Business24 Newspaper 13th December, 2021

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MONDAY DECEMBER 13, 2021

BUSINESS24.COM.GH

Monday December 13, 2021

Africa's Covid-19 recovery will be the slowest among the world – AfCFTA Secretary General

NO. B24 / 286 | News for Business Leaders

The big issues for 2022

See page 5

See page 7

VALCO expansion plan to be put before Cabinet by Q1 next year

By Eugene Davis ugendavis@gmail.com

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he CEO of the Ghana Integrated Aluminium Development Corporation (GIADEC), Michael Ansah, has confirmed that documentation and memoranda in respect of strategic partners for aluminium company VALCO have been prepared and should be sent to Cabinet by the first quarter of next year.

Government is looking for domestic or international partners to support the restoration and upgrading of VALCO, the stateCont’d on page 2

Government is looking for domestic or international partners to support the restoration and upgrading of VALCO.

BoG Gov.: Banks have barely scratched the surface of digitisation

By Eugene Davis

Ghana has recorded 9 pirate attacks since 2020—CJ

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hana has since 2020 recorded about nine pirate attacks in its territorial waters in the Gulf of Guinea. Six out of the nine incidents took place last year, with three taking place between January and June this year, Chief Justice Kwasi Anin Yeboah has said.

ugendavis@gmail.com

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he Governor of the Bank of Ghana, Dr. Ernest Addison, has urged banks to deepen financial services to include the unbanked in the financial services digitisation drive.

According to him, despite the phenomenal increase in Cont’d on page 3

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Editorial / News

MONDAY DECEMBER 13, 2021

Editorial Alarm bells on rising threats of piracy keeps ringing

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oncerns over the spate of pirate attacks closer to the nation’s territorial waters keeps increasing by the day with various stakeholders urging swift action from governments of ports states along the Gulf region.

Data show that more kidnappings took place in the Gulf of Guinea in the first two months of 2021 alone than the entire first quarter of 2020 as piracy and other sea-related crimes continue to be a menace along that stretch of the Atlantic Ocean.

The Gulf of Guinea accounted for nearly half of all reported piracy incidents in the first three months of 2021, according to the latest figures from the ICC

International Maritime Bureau (IMB).

Quite disturbingly, about nine of these attacks were recorded within the country’s territorial waters.

IMB’s latest global piracy report records 38 incidents since the start of 2021 – compared with 47 incidents during the same period last year. In the first three months of 2021, the IMB Piracy Reporting Centre (PRC) reported 33 vessels boarded, two attempted attacks, two vessels fired upon, and one vessel hijacked.

An unsafe trade route comes with dire consequences across the entire maritime value chain, the more reason this menace must be tackled with the full

force it deserves.

Aside the harm to lives, other foreseeable risks of rising piracy on Ghana’s import and export business will be evidenced in costs.

The situation could drive up freight rates as a result of our Exim trade routes being at risk, insurance premiums will also go up due to increased risks and all surcharges on security whether at port or at sea will have to be passed down to end-consumer of imported goods.

The maritime sector has made some good gains amid the resurging pandemic and we cannot afford to backtrack on our sustained efforts at trade facilitation.

VALCO expansion plan to be put before Cabinet by Q1 next year Continued from cover

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owned smelter, to reach a production capacity of 300,000 tonnes per year by 2025.

According to GIADEC, the first phase of the upgrade will increase production to 180,000 tonnes per year, while the second phase will raise production to 300,000 tonnes per year. VALCO has a nameplate capacity of 200,000 tonnes per year, but currently it produces only 60,000 tonnes per

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Michael Ansah

year as three out of five potlines are offline.

Speaking with the press at GIADEC’s end-of-year lunch, Mr. Ansah stated: “We have announced that we are looking for a strategic partner to partner us to develop VALCO, and this is a US$600–700m-type retrofitting that we have to do.”

GIADEC’s four main projects comprise Project 1, which entails the expansion of the Awaso bauxite mine and establishment

of a bauxite refinery. Project 2 also deals with the development of a mine at Nyinahin/Mpassaso and the development of a refinery solution, while Project 3 seeks to develop mines at Kyebi and Nyinahin, and build a refinery. For Project 4, the plan is to focus on the modernisation and expansion of the VALCO plant at Tema.

The four projects together will require private sector-led investments of up to US$6bn.

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News

MONDAY DECEMBER 13, 2021

BoG Gov.: Banks have barely scratched the surface of digitisation Continued from cover electronic payments, with the Covid-19 pandemic injecting a lot of vigour in the financial services digitisation space, more needs to be done by banks.

Speaking at the Chartered Institute of Bankers Ghana (CIBGH) 2021 Annual Bankers’ Dinner in Accra on Saturday, he said: “I dare say, however, that we have barely scratched the surface for financial service digitisation, because most people still do not have access to such services.

Cash transactions still dominate the retail payment space despite the availability of various digital financial products and services.”

He said the increasing use of smart phones is leading to complex digital financial products and services, adding that “we as stakeholders must leverage these positive headwinds to develop and implement digital strategies to spur growth in the digital financial services sector.”

Touching on the state of the banking sector, Dr. Addison said the sector has been transformed following recapitalisation and

comprehensive regulatory reforms, which repositioned the banks with strong capital buffers before the pandemic set in.

In the first 10 months of the year, total banking sector assets increased by 16.1 percent year-onyear to GH¢173.8bn, while total deposits grew by 17.2 percent on an annual basis to GH¢117.4bn, supported by strong liquidity flows.

The Governor however encouraged banks to increase their efforts in the area of private sector credit, disclosing that it contracted by 0.8 percent yearon-year in October 2021. “As regulators, we expect that as the

growth momentum gains traction, supported by the Covid-19 vaccination efforts, private sector credit should rebound.”

Looking into the future, Dr. Addison said the banking sector outlook remains positive, with results from the November 2021 test showing a banking sector that remains resilient to mild and moderate credit risk and liquidity stress conditions. Nonetheless, he cautioned that the potential effect of a prolonged pandemic on the sector, particularly in asset quality, needs to be monitored carefully to inform policy.

Positive outlook for 2022

He also stated that the economic outlook for 2022 remains positive, although there are potential risks which should be closely monitored, “in particular the uncertainty surrounding food prices, petroleum price adjustments, and the potential second round effect of these are likely to exert inflationary pressures in the offing.”

The Governor also added that the country is at a point “where there is no room for policy forbearance on all levels, otherwise the huge financing burden will unravel the anchor and erode the gains that we have made in the last four years.”

The President of the Chartered Institute of Bankers Ghana, Rev. Patricia Sappor, asked banks to prioritise the recruitment of chartered bankers to drive growth and performance.

“It is also my desire to see many women participate in leadership discussions and take up roles at the senior management levels in our various institutions. I encourage my fellow women to be bold and aspire for these positions to champion this agenda to fruition,” she said.

Ghana has recorded 9 pirate attacks since 2020—CJ Continued from cover These attacks were mainly on ships transporting bulk petroleum and ships carrying exotic goods, he explained, describing it as a “worrying phenomenon.”

Delivering a keynote address at the 13th Maritime Law Seminar for judges of the superior courts, organised by the Ghana Shippers’ Authority (GSA), the Chief Justice stated that due to contemporary happenings in the sector, it is imperative to elaborate on critical areas of maritime law, which include piracy and terrorism, bills of lading and transport documents in use in international trade and arrest of ships, and judicial sale and distribution of proceeds, to the understanding of lords and lady justices of the superior courts.

