Business24 Newspaper - August 5, 2020

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WEDNESDAY AUGUST 5, 2020

COVID-19: Over 770,000 workers see wages slashed UMB rides COVID-19 storm, records 194% increase in Profit Indigenous bank, UMB, has recorded an impressive 194 percent increase in profit for the half year ended June 2020, despite the impact of the COVID-19 pandemic on the operations of businesses. >>PAGE 3

BY SANI ABDUL-RAHMAN

More than 770,000 workers have had their salaries reduced by their employers since the COVID-19 pandemic started in March, a survey conducted by the Ghana Statistical Service has revealed The Ghana Statistical Service in its maiden “Covid-19 Business Tracker Survey Report” said the drop in wages was carried out by more than 46 percent respondents made up of businesses of all sizes.

According to the survey, nearly 85,000 businesses in Ghana remain shut due to the Coronavirus Pandemic with more than 45,000 workers losing their jobs in the aftermath of

the restrictions on movement imposed by the President.

The survey which took place between May and June found out that near half a million businesses reporting a significant drop in their sales during the period with those engaged in the hospitality industry among the worst hit.

There could be good news for businesses in the next three months, the survey said, if the impact of the pandemic subsides – this could translate into sales appreciating by 25 percent and employment by four percent.

However, sales could also drop by 24 percent

Bold steps required, to create inclusive, resilient, quality education systems fit for the future UN Secretary-General Antonio Guterres, calls on governments and the international to step up.

Below is his message at the launch of his policy brief on Education and Covid-19. >> MORE ON PAGE 13

GIPC courts investors into film industry Government’s main investment promotion arm, the Ghana Investment Promotion Centre (GIPC), has intensified efforts at attracting the needed investment into the film industry.

>> MORE ON PAGE 2

Organic Crop Farmers call for improved standards in the agriculture

>> PAGE 3

ECONOMIC INDICATORS *EXCHANGE RATE (INT. RATE)

USD$1 =GHC 5.6734*

*POLICY RATE

14.5%*

GHANA REFERENCE RATE

15.12%

OVERALL FISCAL DEFICIT

11.4 % OF GDP

PROJECTED GDP GROWTH RATE AVERAGE PETROL & DIESEL PRICE:

>> MORE ON PAGE 19

GHc 5.13*

INTERNATIONAL MARKET BRENT CRUDE $/BARREL

Nana Kwame Gyamfi, the Project Coordinator of Cocoa Organic Farmers Association (COFA), has advocated a legislative Instrument that will ensure adherence to standards in the agricultural commodities sector.

0.9%

NATURAL GAS $/MILLION BTUS GOLD $/TROY OUNCE CORN $/BUSHEL

43.22 1.79 1,842.40 329.50

COCOA $/METRIC TON

1,562.00

COFFEE $/POUND:

$109.65

COPPER USD/T OZ.

220.15

SILVER $/TROY OUNCE:

17.07

Copyright @ 2020 Business24 Limited.

All Rights Reserved.

Tel: +233 030 296 5297 editor@thebsuiness24online.net

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EDITORIAL

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Wash your hands 2

Time to lift the film industry to where it belongs The film industry is big business and employs millions of people in countries where it is well developed.

The American film and television industry, for instance, paid out US$49 billion to local businesses across the country and supported 2.1 million jobs in 2016.

Nigeria’s Film industry, Nollywood, is recognised as one of the largest film producers in the world. The Industry has been identified as one of the priority sectors in the Economic Recovery and Growth Plan for the West African Federal State with a planned US$1 billion revenue in 2020 according to a PWC report on “Perspectives from the Global Media and Entertainment Outlook 20172021”.

However, Ghana’s film industry has

lacked the requisite investment necessary for jobs creation and revenue generation.

The Ghana Investment Promotion Centre’s (GIPC), intensified efforts at attracting the needed investment into the film industry is very laudable.

So far, a number of investors from different regions of the world, have held discussions with the GIPC about investing in the sector, the most promising being a Los Angeles-based investor.

