Business24 Newspaper 28th April, 2021

1

WEDNESDAY APRIL 28, 2021

BUSINESS24.COM.GH

NO. B24 / 188 | NEWS FOR BUSINESS LEADERS

WEDNESDAY APRIL 28, 2021

Uncertainty shrouds domestic debt market Pandemic stalls US$325m petroleum projects in 2020

By Benson Afful affulbenson@gmail.com

T

he coronavirus pandemic stalled upstream petroleum projects worth US$324m that were in the exploratory and appraisal stages, the Public Interest and Accountability Committee (PIAC) has revealed in its 2020 annual report.

Cont’d on page 3

Speaker concerned about Parliament’s weak oversight of executive

By Eugene Davis

Ken Ofori-Atta, Minister of Finance

By Joshua Worlasi Amlanu macjosh1922@gmail.com

I

nvestors in the domestic debt market are facing uncertainties this quarter, as the market is still awaiting the Treasury’s issuance

programme for April to June.

The debt issuance calendar, which usually guides the market as an indicator of government debt strategy for each quarter, has been delayed by a month, breeding investor uncertainty.

In an interview with

ECONOMIC INDICATORS EXCHANGE RATE (INT. RATE)

Business24 Limited.

Copyright@2020 All Rights Reserved.

Tel: +233 030 296 5297 Editor@thebusiness24online.net

POLICY RATE

14.5% 14.77%

OVERALL FISCAL DEFICIT

11.4% OF GDP

AVERAGE PETROL & DIESEL PRICE:

4.2% GHC 5.13

T

he Speaker of Parliament, Alban Kingsford Sumana Bagbin, has attributed the legislature’s weak oversight of the executive to persistent underfunding over the years.

Cont’d on page 2 INTERNATIONAL MARKET

US$1 = GHC 5.7606

GHANA REFERENCE RATE PROJECTED GDP GROWTH RATE

ugendavis@gmail.com

Business24, the Chief Executive Officer of Republic Securities, Kow Akyen Sackey, said the delay creates investor uncertainty regarding the positions to hold, as the issuance calendar assists with

BRENT CRUDE $/BARREL NATURAL GAS $/MILLION BTUS GOLD $/TROY OUNCE

Follow us online: $57.79 $2.6801,922.57 $1,836.62

CORN $/BUSHEL

$543.75

COCOA $/METRIC TON

$123.55

COFFEE $/POUND:

Cont’d on page 3

facebook.com/business24gh twitter.com/business24gh linkedin.com/pg/business24gh instagram.com/business24gh

2

Editorial / News

WEDNESDAY APRIL 28, 2021

Editorial

Power outages counterproductive

O

ver the past few months, Ghanaians have experienced irregular power supply. While some of the outages are scheduled, others are mostly unannounced catching consumers unawares mostly are rather odd times.

These power cuts bear semblance to what transpired during the peak of the load shedding era some five years ago prompting fears whether the country is indeed back to the dark days.

Authorities have resisted assertions that the country has run into a power crisis that requires the proverbial timetable that will advertise a formal load shedding programme.

The authorities have sought refuge in the excuse that these intermittent and frequent power cuts occur as a result of ongoing

construction works on certain key power projects in the capital.

It has also become the norm for authorities to attribute some of these unannounced power cuts to maintenance works or sudden failure of key power installations.

The excuses anytime the power goes out have become one too many. There is no denying that the country’s power sector is under considerable amount of pressure.

The power transmission side has not seen any significant investment bar the investment being made by the Millennium Development Authority (MiDA) under its Compact II initiative.

There is also the distribution challenge one of the reasons for which the ill-fated Power Distribution Services (PDS) was engaged. Since their exit, not

much has been done to deal with the problem.

Of course, there is the almighty cost of power produced by the independent power producers.

Government is locked in these agreements and almost cash strapped in making good its commitments leading to debt accumulation for power produced.

This paper believes that all these challenges have persisted for a while and government cannot play innocent if not much was done in the past to prevent them from coming to a head.

The last thing that this economy needs after the debilitating effects caused by the pandemic is power cuts – be it announced or unannounced.

For many SMEs that survived the pandemic, this would provide the final nail!

Uncertainty shrouds domestic debt market 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 Advertising / Sales: +233 24 212 2742

broad-based investor planning and allocation of funds available for investment.

In terms of the appetite of the issuer, Mr. Sackey said the situation “signals that government may not have a ready need for funds from borrowing.”

