Business24 Newspaper 4th October, 2021

1

MONDAY OCTOBER 4, 2021

BUSINESS24.COM.GH

Monday October 4, 2021

NO. B24 / 256 | News for Business Leaders

Enterprise Insurance pledges to prompt claims payment

Kumasi Airport to be completed in June 2022

See page 5

See page 10

Intercity STC losing GH₵2.4m monthly due to Covid

By Eugene Davis ugendavis@gmail.com

T

N

he Asantehene, Otumfuo Osei Tutu II, has endorsed Rocksure International as the strategic partner of the Ghana Integrated Aluminium Development Corporation (GIADEC), selected to develop a bauxite mine at NyinahinMpasaaso and a refinery solution.

ana Akomea, the MD of Intercity STC (ISTC), the state-owned transport company, has said the continuous existence of the pandemic is causing the company to lose GH₵2.4m monthly.

This loss, according to him, is largely due to the curtailment of the company’s operations in neighbouring Francophone Cont’d on page 2

Otumfuo endorses GIADEC’S strategic partner Rocksure International

With the closure of the borders since March 2020, every month STC loses GH₵2.4m.

See page 3

More companies to be axed from register, Registrar-General warns

By Benson Afful affulbenson@gmail.com

T

he Registrar-General's Department says it will start delisting all dormant companies from the companies’ register this month.

The department said 257,241 companies existing in the database have not filed their Cont’d on page 3

Cont’d on page 2 Cont’d on page 2

2

Editorial / News

MONDAY OCTOBER 4, 2021

Editorial

Dormant firms must do the needful to stay in business

T

he Registrar General’s Department, the state companies’ administrator, is set to strike out about 3,100 companies that have been dormant for a significant period of time from its register.

The affected companies include public/private firms limited by shares, guarantee (associations, fun clubs and churches), private unlimited companies, and external companies.

Under Section 289 of the Companies Act 2019 (Act 992), a company can be stricken off the register if it fails to file its annual returns on time or changes the company's registered office and principal place of business without notifying the Registrar.

The Act mandates the

Registrar of Companies to wind up companies whose office is known not to be in operation after notices and a moratorium have been given to such companies to file their annual returns and yet have failed to honour their obligation.

According to the department, the exercise has become necessary after the end of the three-month validation process conducted from July to September this year to review companies not in good standing with the department.

It said the end of the exercise would ensure a credible, reliable and updated register of business in compliance with the different Acts governing their operations.

With the business landscape gradually shifting towards

digital, interventions like these are needed to ensure that the state reaps its dues from registered businesses, especially in terms of taxes, whilst encouraging non-registered businesses to formalize their operations.

We urge the affected enterprises to take advantage of the digital platforms that have been introduced by the department to re-register their business to keep operating as legally recognized entities.

In the march towards a cashlite and tech-based economy, the price to pay for running your business on the blind side of law or without the requisite authorisations could be very dire.

Intercity STC losing GH₵2.4m monthly due to Covid Continued from cover

Your subscription -- along with the support of businesses that advertise in Business24 -- makes an investment in journalism that is essential to keep the business community in Ghana well-informed. We value your support and loyalty.

Contact Email: hello@thebusiness24online.net Newsroom: 030 296 5315

countries, caused by the closure of Ghana’s borders to help deal with the pandemic.

Speaking with Business24 in an exclusive interview after the swearing-in of ISTC’s board in Accra on Thursday, he said: “We have big terminals in Abidjan, Cotonou, Lomé and Ouagadogou, and those operations give us about GH₵2.4m a month. With

Advertising / Sales: +233 24 212 2742

Nana Akomea, MD of Intercity STC Coaches Limited

the closure of the borders since March 2020, every month we lose GH₵2.4m; so, that is weighing us down.”

He added, “We’re working towards getting more terminals across the country and also hoping that with the speedy vaccination, maybe by January or February the borders would be opened.”

He said the company plans to establish 15 new terminals to bring its services closer to more people. Such an expansion will

require the acquisition of extra buses, about 40 to 50 of them, he added.

Touching on bus fares, he said, “We’re trying to strike a balance to give good transport [services] to Ghanaians at an affordable fare.

But to be able to operate fairly, you need to look at the cost input.

Salaries go up every year, petrol, fuel, port, spare parts charges also go up, but you cannot let the fares go up. That is one of the biggest problems we have.”

3

News

MONDAY OCTOBER 4, 2021

More companies to be axed from register, Registrar-General warns Continued from cover returns or amendments with the department since 2011.

Mrs. Jemima Oware, the Registrar-General, said the delisting process is commencing, with 3,100 companies set to be taken off the register.

"This will be the first batch of companies to be delisted this month out of the over 100,000 companies registered since 2011," she added.

The delisting, according to her, will affect every company which failed to comply with the directive to file its annual returns or update its records.

These companies include public/private companies limited by shares, public/private companies limited by guarantee (associations, fun clubs and churches), private unlimited companies, and external companies.

She said the exercise has become necessary after the end of the three-month validation process conducted by the department

from July to September this year to review companies not in good standing with the department.

She urged defaulting companies (whether in operation or not in operation) to take measures to regularise their businesses and update their records with the department to avoid being delisted.

She advised that any company official with knowledge of the company's non-existence or having no more interest in the company's name or willfully wanting to wind-up or dissolve the company or being no more interested in the company's business name should write to the Registrar-General indicating

such intention.

Under Section 289 of the Companies Act 2019 (Act 992), a company can be stricken off the register if it fails to file its annual returns on time or changes the company's registered office and principal place of business without notifying the Registrar.

Otumfuo endorses GIADEC’S strategic partner Rocksure International Continued from cover During a courtesy call on the Asantehene by officials of GIADEC to introduce Rocksure International, a wholly Ghanaianowned company, the king commended GIADEC for fulfilling its promise of selecting a strategic partner to begin the development of the Integrated Aluminium Industry.

He described the event as historic and timely, as the people in the region, especially residents living in and around the mining communities, have been looking forward to such a moment for decades.

Otumfuo gave his blessings to the partnership between GIADEC and Rocksure International and pledged the support of his kingdom and sub-chiefs within

the mining communities, paving the way for the commencement of the project.

The Asantehene urged GIADEC and Rocksure to conduct their operations in a responsible manner, adding that the building of a mine and a refinery solution in the region will give the mining communities a facelift and provide employment opportunities, especially for the teeming youth.

Additionally, he urged GIADEC to expedite processes which will lead to the selection of other

strategic partners to develop other aspects of the Integrated Aluminium Industry.

Chief Executive Officer of GIADEC, Mr. Michael Ansah, on his part, expressed his gratitude to Otumfuo for his continuous support and assured the king that GIADEC remains committed to its overriding goal of value addition.

He noted that the execution of Project 2 by Rocksure International will present a significant number of opportunities not only to residents within the mining communities but Ghanaians in general.

