Business24 Newspaper 17th May, 2021

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MONDAY MAY 17, 2021

BUSINESS24.COM.GH

NO. B24 / 196 | NEWS FOR BUSINESS LEADERS

MONDAY MONDAY MAY MAY 3, 2021 17, 2021

IMF welcomes audit of Covid-19 spending Government saves US$1.4 billion after deferring three PPAs Energy Minister

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he Minister of Energy, Dr Matthew Opoku Prempeh, says the Akufo-Addo-led Government has saved the nation in excess of US$1.4b having deferred three emergency Power Purchase Agreements (PPAs) since 2019.

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Second phase of Covid jabs to begin on Wednesday – AkufoAddo announces

By Eugene Davis ugendavis@gmail.com

By Joshua Worlasi Amlanu macjosh1922@gmail.com

T

he International Monetary Fund (IMF) has welcomed government’s quest to audit emergency funds spent to battle the outbreak of the

Covid-19 pandemic.

This follows a routine assessment of the country’s economic health under the Washington-based lender’s Article IV consultations.

The IMF after a series of virtual meetings involving officials from the Finance Ministry as well as the

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resident Nana AkufoAddo has announced that recipients of the first dose of Covid-19 jabs will be able to receive their final dose beginning Wednesday May 19th at designated centres across the country.

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central bank, among others, explained such audits will help government justify the rise in expenditure over the period.

“The planned audits of COVID-19 emergency spending and of arrears accumulated in 2020—in addition to routine

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Editorial / News

MONDAY MAY 17, 2021

Editorial

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Illegal fishing needs lasting solution

llegal and unregulated fishing poses a grave danger to the country’s predominant artisanal fishing industry which is a source of employment for the majority of the communities dotted across the coast.

According to estimates, nearly US$300m is lost per annum to these activities which do not only deplete the country’s fisheries stock but also increase the risk of driving local fisherfolks out of employment.

The practice is one of the drivers for a new Fisheries Act which government is betting on to help tackle some of the problems inherent in the sector.

According to governmenmt, a new Fisheries Act will

incorporate measures to tackle unreported and unregulated fishing and prescribe stiffer sanctions against infractions of the nation’s fisheries laws.

The fisheries ministry, according to the sector minister, has also initiated processes towards the preparation of a new marine fisheries management plan for the next five years, with plans to procure four patrol vessels and a research vessel.

According to the Fisheries and Aquaculture Development Minister Hawa Koomson, these efforts are part of reforms to help the nation tackle the menace of illegal, unreported and unregulated (IUU) fishing and allied fisheries crimes.

There is no denying the fact that IUU fishing and other fisheries crimes remain worrisome due to their negative impact on fisheries resources and the loss of revenue to the state.

IUU fishing depletes fish stocks, destroys marine habitats, distorts competition, puts honest fishers at a disadvantage and weakens coastal communities, particularly in developing countries.

This paper would like to call on the government to live up to its promises of delivering a fisheries sector devoid of some of these illegal practices. This would no doubt curb the potential of job losses within the sector.

IMF welcomes audit of Covid-19 spending Continued from cover

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budgetary reporting practices— are welcome as they will help account for the increase in spending and its effectiveness, and provide lessons to improve the robustness of Public Financial Management systems,” the statement said.

The country rolled out a number of social interventions at the peak of the pandemic last year to help citizens cope with the restrictions on movement imposed to contain the spread of the virus.

These interventions included the provision of free water and electricity to millions of residents, food packs for deprived communities, among others.

IMF’s praise The Fund praised the country’s management of the COVID-19 outbreak, despite the severe impact it had on the economy.

The country has so far recorded nearly 100, 000 positive cases with about 800 deaths.

The IMF mission, led by Carlo Sdralevich, in a statement issued after the marathon of meetings said: “Ghana has managed very effectively the COVID-19 the outbreak in the country, and thus succeeded in protecting lives.

The impact of the pandemic

on the economy has been severe.

Real GDP growth slowed to 0.4 percent in 2020 from 6.5 percent in 2019, due to lower activity in the extractive industries and a collapse in hospitality and retail services, including the informal sector that especially employs female workers.”

The pandemic saw inflation rise to its highest -- 11.3 percent in June 2020 – since the latter part of 2018 although the rate has how declined to 8.5 percent in April 2021.

“Policy interventions in 2020 were also critical to safeguard livelihoods and paved the way for a faster rebound of economic activity,” Sdralevich said.

According to the Finance Minister Ken Ofori-Atta, the economy is expected to grow at a rate of 4.8 percent in 2021 -driven by a rebound in mining and services, while inflation is expected to remain single under 10 percent.

Mr. Sdralevich commended the country’s Coronavirus Alleviation and Revitalisation of Enterprises Support, popularly referred to as the Ghana CARES ‘Obaatanpa’ programme.

The Fund stated that the programme has the potential to be transformative and inclusive for the Ghanaian economy given its emphasis on SMEs and digitalization.

Fiscal rigidities Nonetheless, the Fund noted that government’s interventions introduced in to combat the virus worsened pre-existing fiscal rigidities and public debt vulnerabilities.

Government fiscal deficit, including energy and financial sector costs, reached 15.5 percent of GDP, while annual gross financing needs exceeded 20 percent of GDP. Public debt rose to 78 percent of GDP in 2020, from 64.4 percent in 2019, including ESLA of GHc7.63 billion in 2020.

“The 2021 budget’s recent policy pivot towards fiscal consolidation is an important step in the right direction and a difficult one in a pandemic,” Mr. Sdralevich said.

He further suggested that: “Fiscal consolidation should be deepened and anchored around debt and debt service reduction to create space for social, health, and development spending,”.

Given the social and equity implications of the pandemic, the Fund advises that fiscal consolidation should rely more on progressive revenue and spending measures, while guaranteeing fiscal support to the most vulnerable and social safety nets.

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MONDAY MAY 17, 2021

Government saves US$1.4 billion after deferring three PPAs - Energy Minister Continued from cover The Minister said, the amount saved for deferring Early Power Plant, Jacobsen Power Plant and Rotan Power Plant, could construct 62 sports stadia like that of Tamale Sports Stadium.

He explained that the decision to defer the three power purchase agreements was under Government’s rationalisation of the 40 PPAs signed by the erstwhile National Democratic Congress (NDC) administration between 2012 and 2016 when the country was facing energy crisis, otherwise known as ‘Dumsor’.