“No official communication has come out yet, but it is speculated that due to successful Eurobond issuances, there is enough in the coffers of government to meet the needs which expected borrowings would have funded.

This delay may also be a means to check the rising debt levels,” he added.

However, checks from the Ministry of Finance indicate that the issuance calendar is yet to be approved and that investors should expect an announcement in the coming days.

During the first quarter, the Treasury issued a total of GH¢26.43bn in securities ranging from 91-day bills to 7-year bonds.

Senior analyst with Databank Research Courage Kingsley Martey said investors are finding it difficult to form a trading and investment strategy for the quarter because they do not know what the Treasury’s issuance strategy would be, especially at a time when investors are looking forward to the Treasury’s plan to buy back expensive domestic

bonds using the Eurobond proceeds.

“Consequently, what we see on the market is that investors are selling more of the longerdated maturities to hold shorterdated maturities. This portfolio shortening is aimed at creating some flexibility for the fund manager to take advantage of any unanticipated changes in market conditions, especially as it relates to yield uptick.”

He added: “Yields have therefore bottomed out and are looking to push up on account of the uncertainty around the Treasury’s issuance calendar.”

Nonetheless, the senior analyst said the delay could also create potential demand waiting to absorb any new offers from the Treasury when it decides to publish its plan.

Mr. Sackey noted that liquidity

in the market for the past few weeks has not waned that much.

“The absence of new and rapid issuances presents an opportunity for price discovery along the various terms of securities issued,” he said.

“Brokers on the market have an important role to play here, in the sense that sourcing out holders of securities and matching them with prospective buyers will be key to maintaining interest and liquidity on the fixed income market,” he added.

The Ghana Fixed Income Market (GFIM) report for the first quarter showed that the market continued its sterling performance, recording a new all-time high traded volume of over 26bn, breaking the previous record volume of 18bn recorded at the end of January 2021.

3

WEDNESDAY APRIL 28, 2021

Pandemic stalls US$325m petroleum projects in 2020 Continued from cover The petroleum revenue watchdog said the companies were due to undertake various drilling campaigns; acquisition and interpretation of seismic, geological and geophysical data; well planning; procurement tender; and mobilisation before the onset of the COVID-19 pandemic.

“Since then, project execution, planning, risk management as well as associated preparatory activities have stalled, with implications for cost and time overruns,” the committee said.

In addition to the exploratory projects, Aker Energy in March 2020 also postponed its development activities in the Pecan Field project, valued at US$4.4bn.

The company was scheduled to submit a revised Plan of Development (PoD) and make a final investment decision on the field. However, due to the effects of the pandemic on the oil and gas industry globally, it requested

Oil blocks distribution

a suspension and postponement of the development activities, PIAC said in the report.

Other projects that were affected by the pandemic are the Central Tano Block and the Deepwater Cape Three Points West Block. In the case of Central Tano, AMNI, the operator, had to reschedule its planned drilling campaign from the second to the fourth quarter of 2020.

At the same time, ECO Atlantic, the operator of the Deepwater Cape Three Points West Block, suspended all exploration drilling

contracting of key services, and plans to secure a rig. Additionally, the appraisal programmes of Eni’s Akoma-1X, AGM Petroleum’s Nyankom 1X and Kyekyen 1X, and Springfield’s Afina-1X discoveries also faced significant delays.

“Generally, there was a freeze on the work programmes, and a decision [was taken by the regulator] to restore the initial period or extensions lost for all companies whose agreements would have otherwise expired in 2020 but for the COVID-19 preparatory activities, despite pandemic,” PIAC stated.

“There was also a freeze or commencing the process of rig tendering, tangibles contracts, cancellation of critical operations and maintenance works on and support services contracts.

Eni, the operator of the Cape production facilities scheduled Three Points Block 4, indicated for the year, due partly to the to the Petroleum Commission skeletal workforce operated by its plan to postpone the drilling most companies in compliance approved COVID19 of the Eban-1X exploratory well with to the first quarter of 2021, the protocols,” it added.

The year 2020 saw a reduction report disclosed.

The pandemic also forced in oil production after three GOSCO, the operator of the years of consecutive increases. offshore South West Tano Block, Production declined by 6.3 to put on hold all exploration percent to 66.9m barrels from the drilling preparatory activities, 2019 volume of 71.4m barrels.

