Business24 Newspaper 19th July, 2021

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MONDAY JULY 19, 2021

Eid-ul-Adha: Muslims decry hike in livestock prices

A golden opportunity to end destructive fishing subsidies

See page 5

See page 15

BUSINESS24.COM.GH

NO. B24 / 223 | NEWS FOR BUSINESS LEADERS

MONDAY MONDAYJULY MAY19, 3, 2021 2021

World Bank satisfied with use of its Covid funds in Ghana

NHIA targets 55.2% coverage in 2021

By Eugene Davis ugendavis@gmail.com

By Mohammed Thaani

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he National Health Insurance Authority (NHIA) is targeting to increase the membership of the National Health Insurance Scheme (NHIS) this year to 17.4m from 16.3m last year, a parliamentary

he World Bank has expressed satisfaction with the implementation of projects it funded to help Ghana limit the human and economic impact of the COVID-19 pandemic.

Following the outbreak of the health crisis, the government accessed US$100m from the Washington-based lender, out of which US$35m was directed towards the Ghana Emergency Preparedness and Response

Cont’d on page 3

Poultry farmers optimistic bird flu outbreak will be contained

Cont’d on page 2

NPRA sees huge potential in digital pension products

By Patrick Paintsil p_paintsil@hotmail.com

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he National Pensions Regulatory Authority (NPRA) says the springing up of digital pension products across various techbased platforms will drive up pension contributions and penetration, especially in the nation’s informal sector.

Cont’d on page 3

By Henry Martinson

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ictor Oppong Adjei, chairman of the Ghana National Association of Poultry Farmers (GNAPF), has expressed optimism that the recent outbreak of the avian influenza disease, also known as the bird flu, in some parts of the country will not have dire consequences on the industry.

Cont’d on page 5

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Editorial / News

MONDAY JULY 19, 2021

Editorial

Planned retirement is a decision and not an option

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housands of workers, both formal and informal, retire into old age poverty when the sun sets on their careers when they should be enjoying the fruit of their labour.

For informal workers, the absence of proper salary structures does not allow them to be on any formal pension scheme such as SSNIT. Although such individual could join the scheme through voluntary contributions, most people do not see the need in saving towards their retirement.

An estimated 7.9million people are employed in Ghana’s informal space, which is also the biggest jobs provider and what

this means is that the large chunk of today’s working population cannot boast of prosperous living in their old age.

Adding to this worrisome scenario is that fact that the traditional support system which used to be the go-to source of help in times of need, such as family and friend, is gradually eroding due in a fast-changing society.

This means that pensioners will have to live on what they saved during their active working days.

Now is the time for people to take charge of their financial decisions to build some wealth to cater for their needs and that

of their dependents—as in some cases. It is a known fact that having majority of pensioners in old-age poverty is a setback back to the prosperity and growth of every nation.

We encourage Ghanaians to make wise investments for the future by embracing the savings culture because pension and retirement is a decision and not a choice. If we fail to save now, life will be unbearable in retirement when money will no longer be coming from the regular source.

Retirement is inevitable and for that matter it’s always the best decision to save for the rainy days!

World Bank satisfied with use of its Covid funds in Ghana Continued from cover

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Project (EPRP) to help improve the response to the pandemic.

The remaining US$65m is currently funding the Greater Accra Resilience and Integrated Development (GARID) Project, which will improve flood risk and solid waste management in the Odaw River Basin.

As government gradually eased restrictions on movement and reopened the economy, the lender offered an additional credit of US$130m in November 2020 to help scale up efforts to avert a resurgence of infections in the country.

The Minority in Parliament has since been demanding an audit of all expenditure related to Covid-19, raising concerns over lack of transparency and possible misuse of the funds.

Also, in its report titled "Managing COVID Funds— The Accountability Gap", the International Budget Partnership Group said "government fell short of managing its fiscal policy response to the crisis in a transparent and accountable manner."

However, Country Director of the World Bank, Pierre Laporte, told journalists in

Accra that the bank is satisfied with the two projects it funded, totalling US$230m, and has not sighted any infractions in their implementation.

"At this point, I've not had any report coming to us suggesting any issue as far as our two projects are concerned. We have our own internal procurement processes which we use across the world and which also apply in Ghana.

All I can say is that we've been able to provide the second additional financing because we are happy with the implementation of the first one," Mr. Laporte said.

Additional US$200m for more vaccines On July 13, the lender signed an additional financing agreement to support Ghana to procure and deploy more vaccines as part of an effort to support the country achieve herd immunity.

The US$200m deal will help vaccinate 13m people while improving the country's health systems to contain future pandemics.

Altogether, Ghana has accessed a total of US$430m from the World Bank since the outbreak of the pandemic.

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NPRA sees huge potential in digital pension products Continued from cover “One of the best ways in the collection of pension contributions is the use of financial technology, especially in the regular, normal work setting where salaries are paid at the end of the month through a bank and deductions can be made,” said Hayford Attah Krufi, Chief Executive Officer of the authority, in an interview with Business24 at a day’s training on pensions reporting for journalists.

“As regulators, we are very interested in that because, if you look at the structure of pensions administration, the telcos are not involved, but we believe that MoMo and other mobile-based money networks should be encouraged and used as a means of mobilising pensions revenue,” he added.

The local pensions industry has witnessed a number of digitised micro pension products that are being powered by pension trustees and mobile network companies. These include My Own Pension, a tier-three pension scheme that is powered by telecoms giant MTN. There is also an industryfirst insurance-backed pension product from a partnership between Axis Pensions and

Hollard Life Assurance.

Contributions to these schemes are made digitally and directly from subscribers’ mobile money wallets, presenting pensions in an attractive and convenient way.

According to the NPRA boss, the success of mobile money in Ghana has proven that it is

possible for the pensions sector to penetrate and tap into the savings of the informal sector.

According to the Bank of Ghana, the total value of mobile money transactions hit GH¢569bn last year.

“If telcos want to be part of the pensions architecture to do

the mobilisation, I think it is something that we encourage,” said Mr. Attah Krufi. “What we need to know is the assurance of how the monies that they collect will be held before they get to the custodian. Ultimately, it’s the contributor’s money that we have to be careful about.”

An estimated 7.9m people are employed in Ghana’s informal sector, but most of them are not enrolled in any pension scheme.

The one-day capacity-building event by the NPRA was therefore to equip journalists with knowledge which they can impart to the public to help expand the coverage of pensions and encourage more workers to safe towards their retirement.

The chairman of the National Media Commission, Yaw Boadu-Ayeboafo, tasked media practitioners to provide thorough information that will help the public take the right decisions on pensions.

“As civic educators, the media must commit to excellence in their reportage, especially on pensions-related issues, and also provide adequate time slots for discussions and concerns. The media’s function is to ensure that neither party—the fund managers and the pensioner—loses nor gains unjustifiably,” he said.

NHIA targets 55.2% coverage in 2021 Continued from cover report has revealed.