Additionally, the ruling government saves the nation US$445 million annually in the power sector because of prudent management of the energy sector, he added.

Dr Opoku Prempeh, also Member of Parliament (MP) for Manhyia South, made the disclosure at the Minister’s briefing, organised by the Ministry of information, in Accra on Sunday.

The media briefing aimed is at updating the public on key government interventions

and ongoing works on power transmission infrastructure upgrades to ensure reliable and sustainable power supply.

The media encounter held on the topic: “Ensuring Reliable and Affordable Power within the Energy Sector” afforded the Minister the opportunity to provide details of ongoing works at the Pokuase Bulk Supply Point (BSP), Kasoa BSP, plans to ensure payment of affordable electricity tariffs, status of load shedding in eastern parts of Accra and key government policies and programmes on the energy sector.

Dr Opoku Prempeh said government had approved the Energy Sector Recovery Programme (ESRP), which was being implemented to ensure long-term financial sustainability of the energy sector.

That, he said, culminated in the relocation of the Karpower Plant to the Ashanti Region for supply of power to the middle and northern belts, payment of GH₵2.63 billion electricity bills owed ECG, and plans to ensure that the Public Utility and Regulatory Commission (PURC) adjust electricity tariffs.

He said government’s decision to implement ‘Take and Pay’ policy in the supply of power by the Independent Power Producers(IPPs),restored the price of Ghana’s gas from Jubilee to zero, Karpowership fuel switch, no sovereign guarantees, no local tax exemptions and renegotiation of gas prices.

Dr Opoku Prempeh reiterated government’s earlier stance that, the current power outages was not due to financial constraints, but transmission upgrade and maintenance works to ensure a lasting solution to the frequent power flickering adding that the roll-out of the Energy Sector Levy Act(ESLA), Cash Waterfall Mechanism, Gas Clearing House

and Delta Fund, would go a long way to ensure reliable, affordable and sustainable power supply in the near future.

The Minister noted that the Loadshedding timetable released by the ECG and GRIDCo to enable engineers working on the Pokuase BSP to perform transmission tie-in works, would end on Monday, May 17, but could not state whether there would be any extension.

The Minister believed that all the major transmission infrastructure upgrade would be completed by the end of this year, in order to end the intermittent power interruptions.

GNA

Second phase of Covid jabs to begin on Wednesday – Akufo-Addo announces Continued from cover The President made this announcement in his latest address on steps taken by government to management the outbreak of the pandemic.

According to him, the inoculation exercise will take place in some 43 districts.

“I am happy to announce that beginning Wednesday, May 19 to Wednesday 26 May, the deployment of the second dose of vaccines will take place across the designated vaccination centres in the 43 districts approximately 12 weeks after the first jab as the science prescribes. More details of the deployment will be communicated by the Ghana Health Service in the coming week.”

The President also stated that the country is expecting an additional 300,000 doses of Sputnik V vaccines, which have already been approved by the Food and Drugs Authority to arrive in the country.

“As and when we make further progress in the acquisition of vaccines, the Ministries of Health and Information will make this known to you. We are making all efforts to achieve our overall vaccination target of nearly 20

President Nana Akufo-Addo

million Ghanaians,” he said.

Ghana’s mass inoculation against the coronavirus begun on March 2, 2021, with the deployment of 600,000 doses of AstraZeneca vaccines which were manufactured by the Serum

Institute of India.

In addition to the COVAX support, Ghana received 50,000 AstraZeneca vaccines from the Indian government and 165,000 from MTN. Ghana has so far vaccinated close to 900,000 persons against the virus, according to the Ghana Health Service.

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MONDAY MAY 17, 2021

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News

MONDAY MAY 17, 2021

Bond market’s activity wanes in April

By Joshua Worlasi Amlanu macjosh1922@gmail.com

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rading activity on the Ghana Fixed Income Market (GFIM) was subdued in April 2021 compared to March -- which climbed to an all-time monthly high -- data from the Ghana Stock Exchange has revealed.

The data, which summarised market activities in April 2021, indicated that volumes traded on GFIM dipped by 40 percent to 15.9 billion, valued at GH¢16.62 billion down from the all-time monthly high trade volume of 26.7 billion made in March 2021.

This, according to the Exchange, is as a result of the delayed publication of the domestic debt issuance programme for April to June, which kept the market largely uncertain about the government’s position on the market.

Nevertheless, government’s securities on the fixed income market dominated trades making up about 90.31 percent of market share while corporate notes and bonds accounted for the

remaining.

The market had an impressive 73 percent higher volumes traded during the month as compared to the same period in 2020.

Cumulatively, from January to April 2021, volumes traded on the market reached around 75.90 billion, valued at GH¢78.37 billion. Trades during the month was about 140.2 percent higher than the same period in 2020.

Courage Kingsley Martey, a senior analyst with Databank in an interview with Business24 explained that a slowdown in

inflows or demand from foreign portfolio investors during the month is largely the cause of the decline in trades.

“This segment of the market added significant liquidity to the market during the first quarter as almost the Cedi equivalent of US$1 billion came through from offshore investors. But those flows moderated in April 2021,” Martey said.

He added: “The government’s absence on the bonds market in the form of new issuances weighed on the sell-side of the

market, such that even if there were buy orders, the many offers came through in the form of new securities.”

Interbank liquidity tightened towards the end of April, resulting in a reduction of trading activity of bonds by commercial banks.

However, Mr. Martey said, “We expect to see a rebound in trading activity in May, with the government announcing in its issuance Calendar to issue a 5-yr and 7-yr bond in May 2021. These new securities should provide the catalyst for improved activity.”

United Airlines resumes operations in Ghana

U

nited Airlines on Saturday re-launched its passenger flight operations from Washington DC to Accra to deepen the bilateral relations between Ghana and the United States in the airline transportation industry.

The first flight arrived on Saturday morning at 0808 hours at the Kotoka International Airport in Accra, one hour earlier as expected with 200 passengers out of the total capacity of 284 on the state-of-the art Boeing 787 Dreamliner aircraft with a registration number N27901.

The aircraft was welcomed by Ms Stephanie S. Sullivan, the US Ambassador to Ghana, Mr Yaw Kwakwa, the Managing Director of Ghana Airport Company Limited (GACL), Mr Amin Abdul Rahman, a representative of Mr Kweku Ofori Asiamah, the Minister of Transport.