“In the course of adjudicating some of these matters, the issues of arrest of ships, judicial sale and distribution of proceeds would arise, and therefore my lords and lady justices would have to be well equipped to deal with them in a manner that would stimulate economic growth,” the Chief Justice emphasised.

Justice Anin Yeboah expressed gratitude to the international shipping transport services for their sacrifices to make sure that more than 80 percent of global trade all over the world is kept resolute despite the challenges associated with Covid-19, indicating that, “for the maritime, shipping and logistics sector, the challenges have been enormous.”

Touching on the relevance of the sector to economic growth, he said: “Shipping is the most effective and cost-efficient method of international transportation for goods; it provides a dependable, low-cost means to transporting goods globally, facilitating commerce and helping to create prosperity among nations and peoples.”

As part of the two-day event, justices of the superior courts will tour Tema. The experience is to bring to the fore the peculiar nature of seaborne trade and transport and to give a practical disposition to the realities of executing court orders in the maritime sector.

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MONDAY DECEMBER 13, 2021

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News

MONDAY DECEMBER 13, 2021

President Akufo-Addo 'tackles' critics of Free SHS

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resident Nana Addo Dankwa Akufo-Addo says the Free Senior High School policy, introduced by his administration in September 2017 is currently guaranteeing that all Ghanaian children receive a minimum of Senior High School education.

According to President AkufoAddo, “five (5) years on following the implementation of the Free Senior High School programme, which has guaranteed a minimum of Senior High School education for 1.6 million Ghanaian children, I want to state, without any equivocation, that I am very proud of the policy and of its results thus far.”

Speaking at the 70thanniversary celebration of the Tamale Senior High School (TAMASCO) in Tamale, on Saturday, December 11, 2021, the President stressed that the experiences of developed nations have shown that the most efficient way to create a society of opportunities, and, thereby, guarantee the future of a nation, is by investing in education and skills training of the youth.

“There were some who described Free SHS as “a waste”;

some said it would “destroy our Ivy League Schools”, and some indicated that the policy was going to compromise the quality of senior high school education.

None of these have happened, and I am sure they have eggs on their faces now, or should have, President Akufo-Addo stated.

Without an educated populace, he stated that, Ghana cannot transition from the status of a developing to a developed nation, adding that “it is the people of Ghana, Ghanaians like you and I, and especially the youth of today, who are going to build Ghana.”

The results of the 2020 and 2021 WASSCE results, the President stated, give further evidence of why the Free SHS policy has been a success so far.

He continued, “The 2021 WASSCE results of the second

batch of the “Akufo-Addo graduates” shows 54.08% of students recording A1-C6 in English, as opposed to 51.6% in 2016; 65.70% recording A1-C6 in Integrated Science in 2021, as opposed to 48.35% in 2016; 54.11% recording A1-C6 in Mathematics, as compared to 33.12% in 2016; and 66.03% recording A1-C6 in Social Studies, as compared to 54.55% in 2016. Lest we forget, the 2021 batch of students were the pioneers of the double track system, which elicited a lot of vilification and unfounded criticism on its introduction.”

Another indication of the value of the Free SHS policy, he stated, is the dramatic increase in the percentage of students from TAMASCO, who have qualified to attend University.

“In 2015, it was 29.2%; in 2016,

it was 31.4%; in 2017, it was 34.7%; in 2018, it was 31.3%; in 2019, it was 46.3%; and in 2021, it was 45.8%. Surely, Chairperson, there can no longer be any controversy about the validity of the Free SHS policy and its consequential measures. It is working,” he said.

The President, thus, appealed to all Ghanaians to “forgo partisan, parochial considerations, which confer little benefit, and all agree that Free SHS has to be a part of our national educational architecture, for, at least, a generation, if not forever. Our nation will clearly be empowered and enriched”.

Commitment to Education Reinforcing his commitment to ensuring the provision of quality, relevant education, President Akufo-Addo told the gathering that the government has introduced the teacher licensure regime aimed at professionalising teaching, and bringing it in line with international best practices.

Thus far, the National Teaching Council has issued some one hundred and twenty-nine thousand (129,000) licenses to teachers.

Africa's Covid-19 recovery will be the slowest among the world – AfCFTA Secretary General

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ecretary General for the African Continental Free Trade Area (AfCFTA), Wamkele Mene, has disclosed that Africa’s recovery from COVID-19 will be the slowest among world regions due to limitations, fiscal constraints, monetary policies, insufficient support and the slow vaccine rollout.

The pandemic has caused significant disruption, hardship and nearly every aspect of people’s lives have been affected in almost two years since its onset. The effect of the outbreak continues to weigh heavily on national economies. Moreover, the African continent is expected to transition from the COVID-19 induced recession of 2020.

The expected growth rates of 3.4 and 4.5% in 2021 and 2022, respectively.

Speaking at the 2021 Kusi Ideas festival organised by the Nation Media Group (NMG) in collaboration with the Ghana Tourism Authority, under the theme “How Africa transforms after the virus” Mr. Mene said, “There is a major need for African countries to step up and accelerate efforts towards transformation of our economies, diversified export markets, inclusive and sustained

patterns of economic growth”.

“It is pertinent at the outset to recall that the different times in the different phases of the pandemic, there were significant disruptions to supply chains and better machines, as well as the imposition by others on Africa, trade restrictions and export bans, particularly on materials that are required to fight the pandemic,” he said.

In order to address these challenges, the AfCFTA Secretariat in collaboration with the MasterCard Foundation is developing a private sector strategy, focusing on four initial priority sectors of value chains agro processing, automotive sector, pharmaceuticals, transport and logistics, which are based on the potential for import substitution and existing production capabilities in Africa.

“These value chains have the potential to contribute over $11 billion annually in production and over $5 billion annually in intraAfrican trade, more than double the current contribution of these value chains to intra-African trade today. This increase in production and trade has the potential to create over 700,000 jobs. 55% of which would be for women and

young people. We believe that this private sector strategy will enable our businesses to make sound decisions where to invest in developing the AfCFTA”, he said.

Furthermore, Mr. Mene underscored the importance for Africa to produce its own vaccine to ensure citizens are fully protected from the virus.

“Many developed countries procured five times more vaccines than they require. They are taking about a third booster for themselves. And so, the hoarding of these vaccines by developed countries points to the urgency of the task at hand and that is for Africa to be able to manufacture vaccines not only for this pandemic, but also for future pandemics, which we know will come at some point in time”.

For his part, Dr Wilfred Kiboro, Chairman, NMG, said the festival was a pan-African initiative to provide a platform to explore the place of Africa in the world today and create a body of ideas that looked into the future of the continent with the objective of understanding to work together to manage the risk of its transformation and take advantage of the opportunities on

the continent.

“We have had the dream of connecting the East to the West and we are going to see how we can have a convergence of ideas. The festival aims to create advantage and collaboration of brilliant African minds to create the opportunity for them to be heard on a continental level and globally,” he said Dr Kiboro said it was sad that six decades after most African countries fought for and gained independence, Africa continued to be treated contemptuously by the whole of the world.

“We need to put our minds together to see how Africa can succeed on the global stage and to play its role. It is a shame that as a continent we continue to ignore, procrastinate and fail to implement good ideas. We continue to shoot ourselves at the foot, set up long term barriers in and between our countries that impede domestic, regional and intra Africa trade, leaving the continent in perpetual poverty.”