Speaker concerned about Parliament’s weak oversight of executive Continued from cover Even though Ghana’s Parliament continues to be rated highly globally, its rating in the area of oversight is “unsurprisingly low”, he said.

“I say it is unsurprising because Parliament and its committees lack the needed support and assistance to perform their oversight functions. I had cause in March this year to call out the Ministry of Finance and the Secretary to the President for attempting to unilaterally place a ceiling on the budget appropriation for Parliament and the Judiciary.”

Mr. Bagbin was speaking at the inauguration of the 8th

Parliamentary Service Board in Accra on Tuesday.

He said over the years, successive governments have unilaterally placed a ceiling on the budget appropriation for Parliament and the Judiciary, affecting their capacity to effectively and efficiently perform their oversight duties.

The Speaker also expressed concern about the security of Parliament and its members, lamenting the liberal access to the parliamentary enclave which houses the chamber and offices of MPs. “We have no control over the use of the grounds within the parliamentary enclave; it is controlled and managed by the

Controller of Household under the Office of the Chief of Staff.

As a House, we have no control over the coming in and going out of the premises by strangers, and this compromises the security of Parliament and its members,” he said.

“Our proposal is to secure a parliamentary enclave.

Parliament has been in operation since 1993, and we are yet to determine what constitutes the precincts of Parliament as provided for in the Standing Orders.”

Mr. Bagbin charged the members of the Parliamentary Service Board to bring the needed change and development, and to improve the welfare of parliamentary staff.

The Minority Leader, Haruna Iddrisu, who is a member of the board, assured the Speaker of his commitment to improve the House’s oversight of the executive to ensure prudent use of the nation’s scarce resources.

“I observed that you are not satisfied with the oversight role. I accept that as our first challenge that we will work together to improve oversight for greater

accountability, particularly in the exercise of executive authority in Ghana. We will also build upon the gains made by the past Speaker in the promotion of the Private Member’s bill.”

Majority Leader Osei KyeiMensah-Bonsu also expressed concern over the high attrition rate in Parliament and called on political parties to take a critical look at the development.

“At the heart of the business of the board is to help to reposition Parliament in its operations, organisation and conduct of its activities to make it relevant in the governance architecture of this country. We must also admit that the high attrition rate that MPs are subjected to is not comforting and is not enriching our democracy,” he said.

The Parliamentary Service Board is chaired by the Speaker, with Osei Kyei-Mensah-Bonsu, Haruna Iddrisu, Johnson Asiedu Nketia, Abraham Osei Aidoo, and Cyril Kwabena Oteng Nsiah—the Clerk of Parliament— as members. Estelle Appiah, a former Director of Drafting at the Attorney-General’s Department, is a co-opted member.

4

WEDNESDAY APRIL 28, 2021

5

News

WEDNESDAY APRIL 28, 2021

Power fluctuations will soon be over -Energy Minister

T

he Minister of Energy, Dr Matthew Opoku Prempeh, has entreated Ghanaians to exercise patience as government is investing financial resources towards the upgrading of the power operating system in the country.

That, he said, would ensure efficient and reliable power supply to both domestic and commercial power consumers to improve their businesses.

Dr Opoku Prempeh gave the assurance when he led a delegation, comprising officials from the Millennium Development Authority, Electricity Company of Ghana and Volta River Authority, to inspect the Kasoa Bulk Supply Point (BSP) on Tuesday.

The country in recent months has witnessed frequent power cuts, especially parts of the national capital, Accra, resulting in public outcry.

A section of the public has accused government of not telling

Ghanaians the truth about the power situation, and suspected that government has no means to buy fuel for the power plants.

It is in this light that the Energy Minister, over the past two weeks, had been touring some power projects being undertaken to end the power outages.

The Kasoa BSP is 435 MVA, which is about 50 percent complete, and expected to improve power supply to Winneba, Mallam and parts the Greater Accra and Central regions.

The project is being implemented by the Millennium Development Authority (MiDA), under the Ghana Power Compact Two and falls under the Millennium Challenge Corporation (MCC), which the US government provided US$308 million to the government of Ghana, to improve its energy needs and curb power transmission losses.

Matin Esson Benjamin, the Chief Executive Officer of MiDA said the

Kasoa BSP was being constructed

by Semens Engineering at a cost of US$50 million and expected to be completed in August, this year.

He said the construction of the Kasoa BSP was timely, as it would improve power supply

to residents of Mallam, Kasoa, Winneba among others and would benefit about 300, 000 residents in parts of the Greater Accra and Central regions.

