Business24 Newspaper 11th October, 2021

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MONDAY OCTOBER 11, 2021

BUSINESS24.COM.GH

Monday October 11, 2021

NO. B24 / 259 | News for Business Leaders

FBN Bank adjudged Bank of the Year

Banks must consider a special vehicle for the youth in Africa See page 7

See page 12

Fidelity boss says banks must encourage whistleblowing to fight misconduct

By Eugene Davis

ugendavis@gmail.com

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he MD of Fidelity Bank Ghana, Julian Kingsley Opuni, has called on banks to promote whistleblowing to help fight ethical misconduct in the industry.

Speaking with the press on the Ghana Banking Code of Ethics and Business Conduct, its impact, enforcement, and other related issues, Mr. Opuni said as banks migrate most of their systems, processes and services to digital platforms, it is critical to integrate a code of ethics into these digitalised processes Cont’d on page 2

Tullow starts multi-well drilling in Ghana

By Benson Afful affulbenson@gmail.com

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ullow Oil plc says it will start a multi-year, multi-well drilling campaign offshore Ghana, with the commencement of drilling of the first well at the Jubilee Field.

As previously announced, the company said Maersk Venturer, which has been contracted for four years, is expected to drill four wells in total in 2021, consisting of two Jubilee production wells, one Jubilee water injector See page 3

Expert advocates massive investment to strengthen cybersecurity

By Eugene Davis ugendavis@gmail.com

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cybersecurity expert and founder of multicontinental IT firm Slamm Technologies, Samuel K. Boateng, has called for massive investment in cybersecurity to reduce the country’s vulnerability to cyberattacks.

Cont’d on page 3

Samuel K. Boateng

Cont’d on page 2 Cont’d on page 2

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Editorial / News

MONDAY OCTOBER 11, 2021

Editorial

Cash-lite economy requires a robust and secure digital ecosystem

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overnment’s aggressive digitalisation drive has instigated a rapid surge in digitised products and services across almost every facet of the Ghanaian economy whilst the resurging virus pandemic has shot up the uptake of these digital services and online transactions.

Almost all government agencies and regulatory service providers are moving their offerings onto the virtual space, including the provision of basic utilities like water and electricity.

The digital transformation journey has been both fast and impactful to society, especially in these unnormal times but moving at the same pace, quite unfortunately, is the threat of online-based crimes which could

derail the nation’s efforts towards a cash-lite economy.

The use of these digital platforms exposes everyone to the risk of phishing, scam, identity theft and the exploitation of our personal data for commercial gains and it will therefore take a robust and secure digital ecosystem to build the right confidence and trust in the digitalisation process.

Tech-based experts have continually called for massive investment in cybersecurity to reduce the country’s vulnerability to the threats of digitalisation, especially cyberattacks.

Cybersecurity has become an increasingly relevant concern in view of the ongoing digital

transformations and widespread usage of digital technologies and there is the urgent need for the state to ensure that the privacy of the individual and personal data is protected.

As businesses move their operations and products to the digital space, they must bear in mind the threats of this open space and put in place the right systems and solutions that will secure their online presence.

At the national level, the Data Protection Agency, which is the state body that protects users of these digital innovations must be well-resourced to devise strategies that will support the digitalisation agenda in a more sustainable manner.

Fidelity boss says banks must encourage whistleblowing to fight misconduct Continued from cover

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and procedures in the form of controls.

These controls, he added, must be monitored and adopted at all levels of the organisation, while digital systems and processes must be configured such that relevant information is easily accessible to the appropriate stakeholders, and deviations or breaches from standard practice or protocols are easily detected or flagged for further investigation.

“One key control that must be encouraged and given more focus is whistleblowing. This must be implemented at the national level and not only within banking institutions,” he said.

“Additionally, whistleblowers must be incentivised with corresponding rewards and accorded maximum protection.

As we look to apply sanctions for non-compliance, we must also reward the whistleblowers to encourage more people to stand up and report ethical misconduct in the industry and society in general.”

Mr. Opuni further noted that it will require innovative thinking to build robust monitoring mechanisms, adding that with the right systems design-thinking

Julian Kingsley Opuni

approach centred on ethical standards, robust protocols to forestall or block ethical breaches can be developed.

“Ethics should be given as much attention as the other talking points, because at the end of the day, of what import is growth in revenue, for instance, if said growth is not attained ethically? World class institutions uphold proper business conduct and ethics, and the same must apply here in Ghana.”

Business ethics in general, Mr. Opuni stated, must be highlighted at all levels of higher education.

“If these ethics are taught, explained and practicalised during higher education, it will cause a paradigm shift and expose our students to the importance of ethical behavior.

This is imperative to their success in the world of work, especially in a highly regulated industry like banking.”

He said Fidelity appreciates the overriding importance of ethical consciousness and, consequently, in conjunction with the Chartered Institute of Bankers (CIB), has set up the Fidelity Banking Academy to provide practical training to interns and staff on the essentials of banking as well as the ethics of the profession.

“In fact, together with the CIB, we have developed several modules on the Ghana Banking Code of Ethics and Business Conduct to ensure that trainees imbibe these ethics fully into their professional and personal conduct,” he said.

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News

MONDAY OCTOBER 11, 2021

Expert advocates massive investment to strengthen cybersecurity Continued from cover He said cybersecurity has become an increasingly relevant concern in view of the ongoing digital transformations and widespread usage of digital technologies.

“If you have the right people, then the initial monetary investment is going to be low.

But if you don't, then you have to invest more,” he said.

“The IT budget for a state like Virginia, which is comparable to Ghana, is approximately US$15m annually. Since [Ghana does] not have the infrastructure and has to build Security Operation Centres (SOCs), I would say [we need] probably US$150m,” he added.

He further stated: “We only have one main SOC, and we need to build infrastructure in every region. This will invariably provide jobs and wider development. There are times we have had training sessions in other regions and even police personnel from the cybersecurity units do not have computers. We need Security Operation Centers in every region.”

He said the hazards that cyberinsecurity poses encompass the

full spectrum of threats, from nations trying to steal secrets and harm the country’s critical infrastructure to citizens worried about bank accounts and personal identities online.

The CEO of Slamm Technologies

also urged stakeholders including government to follow through with the implementation of the Cybersecurity Act. “We have been reading through the Cybersecurity Act, and we like everything that we see. There

are a lot of good policies; we only hope that these will be fully implemented. If every policy is acted upon, Ghana would be very cyber-secure. So we will support the government in all that they do for implementation, so that we can freely use technology without any fears.”

Tullow starts multi-well drilling in Ghana Continued from cover well, and one TEN gas injector well.

The 2021 drilling campaign

is the first part of Tullow’s 10year Business Plan, which was presented at Tullow’s Capital Markets Day in November 2020.

Tullow’s Ghana portfolio has a

large resource base with extensive infrastructure already in place.

"Through a rigorous focus on costs and capital discipline, Tullow believes that these assets

have the potential to generate material cash flow over the next decade and deliver significant value for Ghana and investors," Tullow said in a statement.

"Throughout this campaign, Tullow will continue to implement its Shared Prosperity strategy through a strong local content programme with suppliers in Ghana, the professional and technical development of Ghanaian nationals, and continued investment in STEM education, enterprise development and shared infrastructure."

Rahul Dhir, Chief Executive Officer, said: “Today is an important milestone in the implementation of our long-term Business Plan. Working closely with the Government of Ghana and our joint venture partners in Ghana, I am confident that we will unlock the full potential from the Jubilee and TEN fields through this multi-year, multi-well drilling programme”.