“A group from Los Angeles has expressed interest in setting up a state-of-the-art film studio and a theatre art school here in Ghana, having identified a potential market in the sub-region and the continent

as a whole that warrants such investments,” Chief Executive Officer of GIPC, Mr. Yofi Grant said at a recent National Film Authority webinar.

He further revealed that other investors have expressed interest in projects in the Eastern Region Mr. Grant, however, pointed out that some teething problems in the industry have to be addressed to provide the right environment for the investment in the film sector.

To attract the needed investment, however, the State must create an enabling environment with the requisite laws and incentives to help develop the industry to its full potential.

Cover your cough 3

COVID-19: Over 770,000 workers see wages slashed CONTINUED FROM COVER

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LIMITED Copyright @ 2019 Business24 Limited. All Rights Reserved.

Editorial Team Dominic Andoh: Editor Eugene Kwabena Davis (Head of Parliamentary Business & Commodities) Benson Afful (Head of Energy & Education) Patrick Paintsil (Head of Maritime & Banking) Nii Annerquaye Abbey (Online Editor) Marketing Alexander Lartey Agyemang (Business Development Manager) Ruth Fosua Tetteh (Dept. Business Development Manager) Gifty Mensah (Marketing Manager) Irene Mottey (Sales Manager) Edna Eyram Swatson (Special Projects Manager ) Events Evelyn Kanyoke (Snr. Events Consultant) Finance/Administration Joseph Ackon Bissue (Accountant)

and employment by 15 percent in the third quarter, in the event that situation deteriorates.

Already, businesses have witnessed declining returns since March 2020 when Ghana partially locked down her major cities to curb the spread of the virus. Sales in March dropped 26 percent year-on-year.

The contraction continued in April during the lockdown, declining further by 10 percentage points to close the month’s sales at 36 percent lower yearon-year.

Accommodation and food sub-sector recorded the highest drop in sales by 57 percent due to safety concerns and movement restrictions, followed by trade 35 percent. Other services recorded the least dip of 5 percent.

“The uncertainty over when the pandemic will end, coupled with the disruptions to supply chain and temporary closure of some business will definitely translate into declining sales. And we need to manage our expectations because it will take time for sales to return to pre-covid levels,” a Research Fellow at the Institute for Statistical Social and Economic Research, Dr. Andrew Agyei-Holmes told Business24 in Accra.

Amidst the devastation caused by the pandemic, more than 130,000 businesses had difficulty accessing credit to sustain their operations, as

uncertainty made banks skeptical to advance loans. This compelled more than 115,000 businesses to either permanently or temporarily close down.

Government subsequently rolled out the GH¢1 billion Coronavirus Alleviation Programme Business Support Scheme (CapBus), the GH¢2 billion guarantee fund for industries, among others to help sustain the private sector and revive the economy.

“The recovery process would be severely disrupted if we experience a surge in the cases and the impact will be disastrous.

There should be more emphasis on sensitization and enforcement of the safety protocols to prevent a second wave, and not just rolling out support schemes. We first have to be healthy to run businesses and the economy,” Dr Agyei-Holmes said.

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UMB rides COVID-19 storm, records 194% increase in Profit The measures taken by various national governments to contain the coronavirus (COVID-19) pandemic across the world have heavily impacted thousands of businesses, especially in Ghana where small businesses make up the majority.

Despite the devastating impact of the current pandemic, the Bank’s profit after tax increased from GHS 5.5million in June 2019 to GHS 16million in 2020, representing a 194 percent increase year-on-year.

UMB also grew its asset base from GH¢ 2.6billion to GH¢3.3billion between June 2019 and June 2020 representing a growth of 25 percent.

UMB, as one of the oldest universal banks in the country that has developed and deployed various banking solutions that meet the needs of today’s largeand small-scale businesses, has committed to supporting businesses through this difficult socio-economic situation.

According to the Bank’s management, the current crisis presents an opportunity to further engage, co-create, and support

Mr. Benjamin Amenumey, Chief Executive Officer of UMB

their clients to recalibrate their operations.