The Kusi Ideas festival seeks to build a “Pan African ideas transaction market” to capitalize on the opportunities and innovations available to Africa to help her win in the 21st Century.

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Comment/Analysis

MONDAY DECEMBER 13, 2021

The big issues for 2022

By Jim O’Neill

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ith the calendar year drawing to a close, the parlor game of pretending to know what will happen in the next 12 months has begun. Yet when it comes to 2022 (and beyond), I am not sure whether it is worth even pretending. I cannot recall a previous time when there were so many big question marks looming over so many key economic issues.

This deep uncertainty is especially intriguing with respect to financial markets. Should any of several developments to watch take a negative turn, the implications for today’s elevated markets could be dire.

Among the most urgent and topical issues, other than COVID-19, is inflation. Are this year’s price increases transient, or do they represent something more ominous? My useless answer is, “I don’t know.” Although I did suggest at this time last year that inflation would become a bigger issue than weak GDP growth, now, as I look ahead to 2022, I am far less sure.

Much of today’s inflationary pressures could still relate to the speed of the recovery in many economies, and, of course, to large, still-persisting supply disruptions. But the supply shortages themselves may be symptoms of bigger problems, such as economic overstimulation, ineffective monetary policies, or weak productivity

growth. The implications for financial markets would be quite different depending on which of these factors are at work, and to what extent.

Many other big questions for 2022 are related to inflation as well. What is the purpose of monetary policy in today’s economy? Should we still worry about government debt levels, or have we discovered (by some fluke) that we never needed to worry about this? I am generally open minded, but I do have some strong suspicions in this particular debate.

On fiscal policy and the idea that government debt becomes problematic at some precise level, the events of 2020-21 have demonstrated that much of the conventional thinking was wrong.

Far more important is what the debt is for. Debt incurred to prevent a collapse in economic activity is quite different from debt incurred simply to fund an overly ambitious government’s agenda.

On monetary policy, it was clear even before the pandemic that the post-2008 world of endless central-bank generosity had outlived its usefulness. We have long needed to get back to a relationship where inflationadjusted interest rates bear some resemblance to potential GDP growth rates.

While excuses can be made for a brief suspension to manage a major shock like COVID-19, the persistence of ultra-loose monetary policies seems

misplaced. As acolytes of Milton Friedman contend, these policies may even be responsible for the recent surge of inflation. It is rather convenient that after years of struggling to achieve higher inflation rates (near or above their stated targets), central banks now have chosen to regard inflation as temporary.

In fact, central bankers have no better idea than you or I do about whether inflation will last.

But even if it does turn out to be transitory, the justification for a generous monetary policy is increasingly dubious. After all, by creating loose financial conditions, central banks are contributing to the growing suspicion that the fruits of modern capitalism are primarily for those privileged few who own assets.

Quietly looming over these issues is the central question of productivity growth, which has been disappointing across most advanced economies for many years. Do pandemicdriven behavioral changes and innovations herald the long-awaited return of robust productivity gains? I have one foot in the optimistic camp, which is partly why I do not see the need for so much monetary stimulus. But, given the persistent disappointments of the past decade, I cannot confidently plant both feet there. As always, policymakers are touting an intention to do more to boost productivity. One hopes they are more serious now than they have been in the past.

As if these challenges and unknowns were not tricky enough, there is also a long list of non-conventional macro issues to consider. Whether the increasingly important Chinese economy can be better integrated into the global economy remains to be seen. It is anyone’s guess what twists and turns the pandemic will take. Will Omicron quickly become the new dominant variant, or will it be supplanted by yet another one?

And what about other major threats such as the silent pandemic of antimicrobial resistance or the risks associated with climate change? As matters stand, it seems unlikely that voters – particularly older cohorts on limited or fixed incomes – will tolerate repeated hikes in energy price, even if they are a necessary feature of the transition to cleaner alternatives. As I recently suggested, policymakers will need to think creatively about how to deal with this problem.

Yet another major issue is global poverty, which has started to increase again over the past two years. Eliminating this scourge would appear to be an even bigger challenge than the energy transition.

Finally, there is the pervasive uncertainty about global governance. Unlike in the 2008-10 period, when the G20 proved so effective, there has been almost no meaningful progress on global economic cooperation in 202021. Let us hope that 2022 brings a vast improvement on this front.

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Feature

MONDAY DECEMBER 13, 2021

2022 Budget Statement: The controversial e-levy is part of the new normal rebuilding strategy

By Palgrave Boakye-Danquah

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he exigency of the times we find ourselves demands that as a people, we desist from seeing and doing things in the same old manner when we were in normal times. There is this catch phrase, ‘new normal’, which has come to be associated with the deadly pandemic Covid-19 when it plagued and continues to torment the global economy.

It is therefore imperious and ideal that we join hands together and work to elevate ourselves out of this world crisis. The minority in parliament must as a result, in the spirit of nationalism and patriotism, stop the adversarial antics against the 2022 budget and support the revenue mobilization innovation (e-levy) in the 2022 budget statement. It is not as if they have an alternative means except to suggest an IMF bailout which they trumpeted even before the budget was read in parliament on November 17, 2021.

Consequently, selflessness and collective effort from their quarters would be the sure way to go in this era of new normal.

It is not the stint to exhibit apathetic, pessimistic attitudes and sentimentalities, but to always express and embrace optimism, possibilities and hope and to assure ourselves that there is light at the end of the tunnel if only we are willing. It will shock us to learn that we are out of this dire situation even before we know it, and that we will start seeing things as it were before if only we will all resolve to put our shoulders to the pulley.

The phrase ‘new normal’ implies that we brace ourselves up to adjust and adapt to the new ways of doing things if we really need to survive in this unpredictable global business environment brought about as a result of the corona virus pandemic. By adapting and adjusting, we will see and take advantage of the opportunities presented by the new normal.

Whereas the threats therein would also be avoided. In this new world, our mindsets and perspectives as a nation requires to be renewed to avoid becoming an economically stagnated country.

Times and world trends are constantly on the run – we have to chase it up. It has even become too obvious in this period of corona virus pandemic. The world is not waiting for us (Ghana) to catch up with the rest (other countries) before they can carry on with their economic development agenda.

In a covid business environment, behold, all things have become new, old things have passed away.

But if we do not realize this to see the need to change our ways, it will become very difficult for us as a nation to thrive economically.

The proposed scrapped road toll is enough evidence that government wants to do things anew in order to be effective and efficient. We should remember that change is not all the time a bad thing but how we see it to

be. The e-levy will help offset the GHC78 million scrapped road toll per year and even add more; let’s support it.

I have said this somewhere, I will repeat it here and again elsewhere, that the survival of nations’ economy in this new uncertain global business environment depends on how best these nations can creatively and innovatively mobilize resources to strategically position themselves to champion their economic forward march; otherwise, it will be a very difficult adventure trying to survive without a coherent plan. Normally, countries do not have much of control on the external business environment – they manage the circumstances whether good or bad.

However, on the contrary, the internal environment (territorial integrity) is fully under the control of governments. So, usually, the prudent thing to do all the time when countries

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9 CONTINUED FROM PAGE 8 are hit by crisis in the external environment is to look within to capitalize most on their internal strengths while they work to improve on their weaknesses so long as it is done in accordance with global standards. When this is perfectly done, it will become visible the external opportunities to take advantage of and at the same time, the threats there are to avoid.

