Business24 Newspaper - June 26. 2020

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FRIDAY JUNE 26, 2020

Ghana yet to apply for World Bank debt relief US$9m relief for tourism businesses

BY DOMINICK ANDOH

MORE ON PG 3

Pierre Laporte says Ghana must formally notify the bank if it wants a debt service relief

BY NII ANNERQUAYE ABBEY

The World Bank Country Director, Pierre Frank Laporte, says Ghana is yet to formally apply to the bank for a debt service respite, as the country considers options to mitigate the fiscal and economic stress caused by the COVID-19 pandemic.

Mr. Laporte told Business24 in an exclusive interview that although government agrees that a suspension of its debt service commitments with the Washington-based lender would offer it some respite, the bank is yet to receive an official request to that effect.

“Ghana has not yet officially made a request for debt service suspension. The Finance Minister

and his team are still considering this. There are several issues related to that—for instance, there are benefits and costs of such engagement,” Mr. Laporte said.

With the COVID-19 pandemic hitting hard at government’s revenues, and with unplanned public expenditure expanding, Ghana, like most developing countries, is contemplating a debt service reprieve from lenders to be able to withstand the pandemic’s shock.

President Akufo-Addo in April announced that an agreement had been reached with the BrettonWoods institution to freeze the country’s debt service commitments for the rest of the year.

Ghana’s outstanding debt to the World Bank stood at US$4.2bn as at May 31.

Minority wants independent audit of public debt

BY EUGENE DAVIS

MORE ON PG 3

ECONOMIC INDICATORS

WFP supports MOFA to assess the impact of Covid-19 on food security

*EXCHANGE RATE (INT. RATE)

USD$1 =GHC 5.6577*

*POLICY RATE

14.5%*

GHANA REFERENCE RATE

15.12%

OVERALL FISCAL DEFICIT

6.6 % OF GDP

PROJECTED GDP GROWTH RATE

1.5%

PRIMARY BALANCE.

-1.1% OF GDP

AVERAGE PETROL & DIESEL PRICE:

GHc 5.13*

INTERNATIONAL MARKET

MORE ON PG 7

BRENT CRUDE $/BARREL

41.50

NATURAL GAS $/MILLION BTUS

1.78

GOLD $/TROY OUNCE

Digitizing cocoa farming to increase youth resilience to COVID-19 MORE ON PG 11

1,765.05

CORN $/BUSHEL

329.50

COCOA $/METRIC TON

2,386.00

COFFEE $/POUND:

+5.70 ($108.30)

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

NEWS/EDITORIAL

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EDITORIAL

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Wash your hands 2

Hope for tourism sector operators The announcement by the Tourism Minister, Barbara Oteng Gyasi, of a US$9million grant to tourism sector operators heavily impacted by the COVID-19 pandemic is good news.

The sector employs an estimated one million people directly and indirectly and this intervention is crucial in saving as many of these businesses as possible and protect hundreds of jobs.

Mrs. Oteng-Gyasi, noted that: “I am happy to say that the beneficiaries to be supported under this grant scheme comprise mainly Ghanaian indigenous businesses in the tourism value chain, including micro businesses that employ between 1 to 5 persons, small businesses that employ between 6 to 30 people, and

medium businesses that employ 31 to 100 people.

In addition to the above, the project’s intervention encourages support to women-owned and women-led businesses in the tourism sector.”

To ensure transparency and facilitate the disbursement of the grant and ensure accountability, the ministry has engaged a grants management firm whose role, among others, will be to reconcile the financial records of the grantee, collect and verify end-of-project information on performance targets and data, and execute disbursement.

Prospective applicants are

encouraged to initiate an “Expression of Interest” process for the grants from June 23 to July 8 online at motac.gov. gh or visitghana.com.

We believe this grant will bring some relief to operators and help save one of the three main sectors heavily impacted by the current pandemic.

While this grant provides relief, going forward, the country must endeavour to make relevant changes to Ghana’s tourism plans, which unlike other countries, is heavily reliant on cultural diversity, inbound international tourists and European heritage.

Cover your cough 3

Ghana yet to apply for World Bank debt relief (…CONTINUED FROM COVER )

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)

Mr. Laporte said while a formal notification is yet to be received by the bank from Ghana, other countries that made a similar request have been put on a watchlist by some credit rating agencies—which perhaps could be a reason holding government back.

Suspension According to the Country Director, should government apply for debt service suspension, it stands to get a reprieve of about US$80m in commitments for the rest of the year.

The debt freeze, he quickly added, comes with its own conditionalities that government would have to fulfill should the formal application be made and granted.

Mr. Laporte stated that government would have to make a commitment to spend the equivalent of the amount granted on social protection, poverty alleviation, health or any other area related to the fight against the pandemic.

“Countries that apply for the suspension would be obliged to disclose all public sector financial debt, which means that central government and all state enterprises debt must be disclosed,” he said.

With Ghana’s public debt hitting GH¢236bn as at March this year—a figure which is likely to surge due to revenue shortfalls and increased expenditure— the World Bank country chief said a debt service suspension deal would also be tied to a freeze in commercial borrowing.

“During the period of the suspension, the country should be committed not to contract any new non-concessional debt. Nonconcessional debt has a higher interest rate and shorter repayment period,” he said, suggesting that countries getting a reprieve on lower interest debt should not be seen contracting new expensive debt.

Nevertheless, Mr. Laporte said

he believes Ghana’s debt service obligation to the bank does not put a strain on its finances, arguing that servicing the obligation should not be a problem for the country.

The Ministry of Finance did not respond to Business24’s enquiries on whether or not government will take up the offer of the World Bank’s relief as previously suggested by the President.

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US$9m relief for tourism businesses

BY DOMINICK ANDOH

mall and medium enterprises in the tourism value chain worst affected by the COVID-19 pandemic are to be supported with part of a US$9m grant to save them from imminent collapse.

Small travel and tour companies, art and craft shops, and restaurants sited in and around tourist hotspots have all found life difficult since the COVID-19-induced imposition of international travel restrictions by central government led to the drying up of that segment of the market.

The usual sight of tourists browsing art and craft shops dotted along the Oxford Street in Osu, a suburb of Accra, to purchase memorabilia from Ghana for friends and family back in Europe, the Americas and Asia seemed like a distant memory on a recent visit.