Mr. Benjamin Amenumey, Chief Executive Officer of UMB, commenting on the Bank’s half year performance noted that UMB, as a business, put in place interventions to manage expenses and these measures culminated in a 10.4% reduction in expenses (year-on-year). Furthermore, the Bank is closely observing local and international developments regarding the coronavirus (COVID-19) pandemic and all the necessary protocols are in place to ensure the safety of their

customers and employees.

“Rest assured, that UMB is available to provide you with exceptional service even in these uncertain times. As part of our measures, we had triggered aspects of our business continuity plan in response and anticipation of the impact of the coronavirus (COVID-19) in the environment.”

As a testament to the Bank’s commitment of deploying technology as a banking solution for their customers, UMB has also introduced the ‘tap to pay’ feature for its UMB Visa contactless cards.

With the UMB Visa contactless

cards, customers can make faster and secure payments on any contactless-enabled POS device or terminal worldwide.

Furthermore, UMB customers can conveniently and seamlessly bank in the comfort of their homes using the innovative mobile banking application, the UMB SpeedApp. Similarly, customers can choose from a suite of electronic channels including 24-hour ATMs as well as the UMB Internet Banking portal.

Not only is the Bank at the forefront of deploying technology to better serve its clients, it is positioning the customer at the heart of all it does in this critical period with many interventions such as financial relief packages to cushion the blow that COVID-19 has dealt many business owners especially those in the SME sector.

Additionally, UMB has rolled out for government workers and public servants, an exciting loan package - the UMB Controller Loan, to help them secure up to GH¢150,000 at a competitive interest rate and then pay back within a 48-month period so that they can finance their everyday personal needs.

GIPC courts investors into film industry So far, a number of investors from different regions of the world, have held discussions with the GIPC about investing in the sector, the most promising being a Los Angeles-based investor.

“A group from Los Angeles has expressed interest in setting up a state-of-the-art film studio and a theatre art school here in Ghana, having identified a potential market in the sub-region and the continent as a whole that warrants such investments,” Chief Executive Officer of GIPC, Mr. Yofi Grant said at a recent National Film Authority webinar.

He further revealed that other investors have expressed interest in projects in the Eastern Region Mr. Grant, however, pointed out that some teething problems in the industry have to be addressed to provide the right environment for the investment in the film sector.

“There are three things

investors want to be sure about before putting their money forward: returns on investment, sustainability and growth. I dare say that it’s time we moved from potential to actualization” he said.

Across the globe, the film industry has proven to be a major contributor to economic development of many economies.

The American film and television industry, for instance, paid out US$49 billion to local businesses across the country and supported 2.1 million jobs in 2016, according to data from Motion Picture Association of America.

In Africa, Nigeria’s Film industry, Nollywood, is recognised as one of the largest film producers in the world. The Industry has been identified as one of the priority sectors in the Economic Recovery and Growth Plan for the West African Federal State with a planned US$1 billion revenue

in 2020 according to a PWC report on “Perspectives from the Global Media and Entertainment Outlook 2017-2021”.

To attract the needed investment.

Mr. Grant said: “Once you put out your project and can properly define it, you can then make it

sell to potential investors”.

Meanwhile the State, he adds, must create an ambient condition with laws and incentives to help develop the industry to its full potential seeing as it’s a part of our cultural process, identity and pride.

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Organic Crop Farmers call for improved standards in the agriculture Nana Kwame Gyamfi, the Project Coordinator of Cocoa Organic Farmers Association (COFA), has advocated a legislative Instrument that will ensure adherence to standards in the agricultural commodities sector.

He saidinthewakeoftheincreasing trade globalization, standards and grades played essential roles by defining the procedures and their effects especially in developing economies, which served as strategy for assuring quality and safety of marketers and consumers, niche definition, brand development and market penetration.

Nana Gyamfi added that related studies conducted have indicated that standardization and grading enable the producer to do proper differentiation and segmentation in serving customers.

His assertion followed a study conducted by COFA to establish the impact of the absence of a Legislative Instrument to

guide agricultural commodities standardization in Ghana, a focus on the cocoa and maize supply chain.

The BUSAC funded study formed part of activities needed to pursue evidence-based advocacy for “Legislative Instrument (LI) to regulate agricultural commodities standardization”.