Even before covid-19, Ghana’s economic administration was beset with a lot of challenges and inefficiencies. But then, practical efforts were being made to reverse and to correct the situation.

There was a very huge informal sector which had proven not to be healthy for our economic growth for the simple reason that people constantly evaded taxes. And even as we speak, they are still evading taxes because their activities whatsoever could not be traced nor identified; making it extremely difficult for successive governments to mobilize the needed revenue for development purposes.

Successive governments have mostly resorted to borrowing; which is the easy way out and have overly relied on aids, grants and other forms of foreign support to finance the nation’s economic activities.

Now, on the threshold where we stand, borrowing has become unsustainable. A sovereign nation like Ghana cannot forever rely on aids, grants and handouts; hence, the Ghana beyond aid vision. Production levels are so low. In effect, there is an imbalanced relationship between our exports and imports; creating trade deficits at all times on the country’s current accounts – a situation government is

MONDAY DECEMBER 13, 2021

relentlessly working to correct because it is economically unsustainable.

We therefore have to determine to do something for ourselves irrespective of how difficult it would be. Come to think of it; the aids, grants and handouts that we constantly receive from our benefactors were equally raised from the taxes of our benefactors.

We do not even know how these countries raised these funds to be given to us – but we accept it when it is given to us. Why can’t we also do same to become a blessing to others? From what I know, ‘’blessed is the hand that giveth than the hand that taketh’’.

It is Ghana we are building and are therefore required to take some necessary difficult paths since most easy ways sometimes lead to perpetual destruction.

Ever since 2017, government has introduced policies that is geared towards making revenue mobilization difficulties a thing of the past in Ghana. Government has actualized the National Identity Card system, rolled out Mobile Money Interoperability system, the Ghana Post GPS system and now, the digitalization drive; look at the coherence and the policy interdependence.

All these policies were being implemented or worked at long before the global crisis (covid-19) came about; policies the former president said did not make any sense to him. These same policies are what have become the corner stone for our economic survival in this covid-19 era. Government is now seeking to leverage on these assets to disentangle the nation from the global economic hardships brought about by the pandemic and same is being kicked against by the same person and his cohorts. Is it that they do not understand the strategy? Or

they are just politicking?

The E-levy is part of the new normal rebuilding strategy.

Let us support it rather than to castigate against it. Vice president Bawumia speaking at the launch of NPP manifesto on Saturday, August 22, 2021, intimated that government is looking at the time when your NIA card number will become your Tax Identification Number (TIN).

This is the move to formalize the economy in order to help minimize the difficulties that is associated with tax revenue mobilization. This also means that, in the new normal, one will by all means fall within the tax net threshold. The tax net will automatically be widened. The vice president at the same event indicated that about sixteen million cards had been issued as at then. And even went further to state that ‘’sixteen million population is just enough for an economy’’. Understandably, it is a well thought through strategy, unless you don’t get it.

Again, in his recently held lecture at the Ashesi University on digitalization, the Vice president was able to link digitalization to the economy and even portrayed how the economy would become worthless in few years to come without digitalization, especially in this era of the new normal.

Therefore, in my candid opinion, the E-levy is not a scheme by government to over burden citizens with taxes. After all, what would be the benefits of that apart from what government would do with the tax revenue for the betterment of all?

Instead, it is part of a grand strategy to move the country up economically to be prosperous, confident and self-reliant. It is not the delight of government to just tax citizens. In the old normal,

government would just go on borrowing to finance projects. But in the new normal, government seeks to devise innovative ways of mobilizing revenue aside borrowing. From where we stand currently, borrowing is not even a lucrative business to venture – our debt to GDP ratio is not a favorable one. In effect, let us see the need to support this effort by government and stop the partisan propaganda communication around the e-levy conversation.

Point of clarification: the E-levy is not only about mobile money as it is being described.

It is about every commercial service rendered online in the new normal. As we are all aware, almost every service, public and private is going online or becoming digitalized. This what the critical thinkers have analyzed to see where the country can cash-in. It is also where those with critical eyes are looking to position Ghana appropriately.

Are the critics of this E-levy policy proposal suggesting that the e-services should be tax free because they are done online?

The conversation around the e-levy proposal must rather come in to help fine-tune it to be better and acceptable to all than to brand it to look monstrous in order to get rid of it entirely. The over concentration of the conversation on mobile money services is what is causing the seeming public outrage on the e-levy proposal.

Let the discourse center on the broader perspective rather than limiting it to just mobile money just to cause public disaffection for government. After all, it is about the wellbeing of Ghana and not about any individual or group of individuals. And if government wanted it to be solely on mobile money, it would have said so; it was named e-levy for a reason.

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News

MONDAY DECEMBER 13, 2021

Nutrifoods launches new Perk Butter Shortbread

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lam’s Nutrifoods Ghana Limited, the country’s leading manufacturer and marketer of biscuits, has announced the introduction of a new shortbread cookie into its range of popular Perk biscuits brand ahead of the Christmas season.

The new arrival, the Perk Butter Shortbread, is the result of an extensive internal and external consumer research initiative, intended to offer Ghanaian consumers that special sought-after buttery taste in good shortbread cookies, officials at Nutrifoods told journalists at a launch event today.

Mrs Kabuki Owusu Atakorah, Category Manager of Perk Biscuits said: “Shortbread cookies are generally loved by Ghanaians; that explains why there are quite a number of imported brands on the market. Most people usually wait for special occasions to enjoy a pack of shortbread, but as a leader in the biscuit segment, we at Nutrifoods have decided to respond to the needs of the Ghanaian consumer by producing their favourite cookie locally, so they may enjoy it every day at an

affordable price.”

Perk Butter Shortbread joins existing perk biscuit variants like Perk Milk Shortcake, Perk Choco Shortcake, Perk Strawberry Shortcake and Perk Milkrich cookies on the Ghanaian market.

“Perk Butter Shortbread offers the consumer an indulgent, buttery and tasty biscuit that easily melts in the mouth,” said Mrs Owusu Atakorah, adding that the new product’s attractive and premium packaging takes on from the recently refreshed brand visuals featuring a new logo and

golden swoosh but comes in a contemporary deeper blue shade.

“As a company that believes in anticipating the current and future needs of our consumers, we will continue to delight them with tasty and accessible biscuits that meet their everyday need,” said Mr. Jay Anjaria, Vice President and Head of Marketing of Nutrifoods Ghana.

“Nutrifoods Ghana believes in world class products that are developed to meet established Ghanaian consumer palate; and more importantly, manufacturing

the biscuits locally helps us generate employment,” observed Mr. Amitabh Coomar, Senior Vice President and Business Head, Nutrifoods Ghana Limited.

Perk Butter Shortbread comes in an 81gramme pack and is available in all traditional markets, supermarkets, neighbourhood groceries and mini marts nationwide at a consumer price of Ghc 4 .00.

Nutrifoods Ghana Limited is the leading biscuit manufacturer in Ghana, producing an assortment of the most popular biscuits in the country, including household brands like Royal King Cracker, Milky Magic, Royal Digestive and the Perk range of cookies.

The company recently invested US$8.25 million in the expansion of its factory at Tema, upgrading the capacity of the facility with new state-of-the-art production equipment and technology.

The expansion has consolidated Nutrifoods’ position as the number one biscuit producer in Ghana. It has more than 40% market share and an unbeatable benchmark in quality, producing international standard products for local market tastes.

