Business24 Newspaper 21st January, 2022

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FRIDAY JANUARY 21, 2022

BUSINESS24.COM.GH

Friday January 21, 2022

Ghana Card to be the only ID for all financial transactions from July 1 – BoG

NO. B24 / 295 | News for Business Leaders

Who Is winning the trade war?

See page 5

See page 12

Expert proposes solution to curb child labour on cocoa farms

By Reuben Quainoo

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ocoa value chain analyst Mr. Eliseus Opoku-Boamah says Ghana needs a supportive attitude rather than punitive approach to reduce and eliminate child labour in cocoa farms across the country.

He mentioned that child labour and hazardous work within the Ghanaian cocoa value chain still remains a challenge.

“Players in the sector are aiming at ensuring responsible cocoa sourcing and seeking to set up an effective child labour Monitoring and Remediation Systems (CLMRS) which is Cont’d on page 2

Child labour and hazardous work within the Ghanaian cocoa value chain still remains a challenge.

Gov’t suspends 20 percent of expenditure in approved 2022 budget

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he government has suspended 20 percent expenditure in the 2022 budget, the Minister of Finance, Ken Ofori Atta has confirmed.

Parliament has already approved government's total expenditure for 2022, but the government, in a prudent fiscal consolidation move, has decided

McDan’s commercial private jet service takes off next week

By Patrick Paintsil p_paintsil@hotmail.com

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cDan Aviation, the aviation wing of McDan Group, will start operating its commercial private jet

Cont’d on page 3

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Cont’d on page 2 Cont’d on page 2

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Editorial / News

FRIDAY JANUARY 21, 2022

Editorial

Small businesses must be primed for AfCFTA

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he single continental market has been touted as the single biggest economic project on the continent and rightly so. Its success, will not come from the output of the countable giant businesses of the continent but the micro, small and medium sized enterprises who are the pillar of Africa’s private sector.

But despite the foreseeable benefits, the threats of an overlyliberalised domestic market cannot be ignored, especially for such critical yet poorly resourced businesses. The domestic market will be flooded with goods from other African states much as it will be open to investments and businesses that may seek to set up locally.

In the absence of trade remedy

measures in the implementation of the treaty, it is important for government to have in place workable systems and structures that will facilitate the ease of doing business in the single market.

Ghana’s small and medium sized businesses continue to reel under the age-long challenges of poor funding options, inadequate human capital and expertise and minimal market access opportunities.

That notwithstanding, government has shown strong commitment to the cause of these sector of the business landscape with several interventions and support systems to enable them mitigate and recover from the shocks of the coronavirus pandemic.

This is quite an encouraging move, especially given that it is these businesses that form the base of Ghana’s private sector, who will undoubtedly lead the nation’s participation in the continental market.

It is time for stakeholders to focus on adopting and pushing reforms and policies that will empower SMEs to grow and expand their reach and competitiveness because they will play an equally effective role in the AfCFTA. “The chain of distribution will involve the small and medium enterprises; if we get the giants but don’t have the SMEs who will be trading under them, it will not work,” GNCCI’s Clement Osei Amoako says it even more aptly.

Expert proposes solution to curb child labour on cocoa farms Continued from cover

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supportive approach and that’s one of the best strategies to tackle child labour in our cocoa growing regions,” he said in an interview on how the issue of labour on cocoa farms can be tackled.

Mr. Opoku-Boamah recommends that resources must be directed towards building capacity and also set up the necessary robust child labour Monitoring and Remediation Systems to identify, prevent and monitor child labour in the cocoa supply chain.

“There is the need to coordinate the various existing sustainability initiatives that seek to address the issues and challenges of child labour within the cocoa supply chain and draw meaningful and practical lessons and experiences for implementation,” he mentioned.

He suggested that stakeholders must conduct risk assessment research to assess the level of risk that exists in cocoa farming households and prioritize communities where the risk is high.

“The need to support community-based investments and development programs to address the root causes of human rights issues in areas of women empowerment, education and income.

The need for training and awareness creation to increase the knowledge on the concept of CLMRS and regular household and community follow up visits is very important. I know that some NGO’s and organizations have done and are still doing some work on child labour Monitoring and Remediation Systems,” he pointed out.

He indicated that governments have shown some commitments when it comes to the fight against

child labour in the cocoa value chain but it’s not enough.

“It requires a multi stakeholder partnership approach; where government and its relevant ministries and agencies including law enforcement agencies partner with players in the cocoa sector and chocolate industry at both local and international level to help in this fight against child labour and hazardous work within the Ghanaian cocoa value chain” he said.

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FRIDAY JANUARY 21, 2022

Gov’t suspends 20 percent of expenditure in approved 2022 budget Continued from cover to cut down on its expenditure, up to a whopping 20percent.

Addressing the media on Wednesday, the Finance Minister, Ken Ofori-Atta, said the expenditure management by government, is expected to continue from this year and beyond, in the midst of the global impact of covid-19 on economies.

"To ensure that the government matches all expenditure to revenue inflows, all expenditure commitments in 2022 will be adjusted to match revenue collection," the finance minister announced.

"Therefore, in accordance with Section 25 of the Public Financial Management Act (PFMA) law, the quarterly expenditure ceilings of the approved budget will include up to a 20% downward adjustment, beginning in the first quarter of 2022, in commitments across board for all covered entities benefiting from the 2022 budget and subject to revenue performance," the minister said.

The minister said this means that Ghana’s fiscal consolidation agenda is going to be primarily driven by the expenditure side with support from additional revenue. In this regard, projected

revenues in the 2022 budget will only be spent when they materialised.

Following the impact of the pandemic on the economy, the latest bold step, adds to

government's announced fiscal consolidation strategies, which includes a focus on more internal revenue generation.

Government's projected expenditure for 2022 which has already been approved by Parliament was GHc135.6 billion.

McDan’s commercial private jet service takes off next week Continued from cover services to offer surreal luxury air travel experience its highend clientele and top corporate

travelers.

The service will be run at the Terminal 1 of Kotoka International Airport with the launch of its ultramodern lounge

slated for Friday, January 28.

“First of its kind within the sub-region, the private jet service will cater to high-end clientele with a sense of optimizing luxury

and the corporate world seeking to leverage quick and efficient commute for the purpose of business during the pandemic,” said a statement from the Group copied to Business24.

The company will kick start this service with three jests and one helicopter whilst arrangements would be made for the addition of the Bombardier, Chaligerer, BV Jet, and helicopters to offer air-ambulance medical and domestic tourism.

The McDan Aviation owned by the CEO of the McDan Group of Companies, Mr Daniel McKorley, acquired the Airport Terminal 1 through a lease agreement for the private jets business.

It received a license to commence operations in 2019 as Ghana’s first fixed-base operator (FBO). Per the FBO, McDan Aviation now caters for the full ground handling services at KIA T1.

This includes general aviation operations, aircraft service operations, aircraft airframe and engine repairs (maintenance), and aircraft rentals.

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FRIDAY JANUARY 21, 2022

Ghana Card to be the only ID for all financial transactions from July 1 – BoG

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he Bank of Ghana (BoG) has served notice to all licensed financial institutions and the general public that effective July 1, 2022, the Ghana Card shall be the only identification card accepted for any form of banking or financial transactions in the country.

According to the Central Bank, the move is in furtherance of its objective of ensuring the safety of the financial system.

“Bank of Ghana pursuant to Regulation 7 of the National Identity Register, 2012 (L.I. 2111), hereby directs that with effect from 1st July 2022, the Ghana Card shall be the only identification card that will be used to undertake transactions at all Bank of Ghana licensed and regulated financial institutions,” BoG said.

The institutions include; Specialised Deposit-Taking Institutions; Non-Deposit-Taking Financial Institutions; Payment Service Providers and Dedicated Electronic Money Issuers; Forex Bureaus and Credit Reference Bureaus.

“In line with this Notice, Section 30 of the Anti-Money Laundering Act, 2020 (Act 1044) and Regulation 12 of the AntiMoney Laundering Regulations, 2011 (L.I.1987), all financial institutions shall take steps to

update customer records with the Ghana Card.”

The BoG also urged the financial institutions and their customers to update their records with the Ghana Card in line with the notice.