The CEO of Rocksure International, Kwasi Osei Ofori, also thanked the Asantehene and assured him of the readiness of Rocksure to begin the execution of Project 2.

The delegation from GIADEC included its board chairman, Dr. Tony Oteng-Gyasi; Deputy CEO, Mr. Akwasi Osei-Adjei; Executive Assistant to the CEO, Mr. Kojo Yankah; and Communications Manager, Mr. Sheriff Appiah.

The delegation was joined by senior executive members of Rocksure International.

4

MONDAY OCTOBER 4, 2021

5

News

MONDAY OCTOBER 4, 2021

Enterprise Insurance pledges to prompt claims payment

By Patrick Paintsil p_paintsil@hotmail.com

L

eading general insurer Enterprise Insurance Ghana has indicated that its strong position to pay claims promptly to its policyholders, especially for its popular motor insurance products.

In 2020, the company paid claims in total of about GH 69m, living up to its status as an AA+rated insurer with the financial muscle to promptly pay out claims to its policyholders.

“Enterprise pays claims faster in the local insurance market; once the claim has been assessed and has been ascertained to be genuine.

We are currently rated AA+, which means we are in the financial position to pay claims promptly,” Michael Larbi, Senior Manager, Quality Assurance, for Enterprise Insurance, said at a virtual discussion on the company’s motor claims payment

process.

He added: “In fact, we were the first insurer to introduce the same day claims payment service, an attestation that we are committed to prompt payment of claims.”

The seminar on the theme “The insurance claims processes;

a focus on motor insurance” took participants through the various documentations and steps involved in accessing claims for both same day and mainstream procedures.

With motor insurance being a popular product, the session

was to enable its policyholders and the public understand what went into processing such claims, what makes claims admissible or otherwise and for which specific reasons.

Returnee Osei Agyekum helps struggling youth find alternative work

By Nana Mensah

A

returnee, Lloyd Osei Agyekum, is leading a crusade to get young people off the street by introducing them to wood sculpturing.

Business24 discovered the maverick, who is in his late sixties, in a quiet neighbourhood of Accra. Osei is a sculptor and has

created masterpieces of furniture using all forms of degraded tree stumps and discarded wood roots meant for the fire or just dumped in the metropolis.

In an exclusive interview, he described the hidden economic potentials in the job he chanced upon on his return from Japan two decades ago. "I make a decent living retrieving abandoned tree

stumps people consider unuseful, by bringing them back into their homes. I turn them into useful everyday furniture, interior domestic or commercial property decors."

What many would call a nonclassy job for someone like Lloyd, considering his long stay abroad, surprisingly is having a positive impact on his neighbourhood, which today hosts locals, especially young rural-urban

boys, who used to eke out a living adrift on the street.

"All you require are simple and inexpensive tools and you are alive," he told Business24, proverbially.

Access to quality and fine wood is a challenge woodworkers confront in Ghana due to the dwindling size of Ghana's forests.

Lloyd says the thought of waking up one day and not finding quality species of wood for his work challenged him to look for alternative sources of raw materials.

He is concerned not many of his colleagues are switching from traditional wood sources to save the environment. Lloyd advises more awareness could change attitudes.

A dining table set for an average family goes for about GH₵3000, and there are budget-friendly items of all kinds. The demand for these handmade and unique products is rising.

Industry analysts estimate the export potential is huge, and the industry could become a significant foreign exchange earner for the Ghanaian economy in the next decade.

6

MONDAY OCTOBER 4, 2021

7

News

MONDAY OCTOBER 4, 2021

Gov’t, Huawei ICT workshop for tertiary students ends T he Ministry of Communications and Digitalisation’s capacitybuilding workshop for tertiary students in Information Communications Technology (ICT), organised in partnership with Huawei, has ended in Accra.

The 10-day workshop for 50 girls focused on artificial intelligence among other emerging ICT areas.

Facilitators from Huawei took the beneficiaries through Deep Learning, Machine Learning and Cloud, while the National Cyber Security Centre facilitated a presentation on Cyber Security and Cyber Hygiene.

Speaking at the closing ceremony in Accra, the sector minister, Mrs. Ursula OwusuEkuful, said the training has been incorporated into the “Girls-InICT Initiative” and, going forward, will become one of the prominent features of the initiative.

“The training is aimed at giving you an exposure that opens to you the world of possibilities through ICTs. The ICT sector

demands the full involvement of enterprising ladies occupying positions that will enable them impact the society,” she told the beneficiaries.

“The Ministry will continue to pursue innovative ways of bridging the digital gender divide as fast as we can,” she added.

Jenny Zhou Jianling, the

Communications Manager for Huawei Ghana, urged the girls to become good ambassadors of ICT, since it will open up opportunities and can make them the best in the industry.

She also encouraged them to continue learning beyond the training to improve themselves.

Outstanding girls who excelled

at the various tasks were awarded.

Zeinab Mohammed Denderi and Rita Nana Yaa Segbaya emerged tops, while Fadila Abdulai Hamid and Josephine Tabiri came second.

The overall best girl went to Adwoa Amoakowaa Awuah, with the special needs award going to Benedicta Owusu Dwomoh.

Emirates, SAA reactivate partnership to expand customer options in Africa

W

ith South African Airways (SAA) resuming operations, Emirates has been working closely with SAA to reactivate its long-standing partnership which aims to improve the customer experience and provide more value to travellers when flying on both carriers.

The move also helps cement SAA’s standing and position and will build growth momentum as the carrier initially restarts flights to six African destinations.

Emirates and SAA have been working towards increasing

alignment across products, services and reactivation of synergies between loyalty programmes, and will be initially kicking off with a reciprocal commercial arrangement.

The agreement includes SAA coded and Emirates-operated routes between South Africa and Dubai on a single ticket, enabling travellers to seamlessly check-in their bags to their final destinations from 1 October.

Emirates will also place the SAA code on major trunk routes between South Africa and Dubai.

Adnan Kazim, Chief

Commercial Officer, Emirates Airline, remarked on the revival of the partnership: “The partnership between Emirates and South African Airways builds on our shared commitment to providing customers more schedule choices and increased connectivity across Africa and through our growing network.

We value our nearly 25 years of successful partnership with SAA and we are working hard to take more positive steps forward to continue to grow our relationship and provide our customers with even more connectivity in the future.”

SAA's Interim CEO Thomas Kgokolo says, "As SAA starts to rebuild, the long-standing partnership with Emirates is both valued and critical to our future growth plans : “We share the same vision of seamless, efficient, and excellent customer service with connectivity to multiple destinations. We are confident this partnership will lead to the addition of more route and destination options, particularly

across Africa as we both recognise the economic, trade and tourism potential the continent has and our key role as enablers.”

The move to reactivate the partnership also supports the recovery of South Africa’s tourism industry through facilitating enhanced connectivity for international visitors in and out of the country.