The shopping lanes of the Arts Centre along the Accra High Street, which is considered the hub of all kinds of handmade figurines and is frequented by tourists, is now empty, with hundreds of vendors sleeping through most of the day.

Vendors who rely on sales to fend for themselves and their families now find it difficult to make ends meet.

These businesses, according to the Tourism Minister, Barbara Oteng

Gyasi, are part of those that can access part of the US$9m grant.

Mrs. Oteng-Gyasi, speaking at the launch of the scheme in Accra, said: “I am happy to say that the beneficiaries to be supported under this grant scheme comprise mainly Ghanaian indigenous businesses in the tourism value chain, including micro businesses that employ between 1 to 5 persons, small businesses that employ between 6 to 30 people, and medium businesses that employ 31 to 100 people. In addition to the above, the project’s intervention encourages support to women-owned and women-led businesses in the tourism sector.”

To facilitate the disbursement of the grant and ensure accountability, the ministry has engaged a grants management firm whose role, among others, will be to reconcile the financial records of the grantee, collect and verify end-of-project information on performance targets and data, and execute disbursement.

Prospective applicants are encouraged to initiate an “Expression of Interest” process for the grants from June 23 to July 8 online at motac.gov. gh or visitghana.com.

COVID-19 a reality check for Ghana’s tourism sector Research has shown that Ghana’s tourism plans, unlike other countries, is heavily reliant

on cultural diversity, inbound international tourists and European heritage.

Some researchers have argued that any discourse on the growth and development of the tourism industry without underscoring these attributes would be incomplete and myopic.

In Ghana, appreciating and advertising the spatial distributions of tourist sites is one of the core challenges and opportunities for policy makers and development experts as they seek to promote sustainable tourism sector development in the country.

A study conducted in 2018 found that tourism sites are distributed spatially in Ghana, and the sites can

be classified into natural sites—like parks, game reserves, rivers, and mountains—and man-made or sociocultural resources, such as castles, museums, cultural heritages, artefacts and historical experiences.

These resources, the study found, are poorly marketed, globally and locally.

The Heritage Conservation Trust (GHCT), managers of the Kakum National Park, which is heavily reliant on foreign tourists, estimate that the facility has lost GH¢400,000 in potential earnings since the outbreak of COVID-19, forcing a temporary closure.

The impact of the current pandemic must lead to aggressive promotion of domestic tourism, experts say.

Minority wants independent audit of public debt

BY EUGENE DAVIS

The country’s public debt, as put out by government, should be assessed by an independent audit firm to ensure transparency and consistency, the Minority Leader in Parliament, Haruna Iddrisu has suggested.

Ghana’s total debt reached GH¢236.1 bn at the end of March this year, according to the latest Summary of Economic and Financial data released by the Bank of Ghana after its Monetary Policy Committee met to review developments in the economy over the past two months.

The data further indicates that the GH¢236.1bn debt now sends Ghana’s Debt-to-GDP-Ratio to 59.3 per cent.

Out of the total debt stock, US$22.9 billion was external debt, which translates into 31.3 per cent of the total value of the economy, while GH¢111.3bn was secured locally representing 28 per cent of the total

value of the economy.

The country’s gross public debt as at last year was GH¢GH217bn, according to the annual public debt management report for 2019.

The report further reveals that the nominal increase in the total portfolio was due to increases in both the external and domestic components of the debt stock, which represents 63.0percent of the GDP compared to 57.6percent in 2018; the ratio includes the costs of the financial and the energy sector bailouts.

However, the figures have been disputed in some quarters. It is this doubt that the Minority Leader reckons an independent audit will clear.

Contributing to the adoption of the report of the Finance Committee on the annual public debt management, he said the “public debt, as has been reported by the Bank of Ghana, stood at GH¢236bn against what the NPP government inherited in 2017

Haruna Iddrisu wants the country’s public debt scrutinized to ensure transparency

January at GH¢122bn.

“It means government has doubled the public debt in three and half years. What I will ask for is an independent audit of Ghana’s public debt, given the debate going as to what is reported to the IMF, what is reported by the Statistical Service.

We asking for an independent audit of Ghana’s public debt because all the ratios--debt to GDP and debt as

a percentage of revenue—would be better appreciated when we know where we stand in respect of our public debt,” he said on the floor of the House.

The Minority Leader also added that the public needs to know how much was borrowed from Chinese government and its creditors in relation to the US$2bn Sinohydro loan.

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Shell retailers provide WC toilet facility for Ahinsan Prison For over 27 years, Prisoners at the Ahinsan Camp Prison have had to resort to using a dilapidated wooden structure as a place of convenience, which exposed them to all kinds of infectious diseases. Reaffirming its commitment to the health and safety of communities where it operates, Vivo Energy Ghana, the Shell licensee, in partnership with its fuel retailers, have constructed and handed over a 10-seater water closet toilet facility, with an overhead water tank to the Ahinsan Camp Prison in the Adansi District of the Ashanti Region.

This timely intervention by Vivo Energy Ghana and its retailers means that the personal health and safety of inmates is now improved.

The initiative forms part of Vivo Energy Ghana’s Retailer Sustainability Programme, launched to complement the government’s efforts in combating COVID-19 from Ghana and ensuring the decentralisation of developmental support to communities where it operates.

In a speech read on behalf of the Managing Director by the Corporate Communications Manager, Mrs. Shirley Tony Kum, she reiterated the company’s commitment to its communities as a partner in sustainable development.

“Following an engagement and needs assessment with authorities of the prison, it became evident that the inmates needed a decent place of convenience to prevent the

outbreak of diseases and promote good health and living conditions.

To this effect, we provided the needed funds and materials for the construction of a 10-seater WC facility for Ahinsan Camp Prison and we are happy to commission this facility”, she said.

She further expressed her sincere appreciation to the Shell brand retailers who voluntarily contributed towards the project and the leadership and inmates of the Ahinsan Camp Prison for providing the labour for the construction.

The Station Commander of the Ahinsan Camp Prison, Superintendent Edward Tabi Kokro, said the construction of the toilet facility has ended the over two-decade problem of indecent and unsafe place of convenience for inmates.

“I will like to express my appreciation to Vivo Energy Ghana and it Retailers for bringing this initiative to our door step. I must say that the construction of the facility has ended the long challenge for a decent toilet for inmates. I promise that the washroom will be well maintained to ensure it lasts.