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MONDAY OCTOBER 11, 2021

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News

MONDAY OCTOBER 11, 2021

Eni launches IPO process for integrated gas &power retail and renewables business

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he board of Eni, chaired

by Lucia Calvosa, has approved the launch of a process for an Initial Public Offering (IPO) and listing of shares in Eni’s newly merged gas &power retail and renewables business.

Eni said an IPO is the preferred route to crystallize the value of the business and plans to complete the transaction during 2022, subject to market conditions. Eni will retain a majority stake in the listed company.

Eni announced the start of a strategic project to define Eni R&R’s industrial and financial plan in April 2021.

This aimed to identify the option that maximised the value of this unique business as part of the Company’s wider commitment to delivering value through the energy transition and reaching net zero emissions.

The transaction will help Eni grow its Retail and Renewables business and provide investors with greater visibility of the value of the unit. Eni R&R will be financially independent with its own balance sheet and an investment grade credit rating

– allowing it to access debt at competitive costs and fund growth.

Since announcing the launch of the strategic project, Eni has merged its Retail and Renewables operations, expanded and derisked the renewables pipeline through acquisitions, and established Eni R&R as the second largest Italian operator of EV charging points.

The company is on target to develop more than 6GW of renewables capacity by 2025 and

more than 15 GW by 2030, with its retail customer base growing from 10 million customers today to over 15 million over the same period, with EV charging points expected to increase from 5,000 to more than 30,000 by 2030 .

Eni R&R EBITDA is expected to grow from around €0.6 bn in 2021 to €1.2 bn in 2025.

Eni R&R is uniquely positioned due to its integrated business model, size, diversification and growth profile. Combining renewables production with

a retail business creates cost synergies, stabilizes cash flow given the hedge between generation and retail sales, and creates opportunities to provide renewable power and services to customers – boosting returns on capital.

Further updates on the business - including the new company name - will be made on the capital markets day on 22 November.

Claudio Descalzi, CEO of Eni, said: “We have committed to being a leader in producing and selling completely decarbonized products and an IPO of Eni’s Retail & Renewables business is an important step towards this goal. Retail & Renewables is an exceptional business, which combines a growing pipeline of renewable capacity with an attractive and increasing customer base, and is uniquely positioned to meet the opportunities presented by the energy transition. An IPO will unlock significant value, positioning the business for growth and helping both Eni and its customers reach net zero emissions”.

Cocobod boss honoured at Akuapem Mampong

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hief Executive of Ghana Cocoa Board Joseph Boahen Aidoo has been honoured by the Chief of the Akwapim Mampong Traditional Area and conferred with the title, Cocoa Boafopa for his contribution to historic strides within Ghana's cocoa sector.

The prestigious award was conferred during the grand durbar of chiefs and people of the area to climax this year’s Ohum Festival.

Mr. Aidoo is credited for spearheading the introduction of several laudable interventions to increase productivity and improve the living standards of cocoa farmers. Experts say the successful implementation of the Productivity Enhancement Programs (PEPs) significantly contributed to the attainment of the over 1.045 million metric tonnes of cocoa production record.

The Akwapim Mamponghene, Osabarima Kwame Otu Dartey III, while commending efforts by Mr. Aidoo, reminded him of the Akwapim Mampong Traditional Area’s pioneering role in the

cocoa sector and called for more investment in cocoa projects within the area.

He cited the Jubilee Cocoa Project as one major project that needs urgent attention to turn around the economic fortunes of the area.

Deputy Chief Executive of Ghana Cocoa Board in charge of Operations, Dr. Emmanuel Opoku, who represented Boahen Aidoo at the function, expressed appreciation to the chiefs and

people for honouring the chief executive.

Dr. Opoku assured the chiefs that a proposal to turn the Jubilee Cocoa Project into a Cocoa Museum is before the board of directors for consideration.

He added that a proposal for the establishment of a tertiary educational fund for research into the cocoa sector is also under consideration.

He said Ghana Cocoa Board would continue to invest in

projects to build local capacity in an effort to industrialize the cocoa sector.

As part of his contribution to the development of the area, the Cocobod Chief made a personal donation towards the building of the chief's Palace. The board also presented cocoa products and other items towards the celebration of this year’s Ohum Festival.

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MONDAY OCTOBER 11, 2021

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Opinion/Analysis

MONDAY OCTOBER 11, 2021

Banks must consider a special vehicle for the youth in Africa

By Foster Awintiti Akugri Manager, Youth Banking and SB Incubator, Stanbic Bank

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any banks in emerging markets, particularly in Africa, have abandoned the idea of youth banking and focused primarily on older people.

On the contrary, however, available data from the World Bank indicate that over 60 per cent of Africa’s population fall under the age of 25, making Africa the youngest continent in the world. Back home in Ghana, Statista’s 2020 Ghana Population Age Structure, says that 54 per cent of the population fall under the age of 25.

This relatively young demography has become fodder for corporations around the world who are actively working to harness the vast opportunities that a young population offers.

But as attractive as this population structure may be, available data suggest that banks on the African continent are yet to attract young people. Indeed, apart from the Middle East, Sub-Saharan Africa has the highest percentage of unbanked people under the age of 25.

The reasons for this situation may be numerous and varied. For some, banks find young people an uninviting market because of their limited income and the fact that a vast majority of them are yet to unlock their financial potentials.

For others, banks are unable to keep up with the demands of millennials who are more likely to value convenience and mobility and expect digital solutions for everything. Hence the rather unhealthy over concentration on older customers who have more money and are better immediate business prospects for banks.

Whatever the reason, however, there is rhyme and reason to the imperative of banks concentrating on young people, and more especially for a continent that has well over half of its population under the age of 25.

First off, for any bank, the idea that young people do not have enough income and therefore should be left out of banking is a self-inflicting injury that will fester and become cancerous to the bank’s bottom-line in the future. This is for the simple reason that young people will not

remain young forever and they will become the old people who will control and move wealth in the future. And when that time comes, the bank that stayed with them throughout the process is the bank that will manage their wealth and finances.

Also, literature is replete with facts and anecdotes about instance of poverty on the African continent. But even more importantly, our lived experiences make the situation of poverty on the continent apparent. As clichéd as this may sound, the youth and the opportunities available to them hold the key to escaping poverty on the continent. What they need to learn, which in a large part is the responsibility of banks, is how to achieve financial independence. Including them early in issues of financial literacy and conscientizing them about the importance of financial independence and the best practices around personal finance management are key to shaping their thinking about financial independence. When young people are engaged early in their formative years by banks, their thinking patterns, relative to finance, are given direction and focus and helps them in their decision making when they become tomorrow’s business people.

One critical thing that banks can do in helping young people escape the shackles of poverty is to help them understand planning and budgeting, understand the implications of

prices and purchasing of things they want, understand how to differentiate between their needs and wants and create an expense plan towards that budget.

Most importantly, it is helping them also understand risks and rewards, the consequences of carelessness and also saving for special items, the necessity for saving and the reward of this process.

The risk and rewards of various financial products and the risk of default and its impacts on their interest rates, as well as their financial credibility to be able to access larger forms of credits or facilities in the future.

What remains critical is what banks need to do, in terms of creativity and innovation, to be able to attract these young people. Banks need to figure out the needs of young people at every stage of their development to be able to become relevant to them. At every age and stage comes some amount of financial responsibility depending on their needs, and creating timely and relevant content to help educate them during these various life stages are critical.

For instance, they can easily be categorized based on their transition through their formal educational processs.