GNA

Unilever Ghana sees positive future growth prospects

T

he Managing Director of Unilever Ghana Limited, George Owusu-Ansah, has expressed optimism about future growth prospects after the company narrowed its losses last year.

Speaking during an engagement with the media, Mr Owusu-Ansah said despite the difficulties of last year, the company recorded a 30 percent growth and expected better performance this year.

“We have learnt from our challenges last year and incorporated new ideas into

George Owusu-Ansah, MD, Unilever Ghana

the business to become more profitable,” he said, adding that the company is confident of the Ghanaian market and have put systems in place to meet the need of every customer.

“We believe in Ghana and know how to produce to satisfy the needs of everyone despite their status and also market our products efficiently to reach everyone,” he emphasised.

Mr Owusu-Ansah said the improved performance was achieved on the back of a review of supplies and customers needs,

adding that the business was successful in achieving a quick trade stock turnover of about 1.5 to two weeks from the previous eight weeks and more.

He said Unilever would work to sustain the gains made, ensure more efficient operations, retain confidence in the market and provide products at competitive prices to meet the needs of all segments of society.

“We would continue to build equity on our brands, strengthen our portfolio and satisfy the needs of Ghanaians regardless of

the social status,” he said.

Going forward, he said it was important to resource key product distributors to improve on the supply.

He reiterated the company’s commitment to empowering Ghanaian farmers as it continued to source palm oil, a key ingredient in the production process locally.

Currently, the company produces over 70 per cent of its products in Ghana, and provide jobs for more than 900 Ghanaians.

“The future is very bright for the company as far as capability, inclusiveness and technology are concerned but we are not yet there,” he added.

Head of Marketing at Unilever, Nana Yaa Owusu-Ansah said the company aimed to offer customers the best of its brands at all times.

She said it envisaged expansion in its portfolio, consolidating the business gains and meeting the needs of consumers within two to three years.

“We would also continue to give back and support communities by providing social amenities,” she stated.

The media event was on the theme: “Unilever Ghana as a force for good even in challenging times.”

6

WEDNESDAY APRIL 28, 2021

7

Companies

WEDNESDAY APRIL 28, 2021

Bolt Ghana and Plastic Punch partner to mark Earth Day 2021 with Beach Clean-up

M

any organisations have made it a part of their mission to be socially responsible and demonstrate their commitment to promote prosperity while protecting the planet. Many of these companies align themselves with goals that are directly related with their business objectives to make the most impact and make the world better for all.

This year, Bolt Ghana, a leading ride-hailing platform, has led the way to prove itself as a socially responsible company, by demonstrating its commitment to environmental sustainability.

The company partnered with Plastic Punch; a Ghana-based environmental non-profit working to create a plastic wastefree environment where people and nature can thrive, to mark Earth Day at a Beach clean-up exercise.

The beach clean-up came off at the Regional Maritime University; home to a turtle-nesting beach, where some 200 volunteers convened to demonstrate their

support for environmental protection.

To set the tone, volunteers were taken through a brief aerobics session and given a short tutorial on what to look out for when at the shore.

Commenting on the partnership, Henry Whyte, Operations Manager, Bolt Ghana

said, “Partnerships like this give meaning to our purpose as a responsible company. As a ride-hailing company we are aware that we have a role to play when it comes to conserving the planet and as such, we will always welcome the opportunity to join a cause that prioritises environmental protection and

sustainability.”

On his part, Richmond Kennedy Quarcoo, Director, Plastic punch said “It is exciting to have Bolt partner with our organisation for such a worthy cause. We need to protect the ocean and keep our beaches clean and having a company such as Bolt shows that our organisation is on the right path to raising awareness on plastic pollution.”

“Together we can make earth a better place,” he added.

It was exciting to see partners and volunteers who care about the planet gather round, all set and ready to pick up plastic waste, with their gloves, litter pickers and sacks while appreciating the coastline.

Even more exciting was to see food served in leaves to further establish environmental sustainability as the mission for each partner and volunteer present to mark Earth Day. Below are some pictures to show more of Bolt and Plastic Punch’s partnership on Earth Day 2021.

Sahara Group urges increased awareness on workplace safety and health

L

eading energy conglomerate, Sahara Group has called for increased stakeholder collaboration towards achieving sustained awareness campaigns and interventions that will enhance workplace safety and health across the globe.

