Business24 Newspaper 29th October, 2021

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FRIDAY OCTOBER 29, 2021

BUSINESS24.COM.GH

Friday October 29, 2021

AfDB extends US$75m loan to Ghana Infrastructure Investment Fund

NO. B24 / 267 | News for Business Leaders

Closing the gender gap in the banking sector

See page 5

See page 9

Traders Bank to begin next year—GUTA boss

By Eugene Davis ugendavis@gmail.com

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he President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, has announced that the first ever traders’ bank will take off sometime next year.

Speaking to Business24 during government’s presentation of an amount of GH¢2m (¢2,029,000) as emergency financial support to victims of the July 5, 2021 Makola fire outbreak, Mr. Obeng said: “We command the bulk of the Cont’d on page 2

The specialised bank will deal with the challenge of high interest rates that faces Ghana’s informal traders.

Analysts predict more oil exploration in Ghana

By Benson Afful

Mechanisation is key to selfsufficiency in rice production— MOFA

affulbenson@gmail.com

By Reuben Quainoo

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nalysts at Rand Merchant Bank (RMB) have said they expect further oil exploration in Ghana in the next few years, as oil production output is expected to pick up,

he Ministry of Food and Agriculture (MOFA) says mechanisation is a key service farmers need if Ghana is to become selfCont’d on page 3

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Editorial / News

FRIDAY OCTOBER 29, 2021

Editorial

Why the proposed Ghana Traders Bank could be a masterstroke!

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he virus pandemic has greatly affected the volume of lending to the business or commercial space.

With rising bad loan rates, banks are being cautious with depositors’ monies leading to scarcity of funding to the private sector.

But the pandemic has only added to an existing problem as access to cheap and ready capital for commercial activities has been longstanding challenge to businessowners and traders alike.

Although traders contribute the biggest chunk of the deposit base of banks, they mostly not get the desired benefits.

At a recent in Accra, president

of the Ghana Union of Trader Associations (GUTA), Dr. Joseph Obeng, revealed that plans were far advanced for the establishment of what will be known as the Ghana Traders Bank.

“Sometime where early next year, we should see something, because now the consultants have put everything in place and very soon it will be launched,” he said, adding “the traders want something much more to trade with –they want a mainstream commercial bank that is affordable, and that is what we are discussing with the Minister”.

According to GUTA, it has already consulted the Trade

Ministry on their plan to formalise their ‘susu’ kind of loan and make it innovative so that it could give loans to traders at affordable rates.

Access to finance is a key determinant for business start-up and growth for small businesses and for that matter, the presence of a dedicated bank to their cause is both timely and appropriate.

Without a doubt, the proposed Ghana Traders Bank could help to create an enabling and flourishing commercial atmosphere for all businesses including micro enterprises.

This is a good thing to say the least.

Traders Bank to begin next year—GUTA boss Continued from cover

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savings that we do in the country, and yet we do not get the benefits thereof. The mainstream banks are taking it all from us, and now an arrangement is far ahead for us to also establish Ghana Traders Bank. The Ministry [of Trade] has given us consultancy. We are going to formalise the ‘susu’ kind of loan and make it innovative so that we can give loans to ourselves at affordable rates.”

He added: “Sometime early next year, we should see something, because now the consultants have put everything in place and very soon it will be launched.”

Explaining further, he said: “The traders want something much more to trade with. They want a mainstream commercial bank that is affordable, and that is what we are discussing with the Minister.”

The specialised bank will deal with the challenge of high interest rates that faces Ghana’s informal traders.

The Micro, Small and Medium Scale Enterprises (MSMEs) informal sector constitutes the majority of businesses in Ghana.

Unfortunately, most informal traders lack access to finance

and other credit facilities, leaving them with no option than to rely on informal credit companies.

The Minister of Trade, Alan Kyeremateng, said the Ghana Traders Bank will provide competitively cheap loans for Ghanaian traders.

Speaking to the trading community at the Central Business District of Accra, he said such an ambitious intervention was long overdue.

On the financial support to the fire victims, he said it was

to mitigate the effects of the disaster on the traders and help them revive their businesses. The money will be disbursed through Consolidated Bank Ghana (CBG) to the victims.

The Minister underscored the important role trade and commerce play in the economic development of countries and restated government’s commitment to supporting traders and small and mediumscale enterprises.

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News

FRIDAY OCTOBER 29, 2021

Analysts predict more oil exploration in Ghana Continued from cover supported by higher oil prices.

“This year, the economy has shown a steady recovery, with the GDP print in 2Q21 at 3.9 percent, supported by performance in both the secondary and tertiary industries. Over the next few years, oil production output will pick up in the near term, supported by higher oil prices that should encourage further oil exploration in Ghana,” the analysts said in RMB’s Where to Invest in Africa 2021 report.

The analysts also revealed that there are similar expectations for gold production, which is supported by government efforts to curb illegal mining activity, thereby promoting the formal sector.

According to the author, RMB Africa Economist Daniel Kavishe, this year’s report assesses the extent of the pandemic’s impact

Energy Minister Dr Mathew Opoku Prempeh

by sketching the landscape of the continent pre-COVID-19, and then painting a picture of both its actual and potential outcomes through and post pandemic.

He said Ghana entered the current crisis on a relatively stronger footing than its African peers.

“The economy managed

to avoid a recession in 2020 and registered growth of 0.4 percent—outperforming the SSA economies, which contracted by 3.2 percent on average.

Based on the rankings, Ghana has further outperformed other West African countries in terms of its investment-attractiveness, emerging as the top destination, followed by Côte d’Ivoire, Senegal and Nigeria,” he added.

He said structurally, Ghana’s economy has seen major shifts over the past few years, positioning it for significant growth going forward.

This, he said, is supported not only by primary-sector industries like oil and gold but accelerated development in the tertiary sector.

We see the construction, agriculture, and services sector as the main catalysts for strong 4.2 percent average growth between 2022 and 2023, he added.

Mechanisation is key to self-sufficiency in rice production—MOFA Continued from cover sufficient in rice production.

Director of the Agricultural Engineering Services Division at the ministry, A. K. B Deyang, said quality mechanised tools for land preparation, planting and harvesting can greatly help improve the productivity of small-scale farmers, particularly rice growers.

He was speaking at a training programme organised by the John A. Kufuor Foundation and partners in the Volta Region for 120 machinery service providers and 120 machinery operators from 147 districts. The objective of the training was to equip them with the requisite knowledge and skills on proper handling and maintenance of agricultural machinery, as well as business development to enhance agricultural productivity.

The training forms part of a new phase of the “Public Private Partnership for Competitive and Inclusive Rice Value Chain Development: Planting for Food and Jobs (PFJ) Rice Chapter Project.”

The initiative, popularly called the Ghana Rice Project, is being rolled out by the Ministry of

Food and Agriculture, the John A. Kufuor Foundation, Hopeline Institute, Sparkx Farms, and Volta City Farms. It is funded by the Alliance for a Green Revolution in Africa (AGRA).

Mr. Deyang explained the initiative also seeks to link existing mechanisation service providers and interested farmer groups to government’s periodic highly subsidised mechanisation equipment and other flexible opportunities initiated by MoFA to strengthen their service delivery.

“We are here to assist farmers to grow; take this mechanization training home and make good use of it,” he told participants.

Ing. Eugene Moses Ababio, who is the National Training Coordinator at the Agricultural Engineering Services Directorate of MOFA, identified low technical skills as a major challenge militating against efforts to expand the provision of mechanised agricultural services to farmers.