Prescholars less than five years old and then elementary scholars between six to nine years old, then 10 to 14 years old, where they are usually in junior high school, late teens, where they are usually in senior high school, and

then the transition into tertiary level to become young adults and move out through their national service period which is a bridge stage between their financial and predictability, to becoming financially independent.

At each of these stages, banks can have products that are tailored to the needs of young people. Other categorizations can also include young entrepreneurs and the youth in the informal sector.

Beyond these, banks need to ensure price sensitivity when it comes to youth banking and also make sure that the on boarding process for them are not as cumbersome as opening an actual full-fledged bank account, which would usually require some rigour and a lot of information to process.

Moreover, the terms and conditions of owning the bank accounts must be simplified in lay people’s terms for a young person to understand without legal jargons being thrown at them.

Fees such as transactional fees, account maintenance fees and minimum deposits requirements must be kept at their lowest level possible to attract young people.

Banks must recognize that as the incomes of today’s young people rise, they will become the main customers for banks in emerging markets. But what they want from banks is often very different from what is on offer. It is for this reason that banks must consider a special vehicle for the youth.

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News

MONDAY OCTOBER 11, 2021

SIC Life Insurance appoints new managing director S IC Life Insurance Company has appointed Mr. Kwaku Appiah-Menka II as the new Managing Director of the company.

The announcement of the new managing director was made when the company inaugurated its new seven member board at the Ministry of Finance.

Mr. Appiah-Menka II, who joined the company in 2017 has vast experience in Finance, Banking, Investment, Marketing, Sales and Research.

Prior to joining SIC Life, he worked in an executive management position as Group Chief Operations Officer at Appiah Menka Complex Limited, Ashanti Oil Mills and Apino Oil Palm Plantations Limited.

He holds a Bachelor of Arts Degree in Economics from the University of Manchester, England and a Masters of Business Administration from the Goizueta Business School, Emory University, Atlanta, Georgia.

Commenting on his appointment, he said although it was an honour for him, he was very much aware of the enormous

responsibility on his shoulders.

“I am well aware of the task ahead of me and I will work very closely with the team to

ensure that we put SIC Life on the pedestal that it really deserves to be,” he stated.

Vodafone picks 5 awards for leading the gender diversity agenda in Ghana

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odafone Ghana topped the list of winners at the Instinct Women Excellence Awards, with five prestigious awards including the GenderOriented Company of the Year.

Vodafone was celebrated for leading the diversity and equality agenda in Ghana with its various initiatives. Vodafone's female executives also received various awards for their excellence and leadership in various fields, as well as their contribution and commitment to the cause of ensuring equal opportunity, empowerment, and adequate representation of women.

Ashiokai Akrong, Vodafone’s Human Resource Director, won the Outstanding Contribution to Human Resource award. The Director of Vodafone Business, Tawa Bolarin, was honoured as the Outstanding Woman in Telecom Enterprise; Geta StriggnerQuartey, the Director in charge of Legal and External Affairs, was honoured for her leadership in Sustainability and Charitable Giving; and the Director of Digital Transformation and Commercial

Operations, Angela Mensah-Poku, won the award for Excellence in Digital Innovation.

The telecommunications giant’s passion and relentless commitment to championing this agenda is unquestionable as the brand and its leadership have been deliberate and consistent in their approach to gender issues.

Besides leading the clarion call for gender-balance and diversity, Vodafone exemplifies gender inclusivity through its actions and policies.

In line with its commitment to help increase female participation in Science, Technology,

Engineering and Maths (STEM) programmes and careers, Vodafone has various initiatives that offer experiential training in coding, robotics, and many information communication technologies (ICT) models annually for girls, from the basic to the tertiary level of education.

Vodafone Ghana also gives brilliant girls perusing engineering at the university level, the opportunity to have their internships as well as job opportunities with the organisation via its Female Engineering Student Sponsorship Programme (FESSP).

Vodafone’s female executives are living the examples of girls supporting girls to succeed. In addition to organising mentoring sessions to encourage and guide young girls to aspire for greatness, Vodafone’s female leadership has taken mentorship a notch-higher by scheduling one-on-ones with female mentees, whose growth and performance are tracked and assessed periodically.

Under female rights, protection and support, Vodafone has taken an interest in domestic violence and continues to support survivors of domestic violence through the Ark Foundation. Last year, Vodafone donated cash and essential office resources to the regional offices of the Domestic Violence and Victims Support Unit (DOVVSU) in Takoradi (Western Region), Koforidua (Eastern Region), Kumasi (Ashanti Region) and Tamale (Northern Region).

The Instinct Woman Excellence Awards is a prestigious award that celebrates the achievements of women in business, finance, sport, entertainment, media, arts, culture, philanthropic and visionary fields in Africa.

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News

MONDAY OCTOBER 11, 2021

Papa Owusu-Ankomah urges the Diaspora to continue investing in Ghana

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apa Owusu-Ankomah, Ghana’s High Commissioner to the United Kingdom, has encouraged the Diaspora to continue to invest in Africa, especially Ghana, to improve on their economies.

He said Ghana was positioned to provide trade access and facilitation to any diaspora investor, who wanted to invest in the economy.

Papa Owusu-Ankomah, who is also the High Commissioner to the Republic of Ireland, was speaking at the virtual maiden Ghana Diaspora Investment Meeting-UK 2021, organised by the Ghana Investment Promotion Centre.

It was on the theme: “Increasing Diaspora Direct Investment to Ghana: Exploring Opportunities, Navigating Hurdles.”

The investment meeting was organised on the sidelines of the Africa Financial Services Investment Conference - Investing in Africa Conference, being held at the Waldorf Hilton in London.

This forms part of the Trade and Investment Mission to the United Kingdom by the UK-Ghana Chamber of Commerce.

It is to increase diaspora investment in Ghana through fostering an enabling business

environment to engage and mobilise entrepreneurs and investors in the UK to work with Ghanaian businesses in support of sustainable investment, enterprise development, and job creation activities in Ghana.

He said the Ghanaian economy offers one of the highest return on investment in areas of manufacturing, healthcare services and energy.

The High Commissioner said Africa-Diaspora investment was key to the developmental journey of Africa, hence the need for those experiences and skills to propel that agenda.

“Diasporas are welcomed to join in the contribution to foster and sustain African’s integration,” he added.

Papa Owusu-Ankomah said the African Continental Free Trade Area (AfCFTA) was creating a whole narrative for the Diasporas to collaborate with their African business partners, Ghana as the gateway.

“It appears that on all fronts Ghana stands as an attractive and preferred investment destination in Africa,” he said.

Madam Baroness Kate Hoey, the United Kingdom’s Trade Envoy to Ghana, said the UK was committed to supporting Ghana in green financing.

GNA

MTN Pulse ‘Just Be Series’ creates platform for young entrepreneurs to develop passions into businesses

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TN Ghana Pulse in partnership with Ahaspora Professionals Network hosted over 500 young entrepreneurs at the second edition of ‘MTN Pulse Just Be Series’.

The event themed ‘The Chase - Living your Passion’ targeted young entrepreneurs between the ages of 18 – 30 years, to discuss how to ignite entrepreneurship with strategies and skills to scale passions for profit.

Regina Honu, founder and CEO of Soronko Academy and Tech Needs Girls was the keynote speaker and she shared her story of how she fell in love with technology and coding at a younger age. Upon realizing that only 3 percent of ICT graduates worldwide are women with limited support for them, she founded Tech Needs Girls, a non-profit organization that teaches girls coding and provides mentorship.

Regina in her delivery said, she never knew she could be an entrepreneur because she was shy and risk-averse. When asked by the moderator, Apiorkor, how she balances work and family Regina answered, “You have to

prioritize and find a supportive partner”. Regina’s parting advice was, “Don’t be afraid to go for what you want when you decide to move, put one foot in front of the other and take action”.