Adeniyi Ige, Safety Manager at Sahara Group, said employers and employees need to adopt a unified approach to safety and health issues to safeguard lives and drastically reduce the number of work-related deaths and injuries.

Ige said as the world marks

another Safety and Health at Work Day on April 28, the focus must be on how increasing investment and participation of all stakeholders can make Occupational Safety and Health (OSH) contribute to the achievement of Sustainable Development Goal (SDG) 3, to ensure healthy lives and promote well-being for all at all ages and SDG 8, to promote inclusive and sustainable economic growth, employment and decent work for all.

“Workplace safety and health issues must be seen as everyone’s business and should be

instutionalised in a manner that makes everyone’s involvement crystal clear. The International Labour Organisation estimates that about 2.78 million workers die from occupational accidents annually, while lost work days globally represent almost 4% of the world’s GDP. This trend highlights the need for a systemic approach to effective management of Occupational Safety and Health (OSH) concerns at work. We must all make safety first a way of life within and outside the workplace,” he said.

Ige said collaboration, investment and adoption of technology would help achieve timely identification and monitoring of health and safety hazards within the workplace; train employees to minimize and/or avoid any risks associated with their jobs; review health and safety legislation to ensure compliance with the most recent standards; perform safety inspections of the workplace environment and write workplace-specific safety policies and best practices.

He added: “It is essential for businesses to have consistent

OSH awareness programmes and interventions that are proactive and tailored to address existing and potential safety and health issues in the workplace. From obvious hazards like banana peels to potential power surges and mental health issues, the OSH approach focus must be holistic, collaborative, and relentless.

The impact of the Covid-19 pandemic on businesses shows that the world needs to be prepared always to take on workplace safety and health issues to safeguard global economic development and prosperity.”

The World Day for Safety and Health at Work is celebrated by the International Labor Organization (ILO) annually on 28th April as an awarenessraising campaign to promote the prevention of accidents and diseases at work globally.

It gives international attention on the magnitude of the problem and on how promoting and creating a safety and health culture can help reduce the number of work-related deaths and injuries.

8

WEDNESDAY APRIL 28, 2021

9

Report

WEDNESDAY APRIL 28, 2021

Commodity prices to stabilize after early 2021 gains – World Bank

C

ommodity prices continued their recovery in the first quarter of 2021 and are expected to remain close to current levels throughout the year, lifted by the global economic rebound and improved growth prospects, according to the World Bank’s semi-annual Commodity Markets Outlook.

However, the outlook is heavily dependent on progress in containing the COVID-19 pandemic as well as policy support measures in advanced economies and production decisions in major commodity producers.

Energy prices are expected to average more than one-third higher this year than in 2020, with oil averaging $56 a barrel.

Metal prices are expected to climb 30 percent; and agricultural prices are forecast to rise almost 14 percent. Almost all commodity prices are now above pre-pandemic levels, driven by the upsurge in economic activity, as well as some specific supply factors, particularly for oil, copper, and some food commodities.

“Global growth has been stronger than expected so far and vaccination campaigns are underway, and these trends have buoyed commodity prices.

However, the durability of the recovery is highly uncertain,”

said Ayhan Kose, World Bank Group Acting Vice President for Equitable Growth, Finance & Institutions and Director of the Prospects Group. “Emerging market and developing economies, both commodity exporters and importers, should strengthen their short-term resilience and prepare for the possibility of growth losing momentum.”

Crude oil prices rebounded from record lows reached during the pandemic, supported by a rapid global economic recovery and continued production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its partners.

Demand is expected to firm over 2021 as vaccines become widely available, especially in advanced economies, pandemic restrictions are eased, and the global recovery is sustained.

Prices are expected to average $60 a barrel in 2022. However, if pandemic containment falters, a further deterioration in demand could put pressure on prices.

Metal prices are expected to give back some of this year’s gains as stimulus-driven growth fades in 2022. A faster-than expected withdrawal of stimulus by some major emerging market economies could pose a downside risk to prices; however, a major infrastructure

program in the United States could support prices for metals, including aluminum, copper, and iron ore. An intensification of the global energy transition to decarbonization could further strengthen demand for metals.

Agricultural prices have risen substantially this year, particularly for food commodities, driven by supply shortfalls in South America and strong demand from China. However, most global food commodity markets remain adequately supplied by historical standards, and prices are expected to stabilize in 2022.