The beauty of this is that, it is the handiwork of inmates, under the supervision of officers”, he said.

For her part, the Queen Mother of Ahinsan-Adansi, Nana Tiwaa Kukrubour admitted that, the facility is one of a kind in the township and encouraged the inmates to take good care of the facility and

maintain good personal hygiene to minimize the risk of infection in the camp.

Since the launch of the Vivo Energy Retailer Sustainability Programme, various government institutions have benefitted from the programme. They include the National Commission for Civic Education and Effiankwanta Regional Hospital in the Western Region, Tamale Teaching Hospital in the Northern Region, New Juabeng South Municipal Assembly in the Eastern Region, Kenyasi Health

Centre, Ejura Sekyedumasi District, and Ahinsan Camp Prison all in the Ashanti Region.

With a vision to become Africa’s most respected energy business Vivo Energy Ghana, the company that distributes and markets Shellbranded fuels and lubricants was established in 2013. The Shell brand has been in Ghana since1928.

Vivo Energy Ghana has a fuels storage capacity of 11,000m³ and 238 service stations, with many offering Shell Cards and convenience retail stores.

Ease of doing business, security drive foreign investors’ interest in Dubai Ease of doing business, security and location are the top advantages of doing business in Dubai, according to foreign investors polled during a recent webinar organised by Dubai Chamber of Commerce and Industry.

During the webinar titled, Benefits of Doing Business in Dubai, 51% of participants said they were keen on investing in Dubai due to the emirate’s conducive business environment, followed by safety and security (39%), strategic location (32%) and new business incentives and stimulus measures (27%).

Food & beverage, manufacturing and tourism & hospitality were identified as Dubai’s key sectors of interest for foreign businessmen, drawing the interest of 32%, 9% and 6% of respondents, respectively.

The event was part of a webinar series hosted by Dubai Chambers representative offices in Africa in cooperation with Bizzmosis.

The virtual event attracted the participation of more than 100 business leaders from 32 countries across the GCC, Africa and Eurasia.

Presentations provided an overview of Dubai’s economy,

business environment and competitive advantages, and highlighted the different types of free zones and trade licenses available to foreign companies, underlining the emirate’s strategic location offering easy access to surrounding markets across the Middle East and Asia.

The event featured a strong line-up of speakers who shared their insights on business opportunities emerging within Dubai’s commodities trading, hospitality, fashion, manufacturing and agri-business sectors. Speakers included Omar Khan, Director of International

Offices, Dubai Chamber; Marianna Bulbuc, CEO and Founder of Bizzmosis; Zemedeneh Negatu, Global Chairman, Fairfax Africa Fund, LLC; and Norvan AcquahHayford, Public Relations Manager, Ghana Link Network Services.

Omar Khan, Director of International Offices at Dubai Chamber said the webinar provided an ideal opportunity for foreign investors and business owners to learn about attractive business opportunities opening up in the Dubai market, adding that the event explored new ways that

UAE companies and their global counterparts can expand their cooperation in a post-Covid-19 world.

“As many countries around the world face disruptions in supply chains and other challenges due to the impact of Covid-19, many companies are looking for reliable trading partners and markets like Dubai that can allow them to expand their global footprint,” said Khan, adding that the results of Dubai Chamber poll reflects growing confidence in Dubai among foreign investors.

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WFP supports MOFA to assess the impact of Covid-19 on food security The World Food Programme (WFP) has provided equipment and funds worth GH¢1 million to facilitate the assessment of the impact of the COVID-19 pandemic on food security and food prices in Ghana.

The items, which is to support the Statistics, Research and Information Directorate of Ministry of Food and Agriculture (SRID-MOFA) include: 12 units of laptops, 64phones/tablets, 12 MIFIs/internet modems, 76 sets of PPEs, a video conferencing facility and television set with internet subscription and cloud server subscription for one year.

The results of the price data among other things will inform the nation’s price trend and will measure the level of food security, which would help provide mitigating measures against food shortage in the country.

Rukia Yacoub, WFP Representative and Country Director in Ghana, in presenting the equipment to SRID, said the gesture was to enable the Ministry to rapidly assess the trends of food availability and its prices in the Ghanaian Market.

She said the assessment would help the Ministry and WFP know what was happening and inform social protection and other measures, which were being taken to mitigate the impact of the pandemic on the most vulnerable.

Madam Yacoub stated that several people’s income had been affected by the COVID-19 pandemic and that despite the increase in food production as a result of the Planting for Food and Jobs initiative, there was a lot of concern about people’s ability to buy the food they need for themselves and their families.

The support, she said, would enable enumerators to collect as much information as possible remotely and reducing human contact, which explained was in line with the recommended COVID-19 preventive measures.

Madam Yacoub said that funding has also been provided to enable enumerators to drive to selected markets and districts occasionally, in order to verify the information they receive.

She indicated that the information that would be gathered would be used to develop monthly food security bulletins, which she said would be disseminated to partners in the food security and nutrition sector, in response to the numerous requests for information since the onset of COVID-19 in Ghana.

“Apart from this rapid assessment, WFP and other partners are planning to support the Ministry to undertake a nationwide comprehensive food security and vulnerability analysis which will provide more details on who the food insecure are, why they are food insecure where they live,” she said.

She added that the result of the assessment could be used to inform policymakers and prioritisation of resource allocation.

Mr. Partrick Robert Ankobiah, Chief Director of Finance and Administration Directorate, who received the equipment on behalf of the Minister of Food and Agriculture commended the WFP for their thoughtful support.

He said, WFP had been Ghana’s strong supporter in for many years and that the significance of the

support items provided was huge to the economic enhancement of the country.

Mr. Ankobiah noted that data had become an important part of the management of agriculture in the country and that without which they could not do much.

He said the provision the new technological equipment would help provide reliable data for the country.

Mr. Ankobiah stated that the Covid-19 pandemic was having negative effects on economies around the world adding that there was the need for stakeholder to look inward and focus on food production in the country to ensure that the country was insulated from such challenges.

Mr. Harrison G. Opoku, Director of SRID said the items provided to them were going to help the

Ministry track prices of various food items in the country.

He said the MOFA had selected 32 districts across the country to carry out the pilot project of the assessment of food security and food prices.

Mr. Harrison said they were going to use the equipment to remotely collect data from the field which he said will enable them to observe the social distancing protocol whilst doing their job.