Sharing varying thoughts on how people could succeed in their quest to become entrepreneurs, panelists Stephanie Adu, CEO of Colorbox Cosmetics, Ekow Mclean, founder of The Suit Guy, a virtual suit store, and Mabel Simpson Team lead at mSimps, an accessory manufacturing company, shared real life experiences on how they turned their passion into business and the successes chalked so far.

Stephanie’s passion for makeup was unearthed in her teenage years when she sold cosmetics in various departmental shops in the USA and UK. She quit her job as an investment banker and moved to Ghana in 2014 to explore how to create a quality luxury brand for women of color. When asked what her biggest challenge was, she said, “My biggest challenge is learning to trust myself, finding the right people that can believe in my dreams; and learning how to manage people in the right way to make sure they are helping me

to grow”. Mabel Simpson always had a love for art and studied visual arts in senior high school and Communication Design at Kwame Nkrumah University of Science and Technology for her undergraduate studies.

She reiterated the lack of support from her parents at the initial stages, but with perseverance, she taught herself how to sew to meet a client’s deadline. Mabel’s journey reflects a challenge many entrepreneurs and startups face: getting buy-in and building a trusted brand. She emphasized the need for a CEO to understand all the different aspects of their operations.

Ekow Maclean’s entrepreneurial journey started with his knack for wearing suits. Even in university, he wore a suit every chance he got which earned him the nickname “The Suit Guy ''. Ekow’ s vibrant persona has evolved into the

brand, which occurred when he created a personal Instagram page and called it “The Suit Guy''.

Bootstrapping is something many entrepreneurs must do to get started; he started his company with GHS 300 from his National Service stipend. He advised participants to “Wear their brand” and leverage storytelling to market their product.

Senior Manager for Consumer Marketing at MTN, Nana Asantewaa Amegashie, expressed her satisfaction with the impact the organization is making through its partnership with Ahaspora to empower youth in entrepreneurship. She said, “MTN will continue to develop solutions that will enable the youth to be more efficient in running their businesses and also gain access to the broader markets through the power of technology”.

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Feature

MONDAY OCTOBER 11, 2021

Celebrating customers: The impact of good customer service on businesses

Bennet Otoo (Jumia Ghana)

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ho is a customer? In the most explicable terms, a customer is that person who indirectly pays for all your bills,vacations, hobbies and gives you the opportunity to better yourself. Although this may sound really one sided, it is very true.

Customers remain one of the most important stakeholders in every business entity that exists worldwide. This is why the old adage ‘’The customer is always right’’ has become a mantra for successful businesses. Without customers, there would be no successful business. Each year, the first week of October is celebrated globally as ‘’Customer Service Week’’.

This weeklong celebration is to emphasize the importance of customer service and of the people who serve and support customers on a daily basis. It is also a time when customers get to appreciate the support they receive from customer service experts.

According to a global report

by Hubspot, businesses can grow revenues between 4% and 8% above their market when they prioritize better customer service experiences.

Additionally, 89% of companies with "significantly above average" customer experiences perform better financially than their competitors. As we celebrate this week, let’s take a look at the impact of customer service to businesses and customers.

1. Retaining customers vs Acquiring new ones - Every business today will tell you

how difficult it is to acquire new customers. With strong competition and initiatives from both domestic and international brands, it has become increasingly difficult to always acquire new customers. In fact, customers now say ‘’there is nothing new under the sun’’. They may either have used a bad service and are looking for a new experience elsewhere or just scouting to find the best service. It is easier and cheaper to retain your existing customers than acquiring new ones. This is where customer service comes in. With good customer service, you are assured that your existing customers are happy. By helping them make purchases, answering their calls and handling their complaints, you are almost sure to have them come back again and again.

2. Communicating brand image and values - It may be quite ironic to find a company whose values are boldly printed at their premises connoting great customer service while the staff are busily chatting and eating at their desks when customers are queued up waiting to be served. Good customer service communicates vividly what a company or brand stands for and gives it a positive image. This means that customers naturally fall in love with these brands and believe that whatever the challenge may be, they are in safe hands. In today's business world, the impact of good customer service cannot be overemphasized. When you offer great customer service, you are communicating that you value your customers and cherish them. This brings enormous

benefits to your business in many forms.

3. Loyalty and Referrals Another very beneficial impact of good customer service is loyalty.

When customers fall in love with your brand, they stay loyal to you. No matter the difficulties and challenges, they stick and stay. Many of them even become your indirect brand ambassadors.

They even go the extra mile of referring your products and services to their family and friends. There is power in taking customer service seriously. Never underestimate it. Having a loyal customer means that they are satisfied with your service and believe that anything that goes wrong can and will be fixed. For example, ecommerce companies like Jumia whose main business is online always rely on their customer service teams to offer that human feel to it’s customers.

Due to the general lack of trust in online businesses in our part of the world, it is important to always be on hand to support customers, make purchases, pay for the services and assist them when they face challenges in delivery or when they are unsatisfied with the packages they received.

It’s always beautiful to see how good customer service converts random customers to very loyal lifetime customers.

4. Competitive advantage Imagine two companies selling the same product or rendering the same service. Company A has an amazing customer service team that is always ready to assist customers and help solve their problems. On the other hand, company B has a customer service

team who never pick up their calls or never get back to customers when they say they will. If you are indecisive about which company to buy from, I bet you will go for company A even though the price may be slightly higher. Of course, at the back of your mind, you will be wondering what happens if something goes wrong along the way. How will you file for returns or refunds? With a good customer service team, you are rest assured that you have a competitive advantage over other brands who cannot match up to your level.

5. Improve revenue - Maybe the most important element for most business owners.

REVENUE! How much are we making at the end of the day? All the above points are catalysts for growth and revenue generation.

When good customer service exists, it reflects in the financials.

At the end of the day, everyone at the company goes home smiling.There will be incentives, salary increments, promotions and a general satisfaction and fulfillment. Who doesn’t want this?

The benefits of good customer service are many and the effects of bad customer service are also very detrimental on any business.

Good customer service helps to build your brand reputation and image. Always remember that we now live in a world where great customer service is an expectation, not a "nice-to-have."

Let’s wish all customer service executives a happy customer service week and charge them to continue working hard to ensure that our customers are not always right but always happy.

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African Business

MONDAY OCTOBER 11, 2021

AfDB begins consultations for the new Country Strategy for Egypt

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he African Development Bank Group (AfDB) and the Ministry of International Cooperation have launched consultations for the bank’s new Country Strategy Paper for Egypt.

As part of the consultations the bank is ensuring its engagement with Egypt is fully aligned with national priorities and will consult with a wide group of stakeholders, including representatives of the private and public sectors and civil society who will be providing input over the coming weeks to guide bank operations in the country for the next five years (2022-2026).

The bank’s strategy aims to support Egypt’s development priorities with the overarching goal of reinforcing sustainable and inclusive growth dynamics.

Its main objective is to contribute to building a competitive and resilient economy.

Minister of International Cooperation, Dr. Rania A. AlMashat, affirmed the importance of the strategic partnership between Egypt and the African Development Bank, which has contributed to the provision of many development funds across various sectors; pushing forward Egypt's efforts in achieving sustainable development.

Al-Mashat further noted that the ongoing discussions on the future strategy with the Bank, comes within the framework of the Government of Egypt’s efforts to achieve sustainable recovery and inclusive growth. Applauding the African Development Bank’s efforts, Minister Al-Mashat emphasized the profound role the Bank plays in enhancing joint, consistent and fruitful cooperation that aims to create effective communication; achieving development for all.