H&M Timber and Hardware Limited opens new showroom

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uppliers of quality construction and finishing materials H&M Timber and Hardware Limited have opened a new showroom on the Spintex Road in Accra.

The one-stop trading company deals in products and services such as Medium Density Fibreboard (MDF), marine plywood, construction tools and finishes, furniture manufacturing - office desk and filing cabinet, TV unit, bed, wardrobe, kitchen, MDF cutting/edging and others.

The Managing Director of the H&M Group, Charles Hanna said most products and materials in the showroom are made in Ghana, emphasizing that the move was inspired by the government's One District One Factory (1D1F) Initiative.

He said, “We listened to the customer demands in this growing economy of Ghana and we decided that we had

the capacity to establish a one stop place where customers can walk in with their concept for a personal or work space and walk out with the knowledge that their dream idea will be executed. Now we have the state of the art factory and a stunning showroom.”

The Deputy Minister for Works and Housing Mr. Abdulai Abanga, in his address stated government’s commitment to supporting construction and manufacturing industries considering the key role they play in the nation’s development.

He commended the management and staff of H&M Limited for their positive impact in the manufacturing industry over the years saying, “There is no doubt that the Ghanaian construction and manufacturing industry as in many economies holds the key to the nation.

“They contribute to the national socio-economic development by

providing significant employment opportunities to non-skilled and skilled workers,” he added.

He noted that government is committed to providing the requisite support for the sector, to thrive and achieve its full potential to help grow the country’s national economy.

The deputy minister also made mention that the government has established the Real Estate Agency to help regulate real estate agency practice and commercial transactions which would include

the sale, rental, and leasing of real estate and related fixed assets.

He lauded the company for creating more job opportunities for young professionals and nonprofessionals in the building industry.

H&M's long-term goal is to become the biggest supplier in Ghana for quality construction and finishing materials by introducing more products and services and opening many retail outlets in Accra and across all the 16 regions of the country.

11

Energy

MONDAY DECEMBER 13, 2021

Managing energy crises in an age of climate disruption

By Jörg Haas, Lili Fuhr

A

recent report by Goldman Sachs reached a surprising conclusion: Over the past eight years, financial markets have been increasing the cost of capital for big, long-term, highcarbon investments in sectors such as offshore oil and liquefied natural gas. But when it comes to renewable projects, the “hurdle rate” – the minimum rate of return required by investors – has been declining. The difference is significant, translating into an implied carbon price of about $80 per ton of carbon dioxide for new oil developments and $40 per ton of CO2 for LNG projects.

Capital markets seem finally to be internalizing the message that high-carbon investments should carry a significant risk premium.

This insight has not emerged spontaneously. It is the result of many years of in-depth research, targeted analyses by groups like Carbon Tracker and the Institute for Energy Economics and Financial Analysis, pressure from investor alliances, hard-hitting NGO campaigns, and divestment decisions by foundations, churches, universities, and pension funds.

The shift in capital-market sentiment has been reinforced by political action. At last month’s United Nations Climate Change Conference (COP26) in Glasgow, nearly 40 countries and institutions pledged to end public finance for oil, gas, and coal projects overseas. In

addition, Denmark and Costa Rica spearheaded a group of 12 countries and regions that launched the Beyond Oil and Gas Alliance.

These efforts, though still partial in their coverage and insufficient, are to be welcomed as a sign that financial flows are now starting to align with the goals of the 2015 Paris climate agreement, as mandated by article 2.1(c) of that treaty. But the implicit carbon price demanded by capital markets so far covers only the supply side: the oil, gas, and coal fields, refineries, and transport infrastructure that feed fossil fuels into the global economy.

Unfortunately, similar progress on the demand side for coal, oil, and gas has been lacking. Despite much talk of green recoveries from the COVID-19 shock, huge government stimulus programs have largely failed to discriminate between green and dirty economic activity, and have thus stabilized the global economy on the old growth path.

Moreover, these interventions have created significant consumer demand as the economy bounces back. Movement profiles point to renewed car use and air travel, while energy-intensive industries like cement, steel, plastics, and chemicals are again fueling demand for electricity, gas, and coal. Significantly, China’s economic stimulus has focused far too much on the highly carbon-intensive building sector, instead of undertaking the long

overdue reorientation of the country’s growth model in line with its climate goals.

The current surge in fossilfuel energy prices reflects a multitude of highly idiosyncratic factors. But today’s situation may well presage a future in which a misalignment of supply- and demand-side climate policies generates significant price swings.

Hydrocarbon lobbyists have been quick to exploit the recent uptick in fossil-fuel energy prices to advocate for renewed government financing and subsidies, as well as favorable regulatory treatment for their clients’ investments. In essence, they are calling for the public sector to step in to help fossil-fuel producers at a time when private capital is quite rightly shying away from climate risk and slowly withdrawing from the sector.

Efforts to ease the energy crunch can and must be aligned with solving the climate crisis.

Each well-insulated house, wind park, and solar panel reduces the strain on gas supplies. Making cities attractive for cycling and walking, and upgrading public transport, is not only good for public health and safety; it is also an investment in weaning ourselves off the oil that is straining our purses and killing our planet.

Similarly, reducing demand for single-use plastic packaging will further decrease demand for the fossil-fuel feedstocks of petrochemicals. And innovations like flying taxis, supersonic air

travel, and space travel that benefit only the super-rich and create new, wasteful energy demand could easily be restricted or even banned before they are widely adopted.

Instead of loosening supplyside carbon policies, as some short-sighted voices advocate, we must – even in periods of high energy prices – keep our eye on the main goal. That means focusing on the inevitable, wellmanaged decline of coal, oil, and gas and their substitution by sustainable clean energy. In the short term, the best remedies for high energy prices are demandreducing measures, like the lower highway speed limits that some Western governments instituted following the 1970s oil-price shock.

In short, a just transition away from fossil fuels requires us to “cut with both arms of the scissors.” As the UN Environment Programme emphasized in two pre-COP26 reports, that means simultaneously closing the huge gaps in climate action on both the demand and the supply side.

Despite the much-needed progress toward pricing high-carbon investments appropriately, these gaps are still far too big. Only by closing them quickly and in parallel can we stave off catastrophic climate disruption, and avert the economic disaster that could result from massive energy-price swings and extensive stranded fossil-fuel assets.

12

News

MONDAY DECEMBER 13, 2021

Bitcoin 'founder' wins right to keep billions of dollars A computer scientist who claims he invented Bitcoin has won a court case allowing him to keep a cache of the cryptocurrency worth billions of dollars.

A jury rejected claims that Craig Wright's former business partner was due half of the assets.

As a result, Mr Wright will retain 1.1m Bitcoin, worth $54bn (£40bn).

However, he will pay $100m to his late partner's company for intellectual property infringement.

The family of Mr Kleiman, a computer security expert who died in 2013, said that the two men had worked together to create and mine the first Bitcoin in existence and that Mr Wright had stolen it.

The invention of the cryptocurrency in 2008 was described in a white paper published under the pseudonym Satoshi Nakamoto.

Since 2016, Mr Wright has claimed that he is Nakamoto, though that claim has been disputed.

The Miami jury in the civil lawsuit cleared Mr Wright on nearly all issues brought by the

family of Mr Kleiman.