He stated that the project would run by one year and that they were going to train their officers in the various districts to be able to collect good data.

Mr. Harrison said the country was divided into three zones, which include the Northern Zone, Central (Middle) Zone and Greater Accra Zone for the data collection on food security and prices.

NBSSI begins disbursement of stimulus cash

BY KWASI ANKU

The National Board for Small Scale Industries, managers of the government’s stimulus package, has begun disbursement of loans to qualified applicants.

The first 1,000 applicants from the lower micro category, who have successfully gone through the rating process, had their loans transferred to their mobile money wallets on Wednesday June 24.

The initial disbursement which is focused on applicants in the lower micro (Adom Loans) category comes with an interest rate of of three percent with a moratorium of one year and two year repayment plan.

At a media briefing in Accra on Wednesday to explain the process of disbursement to the media, Mrs. Kosi Yankey-Ayeh, said the beneficiaries would pay an interest rate of three percent.

She said the lower micro category constituted 5.4 percent of total value

of funds requested by all applicants as at Wednesday June 24, 2020.

“We are working around the clock and in close collaboration with participating financial institutions to effect disbursement and in the coming days increase the numbers per batch disbursement,” she said.

The initial disbursement comes five days after the NBSSI announced a six-day extension of the application deadline to allow businesses that were yet to complete their applications to do so.

The Executive Director of NBSSI, said the grace period gave the CAS BUSS Team the opportunity to rectify all technical issues ranging from applicants with wrong credentials on the system to a moping up of paper applications that were yet to be entered into the system.

“We now have a good picture and view of information on the application portal and can initiate disbursement,” she said.

She said during the extension period which ends on June 26, 2020 the

NBSSI had intensified collaboration with the GRA to facilitate TIN acquisition for applicants.

The Coronavirus Alleviation Programme Business Support Scheme was instituted by government to provide support

to MSMEs negatively impacted by the coronavirus pandemic.

It was launched on May 19, 2020

by President Nana Akufo-Addo to ensure the MSMEs access the fund to sustain their businesses.

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Insurance

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What value do you place on your car- part II

BY ELSY ADADEY

I

n the morning of the Father’s Day celebration, l sat quietly on my bed trying to recount some of our experiences growing up. My dad used to have a gray Peugeot 404 car he really adored. On weekends, for more than two hours we would be asked to fetch several buckets of water to wash it. Every corner of it would be thoroughly cleaned, after which it was waxed and left on the sun to dry. Everyone in the neighborhood admired his car.

Almost all our childhood photos were taken either standing in front of the car or standing by a tree near the car. One day l politely asked my dad why the strong attachment to his car, he said to me sweetheart this is the strongest car in the world and it had comprehensive insurance on it. Anyone who has comprehensive Insurance on their car is rich. As a child l believed what he said because he was my hero, but as l grew l begun to interrogate his statement, l kept asking myself whether it was a myth or reality?

Do you need to be rich before you can have a comprehensive Cover?

I guess it would be good to throw more light on what Comprehensive Motor Insurance is.

When it comes to motor insurance, purchasing a comprehensive Insurance policy is the best protection you can offer your vehicle especially when it is new and expensive. The most important consideration is to assess the value of the vehicle; a high value vehicle is worth adequately protecting, since an unexpected loss or damage will require huge amount of money for

repairs or replacement.

As the vehicle ages, generally the value also diminishes hence a third party motor insurance cover may be most ideal and flexible for your pocket.

What is Covered under Comprehensive Motor Insurance Policy?

This policy typically assists you to pay for the replacement or repair of your vehicle if it is stolen or destroyed in an accident. It covers all accidental damages caused by fire, vandalism, falling objects like trees, or even theft.

Comprehensive Motor Insurance covers damage to you and a third party. As already mentioned in our previous articles, an insurance contract is always between two parties, that is, the person who takes up the policy and the insurance company, hence anyone outside that scope who suffers damage or injury is recognized as a third party.

The actual cover would depend on your policy contract, the Insurance Company usually lists what they consider a peril (or damages they are willing and able to cover).

As indicated, what is covered is dependent on what is offered, so it is important to read your policy document, or contact a broker/agent to explain the terms and conditions of the document to you. In the past, people have accused Insurance Companies of writing in small fonts, making them unable to read the texts in the policy document.

These days through several reforms made by the regulator of Insurance in Ghana, the National Insurance Commission, there has been improvement in the presentation of text to make insurance contract

documents simple and legible for people to read and understand.

With the above understanding, it is important to understand what you should look for when buying a Motor Insurance Policy 1. DO YOUR RESEARCH Compare the different policies offered by various companies. The comparison should be on the basis of coverage: The coverage is the value placed on the vehicle.

Claim settlement: check whether the Company settles claims promptly.

Premium cost: check the amount you will be paying as annual premiums.

Check the benefits: You must know what has been listed to be covered and what is not covered. Very often we overlook some of these important information and get surprised when claim arises.

2. UNDERSTAND THE POLICY The insurance policy is a legal contract. It is therefore expected that we take our time to understand or seek professional help to appreciate the contract. You may not necessarily need a lawyer, but a broker or agent can be very helpful.

Regardless of the convenience of using technology to facilitate the process of acquiring an Insurance policy especially in this period of the Covid-19 pandemic, the terms and conditions are still pretty technical, hence the need to understand them well. Some key information you need to look out for are: • Details of who is insured • Details of coverage, i.e. inclusions and exclusions • The commencement and ending date

• •

The amount of premium to pay Details and instructions on filing a claim or reporting a loss.

Insurance Companies are described as very conservative, but the Covid-19 pandemic has introduced a whole new level of technological innovations for Companies to adopt.

I am optimistic that as the Industry embraces new technologies, there will be development of various applications to keep clients well informed about their policies.

In my next article, we shall look at a simple breakdown of some of the commonly used terms in Insurance policies. There is a saying that knowledge is power, so acquire more knowledge and be empowered to take Insurance. Please stay safe and exercise care on the road because every life matters to their family and the nation.