He said the ministry has been importing mass agricultural machinery and equipment to support farmers under subsidised and concessionary terms. But poor handling and operation of equipment, leading to premature and frequent breakdowns, as a

result of low skill and technical knowhow of tractor operators has derailed the initiative, he added.

In order to fix this challenge, Ing. Ababio said the ministry is working with development partners to offer training directed at mechanisation equipment operators across the country.

“The Ministry of Food and Agriculture in collaboration with the John A. Kufuor Foundation and other consortium partners is helping train service providers across the country to help improve agricultural mechanisation in Ghana,” he said.

Abudulai Yakubu, an expert in agricultural mechanisation and facilitator of the four-day training programme, said the initiative is directly in line with the agricultural mechanisation strategy of the government of Ghana to modernise agriculture.

He indicated that the programme was designed to train, educate, and empower users of agricultural tractors and other farm equipment.

“It is expected that, at the end of the training, operators will demonstrate underpinning knowledge of the concept and operating principles behind the operations, functions and

proper adjustment of agricultural machineries and equipment,” Mr. Yakubu said.

“They will be equipped with requisite knowledge, skills and attitude to train especially their counterparts to apply the best practices of standard operating procedures in the use of agricultural machinery and equipment,” he added.

Programme Officer at the John A. Kufuor Foundation, Jude Bopam, said the availability of quality mechanisation services was a major challenge for smallholder farmers, especially those in the rice value chain, which had necessitated the intervention by the Foundation and its partners.

In all, 242 participants have been trained at both Wenchi and Adidome mechanisation training centres. Some 151 operators were issued with Driving Licence E by the DVLA under the programme.

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FRIDAY OCTOBER 29, 2021

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News

FRIDAY OCTOBER 29, 2021

AfDB extends US$75m loan to Ghana Infrastructure Investment Fund

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he African Development Bank’s Board of Directors has officially approved a $75 million commercial loan to the Ghana Infrastructure Investment Fund (GIIF).

The loan will enable the Ghanaian state-owned GIIF to efficiently leverage its paid-in equity capital of $325 million to secure additional debt resources to finance several critical Ghanaian infrastructure projects and reduce the country’s estimated multi-billion-dollar infrastructure finance deficit.

“This loan is an important step to anchor the sustainability of a national infrastructure financing vehicle in Ghana, a model we’d like to promote to bridge the infrastructure financing gap over the continent,” said Amadou Oumarou, African Development

Bank Director for Infrastructure & Urban Development.

Since 2016, the Fund has committed over 88 per cent of its equity investment capital towards several infrastructure projects within the transport, climate resilient energy, ICT and affordable housing sectors,

while successfully mobilizing over one billion dollars of private capital from both domestic and international sources.

In terms of development impact, the African Development Bank’s participation is expected to catalyse private sector-led infrastructure development,

expand access to infrastructure services in Ghana, and generate significant employment opportunities.

The African Development Bank’s support aligns with Ghana’s Coordinated Programme of Economic and Social Development Policies 2017-2024 and Medium-Term National Development Policy Framework (MTDF 2018-2021), as well as the African Development Bank’s TenYear Strategy, and High-5 strategic priorities.

As of July 2021, The African Development Bank has provided over $3 billion of financing for various projects in Ghana, of which over $600 million has been directed towards various road, aviation, and rail transportation projects.

Italy’s flagship Macfrut Exhibition 2021 comes off successfully

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he Macfrut 2021; Special Edition took place a few weeks ago in Rimini Italy where thousands of participants from the fruit and vegetables sector from all over the world gathered to share and transfer knowledge, make business partners, buy or sell agricultural equipment and so on. For several years Italy has been a world leader in Agricultural production and manufacturing and the Macrut Exhibition has been one of several events that opens Italy up to the world.

The Italian Embassy and the Italian Trade Agency in Ghana find that Macfrut is very important and plays a critical role alongside other similar events in their work in Ghana. Being as big an international event as it is, it presents itself as an ideal platform where companies from Italy and Ghana can very well relate and find complementary grounds for cooperation.

Due to covid restrictions in the past months, traditional activities of the embassy including organizing exhibitions and trade delegations has suffered but thankfully, these initiatives are picking up again. In the past year, the embassy carried out a technical and managerial training program in Ghana called Labinnova with support from GEPA and AGI. Over 40 exportoriented agribusiness companies from Ghana participated and

received guidance to be better prepared to deal with the EU markets, and the Italian one in particular.

With a growing demand from the Ghanaian companies to relate with Italian counterparts, particularly in technologies for fruit and vegetables value chain, the embassy organised a digital B2B event, named Ghana Italy Agrobusiness Digital Lab which took place in June 2021, and recorded a great success, with over 70 Ghanaian companies interacting with 27 Italian suppliers of equipment and solutions that can find immediate application in Ghana.

The identification of partners in Ghana is perhaps the most strategic part of their work here in Ghana. Their offices receive many requests of support from businesses wanting to connect with Italian counterparts, seeking solutions to upgrade their production and increase the added value created in Ghana.

On their side, Italian companies are also willing to engage with companies from Ghana, be it in the form of clients or local agents and dealers, when they have assessed basic requirements for a long-term relationship.

A key factor stands in the fact that Italian companies prepare to invest time and energy in the building of a relationship with their partners; they therefore seek for counterparts that show

a reciprocal commitment and reliability, which is going to bring benefits to both parties. In fact, the market share trends indicate that Made in Italy is expected to gain a larger share of the market.

The current market share of Made in Italy is below its potential, and therefore there are opportunities to catch, for those that will put in place appropriate strategies to penetrate the market. Today, technology is already what Italy exports most in the world and in Ghana, but it is interesting that Made in Italy gains in competitiveness when matters such as efficiency, reliability, customization, and flexibility of production are taken into account.

As per their mission of a Trade Promotion Agency, the Italian Embassy and the Italian Trade Agency in Ghana commit

themselves to any activity that helps to improve the knowledge of Italy in Ghana and of Ghana in Italy.

Consequently, opportunities for cooperation are huge, and they can be unveiled through a better mutual acquaintance, particularly at the level of professionals from both sides. The embassy will support and carry out activities related to training, field visits, and participation in professional events that allow the creation of new ties among entrepreneurs from Ghana and Italy.

For these and many more reasons, the Embassy and participants from Ghana at the just ended Macfrut are excited about the opportunities they’ve been able to tap in and look forward keenly to subsequent years exhibitions.

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FRIDAY OCTOBER 29, 2021

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News

FRIDAY OCTOBER 29, 2021

ISSER to launch state of Ghanaian economy report 2020 T he Institute of Statistical, Social and Economic Research (ISSER) of the University of Ghana is to launch the “State of the Ghanaian Economy Report (SGER) 2020” on November 02, this year.

The Institute will also review the third quarter of the 2021 Economic Performance of the country.

A brief on the event described the report as a comprehensive and independent eight-chapter report that discussed “performance of various sectors of the economy with an optional chapter focusing on a relevant sector of the economy.”

It said the optional chapter of the 2020 edition was on COVID-19 and social interventions in Ghana.

The brief said two more works by the Institute – impact of the COVID-19 Pandemic on Ghana-2021 and the COVID-19 Business Tracker Survey in Ghana, published in collaboration with

the United Nations Development Programme, would be unveiled.

ISSER is the research wing of the

College of Humanities, University of Ghana, and engages in policy relevant research with findings

intended to help policy makers on the best policy decisions to make for national development.