If achieved, this would increase the coverage of the population

Dr. Lydia Dsane-Selby, CEO of NHIA

by the NHIS to 55.2 percent from 52.7 percent.

The data were contained in the report of Parliament’s Committee of the Whole on the Proposed

Formula for the Disbursement of the National Health Insurance Fund for 2021.

The NHIS is funded by the National Health Insurance Levy, a

portion of workers’ social security contributions, and membership premiums. Its 2021 budgeted funding from these sources is GH¢2.66bn, the report said.

Of this amount, GH¢1.49bn is expected to be spent on claims, with GH¢364.63m budgeted for the NHIA’s operational cost, made up of compensation, goods and services, and assets. In addition, the NHIA will spend GH¢45.89m on support to district offices and GH¢266.48m on support to Ministry of Health—mostly for public health programmes.

Heads of the Authority told Parliament that the NHIA will intensify its efforts through policy reforms and strategies, including the mobile membership renewal system, to encourage and maintain high enrolment in the scheme.

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News

MONDAY JULY 19, 2021

Poultry farmers optimistic bird flu outbreak will be contained Continued from cover The Veterinary Services Directorate of the Ministry of Food and Agriculture over the weekend confirmed the sudden appearance of the bird flu in Greater Accra, Volta and Central Regions.

Cases of the bird flu were previously recorded in 2007, 2015, 2016 and 2018, with a significant economic impact on affected poultry farmers.

Speaking to Business24 on the development, Mr. Adjei said: “This is not the first time the bird flu has occurred, and at the moment some birds have been destroyed in the Greater Accra, Volta and Central Regions. The moment the birds are destroyed the whole area will be disinfected and quarantined; in that case it prevents the spread of the disease.”

He added: “There is no cause for alarm, because we managed it in 2006, 2014 and 2017, and so far there has not been any transmission from bird to human

and it has not affected the farms so much.”

Meanwhile, the Ministry of Food and Agriculture has announced measures to control and manage the spread of the outbreak, which include a total ban on the importation of poultry and poultry products from neighbouring countries where the prevalence of the disease has

been confirmed.

In addition, a ban has been placed on the movement of poultry and poultry products within and from the affected regions and districts to other parts of the country, with strict inspection and issuance of permits to cover the movement of all poultry and poultry products from unaffected parts of the

country.

The Ministry assured the general public that “there is no cause for fear and panic since the Veterinary Services Directorate is taking all necessary steps to contain the outbreak and spread of the disease to other parts of the country. The success of this call hinges on the full cooperation of the general public.”

Eid-ul-Adha: Muslims decry hike in livestock prices

By Mohammed Thaani

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ith barely 24 hours to the Eid-ul-Adha festival on Tuesday, major livestock markets in Accra and Kumasi are seeing low patronage of cattle and sheep amid complaints of high prices.

The Kumasi Abattoir Company, which hosts the city’s main livestock market, was over the

weekend crowded with people engaged in a last-minute scramble for sacrificial animals, but only a few could pay for the expensive livestock.

“I cannot offer the sacrifice this year; the animals are too expensive,” 45-year-old Awal Abdul-Hamid, whose hopes of purchasing a cow were dashed, told Business24.

An average cattle which sold

for GH¢2,500 last year is now selling at GH¢3,500 or more, while an average ram which went for GH¢1,500 is now being sold for more than 50 percent more.

Traders attributed the increased prices to the weak performance of the cedi against the CFA franc, the currency used by the Francophone countries (Burkina Faso, Mali and Niger) exporting sacrificial animals to

Ghana.

The cedi has lost 3.1 percent of its value against the CFA franc year-to-date, according to forex figures on the Bank of Ghana website.

“The cedi is not doing well against the CFA, and that has made the animal prices high here. All the customers are complaining,” Musah Abdul-Kassim, a livestock trader, bemoaned.

Across several livestock markets in Accra, vendors reported low sales, banking their hopes on customers that usually buy their animals at the last minute.

During the Eid-ul-Adha, Muslims slaughter sheep, goat, cow, or camel, in a ritual that stems from the story of Prophet Abraham, who obeyed God’s command to slaughter his beloved son Ishmael. The meat is shared among family, friends and the poor.

Good-looking rams or cattle with manly horns are preferred by most Muslims, making their value higher compared with other breeds with the same weight and height.

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News

MONDAY JULY 19, 2021

Newmont enhances portfolio with approval of Ahafo North project

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ewmont Corporation says it Board of Directors have approved advancing the Ahafo North project into the execution phase.

The project exceeds the company’s required internal rate of return, adding profitable production from the best unmined gold deposit in West Africa.

“I am pleased to announce the approval of full funding for the Ahafo North Project, expanding our existing footprint in Ghana and adding more than three million ounces of gold production over an initial 13-year mine life,” said Newmont President and CEO, Tom Palmer.

He said the development of this prolific ore body will leverage the company’s proven operating model and will be supported by it existing world-class Ahafo South operation.

“The project will be developed and operated in a sustainable and responsible manner to create value for all our stakeholders,” he added.

Located approximately 30 kilometers north of Newmont’s existing Ahafo South operations,

the Ahafo North project will include four open pit mines and the construction of a stand-alone mill.

Production from the mine will average approximately 275,000 to 325,000 gold ounces with allin sustaining costs of US$600 to US$700 per ounce for the first five years.

Projected capital costs are estimated to be between US$750 to US$850 million with construction expected to be complete in the second half of 2023.

At current gold prices, the project is expected to deliver

more than a 30 percent internal rate of return (IRR).

The project will create approximately 1,800 jobs at the peak of construction with more than 550 permanent roles created once the mine is operational.

“Newmont will work to create lasting value for host communities through local sourcing and hiring.

A key aspect of the Ahafo North project’s workforce planning will be a target to achieve gender parity in the workforce when operations begin,” the company said.

Newmont has conducted

extensive regulatory and community engagements, including meeting with traditional leaders, local and regional government agencies and holding public stakeholder engagement meetings.

Stakeholders have endorsed the Ahafo North’s infrastructure plans and permits necessary to begin construction have been secured. As the project proceeds, Newmont will continue its robust stakeholder engagement to enhance social acceptance and provide regular updates on the project.

McDan CEO, tech experts share insights on transformation of SME space through digitalisation

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TN has hosted seasoned business professionals in the SME and digital space as they shared valuable insights on how SMEs in Ghana and Africa can grow their businesses through the digitalisation of their operations.

Speaking on the theme ‘Accelerating SME Growth and Development the Role of Digitalisation’, business mogul Dr. Daniel McKorley CEO of McDan Group; Digital Expert, Eric Osiakwan, Managing Partner of Chanzo Capital and Mariam Kaleem Agyeman-Buahin, Head Of Digital Marketing at Letshego shared experiences in their specific industries. The session was held as part of a six month SME campaign being run by MTN Business.

Dr. Daniel McKorley indicated that going digital required a deliberate and insistent approach to changing operational efficiency especially within the value chain.

He said digitalising processes

encourage honesty because technology does not lie.