In a statement, lawyers for his late partner's company, W&K Information Defense Research, and Kleiman's estate said they were "immensely gratified" that the jury awarded the $100m in intellectual property rights, and

help give the Kleimans "their fair share of what Dave helped create."

Mr Wright said the legal ruling confirmed he was the creator of the revolutionary digital asset.

"The jury has obviously found that I am because there would

have been no award otherwise," he said.

"This has been a remarkable good outcome and I feel completely vindicated," Mr Wright said. bbc.com

WASSCE 2021: WAEC explains change of grades

T

he West African Examinations Council (WAEC) has explained that one of its platforms, ERESULTS. WAECGH. OR, used for checking of results experienced a technical hitch last Friday, December 10, 2021 between 4.45 p.m. and 6.00p.m.

A message posted on its website, explained that the hitch resulted in subjects which originally had Grade B3 with the interpretation, GOOD being changed to Grade A1.

It explained that ordinarily, Grade A1 was interpreted as EXCELLENT, adding that "with the interpretation of A1 as GOOD still showing, clearly indicating an error.

Anxiety

It would be recalled that yesterday there was a rumor that the WAEC website was hacked

and that the original results of candidates were changed.

The incident resulted in anxiety

among candidates, parents and the general public.

13

Interview

MONDAY DECEMBER 13, 2021

Russia-Africa relations: “Geopolitical arena with many players operating”

By Kester Kenn Klomegah

A

s preparations are underway for the second Russia-Africa summit planned for 2022, African leaders, politicians, academic researchers and experts have been discussing several aspects of the current state of Russia-Africa relations.

They, most often, compare it with a number of foreign countries notably China, the United States, European Union, India, France, Turkey, Japan, and South Korea that have held such gatherings in that format with Africa.

Some have convincingly argued that Russia has moved away from its low-key strategy to vigorous relations, as shown by the first symbolic Russia-Africa summit in the Black Sea city of Sochi in October 2019. Russia and Africa adopted a joint declaration, a comprehensive document that outlines the key objectives and necessary tasks that seek to raise assertively the entirety of relations to a new level.

Long before the summit, at least, during the past decade, several bilateral agreements between Russia and individual African countries were signed.

Besides, memoranda of understanding, declaration of interests, pledges and promises dominated official speeches. On the other side, Russia is simply invisible in economic sectors in Africa, despite boasting of decades-old solid relations with the continent.

Undoubtedly, Africa is opening up new fields of opportunity.

The creation of the African Continental Free Trade Area (AfCFTA) provides a unique and valuable opportunity for businesses to access an integrated African market of over 1.3 billion people with a GDP of over US$2.5 trillion. It aspires to connect all the regions of Africa, to deepen economic integration and to boost intra-African trade and investment.

Despite existing risks, challenges and threats, a number of external countries continue strengthening their economic footholds in Africa and contribute enormously towards the continent's efforts to achieve the Sustainable Development Goals (SDGs).

Russia has to upgrade or scale up its collaborative engagement with Africa. It has to consider seriously launching more public outreach programmes, especially

working with civil society to change public perceptions and the private sector to strengthen its partnership with Africa. In order to achieve this, it has to surmount the challenges, take up the courage and work consistently with both private and public sectors and with an effective Action Plan.

In this exclusive interview with Steven Gruzd, Head of the African Governance and Diplomacy Programme at the South African Institute of International Affairs (SAIIA), discusses a few questions, highlights existing challenges and passionately offers some progressive suggestions regarding Russia-African relations.

Steven Gruzd also heads the Russia-Africa Research Programme initiated this year at SAIIA, South Africa's premier research institute on international issues. It is an independent, non-government think tank, with a long and proud history of providing thought leadership in Africa. Here are the interview excerpts: What are your appreciations and fears for Russia returning to Africa?

Africa is becoming crowded, with many old and new actors actively involved on the continent.

Apart from EU countries, China and the US, we have players such as Iran, Turkey, Israel, the UAE, Japan and others. So Russia's renewed interest in Africa does not happen in isolation. It, of course, seeks to build on Soviet-era ties, and several African leaders today studied in the USSR or the Soviet sphere of influence. Russia has tended to focus on niche areas such as weapons sales, nuclear energy and resource extraction, at a much smaller scale than China.

Many leaders are welcoming the attention of Russia, but some remain wary of Russia's hidden motives and intentions. Russia's dealings are not transparent and open compared to China. The shadowy world of private military companies such as Russia's Wagner Group is causing concern in unstable countries like the CAR, Libya and Mali. So, in fact, there is a kind of mixed picture, sentiments and interpretations are also varied here.

How would you argue that Russia engages fairly in "competition for cooperation" in Africa?

Africa is a busy geopolitical arena, with many players operating. Russia has to compete against them, and distinctively remain focused its efforts. Russia welcomes diplomatic support from African countries, and unlike the West, it does not demand good governance or advocate for human rights reforms. Russia likes to portray itself as not interfering in local politics or judging African countries, even though there is mounting evidence that it has been involved in meddling in elections in Africa through disinformation, fake news and attempting to exploit fault lines in societies through social media.

Do you think, to some extent, Russia is fighting neo-colonial tendencies, as shown in Guinea, Mali, CAR and Sudan? Does it imply that Russia supports military leaders in Africa?

Russia uses the rhetoric of anticolonialism in its engagement with Africa, and that it is fighting neo-colonialism from the West, especially in relations with their former colonies. It sees France as a threat to its interests especially in Francophone West Africa, the Maghreb and the Sahel. Russia has invested resources in developing French-language news media, and engages in anti-French media activity, including through social media. I think Russia has its own economic and political interests in countries like Guinea, Mali, CAR and Sudan, even if it uses the language of fighting neocolonialism. It explicitly appears that Russia supports several undemocratic African leaders and their regimes.

Some experts have argued that Russia's diplomacy is full of bilateral agreements, largely not implemented, and gamut of pledges and promises. What are your views about these?

I would largely agree that there is a divide between what has been pledged and promised at high-level meetings and summits, compared to what has actually materialized on the ground. There is more talk than action, and in most cases down the years mere intentions and ideas have been officially presented as initiatives already in progress. It will be interesting to see what has been concretely achieved in reports at the second Russia-Africa summit scheduled for late 2022.

From the above discussions so far, what do you think are Russia's challenges and setbacks in Africa?

Africa is a crowded playing field. Russia does not have the same resources and approaches as China, France, UK or US, so it has limited impact. The language barrier could be used as an excuse, but Russia has the great possibility to leverage into the Soviet- and Russiantrained diaspora. On the other hand, Russia feels it is unfairly portrayed in Western media, so that is another perception it seeks to change. It can change the perception by supporting public outreach programmes.

Working closely with the academic community, such as the South African Institute of International Affairs and similar ones throughout Africa, is one potential instrument to raise its public image. In places like Mozambique and the CAR, the Wagner Group left after incurring human losses – does Russia have staying power?

As it prepares to hold the second Russia-Africa summit in 2022, what could be the expectations for Africa? What to do ultimately with the first Joint Declaration from Sochi?

As already mentioned, there needs to be a lot of tangible progress on the ground for the second summit to show impact.

It is worth to reiterate here that African countries will expect more debt relief and solid investment from Russian businesses. In terms of political support at places like the UN Security Council, there is close interaction between Russia and African States, but as recent research by SAIIA shows, not as much as assumed. See this. The relationship has to however deliver, and move from words to deeds. In conclusion, I would suggest that Russia has to take up both the challenges and unique opportunities, and attempt to scale up its influence by working consistently on practical multifaceted sustainable development issues and by maintaining appreciable relations with Africa. And African countries likewise have to devise viable strategies for engaging with Russia.