Others are; Mr Yofi Grant, the Chief Executive of Ghana Investment Promotion Centre, Mr Akwasi Agyeman, the Chief Executive Officer, Ghana Tourism Authority and other dignitaries.

United Airlines, which is the third largest airline in the world as measured by fleet size and

number of routes, will compete with Delta on the Accra- New York JFK route.

The Minister of Transport in a speech read on his behalf at a press briefing, commended the decision of United Airlines to relaunch the Washington DC route on Mondays, Thursdays and Saturdays, and was confident that the three times weekly service would quickly grow to daily flights.

The United Airlines first came to Ghana on June 21, 2010 and left after a two-year operation in July 2012.

“We are thankful for the bold decision of United Airlines to

return to the shores of Ghana at such a difficult time in the global aviation industry and for choosing Kotoka International Airport to once again promote closer ties between the two countries, given us a second direct entry point into U.S”, the Minister said.

He said, even though COVID-19 had wreaked havoc on the aviation industry worldwide, the introduction of vaccines offered a shine of hope and that Ghana was already on the road to recovery.

“We assure that government through the Transport Ministry will offer all stakeholders the needed support including; the use of 5th freedom rights

to expand routes to and from Accra to ensure the realisation of government’s vision of making Ghana the Preferred Aviation Hub in West Africa.”

Mr Ofori said the Airports Council International (ACI) ranked Kotoka International Airport as the best airport in Africa by size in 2019 and 2020 because of the strong policy initiatives of government and the adherence to high Airports Service Quality.

“In February 2021, Kotoka International Airport received the ‘Voice of Customer Recognition’ from ACI, for demonstrating significant effort in obtaining customer feedback during the peak of the COVID-19 pandemic.”

Mr Ofori assured international passengers of high quality service when they choose Accra as their destination or transit port.

The Managing Director, GACL said the commencement of the route to Ghana was a demonstration of the confidence in Ghana’s aviation industry and the great strides made so far in positioning the country as a leader in Airport Business in West Africa.

GNA

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Feature

MONDAY MAY 17, 2021

Motivational Monday

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oming back from the weekend can bring about feelings of stress and anxiety, and those emotions can hold you back from hitting the ground running. A lot can change when you adopt a positive view. Mindset is everything, particularly on Monday. And particularly with what we are all experiencing at the moment.

Working from home does not suit everyone. Some people are really struggling with the changes and having to adapt. Working from home can also have many distractions whilst trying to focus on work. Whilst having to adapt to change there is also the added stress and worry around Covid The medical concerns on top of financial worries, job security, separated from family and friends to just name a few.

There is so much going on around us it is very easy to get distracted and getting motivated to do your job can be very difficult.

Motivation prompts action and allows us to exceed our own self-expectations. If you don’t have sufficient motivation to enjoy being involved in your daily activities, they can seem like a pointless and tiring chore.

When you don’t care whether you do anything or not, you may even find yourself lying in bed all day. Then, after you find your motivation, you’ll wonder how you let yourself waste so much of your life!

When you gain motivation, tasks that seem boring or stressful can quickly turn fun and exciting.

The days will pass by quickly, and you’ll find yourself enjoying them much more than you had before. Motivation allows you the opportunity to have new experiences, new inspiration for ideas, and to try new activities that you’ve never done before.

When you begin to enjoy the things that you do, you’ll never need to look for motivation again.

So what makes Monday’s so different?

Monday is commonly considered to be the worst day of the week. After a weekend off, you may find it difficult to feel motivated to go back to work, exercise, or anything else that requires effort.

If you don’t have a job at all, Mondays can also make you feel an unnecessary amount of pressure to get out and find one.

However, Mondays don’t have to be different in a bad way. In fact, they can be the spark of motivation you need in order to conquer the entire week ahead of you.

How can I find Motivation?

You can do a lot of soulsearching and in-depth analysis to discover what motivates you most. Or, you can simply access all the wonderful motivation material you find around you. Use your intuition to assess whether a motivational tool inspires you or makes you want to go back to bed.

As well as maintaining a positive

mental attitude it’s important to get into the right mindset and adopt habits that you can draw upon in your role.

Here are just a few tips to help you get your week off to the best start with optimal productivity.

1. One thing at a time. Focus your attention on one thing at a time. Allowing your mind to focus on one task often boosts creativity, helps maintain concentration and each time you complete a task gives you a motivational boost.

2. Write a list. It doesn’t need to be an essay, just write down a few notes down to remind you of the tasks you have and when they are due. Keeping these to hand will allow you to mentally prepare yourself to accomplish this list and allocate time for each item.

3. Stick to a plan. If you have a plan in place try your best to stick to it, nobody likes the feeling of too much work creeping up on them. The more you plan your work and tasks the more likely you are to achieve the goals you have set.

4. Make sure your goals are within reach. If you think that a task will take you too long or you are not adequately resourced/ prepared to complete the task then make sure you only add it to your ‘To Do’ list when it is achievable within your time frame.

5. Make the most of your time.

Start early, ensure you have adequate time for breaks, prepare a lunch that you enjoy and take the time to speak to those around you. Whilst working form home,

if you live alone why not arrange a chat with colleague.

Have you thought about setting up a WhatsApp group with your work friends? Its a great way to keep in touch and support one another.

Even a weekly video call with your work colleagues can make a big difference. Just whilst you are not seeing them in person.

Having time away from your desk and your work is essential to remain productive. If you wear yourself out during the morning, become hungry, tired and irritated then this will strongly affect the way your afternoon plays out.

6. Review your performance.

Remember to give yourself a pat on the back if you’ve earnt it.

If you feel there are areas you could have improved in or a more efficient approach then make sure you write it down, learn from it and apply it the next time you work on that task.

With these tips in mind, you can get your week off to the best possible start, set your goals, achieve them and move forward.

Authored by: BforB Ghana | Networking Clubs

Contact us: | mel@bforb.com | LinkedIn: @bforbuk | www.bforb. co.uk

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MONDAY MAY 17, 2021

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Banking & Insurance

MONDAY MAY 17, 2021

BoG approves 12 banks, five others as primary dealers, bond market specialists

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he central bank has granted licences to 17 financial operators, comprised of banks and brokerage firms, to operate as primary dealers and bond market specialists in the country’s fiscal landscape.

The approved banks include Absa Ghana, Access Bank, Fidelity Bank, Guaranty Trust Bank, Société Generale Bank, Stanbic Bank, GCB Bank, and CalBank.