He admonished entrepreneurs to avoid putting themselves ahead of their businesses as he encouraged them to exhibit humility and discipline in their dealings with people.

Exploring the advantages of the usage of digital tools, he said, “digitalisation has helped to close gaps which could lead to fraud.

It is easier to track and monitor activities and items through digital channels than through manual ones. Digital gives us an opportunity to instantly correct issues,” he said.

Discussing how businesses can start digitalising their operations, the Head of Digital Marketing at Letshego Ghana Savings and Loans Plc, Mariam Kaleem Agyeman-Buahin, said businesses need to do an experiment of the digital process with their employees to get them to understand the process.

She advised businesses to be

strategic and decide on which areas of their businesses they want to digitalise.

She encouraged SMEs to embrace and embed digital tools in their operations and partner with other companies that can help them deliver better services.

Eric Osiakwan who is a Managing Partner of Chanzo Capital gave some interesting insights on digitalisation at the intercontinental level.

According to him, for intercontinental trade network to work, businesses need digital adoption as it combats corruption, provide wider reach and promote integrity.

He said digitalisation contributes to economic growth and as a result governments needs to create the enabling

environment, incentives and policy framework for innovation to thrive. He said, these are critical in attracting investors.

He concluded with the hope that Africa’s digital youth will create a new Africa that will grow to dominate the world.

This edition of the MTN breakfast meeting was organised as part of the MTN Business launched last month to support the growth of SMEs. The Campaign will last for six (6) months and features exciting activities and promotions designed for SMEs across the country. The MTN SME campaign is being held with the support of Hubtel Ghana, Atlantic Phones, E-solutions, Npontu Technologies and other partner banks.

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News

MONDAY JULY 19, 2021

SEC reintroduces compliance forum for stakeholders

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he Securities and Exchange Commission (SEC) has reintroduced the compliance forum for its respective stakeholders, with the first edition organised for members of the Ghana Securities Industry Association (GSIA).

The forum aimed at providing clarity on issues of compliance and to give market operators a better sense of SEC’s expectations of them.

It also sought to highlight the various regulatory frameworks of SEC which guide the activities of market operators.

Speaking at the forum, the Director-General (DG) of SEC, Rev. Daniel Ogbarmey Tetteh, stressed the need for market operators to ensure compliance in the conduct of their businesses to avoid sanctions and penalties.

He noted that regulated businesses are associated with compliance and there is therefore the need for the regulator to provide clarity on compliance for operators.

Commenting on the various guidelines and regulatory frameworks introduced by the commission, he urged market operators to be mindful of issues relating to corporate governance.

He noted that the compliance forum would enable all market operators to have a better sense of SEC’s expectations and adherence to its regulations.

He encouraged operators to build a good relationship with their clientele by executing their orders, providing timely information with full disclosures, and ensuring diligent utilisation of invested funds.

He concluded by indicating SEC’s commitment to engage stakeholders in creating an enabling regulatory environment

for firms to thrive as part of its mandate of regulating, innovating, and promoting growth and development of an efficient, fair, and transparent securities market in which investors and the integrity of the market are protected.

The compliance forum with GSIA was held virtually with participants from the GSIA.

Ghana Shippers Authority engages exporters on LOC

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xporters in the maritime trade have been engaged by the Ghana Shippers Authority (GSA) on the need to develop proper Letters of Commitment (LOC) and repatriation of export proceeds.

The engagement is expected to help them to appreciate the new regime of LOC and their roles to promote trade sanity.

Mr. Eric Hammond at the Department of Banking of the Bank of Ghana, who facilitated the session, said exporters are enjoined by the provisions of Act 723 to repatriate proceeds from the export of merchandise commodities from Ghana.

He said the Bank of Ghana is also charged with licensing, regulatory and supervisory authority to give effect to Act 723 by monitoring exports from Ghana and ensuring repatriation of proceeds through the banking system to Ghana.

The LOC is a web-based export document that is generated by exporters from the ICUMS portal to accompany all exports from Ghana.

Mr. Hammond said the ICUMS portal is therefore the central database for both export and

import in Ghana.

He noted that the portal now becomes the main source of statistical data to Bank of Ghana and other relevant government departments and agencies.

Mr. Hammond said the compilation of imports and exports data from the ICUMS portal feeds into the balance of payment statistics that the Bank of Ghana prepares periodically.

Thus, the use of the LOC has become mandatory for all exporters.

Already, the committee set

up to review the manual system for improvement recommended a fully automated web-based export monitoring system by the Bank of Ghana and other relevant government agencies and departments.

The objective is to develop a web-based IT application to ensure that the operational challenges encountered under the old manual regime are eliminated.

He said discussions between the Bank of Ghana and GCNet culminated in the design and

implementation of the eMDA portal, with the introduction of Letter of Commitment (LOC) as the export document to replace the FEX 4A FORM. The system would automatically block exporters who failed to repatriate export proceeds and will not be permitted to do the next export until the proceeds of the previous shipments are repatriated, he said.

“An exporter who fails to repatriate proceeds from merchandise export, through an external bank, commits an offence and is liable on summary conviction to a fine of not more than five thousand penalty units or to imprisonment of not more than ten years or to both,” he added.

Mr. Darling Asiedu Sey, the Western Regional Branch Manager of the GSA, said the authority engaged industry players to address some of the challenges facing the sector.

He said the authority will continue to engage, educate and collaborate with stakeholders for results.

GNA

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Energy

MONDAY JULY 19, 2021

Ghana emphasises value of natural gas as power generation solution

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he African Energy Chamber (AEC) has announced that Ghana will be hosting a pavilion at African Energy Week (AEW) 2021 taking place in Cape Town from 9th to 12th November 2021.

Ghana’s Minister of Energy, Dr Matthew Opoku Prempeh, will lead a delegation of industry leaders, including Dr K. K. Sarpong, CEO of Ghana National Petroleum Corporation, a statement issued by the APO Group and copied to the GNA said Thursday.

The pavilion represents a new exhibition format that emphasizes specific market opportunities and will showcase Ghana’s existing energy developments, upcoming projects, and lucrative investment opportunities.

A statement from organisers of the event said Ghana’s pavilion would highlight the value of Liquified Natural Gas (LNG) as a power generation solution, providing an in-depth view of the current market and the enabling regulation driving progress and expansion.

As one of Africa’s leading natural gas producers, Ghana has demonstrated how, through gasdirected investment and the right policy, the resource can address energy poverty and expand

power accessibility on a regional basis.

Ghana’s recognition of the value of LNG as a cleaner, more accessible, and increasingly secure energy source, has led to the development of large-scale LNG facilities, positioning the country as both a regional power producer and an LNG exporter.

The Tema LNG Terminal, for example, serves as subSaharan Africa’s first LNG power generation facility, and holds the capacity to receive, store, regasify and deliver 3.4 million tons of LNG per year.

In conjunction with the Sankofa Gas Project, a 1,000MW gasto-power project that provides over 1.6 million households with a consistent power supply, the Tema LNG Terminal is positioning Ghana as an African leader and global competitor in natural gas developments and the AEW 2021 pavilion will further emphasize this, the statement said.