In the coming months, plans are underway to expand cooperation and solidify the partnership even further on more domestic and regional points in Africa as SAA expands its operations, while Emirates will also reciprocally add more options for SAA customers to connect to select destinations within its network on one itinerary.

The Emirates SAA partnership started in 1997, and over the last ten years more than a million passengers have flown across the joint network of both airlines, which grew to 110 destinations prior to the pandemic.

With the restoration of the SAA partnership, Emirates’ footprint across South and southern Africa offers customers more options across the continent.

8

News

MONDAY OCTOBER 4, 2021

1-District-1-Factory initiative revitalises Darko Farms

P

resident Nana Addo Dankwa Akufo-Addo, on Saturday, October 2, 2021, visited the premises of Darko Farms, the oldest private and largest poultry farm in Ghana, whose operations have been revamped by the government’s 1-District-1-Factory initiative.

Having been a household name for most Ghanaians, Darko Farms went through a period of decline, due to major challenges that confronted the domestic poultry industry in the late 1990s including the high cost of feed, inefficiencies across the value chain, high electricity and operational costs as well as the competition from cheap imported poultry products.

As part of the government’s Industrial Transformation Agenda, being implemented by the Ministry of Trade and Industry, Darko Farms Company was identified as one of the distressed but potentially viable companies.

As a result, the company, in 2017, applied to be part of the flagship

1-District-1-Factory initiative, and after a comprehensive review by the Technical Support Group of the Ministry, an amount of GH¢22.1 million was granted as a loan facility to the company by Ghana EXIM Bank.

The amount was earmarked to revamp the company’s operations, by upgrading the plant and equipment, retooling the hatchery, feed mill and processing facility as working capital support. The company has also applied part of this facility to establish an out-grower scheme, where a number of poultry farmers are supported with broiler chicks, feed as well as technical assistance to breed their birds.

Darko Farms currently has a processing plant operating at 10,000 birds per day with one shift, and 20,000 birds per day with two shifts. It has a hatchery with the capacity to produce 6-million-day-old chicks a year, breeder farms with a bird population of about 30,000 per batch, a layer farm with a

capacity of 100,000 per batch, and commercial broiler farms with a capacity of 350,000 birds per cycle of 8 weeks.

In addition, the company has a feed mill with an installed capacity of 96 metric tons of feed per day, and a storage cold room of 500 metric tons.

Thus far, the company has created direct employment opportunities for some 250 workers, and indirectly for over 500 people, including out-growers, distributors, and transporters. At full operational

capacity, the company will directly employ more than 400 workers, with 700 being indirect employment.

Darko Farms is currently engaged in negotiations with the Mohinani Group to become the major local supplier of processed chicken for the Kentucky Fried Chicken (KFC) restaurant chain.

KFC through its local supplier has indicated its preparedness to offtake 100,000 birds monthly from Darko Farms under YUM certified conditions.

EPA rolls out e-waste management programme

T

he Environmental Protection Agency (EPA) has begun a programme to collect electrical and electronic waste for proper disposal.

The initiative, which is a partnership between the EPA and Excellent Waste Management, includes visit to public and private establishments to inspect and collect e-waste for recycling.

At the launch of the pilot programme in Accra yesterday, the Executive Director of the EPA, Dr Henry Kwabena Kokofu,

unveiled a specialised truck to be used for the exercise in the Greater Accra Region.

He said additional vehicles would be purchased for the programme, which would be extended to the other regions.

Dr Kokofu said the initiative was in line with provisions of Section 1(3) of the EPA Act, 1994 (Act 490).

Section 1(3) of Act 490 stipulates that "the EPA may, in the performance of its functions, acquire and hold movable or

immovable property and enter into a contract or any other transaction".

He said it was also in furtherance of Section 31 of the Hazardous and Electronic Waste Control Management Act, 2016 (Act 917), which says "the minister, on the advice of the EPA, may make arrangements for the establishment of electrical and electronic waste recycling plants and related facilities in the country".

"Effectively, the project has

started. We have a team of environmental inspectors who will be going round institutions to inspect used electrical and electronic equipment and other hazardous waste.

“We will also look at how the institutions are storing them and how they dispose of the equipment. If they have no plans, we will give them the plan and take charge, do inventory, invoice and transport them to designated and appropriately licensed recycling facilities," Dr Kokofu added.

He stressed the need for ministries, departments and agencies (MDAs), as well as metropolitan, municipal and district assemblies (MMDAs), to put in place mechanisms to segregate waste to make its disposal and recycling efficient.

Novelty The General Manager of Excellent Waste Management, Mr Samuel Asiamah, described the partnership with the EPA as a novelty and giant step towards the effective management of e-waste.

He said the company would deliver its mandate efficiently to address e-waste challenges in the country.

9

News

MONDAY OCTOBER 4, 2021

Atuabo Gas Plant to shut down for maintenance work T he Ghana National Gas Company has scheduled a planned maintenance shutdown of the Atuabo Gas Processing Plant, starting Monday, October 4.

The Corporate Communications of GNGC said the scheduled temporary shutdown, which will last between October 4 to October 18, 2021, would allow the team of engineers to undertake routine maintenance of the Atuabo Plant to improve its capacity of continuous productivity and prolong its lifespan.

The key benefits of the maintenance were to enhance the operability and reliability of its processing and transportation infrastructure.

The company said the outage was consistent with other shutdowns planned by its upstream and downstream partners.

All key stakeholders, including Ghana Gas, Tullow Oil, ENI, and Volta River Authority and MLE had put in place the necessary mechanisms to reduce the shutdown duration from 48 days to 14 days, it said.

“During the Maintenance Shutdown, there shall be an

installation of High Integrity Pressure Protection System (HIPPS) and maintenance works on the replacement of Small Bore Piping (SBP), Heat Exchangers (HEX) cleaning, replacement of damaged Product Cooler, replacement of defective valves and re-calibration of all our Safety

Critical Equipment including Pressure Safety Valves,” it said.

The company assured all stakeholders that the team would be working with partners to ensure system stability during the shutdown period and minimize the impact on power supply.

CAA, Alfred Ritter GmbH partner on living income survey for cocoa farmers

By Reuben Quainoo

C

ocoa Abrabopa Association (CAA) and Alfred Ritter GmbH are conducting a living income survey in Daboase, Aboso, Bonsa-Tarkwa and Bogoso cocoa districts in the Western South Region of Ghana as part of several sustainability initiatives

targeting a total of 526 members and their households.

The survey is being carried out to identify the status quo, develop targeted activities and measure the progress towards the introduction of living income in these communities.

“A representative sample of 205 household surveys has been

conducted between the 9th and the 20th of August in these cocoa districts.

The survey design, desk study, data analyses, data cleaning and report writing was carried out by Agric-Logic, a Dutch consultancy organisation in the agricultural and development sector” the partners said.

According to them, Agri-Logic contracted a Ghanaian data collection and management company Think Data Services to conduct the household surveys and in the coming weeks also the focus group discussions in the field will begin.