The rest are Consolidated Bank, Ecobank Ghana, Standard Chartered Bank, Agricultural Development Bank, and ARB Apex Bank.

Making up the total number of primary dealers are IC Securities, Databank Brokerage Limited, Obsidian Achenar, and Black Star Brokerage Limited.

A primary dealer is a bank or other financial institution that has been approved to trade securities with a national government.

Primary government securities dealers sell the Treasury securities that they buy from the central bank to their clients, creating the

initial market.

The Ministry of Finance, following a review of the primary dealer system, invited banks and non-banks to apply for licences to operate as dealers and bond market specialists.

With the endorsement, the listed firms are now authorised to participate in the wholesale auction of government securities.

Their dealings in government securities will be supervised by the Securities and Exchange Commission (SEC), the nation’s securities sector regulator.

As part of requirements, the licensed dealers are to set up departments that are dedicated to the conduct of operations in government securities, with a minimum dedicated working

capital of GH¢5m.

Nine out of the 17 dealers have also been selected as bond market specialists for the issuance of government bonds through the book-building process.

They are Absa Bank, Ecobank, Stanbic Bank, GCB Bank, CalBank, Fidelity Bank, IC Securities, Black Star Brokerage, and Databank Brokerage Limited.

StashAway launches a term life insurance product to expand its wealth management offering

Cell captives can boost innovation in African insurance market: Cenfri

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igh barriers to entry are making it difficult for innovators in the insurance industry to gain traction in Africa, but cell captives could provide a solution, according to a note from the Centre for Financial Regulation and Inclusion (Cenfri).

Cell captives could provide insurers in South Africa and sub-Saharan Africa (SSA) with more cost-effective access to the insurance market and fewer compliance hurdles than what they would expect with a full insurance licence, Cenfri explained.

Cenfri’s Matthew Dunn, Christine Hougaard and Jeremy Gray noted that cell captives also provide insurers with more autonomy, and the ability to share in the economic gains of insurance, as compared to an intermediary licence.

“This is particularly relevant for innovative players like insurtechs

who do not want to become insurers in their own right, but find that being relegated to a broker or agent licence does not speak to their unique value proposition,” the note said.

Cell captives “can also be part of a graduation path towards a full insurance licence,” Cenfri noted, helping newly formed cells to gradually upskill and build up their capital to the point where it is feasible for them to acquire an insurance licence of their own.

Cenfri stressed that setting up and maintaining a cell captive still requires considerable technical, administrative and managerial skill and should not be undertaken lightly. Many countries in SSA operate under a common law system under which a cell captive may be allowed but will be regulated according to regulations that were not specifically designed for them, it noted.

S

tashAway has launched StashAway Term Life, a group term life insurance policy underwritten by Prudential Singapore. The addition of the new product brings StashAway even closer to becoming an allin-one wealth management platform.

StashAway Term Life is a fully digital offering available on the StashAway app to Singapore residents. Applying for coverage takes only a few minutes, with no in-person medical check required.

Clients can get a personalised recommendation for how much coverage they need, and then apply for coverage ranging from $100,000 to $500,000 SGD by answering just 6 health-related questions.

StashAway Term Life is a yearly renewable policy designed to give clients a flexible insurance option. Those insured can renew their plans every year as long as they reside in Singapore. This offering is particularly suitable for those early in their careers or those looking to easily top-up any existing coverage they have individually or as part of their

employee benefits.

Michele Ferrario, Co-founder and CEO of StashAway says, “Our goal from the time we first launched our services in 2017 was to provide affordable, transparent, and straightforward financial products. The addition of StashAway Term Life is one more way we’re doing that, with a simplified digital journey to purchase life insurance.”

Purchasing term life insurance and investing separately is often significantly more costeffective than purchasing whole life insurance or an investmentlinked policy (ILP).

Amanda Ong, Country Manager of StashAway Singapore, says, “Although it’s convenient to lump investments and cash into an insurance policy, the higher premiums for whole life insurance and ILPs aren’t usually worth the extra cost.

From a cost perspective, you’re better off buying term insurance and investing your savings in a separate investment product, or as they say, ‘Buy term and invest the rest’.”

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MONDAY MAY 17, 2021

Developing a digital literate society: IIPGH launches “Digital Design and Creative Coding Hub”

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he Institute of ICT Professionals Ghana (IIPGH) with its partners Codie it!, and TinkerToys, from Leipzig, Germany on 3rd May 2021 successfully launched its Digital Design and Creative Coding Hub in Accra.

The event had a splendid setup, hosting about 35 children with their parents, and other invited guests. The launch was live on zoom and on Facebook, which saw over 300 participants connecting across the country and beyond. At the launch were dignitaries including Hon. Kwaku Ampratwum-Sarpong, Deputy Minister-Designate for Foreign Affairs and Regional Integration, MP-Mampong; Prof.

Fred McBagonluri, President Academic City University College, Board Chair Institute of ICT Professionals Ghana; Mr. Ronny Zienert, Head of Unit, Saxon State, Ministry for Regional Development, International Cooperation, Germany; Dr. Peter Kettner, Ministry of Foreign Affairs, Germany; Mr. Prince Sefa, Deputy DirectorGeneral Operations, National Communications Authority (NCA), Board Member of Institute of ICT Professionals Ghana; and Hanna Schlingmann, AFOS Foundation for Entrepreneurial Development Cooperation.

Summary The “Digital Design and Creative Coding Hub” is meant to be a showroom for tools and concepts for digital learning and creative work – for innovative and creative projects and a center for national and international exchange.

The tools and concepts will be accessible to everybody who is interested and will be taught through training and other events to educators and multipliers.

The project is supported by the “Creative Resources” program of the German Federal Foreign Office.

Background The new digital revolution presents amazing prospects.

Emerging technologies such as 5G, robotics, artificial intelligence, Internet of things (IoT), big data, cloud computing, mobile applications, and 3D printing, offer enormous opportunities to improve societies.

However, every revolution comes with its challenges. One is the emerging skill gap. New

technologies are disrupting industries and changing how we work and socialize. For people without digital skills, it is getting harder to thrive in the workplace irrespective of their chosen career. Thus, there is an urgent need to learn new skills ranging from basic to advanced digital know-how.