Nana Gyamfi pointed out that, the study was aimed at evaluating the existing standards in the cocoa and maize markets in terms of measuring units, grading and pricing in comparison with

standards by Ghana Standards Authority.

The study also identified the need to have a functional enforcement mechanism, to facilitate new standards in the marketing of maize.

In cocoa and maize marketing currently, the most commonly used standard is the weight.

Nana Gyamfi, however, blamed the situation on the limited financial and technical capacity to implement food safety laws and regulations in the case of Ghana as established by the World Food Programme.

“Whereas some Regulatory agencies belonged to different Ministries and Departments which affected their ability to effectively harmonize implementation, approaches and enforcement of regulations developed by GSA, others are centralized with limited representation at the Metropolitan, Municipal and District Assemblies”.

Other challenges in the case of Ghana is the fragmentation of responsibilities to implement and enforce regulations and laws across different Ministries, Departments and Agencies (MDAs) leading to uncoordinated and ineffective implementation.

The COFA study further identified that many buyers only relied on physical observation in the purchases of the commodity without testing.

Nana Gyamfi therefore stressed the need for government’s commitment to support institutions to effectively deliver on their regulatory mandate in making Agriculture the backbone of Ghana’s economy. GNA

University of Ghana graduates 14,000 in maiden virtual congregation The University of Ghana has held its maiden virtual congregation, graduating 14,295 students. They comprised 964 students in the non-degree programmes, 8,236 undergraduates, 4,668 post graduate students and 427 PhD students; with 6,807 being females and 7,488 males.

They included final year undergraduate students of the School of Law of the College of Humanities and students who took supplementary examinations at the University of Ghana Schools of Medicine and Dentistry of the College of Health and Allied Sciences.

These students need to have their certificates, in order to continue with the professional training, starting from August.

The decision to hold a virtual congregation ceremony was based on the current guidelines for meetings in large numbers due to the COVID-19 pandemic.

Prof. Ebenezer Oduro Owusu, Vice Chancellor, University of Ghana, in his report to the Congregation, noted that following the directive issue by the President on March 15, for all educational institute in Ghana to be closed down until further notice, the University Management rolled out online teaching and learning programmes to ensure that the second semester of the 2019-2020 academic year would be completed successfully.

“We fully activated the University of Ghana Sakai Learning Management

System (LMS), arranged with Vodafone Ghana to distribute limited data to enable faculty and students to work off campus,” he said.

“We also collaborate with telecommunication companies to white list all University of Ghana academic resources and created a helpdesk to provide technical support to the faculty and student.

It is heart-warming to witness many innovations with faculty and employing additional e-resources to compliment the use University of Ghana Sakai Learning Management System.”

He said following another Presidential directive on 31st May, that final year tertiary students could resume lectures, Management met with stakeholders and decided to continue with the online teaching and learning programmes for final and continuing students; while affording final year students, who wish to return to campus to use on campus resources to do so.

He said provision was also made to receive registered final year students who wanted to relocate to campus to use on campus resources from June 15, adding that, make up lessons were arranged for final students who could not participate in the online teaching and learning programme to take their examinations.

The Vice-Chancellor noted that the University of Ghana had successfully conducted its end of semester examination for its students.

With regards to accommodation,

Prof Owusu said the University had for some time now decoupled admission from accommodation due to some financial obligation and this financial obligation truly had affected their capacity to undertake further investment to augment the housing stock.

He said to address the accommodation challenge, in anticipation of the influx of the first cohort of graduates from free senior high school policy, Management was considering various approaches including an off-campus arrangement to identify suitable private residential facilities and recommenced same for interested students.

Prof. Owusu advised the graduating students that their commitment to obtain knowledge does not end with their graduation but that they would continue to seek knowledge to enable them make significant

changes in your lives and society as a whole.

“As you move on to the next stage of your lives, remember to uphold the values of the University; that is respect, commitment, integrity and loyalty,” he said.

Mrs. Yvonne Atakora Obuobisa, Director, Public Prosecutions, Office of the Attorney-General and Ministry of Justice, guest speaker, urged the class to take advantage of time and the circumstances around them, so that they would eventually create life changing opportunities.