In addition, to directing investment in the natural gas sector, Ghana’s pavilion will emphasize the various upstream opportunities prevalent in the country.

Notably, the country has made significant progress in advancing exploration and production within the oil sector, in which

the presence of global oil majors, have only accelerated progress.

In addition to ongoing involvement by Italian multinational Eni and deepwater exploration company Kosmos Energy, the statement said, Ghana’s national oil company had emerged as a competitive participant in the country’s burgeoning oil sector.

By showcasing the country’s oil sector achievements thus far, emphasizing the role that the Ghana-based Springfield E&P Ltd. has played in expanding the sector, it added, the pavilion would highlight that “Ghana is a force to be reckoned with and that oil continues to play a valuable role in Africa’s energy future.”

Meanwhile, according to the statement, “the pavilion will also promote the value of supportive legislature in accelerating energy sector growth and success.”

“With one of the most transparent and productive regulatory frameworks in

Africa, Ghana places energyfocused policy at the forefront of development.

“Consequently, the country has already attracted significant investment, built against a backdrop of transparency, and aims to promote its enabling environment at the AEW 2021 pavilion,” the statement said.

It also said Ghana will emphasize how a marketdriven, local content-focused regulatory framework is one of the key determinants to attracting investment, spurring sectoral growth, and ensuring energy developments translate into tangible benefits for local communities.

“Through an enabling environment, Africa can attract international investment and increase private sector participation across multiple sectors. Ghana’s pavilion will only emphasize this further,” NJ Ayuk, Executive Chairman of AEC said.

Oil drops, heading for biggest weekly fall in months

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il prices fell on Friday, heading for their biggest weekly drop since at least May as expectations of more supplies spooked investors, with OPEC likely to add output to meet a potential revival in demand as more countries recover from the pandemic.

Brent crude for September was down 20 cents at $73.27 a barrel by 0544 GMT and is heading for a 3% fall this week after two days of heavy declines, the biggest weekly drop since May. U.S. crude for August fell 19 cent to $71.46 a barrel, and is on track for a decline of about 4% this week, the largest weekly decline since March.

Discussions on supply policy within the Organization of the Petroleum Exporting Countries, Russia and other producers, a group called OPEC+, ended without agreement this month after the United Arab Emirates (UAE) objected to extending the output policy beyond April 2022.

Saudi Arabia and the UAE reached a compromise this week, paving the way for OPEC+ to finalise an agreement that would allow more supply into the market. “All signs indicate that OPEC+ is heading for a potential compromise agreement that will allow the UAE to secure a baseline adjustment,” RBC Capital analysts said in a note.

“Other producers will undoubtedly seek similar treatment and potentially prolong the deliberations heading into the August ministerial meeting

OPEC said on Thursday it expects world oil demand to increase next year to around levels seen before the pandemic, about 100 million barrels per day (bpd), led by demand growth in the United States, China and India.

OPEC output in June increased by 590,000 bpd to 26.03 million bpd, the report showed.

“Output should rise further in July on the back of larger quotas, and we expect high prices to incentivise more production from the group even without a formal

agreement to do so,” Capital Economics said in a note.

A large decline in crude stockpiles in the United States has done little to support prices as a rise in gasoline inventories in a week that included the Fourth of July holiday, when driving usually surges, raised fresh demand concerns.

JPM Commodities Research said it expects global demand for oil in July and August to be roughly 1.7% below 2019 levels.

“We think sustainably recouping these final missing barrels of demand (the bulk of which is jet fuel) will still take time as colder weather sets in for the northern hemisphere and peak travel season is behind us,” JPM said.

Nonetheless, the brokerage maintained its forecast for Brent to average $76 a barrel in the third quarter of 2021 and $80 a barrel in the fourth quarter.

Reuters

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Africa Business

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ECA’s sensitisation workshop on opportunities in AfCFTA for women in business ends in Abuja

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two-day sensitisation workshop for women in business in West Africa on the opportunities of the African Continental Free Trade Area (AfCFTA) has ended in Abuja with more than 100 women’s groups and business women from across the country and neighbouring countries in attendance.

The hybrid event with the technical support of the Economic Commission for Africa (ECA) and the financial support of the European Union (EU), was organised by the Federation of West African Chamber of Commerce and Industry (FEWACCHI) and hosted by the Abuja Chamber of Commerce and Industry (ACCI).

Speaking at the opening, ECA’s Senior Adviser Adeyinka Adeyemi, urged participants to take advantage of the huge integrated market of over 1.2 billion people to grow their businesses, expand their export potentials, create

jobs and increase their profit.

“The AfCFTA gives preferential access to African markets worth $504 billion in goods and $162 billion in services,” he said.

To take advantage of the opportunities, he said Nigerian women should access funding through schemes promoted by the Central Bank of Nigeria such as the Anchor Borrowers Programme, Real Sector support Facility, Export Stimulation Scheme, and Commercial Agriculture Credit Scheme.

FEWACCI’s Treasurer and First Deputy President of the Nigerian

Chamber of Commerce and Industry, Mining and Agriculture, Dele Oye, commended the ECA and the EU for their support in making the event possible.

The main speakers included Nadia Hashim, an ECA trade expert, Jonathan Aremu, a consultant for the Economic Community of West African States (ECOWAS), Amany Asfour of the African Business Council (AFBC), and Rose Nwosu, Vice President of the ACCI. Trading under the AfCFTA commenced on 1 January this year. The bloc is set to create the

biggest free trade area in the world and has immense opportunities for increasing intra-regional trade, enhancing production, promoting economies of scale, creating jobs, raising incomes and improving the standard of living of the African people.

The ECA through its African Trade Policy Centre (ATPC) has been working with the African Union (AU) to deepen Africa’s trade integration through the effective implementation of the agreement by supporting the AfCFTA ratification process through policy advocacy. The ECA is also assisting the member-states to develop national strategies for the implementation of the AfCFTA in partnership with the AUC, International Trade Centre (ITC), the UN Conference on Trade and Development (UNCTAD) and a selection of independent trade experts with the financial support of the EU.

Tourists react as Morocco hit by heatwave

What can you buy with Zimbabwe's new 50 dollar banknote?

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imbabwe's central bank on Tuesday announced the introduction of a new 50-dollar note, the country's highest denomination, worth only around US$0.60.

Insufficient to pay even for a loaf of bread, the bill's entry into circulation has revived memories of the hyperinflation the southern African nation experienced over a decade ago.

As price growth spiralled out of control, denominations at the time mounted as high as a 100-trillion-dollar note.

Award-winning journalist and government critic Hopewell Chin'ono scoffed at the new banknote, which at the unofficial black market exchange rate will be worth just $0.35 in US dollars.

"It tells you something about inflation in your country if you need 3 notes of your highest currency denomination to buy a premium beer in a supermarket," tweeted Chin'ono.

The new note is the latest

and most valuable in a series introduced from February 2019 as Zimbabwe moved back to using local currency.