To address this skill gap, we need to tackle several challenges associated with the development of a digital literate society and a digital economy. The challenges include affordability, scalability, and sustainability of training; lack of qualified instructors; lack of infrastructure; relevant curriculum, etc. It is also crucial to look at issues of inequalities associated with gender, geographical location, and persons with special needs.

The idea of creating a Digital Design and Creative Coding Hub is to tackle those challenges, to improve the digital literacy in Ghana and to instigate an international knowledge transfer.

In Ghana there is currently a great need and interest in digital tools and new technologies, for art production, for education, for the development of new business models and for the development

of new markets.

To make digital skills like coding and digital design available to everybody, access to digital tools and new approaches to teaching and learning are needed. In Ghana, the digitization of education is still in its early stages. There is a lack of technical infrastructure - Internet access and hardware, effective pedagogical concepts, and qualified teachers. For such reason, the hub will be a showroom in which all who are interested can get to know and try out digital tools (hardware and software) and learn how to use them in schools, for creative projects or in business contexts.

Why learn about coding and digital design?

In our digitized world coding is becoming an integral part of literacy. To understand and change our digital world, which is increasingly determined by algorithms, one needs at least basic programming skills.

Learning to program is no longer just for computer specialists and software developers. In more and more countries, programming is becoming a mandatory part of school education, and in

professions and social fields, programming skills are becoming a prerequisite.

Creative coding is the artisan side of programming. In creative coding computer programming is used to create something expressive instead of something functional. With a strong focus on creating interactive experiences, in creative coding, the program moves past the sequential problem solving found in typical beginner programming and coding courses. In this field of coding, artists, designers, and creatives apply programming concepts to work in a variety of media, such as 2D/3D graphics, animation, image, sound, and video processing. Thus, in our world of digital applications, design is now more relevant than ever before. Digital design is a type of visual communication that presents information or a product or service through a digital interface.

Implementation of the project The hub is equipped with basic technical infrastructure.

That includes notebooks, a smartboard and 3D printers, with the digital creative tools of the German project partners Code it! and TinkerToys, available to all interested educators and artists.

The technical equipment of the hub (hardware and software) is to be continuously expanded in the future by winning new partners and sponsors for the project.

The focus of the Hub is on the field of design and art.

Code it! and TinkerToys software are learning platform and digital construction kit (respectively) for learning programming, and teaching children and beginners the basic concepts of programming in a simple and practical way. This allows children to create their own 3D designs easily and intuitively - e.g., robots, own game figures, houses, cars, cities, flying objects, etc.

In addition to operating the showroom as a focal point, regular training courses and other events such as lectures and discussions on various topics will be organized. In those events, approaches, and tools from the fields of education, coding, and design will be presented. At the same time, the hub is intended to initiate and promote the national and international exchange

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MONDAY MAY 17, 2021

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Energy

MONDAY MAY 17, 2021

Italy’s Dolomiti Energia secures €100 million aid for grid modernisation

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s population continues to increase, as standard of living continues to get luxurious, as human settlement continues to spread to new location, electricity demand will continue to increase.

With the increasing demand for electricity, infrastructure for the sector should be able to support the increasing demand.

Dolomiti Energia (Italian Energy Company) has secured €100 million ($121 million) in European Investment Bank (EIB) funding to modernise its electricity and water distribution infrastructure. The aim is to achieve water and energy sustainability and transition goals set by both the Italian government and the European Commission.

Dolomiti Energia will use the loan to fund its 2021-2023 development plan.

One strategy to implement its development plan is to install second-generation smart meters and smart street lights to digitise its grid network, a development that will help improve consumer energy efficiency and the management of the electricity distribution system.

Is providing smart gridding into modern electricity systems the new way to energy efficiency?

The decision made by Dolomiti Energia will better align the utility with the digital transformation

blowing across Europe under efforts to ensure real-time management of the electricity network to ensure more distributed energy resources are integrated as well to improve customer services through the introduction of new customercentric business cases.

Upgrades to the energy network will have a direct positive impact on approximately 335,000 consumers whilst upgrades to the water infrastructure will benefit 78,000 households in northeastern Italy.

Will the banking sector have electricity infrastructure systems upgrade part of their business model?

EIB Director for loans in Italy, Malta and the Balkans Miguel

Morgado said: “As the climate bank, the EIB is ever more committed to supporting projects linked to combating climate change. The investment plan presented by Dolomiti Energia Group and to be implemented by 2024 includes actions in various sectors and aims to improve the efficiency and resilience of the services offered in the Autonomous Province of Trento.”

Is it advisable to vertical integrate where the need be?

In addition to securing the EIB loan under plans to meet its energy transition goals, Dolomiti Energia has acquired Italian flexibility and energy management solutions firm EPQ. With its 33% stake in EPQ, Dolomiti Energia plans to expand its portfolio of renewable

sources, community microgrids and energy storage plants.

Commenting on the acquisition, Massimo De Alessandri President of the Dolomiti Energia Group, said: “ In line with the national and European sustainability objectives, this partnership will make it possible to contribute, also thanks to the help of new technologies, to improving the energy efficiency and flexibility of the country.

This is an opportunity to expand the Group’s contribution to the energy transition path towards a more sustainable development model and to create value for the Group by guaranteeing a leadership position in a market sector with strong growth prospects.”

Having read the activities of Dolomiti Energy, there is the need for companies to re-look at their business models and see how best to adjust to be resilient in the increasing electricity demand.

A few will implement smart grid solutions themselves; others will see the need to outsource it.

However, being able to monitor and detect waste in an electricity network is a key strategy to ensuring energy efficiency and sustainable energy management.

Writer: Donald Marshall Company: Mframadan Energy Management & Research Institute (M.E.M.R.I).

Contact: 00233-24-4550854 Email: donaldamus@yahoo.com

Developing a digital literate society: IIPGH launches “Digital Design and Creative Coding Hub” CONTINUED FROM PAGE 19

Goals and Objectives

of knowledge and experience between educators and creative professionals. New partners and sponsors from Ghana, Europe, and other parts of the world are to be won for the long-term operation of the hub.

The hub shall promote permanent exhibition of technologies and digital products. It shall provide trainings and workshops for teachers, ICT trainers, and young people, exposing them to

emerging technologies; provide a makerspace and an innovation lab for young people; organize events like hackathons, data challenges and competitions; as well as enable knowledge transfer and promote national/ international cooperation. In addition, the hub shall assist educational institutions at all levels to strengthen ICT training; contribute to closing the digital gender gap and strive for inclusiveness and digital equality for women and the disadvantaged; and consult for educational and governmental institutions on emerging technologies, digital education, and digital skills development policies.