“For KYC purposes, the National Identification Authority verification transaction platform will be integrated into the Bank

of Ghana’s financial monitoring platform. This is to ensure that all financial transactions performed within the ecosystem are linked to one identity and information, and unique codes for the transactions are shared with the Bank of Ghana (BoG) to facilitate the identification of initiators/ beneficiaries for track and trace purposes.

This will include, but not limited to transactions by Banks; Non-bank Financial Institutions; and Mobile Money Operators (MMOs),” the notice stated.

The central bank also warned that no other form of identification will be accepted for financial transactions in the Bank of Ghana after the effective date stated ( July 1, 2022).

Guard against complacency—Rev Dr Adeyemi tells Jospong staff

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anagement and staff of the Jospong Group of Companies ( JGC) and Zoomlion Ghana Limited have been charged to guard against complacency within the working space and in life in general.

Renowned motivational speaker and Senior Pastor of the Daystar Christian Centre, Reverend Dr. Samuel Adeyemi, gave the caution during a webinar as the guest speaker at the 2022 Jospong Leadership Conference ( JLC) under the theme "Sustaining Business Gains Through Operational Excellence" Wednesday, January 19, 2022.

In a presentation titled: “Overcoming the Snare of Complacency, he said every organisation, especially the successful ones, should learn to deal with complacency.

According to him, complacency which connotes a feeling of quiet pleasure or security was very dangerous, pointing out that it numbs people’s sensitivity to

hazards.

He said a lot of factors tend to breed complacency which result in failure, adding that under such circumstances "only the paranoid survives".

Dangers of complacency “Complacency is the last hurdle standing between any team and its potential greatness, be it personal, organisational, national or cultural,” he emphasised.

Continuing, the Nigerianbased International Conference Speaker on Leadership, said in complacent cultures, leaders and teams believe there is no room for improvement, hence “in worse cases, leaders think their business is already the best.”

He went on to state that complacency puts people on “autopilot" and and therefore become "immune to innovation,” noting that it also “blurs our vision so we fail to recognise new opportunities.”

“It reduces efforts, leading to shortcuts and increasing risks of accidents causing massive failure and destroy progress,” he warned.

Against this backdrop, Dr Adeyemi advised workers against going to spaces where they will be comfortable “until the world is perfect and all organisational, national and world problems are solved, the Jospong Group has to continue working.”

Signs of complacency Among the symptoms of complacency are when one is not sensitive and up to date about changes in the organisation or industry; when you’re not putting your best or going the extra mile and being afraid to voice out opinions; he mentioned.

He therefore, likened complacency to rustout, explaining that “Rustout is actually scarier than burnout because, while burnout can wear down your body, rustout can wipe out your entire soul and spirit.”

Being ethical Earlier, the Provost of Ashesi University, Prof. Angela OwusuAnsah, in a presentation on "Guide to Ethical Leadership", urged the participants to be ethical in their dealings and not succumb to acts that corrupts.

2022 JLC The 2022 JLC opened on Monday, January 17, 2022, at the Ghana Armed Forces Command and Staff College. This year’s conference, the ninth of such annual conferences is being held both in-person and virtual at 58 centres with over 2000 participants across the nation for management staff of of the Jospong Group and Zoomlion.

The conference which will last for five days is dubbed, “Sustaining Business Gains through Operational Excellence.”

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FRIDAY JANUARY 21, 2022

Foreign Minister meets UN Secretary-General Joins first Security Council debate

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he Minister of Foreign Affairs and Regional Integration, Ms Shirley Ayorkor Botchwey, has held discussions with the UN SecretaryGeneral, Mr Antonio Guterres, on the security situation in the Sahel and West Africa.

The two discussed ways to mobilise funding sustainably for peace operations in Africa, in the closed-door engagement attended by three other senior Ghanaian Foreign Ministry officials.

It is the first such meeting since Ghana took a seat on the 15-member Security Council on January 1, this year.

Background Ghana was elected last June for two years, along with Brazil, the United Arab Emirates, Gabon and Albania, to join five other nonpermanent members, including Kenya, who have a year left of their tenure.

Restoring peace and security in the Sahel and West Africa and ending piracy in the Gulf of Guinea are two of the major problems on the continent which Ghana wants to galvanise the Security Council’s attention and international resources to resolve.

Ghana chairs the African Union (AU) Peace and Security Council, as well as the Council of ECOWAS Heads of State.

Ms Botchwey also participated in the UN Security Council’s first debate of the year, the maiden one for Ghana in this fourth tenure on the council since independence in 1957.

The debate on: “Women, Peace and Security”, presided over by the Norwegian Foreign Minister, Ms Anniken Huitfeldt, addressed the threats and violence women in particular faced when, ironically, they were working for peace.

In 2020, the Office of the UN High Commissioner for Human Rights (OHCHR) verified 35 cases in which women involved in peace and security work were killed.

They included human rights activists, journalists and trade unionists in seven conflictaffected countries.

Academics, judges, youth and

civil society activists also suffered violence, the report said.

Ms Botchwey said Ghana was concerned that those who gave their time to make the world a better place were rather threatened, stressing: “The council can always count on Ghana’s unwavering support.”

She said the Ghana Armed Forces and other security institutions were reviewing regulations to ensure they were women-friendly.

The debate topic is of particular relevance to Ghana because the country is the ninth leading contributor of personnel to UN peacekeeping operations in which an increasing number of Ghanaian women are deployed.

As of April 2020, more than a quarter of Ghanaian police and 14 per cent of its military personnel

sent on UN and African Union peace operations were women.

“Women are usually the most adversely affected by conflict but the most marginalised in peace processes and the most punished for their peace-building efforts,” Ms Botchwey said.

“Therefore, ensuring the full, equal and meaningful participation of women in peacebuilding should not be reduced to mere rhetoric within the confines of the Security Council,” she added.

The Foreign Affairs Minister indicated that the world owed it to women in peace and security all over the world to convert the rhetorics into zealous and concrete actions.

Earlier in the week in London, Ms Botchwey had met with the British Minister for Africa, Ms Vicky Ford, and the Minister for South Asia, the UN and the Commonwealth, Lord Tariq Ahmad, for bilateral talks.

They discussed mutual cooperation on the Security Council, trade and investment promotion between Ghanaian and British businesses and COVID-19 vaccine supply.

Ms Botchwey thanked the UK government for the recent donation of 1.6 million doses of vaccines, with the reminder that sharing vaccines was key to ending further mutation of the COVID-19 virus.

SIC Insurance PLC poised for greater success

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he Managing Director of SIC Insurance PLC, Mr Stephen Oduro, has said the company is poised to maintain its position as the premier company in the industry.

“We have instituted some policies and structures to stay on top as the premier insurance company,” he said.

Speaking at a thanksgiving service held in Accra for a successful 2022, he expressed optimism that staff will improve upon their stellar performance in 2021 to achieve that feat.

He said the company had gone through a lot of stressful situations a few years back but the introduction of a business continuity plan ensured it stayed on course even throughout the Covid-19 pandemic.

Prior to the arrangement for setting up our business continuity plan we were able to make more

than our target. Our target was GH¢272 million but we made GH¢284million despite Covid-19 related challenges,” Mr Oduro said.

In his sermon, the Head Pastor of Praise Community Chapel in Adenta and a former staff of the company, Rev. George Amoako-Nimako, emphasised the importance of thanksgiving in all

situations.

The Board Chairman of the company, Dr Jimmy Ben Heymann, commended management and staff for the success chalked in 2021 amidst the pandemic.

He urged them to eschew complacency and work hard to achieve greater heights.

“In each corner or department,

you find yourself, remember you are a shepherd and steer the affairs. So, whatever your assignment is at SIC remember that as a shepherd you are supposed to take care of it.

“Do it with passion and admirably. Let’s endeavor to do the right thing so that the company will grow from strength to strength,” he stated.

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FRIDAY JANUARY 21, 2022

GRA to begin nationwide collection of data on properties

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he Ghana Revenue Authority (GRA) has served notice to the general public especially persons who own, rent or occupy properties that it is undertaking a data collection exercise on properties nationwide.