Nigerian digital bank Brass raises $1.7m funding to expand into Kenya and South Africa

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rass, a Nigerian digital bank that enables small and medium-sized enterprises to get access to upscale banking services recently announced that they have acquired funding of $1.7 million to expand its business in Kenya and South Africa, according to media reports.

The funding round was led by Ventures Platform and saw other participants like Hustle Fund, Acuity Ventures, Uncovered Funds, Olugbenga Agboola- CEO of Flutterstack and Ezra Olubi, CEO of Paystack.

One of the major challenges faced by small and medium-sized

enterprises in Africa is access to complete banking solutions.

Established in 2020, Brass provides small and medium-sized businesses with banking services that allow them to gain greater understanding and control over their money along with the ability to scale their business.

Sola Akindolu, co-founder and chief executive officer of Brass told the media: “At Brass, we’ve made some great strides over the last year in tackling one of Africa’s most critically underserved customer bases but with an estimated $5.1trillion credit gap globally, our work is far from over.”

“This is why we’re delighted to welcome on board a number of vastly experienced and strategic investors, whose expertise will not only play a vital role ahead of our expansion into South Africa and Kenya but also in our future ambitions outside of the continent.”

Till now, Brass has served thousands of businesses and helped disburse over $2 million in credit in 6 months of use. The company’s capital offers cash flow financing services to support fastgrowing businesses and has over 5000 customers ranging from malls, schools, and restaurants, and fintechs like Mono and Eden.

Global Business Outlook

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News

FRIDAY OCTOBER 29, 2021

SMEs asked to leverage eCommerce platforms to reach wider markets

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usinesses, particularly those within the Small and Medium-scale Enterprises (SMEs) space, must fully embrace eCommerce to be able to reach out to a wider market both locally and internationally, the Brand and Content Manager at Campus Connections Limited, Ms Suzzy Asare, has said.

“Although unfortunate, the outbreak of COVID-19 exposed the real relevance of eCommerce; it is time for businesses to fully leverage the benefits to remain competitive in the market,” she said in an interaction with the Graphic Business in Accra as she explained the value of eCommerce in turning around the economy and reaching a wider market locally and internationally.

According to her, to win and sustain the customer confidence, it was important for those using that space to ensure that what they sold to their customers were of quality to enable them to repose confidence in their business.

Ms Asare, whose company provides unique software and eCommerce platforms for vendors to sell a wide range of products online, mentioned some of the platforms Campus Connections provided as TopazFabrics - an online fabric shop, TopazMed – an online shop for the wholesale of pharmaceutical products

and medical equipment, TopazPharma – an online shop for the retail of pharmaceutical products and medical equipment, and TopazShop, among others.

According to her, within a short period since it started operations, the company was beginning to make inroads because of the quality of products on its platform.

“For most people, it is about buying and selling of goods and services using the internet from the comfort of their home, work, school, among others. But from our perspective it is about delivering value and comfort to the consumer and also helping sellers reach a wider range of customers than just normal walk-

in sales,” she said.

Ms Asare said for a developing country, Ghana was fast becoming an online trading destination because eCommerce was growing at a fast pace; hence, the need for people to embrace trusted platforms such as the Topaz range to leverage the benefits thereof.

About what people normally patronise online, she said: “I think fashion, electronics, phones and accessories, cosmetics, health and beauty, furniture, among others, dominate the demand.”

She said, as a result, the company had well positioned itself to offer the unique space where quality could be sold, adding that “We ensure that customers get value from the

right kind of businesses in the country.”

With scammers taking undue advantage of various online platforms to dupe unsuspecting clients, Ms Asare said security of platforms used must be taken seriously to avoid abuse.

“Our eCommerce platforms and software’s are 99.9 per cent secure and have failover and load balancing technology in place to maintain optimal performance for both the customer and vendor.

All data, records and reports are stored forever and are backed up several times daily.

“This is what all others must do in this space because this is very important and must not be taken for granted,” she said.

As to what makes their platform stands out, she said: “We have product group-specific online shops to make for better customer experience.

We can also assure our customers an up-to-date technology, 24/7 availability, reliability and convenience.”

With regards to what regulations or the government could introduce to make the space more secure, she said “I am sure folks with regulatory minds can figure that out. We are service providers, and we stand ready to comply with any regulations coming from the government.”

Huawei partners MoCD to train 20,000 SHS girls in cybersecurity at Ashanti Region

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uawei Ghana has partnered the Ministry of Communications and Digitalisation to organise a cybersecurity training for 20,000 Senior High School Girls in Ashanti Region under the first phase of its Seeds for the Future- Women in Tech programme aimed at empowering more women and girls in STEM (Science Technology Engineering and Mathematics).

The training which falls under the Ministry of Communications and Digitalisation’s National GirlsIn-ICT programme will engage 11 (eleven) schools at the senior high level to equip them on the fundamentals of cyber security and enable them stay safe in the cyber space.

Some beneficiary schools for the first phase of the training include Kumasi Wesley Girls Senior High

School, Yaa Asantewaa Senior High School, St Louis Senior High School, Serwaa Nyarko Girls, Kumasi Girls, Adventist Girls SHS, St Mary's Girls, Afua Kobi Ampem Girls, St Monica's, TI Ahmadiya and Prince of Peace Girls.

The second and third phase of the training will take place at the Central and Eastern Regions of Ghana respectively and it is expected to double the number of beneficiaries.

Speaking on the programme, the Deputy Minister for Communications and Digitalisation, Mrs. Ama Pomaa Boateng, mentioned that the initiative comes as part of efforts to continue empowering the youth with the technological skills they urgently need to thrive in the digital era.

She expressed the hope

that much enthusiasm would be generated amongst girls to enhance ICT education in the country.

The Director of Public Relations for Huawei Ghana, Mrs. Jenny Zhou in expressing the ICT giant’s delight in partnering with the Ministry's Senior High School Edition of the Girls in ICT program mentioned that Huawei will continue to provide support for initiatives targeted at empowering more females to take up roles in the tech space.

"In the digital era, the most important measure to bridge the digital gender gap is through education. Whether its college education or social training, we need to give women more opportunities to participate in the digital profession,” she said The cybersecurity training

which begun last Saturday, October 16, 2021 will focus on topics like Information Security, Cyber Bullying and Attacks, Child Online Protection Provisions in the New Cyber Security Act 2020, and tips on how to stay safe online.

The girls will also be sensitized on the need to report all cyber related issues to the National Cyber Security Authority by sending SMS the short code 292 for prompt response and assistance.

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Banking

FRIDAY OCTOBER 29, 2021

Closing the gender gap in the banking sector

By Pearl Amma Nkrumah

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quitable access to leadership roles in the financial services sector remains a passionately debated issue. Organizational culture and history seem to have contributed significantly to the current state of affairs.

In 2019, the proportion of women in leadership roles within the financial services firms was 21.9 percent, which is projected to grow to 31 percent by 2030—a figure still below parity.

Globally, the banking and finance industry/sector is male dominated, mainly due to the history of the sector. The history of banking can be traced as far back as 2000BC when merchants loaned off grains to farmers and traders.

This was mainly done by men because of the labour intensity involved. Although, the industry has evolved from a simplistic barter system to a modern complex, globalized, technologydriven, and internet-based e-banking model, the banking sector is still not gender balanced.