Sustainability To be able to ensure the long-

term work of the Hub, financial resources shall be generated to sustain operations by providing several professional services to the public. Services includes affordable training workshops and lectures for teachers and ICT trainers, children, and all interested participants. The 3D printers shall be used to create prototypes for artists, engineers, architects, etc. at appropriate fees.

The Hub welcomes partnerships with other organizations to develop proposals and respond to request for proposals that will bring projects to the Hub. Author: Richard Kafui Amanfu – (Director of Operations, Institute of ICT Professionals, Ghana) For comments, contact richard. amanfu@iipgh.org or Mobile: +233244357006

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Vaccine licensing, production, and global distribution

By Michael Spence

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t this point in the pandemic, the key question is whether vaccine production can be ramped up quickly enough to allow most people to be vaccinated relatively soon. But implicit in that question is another: whether and under what circumstances it is appropriate to suspend domestic and internationally agreed intellectual-property rights. The matter is being discussed in the World Trade Organization now that US President Joe Biden’s administration has surprisingly come out in support of a COVID-19 waiver, exposing a rift between Western governments.

Most agree that if any set of conditions justifies a waiver, this pandemic surely meets them. The millions of lives threatened by the virus ought to trigger a shared sense of humanity. And vaccination is a public good, because everyone’s safety ultimately depends on everyone else’s. In some cases, governments have co-invested with companies in vaccine development, strengthening the case for mandatory licensing.

But whatever we do to provide it must not produce adverse or unintended consequences that could impair our responses to future crises of this kind.

We need to start with a basic question: would the proposal under discussion waive IP rights, or would it simply allow for compulsory licensing, under which the company retains its IP rights and the right to earn a return from them? Of the two, compulsory licensing is preferable. By acknowledging that the creator is entitled to a return, it would minimize the adverse effect on future incentives.

Of course, an important variable is what, exactly, is being licensed. Are we talking about the chemical composition of the drug itself, or does the license extend to all of the technology embedded in a scaled-up production process?

Increasing global production would most likely require both. But, because proprietary manufacturing technology is not necessarily drug-specific, mandatory licensing in this case could affect the production of other drugs, raising concerns about fairness and the rate of return on investment. Moreover, transferring production technology is not always easy.

Manufacturing capacity is another significant variable.

How much is there now, and how much more would need to be built quickly to ensure highquality output if IP is transferred?

Whatever the precise answers, the point is that even if the IP issue can be resolved, manufacturing and distribution will remain binding constraints, alongside a third key variable: price.

Public-health experts and policymakers generally have balked at charging for vaccination, because it would run counter to the objective of immunizing everyone. But in the current context, the customers buying the vaccines are primarily governments or multilateral institutions, which means that there are at least two prices to be determined. One is the mandated royalty paid to the original producers, presumably the companies licensing the IP. But then there is the price paid by governments to those licensees, which may or may not be domestic companies.

The overarching longterm priority is to preserve the incentives for major drug

companies to invest heavily and rapidly in the response to the next crisis – as they did in this one.

These are risky investments. The royalties, in the aggregate, need to be set to produce substantial returns for the successful producers, and also a return on IP embedded in the manufacturing technology. More to the point, the incentive must remain strong enough to persuade all such companies to take on the risk of failure.

Some will argue that the return to successful vaccine producers is already high from sales to developed countries. That may well be true, but we can’t simply assume it. It is a question that will need to be sorted out in the WTO. Less uncertain are the principles that must be upheld now and in future crises like this one. For the investing company, the expected returns on vaccine development (which includes the probability of failing) should be neither inappropriately low nor prohibitively high. It is a common mistake to look only at the returns to the companies that succeed.

The fairest way to think about this is to base prices on the per capita income of the country whose government is buying the vaccines. (Depending on their mission, aid agencies and nonprofits can further subsidize purchases.)

But since discriminating between countries opens the possibility that unscrupulous entrepreneurs and governments may game the system via trans-shipping, an international institution like the United Nations ideally would negotiate for and buy large quantities of vaccines for distribution to countries below a certain income level.

The COVID-19 Vaccine Global Access (COVAX) facility, launched

in 2020 by the World Health Organization, Gavi, the Vaccine Alliance, and the Coalition for Epidemic Preparedness Innovations, is intended to do this, with funding from advanced economies. It is a good idea and should be retained. But while it has made progress in acquiring and distributing vaccines, it is underfunded and subject to the same supply problems (vaccine nationalism, licensing requirements, and manufacturing bottlenecks) as developing countries typically face.

It is to be expected that countries where vaccines are developed will meet their own needs first. As such, the only real solution at the global level is to scale up manufacturing capacity in as many places as possible.

In considering the lessons learned so far from this crisis, two final points stand out. First, critical decisions should not be made unanimously, with everyone wielding a veto. That is a recipe for delay and inaction. Instead, we need a responsible, broadly representative body like the UN to declare a global emergency, which should then trigger pre-specified arrangements. Negotiating global manufacturing and IP choices in the middle of a pandemic is not ideal.

Second, there remains a large and urgent peak-load problem in manufacturing. Peak-load capacity is expensive, because although it is not used most of the time, its absence during moments of crisis can result in much higher mortality and longer disruptions.

The private sector cannot solve this problem. Insofar as there is a global public interest in carrying excess pharmaceutical manufacturing capacity, governments, in the aggregate, must figure out how to pay for it.

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Columbia Embassy’s 2021 Cultural Agenda

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or the year 2021 we continue to highlight the ColombiaGhana link of integration, by organising activities that contribute to the cultural unity of our countries.

We started the 2021 Cultural Agenda by opening the doors of the Embassy of Colombia in Ghana, with the Exhibition of Pictorial Art, dubbed: “Abstract and Surrealistic View of the World”, in which three Ghanaian artists, express their talent, demonstrating once again the creative capacity of a new generation in the country. The artists are Kelvin Ansong, Philip Kumah and Steven Planche.

This exhibition will be open to the public from 4:00 p.m. to 7:00 p.m. daily for two weeks, with strict observation of the COVID-19 safety protocol, which is why admission to the exhibition room will be by groups of ten people.

We want to highlight the bond of brotherhood we have with Ghana and Africa in general, through the best wealth of our countries which is our people and our Afro root.