While global food commodity prices have remained stable recently, emerging evidence continues to confirm the effects of COVID-19 on food insecurity that are expected to continue through 2021 and 2022. An increasing number of countries are facing growing levels of acute food insecurity, reversing years of development gains.

“Although food commodity markets are well supplied globally, COVID-19 has severely impacted local labor and food markets around the world, reducing incomes, disrupting supply chains and intensifying food and nutrition security issues that were present even before the pandemic struck,” Kose said. “It is high time for policymakers to address the underlying sources of

food insecurity.”

A Special Focus section investigates the impact of sharp changes in metal prices on metal-exporting countries.

Metals, especially copper and aluminum are a major source of export revenue for 35 percent of emerging market and developing economies, with important implications for economic growth, macroeconomic stability, and, hence, poverty reduction.

As metal prices are primarily driven by global demand, these countries can be particularly hard-hit by global recessions, which can trigger both a drop in metal prices and export revenue.

Windfall revenues from high metal prices, which tend to be short-lived, should therefore be set aside in anticipation of the longer-lasting negative effects of price collapses that would warrant policy support.

“Metal price shocks are primarily driven by external demand factors, such as global recessions and recoveries,” said World Bank Senior Economist John Baffes. “During a recession, metal exporters may be hurt by both the broader downturn as well as a collapse in prices. Output losses associated with price drops are greater than the gains from price increases, and policymakers should prepare accordingly.”

10

WEDNESDAY APRIL 28, 2021

11

News

WEDNESDAY APRIL 28, 2021

Vaccine roll-out, adherence to COVID-19 protocols are critical -- GSS

P

eople are now moving between districts and regions at similar levels to before the novel coronavirus hit Ghana in early 2020. That is according to a new report on travel within the country by Ghana Statistical Service (GSS), Flowminder Foundation and Vodafone Foundation.

The GSS and Flowminder discovered that following a sharp reduction i n travels during the partial lockdown of 2020, people in at least half the regions are now moving within and between regions as much as they were before the beginning of the pandemic, after analysing anonymized and aggregated (group-level statistics) telecommunications network data provided by Vodafone Ghana.

Analysts examined how population movements were impacted by various mobilityrelated policies since the start of the pandemic. The report highlights three mobility trends: a decrease during partial lockdown (March 2020); gradual recovery from June to December 2020; and

a possible decrease from midJanuary 2021 in response to the presidential address about the second wave of COVID-19 in the country.

Government Statistician Professor Samuel Annim said: “The partial lockdown and mobility restrictions are likely to have slowed the rate of COVID-19 infections i n the country. A recovery to prepandemic mobility levels could be positive for participation in the economy but poses a challenge in containing COVID-19 outbreaks”.

“This analysis reinforces the urgency of a successful vaccination campaign. There is

a risk of this increased mobility leading to increased infection rates unless people continue adhering to measures like mask wearing, hand washing and physical distancing and that they have the vaccine when it is their turn.”

By February 2021, half of the country’s regions - or more - had recovered to their pre-COVID in-region travel patterns, and the remaining is close to have recovered, including the two most populous regions (Greater Accra and Ashanti) that seem to be experiencing a comparatively slower recovery.

“Large scale changes i n

mobility are both a cause and an effect of the COVID-19 pandemic.

Vodafone’s data, which is anonymised and processed i n a way that maintains the privacy of the subscribers, is helping the government better understand how people’s travel patterns have changed over the past year, which can be used to support upcoming policy decisions and keep control of the epidemic,” said Patricia Obo-Nai, Chief Executive Officer (CEO) of Vodafone Ghana.

While the analysis provides insights on how people have been moving nationally and regionally compared to the start of 2020 and to 2019, l imitations inherent to the data need to be considered.

“The analysis relies on data from Vodafone Ghana, which provides a good indicator of changes in a population’s movements as a significant proportion of the population is included i n the dataset, but changes in phone usage behaviour over time also play a role i n the analysis. These can make the comparison of current mobility with last year’s mobility difficult,” explained Wole Ademola Adewole, Implementation Coordinator at Flowminder.

ShrinQ Limited assures its clients of top class security

M

anaging Partner of Ghanaian technological giant, ShrinQ Limited, Sammy Ben Hammond has shared that security is one of the topmost priority of his outfit. He noted that the brand’s products and services have gone through

Sammy Ben Hammond

rigorous testing and is unrivalled when it comes to protecting assets of its clients. “When you talk about security, if you’re looking for people who are very paranoid about security then you’re looking at large enterprises firms, and big companies. And we

as ShrinQ have credibility when it comes to ensuring security for our clients”, he said. ShrinQ limited has deployed its stacks technology and worked with top brands including Vodafone and Old Mutual.