Elsy Adadey is an experienced Insurance Professional with extensive expertise in Business Operations, Corporate Communication, Marketing and Event management. She is a member of Chartered Insurance Institute, UK. Email: kobels99@ yahoo.com

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Digitizing cocoa farming to increase youth resilience to COVID-19

hysical interactions are less desired as cases of the COVID-19 pandemic surge in many countries. This has the potential to limit farmers’ access to inputs and extension support services, which play a major role in enhancing farm-level productivity and improve farmers’ incomes and livelihoods. Under the Next Generation Cocoa Youth programme (MASO), Solidaridad has adopted digital tools to deliver good agronomic practices and production support information to encourage young farmers to remain in cocoa production during the pandemic.

The MASO programme, funded by the Mastercard Foundation, seeks to train and mentor young people between the ages of 18-25 in cocoa-growing communities to enable them to engage in cocoa farming and related businesses in order to promote sustainable cocoa production and improve their livelihoods.

The programme piloted the deployment of Interactive Voice Response platform (IVR) in 2019 to reach young cocoa farmers for realtime feedback on their experiences, learning and practices for additional support where necessary. The IVR platform is compatible with basic feature and android phones.

It allows the target audiences to receive pre-recorded messages in real time without the need for physical interaction.

Promoting good agricultural practices Amid the COVID-19 pandemic and the attendant restrictions on movement, Solidaridad is able to maintain contact with the young cocoa farmers using the IVR platform to raise awareness on the disease.

Under the MASO programme, Solidaridad has deployed the IVR platform to engage 8,191 youth on good agricultural practices, such as land selection, land preparation, line and pegging, weeding, pruning and the right application of fertilizer.

The messages are prepared and disseminated in local languages to promote understanding among the young farmers. The platform is also used to assess farmers’ understanding of the messages delivered and to identify and plug gaps.

The MASO programme seeks to reach 13,000 youth with climatesmart agricultural practices by the end of June this year through the IVR platform.

Providing relevant skills Under the MASO programme, training and mentoring of the youth also occur. This is to provide them with entrepreneurial skills and financial literacy to enable them to establish and scale-up profitable cocoa ventures. Relevant training on financial literacy and leadership are also provided to the youth via the IVR platform.

“Currently, training contents on financial literacy and leadership have been developed. The contents are being packaged for deployment via the IVR platform,” says Philip Kankam, programme manager of MASO. The platform comes in handy for the conduct of a needs assessment on young people who are recruited onto the programme.

The assessment enables the programme team to develop tailor-made content for the newly recruits.

Inculcating savings culture in beneficiaries An essential part of the MASO programme is the Youth Savings and Loan Association (YSLA), which is geared towards inculcating the culture of savings in young cocoa farmers and entrepreneurs. To this end, the Interactive Voice Response platform is being used to engage the youth to enhance their financial literacy and to save and reinvest in their businesses.

Curb Gender-Based Violence MASO also focuses on gender in its delivery. Through this, young women and men are equally encouraged to venture into cocoa farming, and also receive education on reproductive health and rights. As parents spend more time at home with their children as a consequence of some of the measures to contain the spread of the disease, there are some reported cases of gender-based violence in some cocoa-growing communities.

The MASO programme is using

the IVR platform to sensitize families against violence and other domestic abuses. Additionally, the programme is developing training content on gender inclusivity.

Other actions to respond to COVID-19 Aside from deploying the IVR platform to sensitize project beneficiaries on COVID-19 safety tips since March 2020, Solidaridad has provided 4,500 face masks and hand sanitizers to the MASO youth, to reduce the spread of the virus in the project areas. Also, 1,200 pieces of posters on COVID-19 safety tips for farmers have been printed and distributed to youth beneficiaries and their communities.

The programme has supplied 10,148 kilograms of maize seeds to 1,799 youth to plant on 2,537 acres of land. The aim is to build the resilience of the youth and their families amid the potential adverse impact of the pandemic on food security.

For Olivia Afoakwa, a 24-year-old beneficiary of MASO in Edwinase in the Ashanti region of Ghana, the supply of maize seeds, face masks and hand sanitizers give her the confidence that her household will be protected. “I am grateful to the MASO programme for supplying us with these items. We will not lack food or other essentials during this COVID-19 season”.

Stepping up the use of IVR Using the IVR platform, MASO will continue to engage its beneficiaries

on basic cocoa agronomy and related businesses, and share basic safety tips on COVID-19 for the benefit of the young farmers and their families. With physical training stalled due to restrictions on movement, the programme is also rolling out training manual videos on best agronomic practices for community facilitators who will be recruited. These training videos will be disseminated through WhatsApp — a text and voice messaging application.

About MASO MASO is a five-year programme which is focused on creating employment opportunities for the youth aged between 18 and 25 in Ghana’s cocoa-growing communities. The programme is part of the Youth Forward Initiative — a partnership led by the Mastercard Foundation, Overseas Development Institute, Global Communities, Solidaridad, NCBACLUSA and Goal.

Currently, in its final year of implementation, the Next Generation Cocoa Youth Programme (MASO) has trained and mentored over 11,000 rural youth across Ghana to become professional cocoa farmers and agricultural service providers in their communities.

Solidaridad implements the MASO programme in partnership with Ashesi University, Fidelity Bank, the Ghana Cocoa Board, Aflatoun International and Opportunity International Savings and Loans with funding from the Mastercard Foundation.

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Chinese Embassy Donates to the University of Ghana Medical Centre

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he Chinese Embassy in Ghana has donated large quantities of PPE’s and food items worth GH₵480,000 to the University of Ghana Medical Centre (UGMC).

The items included 15 ventilators with 60 nasal masks, 20,000 medical masks, 1,600 N95 masks, 120 protective suits, 100 medical goggles as well as nutritional items.

The delegation from the Chinese Embassy was led by the Ambassador, His Excellency Mr. Shi Ting Wang. The donation, according to the Ambassador was to assist the University of Ghana Medical Centre in its contribution to the country’s fight against the corona virus. He noted that in the face of COVID-19, China and Africa have withstood the test of a severe challenge and offered mutual support and fought shoulder to shoulder with each other. He said China was the first country to send medical supplies by chartered flight to Ghana; share experience in disease prevention and control; sent medical expert teams and provided anti-epidemic materials. He gave the assurance that the Chinese Government will continue to extend a helping hand to Ghana.

The Vice-Chancellor, Prof.

Ebenezer Oduro Owusu who received the items, expressed gratitude to the Chinese Embassy for the support. He lauded the efforts of the workers at UGMC and the Noguchi Memorial Institute for Medical Research (NMIMR) for their dedication and urged them to follow the necessary precautionary measures in the discharge of their duties.