Mrs. Mary Chinery-Hesse, Chancellor, University of Ghana, congratulated Prof Owusu on his reappointment as the ViceChancellor of the University, saying, “Prof Owusu, I salute for your many achievements in your first term and I wish you every success in your second term that starts from august 1st 2020.” GNA

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Moving the Ghanaian film industry from “potential to actualization” through investments

F

ilm making is tough business. It requires a lot of capital yet comes with significant uncertainty in terms of profitability even among the best of producers.

But in a developing industry like that of Ghana’s, fraught with challenges of inadequate capital, copyright infringement and piracy, the ability to make profits is even dimmer.

The history of the industry traces back to the 1920’s when the British colonial masters first introduced cinematography as a form of entertainment among the elite. By 1960 the government had inherited the industry from its colonial masters and established the Ghana Film Corporation. It trained promising filmmakers purposely for education and socio-economic development.

By the 1980’s films were made independently after government sold its majority interest in the state film industry.

The popular movie ‘Love Brewed in the African Pot’ produced by the legendary Kwaw Ansah was the first independent movie to hit Ghanaian cinemas by 1981, however the absence of government support plunged the industry into turmoil with producers depending on the appeal of their movies to raise funds. Decades on, the Ghanaian film industry has weathered the storms and continues to be a major player in film making on the continent with hundreds of popular films produced each year.

However, the growth of the industry has been stalled with persistent issues of poor infrastructure, inadequate finance, breakdown in distribution and marketing channels and the biggest of all, copyright infringements and piracy. Together, these factors erode profits of stakeholders in the film industry.

“Assuming you invest about GHC 5,000 into a production, you would expect to in the least, breakeven. But achieving that currently, is a huge hurdle in Ghana “exclaimed Cecil SunkwahMills the Managing Director of MultiChoice Ghana, one of the four speakers in a webinar organised by the National Film Authority (NFA) under the theme “Prospects of the Pitch Series for the Ghana Film Industry.”

He recounts how MultiChoice as one of the few internal investors in Ghana’s film industry had battled with copyright infringements and piracy over the years “we often spend loads of money fighting to protect the copyright

of content we buy both locally and internationally. Even if arrests are made, the legal process is really slow and frustrating. If we really want to attract investors, we’ll have to get the courts grinding on issues of right protection”.

Very often government and industry authorities garner efforts to address the challenges and streamline activities in the film making industry. In 2016 for instance Parliament passed the “Development and Classification of Film Bill’ to regulate and advance the country’s film industry.

At present, the Ghana Investment Promotion Centre (GIPC) has also intensified efforts of drawing needed investment into the industry. According to the CEO of the Centre Mr. Yofi Grant, a number of investors have been engaged to explore opportunities in the country’s film industry. “ a group from Los Angeles has expressed interest in setting up a state of the art film studio and a theatre in art school here in Ghana, having identified a potential market in the subregion and continent that warrants such investments”. He disclosed on the same NFA webinar Others he said, have expressed interest in projects in the Eastern Region and in the provision of technologies for film production.

But to make these investments succeed, Mr. Grant pointed out that some teething problems in the industry had to be addressed.

“There are three things investors want to be sure about before putting their money forward i.e. Returns on investment, Sustainability and Growth”. I

daresay “it’s time we moved from potential to actualization” he emphasized.

Across the globe, the film industry has proven to be a major contributor to economic development of many countries.

The American film and television industry for instance paid out $49 billion to local businesses across the country and supported 2.1 million jobs in 2016 according to data from Motion Picture Association of America.

In Africa, Nigeria’s Film industry, Nollywood, is recognised as one of the largest film producers in the world. The Industry has been identified as one of the priority sectors in the Economic Recovery and Growth Plan for the West African Federal State with a planned US$1 billion revenue in 2020 according to a PWC report on “Perspectives from the Global Media and Entertainment Outlook 2017-2021.

Although the Ghanaian and Nigerian movie industries share some similarities in terms of potential and even challenges, it is evident that Nollywood has outpaced the Ghanaian film industry due to a number of factors including, the larger size of the Nigerian market and the growing financial sector support for the industry’s activity.