“We’ve done some work

for very large firms with our product stak. Stak has gone through a series of testing for its efficiency and in terms of quality assurance, we are on top of our game”. Speaking in an interview on the Happy Morning Show hosted by Samuel Eshun on Happy98.9FM and e.TV Ghana, Sammy emphasised no IT firm can assure its clients of a 100 percent security when it comes to IT systems.

“But we can definitely assure 99% security because when it comes to security, we do not joke with it as a result of our client base we have garnered over the period we have been in business, we’ve had to ensure that in terms of security we have it covered”.

ShrinQ established in 2016 serves a wide array of businesses.

The software development company is focused on the delivery of efficient, robust software solutions to its clients, and is specialised in enterprise level systems that can solve many of the problems that businesses face as they grow and adapt to a changing marketplace.

12

WEDNESDAY APRIL 28, 2021

13

Letter

WEDNESDAY APRIL 28, 2021

Do not kill the hen that lays the golden egg

Head office of Ghana Post

I

read with dismay a publication on Opera News, 24th April 2021, suggesting that the President, Nana Addo Dankwa Akufo-Addo has listed Kwaku Tabi Amponsah as the CEO of Ghana Post.

Perhaps the said publication may be an agenda or a dream.

I wish to officially bring this to the attention of the President and appeal to the good offices of the President, Vice President, Minister of Communications and Digitisation, and the Ghanaian Business Community that the current MD of Ghana Post need not be changed.

I have followed Ghana Post since my secondary school days in the 80s and I can tell that until about 3 years ago, the company was doing business in the dark.

They were far behind any serious

business in Ghana. In fact, I always felt sorry for workers of the company but for the intervention of the President, bringing one James Kwofie to transform the place.

My dad worked with the company. He tells me how financially viable the post was until in the 90s where internet rendered the company almost useless. One wished to help because we saw our future shaped by a father who joyously worked his years to see us through school as a staff of Ghana Post. I would not want to work there or have my business run by them. DHL and other private courier companies supported my business with smart deliveries.

Two years ago, a friend testified about Ghana Post and how secured their deliveries have

been. I decided to try them with few items and indeed Ghana Post surprised me. Not only did my items arrive within expected time, but I could also track and trace my items once it was received

by Ghana Post. I calculate the cost of my shipment on Ghana Post website before I get to their counters.

Business took me to Kumasi and was wondering how to settle my letter box bills because I needed to dodge penalty. My friend at the Circle Post office sent me a short code to pay online. This was amazing. I exclaimed, “is this real?”.

I need not bore my readers with the experiences I am enjoying with Ghana Post deliveries. My reason for writing is to tell the President that Ghana Post needs stability. Maintaining the current

Managing Director whose vision has moved the company from point 1 to point 8 out of 10, is the right thing to do.

Since last Saturday, my interest found me talking to friends I have made working in Ghana Post. The revelation about Mr. Tabi leaves mush to be desired. In short, he is not fit for the position. One can tell who between the two leaders is business minded from testimonies of staff.

Let us return favours to James Kwofie by maintaining him at Ghana Post for the good work done. Or better still give him another place where he can use his entrepreneurial experiences to drive business growth.

Orleans Brown Author

14

WEDNESDAY APRIL 28, 2021

15

Feature

WEDNESDAY APRIL 28, 2021

A European-style United Nations

By Sandra Breka and Brian Finlay

L

ast September, on the occasion of the 75th anniversary of the United Nations, the General Assembly adopted a landmark declaration affirming a commitment to “mobilize resources” and “show unprecedented political will and leadership,” in order to ensure “the future we want.” The socalled UN75 Declaration was an inspiring statement. But will it lead to meaningful change?

History suggests that it just might. After all, past anniversaries of the UN’s founding have delivered significant structural reforms. On the UN’s 60th anniversary, for example, world leaders established a Peacebuilding Commission to help countries in the transition from war to peace, upgraded the Human Rights Commission to a stronger Human Rights Council, and adopted the “Responsibility to Protect” doctrine to help safeguard civilians in conflict zones.

Improving the UN75 Declaration’s prospects further is the fact that it reflects the will of civil society. Ahead of last year’s General Assembly, the UN conducted a global survey to discern what ordinary people cared about. Of more than 1.3 million respondents, 87% said that international cooperation was vital to deal with today’s challenges.