US dollars had been used since 2009, when the country trashed its own worthless units after hyperinflation reached 500 billion percent.

Now the new denomination is stoking fears of a return of the kind of hyperinflation that wiped out savings and collapsed the economy, with head-spinning daily leaps in the prices of goods and services.

Last year Zimbabwe's inflation rate soared to more than 800 percent, but it has begun easing with the June year-on-year rate officially at 106.64 percent, according to the National Statistical Agency.

The central bank had forecast inflation to slow to 55 percent in July.

Source: Africanews

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ourists flocked to swimming pools and beaches in Morocco Sunday as temperatures continued to soar as high as 47 degrees Celsius (116.6 degrees Fahrenheit) in some regions.

In Marakesh, tourists and local residents cooled off in the Oasiria swimming pool, the largest swimming pool in the city.

Other tourists headed to coffee shops or restaurants with air conditioning to avoid the sizzling heat.

The Morocco Meteorological Department said the country will experience a heat wave will continue through to next weekend, with temperatures ranging from 44 to 47 degrees Celsius (111.2 - 116.6 degrees

Fahrenheit).

Since Friday, several Moroccan regions have recorded a rise in temperatures, which is considered an exceptional case in Morocco, due to the effect of hot and dry air masses coming from the Sahara towards Morocco.

During the past week, temperatures in the city of Sidi Slimane reached as high as 49.6 degrees Celsius (121.2 degrees Fahrenheit).

This rise will continue in the center, south and southeast of the country, and a gradual decrease in temperatures will begin in the north, starting next Tuesday, the Meteorological Department said.

Source: Africanews

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Feature

MONDAY JULY 19, 2021

A golden opportunity to end destructive fishing subsidies

By Ngozi Okonjo-Iweala

F

or years, WTO members have failed to forge an agreement to limit fishing subsidies, thereby allowing the continuation of ecologically devastating fishing operations that would otherwise be economically unviable. But with another round of negotiations this month, they have a chance to make up for lost time.

It is not often that trade negotiators get a chance simultaneously to protect vulnerable people and their livelihoods, promote healthier oceans, and fulfill one of the United Nations Sustainable Development Goals.

But that is exactly the opportunity awaiting trade ministers as they gather at the World Trade Organization this week to discuss new global rules limiting government support for the fishing industry.

These public subsidies incentivize overfishing, and WTO members have been debating how to limit them for 20 years now. During those long two decades, global fish stocks have decreased sharply, and poor and vulnerable artisanal fishers have suffered along with ocean ecosystems.

In 2017, the UN Food and Agriculture Organization (FAO) warned that an estimated onethird of global fish stocks were overfished, an increase from 10% in 1970 and 27% in 2000.

The depletion of fish stocks threatens the food security of low-income coastal communities and the livelihoods of poor and vulnerable fishers, who must travel farther and farther from shore only to bring back smaller

and smaller hauls.

Despite these disturbing findings, governments continue to disburse around $35 billion in annual fisheries subsidies, twothirds of which go to commercial fishers. In doing so, they are keeping at sea many commercial vessels that would otherwise be economically unviable.

World leaders recognized the seriousness of the problem back in 2015 when they agreed to forge an agreement on fisheries subsidies by 2020 as part of the Sustainable Development Agenda. But while trade ministers reaffirmed this pledge in 2017, talks at the WTO have repeatedly stalled.

Over the past year, however, things have begun to turn around. Political leaders and trade ministers from around the world tell me they want to get an agreement done this year.

In Geneva, the chair of these negotiations, Ambassador Santiago Wills of Colombia, has worked with WTO members to draft a negotiating text that I believe can provide the foundation for final-stage talks.

But despite the political support voiced by government leaders, important divisions persist. Indeed, as matters stand, we are in danger of failing to conclude a deal before the WTO’s year-end Ministerial Conference.

This tight timetable is the reason for convening trade ministers this month. While no one expects a miracle, the meeting represents a golden opportunity to bring the negotiations within striking distance of a deal.

WTO members need to conclude an agreement in time for the UN Biodiversity Conference

in October, and no later than the end of November, when the WTO’s own ministerial begins. A failure to do so would jeopardize the ocean’s biodiversity and the sustainability of the fish stocks on which so many depend for food and income.

Yes, the talks are complex, because fish do not inhabit a single national territory or observe maritime boundaries.

WTO negotiators must account for both the existing framework of international fisheries rules and the role of the regulatory bodies that govern many aspects of fishing around the world.

They also must define how new subsidy rules would apply to farflung fishing vessels.

Compounding the challenge is the fact that the WTO is not a fisheries management organization. Still, the WTO has a longstanding framework of rules that curb trade-distorting subsidies for industrial and agricultural goods. That is why trade ministers agreed back in 2001 to come up with similar measures to protect marine fisheries.

Although there is still work to do, the current draft negotiating text would make an important contribution to the sustainability of our oceans. For starters, it would completely ban government funding for vessels that engage in illegal fishing. According to the FAO, these activities account for 1126 million tons of fish per year, or roughly 20% of the total global catch. The agreement would also rein in other types of subsidies that support increased fishing activity, by requiring that governments prove they have taken steps to ensure such

support does not harm fish stocks.

One of the toughest issues in the negotiations is how to define and honor the original negotiating mandate guaranteeing special and differential treatment for developing countries – and especially for least-developed countries.

Many of these countries rely on small-scale artisanal fishing, and they are seeking more policy space to develop their industrial fishing capabilities. But, because their fisheries management capacity is weak, they may struggle to implement new subsidy regimes as quickly and effectively as better-off members can.

Another tough issue is to ensure transparency, with requirements that a member offer notification when deploying non-harmful and non-distortionary subsidies to encourage its fishing industry.

Tackling these issues will not be easy, but tackle them we must, because WTO members have pledged to protect the fisheries and ocean we all share.

By negotiating away harmful fisheries subsidies, WTO members will not just be honoring past commitments. They will also be lending momentum to other international efforts to address problems in the global commons – from climate change to the COVID-19 pandemic.

Let’s hope that the world’s trade ministers rise to the challenge.

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MONDAY JULY 19, 2021

17

Technology

MONDAY JULY 19, 2021

Tech for the Energy Transition Awards 2021 opens for registration

T

echnologyCatalogue.com, the global technology platform for the energy transition, has opened the registration for the first ever Tech for the Energy Transition Awards 2021, which will showcase novel and proven technologies in support of the Energy Transition.

The awards is open to all suppliers from all over the world offering technological solutions that fall under one of the following categories: Carbon Capture, Utilisation and Storage; Renewable Energy; Digitalisation; Safety, and Maintenance “We recognise the importance of technology and innovation in ensuring we are on track towards achieving a carbon neutral world. And we believe that by giving innovators with carbonreducing solutions a global platform to get noticed and recognised, we are facilitating innovation and helping the Energy Transition become a reality,” TechnologyCatalogue. com Co-Founder and Managing Partner Erik Nijveld said.