14

MONDAY DECEMBER 13, 2021

15

News

MONDAY DECEMBER 13, 2021

Around The World: The multicultural food and drink festival is coming to Accra this christmas

W

ith just days to this year’s Christmas, EchoHouse Ghana Limited has announced it is hosting the biggest family event this holiday season called Around the World: Food and Drink Festival.

The maiden edition of the festival, which will be held on December 24, 25, and 26 at the Polo Court in Airport City, will feature some of the most amazing culinary cultures from all corners of the world brought to life by chefs who have spent their lives ensuring that food cultures are preserved and improved.

Some of the internationally recognised chefs and foodies who will be at the festival include Sweet Adjeley, Biishville, WhiteMoney of Big Brother Naija fame, Ify (Ify’s Kitchen), Chichi Yakubu, Abeiku Santana and many others.

In total, 500 culinary cultures from about 20 countries will be experienced at the Around the World: Food and Drink Festival.

These are Ghana, Mexico, Jamaica, Italy, China, India, Nigeria, Cote d’Ivoire, Turkey, and Germany. Others include the United States of America, South Africa, France, Lebanon, Kenya, Liberia, Japan, Israel, Denmark, and the United Kingdom.

EchoHouse Ghana Limited, the organizers of Around the World: Food and Drink Festival bills the festival as a three-day festival for the foodie, the food-curious person, and a family or squad outing event during the 2021 Christmas weekend.

The festival will host 6 open access events such as Such World Music Buffet with KiDi and other international musicians, a Naija No Dey Carry Last event with WhiteMoney. Efya and Abeiku Santana, on their part, will turn on the Christmas charm during the festival. Efya will be leading a Carols in the Park event while Abeiku Santana will take on the job of Santa to give your kids an unforgettable Christmas experience.

Also, there will be a Kids Arena where your children, nieces, and nephews would have lots of fun in a new around the world playground.

As part of the festival, there will be exclusive events such as Brunches and all-you-can-eat buffets. As a food and drinks festival, experienced chefs such as Biishville and Sweet Adjeley will also hold various masterclass sessions to help you expand your cuisine repertoire.

Beryl Agyekum Ayaaba, the CEO of EchoHouse Ghana Limited said “Around the World: Food and Drinks Festival is a love letter to everyone who will be in Ghana this December or is looking for a reason to spend Christmas in Ghana and also wants briefly enjoy other countries.”

“In a matter of minutes, anybody who attends the festival on each of the three days will get the opportunity to savour food from countries they have never been to or they have been and wants to feed their nostalgia,” she

added.

“Whether you are a Ghanaian or you have moved to Ghana for a vacation or business, Around The World: The Food and Drinks Festival is the place you would want to be to savour and have a taste of other countries without having to travel there,” she said “This is really a trip around the world in three days with food and drinks and reconnecting with family and friends during the festive season at the heart of it,” she continued.

Visit www.atwfestival.com or

call 0203235822 to book your passport and get ready to travel around the world in three days.

This festival is brought to you

by EchoHouse Ghana Limited in collaboration with the various embassies in Ghana, Kaya Tours, Prompt Communication, and Akwaaba UK. It is sponsored by, Coca Cola, Boomplay, Lifebuoy, Lux, CloseUp, Annapurna, Sunlight, HD Plus, Frytol, Royal Aroma, VF Foundation, FNB, Vodafone, SmirnOff, Baileys, and Ecobank.

16

MONDAY DECEMBER 13, 2021

17

Opinion/Analysis

MONDAY DECEMBER 13, 2021

A better deal for the world's workers

By Dani Rodrik

T

he last four decades of globalization and technological innovation have been a boon for those with the skills, wealth, and connections to take advantage of new markets and opportunities.

But ordinary workers have had much less to cheer about.

In advanced economies, earnings for those with less education often stagnated despite gains in overall labor productivity.

Since 1979, for example, US production workers’ compensation has risen by less than a third of the rate of productivity growth. Labormarket insecurity and inequality rose, and many communities were left behind as factories closed and jobs migrated elsewhere.

In developing countries, where standard economic theory predicted that workers would be the main beneficiary of the expanding global division of labor, corporations and capital again reaped the biggest gains.

A forthcoming book by George Washington University’s Adam Dean shows that even where democratic governments prevailed, trade liberalization went hand in hand with repression of labor rights.

Labor-market ills create broader social and political strains. In his pathbreaking 1996 book When Work Disappears, the sociologist William Julius Wilson described how the decline in blue-collar jobs had fueled an increase in family breakdown, drug abuse, and crime. More recently, the economists Anne Case and Angus Deaton have documented the rise in “deaths of despair” among less-educated American men. And a growing empirical literature has linked the rise of authoritarian, right-wing populism in advanced economies to the disappearance of good jobs for ordinary workers.

As a result of the global COVID-19 pandemic, labor problems are receiving renewed attention – and rightly so. But how can workers not only get their fair share but also have access to decent jobs that enable meaningful lives?

One approach is to rely on the enlightened self-interest of large corporations. Happy, fulfilled workers are more productive, less likely to quit, and more likely to provide good customer service. MIT’s Zeynep Ton has shown that retail establishments

can cut costs and boost profits by paying good wages, investing in their workers, and responding to employees’ needs.

But many firms that claim to take the high road in labor standards are also vehemently anti-union; taking the low road by minimizing workers’ pay and say is too often a profitable corporate strategy. Historically, it is the countervailing power of labor – through collective action and union organization – that has brought about the most significant gains for workers.

So, a second strategy to help workers consists of increasing the organizational power of labor vis-à-vis employers. US President Joe Biden has explicitly endorsed this approach, arguing that the shrinking of the American middle class is a consequence of the decline in union power, and has vowed to strengthen organized labor and collective bargaining.

In countries such as the United States, where unions have become significantly weaker, this strategy is indispensable to redress imbalances in bargaining power. But experience in many European countries, where labor organization and collective bargaining remain strong, suggests that it may not be the full remedy.

The trouble is that strong worker rights can also create dualistic labor markets, where the benefits accrue to “insiders” while many less experienced workers struggle to find jobs.

Extensive collective bargaining and robust labor regulations have generally served French workers well.

But France has one of the highest youth

unemployment rates among advanced economies.

A third strategy, which aims to minimize unemployment, is to ensure adequate labor demand through expansionary macroeconomic policies. When fiscal policy keeps aggregate demand high, employers chase workers – rather than the other way around – and unemployment can remain low. Research by Larry Mishel and Josh Bivens of the Economic Policy Institute shows that macroeconomic austerity is a major reason why US wages have lagged behind productivity since the 1980s. By contrast, the Biden administration’s aggressive fiscal response to the COVID-19 crisis has ensured that US wages have increased amid a sharp fall in unemployment.

But although tight labor markets can help workers, they can also pose an inflation risk.

Moreover, macroeconomic policy cannot target the lowestskilled workers or the regions where jobs are most needed.

A fourth strategy, then, is to shift the structure of demand in the economy in order to benefit less-educated workers and depressed regions in particular.