On the banking pyramid, it is noticeable that men are often at the top with women mostly occupying the base. This male dominance has led to a situation where decision-making is

skewed, posing major challenges in the sector. A key challenge is the inability to deliberately dilute the gender imbalance for the traditional setting of the banking industry.

Another challenge that confronts women in the g industry is what may be called “the Pause”.

The banking and finance industry is one of the ten fast changing industries and this fast-changing pace sometimes impacts women.

There is a time in a woman’s life where there are certain biological demands that may cause a woman to pause, but the world of work as currently set up, does not wait because a female worker must attend to her family and other needs.

The biggest barrier women face in the workplace is the traditional expectations that society places on them. This burden on women requires that they work and still meet their primary obligations as care givers at the home. Social norms and traditions as we know continue to confine women to the home. Sadly, it transcends to the workplace. Most women have a hard time breaking through especially with the few female representation.

Another is the limited workplace flexibility women have. Workplace flexibility can come in many forms. It may

be the opportunity to have a flexible daily schedule that allows working from the office and from home. Most women report that balancing their work and family roles is the number one barrier to workforce participation.

Flexible work is therefore an enabler of gender equality which can reduce the barriers to fuller women participation in the workplace. With the gender gap remaining a crucial topic in the world of work, it is no secret that the financial services sector faces the same challenge, and this must be consciously addressed to close the gap.

Overcoming these challenges, although arduous, is possible.

I am an ardent believer in selfawareness; however, most women use it to their detriment. Women tend to self-judge and self-restrict not because we do not have the skills and capabilities, but because we place an important mark on others’ perception of us.

Hence, our inability to fully engage in networking activitiesa crucial tool for career success.

According to LinkedIn data, women around the world are 1438% less likely to have a strong network- one that is both large and diverse.

Despite the importance of solid work networking, most women often overlook its significance.

While it is essential to have your own voice, it is equally important to have a great support system at the workplace. I believe as women; we receive fewer promotions because we often do not have mentors and sponsors who will advocate for us.

It is important to have people who will speak on our behalf and give us the necessary resources to put us on the radar of careeradvancing relationships. The lack of social connections and inadequate networks is one of things that hinders women from advancing in their career.

Beyond identifying sponsors, women need to put in the work –work with the sponsor. It is paramount to be honest and candid with your sponsor, but it is equally important for them to know your skills and capabilities. Organizations should be deliberate in identifying the needs of their employees and providing them with resources to fill that gap.

A mentor helps you navigate your career either formally or informally with the goal of guiding the mentee’s career choices and decisions. A sponsor is a senior leader or other person who uses strong influence to help you obtain high-visibility

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Opinion/Analysis

FRIDAY OCTOBER 29, 2021

Tax the Rich!

By Peter Singer

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The taxation system has tilted toward the rich, and away from the middle class, in the last ten years. It is dramatic, and I don’t think it’s appreciated. And I think it should be addressed.”

So said the billionaire investor Warren Buffett 18 years ago.

He illustrated his claim by surveying his office staff: although he was then the world’s secondrichest person, he was paying a lower percentage of his income in taxes than his receptionist was.

Since then, economic inequality has only gotten worse, partly because of the rise of tech stocks that are immensely valuable but do not declare dividends.

In 2020, six of the ten wealthiest Americans – Jeff Bezos, Mark Zuckerberg, Warren Buffett, Larry Page, Sergei Brin, and Elon Musk – were major shareholders of corporations that do not pay dividends. Together, they were worth $500 billion, or 0.5% of total US wealth.

Last month, a paper from the White House, co-authored by economists from the Council of Economic Advisers and the Office of Management and Budget, estimated that America’s 400 wealthiest families, all of whom had wealth exceeding $2 billion, paid federal income tax at an average rate of 8.2% if gains in unsold stock are counted as income. The average American taxpayer paid 13.3% of their

income in federal tax.

The US budget deficit, as a percentage of GDP, is now at its second-highest level since 1945.

In poll after poll, Americans say that they want the rich to pay higher taxes, which would reduce the deficit and improve equity as well. Yet Congress does not raise taxes on the rich.

Consider the egregious “carried interest” loophole in the US tax code, which permits investment fund managers to pay lower tax on the fees they receive from their clients, as if those fees were capital gains, rather than income. President Joe Biden has said that he wants the loophole closed, but tax reform proposals must pass through the House Ways and Means Committee, chaired by Richard Neal. In 2007 Neal, a Democrat, supported an unsuccessful attempt to close the loophole. Then he started receiving big donations from the corporate sector, including $2.9 million for his 2020 campaign alone. Last month, the House Ways and Means Committee released its tax reform proposals.

Closing the carried interest loophole was not among them.1 The conclusion is inescapable: The United States is no longer a democracy. It is a plutocracy.

But countries in which money has less influence on legislation are also struggling to tax the rich. The Pandora Papers, released earlier this month by the International Consortium of Investigative Journalists, show

how wealthy people in more than 200 countries and territories are keeping their assets offshore, many of them to avoid taxes.

Among them was Brazil’s finance minister, Paulo Guedes, who has ultimate responsibility for raising the revenue his country needs, but who has moved nearly $10 million of his own and his family’s money to the British Virgin Islands. Andrej Babiš, the Czech Republic’s prime minister when the papers were released, claimed that his decision to put assets into offshore accounts involved no wrongdoing. The electorate may have been skeptical: he subsequently lost a close election.

When leaders of the G20, which comprises the world’s major advanced and emerging economies, meet in Rome this week, they are expected to endorse an agreement to tax large corporations at a minimum rate of 15%. The aim is to end a “race to the bottom” that has driven down corporate tax rates as countries compete to attract investment. But the agreement will be phased in over ten years and has significant exemptions.

Even for corporations that do not qualify for an exemption, the 15% minimum rate is lower than most firms based in developed countries pay.

Is there anything else that the G20 could do about the tax inequity between the rich and most working people? The economists Emmanuel Saez

and Gabriel Zucman of the University of California, Berkeley have suggested a wealth tax of 0.2% annually on the value of all publicly listed corporations’ stock. Such a tax, they note, is progressive, because the rich own a lot of corporate stock, and the poor own none. It is also difficult to evade, because the value of a corporation’s stock is public.

Moreover, Saez and Zucman point out that a wealth tax would not affect the availability of corporate finance, because publicly traded companies can issue more stock (slightly diluting the value of existing shares) and pay the tax in kind to governments, which can then sell the stock on the market. Extending the tax to large private corporations would also be feasible, using standard methods of valuation.

The opening of the global economy over the past 30 years lifted hundreds of millions of people out of extreme poverty, but it also enriched multinational corporations, which have been able to shift profits to wherever the corporate tax rate is lowest.

The G20 can take one step toward remedying that by accepting the proposed 15% minimum rate, but that will leave untouched the wealth that comes from startups that are not making profits but still have soaring stock prices.

The G20 countries can meet that problem by adopting a wealth tax along the lines Saez and Zucman recommend.

11 CONTINUED ON PAGE 9 assignments, promotions, or jobs. A coach guides one’s development, by focusing on soft and technical skills. Sponsorship and mentoring programmes can play an important role in raising women managers’ aspirations and confidence in their own abilities.

Often, high potential women are over mentored and under sponsored. There is no better time to be a woman than now. There is a lot of visibility around women issues. Women leaders need to hold other women accountable to pave way for the next generation.

This will include making sure that the right governance structures are in place.

Their actions should propel the next generation. This is not a competition between sexes but solely to improve gender inclusion.