This exercise is in line with Section 33 (1 & 2) of the Revenue Administration Act, 2016 (Act 915) which states that for the purpose of a tax law, the CommissionerGeneral shall for reasonable cause, have without prior notice, full and free access to premises, documents or assets.

According to a statement released by the Authority, officers of the Rent Tax Taskforce of GRA will be visiting various areas to identify properties and conduct interviews leading to the collation of accurate data for tax purposes.

Ghanaians are thereby being urged to “accord the necessary assistance to the officers and cooperate with them”.

Furthermore, the statement

warned taxpayers not to pay any money to the tax officers who will be coming around.

“With the introduction of the cashless policy, tax payment is through the Ghana.gov platform, designated banks, mobile money using the shortcode *222#, swift and other authorized digital means”.

“The officers collecting data on the field can identified as GRA

officers from the GRA inscribed jackets they are wearing,” the Authority added.

The Ghana Revenue Authority (GRA) wishes to inform the general public especially persons who own, rent or occupy properties that, the Authority is undertaking a data collection exercise on properties nationwide.

In line with this exercise, officers of the Rent Tax Taskforce

of GRA are visiting various areas to identify properties and conduct interviews leading to the collation of accurate data for tax purposes.

GRA entreats the general public, especially owners and occupiers of rented properties to accord the necessary assistance to the officers and cooperate with them.

Section 33 (1 & 2) of the Revenue Administration Act, 2016 (Act 915) states that for the purpose of a tax law, the Commissioner-General shall for reasonable cause, have without prior notice, full and free access to premises, documents or assets.

The GRA takes this opportunity to notify all taxpayers that tax officers will not collect monies from taxpayers on the field. With the introduction of the Cashless policy, tax payment is through the Ghana.gov platform, designated banks, mobile money using the short code *222#, swift and other authorised digital means.

The officers collecting data on the field can be identified as GRA officers from the GRA inscribed jackets they are wearing.

LCB Worldwide fumigates Abossey Okai, other market centres

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enowned crisis management company, LCB Worldwide Ghana Limited on Sunday, January 16, 2022, fumigated shops at Abossey Okai and other market centres within the Greater Accra Region.

The exercise which was executed in collaboration with the Ghana Union of Traders Association (GUTA) saw more than One Thousand (1,000) shops fumigated.

The move comes on the back of frantic efforts by government and health authorities to contain the COVID-19 virus, which new variant, Omicron seems to be wreaking havoc on the Ghanaian people and endangering the lives of the generality of the people.

Latest figures from the Ghana Health Service indicates that there are currently 9, 020 active cases of Covid-19 in Ghana, with confirmed cases pegged at 153,514, new cases 508 and 1,343 deaths. Recoveries and discharge stands at 143, 151.

Sunday’s fumigation exercise according to officials of LCB Worldwide Ghana Limited, is part of the company’s Corporate Social Responsibility and is aimed at helping government’s efforts at containing the pandemic.

Chief Executive Officer of LCB Worldwide Ghana Limited, Mr. Kareem Abu said the company will continue with such initiatives until such a time that the pandemic is contained.

‘’We have been at the forefront of fumigating various public places since the pandemic broke in 2019. We have done market centres, schools and public offices including Ministries, Departments and Agencies as our contribution towards government’s efforts to contain the pandemic. This is not limited to only Greater Accra Region; we have done various parts of the country as well,’’ he averred in an interaction with the media after the exercise.”

Mr. Abu continued that ‘’as a company we deem it imperative to give back to society and we believe in a healthy people and a healthy nation. That is why we will and cannot turn our back on the Ghanaian people during these critical moments as a country. As Chief Executive, I give them the firm assurance that we will be with them each step of the way until we win the fight against Covid-19’’.

Mr. Abu further entreated the generality of the Ghana People to play their part by adhering to all the safety protocols in order to protect themselves and their loved ones from catching the virus.

On his part, the Vice President of the Ghana Union of Traders

Association (GUTA), Clement Boateng said the Union was proud of its relationship and collaboration with LCB Worldwide Ghana Limited, explaining that collaborations in the past have yielded enormous benefits to GUTA and its membership.

According to him, the fumigation exercise comes in handy, coming on heels of the fourth wave of COVID-19, adding that they were hopeful that the exercise will greatly help lessen the risk of traders catching the virus.

Mr. Boateng was full of praise for LCB Worldwide Ghana for offering to undertake the fumigation of the entire Abossey Okai spare parts market free of charge.

He added that the exercise will be extended to other market centres across the country in the ensuing days.

LCB Worldwide Ghana Limited has been contracted by the Government of Ghana to see to the disinfection of all cargoes leaving or entering the Ports as well as points of entry and exits.

The move is in line with the requirements of the World Health Organization’s International Health Regulations.

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Dutylex commissions new ultramodern oil terminal at Tarkwa

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utylex Company limited, a lubricant solution company has opened an ultra-modern terminal at Akyempim, Tarkwa in the Tarkwa Nsuaem Municipality to serve the extractive industry in the country.

At the inaugural ceremony, the company said its main focus is on providing quality cuttingedge lubricant solutions to the mining, oil, gas, marine, and energy sectors.

The products are also designed to meet the needs of manufacturing, agricultural, and construction sectors as well as users of all heavy equipment and on-highway vehicles.

Chief Executive Officer of Dutylex Company Limited, Peter Quarm said the company decided in the last quarter of 2021 to invest in the ultra-modern oil terminal to serve its clients, within the Western and WesternNorth enclaves.

The Dutylex Petro-Canada lubricant oil terminal will have a minimum storage capacity of one million litres with future

expansions to be constructed based on demand, Mr. Quarm said.

“As a truly indigenous company, we support value chain creation in our economy by enabling and facilitating lubricants for all forms of mechanical and electrical machines in the oil and gas, mining, marine, energy construction, and related

industries, “he added.

Mr. Peter Quarm said the aim and goal of the company are to ensure that their customers are safe and happy hence their selectiveness with the choice of partners, collaborators, and representatives who believe in the company’s goal.

“With our professionalism and concerted efforts, we intend to be

the number one first dominant local lubricant distribution company in Ghana.”

Deputy Minister of Energy, Andrew Egyapa Mercer applauded the effort of the company for getting their products to the extractive and manufacturing companies in the Western and Western-North Regions.

We’re a legitimate investment firm licensed

by SEC –Tesah Capital to investing public

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nvestment firm, Tesah Capital, has dismissed any connection or relationship with Tizaa Ghana Fund, an investment fund branded as “Ponzi Scheme” by the Securities and Exchange Commission (SEC).

In a statement, it said it’s a licensed investment firm by the SEC, providing legitimate

investment services and products to its customers.

This follows an article by ‘ghanaweb’ which the statement said unfortunately illustrated it with a library photo of the Director General of the Securities and Exchange Commission, Rev. Daniel Ogbamey Tetteh, with its company’s logo at the

background, an image captured at the recent launch of Tesah Capital’s Collective Investment Schemes.

“We wish to state categorically that Tesah Capital has no connection or relationship with Tizaa Ghana Fund. We urge the public to shed any negative impression the unfortunate

publication on ghanaweb might have created about Tesah Capital”.

“We do not operate a Ponzi Scheme but provide legitimate services and products to our customers. We assure the public and our stakeholders that Tesah Capital is duly licensed by the Securities and Exchange Commission and currently serve the investments needs of our customers” It concluded that all its funds including Tesah Treasury Trust and the Tesah Future Fund are appropriately licensed by the SEC and currently serve the investment needs of customers.

The SEC recently issued a statement on Tizaa Ghana Fund, describing it as unlicensed and unregulated company promising huge returns on Investment.

It warned Ghanaians and the investing public to be wary of such “Ponzi Schemes”, reminding them of recent situations whereby many people lost their monies through the quack investments.

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76 Ghanaian startups to compete for Africa Startup Initiative Program

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eading Africa Te l e c o m mu n i c a t i o n s Company Telecel Group is bringing its flagship social acceleration and investment program, the Africa Startup Initiative Program (ASIP) powered

by Startupbootcamp AfriTech to Accra, Ghana.