“The questionnaire asked questions on household income, farm size, productivity, age of the farm, landholding rights, household structures, possessions and other income generating activities” the partners explained.

The partners indicated that, the results must provide answers as to whether farmers are receiving a living income based on predefined information available through Rainforest Alliance and the Ghanaian government.

The partners believe that more must be done to improve agriculture-based livelihoods especially cocoa farmers.

The Association said that, in the coming weeks their survey will be complemented with Focus Group Discussions in different communities with a special focus on women groups in cocoa growing communities.

10

News

MONDAY OCTOBER 4, 2021

Kumasi Airport to be completed in June 2022

P

resident Nana Addo Dankwa Akufo-Addo has inspected ongoing work on the construction of the Kumasi International Airport, which, according to the contractor, is currently 77percent complete, and is expected to be completed in June 2022.

President Akufo-Addo visited the site of the construction on Friday, October 1, 2021, when he commenced his four-day working visit to the Ashanti Region, as part of his annual working visits to all the regions of the country.

It will be recalled that on June 6, 2018, the President cut the sod for the commencement of work on Phase Two of the Kumasi Airport Project and indicated that “the expansion of this airport is a critical part of government’s vision to expand the frontiers of the aviation industry in the country, and to realise the dream of making Ghana an aviation hub in West Africa.”

Inspecting work on the site, the President was told that the terminal building was 88 per cent complete, the road network 93percent complete, the Apron 89 per cent complete, with the air traffic control and rescue and firefighting services 53 per cent complete.

The scope of work includes the extension of existing runway

pavement from 1,981 metres to 2,320 metres, the construction of a new taxi link and apron, two new apron parking stands, aeronautical ground lighting systems, the design and building of a terminal with the capacity to handle eight hundred thousand passengers per annum, an 11 MW substation, as well the provision of new bulk utility (electricity, water, sewage treatment system, internet etc.) services,

independent of the existing utility services for the existing airport facilities.

Phase three of the project involves the construction of the air traffic control building, a fire building station, as well as the expansion of the existing runway pavement. The construction of the fuel farm is to be funded by GOIL. With the project being constructed by Messrs Contracta

Construction UK Limited, the total project sum is €124.9 million, with financing from Santander, Deutsche Bank, and UKEF. President Akufo-Addo expressed satisfaction with the progress of work undertaken so far and charged the Ministry of Transport as well as the Contractor to ensure that the October 2022 deadline for completion is met.

Rebecca Foundation donates face masks to WASSSCE candidates

T

he First Lady, Mrs Rebecca Naa Okaikor Akufo-Addo, has presented face masks to final year senior high school (SHS)

students in some selected schools in the Greater Accra Region, as they sit for the 2021 West African Senior Secondary Certificate

Examinations (WASSCE).

In all, 190,000 face masks were presented to 19 SHSs through the Rebecca Foundation and the

Chinese Embassy in Ghana.

At a brief ceremony to present the items to the beneficiary institutions, the Director of Operations at the Office of the First Lady, Mrs Akosua Newman, said the face masks were meant to keep the students safe during the period.

She said the First Lady was also hopeful that the mask would boost the confidence of the students, as well as ensure utmost concentration, during the period of their examinations.

Mrs Newman urged the students to excel in the examinations to justify the government’s investments in particularly secondary education by crowning the secondary education with good grades at the WASSCE. She wished the students well on behalf of the First Lady.

11

African Business

MONDAY OCTOBER 4, 2021

Nigeria battles to revive ailing oil palm sector

By Africanews with AFP

S

tanding beside the piles of dark red palm fruits ready for crushing for their essence, Nigerian farmer Micah Ojo hopes to cash in on the government's drive to revive the country's once thriving palm oil business. His farm is one of the small plantations scattered across southern Nigeria where the government is investing heavily in palm industry as part of its drive to diversify away from petroleum and help create jobs.

Entangled, since the fall in oil prices in 2016, in an economic crisis that has been further aggravated by the Covid-19 pandemic, Africa's most populous country must diversify its economy and create jobs for its more than 200 million inhabitants.

As Africa's largest oil producer and the continent's largest economy in terms of GDP, Nigeria has decided to invest massively in palm oil, of which it was the world's leading producer in the 1960s.

Now the world's fifth largest producer, it imports nearly half

of the two million tons consumed annually in the country, further depleting foreign exchange reserves already depleted by falling oil prices.

But Micah Ojo, who farms one of the small plantations dotting Akwa Ibom and other southern Nigerian states, where rows of oil palms line the roads but many mills have been abandoned, complains that he does not benefit from the loans the government provides through the central bank to large farms and investors.

"This is a sector that needs a lot of capital, we need the government to come and help us", he pleads, the central bank loans "are not going to the local farmers (...) you only hear about it on the news".

In Edo State, the palm and rubber trees of the Okumu Oil Palm Company cover more than 33,000 hectares of land.

These plantations were partly financed by a loan of 14 billion naira (29 million euros), contracted as part of the various development plans launched in recent years by the government, for the purchase of new and better quality seedlings and to

help producers develop new plantations and factories.

"This has helped us a lot to expand," Okomu's managing director, Graham Hefer, a South African executive who has been running the company since 2007, told AFP. Small producers in difficulty Founded in 1976, Okomu produces 40,000 tons of crude palm oil (CPO) per year and hopes to double its production by 2025, with the commissioning of two new plants by next year.

But the lack of infrastructure, the deplorable state of the roads or the incessant power cuts are holding back the development of this sector, like many others in Nigeria.

"We are seriously pushing the government to address these concerns," says Hofer.

The palm oil industry has come under fire around the world for

contributing to deforestation and the loss of community land. But its supporters say it contributes to local development and creates jobs.

In Akwa Ibom State, local authorities say they are using a loan from the Central Bank to rehabilitate more than 3,000 hectares of an oil palm plantation that has been abandoned for more than 30 years and has 200,000 palm trees and a nursery with a capacity of 300,000 plants.

Micah Ojo now employs 30 people, up from five when he started. But he needs additional funds to be able to cultivate an additional 150 hectares of his land.

Small-scale farmers - who account for 70% of production, according to Hefer - say they are excluded from central bank financing.

Cocid-19: South Africa eager to leave UK travel red list

By Africanews with Wandiswa Ntengento

S

outh Africa is among a number of African countries that have been red-listed by the United Kingdom, meaning travel from the countries is suspended.

The red list placement means people in the UK are banned from traveling to South Africa.

It also means anyone traveling from Britain to South Africa faces a mandatory 10-day quarantine when returning home, even if they are fully vaccinated and test negative for coronavirus.

In a recent discussion, the Department of Health and the UK High Commission put forward the latest trends around Covid-19 as well as the country's vaccination program.

"We're delighted that the UK High Commission has engaged with the South Africans and the UK government has engaged with South African scientists and medical professionals.