The shortage of secure, middleclass jobs is closely linked to the disappearance – as a result of globalization and technological change – of bluecollar manufacturing work and service-sector sales and clerical jobs. Policymakers must focus on expanding the supply of jobs in the middle of the skill distribution in order to reverse these polarizing effects.

This entails revising existing industrial and business-

development programs so that incentives go to the firms most likely to generate decent jobs in the right places and are designed with these firms’ needs in mind.

Conventional industrial policies that target skill- and capitalintensive manufacturing, and rely heavily on tax breaks, will not do much to spur the expansion of good jobs for those who most need them.

In addition, we must explicitly consider how new technologies help or hurt workers, and rethink national innovation policies. The current narrative focuses almost exclusively on how workers should retrain to adapt to new technologies, and too little on how innovation should adapt to the workforce’s skills.

As economists such as Daron Acemoglu, Joseph E. Stiglitz, and Anton Korinek have pointed out, the direction of technological change is flexible and depends on price incentives, taxes, and the norms prevailing among innovators. Government policies can help guide automation and artificial-intelligence technologies along a more laborfriendly path that complements workers’ skills instead of replacing them. My Harvard colleague Stefanie Stantcheva and I discussed some preliminary ideas in a report we prepared for French President Emmanuel Macron.

Ultimately, boosting labor earnings and the dignity of work requires both strengthening workers’ bargaining power and increasing the supply of good jobs. That would give all workers a better deal and a fair share of future prosperity.

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MONDAY DECEMBER 13, 2021

19

News

MONDAY DECEMBER 13, 2021

29 top lessons from 29 years of marriage, Bishop Titi-Ofei tells his love story

T

he Presiding Bishop of the Pleasant Place Church, Bishop Gideon Yofi TitiOfei, shares his love experience in marriage after 29 years of marrying his wife, Lady Olivia Titi-Ofei, to his congregants during the celebration of their wedding anniversary.

In his story, he talks about the 29 lessons he has learnt from his 29 years of marriage.

Introduction statement - It is easier to give to women what they like than what they love But what keeps marriages going is not what women like but what they love.

Introduction scripture Song of songs 8:6 NIV - Love places demand that not everyone is willing to fulfill and here are the 29 top lessons from 29 years of marriage.

1. Good women like men who are achievers but love affectionate men.

-She wants to see what is in your heart not your hands.

-They want to see true love, not trophies - What keeps the marriage going is to give the womb what she wants- which is you.

2. Good women like men who admire them but love men who adore them.

- They want to love and respect based on their personality, not their physique - A woman feels like she is bringing something more than sex to the marriage and want to be celebrated.

3. Good women like wealthy men but love worthy men - They don’t want you to buy their love rather they want you to deserve it.

Some men desire women they don’t deserve.

- Women like it when you get money... but they don't want you to buy their life with Money.

- If a woman loves you because of your money, then you are married to a prostitute.

4. Good women like the boy in you but love the man in you.

-A woman will lose respect for you if you keep behaving foolishly.

5. Good women like men of

understanding but love men of undertakings.

- They don’t want to know what you can do; they want to see what you can do.

- Stop wording and start working - A woman is a mirror of you because she reflects you.

6. Good women like men with charisma but love men with character.

-They know that charm is deceptive but the character is dependable.

- Let your spouse see the character of Christ in you.

before they answer.

12 Good women like men who grow big but love men who grow up - They will choose maturity over anything you can offer - Your woman will honor you if you grow up - Women don't like fame but a good name.

13. Good women like men with great names but love men with good names.

-They want to be sure which doors your name opens for her children

7. Good women like sex but they love lovemaking.

- For a woman sex is not a marital duty; it is the expression of the deepest love and commitment.

- There is a software aspect of lovemaking that makes a woman love you.

14. Good women like men who are powerful but love strong men -Power is positional but strength is emotional

8. Good women like smart minds but they love good hearts.

- They know that a man with a smart mind without a good heart is crafty.

16. Good women like handsome men but love Harding workmen - If you marry a lazy man, you are finished

9.

Good women like knowledgeable men but they love wise men - They do not want the information in your head but the wisdom in your heart.

10. Good women like Popular men but love polite men.

- They want you to leave your popularity outside the door.

11. Good women like men who can talk but love men who listen.

- They respect men who listen

15. Good women like men with money but love men with wealth.

-They want men who invest

17. Good women like men in church but love men in Christ.

-They want you to be born again not born against 18. Good women like men who are bosses but love men who are leaders.

19. Good women like men who make them happy but love men who bring them joy - You bring them joy; any other thing makes them happy.

20. Good women like men who

are tight but love men who are tithers.

-They encourage their husbands to give to the Lord.

21. Good women like men who are playful but love prayerful men - They want to have fun with their husbands but also want to have fire in their bones.

22. Good women like men who change them; but love men who celebrate them.

- Change is welcome but cracking is not 23. Good women like men who are friendly; but love men who are love family.

-Proverbs 12:26 24. Good women like men who are dependable but love men who depend on God - They know men who depend on God have a stronger foundation 25. Good women like men they can trust but love men who trust them.

26. Good women like men who are survivors but love successful men.

27. Good women like men who are relevant but love revolutionary men.

28. Good women like men who are Christians but love men who are Christ-like.

29. Good women like men who are earthly-minded but love men who are Heavenly-conscious.

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Markets

MONDAY DECEMBER 13, 2021

WEEKLY MARKET REVIEW FOR WEEK ENDING DECEMBER 2, 2021

CONTINUED ON PAGE 21

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MONDAY DECEMBER 13, 2021

CONTINUED FROM PAGE 20

WEEKLY MARKET REVIEW FOR WEEK ENDING DECEMBER 2, 2021

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BUSINESS24.COM.GH MONDAY DECEMBER 13, 2021

NO. B24 / 286 | NEWS FOR BUSINESS LEADERS

MONDAY MAY 3, 2021

MONDAY DECEMBER 13, 2021

Kojo Mensah leaves Asaase Breakfast Show

A

saase Broadcasting Company Limited today announce the departure of Kojo Mensah from the Asaase Breakfast Show - its flagship morning show. Kojo Mensah has been the host of Asaase Breakfast Show which airs on Asaase Radio 99.5 megahertz (FM) in Accra, Asaase Radio 98.5 megahertz (FM) in Kumasi and 123 Radio 99.7 megahertz (FM) in Tamale since its inception.

Kojo Mensah will not be leaving the Asaase family as he assumes a new role as the Head of Asaase Foundation and lead consultant for Asaase Broadcasting’s International partnerships and facilitator for training at Asaase Broadcasting.

“We are immeasurably grateful to Kojo Mensah for his passionate leadership and dedication to the Asaase vision. He has grown the Asaase Breakfast Show and provided a foundation on which we can grow. We are happy that

he will still be a big part of the Asaase Broadcasting Family” said Prince Moses Ofori-Atta, General Manager of Asaase Broadcasting Company Limited.

Kojo Mensah, a veteran broadcaster and former UN official is best known for his scathing commentaries on political and public affairs.

The vastly experienced radio journalist, producer, and media trainer has over 35 years experience in the world of media and started his career in Ghana, with the GBC, with brief stints at various media organisations in the UK. Asaase Broadcasting Limited, a private commercial media organisation that operates of Asaase Radio 99.5 megahertz (FM) in Accra, Asaase Radio 98.5 megahertz (FM) in Kumasi, 123 Radio 99.7 megahertz (FM) in Tamale and Asaase Radio 100.3 megahertz in Cape Coast.

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