Speaking at the ceremony, the Deputy Minister for Health, Dr. Bernard Okoh Boye, urged the general public to adhere to safety protocols in a bid to prevent the spread of the virus. According to him if Ghanaians are to win the war over COVID-19, then all safety protocols must be adhered to. Dr. Okoh Boye noted that Government’s greatest desire is to expedite the process of winning the battle over COVID-19 and to curtail further loss of lives. “To achieve this, there ought to be partnership not only from our friends in other countries but also from citizens as well” he added. He urged Ghanaians to trust institutions that are leading in the fight against COVID-19.

Present at the ceremony was the CEO of the UG Medical Centre, Dr. Darius Osei, Provost of the College of Health Sciences; Rev. Prof.

Patrick Ayeh-Kumi, other officials from the Chinese Embassy, Ministry of Health, UGMC and the University of Ghana.

Seeding Labs award brings boost to scientific research and learning at Ashesi

Ashesi University has been selected as a 2020 recipient of a Seeding Lab’s Instrument Access award.

Through the award, the University’s Engineering Department will receive scientific equipment from the Boston based NGO to support the University’s work in scientific exploration and research.

Seeding Labs makes high-quality laboratory equipment and supplies available to outstanding university departments and research institutes in emerging economies through the flagship Instrumental Access program. As one of the 18 awardees from 10 countries this year, Ashesi will leverage the tools for increasing science research - especially in bioengineering - and strengthen labs for teaching and learning.

“Our 2020 Instrumental Access awardees were selected for their potential to solve problems and change lives through science,” says Christina Viola Srivastava, Director of Programs at Seeding Labs. “We welcome them to our Instrumental Access network and look forward to working with each awardee to strengthen their infrastructure.”

Dr. Elena Rosca, who drove

the Seeding Labs application at Ashesi, has been helping build new Bioengineering courses into the University’s Engineering programme since 2017. After working with a team of students who won two medals at the 2017 International Genetically Engineering Machine competition in Boston, Dr. Rosca saw real potential in broadening access to bioengineering classes on campus.

“I was so impressed by how quickly our students, who had no background in molecular biology, were able to learn and apply the new knowledge,” shared Dr. Rosca.

“It was a strong example of effective learning, and seeing the student team’s success made me wonder how much more we could do in our labs and classrooms.”

The Engineering department has since taken steps to strengthen bioengineering research and learning, as part of a broader research push on campus. In 2019, the University completed construction for a Research and Learning Lab to support this push, and in 2020 a synthetic biology course was added to the Engineering

programme.

“The Instrument Access award will support the continued development of science research labs at Ashesi,” shared Dr. Rosca. “This will help us develop and introduce new science courses to our students, and also support the development of additional bioengineering research.

Most importantly, we are hoping this support will help us broaden our research impact in Ghana and beyond.”

With a call for more robust science research in Africa, and as the fight against COVID-19 highlights the critical role of higher education, the award also deepens Ashesi’s ability to contribute more effectively to this continental shift.

“In the face of COVID-19 and the need for more research into infectious diseases, Seeding Labs’ award will help us work more closely with some of the nation’s leading institutions both as a research and testing centre,” shared Dr. Rosca.

“We are also exploring possibilities for the study of infectious diseases while using synthetic biology to delve deeper into drug and health technology.”

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What the global pandemic response is missing

BY ANNE O. KRUEGER

A

fter ravaging the developed world, COVID-19 is now devastating developing and emerging-market countries, most of which lack the medical and financial capacity to combat the pandemic and its economic effects.

For advanced economies, the first line of defense has been social distancing, hand washing, face masks, and widespread lockdowns.

But for poorer countries, replicating this response is virtually impossible.

Housing tends to be overcrowded, and face masks and soap are scarce.

Moreover, water sources and sanitation facilities are often shared and situated in narrow alleys, and many poor people must leave their homes daily to access them or to purchase food. Hence, for poor people who live hand to mouth, an enforced lockdown amounts to a sentence of penury and possibly starvation.

Conditions in many parts of India illustrate the catastrophe that has been unfolding across developing and emerging markets. When Indian Prime Minister Narendra Modi declared a sudden lockdown in late March, millions of migrants lost work and were forced to return to their villages hundreds of miles away. With no means of transportation, they simply started walking, spreading the virus as they went.

Now that India’s lockdown has been lifted, and, with hospital capacity having reached its limits, even people presenting with severe COVID-19 symptoms are being turned away. The Washington Post reports that, “Before the pandemic hit, India had only 0.5 hospital beds per 1,000 people, … compared with 3.2 in Italy and 12.3 in South Korea.”

Mumbai, a city of 20 million, has just

14 intensive-care-unit beds available for COVID-19 patients. And yet, by the end of July, India is expected to have at least 500,000 cases, up from an estimated 30,000 today.

The circumstances are just as dire in many other developing countries. In addition to lacking hospital capacity, most have little or no productive capacity for personal protective equipment (PPE), medicines, and other critical supplies. And while advanced economies and international institutions are coordinating financial support and debt relief for developing countries, this shortage of essential goods has yet to be addressed.

Making matters worse, at least 75 governments have imposed restrictions or bans on exports of medical supplies, prompting importing countries to start investing in their own capacity.

Already, this is leading to a vicious circle in which export restraints encourage import restrictions and vice versa.

In normal times, markets would allocate these resources efficiently, with rising prices leading to lower demand and more supply. But that cannot happen in a global crisis; nor does it help simply to furnish developing and emerging markets with financing. Fresh funds would allow them to bid for supplies in global markets, but the effect would be to send prices higher. Ultimately, because the short-term supply of PPE and other products is inelastic, wealthier countries would crowd out the poor.

If distribution of a vaccine is left to the market, there will be an even more intense bidding war. Without some kind of allocation mechanism, demand would initially far outstrip supply, and the price would skyrocket. Moreover, while supply eventually would increase and price pressures would ease, there

would still be problems. If export restrictions persisted, the high-cost production facilities now being built would divert precious resources from programs to help the poor.

And because these facilities remain under construction, they won’t add any productive capacity during the period of acute price increases, just when it is needed most.