That dialogue has been really constructive. We feel heard and engaged with. We feel that at last there's a proper understanding of the capabilities in South Africa.

We are delighted to hear that it is likely that South Africa will be removed from the red list," said Jon Foster-Pedley, the British Chamber of Commerce South Africa board chair.

Africa's most industrialized economy is desperate to welcome visitors. The country

has administered over 16 million vaccines. A big chunk of the country's tourists come from the UK. The World Travel and Tourism Council said the continued placement of South Africa on the red list by London could spell more disaster for the economy which has already lost millions of jobs.

Others argue that the UK's approach could hurt bilateral trade and economic relations.

"South Africa believes

in diplomacy," said Kganki Matabane, the CEO of Black Business Council.

"In diplomacy, you do not do a tit for tat. Also, you need to check the economic size of the countries you're dealing with. The UK is not smaller than us so before you take any other drastic measures of tit for tat, you need to consider the economic implications of the decision," he added The UK is set to review its border measures in a fortnight.

12

Feature

MONDAY OCTOBER 4, 2021

Germany's new beginning

By Joschka Fischer

G

ermany has voted, and its seemingly eternal chancellor, Angela Merkel, is finally stepping down after 16 years. In fact, that is the only certainty that the election has offered. Everything else remains ambiguous.

Unlike their neighbors on the left bank of the Rhine, the Germans are no revolutionaries.

The latest federal election has proven that once again. Far-left and far-right parties have been further weakened.

Political stability and continuity are a near-essential constant for Germany, owing to its history, size, and location in the heart of Europe, and they are values that a majority of German citizens obviously hold dear. Had Merkel decided to run again, she almost certainly would have been reelected.

And yet, the same majority had become fully aware that Merkel’s approach could not go on. Her method of “driving by sight,” waiting things out, and dithering was tantamount to a complete renunciation of a strategic vision for Germany and Europe.

Germany needed a break with the past – a new start – and that is what its electorate has now voted for, even while still ostensibly opting for rule from the center.

On the surface, it seems that nothing much has changed.

As always, the fight for the chancellorship – the head of the future federal government – will be between the country’s two traditional mainstream parties, the Social Democrats and the Christian Democratic Union

(with its Bavarian sister party, the Christian Social Union). Each won only around a quarter of the vote, with the SPD holding a slim lead over the CDU/CSU. The outright dethronement of the two erstwhile big-tent parties would have seemed too much like revolution and therefore didn’t happen. Support for the Greens did not rise enough to give them a claim to the chancellorship, probably because a similar message of change could be delivered in a less ostentatious fashion.

The real change – which by German standards can almost be called a small revolution – lies in the sudden transition away from the two-party coalitions that were previously the norm at the federal level; a future of threeparty coalitions now awaits.

Though they still came out on top, the SPD and the CDU have been severely weakened. That fact alone will fundamentally change the balance of power in any future coalition government.

True, the two main parties still have the option of continuing their “grand coalition” under the leadership of an SPD chancellor.

But that arrangement – unlike a three-party coalition – would imply a continuation of the previous years’ inertia, rather than a new start. No one could seriously wish for that outcome.

Moreover, as Bertolt Brecht once wrote, “The great do not stay great, nor do the small stay small.” This year’s election shows that the two smaller potential coalition partners are not so small anymore. The Greens won 14.8% of the vote and the Free Democratic Party took home

11.5%, making for a combined total of 26.3% (compared to 24.1% for the CDU/CSU and 25.7% for the SPD). If, despite their substantive political differences, they were to agree on matters of policy, personnel, and power, they could make things very difficult for a coalition led by the SPD or the CDU. The chancellorship would be of only limited significance.

A three-party coalition comprising two blocs of equal size would amount to a fundamental remodeling of the German party system. And if the Greens and the FDP were to manage it wisely, they could usher in a new ecological, technological, and social dynamic as well as a more active European policy, which could significantly improve the Old Continent’s prospects in an era defined by the revival of greatpower politics. The tranquility and self-contentment of the Merkel years would be consigned to the past. And though this new constellation would be difficult for the protagonists to manage, that is always the case with any meaningful renewal. Achieving a fresh start requires the skillful reconciliation of seemingly contradictory elements and impulses – a fusion of conflict and compromise, and of dynamism and stability.

Statesmanship in the postMerkel era demands nothing less. For all Europeans, the great, overriding question of our time is whether we will rise to the challenges of the twentyfirst century. What will become of us in an age of climate crisis, viral threats, and disruptive technological change? What does the impending conflict between

this century’s two superpowers, the United States and China, hold in store for us? Huge challenges await Germany’s next coalition government in both domestic and foreign policy, and, particularly, in the areas where the two meet.

This year’s election also signals a generational change. The new crop of politicians is generally younger and necessarily less experienced. But nobody was forced to run, and nobody can say they didn’t know what they would be up against. The world is undergoing a comprehensive, radical rearrangement, and neither Europe nor Germany will be spared the effects.

The German electorate has spoken, and by the looks of it, it hasn’t decided too badly. It has opted for a departure from inertia. By the end of the current decade, Germany and Europe will live in a completely new reality.

Germany’s next government will be measured by how it handles the country’s transition through this time of change. The task will be to minimize the damage to the social fabric. Like it or not, Germany and Europe face interesting times ahead.

Joschka Fischer, Germany’s foreign minister and vice chancellor from 1998 to 2005, was a leader of the German Green Party for almost 20 years.

13

News

MONDAY OCTOBER 4, 2021

IAA marks World Marketing and Communications Day

T

he International Advertising Association (IAA) has declared the 3rd of October every year as World Marketing and Communications Day. The day will recognise and celebrate the world of marketing and communications, its players, practices, history and achievements.

It is also a day when the IAA will lead the rest of the marketing communications world to recognize and celebrate purposeled communications or marketing for good.

For this year’s inaugural celebration, the focus is on Covid 19 and showing compassion to all who have been affected by this pandemic in anyway.

To commemorate the day, the IAA is launching the ‘Bring Compassion Back’ campaign, which encourages people across the world to show acts of compassion and also celebrate individuals who have contributed to the fight against the COVID-19 pandemic. The campaign hashtags

are #BringBackCompassion and #IAACares.

Speaking at a virtual global inauguration ceremony, the World President and Chairman of the IAA, Joel E. Nettey, said: “Setting aside a day on the calendar every year to rally all brands, marketeers and agencies around the world to focus on ‘marketing

for good’ is an initiative the IAA is very proud of and is very much in keeping with our positioning as ‘the global compass of marketing communications’.

It is our hope that over time organizations such as the UN will adopt it as well and encourage the whole world to recognize and celebrate brands and people who

make the world a little brighter.”

Joel E. Nettey further encouraged marketing, advertising and communications professionals around the world to change their email sign-offs to “Compassionately Yours” for the month of October and to make a conscious effort to show compassion to people they come into contact with everywhere.