Telecel Group ASIP helps to develop new businesses across the continent by working with startups and early-stage companies to define their business strategy and secure funding.

Many of the Ghanaian startups who have completed their applications to join Cohort II of the ASIP acceleration program will on January 20, 2022, pitch their innovative solutions at the Impact Hub in Osu, Accra, to an experienced panel of judges and mentors.

Telecel Group ASIP is backed by angel investors and program

partners including AWS, Google, Microsoft, United Nations, Senegal (DER/FJ), VC4A and many others who offer the top finalists the opportunity to benefit from approximately USD 750,000 earmarked in both cash and support.

The Pan-African tour of Cohort II of the Telecel Group ASIP Accelerator program event has already made stops in South Africa, Kenya, and Nigeria.

The Executive Deputy of Telecel Group and ASIP Director, Eleanor Azar, has arrived in

Accra for the Ghana event and says that Telecel Group remains committed to developing the next generation of Tech businesses and entrepreneurs for the continent.

Launched by Telecel Group in 2019 at the World Mobile Congress in Barcelona, the Africa Startup Initiative Program (ASIP) in its first year offered sponsorship to over 20 African startups in the presence of African ICT Ministers and officials of the United Nations.

The first Cohort was highly successful and had a total of 2229 entries after which finalists from various African countries went on to pitch in the grand finale in Dakar Senegal. Cohort II was launched during the Africa Arena event in November 2021, in Cape Town, South Africa.

So far, a total of 1857 applications have been received from across the continent – 76 from Ghana. The application will close on January 28, 2022.

NIB transformation agenda on course — MD

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he National Investment Bank (NIB) is redirecting its focus towards supporting the industrial development of the country.

The new focus is part of a broader transformation programme aimed at deepening its hold on industries as its flagship initiative.

Its Managing Director, Mr Samuel Sarpong, said the transformation programme would also see the bank become a world-class financial institution supporting economic growth through strategic investments and job creation.

Mr Sarpong said in a statement copied to the Daily Graphic that in line with the agenda, significant progress had been made both in human resource training and systems upgrade to help achieve this target state.

He said to consolidate the gains made from the implementation of the strategy, a reconstituted Board of Directors, chaired by Mr Kofi Owusu Sekyere, had been inducted with the mandate to achieve the bank’s new strategy.

He said it was critical now than ever to ensure that the bank was run efficiently and the board and management were working with the staff to achieve that.

To that end, the MD said

management had, in consultation with the government, which was the majority shareholder, the Board of Directors, and the local union, approved a voluntary exit programme where employees were given the opportunity to voluntarily exit the bank.

This exercise, which begun a few months ago has been successfully implemented as an initial step in optimising staff numbers, " he said.

"Another key initiative was the relocation of the head office from the crowded Accra Central Business District to the Airport City enclave. This move, coupled with ongoing improvements in operations, have made a positive impact on the bank’s corporate and brand image as customers and prospective investors have unimpeded access to the head office to transact business," he said.

NIB was originally established to provide financial, advisory and technical support to industry for the growth and development of the country.

That objective was, however, diluted over time given that access to long-term capital for onlending to manufacturing firms in the country became difficult, hence, its venture into universal banking.

Mr Sarpong said: “the transformation of the bank is not a mere rhetoric or aesthetic but a real step towards the total restructuring of the bank. As the transformation programme progresses, Ghanaians will experience nothing less than a proud local bank supporting industries,” he said.

He added that corporate governance at the bank had been immensely improved with the balance sheet management also being enhanced.

The MD said the information and technology infrastructure of the bank as well as security around its operations had been enormously boosted.

"Again, the bank’s product and service offerings are being revamped, and the risk and compliance framework among

others have all been improved greatly," he assured.

Development bank Mr. Sarpong emphasised that NIB was not going to be run poorly again, stating that the phenomenon where the bank had to fall on shareholders for capital injection due to losses would be a thing of the past after this transformation exercise.

Following the recent establishment of the Development Bank Ghana (DBG) by government, long-term capital would be available to the likes of NIB for long-term lending to the manufacturing sector.

Mr. Sarpong said when attained and sustained, the initiative would help Ghana industrialise and create more jobs for the teeming youth of the country.

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FRIDAY JANUARY 21, 2022

The futility of unconditional debt support

By Anne O. Krueger

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lthough the pandemic has caused upheavals and hardship around the world, it has fallen particularly hard on low- and middle-income countries. Vaccine availability has been far more limited in LMICs than in rich countries, and the refrigeration facilities needed to store the most effective vaccines are severely limited. In many LMICs, health-care workers are scarce, the facilities for treating COVID-19 patients are inadequate, and public-health systems are poorly organized, funded, and administered.

Nor are the difficulties limited to health. In many LMICs, poor economic-policy choices have led to inflation, fiscal deficits, balanceof-payments difficulties, and heavy debt-servicing obligations.

While some financing has been forthcoming from individual highincome countries, international financial institutions, and NGOs, it has not been enough.

Moreover, many LMICs would be in severe economic difficulty even without the pandemic.

Argentina has been negotiating with the International Monetary Fund for months to obtain relief from pressing debt-service obligations and shortages of vital imports. In Turkey, President Recep Tayyip Erdoğan has defied the consensus of almost all economists (not to mention common sense) by insisting that high interest rates cause inflation.

As a result, interest rates are more than 16 percentage points below

the recently reported inflation rate of 30%, foreign-currency debt is high and rising, and the proportion of Turks in poverty is increasing sharply.

Among the many other countries running into economic trouble are Bolivia, Ghana, Madagascar, Pakistan, Sri Lanka, and Zambia. In these cases, COVID-19 has been putting extra pressure on government finances, but it also seems to have provided an excuse for higher fiscal expenditures on other items.

In normal times, a crisis-afflicted country that cannot borrow from private lenders will approach the IMF. Government authorities and IMF officials will then consult and develop a plan for the country to address its problems by altering economic policies, restructuring unsustainable debts, and borrowing funds to maintain the provision of basic supplies (such as imports of food, medicine, fuel, and essential intermediate goods).

Many who advocate financial support for LMICs assume that external financial relief will be directed to the desired expenditure categories – such as health care and assistance for the poor, in the case of a pandemic.

But such assistance cannot provide sustained relief unless it is accompanied by reforms to the policies that led to excessive expenditures in the first place.

Sri Lanka is a case in point.

The country’s economy was performing reasonably well under a reform program until 2019. But then a new government

(actually, the “new” president is the younger brother of an ousted authoritarian ruler) came to power and threw caution to the wind, slashing taxes (and thus revenues) while also increasing expenditures. The country’s debtto-GDP ratio quickly rose to 110%, and interest payments climbed to 70% of total government revenue.

A significant portion of the debt is owed to China.

And that was all before the pandemic.

When COVID-19 struck, tourism revenues and workers’ remittances fell sharply, driving up inflation and the fiscal and current-account deficits even further. Incomes fell, pushing an estimated 500,000 Sri Lankans into poverty as of 2021.

Worse, the country is now experiencing shortages of essential items, including agricultural products, following a poor harvest this year. The harvest was weak because the government abruptly banned all imports of fertilizer and pesticides in May 2021 in a misguided effort to address the current-account deficit. This policy was not reversed until late November, by which point farmers were unable to buy sufficient supplies.

Nonetheless, the Sri Lankan government has steadfastly refused to approach the IMF and insists that there will be no debt restructuring. President Gotabaya Rajapaksa has asked China to postpone Sri Lanka’s scheduled debt service, but it is unclear whether the Chinese have agreed, or on what terms.

Even if the Chinese do provide

financial support, Sri Lanka’s economy will be unable to resume normal functioning until its leaders have addressed the underlying macroeconomic problems and introduced measures to alleviate the burden of debt service. In Sri Lanka and other countries confronting similar crises, the situation demands a combination of appropriate economic-policy changes, a debt-restructuring arrangement, and lending sufficient to sustain essential imports.

When a government is determined to continue servicing its debt and refuses policy reform, advocates of continued financial aid should consider the implications. Maintaining support will merely enable payments to public and private creditors while doing little to alleviate hardship or mitigate the economic crisis. In Sri Lanka’s case, there will come a time when the country cannot continue to meet its debt-service obligations. The result will be immiseration of the population, falling output, and persistent inflation.