Submission of technologies runs from 12 July to 17 September 2021, and will be assessed

thereafter by a board of judges that will include representatives from major energy operators, technology experts and Te c h n o l o g y C a t a l o g u e . c o m founders and country partners.

Top 10 technologies per category will be announced on

30 September 2021 and top 3 technologies on November 15.

Technology suppliers in the top 3 will have the chance to pitch their technologies in a series of webinars to be organised by TechnologyCatalogue.com in end-November, with each day

featuring the three technologies under each category.

An awarding ceremony will be held on 10 December 2021 in the Netherlands and will be broadcasted live via an online event.

Verizon, Huawei settle US patent dispute

V

erizon and Huawei averted a legal showdown by settling a patent dispute

involving their respective optical technologies less than a week after taking the matter to a US

court.

Their confidential settlement ends the court battle along with

a separate legal action Huawei filed against Verizon, which was scheduled to be heard by another US court later this year.

Verizon representative Rich Young stated the company was “happy with the settlement”, a sentiment Huawei echoed in its own statement.

Reuters reported Huawei initially sought licensing fees covering more than 230 patents, though its legal actions focused on a small number of those.

Huawei expects its patent licensing business to generate $1.2 billion in the two years to end2021, stating it earns a maximum of $2.50 for every multi-mode 5G smartphone for which it charges a fee. It staked a claim to more than 100,000 active patents at end-2020.

The vendor’s business in the US took a big hit due to sanctions imposed by the government and ongoing moves to force operators to remove its equipment from their networks.

Source: Mobile World Live

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MONDAY JULY 19, 2021

19

Feature

MONDAY JULY 19, 2021

Why should GDP be the only indicator of progress? (Part 2)

By Ms Grace Garland, Dr John Morrison and Prof Piet Naudé Seeking an alternative Political leaders and policy makers generally attach extreme significance to GDP in their decision- making.

When economic growth statistics are reported on by statisticians and disseminated in the mainstream media, the positive real growth results tend to provoke an optimistic response, observed in upside trading patterns in financial markets and accelerated retail activity. The opposite scenario is equally true, and the ensuing instability and pro-cyclic effect create volatility which is hairraising for the majority of working adults with retirement savings.

Central banks formulate their interest policy on growth expectations in GDP terms, as do credit ratings agencies when determining sovereign solvency.

Politicians know that a negative GDP forecast may hurt them at the voting polls and therefore subordinate decisions that risk this outcome, even if the investment will have a longterm pay-off, including those relevant to climate breakdown.

This is particularly relevant to future planning – by omitting the depreciation of natural capital associated with climate breakdown, as well as the depletion of extractive resources through industrial activity, GDP falsely implies that we are richer than we really are, and that we will continue to be rich into the future.

The environmental degradation and human under-development crisis has produced a number of challengers to GDP. These include the Human Development Index (HDI), Sustainable Economic Welfare (ISEW) and its later version the Genuine Progress Indicator (GPI), and the Happy Planet Index (HPI). All have all managed to complement GDP to

varying degrees of success, but not replace it.

For every new index proposed, dozens of methodological oppositions arise in response.

The contentions surrounding these alternatives capture the major challenges that arise in trying to develop a truly holistic measurement, simply because the concept of progress is profoundly complex. None has managed to beat GDP “at its own game”.

Specific difficulties aside, there is the overarching challenge of widespread acceptance and diffusion, without which the impact of a new measurement will remain limited. GDP’s very embeddedness is a source of its resilience. Stalemate.

The obstacles to a paradigm shift A true paradigm shift, in Kuhn’s conception, is nothing short of a revolution, and it requires three things: (1) logical evidence that the current paradigm is wrong, (2) a community of supporters promoting the change, and (3) sufficient promise that the alternative paradigm is attainable and desirable.

The strength of a paradigm lies in its universality, providing the fundamental explanation for the world which allows scientists to experiment with the details and make new discoveries within the bounds of its truth. Part of the process of discrediting the prevailing paradigm is to make explicit its invisible assumptions and fundamental truths. This can be applied to our fixation with GDP growth.

(1) Making the case through evidence The single-minded pursuit of economic growth has had a disastrous impact on both the environment and humanity, to the extent that the long-term future of both is threatened.

Threatened by the assumption that money is really all that matters, the prevailing system can be said to be in “crisis” with the potential for revolution.

Instead, the major supranational entities responsible for global decisionmaking have responded by prioritising what they call “sustainable development”. In so doing, society has embraced the environmental and social challenges without really altering from a growth course. The solutions proposed by sustainable development are not revolution but rather a more responsible version of growth. The argument that economic growth can be “decoupled” from environmental and social damage, that the environment can be accounted for in monetary terms, and that the resources of the earth exist for human use, still places human economic interests front and centre. Nothing very fundamental is going on here.

Technology is regularly hailed as the flagship of sustainable development due to the improvements it can bring. It must however be acknowledged that we do not fully understand the impact of technology on society.

Also, it would be disingenuous to view its capabilities in isolation from the humans who use it. The deeper point is that, so long as material and wealth accumulation are valued as the signifiers of success, resource depletion and inequality will not be averted by technological intervention. The economies of scale afforded by digital production will just make us more efficient at producing the stuff we desire.

Therefore, while the logical strength of the evidence to discredit the prevailing paradigm is acknowledged, the mainstream discourse of sustainable development has successfully expanded to include it. Attaching “responsible” or “inclusive” to “growth” is a welcome improvement, but it is not the

deep sort of change that brings about shifts at the paradigmatic level.

(2) Power of the people The community calling for the amendment or replacement of GDP has grown substantially in recent decades and, since the global financial crisis, with greater vehemence. However, far from presenting a coherent alternative, this community is characterised by fragmented efforts in multiple directions with few sharing the same interpretation of core ideas.

Ecologists have a limited understanding of institutional power and social change, while social scientists lack an appreciation of the ecological context of social skills. Silos in academia, business and other institutions also do not assist with presenting a “united front”.

The general population is the largest and arguably the most powerful community of followers of the growth paradigm. The invisible conflation of success and wealth has a profound influence on virtually all spheres of life including employment choices, voting patterns and interpersonal relationships. The picture of what a good life looks like – one defined by wealth and its associated social status – is reinforced ad infinitum through mainstream advertising and entertainment media. This is despite the fact that research into human happiness has added empirical weight to the notion that consumption for consumption’s sake brings with it certain dissatisfaction.

Join us for a virtual information session on Thursday 26th of August 2021, by registering with: Dr Marietjie van der Merwe Ghana In-Country Representative marie@globalnatives.com WhatsApp:+230 5 701 1362 For more information on Stellenbosch University Business School: https://www.usb.ac.za/

20

Feature

MONDAY JULY 19, 2021

Did you know- that toothpaste can make you rich?