Women are no longer in the shadows; we need to constantly educate ourselves so that we

FRIDAY OCTOBER 29, 2021

are prepared and ready to take up positions when we are placed in the limelight. We need sponsors who will advocate for us. Advocates who see our strong technical capabilities and competencies and great ability to shine in roles they are advocating for on our behalf.

Several women in leadership are making a conscious effort to pave way for young women to carry the torch. I am happy when I hear the accomplishments, big and small that women are making. Notable among such accomplishments is the appointment of Ngozi Okonjo-Iweala, in becoming the first woman ever and first African to head the World Trade Organization.

The industry has been grappling with gender diversity for years and a lot of the low hanging fruits have been picked. We are now faced with the difficult task of changing the cultural perceptions, tackling unconscious biases, and ultimately changing behaviors.

The limited number of women

in technology may add to the woes of women as technology is fast replacing some of the roles performed by women. It is therefore paramount for the finance industry to recruit, train, and re-skill women into these roles to close the gap that already exists. centers are also likely to be most at threat.

The next generation will need to unlearn the old traditional roles and ways of doing things.

They will have to re-learn to embrace the needed change to challenge the status-quo. With automation, many of the frontline roles traditionally held by women in bank branches are all being changed, and the next generation needs to be ready to take up more challenging roles and leadership positions.

Despite the many challenges faced by women in the corporate space and especially in the financial services sector, it is worth mentioning that great strides have been made to support women through instruments such

as legislative support, gender parity programmes and societal awareness.

The financial services industry is gradually making progress as it relates to gender balance in the workplace. Commitments to the UN’s programmes such as He4She may help change the narrative. To an extent, mindsets are shifting because of hard work and commitment, albeit very slowly.

Financial institutions must be intentional in ensuring that diversity is reflected at the decision table; like all other critical matters, leadership must be evaluated on their representation of male to female quota.

Gender inequality has plagued the world for far too long. The perception that “the financial sector is a man’s world” should be eradicated.

Pearl Amma Nkrumah Head, Main Markets Ecosystems

and

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News

FRIDAY OCTOBER 29, 2021

REGSEC sensitised on new Cybersecurity Act

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one-day capacity building and sensitisation programme on the new Cybersecurity Act, 2020 (ACT 1038) has been held in Koforidua, the Eastern Regional Capital.

The programme is to educate members of the Eastern Regional Security Council (REGSEC) on the new Act as part of events marking the National Cyber Security Awareness Month.

Addressing participants at the event, the acting DirectorGeneral of the Cyber Security Authority (CSA), Dr Albert AntwiBoasiako, said the Act which established the authority from the then National Cyber Security Centre (NCSC) would provide a comprehensive legal framework for the protection of critical information infrastructure of the country.

He said the Act was also expected to regulate cybersecurity activities including licensing of cybersecurity services, provide for the protection of children on the internet and develop Ghana’s Cybersecurity ecosystem.

He indicated that, Act 1038 was also targeted at positioning Ghana to prevent, manage and respond to cybersecurity incidents in view of the country’s digital transformation agenda which was very critical to the economic development, bearing in mind that economic growth was hinged

on a secured, safe and resilient digital environment.

Highlighting on the International Telecommunications Union (ITU) cybersecurity Index Ranking, Dr Antwi-Boasiako said Ghana has scored Ghana 86.69 per cent placing the country at the third position in Africa behind Mauritius and Tanzania.

Ghana’s current score of 86.69 per cent is a major progress from the previous ratings in 2017 and 2018 of 32.6 per cent and 43.7 per cent respectively.

He further commended the Eastern Regional Minister, Mr. Seth Kwame Acheampong, for his instrumental role in the passage of the Cybersecurity

Act as chairman of the Defence and Interior Committee of the Seventh Parliament.

The minister also lauded the government and the CSA for instituting October every year as cybersecurity month to create awareness on the cyber frauds and other cybersecurity issues.

He said he had a vision of establishing the Eastern Region as the ‘Silicon Valley’ of Ghana where Research and Development on Information Technology in the country would be championed.

He cited the Space Systems Technology Laboratory of the All Nations University's feat of launching the first ever satellite in the country to space and

the consecutive victories of the Methodist Girls High School, Mamfe Akuapem in the world ROBOFEST competition, all in the Eastern Region as proof of the region's potential and preparedness for this development.

H said the Eastern Regional Coordinating Council as part of ensuring the success of this vision, would soon launch a training programme dubbed “Training of Information Technology (IT) Personnel and IT Savvy citizens” to equip the citizenry with the necessary knowledge and skills that will ensure the country thrives in the digitalisation age.

Zipline celebrates 5 years in flight, surpasses 200,000 deliveries

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ipline, the global leader in instant logistics, is celebrating five years in flight since its launch in Rwanda in 2016.

The company, which on average makes a delivery every four minutes, recently surpassed 200,000 commercial deliveries, the most of any unnamed aircraft system (UAS) company to date.

This marks a significant acceleration over the last year after Zipline spent its first four years building to 100,000 deliveries.

“We set out five years ago with a goal to come as close to teleportation as possible—a goal many people found crazy at the time,” said Keller Rinaudo, co-founder and CEO of Zipline.

“Since then, we’ve shown not just that automated, on-demand delivery can work, but also that it can transform systems like healthcare to make them more resilient—and we’re just getting started.”

Zipline first launched blood deliveries in Rwanda in October 2016 and has since built the first and only automated, on-demand delivery service to operate at a multinational scale.

Its service offers a more sustainable alternative to traditional logistics systems, with one Zip producing about 30 times less CO2 emissions per mile than an average electric vehicle, according to Zipline estimates.

Today, the company delivers more than 200 different products, including supplies with complex storage and transportation requirements like cold chain products, has completed 37,000 emergency deliveries and transported more than four million doses of medical products, including 90,000 units of blood products and 3.5 million vaccine doses.

In recent months, the company has significantly expanded its footprint in Africa, signing new partnerships with the Cross River

and Kaduna States in Nigeria and closing an agreement to double its presence in Ghana to be capable of serving 90% of the country’s population.

The company has also played an integral role in responding to the COVID-19 pandemic, launching the first and only national-scale UAS delivery for COVID-19 vaccines. To date, Zipline has delivered more than 170,000 doses across Ghana.

The company has also partnered with Pfizer to develop and test an end-to-end delivery solution for cold chain products.

All told, Zipline has delivered millions of products to nearly 2,000 healthcare facilities.

“Over the last five years, we’ve established instant logistics infrastructure that is more practical, sustainable and scalable than anything that came before,” said Keenan Wyrobek, co-founder and CTO of Zipline.

“The 200,000 deliveries we’ve made over nearly 15 million miles of flight is a powerful testament to what we’ve built—and we are just getting started. I can't wait to share what's next.”

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Feature

FRIDAY OCTOBER 29, 2021

Shoulder the responsibility of a major country to advance world peace and development

By H.E. Lu Kun, Chinese Ambassador to Ghana

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n October 25, 1971, the 26th Session of the General Assembly of the United Nations adopted, with an overwhelming majority, Resolution 2758, and the decision was made to restore all rights of the People's Republic of China in the United Nations and to recognize the representatives of the Government of the People's Republic of China as the only legitimate representatives of China to the United Nations.

It was a victory for the Chinese people and a victory for people of the world. It came as the result of joint efforts of all peace-loving countries that stood up for justice in the world. It marked the return of the Chinese people, or onefourth of the world’s population, back to the UN stage.