Yet even if the economic crisis becomes so disastrous that the Sri Lankan government finally approaches the IMF, negotiations over a suitable reform program will be complicated by the need to include the Chinese in any debt restructuring. In this and many other cases, the international community must recognize the futility of ongoing assistance in the absence of accompanying reforms.

12

Global Trade

FRIDAY JANUARY 21, 2022

Who Is winning the trade war?

By Pinelopi Koujianou Goldberg

T

he United States-China trade war started in 2018 and has never officially ended. So, which side has been “winning” it? Recent research offers an unambiguous answer: neither.

US tariffs on Chinese goods led to higher import prices in the US in the affected product categories, and China’s retaliatory tariffs on US goods ended up hurting Chinese importers. Bilateral trade between the two countries has tanked. And because the US and China are the world’s two largest economies, many regard this development as a harbinger of the end of globalization.

Yet the “deglobalization” argument ignores the many “bystander” countries that were not directly targeted by the US or China. In a new paper investigating the effects of the trade war on these countries, my co-authors and I come to an unexpected conclusion: Many, but not all, of these bystander countries have benefited from the trade war in the form of higher exports.

To be sure, one would expect exports from third countries (Mexico, Vietnam, Malaysia, etc.) to take the place of Chinese exports to the US. But what is surprising is that these countries increased their exports not only to the US but also to the rest of the world. In fact, global trade in the products affected by the trade war seems to have increased by 3% relative to global trade in the

products not targeted by tariffs.

That means the trade war did not just lead to reallocation of third-country exports to the US (or China); it also resulted in net trade creation.

Given that trade wars are not generally associated with this outcome, what accounts for it?

One potential explanation is that some bystander countries saw the trade war as an opportunity to increase their presence in world markets. By investing in additional trade capacity or mobilizing existing idle capacity, they could increase their exports without increasing their prices.

Another explanation is that as bystander countries started exporting more to the US or China, their unit costs of production declined, because economies of scale allowed them to offer more at lower prices. Consistent with these explanations, our paper finds that the countries with the largest increases in global exports are those in which export prices are declining.

While the net effect of the trade war on the world economy was an increase in trade, there was enormous variation across countries. Some countries increased their exports significantly; some increased their exports to the US at the expense of their exports elsewhere (they reallocated trade); and some countries simply lost exports by selling less to the US and to the rest of the world. What accounts for these differences, and what could countries have done to

ensure larger gains from the trade war?

Again, the answers are somewhat surprising. One might have guessed that the most important factor explaining countries’ differing experiences would be pre-trade-war specialization patterns. Countries such as Malaysia and Vietnam, for example, were lucky to be producing a heavily affected product category like machinery.

Yet specialization patterns appear to have mattered little, judging by the big export winners of the trade war: South Africa, Turkey, Egypt, Romania, Mexico, Singapore, the Netherlands, Belgium, Hungary, Poland, Slovakia, and the Czech Republic.

What mattered instead were two key country characteristics: participation in “deep” trade agreements (defined as regimes covering not only tariffs but also other measures of behindthe-border protection); and accumulated foreign direct investment. Countries that had a high pre-existing degree of international trade integration benefited the most. Trade agreements tend to reduce the fixed costs of expanding in foreign markets, and existing arrangements may have partly offset the uncertainty generated by the trade war. Similarly, higher FDI is a reliable proxy for greater social, political, and economic ties to foreign markets.

Supply-chain effects also may have played an important role. In a prescient policy briefing based

on private conversations with executives at large multinationals, analysts at the Peterson Institute for International Economics predicted in 2016 that US tariffs would “set off a daisy chain of production shifts.”

If a company decided to shift production of a product targeted

by Chinese tariffs to a third country, this would necessitate a reshuffling of other activities in the third country, affecting multiple other countries in turn. The exact pattern of these responses would have been hard to predict, given the complexity of modern supply chains. But a country’s degree of international integration appears to have been a decisive factor in a firm’s relocation decisions.

Returning to our initial question, then, the big winner of the trade war seems to be “bystander” countries with deep international ties. From the US perspective, the trade war did not lead to the advertised reshoring of economic activity, at least in the short to medium term. Instead, Chinese imports to the US were simply replaced by imports from other countries.

From the perspective of “bystander” countries, the trade war, ironically, demonstrated the importance of trade integration, especially deep trade agreements and FDI. Fortunately, the SinoAmerican trade war does not spell the end of globalization. Rather, it may mark the beginning of a new world trading system that no longer has the US or China at its center.

13

News

FRIDAY JANUARY 21, 2022

Lending a helping hand to clients and customers – Absa Bank MD

A

bsa Bank’s Managing Director, Abena OseiPoku, has started 2022 just like she ended 2021 - relentlessly finding new ways to better serve clients and customers.

With 2022 already halfway through its first month, Mrs. OseiPoku has engaged a diversity of the bank’s clientele base on how their year has started and how to better map out the most effective strategies to closely engage and support them throughout the year.

Every client or customer wants quality, value, convenience, reliability and efficient support.

These are among a plethora of expectations that most individuals, businesses, and corporations want from their banks. In a world, where the pace of growth and transformation are being orchestrated by digital technology, banks are under pressure to rise above the occasion and deliver value consistently. The global pandemic has also added to this constraint

by increasingly putting pressures on several sectors to fast-track their digital adoption strategies ahead of schedule.

Absa Bank is one of the leading banks in Ghana that firmly grasped the need for total transformation early on, even before the pandemic. The Bank's array of technological products and services were instrumental in giving comfort to many customers and clients during the height of the COVID-19 pandemic and afterwards.

As has become her regular custom, Mrs. Osei-Poku, a week ago, visited some of the bank's customers in the heart of Kantamanto market in Accra, to interact and spend some time with them as they went about their business. These clients trade in a range of different products and services, including building materials, health and safety equipment, childcare products and electrical appliances.

The conversations were interesting and thought-

provoking.

They drifted towards familiar areas of access to manageable financing, a convenient operating environment and progressive business growth. Abena was grateful for their consistency and loyalty in pushing Absa Bank to go beyond the limit in meeting their needs. She assured them that the bank will continue to adopt effective measures to take feedback and serve them even better.

Commenting on the engagement, Abena Osei-Poku said: "At Absa Bank, we are obsessed with going the extra mile to understand our clients and customers, their challenges and how to empower them to operate sustainably. Today I have had a great time with some of them. I have listened to their concerns, gauged the nature of the business environment and the opportunities available, in order

to support them in bringing their possibilities to life. We recognize our role as an enabler in Ghana's overall growth and it is a mandate we fully embrace."

There are lots of things to be excited about if you are an Absa Bank client or customer this year. Two things stand out: first, the bank will be celebrating its second-year anniversary as a fully-fledged subsidiary of Absa Group in Ghana in February.

Already possessing a strong heritage in Ghana, spanning over a hundred years as a bank, Absa’s second anniversary is a further demonstration of the organization’s commitment and influence in the country. Another subject of interest this year is the commencement of construction works on the bank’s new Head Office, which has begun in earnest. The new Head Office is seen as a demonstration of Absa Bank’ long-term commitment to the economic sustainability and development of Ghana.

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FRIDAY JANUARY 21, 2022

15

E-commerce

FRIDAY JANUARY 21, 2022

New year savings; top 5 cost-effective things to shop online in 2022

A

nd just like that, in a flash, 2021 is gone. With all the hopes and promises, all the cheers and tears. The successes and failures are all but distant memories now. Welcome to 2022! A few years after the first wave of the Covid-19 pandemic has seen many lives all over the world almost return to normal.

However, with many different waves of the pandemic as well as a plethora of variants and strains popping up daily, everyone seems to still be on edge.

Over the past few years, two words have been on everyone's lips.

‘Safety’, which practically forms the basic need in such times cannot be overemphasized.

However, the other unmistakably important twin word happens to be ‘cost-saving’. Bread weaners have been lost, many fathers and mothers laid off from their jobs and a general level of hardship has caused a lot of people to be very conscious of how they spend. Jumia, Ghana’s leading ecommerce platform discusses the top 5 cost-effective items to buy online this new year.