Despite lagging behind its biggest competitor; the Nigerian film industry, Actress and Executive Secretary of the National Film Authority, Juliet Asante, opines that the challenges inherent in the Ghanaian film business, though troubling cannot derail the industry which is rich with talent.

“One thing I saw from submissions for the NFA Pitch Series is that there isn’t a lack of talent or creativity in content for multiple platforms”.

She was right. Multi Choice Academy Director Femi Odugbemi shares the same sentiment about the wealth of talent in the industry having coached participants in the NFA Pitch Series.

But talent may not be enough, for the CEO of the GIPC Yofi Grant and the MD of Multi Choice Ghana Cecil Sunkwa-Mills. Both agreed that consented effort by industry players and government to fix structural challenges in the industry is crucial. This includes addressing of copyright and piracy infringements, infrastructure development, fixing of distribution and marketing channels and data collection.

With these measures in place, Yofi Grant admitted, it becomes easier to woo investors. “Once you put out your project and can properly define it, you can then make it sell to potential investors”. Meanwhile the State, he adds, must create an ambient condition with laws and incentives to help develop the industry to its full potential seeing as it’s a part of our cultural process, identity and pride.

The Pitch Series on the other hand according to Multi Choice Academy Director Femi Odugbemi will put efforts into amassing premium projects in different genres which can attract investment funding in the long run.

The NFA Pitch Series is an all film-related pitching event intended to bring filmmakers and the Ghanaian film ecosystem to the attention of investors, broadcasters, distributors, sponsors and platforms around the world for potential collaboration, sponsorship, sales and advertising opportunities. It is a combined effort by the National Film Authority, the Ministry of Arts and Culture, the Ghana Investment Promotion Centre and MultiChoice Ghana to attract investments necessary to chart a brighter course for the Ghanaian film industry.

Moving the Ghanaian film industry from its nascent state to a more booming one with the right structures, incentives and investments will see the industry become a major contributor to economic development with spill over benefits such as job creation and revenue generation from local patronage and export of content.

(Source: GIPC)

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Global Imbalances and the COVID-19 Crisis

BY MARTIN KAUFMAN AND DANIEL LEIGH

T

he world entered the COVID-19 pandemic with persistent, pre-existing external imbalances. The crisis has caused a sharp reduction in trade and significant movements in exchange rates but limited reduction in global current account deficits and surpluses. The outlook remains highly uncertain as the risks of new waves of contagion, capital flow reversals, and a further decline in global trade still loom large on the horizon.

Our new External Sector Report shows that overall current account deficits and surpluses in 2019 were just below 3 percent of world GDP, slightly less than a year earlier. Our latest forecasts for 2020 imply only a further narrowing by some 0.3 percent of world GDP, a more modest decline than after the global financial crisis 10 years ago.

The immediate policy priorities are to provide critical relief and promote economic recovery. Once the pandemic abates, reducing the world’s external imbalances will require collective reform efforts by both excess surplus and deficit countries. New trade barriers will not be effective in New trade barriers will not be effective in reducing imbalancesimbalances.

Why imbalances matter External deficits and surpluses are not necessarily a cause for concern. There are good reasons for countries to run them at certain points in time. But economies that borrow too much and too quickly from abroad, by running external deficits, may become vulnerable to sudden stops in capital flows.

Countries also face risks from investing too much of their savings abroad given investment needs at home. The challenge lies in determining when imbalances are excessive or pose a risk.

Our approach focuses on each country’s overall current account balance and not its bilateral trade balances with various trading partners, as the latter mainly

reflect the international division of labor rather than macroeconomic factors.

We estimate that about 40 percent of global current account deficits and surpluses were excessive in 2019 and, as in recent years, concentrated in advanced economies. Larger-than-warranted current account balances were mostly in the euro area (driven by Germany and the Netherlands) with lower-than-warranted current account balances mainly existing among Canada, the United Kingdom, and the United States.

China’s assessed external position remained, as in 2018, broadly in line with fundamentals and desirable policies, due to offsetting policy gaps and structural distortions.

Our report offers individual economy assessments of external imbalances and exchange rates for the 30 largest economies.