The importance was significant and far-reaching for both China and the wider world. It signified that the UN had truly become the most representative and authoritative inter-governmental organization. It also opened a new chapter in China's cooperation with the UN. Over the past 50 years, China, with concrete actions, has lived up to the purposes and principles of the UN Charter, and has served as an important builder of world peace, the biggest contributor to global development, and a firm defender of international order.

For these 50 years, the Chinese people have demonstrated an untiring spirit and kept to the right direction of China’s development amidst changing circumstances, thus writing an epic chapter in the development of China and humanity. For these 50 years, the Chinese people have stood in solidarity and cooperation with people around the world and upheld international equity and justice, contributing significantly to world peace and development.

For these 50 years, the Chinese people have upheld the authority and sanctity of the United Nations and practiced multilateralism, and China’s cooperation with the United Nations has deepened steadily.

China has stood actively for political settlement of disputes through peaceful means. It has sent over 50,000 peacekeepers to UN peacekeeping operations, and is now the second largest financial contributor to both the United Nations and UN peacekeeping

operations. China has been among the first of countries to meet the UN Millennium Development Goals. It has taken the lead in implementing the 2030 Agenda for Sustainable Development, accounting for over 70 percent of global poverty reduction.

China has acted by the spirit of the UN Charter and the Universal Declaration of Human Rights, and earnestly applied the universality of human rights in the Chinese context. It has blazed a path of human rights development that is consistent with the trend of the times and carries distinct Chinese features, thus making major contribution to human rights progress in China and the international human rights cause.

From being the world's biggest recipient of aid to a contributor to global development, China has implemented several thousand complete projects and programs of in-kind assistance, over 10,000 projects of technological cooperation and human resources development, and provided more than 400,000 training opportunities, benefiting over 160 fellow developing countries.

It has launched the Belt and Road Initiative, creating the world's largest cooperation platform and a Belt and Road family of 141 countries and 32 international organizations.

This has greatly cemented and expanded gains in the common development of the world. From lacking medical and health resources to a pillar in responding to global public health crises, China has engaged actively in international cooperation against COVID-19, honored its important commitment of making Chinese vaccines a global public good and given a strong boost to building the global immunization shield. Not long ago, at the 76th Session of the UN General Assembly, President Xi Jinping proposed a Global

Development Initiative, with the hope that countries will work together to overcome impacts of COVID-19 on global development, accelerate implementation of the 2030 Agenda for Sustainable Development, and build a global community of development with a shared future.

The trend of the world, vast and mighty, prospers those who follow it and perishes those who go against it. Over the last 50 years, for all the vicissitudes in the international landscape, the world has remained stable as a whole, thanks to the concerted efforts of people of all countries.

The world economy has grown rapidly, and innovation in science and technology has kept breaking new ground. A large number of developing countries have grown stronger, over a billion people have walked out of poverty, and a population of several billion are moving toward modernization.

In the world today, changes unseen in a century are accelerating, and the force for peace, development and progress has continued to grow.

The world is at a new historical crossroads. It falls upon us to follow the prevailing trend of history, and choose cooperation over confrontation, openness over seclusion, and mutual benefit over zero-sum games.

We shall be firm in opposing all forms of hegemony and power politics, as well as all forms of unilateralism and protectionism.

We should vigorously advocate peace, development, equity, justice, democracy and freedom, which are the common values of humanity, and work together to provide the right guiding philosophy for building a better world. We should jointly promote the building of a community with a shared future for mankind, and work together to build an open, inclusive, clean and beautiful

world that enjoys lasting peace, universal security and common prosperity.

We should stay committed to mutual benefit and win-win results, and work together to promote economic and social development for the greater benefit of our people. We should step up cooperation, and work together to address the various challenges and global issues facing humanity.

We should resolutely uphold the authority and standing of the United Nations, and work together to practice true multilateralism.

We should respect the United Nations, take good care of the UN family, refrain from exploiting the Organization, still less abandoning it at one’s will, and make sure that the United Nations plays an even more positive role in advancing humanity’s noble cause of peace and development. China will be happy to work with all countries under the principle of extensive consultation, joint contribution and shared benefits to explore new ideas and new models of cooperation and keep enriching the practice of multilateralism under new circumstances.

A review of the past can light the way forward. Fifty years ago, H.E. John Kufuor, former President of the Republic of Ghana, voted for Resolution 2758 at the 26th Session of the UN General Assembly of.

We are extremely grateful for Ghana’s valuable support. As Ghana will assume the position of non-permanent member of the UN Security Council from next year, China looks forward to strengthening communication, coordination and mutual support in multilateral area with Ghana, jointly safeguarding UN's core role in international affairs, and working tirelessly to advance the noble cause of peace and development for humanity.

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Feature

FRIDAY OCTOBER 29, 2021

Restoring citizens' trust on climate change

By Werner Hoyer, President of the European Investment Bank

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he world must change how it tackles the climate crisis.

The current approach is too slow and risks falling short of our own targets for limiting global warming and mitigating its impact. And, no longer satisfied with political pronouncements, people are demanding action.

This popular unease is borne out by the European Investment Bank’s annual climate survey.

Some 75% of European Union citizens, 69% of Britons, and 59% of Americans say they are more concerned about the climate emergency than their governments are. And roughly half of those surveyed say the difficulty in solving the climate crisis is primarily due to government inactivity.

For those of us steering public organizations, these findings should be seen as a dire warning.

If citizens stop trusting their governments to do something about climate change, many might conclude that there is no hope and give up. Governments then would face an even tougher task gaining public support for the policies and programs that are vital to our future.

We cannot allow that to happen. The remedy for a lack of public confidence is to invest massively in concrete climate projects and innovations, starting immediately. Climate action represents a tremendous business opportunity, and policymakers must be savvy enough to embrace it. The upcoming United Nations Climate Change Conference (COP26) in Glasgow will serve as a major test of the credibility

of governments’ commitment to effective action. The whole world will be watching.

For its part, the EU is leading the way with major commitments, including a pledge to reduce its greenhouse-gas (GHG) emissions by 55%, relative to 1990 levels, by 2030. And as the EU’s climate bank, the EIB is at the forefront of this effort, with commitments to support €1 trillion ($1.16 trillion) of investment in climate action and environmental sustainability by 2030.

We are in the critical decade for addressing climate change and biodiversity loss. In all the countries surveyed, large majorities (93% in China, 81% in the EU, 74% in the United Kingdom, and 59% in the United States) consider climate change the biggest challenge of this century. Yet there is a lack of public faith in our chances of meeting current goals. In the EU, 58% of citizens believe their country will fail to cut carbon emissions drastically by 2050, compared to 55% in the UK and 49% in the US. Does this mean our citizens are resigned to environmental disaster? Not yet. A small majority of EU and British citizens believe a radical change in habits is the best way to counter climate change.

But technological innovation will be needed to enable those adjustments, which aligns with the views of survey respondents in the US and China about the best way forward.

In any case, investment trumps behavioral change. In 2020, unprecedented pandemicinduced restrictions on mobility and economic activity caused a 5.8% drop in global GHG emissions. That might look

like good news, but it’s really a measure of just how challenging it will be to achieve similar reductions every year from now on.

We need a technological revolution, and when it comes, we must be prepared to finance it. Decades of investment in renewable energy have paid off. Wind and solar power are now highly competitive and widespread. If every driver in the EU switched to an electric vehicle tomorrow, EIB mobility experts estimate that existing wind turbines would be able to provide 85% of the electricity needed to power them.