1. Food / Groceries Arguably the first thing that comes to mind when we think of survival or living life itself. Food!

Can we even survive without it?

Well, maybe for a short while.

Even when we fast or starve for a while, the health implications are damaging. This new year, buying food or groceries online can help you save a lot of money. Online shops and food delivery services

provide a wide range of options at discounted rates. This makes it possible for you to compare prices from different vendors in order to make informed choices.

In some cases, new year promos make it possible for you to shop at heavily discounted prices as well. What’s better? You get the food/ grocery items delivered to your doorstep at reduced shipping fees or sometimes even free of charge.

2. Back to School items - The turn of the year always comes with huge responsibilities for parents and guardians.

Immediately schools reopen, then there is that vital issue of school fees, feeding fees and other back-to-school items. This can get quite overwhelming especially after all the spendings during the Christmas and New year festivities. Books, school bags, stationery, provisions and other essentials needed for all levels of the educational ladder are in high demand. This often causes a spike in prices which isn’t pleasant for any parent or guardian. Buying these items online saves a lot of time and cost. Online shops like Jumia are running ‘’Back to School’’ promos with heavily discounted items of up to 50% while giving away some of these items for as good as free. Getting all your orders conveniently delivered to you at home or picking up at a station close to you also saves parents the hustle and time of roaming through town to buy these items. Online delivery and

its related shipping/ pick-up fees are also more affordable.

3. Clothing & Cosmetics - ‘’New year, new me’’ they say. What about changing that wardrobe and getting rid of some old clothing? Sometimes that’s all you need to kickstart the new year. A fresh start is always better with fresh clothes if you can afford them. This helps to also get rid of old, unused clothes. You can even gift them out to other family members, friends or the needy. Where else to find good quality but less costly shoes, bags, shirts, skirts, trousers, underwear, make-up kits etc? Your guess is as good as mine! Clearance sales are ongoing everywhere this new year with new trends coming up and brands needing to get rid of old stock. This is the best time to take advantage and shop. For employees returning to work, what an opportunity to go back into that office looking ‘’dapper’’ for less 4. Electronics - At the end of each year, many top electronic brands clear out their warehouses and shops to make room for the new year releases.

2021 models or older are sold online at heavily discounted prices to make room for 2022 models. Smartphones, laptops, refrigerators, air conditioners, blenders, microwave ovens, audio devices etc are selling fast this new year and many customers are saving a lot. With the ongoing African Cup of Nations as well, this may be the

best time to buy that television set and soundbar or home theatre system you have always wanted.

5. Airtime, gift vouchers & bill payments - Although this may not traditionally pass for an item to shop for online, it has become increasingly important that we pay our bills and buy airtime or internet data through online platforms like JumiaPay to save cost and time. Sitting in the comfort of your home or office while paying for your electricity, water, DStv and other bills has become the new normal. These days many people buy their apple gift cards, PlayStation vouchers and do other financial transactions online. This helps to save a lot of time and money as they avoid the long queues, traffic and human interaction.

Although online payments may attract some charges, this is cost-effective as compared with physically going to the service providers one by one to pay all the bills.

It’s a beautiful brand new year with so many months, weeks and days to go. It is important that we save a lot of time and money on anything we can. The above list is not exhaustive and based on your own needs and preferences, you can go online and shop for all your essentials.

Have an amazing 2022!!!

Credit : Bennet Otoo( Jumia Ghana)

16

News

FRIDAY JANUARY 21, 2022

CLOGSAG begins indefinite strike for better remuneration

T

he leadership of the Civil and Local Government Staff Association of Ghana (CLOGSAG), has directed all members in the various ministries, departments and agencies to stay off work from yesterday, January 20, 2022 until government heeds to their request for better conditions of service.

According to the association, over a year after their proposed salary structure was sent to the Finance Ministry to deal with it, they are yet to communicate anything to them despite persistent reminders.

In a statement signed by the Executive Secretary of the association, Isaac Bampoe Addo, all relevant stakeholders have been served with notice of the action since December 22, 2021.

“This is to confirm National Executive Council (NEC) decision that from 20 January, 2022, the Civil and Local Government Association, Ghana (CLOGSAG) will embark on nationwide strike

to press home their demand for better conditions of service.

By this letter, all CLOGSAG members in the Ministries Departments, and Agencies as well as the Metropolitan,

Municipal and District Assemblies are informed to stay at home from Thursday 20, January 2022 until further notice.”

“In similar vein, by this letter, all Chief Directors, Heads

of Departments, Regional Coordinating Directors, Metropolitan, Municipal and District Coordinating Directors are duly informed,” he added.

Ten & Jubilee partners sign MoU with Ghana Navy T ullow Ghana Limited and the Ghana Navy have signed a Memorandum of Understanding for the contracting of a Ghanaian Navy vessel to provide security services at the Jubilee and TEN

oil fields.

The vessel, which has been acquired for the Ghana Navy with funding from the GCB Bank, will provide asset protection in the Exclusive Economic zone (EEZ) in the TEN and Jubilee fields.

Tullow Ghana and the Jubilee Partners will provide a total of a $23.5million-dollars during the five-year (5 year) contract period. The five-year contract commenced on 1st January 2022 and will run until 31st December

2026.

Deputy Managing Director, Cynthia Lumor said “the Jubilee partners’ commitment to support the retooling of the Ghana Navy is mutually beneficial to both parties. This partnership will ensure the protection of the Ghanaian waters by providing security services in the TEN and Jubilee fields and along the coast of Ghana. We believe that this will further strengthen the relationship between Tullow Ghana and the Ghana Navy”.

Chief of the Naval Staff, Rear Admiral Issah Yakubu commended the Jubilee Partners for the collaboration, saying “Tullow Ghana and the Jubilee Partners have demonstrated commitment to sustainable production by this collaboration.

The Ghana Navy will ensure that we fulfil our contractual obligations to ensure a secured maritime space for the safe operation of the TEN and Jubilee fields”.

17

News

FRIDAY JANUARY 21, 2022

E-commerce contributions to Ghana’s growth and development; 2021 Highlights

E

lectronic commerce or e-commerce, popularly known in Ghana as ‘’online shopping’’ has come a long way since the days when we all thought it was just a myth or a way for certain people to be fraudulent.

Today, nearly everything we need can be ordered online and customers even have the convenience of staying at home or in their offices to take delivery of such orders. In recent times, online payments have also made it possible to avoid long queues in banks and even reduce the risks of contracting Covid-19. E-commerce has brought convenience, safety and affordability into our lives.

However, the contributions of e-commerce to Ghana’s growth and development cannot be narrowed down to only the abovestated benefits. In 2021, Africa’s leading e-commerce platform Jumia impacted Ghanaians with various milestones and activities.

Below are a few of them.

FEBRUARY : Corporate Social Responsibility (Covid-19 impact) On valentines day, 14th February 2021, Jumia Ghana employees, consumers and partners went on the streets of Accra educating the children, elderly and vulnerable in society about the risks, symptoms and prevention of covid-19. They also distributed nose masks and sanitisers to hawkers and street children at the Kwame Nkrumah Circle bus station.

JUNE : Making insurance accessible online Jumia also partnered with insurance group, Hollard Ghana to make insurance policies easily accessible online. The e-commerce company leveraged its technology and network to provide an efficient platform for Ghanaians to purchase Hollard’s general and life insurance products. This new feature is available on the JumiaPay platform and came at a time when the pandemic had affected most people reiterating the need for various types of insurance policies.

JULY : Celebrated 9 years of e-commerce in Ghana This was a milestone worth

celebrating after 9 whole years of making the lives of Ghanaians easier and better through the internet. This was marked with a mega sale where consumers were given discounts of up to 50% to shop for their essential needs.

There were daily flash sales and many giveaways as well.

AUGUST : Safeguarding our environment Jumia also partnered with Solar Taxi in Ghana to provide ecofriendly and affordable deliveries to online shoppers. With a shared vision of ensuring a clean and sustainable environment using renewable energy, coupled with the need to keep consumers safe especially during the many waves of the COVID-19-, Consumers who ordered food, groceries and other essential items on Jumia got their orders delivered conveniently and environmentally friendly to their homes or offices by SolarTaxi riders.