Guided by the priorities of the government’s National Development Plan “Egypt’s Vision 2030”, the Bank aims to focus its interventions on strengthening the country’s competitiveness for robust private sector-led growth and job creation; and building resilience through food and water security and energy efficiency for sustainable and green development.

“I welcome the consultations on the new Country Strategy Paper between Egypt and the African Development Bank. Both partners have demonstrated an exemplary alignment on national and regional issues. With the Bank's recent commitment to allocate 15% of its lending to regional integration as part of its General Capital Increase, I see this quite opportune for intensified private sector engagement, given the estimated $100 billion annual

gap in Africa's infrastructure financing,” said Ahmed Zayed, the Bank’s Executive Director for Egypt and Djibouti.

The Bank will develop a pipeline of operations to support the national development agenda, including both public and private sector transactions as well as technical assistance.

Sectors to be discussed as part of the mission include energy, transport, water and sanitation, industry, agriculture, financial services, telecommunications and SME sectors.

“Our purpose in Egypt is to contribute to job creation and inclusive growth. At the same time, we also want to promote Egyptian companies in these sectors who we see as ‘African Champions’ and support their expansion within Africa as Egypt has a lot to offer,” said Malinne Blomberg, the Bank’s Deputy Director General for the North Africa region.

The Country Strategy Paper 2022-2026 will build on Egypt’s strong relationship with the African Development Bank for almost half a century. During the period of the ongoing strategic cooperation with Government of Egypt, the Bank has financed over 54 projects to the tune of $6bn in infrastructure development, agriculture, finance, industry and social sectors as well as economic and institutional reforms and capacity building.

Nigeria Reopens land borders to trade

I

n August 2019, the Nigerian government took border communities and West African trading partners by surprise by announcing the closure of land borders with several neighbouring states.

President Muhammadu Buhari’s goal was to prevent the smuggling of rice and other food items into Nigeria, which the government claimed diminished local agricultural production. The government hoped to encourage Nigerians to purchase local agricultural products, especially rice, in a boost for long-suffering domestic farmers.

“Buy Nigerian” became Buhari’s mantra, as the president saw the idea as a way of diversifying the economy amid an oil price slump.

But in December the government finally reopened border posts, while keeping in place some

restrictions on rice and other goods, after it became clear that the closures had not achieved any of its goals.

The reopening came shortly after Nigeria ratified the African

Continental Free Trade Area (AfCFTA) agreement, which is designed to tear down trade barriers across Africa and usher in a new era of continental free trade.

Trade experts had argued that border closures would be a significant bar to the successful implementation of the agreement.

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Conference on land governance to engage cultural and creative sector practitioners

A

ll is set for the fourth edition of the Conference on Land Policy in Africa to go ahead on 2-4 November in a hybrid format.

The event, themed ‘Land Governance for Safeguarding Art, Culture and Heritage Towards the Africa We Want’, will feature both virtual sessions and physical events in Kigali, hosted by the Rwandan government.

The biennial conference, organised by the African Land Policy Centre, provides a platform for African stakeholders to network and deepen their commitment to land policy development, implementation and monitoring through access to knowledge and evidence-based policymaking.

The theme aligns with the African Union’s Declaration of 2021 as Africa's Year of Art, Culture and Heritage.

Events will showcase stakeholders and experts from academia, research institutions, traditional authorities,

governments, and the private sector.

Commenting on the links between land and creativity, linguist and cultural scholar Prof.

Kimani Njogu says, “Creatives are inspired by and draw from landscapes in their work.

Through language, character, rhythm, imagery and symbolism, they not only contribute in shifting attitudes and practices about land use and how it is managed but also in interrogating and influencing

policies on land so that they are more inclusive and sustainable.”

Prof. Njogu is an advisor to the Scientific Committee charged with organizing the conference.

Ahead of the conference, a masterclass for creative writers will take place on 8-9 October to offer writers an opportunity to explore land governance challenges across the continent with land policy experts.

Participants will also learn the craft of storytelling with novelist

and Nairobi Noir editor Peter Kimani, author of 'Dance of the Jakaranda,' a New York Times Notable Book of the Year.

Writers attending the session have been asked to read selected texts, including E'skia Mphahlele's Down Second Avenue and Weep Not, Child, by Ngugi wa Thiong'o to deepen understanding of land issues.

Another session will explore how decisions concerning land use affect the film industry, how filmmakers draw on land issues for storytelling, and how as change agents, they raise questions about land.

"We look forward to the upcoming deliberations with stakeholders at this important conference.

We ought to forge strategies together, for safeguarding art, culture and heritage to achieve the Africa we want in the context of Covid-19”, Pinto Moreira Emmanuel, African Development Bank Acting Director for the African Natural Resource Center, commented.

FBN Bank adjudged Bank of the Year

F

BN Bank has been adjudged “Best Bank of the Year” at the 2nd Ghana Credit Excellence Awards organised by the Chartered Institute of Credit Management Ghana (CICMG), which was held in Accra under the theme “Leveraging AfCFTA to boost Ghana’s Socio-Economic Development – The Role of the Financial Services Sector.”

According to the citation for the award, “the Awards Planning Committee of the Chartered Institute of Credit Management Ghana recommended FBNBank Ghana’s nomination for the award of Best Bank of the Year.

This award is in recognition of the immense contributions of FBNBank in upholding best standards in credit management, contribution to the socioeconomic upkeep of the country; rendering employment to citizens in the banking and credit landscape; and offering impeccable organizational and portfolio services to your teeming clientele and to Ghana as a whole.

On the strength of this achievement, the institute is of the conviction that this spurs you on to soar higher in delivering tailored products and services to

your customers and the entire credit market. Congratulations!”

Executive Secretary of CICMG, Mr. Johannes Agyapong, congratulated all the recipients and mentioned that the awards was meant to honour and reward organizations for displaying excellence in credit risk management in their operations.

While reiterating that the institute has been at the forefront of training individuals and organisations in the areas of credit management, risk and banking operations to enhance their performance, he entreated players in the financial services sector to pay attention to credit risk models and systems in this era.

Bank of Ghana’s Director of Banking Supervision, Mr. Osei Gyasi, said “the Chartered Institute of Credit Management, Ghana needs commendation for the good job over the years to promote the standard of professional competence in sound credit risk management in Ghana. It is instructive to note that credit risk constitutes 70 per cent of the Basel Pillar 1 risks in banking operations and the Bank of Ghana is therefore supportive

of the Institute’s critical role in building capacity of the financial services sector in credit risk management.”

Semiu Lamidi, Executive Director and Chief Financial Officer of FBNBank said, “this award is the second to be presented to FBNBank in our milestone year and it is adequate proof of our dedication and contribution to the financial system in Ghana.

This recognition is certainly a boost to the momentum we have gathered over the years and it shall propel us to higher heights in our efforts to offer the gold standard of excellence and value.

We are very confident that we will continue to deliver on this commitment because we draw our strength from the First Bank

of Nigeria’s trade hub that has grown economies for 127 years in Africa, Europe and China and for 25 years in Ghana.”

Victor Yaw Asante, FBNBank’s Managing Director and Chief Executive Officer, said, “We remain committed to delivering support to our customers and clients working with them to achieve the level of business performance they aim to attain. We take our role as a bank seriously, recognizing the difference that we can make, not just in the activities of business entities but also, in the economy and within other communities.

We do these because our brand promise enjoins us to put our customers first even as we deliver the gold standard of value and excellence.