Now, we must scale up gamechanging technologies like green hydrogen and advanced energy storage solutions. With 75% more patents in green digital technologies than the US (and four times as many as China), the EU is a world leader in this field. It also has expertise to share in areas such as renewable energy, climate adaptation, flood control, advanced weather forecasting tools, and resilient infrastructure.

Moreover, one-third of the €2 trillion contained in the NextGenerationEU recovery plan and the EU’s next longterm budget has already been committed to the European Green Deal. But, to rise to the challenge, we need a Global Green Deal that can mobilize the private sector’s full innovative potential and financial firepower.

By exporting its cutting-edge clean technologies, the EU can be the link between those organizing climate action, those pursuing innovation, and those managing economic development. These are the pillars upon which a

sustainable global economy will rest.

To be sure, there are potential downsides to the green transition, and addressing them requires immediate action. Those hit hardest by the move away from polluting industries will need to be supported through compensatory investment.

As we pursue technological breakthroughs, we must not neglect the need for continuing massive investment in mature climate technology such as wind farms.

Similarly, efficiencyboosting investments could make a major dent in the 35% of GHG emissions that comes from buildings – the single biggest energy consumers. And energy system integration (through a single market for energy) would go a long way toward achieving the EU’s carbon-neutrality target.

For policymakers, the imperative is to eliminate barriers to investment such as regulatory uncertainty and fragmented markets, particularly now that COVID-19 has created additional obstacles such as high private-sector debt. According to the EIB’s 2020/2021 Investment Report, 45% of EU firms plan to cut or delay their investment plans because of the pandemic.

The message from this year’s climate survey is clear.

Governments must act now if they are to retain the good will of their citizens. That means making immediate climate investment on a massive scale, with a major emphasis on innovation and the opportunities associated with building a new, reinvigorated economy. Europe, with its ingenuity and financial muscle, must be at the center of this global transformation.

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News

FRIDAY OCTOBER 29, 2021

COVID-19 and e-commerce in Ghana: the great shift to everyday products

…groceries and everyday essentials were the best-selling products on Jumia during the pandemic.

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hana’s leading e-commerce platform, Jumia, has 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 leverage Jumia for their needs using their smartphones. This shift is 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.

While the COVID-19 pandemic led to meaningful supply and logistics disruption, it supported demand for everyday product categories, fast-moving consumer goods and personal care categories in particular, which experienced strong growth on the Jumia platform at the onset of the pandemic. The effects of the pandemic, combined with dedicated commercial and marketing efforts on the Jumia side, led to a shift in our product category mix with everyday product categories including Fashion, Beauty and FMCG categories accounting for c. 57% of GMV in 2020, up from 44% in

2019.

“This index underscores how instrumental Jumia has become to the consumers in the countries we serve,” said Sacha Poignonnec, Jumia co-Founder and co-CEO. “It is an important move for the industry as e-commerce brings daily solutions, convenience, and competitive prices to consumers.”

E-commerce played an important role during the pandemic by providing solutions for both businesses and the communities they serve. Jumia’s partnerships with various brands and organizations have enabled SMEs to connect with millions of consumers online; “In Ghana, Jumia was in the forefront to support consumers' access to their daily needs, and many sellers used our platform to

keep their business running and even to grow. JumiaPay and online payments are the safest and most convenient method of payment with many Ghanaians using our payment platform for their electricity and water bills as well as purchasing insurance policies and airtime top-up. This has been of immense benefit to Ghanaians especially during the pandemic and will continue to shape our new lives’’ said Tolulope GeorgeYanwah, CEO of Jumia Ghana.

According to the United Nations Conference on Trade and Development (UNCTAD), internet businesses in Africa, including e-commerce which sits at the heart of the digital economy, could add US $180 billion to the continent’s GDP by 2025. “COVID-19 led to a surge

in the use of digital solutions, including e-commerce.

This was particularly demonstrated with domestic sales rather than cross-border e-commerce.

Food delivery, essentials, and pharmaceutical goods were among the top-performing online shopping categories,” said Torbjorn Fredriksson, Head of E-commerce and Digital Economy, UNCTAD. COVID-19 has accelerated the pace of innovation towards improving financial inclusion, especially the need for cashless payments.

“Consumers are increasingly shifting their spending habits to embrace contactless tap-and-go payments, online shopping, and are exploring the potential of new ways to pay,” said Ngozi Megwa, Senior Vice President Digital Partnerships, Middle-East and Africa, Mastercard. “The adoption of new payment technologies is rising, and consumer appetite for new, fast and flexible digital experiences continues to grow.”

Jumia has seen increased utilisation of digital payments on its platform. More consumers turned to JumiaPay for the first time during the pandemic, mainly for safety reasons and for the enhanced services on the app like bill payments.

Rebecca Foundation donates Covid-19 test kits

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irst Lady of the Republic and Executive Director of the Rebecca Foundation, Mrs. Rebecca Naa Okaikor AkufoAddo, has donated over 5000 Covid-19 rapid test kits to some selected health institutions in the country.

The test kits which were made available to the Rebecca Foundation by Abbott Laboratories Limited with support from Ghana Gas Company, are to enhance the capacity of the beneficiary institutions to detect early Covid-19 infected patients and administer the required treatment.

The beneficiary institutions are the Effia Nkwanta Hospital in the Western Region, Kaneshie Polyclinic in the Greater Accra Region, Kumasi Centre for Collaborative Research in the Ashanti Region, and the Cape

Coast University Directorate of Health Services in the Central Region, with each institution receiving one thousand (1000) packs of the test kit.

At a brief ceremony to present the items to representatives of the beneficiary health institutions on behalf of Mrs. Akufo-Addo, Director of Operations at the Office of the First Lady, Mrs. Akosua Newman said though Covid-19 vaccines have been developed and are being administered to the citizenry it is imperative that we continue to be on our guard by observing the safety protocols until we achieve our vaccination targets.

She said several countries across the world were still reeling from economic damages caused by the pandemic, with some experiencing food shortage and increased crime. She described

the rapid test kits as very important in stifling the growth and spread of the disease.

The Regional Director of Abbott Laboratories (West Africa), Ayodele Kofoworaba, said his company is happy to associate with the Rebecca Foundation in providing medical solutions to all who need them.

He said it has always been Abbott Laboratory’s mission to bring life-changing health technologies to the people who need them, stating that the company’s new “BinaxNow” Covid-19 rapid test kit, is just one of the company’s many breakthrough contributions in medical devices development and advanced health care.

On behalf of the beneficiary

institutions, head of the Cape Coast University Directorate of Health Services, Dr. Evans Ekanem thanked Mrs. AkufoAddo and the Rebecca Foundation for the donation, stating that for a disease like Covid-19 whose symptoms can lead to a misdiagnosis of Malaria, Typhoid Fever, or just stress, the rapid test kit will significantly enhance accurate testing, and subsequent accurate treatment.

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Maritime

FRIDAY OCTOBER 29, 2021

Expert tip Cybersecurity Act to safeguard maritime industry

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he Director in Charge of Legal at the Ministry of National Security, Osei Bonsu Dickson Esq. has indicated that the maritime industry stands to benefit greatly from the newly passed landmark Cybersecurity Act 2020, Act 1038. According to Lawyer Dickson, who is also the Coordinator for the Security Governance Initiative, with modern maritime industry inextricably tied to the use of information technology, the business is equally prone to cybercrime.