SEPTEMBER : Corporate Social Responsibility (Blood donation exercise) In collaboration with the Ghana Blood Service and the National Blood Bank, Jumia organized a blood donation exercise at their office in Accra to mark the Osagyefo Dr Kwame Nkrumah memorial day. Staff, customers, partners and the general public came in their numbers to donate blood. This was to help increase stock at the National Blood Bank while saving many lives.

OCTOBER : Launch of e-commerce index 2021 Jumia published its first e-commerce report, Jumia Africa e-Commerce Index 2021 with a Ghana section, which leveraged data from the Jumia platform to illustrate the importance of shopping online in a pandemic context as consumers leveraged Jumia for their needs using their smartphones. The index unearthed a shift in consumer shopping behaviour from more electronics to essential products.

This shift was part of a broader economic transformation led by the continent’s young, urban and tech-savvy population. The report was a partnership with UNCTAD, IFC, and Mastercard, highlighting the impact of e-commerce on the African economy.

NOVEMBER : Supporting preterm babies on oxygen The e-commerce company partnered with NICU soldiers and Fiona’s Foods to raise funds for preterm babies on oxygen in Ghana. This was dubbed #sconesforlife and the fundraiser was in the form of delivering scones and pies to generous people who bought them at higher amounts than their original costs just to support the project. Every Friday and Saturday, Jumia Logistics Ghana’s delivery agents sent the scones/ pie orders to these consumers at no cost of delivery.

BLACK FRIDAY SALE Jumia in partnership with thousands of sellers and brands offered consumers a wide assortment of products at the best prices. Discounts of up to 90% OFF, daily flash sales and treasure hunts where some lucky winners got the iPhone 13 at 100ghs and other great items at mindblowing discounts. There were also freebies and free shipping to selected areas. This was to ensure that customers enjoy the best deals and excellent services while sellers and brands grow their businesses. Being the biggest online sale of the year, it was an opportunity to also create awareness in Ghana about e-commerce and its benefits in our growing economy.

DECEMBER : Expedient deliveries and top tier customer service E-commerce giants Jumia partnered with Ghana Post. The strategic partnership sought to transform the customer experience of Ghanaians with faster and more efficient e-commerce flows. The new partnership supports Jumia’s commitment to leveraging its advanced technology and extensive network to provide a seamless and powerful platform for Ghanaians to purchase everyday needs online. Ghana Post also supports Jumia by delivering packages to consumers via efficient and expedient courier services.

18

Feature

FRIDAY JANUARY 21, 2022

The Future of Work Capsules:

Would a full day rest on Sunday be considered the Future New Odd Normal or a Boost to work-life balance and climate change Mitigation Strategy. Be Agile part 1.

By Baptista S. H. Gebu (Mrs.) Happy New Year and welcome to 2022.

Do you really know what time it is in history? Are you aware of where the world is heading?

Things may not change back to normal be agile. The condition of the world is a cause for change. And this change must be positive in nature. This new odd normal is becoming the order of the day and you must be aware and prepare for this change. As a business entity, you may be working within a space where you cannot control every outcome. Understand the times and seasons we are in to support your sustainability efforts despite the changing times.

Are you still working the standard 5 days’ work week which is the 40-hour work week of an eight (8) hour schedule daily?

The news is that, 32 work week is quickly gaining popularity as the 4 days’ work week is becoming the standard work week effective 2022 per research. Aside the change in hours been reduced from 40 –hours to 32 hours for most, the weekend for other countries are equally changing.

According to the Arabian Business Report, “The UAE is the “first nation in the world to introduce a national working week shorter than the global fiveday week”, which the state news agency WAM reported. From 1 January 2022 the government entities and employees will work from 7.30am-3.30pm Monday

to Thursday and Friday will be a half day, from 7.30am to midday.

It’s not just the working hours that are changing in the UAE but also the weekend itself.

The country will switch from a Friday-Saturday weekend to Saturday-Sunday to “better align the UAE with global markets” and to “boost work-life balance and enhance social wellbeing”. I was a bit surprise about the weekend switch from Friday – Saturday to Saturday – Sunday when I chanced on this news item.

While the change will be implemented for the public sector, the UAE’s private sector is reported to be“unlikely” to adopt a four-and-a-half-day working week currently.

Once the implementation of the 32 work week has commenced, its obvious the introduction of the Sunday Law to allegedly support the management and mitigation of our climate will follow suit.

What at all is climate change and why do we need to do something about it?

Climate, Weather, Climate change, Global warming, Mitigation Strategies and the Future Workplace.

“Climate change” and “global warming” are often used interchangeably but have distinct meanings as put forward by Nasa.

Similarly, the terms "weather" and "climate" are sometimes confusing, though they refer to events with broadly different spatial- and timescales.

According to national

geographic, “Climate is sometimes mistaken for weather.

But climate is different from weather because it is measured over a long period of time, whereas weather can change from day to day, or from year to year. The climate of an area includes seasonal temperature and rainfall averages, and wind patterns. Different places have different climates. A desert, for example, is referred to as an arid climate because little water falls, as rain or snow, during the year.

Other types of climate include tropical climates, which are hot and humid, and temperate climates, which have warm summers and cooler winters.

Nasa explains weather refers to atmospheric conditions that occur locally over short periods of time—from minutes to hours or days. Familiar examples include rain, snow, clouds, winds, floods or thunderstorms.

Climate change according to Nasa, “is a long-term change in the average weather patterns that have come to define Earth's local, regional and global climates”.

Climate change they add refers to any significant change in the measures of climate lasting for an extended period of time. Climate, on the other hand, refers to the long-term regional or even global average of temperature, humidity and rainfall patterns over seasons, years or decades.

In other words, climate change includes major changes in temperature, precipitation, or wind patterns, among others, that occur over several decades or

longer. These human-produced temperature increases are commonly referred to as global warming Climate change is the longterm alteration of temperature and typical weather patterns in a place and could refer to a particular location or the planet as a whole which may cause weather patterns to be less predictable.

These unexpected weather patterns can make it difficult to maintain and grow crops in regions that rely on farming because expected temperature and rainfall levels can no longer be relied on. Climate change has also been connected with other damaging weather events such as more frequent and more intense hurricanes, floods, downpours, and winter storms. It is a long-term change in the average weather patterns that have come to define Earth’s local, regional and global climates. These changes have a broad range of observed effects that are synonymous with the term.

Furthermore Nasa reports that “global warming is the longterm heating of Earth’s climate system observed since the preindustrial period (between 1850 and 1900) due to human activities, primarily fossil fuel burning, which increases heattrapping greenhouse gas levels in Earth’s atmosphere. The term is frequently used interchangeably with the term climate change, though the latter refers to both human- and naturally produced

CONTINUED ON PAGE 19

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FRIDAY JANUARY 21, 2022

CONTINUED FROM PAGE 18 warming and the effects it has on our planet. It is most commonly measured as the average increase in Earth’s global surface temperature.

Since the pre-industrial period, human activities are estimated to have increased Earth’s global average temperature by about 1 degree Celsius (1.8 degrees Fahrenheit), a number that is currently increasing by 0.2 degrees Celsius (0.36 degrees Fahrenheit) per decade. It is unequivocal that human influence has warmed the atmosphere, ocean, and land.

Changes observed in Earth’s climate since the early 20th century are primarily driven by human activities. These human-produced temperature increases are commonly referred to as global warming. Natural processes can also contribute to climate change, including internal variability and external forcing (e.g., volcanic activity, changes in the Sun’s energy output, and variations in Earth’s orbit).

Scientists use observations from the ground, air and space, along with theortical models, to monitor and study past, present and future climate change.

Climate data records provide evidence of climate change key indicators, such as global land and ocean temperature increases; rising sea levels; ice loss at Earth’s poles and in mountain glaciers; frequency and severity changes in extreme weather such as hurricanes, heatwaves, wildfires, droughts, floods and precipitation; and cloud and vegetation cover changes, to name but a few.

Matters arising The last 7 years have been the warmest on record as planet approaches critical threshold.