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Africa Investment Forum showcases agribusiness investment opportunities ahead of 2021 Market Days

T

he Africa Investment Forum held a roundtable event to preview two agribusiness deals worth nearly US$400 million as part of the lead-in to its upcoming 2021 Market Days.

The investment opportunities, drawn from the Africa Investment Forum’s pipeline, will be presented in full during the Market Days, to be held from December 1-3 in Abidjan. The virtual roundtable, organised by the Atlantic Council, took place on Thursday 7 October, 2021.

During the roundtable, members of the AIF team presented an outline of the deals to investors.

The first one, which requires $345 million in capital, entails construction and operation of a food market that will serve about 15 million people in an area projected to be Africa’s largest food exchange zone. It would also serve as a marketplace where farmers bring in produce to sell to potential customers at retail or wholesale prices. As well as farmers, the food market will provide livelihood opportunities for fishers, meat and dairy producers and wholesalers.

The second showcased deal involves the scaling up of a dairy milk production and packaging

company in a Southern African Development Community country. The project sponsors have a good operational record in the agriculture sector, and they have secured an offtake agreement with a major international food and beverage company for the milk production.

The deal, valued at $50.2 million, has strategic value for the national government, and

provides an opportunity for local production of a commodity that is typically imported. There is also potential for job creation and local development of skills.

The roundtable also featured a panel discussion with Begna Gebreyes, Senior VP, Africa Finance Corporation; Deji Adebusoye, Principal, Sahel Capital; and Nimrod Gerber, Managing Partner, Vital Capital.

Panelists discussed Africa’s role in global supply chains, bottlenecks to agricultural productivity, infrastructure limitations and other issues relevant to the agribusiness sector. They agreed that Africa continues to lack the processing capacity to add value to its raw materials, with cocoa being cited as an example.

Agriculture and agri-business is one of five priority investment sectors under the Africa Investment Forum’s Unified Response to Covid-19(link is external) pillars, in addition to energy and climate change, health, ICT/Telecoms, and industrialization and trade.

Africa Investment Forum Senior Director Chinelo Anohu said, “Agriculture is one of the pillars of the African economy: it is the key employer, and is fundamental to transforming rural areas, reducing poverty, and facilitating economic growth.

As a sector, agriculture has been under-supported by investment to date, and the Africa Investment Forum’s vision is to be a catalyst for significant investment to facilitate growth over the next decade, to improve productivity and incomes in an equitable and sustainable manner..”

President attends 60th anniversary of the founding of the Non-Aligned Movement

P

resident Nana Addo Dankwa Akufo-Addo has left Ghana to lead the Ghanaian delegation to attend the 60th anniversary ceremony of the founding of the Non Aligned Movement (NAM), which is being held in Belgrade, Serbia.

The Non-Aligned Movement is a forum of one hundred and twenty (120) developing states that are not formally aligned with any major power bloc.

After the United Nations, it is the largest grouping of states worldwide. Ghana’s first President, President Kwame Nkrumah, was one of the five historic founding fathers of the Movement, together with Prime Minister Jawaharlal Nehru of India, President Ahmed Sukarno of Indonesia, President Gamel Abdel Nasser of Egypt, and President Josip Broz Tito of the then Yugoslavia, who launched the Movement in Belgrade.

The Government of Serbia is organising a commemorative event in Belgrade on 11th and 12th October to mark the 60th anniversary of the first NAM Conference in Belgrade.

Whilst attending the Conference, President AkufoAddo will deliver a statement on the floor reaffirming Ghana’s commitment to the principles of the Movement.

The President will hold bilateral talks with his Serbian counterpart, His Excellency Aleksandar Vučić, aimed at strengthening the ties of co-operation between the two countries. He is also expected to meet the Prime Minister of Algeria and the Foreign Minister of Saudi Arabia, on the sidelines of the Conference, to discuss matters of mutual interest.

The President was accompanied by the Minister for Foreign Affairs, Shirley Ayorkor Botchwey; the daughter of Ghana’s first

President, Samia Nkrumah, the former Member of Parliament for Jomoro and former Chairperson of the Convention People’s Party; and officials of the presidency and Foreign Ministry.

The President will return to Ghana on Tuesday, 12th October, 2021, and in his absence, the Vice President, Alhaji Dr Mahamudu Bawumia, shall, in accordance with Article 60(8) of the Constitution, act in his stead.

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Feature

MONDAY OCTOBER 11, 2021

Cryptocurrencies' next stage

By Aleh Tsyvinski

R

egulators around the world are cracking down on cryptocurrencies.

China has banned them. The United States is considering a range of measures aimed at reining them in. The Bank of England is developing capital requirements for financial institutions that hold them. But, far from spelling disaster for the crypto industry, regulation is vital to its long-term prospects.

The crypto market’s development began with what can best be described as the “product innovation” stage.

Blockchain technology enabled people to approach old questions (What is money? How can art be created and valued?) in new ways. This resulted in highly visible applications, such as virtual currencies and tokenized artworks. But it also enabled less glamorous innovations in a wide range of areas, from tracking container shipments to improving the integrity of healthcare records.

Will blockchain’s impact be revolutionary? It depends what you consider a “revolution.”

Northwestern University’s Robert Gordon, for example, questions whether the impact of more recent technological innovations will be as far-reaching as that of previous breakthroughs. Will smart phones prove to be as important as electricity? Will e-commerce be as transformative as steam power? Can the internet’s impact compare to that of radio and the telegraph?

Revolutionary or not, blockchain will undoubtedly have a significant impact on a variety of traditional industries as it spurs the creation of new companies, products, and applications. In fact, that is already happening.

This “mainstreaming” of blockchain applications marks the end of the first stage of the technology’s development.

Now, cryptocurrency is entering the next phase of its evolution: becoming an investable asset. To be sure, cryptocurrencies are already an asset, with a market capitalization of around $2 trillion. But it is a market marred by fraud, scandals, insider trading, pumpand-dump schemes, and other shady or illegal activities.

This is the case even for the “safest” cryptocurrencies, stablecoins, which are supposed to be backed by hard currency.

In fact, Gary B. Gorton, my colleague at Yale, and Jeffery Zhang, a member of the US Federal Reserve System’s Board of Governors, compare stablecoins to the private banknotes that were circulated during America’s “freebanking era,” from 1837 to 1862, when any bank could issue its own currency. With regulations porous or nonexistent, the private money was prone to wild price fluctuations and panics.

If stablecoins are barely regulated, the rest of the crypto market is the Wild West. This is perhaps the most serious impediment to the cryptocurrency industry’s development. Clear rules of the game are essential if the

industry is to attract significant institutional money.

As it stands, large institutional investors either shy away from the sector or dabble in it in “venture-capital mode,” investing at an individual-company level.

If they are to start regarding cryptocurrencies as an alternative asset class – like fiat currencies, commodities, or derivatives – three conditions must be met.

First, there must be clean and reliable data. Here, the cryptocurrency market has made important strides.

Although financial information remains imperfect and incomplete, many data providers now go beyond pricing data, at least for the largest cryptocurrencies. Key players in the traditional finance sector – such as the S&P Dow Jones, with its Digital Market Indices portfolio – provide an important methodological benchmark for constructing such data and ensuring its credibility.

Second, we need research that facilitates a deeper understanding of cryptocurrencies as an asset class. Academic research has underpinned the creation of a number of new asset classes, such as derivatives and index funds, not to mention investment approaches like factor investing.

Now, important progress is being made on cryptocurrencies.