The UN also supported more than 3,000 dialogues in 120 countries on “the future we want, the UN we need.” The results of these dialogues – which took place in “classrooms, boardrooms, parliaments, and community groups”– helped to shape the declaration.

At the same time, national governments have been working to revive multilateral cooperation.

For example, in April 2019, German Foreign Minister Heiko Maas and French Foreign Minister Jean-Yves Le Drian launched the Alliance for Multilateralism to promote global cooperation at a time of resurgent nationalism.

The Alliance now has the support of more than 50 countries.

Similarly, this past February, G7 leaders, including US President Joe Biden, proclaimed that they would work together to “make 2021 a turning point for multilateralism.” Cooperation on the pandemic recovery and “building back better” were deemed top priorities.

Countries are also supporting the UN75 Declaration, in particular. Two months after its unanimous adoption, ten heads of state and government, convened

by Spain and Sweden, published a joint statement reiterating their commitment to the Declaration and the ambition it embodies and calling for reforms of the UN’s three principal organs to create a “more agile, effective, and accountable organization” that can “deliver better” results.

All of this bodes well for the future of multilateralism. But transforming words into action is rarely easy, especially when dealing with so many actors with competing visions and interests.

With nationalist and populist forces potent in many parts of the world, the challenge ahead is all the more formidable. To meet it, we should look to Europe.

The European Union has been a reliable champion of multilateralism. In February, for example, the European Commission and the EU High Representative for Foreign Affairs

and Security Policy, Josep Borrell, issued a joint communication on strengthening the EU’s contribution to rules-based multilateralism.

Likewise, German Chancellor Angela Merkel, French President Emmanuel Macron, European Council President Charles Michel, and European Commission President Ursula von der Leyen joined UN Secretary-General António Guterres and Senegalese President Macky Sall in calling for a more inclusive multilateralism.

Europe’s leadership in this area makes sense. Though the EU is often decried as slow, riskaverse, and inflexible, it stands out for its success in forging an effective supranational polity and pooling resources to meet shared challenges. Europeans are also particularly supportive of international cooperation. In the UN survey, more than 90% of Europeans – several percentage points above the global average – described international cooperation as “very important” or “essential.”

Building on Europe’s example of active multilateralism, our organizations, the Robert Bosch Stiftung GmbH and the Stimson Center, together with other partners recently convened leading policymakers and experts from Europe and around the world to debate how to make the UN75 Declaration a reality. We identified several key imperatives.

For example, in order to ease pressure on the UN Security Council and the global humanitarian system, world leaders must take action to address the root causes of conflicts. This means, for example, ensuring that basic social needs are met; improving representation in politics; and strengthening

national and regional governing institutions.

Moreover, we must tackle the “crisis of expertise” – including growing skepticism of science – which is undermining COVID-19 vaccination programs and climate-mitigation efforts.

This can be achieved through international and national outreach campaigns that foster trust and combat disinformation.

A third imperative is to change the architecture and approach of global and regional financial institutions, in order to bridge gaps in digital participation, bolster education, and make progress toward gender equality.

Equally critical are reforms to legal and normative frameworks – to meet the challenges of today’s on- and offline world.

Multilateral solutions can be arduous to devise, agree, and implement. This can make them seem inefficient and uneconomical, with actors assuming they are better off going it alone. And yet, as Europe has proven time and again, the solutions forged from multilateral processes tend to be more inclusive, effective, and durable.

Europe owes its longest-ever period of peace and stability to those processes.

That alone should qualify the EU to provide some valuable lessons for the UN’s renewal.

An inclusive, adaptive, and empowered UN that takes into account the EU’s experience can form a strong foundation for a rules-based international order that advances global peace and stability, while facilitating action on shared challenges.

Such an institution could not be more worthy of our steadfast commitment and care.

16

WEDNESDAY APRIL 28, 2021

17

Markets

WEDNESDAY APRIL 28, 2021

CONTINUED CONTINUED ON ON PAGE PAGE 18 20 CONTINUED ON PAGE 20

18

WEDNESDAY APRIL 28, 2021

CONTINUED FROM PAGE 17

CONTINUED ON PAGE 20 CONTINUED ON PAGE 20

19

WEDNESDAY APRIL 28, 2021

20

WEDNESDAY APRIL 28, 2021