In the long run, the completion of these facilities would mean that more efficient producers in advanced economies could not resume the same level of sales to poorer countries. Those countries would have their own less-efficient medical supply industries, exporting countries would be left with excess capacity, and everyone would be worse off.

Avoiding such a wasteful outcome requires a mechanism for rationing scarce medical equipment until supplies have increased. Rich countries should not simply extend cash or loans to poorer countries to purchase what they need, because they will effectively be financing a bidding war against themselves.

Instead of money, countries that need medical supplies and equipment should receive goods in kind.

The international community, for its part, will need to agree on the criteria for allocating medical supplies, and then enforce them to prevent black markets from developing. Obviously, infection rates and public-health capacity (or the lack thereof ) should be the major factors guiding allocation decisions. But recipient countries also will need to agree to refrain from wasting scarce resources on building their own productive capacity.

Given that it already has most of the necessary data, the World Health Organization should take the lead on coordinating medical-

supply allocation. In an ideal world, everyone would receive the supplies they need without regard to their ability to pay. In the real world, vaccine developers and PPE producers must be able to count on some reward for their efforts, or they won’t undertake them in the first place.

With an allocation mechanism, at least such rewards would not be supercharged by a bidding war.

More important, governments in developing and emerging-market countries would be better positioned to resist protectionist pressures, and to expend their scarce resources on programs to ameliorate the pandemic and recession. If these governments have a voice at the table, the road to recovery will be much smoother, and the global production of medical supplies will be more efficient and equitable both now and over the long term.

Anne O. Krueger, a former World Bank chief economist and former first deputy managing director of the International Monetary Fund, is Senior Research Professor of International Economics at the Johns Hopkins University School of Advanced International Studies and Senior Fellow at the Center for International Development at Stanford University.

Copyright: Project Syndicate, 2020. www.project-syndicate.org

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Explaining China’s economic resilience

BY ZHANG JUN

W

idespread lockdowns and border closures aimed at combating the COVID-19 pandemic have interrupted global supply chains and largely paralyzed the global economy. Yet, the real weakness of today’s global economy is not the vulnerability of its globalized production networks, but rather souring attitudes toward globalization – and toward China in particular.

Fear of China’s growing economic clout drives many countries’ foreigntrade and investment decisions these days, and not only in the United States. Concerns about the dependence of global manufacturing on China have prompted calls to reshore production and cut the country out of global supply chains.

And the US is even threatening to stifle the Chinese economy through technological decoupling.

But China’s critics are mistaken in assuming that the country’s continued economic growth depends almost entirely on the maintenance of the global freetrade system and access to Western technology. Although China is undoubtedly an important global manufacturer, the real drivers of its economic performance over the last decade or so have been rapid growth in its huge purchasing power and fixed-asset investments – including in the country’s thriving technology sector.

The world has not yet fully appreciated the significance of the country’s inward shift of economic gravity away from “external circulation.” This is partly because many economists have instead been busy criticizing China’s investment expansion and highlighting the potential debt risks arising from it.

As a result, politicians in America and many other countries still think that the most effective way to contain China is to target its position in global trade and supply chains.

To be sure, China has so far been the largest beneficiary of economic globalization over the past decades, mainly because of its integration into the global free-trade system before and after joining the World Trade Organization in 2001.

Indeed, by the late 1980s, Chinese policymakers were advocating that the country use global supply chains and international markets to help it industrialize and accumulate capital. China thus took advantage of its abundant cheap labor and adopted a “both ends out” approach, importing parts and components in order to assemble finished products for export.

But Chinese policymakers have long since understood that this growth model could not turn China into a fully developed, high-income economy. In particular, the severe impact of the 2008 global financial

crisis on Western economies forced China to accelerate its “change of focus” by developing a more closely integrated huge domestic market and promoting growth driven by “internal circulation.” Such efforts have gained further momentum in recent years as a result of escalating trade frictions with America, and a recognition that China’s continued economic expansion requires overcoming structural imbalances.

China has taken several steps to correct these imbalances and boost domestic demand. For starters, it allowed the renminbi to appreciate against the US dollar for at least a decade after 2005, and began to open up its protected market to foreign firms in line with its WTO entry commitments. The government not only liberalized imports, especially of intermediate and capital goods, but also started allowing foreign penetration in financial markets and other non-tradable sectors. And by establishing an increasing number of free-trade zones, China has honored its commitments regarding foreign-portfolio investment and facilitation of cross-border capital flows.

Second, China has increased physical infrastructure and logistics investments at a rate of over 20% annually over the last 15 years, resulting in new and improved domestic highways, railways, airports, and harbor facilities.

During the last decade, for example, the country has built a high-speed railway network of more than 35,000 kilometers (21,748 miles).

Third, since the beginning of this century, the Chinese authorities have consistently supported the construction of large-scale information and communication infrastructure networks, and encouraged private enterprises

to innovate in cutting-edge sectors such as mobile payments, e-commerce, the Internet of Things, and smart manufacturing. This has helped to foster the emergence of many locally based international technology firms, including Alibaba, Tencent, and JD.com. And at the beginning of 2020, the government decided to launch a new round of large-scale investment in 5G base stations.

Finally, the Chinese government has actively promoted national strategic plans aimed at integrating domestic economic mega-regions and generating domestic demand.

This includes the construction of the Xiong’an New Area, where noncore functions of the capital will be moved from Beijing, and which will accelerate the development of the Beijing-Tianjin-Hebei triangle. In addition, the government has been developing the Guangdong-Hong Kong-Macau Greater Bay Area and is encouraging closer cooperation among 16 cities in the Yangtze River Belt. The Yangtze River Delta has been leading the economic integration process among mostly industrialized provinces, headed by Shanghai.

Likewise, two of southwest China’s most important urban centers – Chengdu, the capital of Sichuan province, and Chongqing, the main city on the upstream section of the Yangtze River – have been given incentives to create a “double-city circle” through closer economic cooperation. Furthermore, the freight railway to Europe from China’s west and southwest, and the “new land-sea channel” to the south, will not only boost the mainland Chinese economy but also help to stabilize global supply chains.

Indeed, despite the ongoing shift

in its economic gravity, China will certainly not have an incentive to disengage from global technology supply chains or retreat into isolation. On the contrary, it will remain an active participant in and contributor to global trade and investment. And in opening up more access to its domestic market to foreign investors, China will further support globalization by helping to correct global trade imbalances. Efforts to stimulate domestic demand will create further expansion and opportunities for domestic and foreign investors, thus boosting future global economic growth.