For example, Cornell’s Will Cong, Ohio State University’s Ye Li, and Columbia’s Neng Wang have developed theoretical models that allow valuation of cryptocurrencies. The University of Texas’s Michael Sockin and Princeton’s Wei Xiong have

done the same. And Yukun Liu of the University of Rochester, Xi Wu of the University of California, Berkeley, and I have studied cryptocurrencies from an empirical asset-pricing perspective and concluded that they can be analyzed using conventional financial tools and should be a part of investors’ portfolios.

The third condition is a credible regulatory framework. As it stands, such a framework remains nascent, not least because regulating cryptocurrencies presents significant challenges. Some are conceptual and require the development of new theories, or the modification of existing ones, in accounting and law. Others are practical: for example, while the records of all transactions are public, the identities of the parties executing the trades are difficult or impossible to ascertain. And virtually all of these considerations are global, meaning that regulators in most major countries (at least) will need to coordinate their oversight efforts without stifling innovation.

Once these challenges are overcome, and an effective regulatory framework is put in place, cryptocurrencies will come of age. The attentiongrabbing, experimentation-heavy teen years will be followed by the establishment of a more predictable version of the crypto market in which cryptocurrencies represent a credible asset class.

Aleh Tsyvinski is Professor of Economics at Yale University.

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Aviation/Tourism

MONDAY OCTOBER 11, 2021

What do an Emirates cabin crew, Tom Cruise and the Crown Prince of Dubai have in common?

E

mirates is no stranger to bold advertising but its latest commercial takes it up a notch. The new advertisement features an Emirates cabin crew member in full uniform standing tall on the tip of the Burj Khalifa

by Emaar at 828 metres above ground. She joins only a handful of individuals who have had the privilege to stand at the pinnacle of the world’s tallest building – including Tom Cruise and the Crown Prince of Dubai, H.H Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.

The 30 second clip opens with a close up of the cabin crew holding up message boards in a nod to the famous scene in the 2003 cult hit “Love Actually”. As the camera pans out, audiences soon find that the crew, with her iconic red Emirates hat and uniform, is actually standing at the very top of the Burj Khalifa by Emaar, giving audiences a panoramic view of Dubai’s skyline. The behind the scenes edit can be viewed here, on Emirates YouTube channel and across the airline’s other social media channels.

“We always look to challenge the norm and push boundaries

at Emirates. We do it every day through our innovative services, our best in class product and of course through our advertising.

The calm and confidence of the cabin crew you see in the ad is an embodiment of our frontline team, serving travellers and ensuring their safety. We’re proud to be among a privileged few who have been allowed to film at the top of the Burj Khalifa

by Emaar; and even prouder that we get to showcase our beautiful city, Dubai,” said Sir Tim Clark,

President Emirates Airline.

Safety first The ad was filmed without any green screen or special effects and was the result of rigorous planning, training, testing and a strict safety protocol. At the pinnacle of the building, the main protagonist had a reduced circumference space of only 1.2 metres at 828 metres high to pull off the stunt. A casting call was put out to Emirates’ very own cabin crew team and while there were some willing and capable

candidates, a professional skydiving instructor was cast to ensure the highest levels of safety.

Throughout filming and in preparation of the shoot, safety remained the main priority. A custom platform with an attached pole was built at the top for the protagonist to stand on. She was attached to the pole as well as two other different points directly to the pinnacle, through a hidden harness under the Emirates uniform.

Filming started at sunrise to catch the golden hour light and the team, including the main star of the ad, began their ascent to the pinnacle before sunrise. The climb took 1 hour and 15 mins from level 160 of the Burj Khalifa by Emaar and the team had to scale several tiers and ladders inside a tube to reach the top. The team was at the pinnacle for around 5 hours with the stunt woman, wearing a safety harness under the Emirates uniform secured to a custom-made platform that was attached directly to the pinnacle.

A single drone was used to capture the footage in a continuous take to film the complete sequence.

United plans largest domestic schedule since March 2020

U

nited today announced that it will fly its biggest domestic schedule since the start of the pandemic to meet an expected surge in holiday travel, with an emphasis on connecting the Midwest to warm weather cities like Las Vegas and Orlando as well as offering nearly

70 daily flights to ski destinations, including new service between Orange County and Aspen.

According to United, holiday travel flight searches on united. com and the airline's app are up 16%, compared to 2019. The airline expects the busiest travel days for the Thanksgiving holiday

will be Wednesday, November 24 and Sunday, November 28, while popular days for winter holiday travel are expected to be Thursday, December 23 and Sunday, January 2.

The airline plans to offer more than 3,500 daily domestic flights in December, representing 91% of its domestic capacity compared to 2019.

"We're seeing a lot of pentup demand in our data and are offering a December schedule that centers on the two things people want most for the holidays: warm sunshine and fresh snow," said Ankit Gupta, vice president of network planning and scheduling at United. "We know families and friends are eager to reunite this holiday season, which is why we're thrilled to add new flights that will help them connect and celebrate together."

In December, United will begin new direct flights to Las Vegas and Phoenix from Cleveland, and to Orlando from Indianapolis.

The carrier also will resume eight popular direct flights from Midwest cities, including routes to Fort Lauderdale, Fort Myers,

Orlando and Tampa, offering the most mainline departures the airline has flown from Cleveland since 2014 including direct service to Nassau and Cancun. United will offer up to 195 daily flights to 12 destinations in Florida this winter, the most flights to the Sunshine State in company history. United is also resuming direct flights from Columbus, Indianapolis, Milwaukee and Pittsburgh to Fort Myers – which were some of the airline's most popular point-topoint flights last winter.

Customers who prefer fresh powder can enjoy more flights to ski destinations with United than any other carrier. The airline offers 66 daily flights to over a dozen ski destinations across the U.S., including brand new service beginning this December between Orange County and Aspen. This winter season, United will have flights to Aspen/Snowmass, Bishop/Mammoth, Bozeman/ Big Sky, Eagle/Vail, Kalispell, Gunnison/Crested Butte, Hayden/ Steamboat Springs, Jackson Hole, Montrose/Telluride, Reno/Tahoe, Sun Valley from its hub airports.

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Feature

MONDAY OCTOBER 11, 2021

Will corruption threaten Europe's economic recovery?

By Luis Garicano

T

he European Union’s post-pandemic recovery plan represents a historic opportunity – as well as a major risk. After intense negotiations, the EU agreed to issue joint debt – for the first time ever – to finance the Recovery and Resilience Facility, a common fund that will provide grants and loans to EU member states to green the economy, digitalize our public administrations, and reform the bloc’s sluggish economies.

But, for all the praise the new fund deserves, its success will be judged by its outcome.

In short, Europeans expect results, not scandals. These EU recovery funds cannot end up being syphoned off for fraudulent schemes. The prospects of a closer and more robust fiscal union will be damaged if all that Europeans remember from the recovery effort is that the funds benefited corrupt politicians, cronies, and con artists.

The European Parliament was aware of this danger when creating the Recovery and Resilience Facility. As a result, the legal text governing the distribution of funds includes stringent obligations on reporting and transparency, as well as

essential oversight roles for the EU’s monitoring bodies: the European Anti-Fraud Office, the newly operational European Public Prosecutor’s Office, and the European Court of Auditors.

The fight against misuse of EU funds is not new.

Misappropriation of EU subsidies already has featured prominently in news stories across the continent. In 2018, a series of investigations tied the murders of journalist Ján Kuciak and his fiancée Martina Kušnírová to his investigation into the misuse of EU funds in Slovakia. The following year, several ministers in Bulgaria’s government stepped down after revelations that they had embezzled EU agricultural funds to acquire real estate.