T

he teeth is one of the most essential organs/tools the body needs to function to its best capability. This is because, for every morsel of grain or food nutrients that needs to be absorbed by the body, has to come from the food we eat, and the food we eat needs to be grinded into its smallest particles by the teeth, in order to allow for smooth swallowing and further digestion. Science even approves that digestion begins in the mouth, and the act is initiated by the teeth. Because of this anatomy, the teeth now becomes a very crucial tool needed for this act of digestion and as such, needs to be well taken care of and protected from damage. A regular visit to the dentist, the use of a good toothpaste and good dental hygiene products are hence required to keep the teeth strong and healthy. In this article, we will be focusing on toothpastes as the product for a good dental health.

The World Health Organization (WHO) and the American Dental Association (ADA) and even the Ghana Food and Drugs Authority (FDA) have confirmed the ingredients that need to go into a particular toothpaste to make it authentic and safe for human consumption. The ADA for instance confirms on their official web page on the most important ingredients that needs to be present in every toothpaste.

“All toothpastes with the ADA Seal of Acceptance must contain fluoride. In addition to fluoride, toothpastes may contain active ingredients to help in ways such as lessening tooth sensitivity, whitening teeth, reducing gingivitis or tartar build-up, or preventing enamel erosion or bad breath. Flavouring agents that cause or contribute to tooth decay (e.g., sugar) may not be contained in any ADA-Accepted toothpaste. A product earns the ADA Seal of Acceptance by providing scientific evidence that demonstrates the safety and efficacy, which the ADA Council on Scientific Affairs carefully evaluates according to objective requirements.” https://www. ada.org/en/member-center/oralhealth-topics/toothpastes Flouride as mentioned above to be a necessary ingredient in every toothpaste is a very good initiative, however, the levels of fluoride that needs to be present and the type of fluoride is also

very important to note. This is because fluoride is good for strengthening the tooth enamels, the and gum, however excess use of it causes acute fluoride poisoning which in turn harms the teeth and even to some extent the other organs of the body. In this regard, a toothpaste must contain a very proportionate amount of fluoride, or an organic alternative to curb the chemical harshness of its effects. Most toothpastes in the market lately are solely on the competitive side to promote its sales, popularity and rapid efficiency, hence very little attention is given to the content of chemical ingredients used in the products, forgetting that consumers will eventually be victimized from the harshness of such chemical contents used.

The Longrich toothpaste under a specific case study was identified to be one of the standardized toothpastes produced on the market now. It serves a triple and multi effect function, and is best known for its organic contents.

The toothpaste targets 3 major functions; 1. Strengthening of teeth and gums

2. Whitening of teeth enamel 3. Eliminating bad breath Aside these major benefits, the toothpaste is again testified by consumers to be good for entirely clearing all cavities within the mouth, protecting the tissues of the mouth from infections, preventing throat irritations, preventing tooth sensitivity, tooth decay, gum bleeding, and for correcting many other dental defects. Nonetheless in all of these benefits the toothpaste provides, it does not contain any chemical fluoride. It is fluoride free. However, in place of fluoride, it is infused with what is called white tea essence, a content from the famous Chinese white tea herbs grown only in the special Asian tea and herb plantations. In addition to the white tea plant essence which serves perfectly the functions that fluoride is supposed to provide in a toothpaste, this white tea essence does more to benefit the user aside just the usual benefits a regular toothpaste containing fluoride would perform.

In addition, the Longrich toothpaste again contains birch essence, which is responsible for

the whitening of the teeth and strengthening the tooth enamels.

Birch is a plant found across the Asian continent and some parts of Africa in different varieties. A typical variety known in Africa is what we call the “Chewing stick and chewing sponge” popularly known to be used by our rural populations for brushing their teeth. This birch is responsible for cleaning all cavities hidden in the teeth and also to cleanse the teeth, the mouth and the breath at large. The toothpaste, to add to, also contains ingredients like sorbitol, menthol, peppermint, mint and other pleasant fragrances which all help to freshen the breath and protect the teeth, thereby completely enhancing a good oral hygiene and dental care. The Ghana Foods and Drugs Authority (FDA), the Dentistry Department of the Ghana 37 Military Hospital, Holy Trinity and Health Clinic and many other popular hospitals, clinics and dental departments have approved the use of the Longrich toothpaste as a great option for a complete oral and dental hygiene.

This article is meant to urge all to keep to a good dental hygiene and oral care and in doing this, to consider using the Longrich toothpaste for a better health, and in addition, Longrich gives the opportunity for all who use this toothpaste or market it to make an extra cash income and many other financial gains. Longrich believes in good health and financial freedom, thus by using the toothpaste and other equally good-health centered products, (which will be illustrated in the subsequent articles) Longrich gives you the opportunity to make money while you stay healthy. Use the toothpaste, for a good health and a better life.

Author Patience Afi Offei, (Organic Health Consultant) Longrich Entrepreneur

21

Markets

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MONDAY JULY 19, 2021

23

Feature

MONDAY JULY 19, 2021

The Return of Inflation?

By Otmar Issing

T

hough they have received most of the attention, supply bottlenecks are hardly the only factor to consider when assessing the recent surge of inflation. Far more important are broader structural changes in the economy and the alarmingly complacent attitude of central banks.

After many years of low inflation, prices have risen almost everywhere in recent months.

Energy and commodities have been leading the way, owing mainly to post-lockdown supply bottlenecks. But while such obstacles are widely seen as temporary, implying that the inflationary spike will disappear soon, other factors are at work as well, implying that it won’t.

Chief among these longer-term factors is the rapid growth of money. Most monetary aggregates (not just central-bank money) have risen at a breathtaking pace, though this development seems not to worry central banks and many economists. With money having disappeared from the leading models used to explain inflation, the Nobel laureate economist Milton Friedman’s famous dictum that “inflation is always and everywhere a monetary phenomenon” is rarely quoted anymore.

The “Quantity Theory” claims that inflation’s causality runs from money to prices. Yes, empirical evidence seems to have largely undermined Friedman’s hypothesis with respect to moderate inflation. But the fact remains that nominal wages and the prices of goods and services cannot keep on rising without a corresponding expansion of money. And strong monetary growth over time can also increase risks in the development of asset prices and financial stability.

After more than a decade

in which a variety of factors – globalization and demographic change, to name just two – have exerted downward pressure on prices, the world might now be on the cusp of a broader economic “regime change.”

Rising health-care expenditures in aging societies, the reduced pace of globalization, supplychain disruptions, and recent calls for reshoring production to higher-cost regions represent new sources of exogenous price pressure. Under these conditions, wages, too, might be pushed upward.

At a time when central banks are almost yearning for somewhat higher inflation and ignoring the rapid growth of money, such a change in the real sector is likely to indicate a shift from a deflationary to an inflationary environment.

Many of the factors seen today were prominent features of the 1960s and 1970s, the last time inflationary pressures were building up.

Should we expect the return of stagflation? It is hard to say, because we are experiencing an exceptionally high degree of the kind of unquantifiable uncertainty that the economist Frank Knight argued is impossible to integrate into traditional forecasts. In addition to the dramatic structural changes the global economy has undergone in recent years, the pandemic might have created the conditions for consequences that we cannot currently foresee.