He said with e-based transactions on the ascendancy in the maritime and shipping industry to promote operational efficiency and increased profitability, it is imperative for players in this sector to concern

themselves with cyber security matters.

He said: With increased dependence comes increased

vulnerability. So, there is a reason to be worried”. “If you pick shipping for example, navigation has migrated to a digital space.

Port efficiency and effectiveness has been achieved by leveraging on things like the paperless initiative and other operations and processes that rely on e-transactions,” he added.

The National Security official however revealed that the new Cyber-Security Act provides resilience against potential cyber incidents recommending key response mechanisms.

The Ghana’s Cybersecurity Act, 2020 (Act 1038) was passed by the Parliament of Ghana on November 6, 2020 and assented

by President Akufo-Addo into law on December 29, 2020. It is a 68page document made up of 100 sections and 3 schedules.

The sections are grouped into 18 different subject headings.

Port actors to optimise partnerships to push IMO’s conventions on waste control

T GPHA boss makes strong case on economic value of Keta Port

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he Director General of the Ghana Ports and Harbours Authority, Michael Luguje, has argued that the Port of Keta, when constructed would be economically viable, due to the commercial dynamics in the maritime trade.

“Trade is not conservative.

Trade is always looking for access, facilitation, competitiveness, and convenience. In that same way, a shipping line investing its own resources in a port, like Lomé for example is still interested in investing in other neighboring ports.

This means they have worked out the economics and realized that concentrating in just one port would not be the best economically. They would rather be present in each port. Because each country has its special advantage,” he argued.

The GPHA boss said this at a stakeholder meeting with the Ben Kwao Group, an association of indigenes and ambassadors of the Keta township, who visited the Port Authority to acquaint themselves with the Keta Port

project.

“For Ghana, you would have the opportunity of having way more cargoes bound for Ghana in addition to ones bound for other countries. From the economic point of view, there are a lot of positives that prove Keta is viable,” Mr. Luguje further averred.

The Director in Charge of the Keta Port Project, Dr. Alexander Yaw Adusei, said the port project is of utmost priority to the Ghana Ports and Harbours Authority, but asked interest parties to exercise patience as such a mega project takes calculated processes to be successfully executed.

“The major part of a port project is planning. At this point we are willing to listen to all suggestions that can help make the project a success for the people of Keta and the Volta and Oti regions. So, we need to unite as a family to get this project done.

This is the closest we have come to realizing this project,” Dr. Adusei said.

he MARPOL 73/78 Convention requires States Parties to ensure the provision of adequate reception facilities in ports to handle operational and domestic waste discharge from vessels in an environmentally friendly manner.

To this end, the Ghana Ports and Harbours Authority in carrying out that mandate in conjunction with licensed private environmental waste management companies to provide efficient services to vessels calling the port. However, these procedures are impeded by some bottlenecks borne from the fragmented nature of institutions carrying out their sole mandates in the port.

To reach workable solutions, a stakeholder engagement has been held among these key institutions in the port on the provision of port reception facilities under the MARPOL 73/78 convention.

Officials from the Ghana Ports and Harbours Authority, Ghana Maritime Authority, National Petroleum Authority, Customs Division of the Ghana Revenue Authority and private waste management companies met to assess how to adjust their operations to create the desired synergy necessary to implement the IMO convention while delivering on their institutional mandate.

Speaking at the forum, the General Manager, Estate and Environment at GPHA, James

Benjamin Gaisie, explained that improved collaboration is geared at the ultimate goal of vessels being able to discharge waste at the port without delay.

“We thought is wise to bring these stakeholders together to discuss openly to fashion the way forward to run these facilities smoothly without any hitches.

This is because the vessel would not want to be delayed when it comes to the port. It wants prompt services.”

The Executive Coordinator for Ports Environmental Network Africa (PENAf ), Dr. Harry BarnesDabban, facilitators of the forum, praised Ghana’s ports for staying in line with International Conventions and called for increased capacity building for sustainability. Dr. Barnes-Dabban said, “Ghana’s ports are already on course.

The port took an initiative ahead of the state by implementing the convention. Now the focus should be updating the skills and knowledge. And also, because it affects other stakeholders, the need to institutionalize stakeholder governance.”

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WEEKLY MARKET REVIEW FOR WEEK ENDING OCTOBER 22, 2021

CONTINUED ON PAGE 21

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NO. B24 / 267 | NEWS FOR BUSINESS LEADERS

MONDAY MAY 3, 2021

FRIDAY OCTOBER 29, 2021

5 Influential women to speak at maiden Women in Charge Conference

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he maiden edition of Women in Charge Conference (TWIC), which seeks to equip women, build successful careers and raise godly families, has been slated for 27th November this year.

The conference is expected to host more than 500 women from all walks of life to come together to seek the face of God, share experiences and ideas that will educate, empower and equip them to serve God wholeheartedly.

The educative conference will be held at the Christ Square of the Pleasant Place Church along the Spintex road, Accra.

Among other prominent speakers to be present at the conference include: Lady Rev. Adelaide Heward-Mills, Dr. Joyce Aryee, Mrs. Ellen Hagan and hosted by Lady Olivia Titi-Ofei.

Attendance is free and all participants are to register via www.mypleasantplace.org/twic

SMT commits to customers, stakeholders

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MT Ghana has pledged its commitment to support its customers and stakeholders in the construction industry with the right mining and construction equipment, and services to promote the industry.

Speaking at an open house event at Tarkwa in the Western Region yesterday, the Managing Director (MD) of SMT Ghana, Mr Alex Dutamby, underscored the need for regular engagement with clients and stakeholders as that was key to the company’s operation.

He said regular engagement afforded SMT the opportunity to solicit for feedback and to provide the right support.

He described the Tarkwa visit as appropriate since the town was a mining area where most of their equipment including the quality Volvo brands were in operation.

“Our Volvo and SDLG equipment are very good on rough and harsh environment. This is the terrain for our products where we can express the potential of the machines, so we are happy to be here in Tarkwa, the hub of our

customer base.”

Mr Dutamby gave the assurance that the company will continue to partner its customers so they can continue to succeed in their projects with the Volvo brand and other flagship products provided

by SMT Ghana.

SMT Ghana, he reiterated, had invested in three key areas including the SMT network, with four branches across the country (Accra, Tamale, Tarkwa, and Kumasi) to ensure customers were closer to the product and could easily access aftersales service as well.

“Finally, our partnership with Volvo Equipment, Volvo Trucks, Volvo Bus and Volvo Penta is to offer a very reliable product to our customer,” he said.

Presenting the Volvo Products and SDLG equipment, the Sales Director at SMT Ghana, Mr Felix Ofosu-Kontoh, stated that the uniqueness of the company in providing the total product segmentation right from building to mining with strong partnerships from the Volvo Group, Dressta, Sennebogen (port handlers),

SDLG and Dongfeng Trucks to ensure customers’ needs were met to grow their businesses.

In an interview with the media, Aftersales Marketing Manager at Volvo Construction Equipment, Mr Jean-Philippe Delebecq, commended SMT Ghana for what he described as a state-of-theart promotion the Volvo Group would expect from a dealer.

Mr Jean-Philippe recommended “SMT Ghana as the dealership

well structured with the right solution for Ghana’s mining and construction industry. This is because they deal with great products.

“Volvo, for instance, has a strong spirit of engineering and aims at becoming a major stakeholder in the construction equipment world in the market. A strong product and strong service support,” he said.