In Hungary, the EU’s antifraud office uncovered serious irregularities in a €1.7 billion ($2 billion) transport project and in contracts negotiated with the prime minister’s son-in-law to provide street lighting. In total, between 2014 and 2019, the antifraud body recommended the recovery of over €6 billion in subsidies.

These examples illustrate the challenges the EU faces in effectively allocating the recovery funds. The European Parliament sought to protect the funds by

establishing rigorous assessment criteria for disbursement.

These criteria are the key to understanding the current standoff between the European Commission and Hungary and Poland. EU governments need to explain how they plan to protect themselves against fraud when applying for funds. The legislation also includes language giving oversight bodies the right to access data related to the use of the recovery funds.

But these efforts will be wasted if the EU fails to fund its audit and control systems adequately.

For example, in the latest EU budget proposal, the European Commission assumes that each staff member in the anti-fraud office will monitor €900 million worth of EU expenditures. In 2010, that same staff member would have been responsible for scrutinizing €300 million. The latest cut follows a decade-long trend of slashing resources for the anti-fraud body. In 2010, the office had 466 employees; this year, that number is 376, even though the money that needs supervising has more than doubled. The resources of the European Court of Auditors and the European Public Prosecutor’s Office are similarly inadequate.

The situation appears even

more dire when one considers that the EU is embarking on the largest expansion of its budget in its history. The risk of fraud has never been greater. The EU is spending more money than ever, but the institutions needed to maintain the credibility of its expenditures are underfunded.

This dangerous combination prompted Renew Europe (the successor to the Alliance of Liberals and Democrats for Europe in the European Parliament) to present amendments to the budget to increase substantially the resources of the EU’s audit and control bodies. Giving the European Anti-Fraud Office, the European Public Prosecutor’s Office, and the European Court of Auditors the financial means they need to protect European taxpayers’ money from misappropriation and fraud is critical for preserving the integrity of the EU’s unprecedented effort.

It took the longest EU summit in recent memory to create the recovery plan. Some leaders had to expend considerable political capital to make the agreement possible. It is unlikely they will be as successful next time if what Europeans remember about the program is a series of corruption scandals and contentious efforts to recover stolen money.

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MONDAY MAY 3, 2021

MONDAY OCTOBER 11, 2021

World Mental Health Day: HFFG advocates for prioritisation of mental health in Ghana

H

ope for Future Generations (HFFG), a Ghanaian community based, notfor-profit organization, is calling on the Government of Ghana, civil society and development partners to prioritise and invest in interventions aimed at addressing stigma and discrimination related to disability, and mental health conditions in Ghana.

The organisation is also calling on the government of Ghana to increase the allocation of funds to mental health institutions and sustainably support people with mental health conditions across the country.

HFFG is a grantee under the UK Aid funded Ghana Somubi Dwumadie, a four-year disability programme with a specific focus on mental health. This initiative is supporting efforts to remove barriers that prevent people with disabilities, including mental health conditions from reaching their full potential.

In a press statement to mark the 2021 World Mental Health Day, the HFFG said though efforts have been made by the government of Ghana through the Mental Health Authority to reduce the negative and discriminatory attitudes, behaviours and norms faced by people with mental health conditions, many people are still denied equitable access to health

and social opportunities due to their mental health conditions, and that needs to be addressed.

World Mental Health Day is commemorated globally on October 10 each year with a focus on mental health education, awareness and policy advocacy.

The theme for this year is ‘Mental Health in an Unequal World’.

According to a 2020 study conducted by the Ghana Somubi Programme supported by the Government of the UK, stigma and discrimination related to disability and mental health conditions are widespread in Ghana. The study identified language around disability and mental health conditions, lack of community and family support, cultural and religious beliefs, and lack of enforcement of laws as major drivers of stigma and discrimination faced by people

with disabilities, including those with mental health conditions.

Making reference to this study, the Executive Director of HFFG, Mrs Cecilia Senoo said: “This is a continuous disincentive to breaking the barriers of mental health. It is sad that in Ghana, mental health institutions are under-resourced and the support from corporate Ghana is also negligible compared to other areas that their funds go to.

Elderly women in parts of the Northern Region regardless of the closure of the Gambaga Witches Camp still suffer from being lynched by family and community members because of mental health conditions. The suicides and suicidal tendencies are all as a result of lack of support and understanding of peoples mental health problems.”

She said: “Mental health is a

public health concern and we as a country cannot achieve much unless we make mental health everybody’s business.”

She noted that as a grantee under the Ghana Somubi Dwumadie programme together with the PsyKForum, HFFG is advocating that Mental health education and wellness must be part of the Ghanaian syllabus at all levels, saying: “Provision of psychosocial support and counselling should be made very accessible to all by setting up call centres and including mental health services on their essential treatment list of the National Health Insurance Scheme.”

Mrs Senoo said: “law enforcement agencies and duty bearers need to be more responsive in the internalization of mental health policies to protect these vulnerable groups so that they can live up to their full potential and contribute meaningfully to the development of themselves, families and Ghana at large.”

HFFG in the statement also congratulated persons with mental health conditions, mental health professionals, families, caregivers, state institutions, civil society and corporate institutions playing integral roles to make mental health relevant in Ghana.

AVSEC Global Symposium successfully concludes 5th edition

T

he three-day AVSEC Global Symposium has concluded, rounding off its actionpacked programme with 12 workshops on its final day.

AVSEC Global Symposium 2021’s programme offered over 700 industry professionals a wealth of knowledge and thoughtprovoking discussion through keynote sessions, presentations, and workshops around today’s security concerns amid pandemic challenges, and tomorrow’s imminent threats.

The Symposium’s Excellence Awards recognised individuals and organizations for demonstrating exceptional performance across key areas.

The selection was conducted by an independent panel of judges

from Edith Cowan University of Western Australia, from more than 100 entries.

AVSEC Senior Professional of the Year awarded to Bernard Lim - Senior Director, International Relations and Security, Ministry of Transport (MOT), Singapore (Winner) and Col. Marwan Singel Director of Dubai Civil Aviation Security Center (Merit); AVSEC Staff Member of the Year taken home by Maurice Padilla, Compliance Manager - Global Elite Group (Winner); Atta Ur Rehman, Sub inspector -Airports Security Force Pakistan (Merit); Training Organisation of the Year won

by CAA International (Winner); Global Elite Group (Merit); Trainer of the Year, given to Michael Kern, Manager Security Training -

Jetblue Airways (Winner); Ahmed Kamal Sobeh, AVSEC instructor Egyptian Civil Aviation Authority (Merit); Organisation of the Year, was clinched by Certis Aviation Security (Winner); Bahrain International Airport Police Directorate (Merit); and Team of the Year won by Project Safe Bags - Terminal Security – (Winner); Patrick Kane & J.C. Nolan – Atlas Air (Merit).

Osprey and Medaire were also recognised for providing Intelligence to the Aviation industry and Philip Baume, Managing Director - Green Light Ltd. received a special award recognising a Lifetime Contribution to the Aviation Security Industry.

On its first day, the AVSEC

welcomed a who’s who of notable industry leaders, including His Excellency Juan Carlos Salazar, the newly appointed Secretary General of the International Civil Aviation Organisation; The Honourable Robert Courts, United Kingdom Minister for Aviation, Maritime and Security; His Excellency Cherubin Okende, Minister of Transport for the Democratic Republic of the Congo; His Excellency Saif Mohammad Al Suwaidi, Director General of the UAE General Civil Aviation Authority (GCAA), His Excellency Lieutenant General Dhahi Khalfan Tamim, Deputy Chairman of Police and General Security in Dubai, in addition to other dignitaries from 50 countries.