Worse, central banks seem to be relying largely on models that lost much of their forecasting capacity years ago, owing to their lack of viable theoretical explanations for what determines financial flows, risk premia, and asset prices. More than a decade after the 2008 financial crisis, the main general equilibrium models used by central banks hardly even consider the large heterogeneity among households in terms of

wealth, outstanding long-term debt positions, uninsured risks, and expectation formation. As such, they are unequipped to capture the complex effects that systematic policies or systemic shocks have on wealth distribution and inequality, and thus on aggregate demand.

Without that knowledge, one can only guess whether strong monetary growth reflects precautionary saving due to increased inequality, an inflationary fiscal-monetary shock, or both. This is particularly problematic in a world where central banks are massively expanding the money base by purchasing assets at high prices from a small group of relatively wealthy and informed investors.

Expectations play the key role in forecasting future inflation, and these seem to be firmly anchored at low levels. But what if those expectations, after so many years of very low inflation, are now more backward- than forward-looking? Since the fear of inflation has disappeared from most radar screens, it is perhaps understandable that the recent price increases would be regarded as purely temporary.

But, because monetary policies tend to have a long and variable time lag, it is risky to wait until after higher inflation has already taken root before beginning to taper quantitative easing or to raise interest rates.

After all, what credibility will central banks have if inflation expectations have already lost their anchor? In an environment of extreme uncertainty, relying so much on the longer-term stability of inflation expectations is a risky bet. In times of a regime shift, uncertainty is so high that it is just impossible to form rational expectations.

Aside from strong monetary growth, today’s extraordinarily high levels of private and public debt pose another incalculable

risk. The sustainability of public finances in highly indebted countries rests on shaky ground, and is highly exposed to shocks that might come from many economic or geopolitical sources.

I am not predicting the inevitable return of high inflation. But I am concerned about strong monetary growth and its determinants, starting with central banks’ massive purchases of government bonds.

Central banks seem far too sanguine about this risk. They are also ignoring the current environment’s heightened uncertainty, not least by issuing forward guidance that promises a rather long continuation of extremely low policy rates and high asset purchases.

In the case of the eurozone, it is telling that some observers have begun to predict not inflation but a kind of Japanification: low inflation and nominal interest rates, high public deficits, and increasing fiscal and financial dominance. But, given the increase in wealth inequality and the likelihood that financial investors eventually will lose confidence in the sustainability of public finances, it is unclear whether such conditions would be politically sustainable. The only certainty is that neither a financial collapse nor an inflationary surge can be ruled out.

Otmar Issing, former chief economist and member of the board of the European Central Bank, is President of the Center for Financial Studies at Goethe University, Frankfurt.

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BUSINESS24.COM.GH MONDAY JULY 19, 2021

NO. B24 / 223 | NEWS FOR BUSINESS LEADERS

MONDAY MAY 3, 2021

MONDAY JULY 19, 2021

Education Minister to serve on UN advisory group T he Minister of Education, Dr. Yaw Osei Adutwum, has been invited to be part of a high-level advisory group for Mission 4.7.

It is a new global initiative to put into practice the bold vision articulated by the Sustainable Development Goals (SDGs) on education and target 4.7.

Mission 4.7 is a partnership between the United Nations Sustainable Development Solutions Network (SDSN), United Nations Economic Scientific and Cultural Organization (UNESCO), the Ban Ki-Moon Centre for Global Citizen, and the Centre for Sustainable Development at Columbia University.

Dr. Adutwum would be delivering a virtual keynote address on July 20th, 2021 between 09:00 and 10:00 am during one of the group's meetings.

This was carried in an invitation letter dated 23rd June 2021 and signed by Jeffrey D. Sachs, President of United Nation's (UN) Sustainable Development Solutions Network (SDSN) and

Stephanie Giannini, Assistant Secretary-General, UNESCO on behalf of Audrey Azoulay, Patron, Mission 4.7 and Director-General UNESCO. It is expected that Dr. Adutwum, who is a career educationist with many experience bring to bear his remarkable leadership in global education to the benefit of the rest of the world.

Mission 4.7 will be led by two patrons: Mr. Ban Ki-Moon, the 8th Secretary-General of the UN and Audrey Azoulay, the DirectorGeneral of UNESCO.

The advisory group on the other hand would be co-chaired by Ms. Stephanie Giannini, the Assistant Director-General of UNESCO, Mr. Tan Sri Jeffrey Cheah, the Chairman of the Sunway Group, Monsignor Marcelo Sanchez Sorondo, the Chancellor of the Pontifical Academy of Sciences and the representative of Pope Francis and Prof. Jeffrey Sachs, the President of SDSN. In his response letter to the agency, dated and signed on July 9th, 2021, Dr. Yaw Adutwum reaffirmed his readiness to take

part in the project to get the best for practising the bold vision articulated initiative.

He said it is prudent for all to offer expertise to help generate ideas and initiatives that stand the chance of supporting the development of education in every part of the world.

He said the assemblage of such a powerful team of education experts would go a long way to gather the best of ideas and visions, which will bring great change to the world through the transformation of education.

Dr. Adutwum assured the world of his preparedness to spend quality time towards the planning, discussion and implementation of any good vision for the good of the world.

The UN's Sustainable Development Goal (SDG) 4 aims to ensure inclusive education and promote lifetime learning opportunities for all.

Several targets under SDG 4 are concerned with access to various levels of education, especially for vulnerable populations.

MoFA confirms outbreak of Bird Flu in the country

T

he Ministry of Food and Agriculture (MoFA), through its Veterinary Services Directorate, has confirmed the outbreak of the Highly Pathogenic Avian Influenza disease, otherwise known as Bird Flu in some parts of the country.

The affected regions are the Greater Accra, Central and Volta Regions.

The outbreak of the disease follows the detection of similar cases in neighbouring countries since January 2021, the ministry said.

According to the ministry, through effective surveillance and disease control management the Veterinary Services Directorate has prevented the extension of the disease into Ghana until now.

“Cases of the Bird Flu disease were previously recorded in 2007, 2015, 2016 and 2018, with significant economic impact on affected poultry farmers.

The zoonotic nature of the disease calls for public alert and vigilance to mitigate the possible impact on the poultry industry and public-health in general,” the ministry said.

Accordingly, the ministry has announced the following

measures for immediate compliance, that’s total ban on the importation of poultry and poultry products from neighbouring countries where the prevalence of the disease has been confirmed.

Also the ministry has placed a

ban on the movement of poultry and poultry products within and from the affected regions and districts to other parts of the country, and strict inspection and issuance of permits to cover the movement of all poultry and poultry products from unaffected parts of the country.

The ministry said it will also ensure the intensification of public awareness and sensitisation by regional coordinating councils and district assemblies, especially in the affected areas.

The ministry, however, assured the general public that there is no cause for fear and panic since the Veterinary Services Directorate is taking all necessary steps to contain the outbreak and spread of the disease to other parts of the country.

“The success of this call hinges on the full cooperation of the general public,” it added.