It is therefore naive to believe that forced technological decoupling, trade sanctions, or forced changes to global supply chains will put an end to China’s future economic expansion. If critics are too shortsighted to see this, it will be their loss.

Zhang Jun is Dean of the School of Economics at Fudan University and Director of the China Center for Economic Studies, a Shanghai-based think tank.Copyright: Project Syndicate, 2020. www.project-syndicate. org

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Africa is more resilient than you think

BY LANDRY SIGNÉ

D

espite apocalyptic predictions, Africa may be better positioned than many think to weather the combined shock of the COVID-19 pandemic, collapsing commodity prices, and global economic recession, assuming its leaders act wisely. While African economies’ performance has varied, overall progress during the last two decades has made the continent more resilient than ever before.

In my book Unlocking Africa’s Business Potential, I analyze the continent’s ongoing transformations and new economic opportunities.

Applying that analysis today, six trends in particular will help to reduce the impact of the current crisis.

First, African economies are becoming increasingly competitive.

Although the majority of African countries rank toward the bottom of the World Economic Forum’s 2019 Global Competitiveness Index 4.0, Mauritius, South Africa, Morocco, the Seychelles, Tunisia, Algeria, Botswana, Egypt, Namibia, Kenya, and Rwanda are all in the top 100. In addition, improved macroeconomic policies have enabled countries such as Ethiopia, Côte d’Ivoire, and Ghana to achieve significant GDP growth rates in recent years.

Second, Africans support the ongoing trend toward better and more accountable governance resulting from democratic elections, term limits, and increased civic participation. Over the last five years, Afrobarometer surveys have indicated that 68% of Africans prefer democracy, 75% support two-term limits for leaders, and 62% think that citizens must hold governments accountable, even if it slows down decision-making.

Recent political leadership changes and overall governance improvements reflect not only the vertical accountability that citizens exercise through elections. African countries have also made progress on horizontal accountability, involving government checks and balances, as well as what might be called diagonal accountability, or the effect of personal responsibility on institutions.

The third positive trend is demographic. Sub-Saharan Africa’s population is expected to increase from 1.1 billion to 1.4 billion by 2030, 2.1 billion by 2050, and about 3.8 billion by the end of the century. In 2030, over half of the continent’s population will be concentrated in seven countries: Nigeria, Ethiopia, the Democratic Republic of the Congo (DRC), Egypt, Tanzania, Kenya, and South Africa. The first four will each be home to more than 100 million people.

The share of Africans with available discretionary income will also grow,

and is expected to surpass 43% by 2030. To support this trend, leaders should pursue policies that ensure that economic growth outpaces population growth, and that support the creation of quality jobs.

Effective pro-poor interventions are also essential.

Moreover, Africa is currently the fastest-urbanizing region in the world. By 2035, over half its population will live in cities, and by 2050, nearly 60% will. These cities’ concentrated skilled workforces and relatively wealthy consumer bases will offer attractive opportunities for investors.

And, in recent years, child mortality in Africa has declined while fertility rates have remained unchanged, thus creating a demographic dividend. Today, the continent has one of the highest dependency ratios in the world, owing to the large number of children under the age of 15. But by 2030, they will be Africa’s workers and consumers.

Fourth, Africa’s innovative and productive potential has already attracted substantial foreign investment and finance. In the agriculture sector, for example, European, Chinese, Saudi Arabian, South Korean, and Indian companies are investing billions of dollars to buy or lease large areas of farmland. And countries such as Cameroon, the DRC, Ethiopia, Kenya, Madagascar, Mozambique, and Senegal are growing a variety of exportable produce, including flowers, lentils, palm oil, rice, sugar cane, bananas, and corn.

Though the COVID-19 crisis may weaken investment in the short run, the continent will attract higher investment inflows in the longer run.

Fifth, Africa continues to diversify its trade patterns. Although trade with China, the United States, and the European Union still accounts for more than 30% of the continent’s

total imports and exports, emerging trade partners are taking ever larger shares. For example, Africa’s trade with Brazil, India, Indonesia, Russia, and Turkey more than doubled between 2006 and 2016.

Furthermore, the African Continental Free Trade Area – a single continent-wide market for goods and services, with free movement of capital and people – entered into force last year, with 54 countries on board. The AfCFTA’s operational launch, however, has been delayed, due to COVID-19.

Once fully operational, the AfCFTA will likely transform the structure of African economies by moving them away from low-productivity, labor-intensive sectors and toward higher-productivity, skills-intensive industrial and service activities. And by promoting intra-African trade, the agreement will foster a more competitive manufacturing sector, promote economic diversification, and encourage firms to benefit from continent-wide economies of scale.

In short, the AfCFTA will enable countries to reduce poverty and accelerate their development by unlocking business potential and creating desperately needed and better-paid jobs.

Last but not least, African firms and countries are well placed to benefit from the Fourth Industrial Revolution (4IR), which is being driven by new digital technologies such as the Internet of Things, artificial intelligence, biotechnology, and 3D printing.

By integrating 4IR technology into their current operations, companies will be able to leapfrog legacy infrastructure, strengthen Africa’s health-care systems and response to infectious disease, revitalize public-sector support, and establish mutually beneficial public-private partnerships.

Africa is also benefiting from the rapid expansion of its mobile

broadband networks, which can attract investors to the information and communications technology sector. Kenya and Rwanda, for example, are implementing national strategies aimed at fostering technology adoption and innovation, while countries such as South Africa, Nigeria, and Egypt host a significant number of tech hubs. And creative entrepreneurs are launching a broad range of services to meet the needs of Africa’s citizens, with technology ranging from mobile applications for health care and agricultural finance to 3D printing of titanium metal parts.

The short-term shock of the pandemic and its economic fallout will have a significant impact across Africa. But the continent has a newfound resilience and will come back stronger, especially if African governments seize the current opportunity for effective leadership.

Landry Signé, a professor and co-director at Arizona State University’s Thunderbird School of Global Management, is a senior fellow at the Brookings Institution, a distinguished fellow at Stanford University, a World Economic Forum young global leader, and the author, most recently, of Unlocking Africa’s Business Potential. Copyright: Project Syndicate, 2020. www.project-syndicate.org

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