Gastronomy With the view to cultural diversity at this time, we highlight gastronomy as an element not only of sophistication, but as an art that can be conceived and practiced with the concept of sustainability.

We have chosen three chefs who work in different areas, showing as a novelty, sustainable

gastronomy, authentic gastronomy and touristic gastronomy, where we can share social experiences having as its axis the recognition to the human being, exposing a gastronomy connected with the environment and human development.

The three guest chefs are: Alex Nessim, Veronica Socarrás and María Buenaventura.

Literature Another area is literature, where we will have Enrique Serrano, who currently serves as the Director of the General Assembly of Colombia. In 1996, he won the Juan Rulfo Award given

by Radio France International with his first book, “The Brand of Spain”.

Digital Art Finally, we have the area of digital art, which will be led by Carmen Gil, an artist, curator and teacher, who will present an innovative art to share with you.

We invite you to participate in our cultural program, making use of virtuality, which has become the tool that has united us in the midst of the pandemic, through virtual platforms that will allow us to appreciate and enjoy all the events, for which in a timely manner, we will be forwarding the corresponding links.

Other activities PANAFEST

ambassador to Ghana.

Green Ghana Panafrican Museum

Heritage

World

Artist Profile Exhibition: “Abstract and Surrealistic View of the World”, Kelvin Agyepong Kwaku Ansong Kelvin is an emerging Ghanaian Artist, ambitious and passionate while possessing a classic work methodology.

As an inspiring African creative fine artist, Kelvin aims to shed light on societal issues through his art.

He’s best known for using distinct shapes and curves to create abstract, landscapes, wildlife and portrait pieces.

Kelvin believes in the visual depiction of emotions as another way to grasp the complexity of human nature hence the creation of kescorism which is his main art style.

He has artworks Such as true colours, journey of life, overcoming life, time flies, redemption and many more.

He has held countless exhibitions in places including, Alisa Hotel, The British council, Keteke art and craft, Charlewote, Defia art Gallery, German-Swiss international school, Alliance Francaise (Spoken Exhibition), Impact Hub, and Native Bar (Art is my life exhibition) with the occasion graced by the Columbian

Philip Kumah Philip Kumah is an outstanding and enterprising young artist from Ghana. He specializes in abstract painting, realism, portraiture and collage using waste African fabrics which are collected from Tailors and seamstresses. He is also interested in fashion and his source of inspiration is based on women, the environment, music, history and African indigenous culture.

Many of his images are influenced by the Ashanti and Akyem cultures and the motifs in his artworks represent traditional root as well as his life experience in Ghana.

He has exhibited works at artists Alliance Gallery and the Center for National Art and Culture all in Accra, Ghana and some of his works are also displayed at The Ford Foundation Center for Social Justice and Gallery in New York, United States. His current intention is to promote recycling and exhibit his works across the world.

EXHIBITIONS 1. IMAGINATION (group) - 2016 2. Private exhibition for President Frank Walter Steinmier of Germany (group) - 2017.

3. Art on the horizon (group) 2017 4. Ghana @60 (group) - 2017 5. Welcome exhibition for the Prince of Wales. (Group) – 2018

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Brain-based behaviours: Leading with SCARF in mind

By Dr Dorrian Aiken

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n 2011, in preparation for the launch of the newly designed Certificate in Neuroleadership, USB-ED at the University of Stellenbosch Business School invited Dr David Rock to train a small group in the use of his SCARF model, and I was fortunate enough to attend. Rock described how he had coined the term neuroleadership in 2007 on the premise that neuroscience research was invaluable to leadership development if only lay people had access to its unfolding revelations.

Indeed, neuroscience has become ‘one of the fastest growing areas of contemporary science’, according to Rock and his two colleagues, Al Ringleb and Chris Ancona, in an article they wrote for NeuroLeadership Journal in 2012 (NeuroLeadership in 2011 and 201). They added: ‘In the five years since its introduction in 2008, SCARF has become a widely discussed model in management circles, including being highlighted as one of the ‘Best Ideas of 15 Years’ by Strategy + Business magazine.’ The success of the SCARF model, an outcome of Rock’s doctoral research, is evidenced in the significant organisational following it has attracted globally.

Rock has drawn heavily on limbic brain research data to create his SCARF model. The acronym SCARF stands for Status, Certainty, Autonomy,

Relatedness and Fairness - five key triggers that activate the limbic brain, either positively or negatively, in our relationship with others. The limbic brain enables us to interpret the inner world of another person, an enhanced survival strategy that would not have been part of a dinosaur’s reptilian brain skill set, for example. We are conditioned to react in the interests of survival to any perceived threat. In its imperative to ensure humans’ survival, the limbic brain defaults to fight or flight in under a fifth of a second, 24 hours a day.

A few years ago, David Rock and Christine Cox observed that: ‘People are acutely sensitive to their social status, that is, their importance relative to others, and tend to be accurate judges of where they fall on the social ladder’ (SCARF in 2012: Updating the social neuroscience of collaborating with others.

NeuroLeadership Journal, 4, 129142).

Any slight to our status, for example, will initiate a flight or fight response precipitated by the release of cortisol and adrenalin into our systems.

Across numerous species, status has been shown to be a critical factor in general health and survival. In the training sessions with Rock, I was surprised and dismayed to find how conscious I was of status during the course of an ordinary day: from high-status annoyance with cavalier taxis pushing in on the roads, to low-status feelings of being drably dressed in the

company of chic friends at a birthday breakfast.

SCARF’s contribution to leadership development (a core theme in business school curricula) is in highlighting the link between understanding the brain and understanding people.

Through our social interactions we literally change one another’s brains, for better or worse.

Thomas Lewis, Fari Amini and Richard Lannon in their 2000 work, A General Theory of Love, stated: ‘… because we change one another’s brains through limbic revision, what we do inside relationships matters more than any other aspect of human life’.

The implication for leadership is that for an organisation to flourish, positive relational skills are as important as technical skills.

To illustrate how SCARF can be negatively activated: I was involved in a leadership development coaching project in an organisation. Halfway through the project, I learned that the organisation was under threat of a proposed merger. The merger talks collapsed at the eleventh hour, but until that time, all of the five responses described by Rock had been negatively triggered.