Sasan Saeidi, Senior Vice President of the IAA, commented: “There has never been a more important time for us to ensure our marketing and communication is healing divides, healing hearts and bringing the world together.

This is where purposeful communication comes to stage”.

The IAA’s Managing Director, Dagmara Szulce, added: “Consumers are moving faster than our industry rewarding brands focused on sustainability, community and governance.

It’s time to expedite progress on our side of the table and create a behavioral change for good.”

World Marketing and Communications Day will be celebrated on the 3rd of October every year focus areas for the year announced by the IAA.

SEC rolls out regional education campaign

T

he Securities and Exchange Commission (SEC) has rolled out a regional education campaign dubbed: “Time with the SEC,” which started from Takoradi.

The initiative forms part of SEC’s strategic thrust of educating members of the investing public and other key stakeholders on the commission, the Ghanaian capital market and other important investment topics.

The commission said the Western Region edition of the programme was on the theme: “Understanding the role of the SEC in the Capital Market.”

Topics discussed included: Understanding the Role of the SEC in the Capital Market; The Regulatory Framework of the SEC; Understanding how the Capital Market works; and Capital Raising and Investment.

SEC also provided the latest updates on the implementation of the government bailout programme and the next steps.

There was also an open forum for investors and other members of the public had the opportunity

to ask questions and make their issues known directly to the SEC, it said.

Nana Kobina Nketsia V, the Omanhene of Essikado Traditional Area, and chairman of the event, applauded the SEC for the decision to begin the regional outreach programme in the Western Region.

He said it was refreshing to see it undertake various investor engagement programmes to increase public trust and confidence, and to have a better understanding of the Capital Market.

He charged the commission to take steps to curb the proliferation of ponzi schemes in the market, which had lured many people into bad investments.

Mr Kwabena Okyere DarkoMensah, the Western Regional Minister, said such programmes were vital to the development of the entrepreneurial mindset and enterprise, urging the commission to also help make the region an attractive financial hub in the country.

Reverend Daniel Ogbarmey Tetteh, the Director-General of

SEC, said the programme was introduced to ensure investor protection.

He mentioned the issuance guidelines for market operators, stringent licensing requirements, and the launch of a 10-year Capital Market Master Plan to serve as a blueprint for the growth of the Ghanaian capital market as some

of the steps taken to strengthen the securities industry.

He gave the assurance that a series of capital market educational programmes, under the ‘Time with the SEC’, would be held to ensure a wider range of stakeholders were sensitised.

14

MONDAY OCTOBER 4, 2021

15

Feature

MONDAY OCTOBER 4, 2021

Putting public finance on the right side of history

T

he economics of renewable energy have improved beyond recognition. Solar power is now the cheapest form of electricity in history. Over 90% of power-generation capacity added around the world last year was in renewables. But to stand a chance of limiting global warming to 1.5° Celsius above pre-industrial levels, the world’s energy systems must transform even faster. And that requires governments and public financial institutions to stop supporting fossil fuels and instead emphasize international support for the clean-energy transition.

The science is clear. To meet the 2015 Paris climate agreement’s 1.5°C target, the global energy transition needs to progress 4-6 times faster than it currently is.

Fossil fuels still supply 84% of the world’s energy and account for over 75% of global emissions. The International Energy Agency’s Net Zero by 2050 roadmap shows that global energy systems must be fossil-fuel-free by 2040. Yet since the Paris agreement was concluded, G20 governments have provided more than three times more public finance for fossil fuels ($77 billion) than for renewables every year.

This year’s catastrophic storms, floods, and wildfires have shown why we need climate action now, not later. And because future prosperity lies in clean energy investment, there is also a clear economic development case for redoubling our efforts. Wind and solar are now cheaper than new coal and gas power plants in twothirds of the world. The dramatic cost reduction over the past decade has transformed global energy options, particularly in the very poorest countries, where renewables-based mini grids offer

real opportunities to alleviate energy poverty and provide energy access.

Boosting investment in renewables is also vital to creating jobs, driving economic growth, and reducing air pollution. According to the International Renewable Energy Agency, deploying renewables at scale could help create 42 million jobs worldwide by 2050.

This additional employment will be crucial for delivering a resilient, green recovery from the COVID-19 pandemic, especially in countries with young, fastgrowing populations.

But, of course, jobs will also disappear as we abandon fossil fuels. We therefore must take steps to ensure that every community benefits from the transition. This will require carefully designed policies to support a managed shift away from older forms of energy generation. Global solidarity will be critical. We must do much more to provide everyone with the necessary technologies, expertise, investment support, and financial strategies.

Fortunately, we already have solutions to the problem. At the United Nations Climate Change Conference (COP26) in Glasgow in November, governments and financial institutions must commit to supporting cheaper, cleaner, no-regrets energy, and to ending all international support for fossilfuel-based power. This should not be too difficult, given that many legacy energy investments will inevitably become stranded assets.

We are already starting to see significant progress in this direction. In May, G7 member states committed to cease all of their international financing for coal projects by the end of 2021,

and to “phase out new direct government support for carbonintensive international fossil fuel energy.” Moreover, South Korea, Japan, and now China – the world’s largest providers of international coal financing – have also agreed to stop funding coal projects overseas.

Equally important, more than 85 countries (plus the European Union) have submitted updated national climate pledges, as outlined in the Paris agreement.

These show a clear trend toward higher renewable energy use and lower reliance on fossil fuels by 2030. But many of these countries will need substantial technical and financial support to hit their targets.

The United Kingdom and the European Investment Bank have both committed to making international support for the clean-energy transition a high priority. In 2019, the EIB became the first multilateral bank to announce an end to all financing for fossil-fuel energy projects (by 2021). The bank has been increasing its investments in clean energy, including in developing countries to support their transition. In Kenya, EIB investments have helped build the largest wind farm in Africa, providing clean and affordable energy to the region.

Similarly, in March, the UK government put an immediate end to new public support for overseas international fossil-fuel energy projects, fully shifting investment into renewables. This decision has already started to unlock significant opportunities, building on existing support for clean energy provided by the country’s export credit agency, UK Export Finance. This includes over £140 million ($189 million) of

financing for UK exports to Ghana, which will help Ghana pursue major national infrastructure projects, including an initiative for solar-powered clean water that will reach more than 225,000 people.

We now must build on this momentum to ensure that COP26 is a success. More commitments are needed to align international public support fully with the Paris goals. We can achieve the necessary solidarity by bringing governments and public-finance institutions together behind a joint statement proclaiming support for clean energy and a phase-out of fossil fuels.

We invite governments and public-finance leaders to join us in supporting this statement. The cost of climate inaction would be catastrophic. We have reached a critical juncture for our planet.

COP26 must be remembered as the moment when we took decisive action to safeguard our shared future.

Werner Hoyer is President of the European Investment Bank.

John Murton is the Kingdom's COP26 Envoy.