A new analysis by the European Union's Copernicus Climate Change Service, which tracks global temperature and other climate indicators, found 2021 was the fifth-warmest year on record.

Planet-warming emissions rebounded faster in the US than expected in 2021, analysts say Though the long-term trend is up, yearly fluctuations in global temperature are expected, mainly because of large-scale weather and ocean patterns like El Niño and La Niña, the latter of which was present in 2021 and tends to lead to cooler global temperature.

In 2015, world leaders agreed to heed scientists' warnings and limit Earth's rapid temperature

rise to below 2 degrees Celsius above pre-industrial levels, with a preferred goal of 1.5 degrees.

Would this goal introduce new odd normal?

That threshold may not sound like much, but NASA scientists say it's similar to how a 1 or 2 degree increase in body temperature can lead to a fever.

With every fraction of a degree of warming, the illness worsens with increasing likelihood of needing hospitalization. For the planet, scientists are tracking Earth's temperature increase from the baseline at the start of the Industrial Revolution in the mid-to-late 19th century, when humans ramped up the burning of fossil fuels like coal and oil. An elderly woman is forced from her home as a wildfire bears down on the island of Evia, Greece, in August. If this happens to your employees how do we sustain and maintain productivity?

Matters arising for the Future workplace For the future a full days rest on Sunday could be a new odd normal. There are several ways in which climate change can be managed. This can include adopting proposed mitigation strategies such as planting tree and in Ghana we see the government of Ghana earlier launch the 5 million tree planting strategy, proper management of our water supply, reducing risk from rising sea levels, adapting to change in agricultural systems which has its own advantages and disadvantages, looking for alternative energy production and land use planning and design decisions that will help us avoid developments and community infrastructure in areas prone to hazards among others.

Mainly there has been five main mitigation strategies for us to first assume and accept climate change risk, work towards the avoidance of this risk, control

the risk, change our ways, watch progress and monitor risk. To avoid, minimize and compensate our planet, a number of actions and strategies must be proposed.

Interestingly enough, the introduction of reduced work week and the Sunday Law could be the new odd normal. Be agile. Various publications on the subject matter advocates for a day the whole planet can breathe, avoid carbon emission to support the planet to heal quickly? But is there a hidden agenda not clearly communicated? Checking up climate change mitigation, strategies et al, very little can be seen and read in relation to the proposed Sunday Law. I have just been wondering how resting on a Sunday and not any other day support us to heal our land. What is the significance of the day to the new normal? Would that mean all other days can be accepted days of work for corporations all over the world except on Sundays?

Let’s unravel this together.

Mitigation planning has been put forward to mean “the process used by state, tribal, and local leaders to understand risks from natural hazards and develop long-term strategies that will reduce the impacts of future events on people, property, and the environment. Would the adaptation of a global day of rest and the new 32 hour work week support this claim? Aside the change in hours been reduced from 40 –hours to 32 hours for most, the weekend for other countries are equally changing perfectly to suit the strategy.

The future workplace has a number of issues to address The future workplace has a number of issues to address.

Aside the reduce work week, would a full day rest on Sunday be considered the future new odd normal or a boost to worklife balance and a climate change mitigation strategy.

This is my thinking, if the climate and global warming and

climate change is a combination of several factors and issues them we equally need diverse solutions to mitigating the challenges?

Could it be that the introduction of the Sunday Law for instance as a climate change adaptation and mitigation strategy better suits the agenda on the subject matter?

The world is at a crossroad, no doubt about that, and alot is changing to our environment. Do we think the formulation of a full day of rest typically earmarked as SUNDAY can address all our climate change needs? Is the issue of rest a solution to stop what is happening to our environment?

Even if the answers appear to be yes, why don’t we allow each country to formulate its strategies with an acceptable day of the week that best works for them.

In managing carbon emissions, there are proposals for governments to consider the use of electric cars. But come to think of it. Africa has the sun shining all year through and can every one afford the use of electric cars.

We can think around solar, wind, hydro energy to powering our cars.

For the future workplace, a retirement age may not exist.

Working from home with the provision of innovative work tools can support our claim. In a modern world, subscribing to a full day of rest globally may not be sufficient to turn things around.

Enjoy a great new year. I wish you a productive, progressive and a prosperous happy new year.

By Baptista S. H. Gebu (Mrs.)

Baptista is a human resource professional with a broad generalist background. Building a team of efficient & effective workforce is her business. Affecting lives is her calling! She is a Hybrid Professional, HR Generalist, strategic planner, innovative, professional connector and a motivator. Visit our website: www.forealhrservices.com E-mail us hello@forealhrservices.com for your management consulting needs. Follow this conversation on our social media pages Facebook / LinkedIn/ Twitter / Instagram: FoReal HR Services.

Call or WhatsApp: +233(0)262213313.

Follow the hashtag # t h e Fu t u r e o f W o r k C a p s u l e s #FoWC

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NO. B24 / 295 | NEWS FOR BUSINESS LEADERS

MONDAY MAY 3, 2021

FRIDAY JANUARY 21, 2022

All set for Love is 30 in February!

L

OVE is 30, an annual event put together by KobinaAnnanMusic, Yine Win and friends, and has been running for the past three years, comes off on Sunday, February 20th this year at 5pm at the Christ Square of the Pleasant Place Church, Accra.

The event, which is a faithfocused event, was designed to encourage love and romance among singles and couples.

Love is 30 was inspired by 1 Corinthians 13:4-8 with the aim of redefining how the world views love.

The event is under the theme: ‘Love is 30; Dedicated to Bishop and Lady Olivia Titi-Ofei on their 30th Wedding Anniversary This Year’.

Bishop and Lady Olivia Titi-Ofei have been married for the last 30 years, a feat that inspires many young couples in the church and the country as a whole.

Their long-lasting union and the love between them continue to grow stronger everyday to inspire young couples on how to sustain a healthy marriage.

Even after 30 years of marriage, Bishop and Lady Rev Titi-Ofei are still madly in love and as the bishop always put it, ‘we are still courting’.

At this year’s event, Bishop and Lady Rev Titi-Ofei will share with young couples and singles their experience on what has kept them in a 30-year-old marriage.

With his many years of leadership skills coupled with biblical principles, there is no doubt that Bishop Titi-Ofei will leave an everlasting message in the minds of participants at this year’s event.

Lady Rev Olivia, who is the First Lady of the Pleasant Place Church as well as the President of Pleasant Ladies Fellowship Worldwide, has been a pastor for over two decades.

During this period, she had the privilege of counseling several christian parents who are faced with the herculean task of raising godly children in a perverse generation.

Lady Olivia has been at the

Published by Business24 Ltd. Nii Asoyii Street, Mempeasem East Legon-Accra, Ghana.

forefront of empowering and motivating young women and recently held her conference on women empowerment dubbed ‘The Women in Charge Conference. The conference convened career women, professionals and experts to engage in discussion that seek to equip women who have the desire to succeed in their career path.

This year’s event combines Jazz and soul music, poetry, dance and other activities which will feature the expressive and virtuosic OMINOR with his explosive guitar backed by the incredible Branches is guaranteed to mesmerize audience with his elegant playing, sensitive melodies, and infectious rhythms.

Also performing is 6 Strings, with his stunning musical expression combined with his impeccable voice which continues to win fans worldwide.

Dynamic vocalist Yine Win brings the swing, energy and expresses the West African Folk traditions and contemporary Afro-Pop authentic African life and culture.

Singer/songwriter Kobina Annan Music joins forces with friends for what promises to be a memorable night of love and fun.

Kobby possesses a potent combination of dynamic vocal abilities, impeccable phrasing, and powerful emotional resonance.

His passionate, soulful voice and heart-felt charisma continue to win the heart of fans.

KobinaAnnanMusic and Friends will feature a mix of love songs, ranging from standards to upbeat and ballad type romantic songs, a swinging good time will be had by all!

The audience can expect a diverse chorus of voices and a vast array of professional spoken word performers, with Aseye, Owuraku and Elizabeth with their compelling and romantic words.

LOVE IS 30 -you’re going to enjoy every minute of it!

Tel: 030 296 5297 | 030 296 5315 Editor: Benson Afful editor@business24.com.gh +233 545 516 133

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