The status of the managing director and his executive managers was undermined by the very much bigger fish they might have had to swim with in a completely different and hostile sea; there was no certainty about either the fate of all the employees or the timelines involved;

autonomy to lead the company into the future was suspended; there was little chance of being able to relate empathetically to the key players in the proposed merger; and above all, the secrecy, lack of information and sudden prospect of a possible bleak future felt very unfair.

Being changed by others usually feels like a threat. The prospect of change, unless well managed and skilfully led, can push all the SCARF buttons in a negative way.

Another example of the negative side of SCARF can be found in South Africa’s distant and more recent history. With its long colonial past transitioning into apartheid and, since 1994, everwidening state of inequality, the country is now home to millions of people of all races who are likely to (at least at times) see all five SCARF aspects in a negative light. For example, for decades the status of black citizens has been undermined, while today white citizens may also feel that their status is threatened.

The future feels uncertain.

People’s sense of autonomy has been undermined, with widespread feelings of powerlessness in the face of entrenched poverty and corruption. South Africans often feel sadly adrift in their capacity to relate to one another, and for many (of all persuasions) life simply does not feel fair.

The SCARF model’s popularity as a means of creating awareness

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21 CONTINUED FROM PAGE 19 and building relational competencies in leaders and managers is no doubt its accessibility – its language is non-academic and its various tenets are easy to identify with, whether on the shop floor or in the boardroom. Most important is the fact that its five triggers are immediately recognisable through practical experience.

Each of us can relate to a memory of feeling slighted -perhaps we were interrupted while trying to say something at a meeting or maybe we were overlooked for a place in the team. We all know the unsettling experience of uncertainty, like not having a solution to a problem or losing our way in a strange part of town. Ask any group of employees if anyone has been micro-managed and witness the emotional response from those who have had their autonomy throttled.

As long as we are pumping cortisol and adrenalin into our bloodstream in reaction to perceived threats, we are likely to react in the interests of self-protection – a knee-jerk reaction in response to how we are feeling. The physiological consequence is restricted blood flow to the neocortex - which is the brain responsible for logical sequencing, symbolic thinking, pattern-making and planning and increased blood flow to the limbic brain. So, quite literally, we cannot think clearly when we are charged with emotion. Have you ever been lost for words?

When we are gripped by intense emotion – anger, shock or humiliation – the symbolic language-forming, logical, pattern-making brain is overwhelmed by the powerful limbic brain neuro-chemical response which upsets our ability to think rationally.

Conversely, a positive boost to our status, like receiving a compliment and feeling valued, releases the feel-good hormones – dopamine, serotonin, oxytocin and endorphins - which promote more evenly balanced activity in the brain. According to Rock, a balance of dopamine (which induces feelings of pleasure and relaxation) and norepinephrine (which induces alertness) is ideal for the kind of creative, focused thinking that drives high performance.

The research underpinning the SCARF model helps us to understand the ways in which our brains function when confronted with differences in others. This is particularly

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important when leaders have to manage diversity. Whether we are reacting to differences in race, gender, ethnic group, sexual orientation or personality style, the research on human brain activity indicates that our limbic brains are programmed to treat any difference as a potential threat to survival.

The relationship button in the SCARF model flicks the limbic brain onto red alert, and cortisol and adrenalin pump into the blood stream. The good news is that we can choose to intervene in triggered fight or flight responses.

In 1994 Jon Kabat-Zinn said: ‘Mindfulness is the awareness that emerges from paying attention in a particular way: on purpose, in the present moment and nonjudgmentally.’

Being consciously aware (using the SCARF model) of our limbic brain responses gives us choices in how to intervene in a triggered response. SCARF principles suggest that nothing is more important for all levels of leadership today than selfreflection and mindfulness if leaders are to develop awareness of their own thoughts and feelings. Furthermore, cultivating mindfulness of self and others is sustainable only if it is practised daily so that it becomes an embedded skill induced by experiential learning and repeated effort.

Some years ago, research psychiatrist Jeffrey Schwartz (in conversation with Rock) challenged the notion of some neuroscientists that the complex, continuous interaction within our brain, much of which is below the level of conscious awareness, suggests that we do not have free will. Schwartz maintained, on evidence, that in fact we might not always have free will but we certainly do have free won’t – the mindful ability to contradict, in a fraction of a second, a knee-jerk reaction, which allows a more considered response. Learning to

master such new behaviours is a process of neuroplasticity, which is the capacity of all of us to learn, or unlearn and relearn; with the caveat being that constant practice is necessary.

The relational skills required to engage others positively through the mindful awareness of the SCARF model are well within the capability of most normally functioning adults.

Indeed, nothing could be more important for leaders to master. According to recent research conducted by Lisa Feldman Barrett, working and living in the presence of constantly belittling words and negative body language can cause irreversible damage to the functioning of our immune system. So what should we encourage leaders and managers to do?

To begin with, we can encourage them to recognise the importance of giving affirmation in social contexts.

Affirm the status of all. When status is affirmed, the capacity for mindfulness and selfcritical awareness is enhanced. Provide certainty by communicating frequently and inviting questions to check common understanding.

Build autonomy by helping people to develop their own insights by asking good questions, by challenging and by giving affirmation. Build relationships by establishing trust that is based on consistency, timely feedback and positive engagement. Be aware that strong leadership needs to work consciously against the way the brain wants to function - that is, to find solutions for others, to solve the problem! Ensure fairness. Be willing to listen without defensiveness to others’ experiences of unfairness.

The SCARF model, and the enthusiastic welcome it has received from organisations, shows that we are on a path towards new theoretical frameworks for, and new approaches in, leadership

development. Given what we now know about the brain, the focus should clearly be on building positive relationship skills. To this end, the concept of positive and negative triggers in relationships, which in turn are enhanced by each person’s own experiential awareness, is the reason that the SCARF model is so effective.

The NeuroLeadership Institute, established by Rock and a number of colleagues in 2008, has made its findings accessible to the general public in many journal articles, offering insights, tools and techniques in the application of neuroscience findings to leadership and organisations.

About the author

Dr Dorrian Aiken is a visiting faculty member at the University of Stellenbosch Business School where she lectures on Leadership Development and Organisational Development.

She is a Master Integral Coach™ and she consults widely in the field of coaching, organisational transformation and leadership development.

Contact us for more information on the programmes offered by the University of Stellenbosch Business School (USB): Dr Marietjie van der Merwe USB Representative marie@globalnatives.com +230 606 2341 / +230 5 701 1362 Click on the link for more details on the programmes: https://www.usb.ac.za/academicprogrammes/

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