United

16

MONDAY OCTOBER 4, 2021

17

News

MONDAY OCTOBER 4, 2021

CAA boosts capacity and human rights outcomes in cocoa communities

By Reuben Quainoo

T

he Cocoa Abrabopa Association (CAA) has indicated its committed to transparency and continuous improvement of human rights cases in cocoa growing communities, with a special focus on building capacity and systems to improve human rights outcomes rather than on punitive approaches which can lead to human rights violations.

According to CAA, results of the newly introduced Child Labour Monitoring and Remediation System and the new Rainforest Alliance Standard, requires the establishment an Assess and Address Committee to help identify the risks that are exposed to children of cocoa farmers in the production of the commodity.

The Association explained that, the committee will help implement risk mitigation measures to prevent the identified risks from happening; monitor the actions taken to improve the way risks are addressed and remediate any case identified.

The committee includes: The 8 CAA Council Members,

Chief Finance and Operations Manager, Sustainability Manager, Certification Manager and The Chairman of the Committee who is Human Resource & Administrative Manager, CAA. “We have established a system to assess and address risks of child labor, forced labor, workplace violence and harassment, and discrimination; managed by competent, trusted individuals and supported by management” Chairman of the committee, Mr. Anthony Agala, disclosed at a two-day workshop held at the

True Vine Hotel, Kumasi.

The training workshop ensured that all members received adequate knowledge and skills on effective handling of causes related to remediation of Child Labor, Forced Labor, Gender and Inequality and also help maintain transparent grievance procedures.

Mr. Agala said that to ensure the protection of human rights in all their operational areas, the Association commits to the following actions signed by Council Members.

Certification Manager of CAA and a Rainforest Alliance Associate Trainer, Mr. Mamud Abdul Rahman, schooled members on a variety of subjects which including: Understanding the concepts and regulations of Child Labor, forced labor, discrimination, workplace violence and harassment.

Sustainability Manager, Bart Draaijer, explained that, as at the 1st of August, 2021 about 1,290 households out of an expected 3,635 households had been visited in relations to child labour and school dropout cases.

“Our Child Development Officers have identified 9 cases so far and have reported to the committee. We have agreed on an amount of Six Thousand (USD 6,000) United States Dollars to remediate and support these children” he said.

The Chief Finance and Operations Manager, Mr. Patrick Van Brakel, used the opportunity to encourage committee members to continue with their hard work and help end human rights outcomes rather than on punitive approaches which can lead to human rights violations.

Africa’s youth key to ending continental poverty – Kwamina Asomaning

T

he Chief Executive of Stanbic Bank Ghana, Kwamina Asomaning, has reiterated the critical role of the youth in ending poverty on the African continent.

Speaking at the virtual launch of the Stanbic-Inno-hub Aspire Business Academy, Mr. Asomaning, said the opportunities available to Africa’s large youthful population should be leveraged to ensure the achievement of financial independence.

Kwamina Asomaning noted that “At Stanbic Bank, we believe strongly that including the youth early in issues of financial literacy and conscientising them about the importance of financial independence and the best practices around personal finance management are key to shaping their thinking about finances. Our gathering here today to officially launch the Stanbic-Innohub Aspire Business Academy, reiterates why we exist as a bank, driven by our purpose; Ghana is our Home, we drive her growth. Driving growth requires us to invest in the future of our youth.”

“Hence, in August 2018, we launched one of our most significant Corporate Social Initiatives - the Stanbic Bank (SB) Incubator - to provide business advisory, coaching and mentorship, and market access facilitation and networking opportunities to aspiring entrepreneurs and startups in Ghana.

This year, Stanbic Bank has also established our Youth Banking division to address the financial inclusion gaps amongst the youth.

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,” he added.

Stanbic Bank’s interventions targeted at the youth have made noteworthy strides over the years. Since its establishment in 2018, the SBIncubator Ghana has supported over 7,288 entrepreneurs through 455 curated workshops, pitch sessions and networking events. With a

special focus on women, the banks have directed and supported 1,639 through flagship initiatives like the Stanbic-Vodafone Women in Entrepreneurship Masterclass designed by the China Europe International Business School (CEIBS), STEM For Girls, an annual coding training program for girls between the ages of 18-27.

To further entrench its position as a bank for tomorrow’s leaders, the bank launched the Stanbic Business Incubator co-working space in 2019. The space offers world class boardroom, hotdesks, virtual business address services and a 100-seater capacity auditorium for events. This space provides a conducive and enabling environment for young startups to hatch their business

without the burden of renting an office and meeting spaces for client meetings.

The Stanbic-Innohub Aspire Business Academy is yet another of such interventions aimed at supporting and promoting student entrepreneurs. It is a 12week masterclass designed for idea stage student entrepreneurs to test the viability of their ideas, build strong business structures, and target the right customers to ensure their businesses survive beyond campus. The goal of the project is to work closely with academic institutions to provide an enabling environment to magnify and encourage students in entrepreneurship and innovation.

18

MONDAY OCTOBER 4, 2021

19

Feature

MONDAY OCTOBER 4, 2021

4 cashless digital payment options for entrepreneurs in Africa

S

o, you have this amazing business idea, you have thought about everything from capital, logistics, registration and even patenting (if that’s your thing). Now you are ready to hit the market, then it hits you “How are my clients going to pay conveniently?” Especially in these trying times where hygiene and safety are top priority when it comes to payment.

As a business developer, I have encountered many entrepreneurs on a daily who go through this and end up making poor decisions when it comes to selecting the most convenient digital payment channels for their business and clients. Making such mistakes could be costly because we are in an environment with relatively many options and when clients encounter the least inconvenience they quickly move to the next option.

In this article we will look at the various digital payment options available to you as an entrepreneur, so that the next time you are thinking of going “cashless” you will be able to make an informed decision.

In the Ghanaian business ecosystem, the digital payment channels preferred by most clients can be broadly classified into two, Card Payments (VISA, MasterCard etc..) and Mobile Money (All the Telecos) But does that mean you only have to go to a bank to get a POS device to receive card payments? Or Go to every Teleco to get a wallet to satisfy all

your clients with varying Mobile Money wallets? Well the answer is NO! Thanks to the development of technology, you can have one solution and be able to receive money from all these payment channels without having to open multiple mobile money wallets or bank accounts for your business.

These solutions are normally provided by companies called “Fin-Techs" (Financial Technology Companies). So, what are the various channels available to you as a business?

USSD Which fully means (Unstructured Supplementary Service Data) is one of the most common type of digital payments in Ghana. This is mostly characterized by numbers preceded by a “*” and normally ending with a “#” eg. *123*2#. This mode of payment is preferred by most merchants because of its ease to use and also its ability to be used with both smart phones and feature phones (Yams) even without internet! If you have clients who are not as “Techsavvy” then this will be the best option for you. This channel is currently limited to Mobile Money at the moment.

