to 6 (highest), in four areas: economic management, structural policies, social inclusion and equity policies, and public sector management and institutions.

The score informs governments of the impact of the country’s efforts to support favorable growth and poverty reduction. It also helps determine the size of the World Bank’s concessional lending and grants to low-income Sub-Saharan African countries. The 2019 CPIA includes 39 IDA-eligible countries, one more than in 2018 with the addition of Somalia, which is now eligible for IDA financing after 30 years.

The 2019 CPIA scores also provides a view of the policies and institutions at the outset of the COVID-19 pandemic, highlighting the need for the region’s IDA countries to take action to strengthen health systems, protect human capital, strengthen public sector governance and implement structural reforms to boost productivity.

Here are the top five highlights from the 2019 Africa CPIA: Rwanda leads CPIA rankings; score remains unchanged for three years The overall CPIA score for the 39 IDA countries was 3.1, which has remained the same since 2016.

Rwanda remained at the top of the ranking with an overall score of 4.0, which has also been the same since 2016, underscoring the need for IDA countries to implement economic and institutional reforms consistently. The highest scoring countries also stayed the same, including Cabo Verde, with an overall score of 3.8, followed

by Kenya, Senegal and Uganda with overall scores of 3.7. Benin and Ghana saw their overall scores increase from 3.5 to 3.6. These high-ranking countries on the CPIA scale also have economies that are among the fastest growing in the region. Fifteen of the 39 countries, consisting predominantly of fragile countries, scored below the regional average.

Overall CPIA Scores of Sub-Saharan African Countries (IDA), 2019

Source: CPIA Database.

There is a need to strengthen health systems The region’s IDA countries entered the COVID-19 pandemic with significant vulnerabilities to the management of a health emergency, reflected in low health coverage, inadequate government spending on health, and elevated out-of-pocket health payments by citizens. Overall, countries in Sub-Saharan Africa have severe weaknesses in their ability to prevent, detect, and respond to health emergencies. They also display severe gaps in health care systems, such as health care capacity in clinics and hospitals, medical personnel deployment, access to health care and infection control practices.

Global Health Security Index, 2019

Source: https://www.ghsindex.org

The importance of protecting human capital The COVID-19 pandemic is likely to impact human capital including through disruptions in the provision of essential non-pandemic health services, income shocks, and mandatory school closures.

In many health systems in the region’s IDA countries, the fight against the COVID-19 pandemic is expected to shift resources away from other essential health services due to their limited fiscal space, while in most countries lockdowns have led to loss of in-

come for poor families without formal jobs and employment-based social protection, and school closures. Child mortality could rise due to the disruption of maternal and child health services. Data suggest that, across the Africa region, about 252 million learners have been affected by COVID-19-driven school closures, which are likely to worsen learning outcomes. These disruptions to essential health and education services threaten the ability of IDA countries in the region to build the human capital they need for their development.

By protecting human capital now, IDA countries in the region will be able to recover and sustain growth post COVID-19. This highlights the need for government policies to support vulnerable households, protect livelihoods, ensure access to education, and strengthen digital connectivity.

Additionally, the average scores for the other clusters decreased. Due to a decline in the quality of the trade policy framework and further weakening of the financial sector in several countries, average scores for structural policies (Cluster B) decreased after remaining steady for several years. In social inclusion (cluster C), the decrease reflected weaker performance on human capital development, especially in the quality of health services.

Public sector management and institutions (cluster D) scores, which had been lagging behind all other clusters, further decreased in 2019, as the efficiency of revenue mobilization and quality of public administration deteriorated in many countries.

Decreasing Trends in CPIA Cluster Scores

Human Capital Index, 2018

Source: CPIA database.

Source: The Human Capital Project, World Bank, 2018.

Note: Country scores vary between 0.1 (lowest) and 1.0 (highest).

Gains in fiscal policy and debt management, but elevated debt vulnerabilities The CPIA is made up of 16 criteria grouped into four clusters: economic management, structural policies, policies for social inclusion and equity, and public sector management and institutions. The average scores for the economic management (cluster A) remained unchanged from last year, reflecting gains in fiscal policy and debt management in several countries.

Under Cluster A measures, the average fiscal policy score stayed at 3.0, signaling a stabilizing trend.

Debt policy and management scores had been trending downward, but steadied in 2019. In many countries, medium-term debt strategies were adopted and implementation capacity increased, strengthening debt management functions.

Nevertheless, debt vulnerabilities remained elevated, with many countries at high risk of debt distress. Inconsistencies between monetary policy frameworks and price stability goals contributed to a decrease in average monetary and exchange rate scores.

Fragile countries continued to lag behind non-fragile countries across every cluster The gap between fragile and non-fragile countries was particularly large in economic management and structural policies.

In economic management, fragile countries lagged non-fragile countries on the quality of their monetary and exchange rate policies and debt management frameworks. On the structural policies cluster, the difference in scores was largest on the trade criterion.

Fragile countries’ scores were also notably weaker on gender equality and property rights, and rulebased governance.

Figure 25: CPIA Scores, by Country Group and Cluster, 2019

Source: CPIA database.

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Investment Update

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