PLUG IN INTEGRATIONS Some businesses can afford websites, and build them on certain platforms called Content Management Systems. Popular

CMS’s include WordPress, Magento etc. CMS’s are a plug and play solution that businesses can build their websites on and receive payment through payment gateways. Payment gateways are connected to the websites through what we call “PLUG-INS”. So, if you are having a website built for your business, be sure to find out what it is being built on. This will help you decide on which payment gateway to choose as not all payment gateways have very plug in for all CMS’s.

API INTEGRATIONS Some businesses decide to for example build an app, portal or even a website from scratch (not using any CMS), and will like to receive payments there. For such businesses their apps and portals can be made to receive payments by connecting it to a payment gateway through what is known as an API (Application Programming Interface). This form of connection comes with a documentation that shows developers how to connect the payment gateway to the app or portal. Developers will appreciate this method more because it gives them more control over the payment gateway, however it requires a bit of programming knowledge.

ONLINE LINK So, this is one of the easiest ways

businesses can receive digital payments without necessarily having to develop a website or build an application. With this solution, a unique payment link can be generated for the business.

All the business does is to share this link to their clients, and once their clients click on the link it directs them to a secured “check out” landing page where they can make payments with ease.

This means your clients all over the country and world can make payments to you by just clicking a link you send to them. As simple as that! These links mostly support both Card payments and Mobile Money.

As technology develops there will be other payment options available for businesses to make their operations easier. That is not to say these are the only available payment options, there may be more out there. But as a business developer these are the common ones I have identified. With this information, I hope the next time you are in the market looking for a digital payment channel for your business you will make an informed decision.

20

Markets

MONDAY OCTOBER 4, 2021

CONTINUED ON PAGE 21

21 CONTINUED FROM PAGE 20

MONDAY OCTOBER 4, 2021

22

BUSINESS24.COM.GH MONDAY OCTOBER 4, 2021

NO. B24 / 256 | NEWS FOR BUSINESS LEADERS

MONDAY MAY 3, 2021

MONDAY OCTOBER 4, 2021

We are committed to nurturing vibrant financial services ecosystem - BoG

T

he Bank of Ghana (BoG) has stated its commitment to nurturing a vibrant, inclusive, safe, and efficient digital financial services ecosystem with the establishment of a Fintech and Innovation Office (FIO).

The office is to drive the cashlite, e-payments, and digitisation agenda of the country.

The bank’s annual report and financial statements for 2020 said the FIO was responsible for the licensing and supervision of Dedicated Electronic Money Issuers (DEMIs) and Payment Service Providers (PSPs).

It is also responsible for the activities of Payment and Financial Technology Service Providers (PFTSP) and other emerging forms of payments delivered by non-bank entities.

“The FIO also develops policies to promote Fintech innovation and interoperability in Ghana,” the report said.

It said to nurture Fintech and promote responsible digital financial service innovation,

a regulatory and innovation sandbox project was launched in 2020.

The project, which is in line with the Bank’s financial sector digitisation agenda, is expected to further assist the development of policies to enhance financial inclusion and support innovations within the Fintech ecosystem.

The report said in the year under review, the Bank continued to monitor developments in digital currencies, and took steps to explore the feasibility and appropriateness of a Central Bank Digital Currency (CBDC) to the Ghanaian economy.

The report said the bank remained steadfast in facilitating payment systems innovation and piloting ideas like a CBDC. Consequently, the first phase of the possible introduction of a CBDC in Ghana is the design of the electronic money, e-Cedi, which will be piloted before full implementation.

“This will facilitate electronic payments by households and

businesses, using digital money issued by the Bank,” it added.

In the area of Mobile Money Services, the total value of transactions grew by 82.4 per cent to GH¢564.16 billion at the end-December 2020, while the total float balance increased by 92.1 per cent to GH¢6.98 billion.

The report said registered mobile money account holders increased by 18.5 per cent to 38,473,734 at end-December 2020

with the number of registered agents also increasing to 423,892 at end-December 2020, from 306,346 at end-December 2019.

It said the number of active mobile money accounts increased by 18.6 per cent, to 17,142,677 at end-December 2020, while the number of active mobile money agents increased to 328,329 in 2020 from 226,298 in 2019.

GNA

2021 Innovation Award winners announced

T

he Food and Agriculture Organization of the United Nations (FAO) and the Federal Government of Switzerland have announced the winners of the 2021 edition of the annual International Innovation Award for Sustainable Food Systems, a joint initiative designed to encourage and celebrate innovation and entrepreneurs who successfully implement outstanding projects in the agriculture sector.

The awards were announced in a virtual ceremony with the participation of FAO DirectorGeneral QU Dongyu and Christian Hofer, Director-General of the Federal Office for Agriculture of Switzerland. The ceremony was held on the first day of the flagship event (1-5 October, 2021) of the World Food Forum – a youthled movement and network to transform or agri-food systems.

The main Digitalization and Innovation for Sustainable Food Systems award is given for innovations that impact more than one level of the supply

chain and strengthen the link between farmers and consumers.

A second prize is also awarded for Innovations that Empower Youth in Agriculture and Food Systems.

The prize for each award is $30 000, allowing winners to take their business to the next level.

This year’s award for Digitalization and Innovation for Sustainable Food Systems went to Ifarm360, a start-up enabling investors to crowd-fund smallholder farmers in Kenya.

In addition to access to finance, Ifarm360 offers smallholder farmers crop advice and supervision, as well as farming inputs and equipment such as solar irrigation kits. Ifarm360 connects smallholder farmers, the crowd investors and offtakers, creating a win-win-win business model.

Special mention was given to Enveritas for using digital technology and innovation to conduct sustainability verification of unorganized and underserved smallholder coffee farmers globally.

The Innovations that Empower Youth in Agriculture and Food Systems award was split this year between two projects, both of which received equally high rankings from the Screening Committee.

Access Agriculture AISBL was recognised for enabling young people individually or as a team, to use solar powered technology to show farmer-to-farmer training videos in local languages in remote villages with no electricity, no internet access and poor mobile signal. Access Agriculture is working with local communities across the Global South, while also improving the environment using agroecological principles.

Access Agriculture shared the prize with Bountifield International, who offer young people in rural areas new opportunities as postharvest technology entrepreneurs providing a fee-for-service to farmers to process, preserve and sell their crops. Bountifield’s ‘business in a box’ model equips them with needed technology,

access to financing and information they need to drive agri-business value addition, to reduce food loss, and to increase growth across rural Africa.

FAO Director-General Qu Dongyu congratulated the winners, adding that the Award “highlights the importance of innovation and youth as key drivers to transform agrifood systems. FAO is working to engaging and empowering youth to transform our agri-food systems.”

“I wish to convey my appreciation to the Government of Switzerland for the effective partnership which has led to this successful outcome. It also affirms the value of our shared goal - to encourage gamechanging solutions by innovative approaches and people,” he said.