Over time, these imbalances have accumulated, with the stocks of external assets and liabilities now at historic highs, potentially raising risks for both debtor and creditor countries. The persistence of global imbalances and mounting perceptions of an uneven playing field for trade has fueled protectionist sentiments, leading to a rise in trade tensions between the US and China. Overall, many countries had pre-existing vulnerabilities and remaining policy distortions heading into the crisis.

COVID-19: An intense external shock With the world economy still grappling with the COVID-19 crisis, the external outlook is highly uncertain. Even though we forecast a slight narrowing of global imbalances in 2020, the situation varies around the world. Economies dependent on severely affected sectors, such as oil and tourism, or reliant on remittances, could see a fall in their current account balances exceeding 2 percent of GDP. Such intense external shocks may have lasting effects and require significant economic adjustments.

At the global level, our forecasts imply a more limited narrowing in current account balances than after

the global financial crisis a decade ago, which partly reflects the smaller, precrisis global imbalances this time than during the housing and asset price booms of the mid2000s.

Early in the COVID-19 crisis, tighter external financing conditions triggered sudden capital outflows with sharp currency depreciations across numerous emerging market and developing economies. The exceptionally strong fiscal and monetary policy responses, especially in advanced economies, have promoted a recovery in global investor sentiment since then, with some unwind of the initial sharp currency movements. But many risks remain, including new waves of contagion, economic scarring, and renewed trade tensions.

Another bout of global financial stress could trigger more capital flow reversals, currency pressures, and further raise the risk of an external crisis for economies with preexisting vulnerabilities, such as large current account deficits, a high share of foreign currency debt, and limited international reserves, as highlighted in this year’s analytical chapter. A worsening of the COVID-19 pandemic could also dislocate global trade and supply chains, reduce investment, and hinder the global economic recovery.

Providing relief and rebalancing the world economy Policy efforts in the near term should continue to focus on providing lifelines and promoting economic recovery. Countries with flexible exchange rates would benefit from continuing to allow them to adjust in response to external conditions, where feasible.

Foreign exchange intervention, where needed and where reserves are adequate, could help alleviate disorderly market conditions.

For economies facing disruptive balance of payments pressures and without access to private external financing, official financing and swap lines can help provide economic relief and preserve critical health care spending.

Tariff and nontariff barriers to trade should be avoided, especially

on medical equipment and supplies, and recent new restrictions on trade rolled back. Using tariffs to target bilateral trade balances is costly for trade and growth, and tends to trigger offsetting currency movements. Tariffs are also generally ineffective for reducing excess external imbalances and currency misalignments, which requires addressing underlying macroeconomic and structural distortions.

Modernizing the multilateral rules-based trading system and strengthening rules on subsidies and technology transfer is warranted, including by expanding the rule book on services and e-commerce and ensuring a well-functioning WTO dispute settlement system.

Over the medium term, reducing excess imbalances in the global economy will require joint efforts on the part of both excess surplus and excess deficit countries.

Economic and policy distortions that predated the COVID-19 crisis might persist or worsen, suggesting the need for reforms tailored to country-specific circumstances.

In economies where excess current account deficits before the crisis reflected larger-than-desirable fiscal deficits (as in the United States) and where such imbalances persist, fiscal consolidation over the medium term would promote debt sustainability, reduce the excess current account gap, and facilitate raising international reserves where needed (as in Argentina). Countries with export competitiveness challenges would benefit from productivity-raising reforms.

In economies where excess current account surpluses that existed before the crisis persist, prioritizing reforms that encourage investment and discourage excessive private saving are warranted. In economies with remaining fiscal space, a growth-oriented fiscal policy would strengthen economic resilience and narrow the excess current account surplus. In some cases, reforms to discourage excessive precautionary saving may also be warranted (as in Thailand and Malaysia) including by expanding the social safety net.

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Should governments spend away?

BY RAGHURAM G. RAJAN

A

dvanced economies have already spent enormous amounts providing pandemic relief to households and smalland medium-size businesses.

The International Monetary Fund’s June outlook estimates that, including fiscal measures and credit guarantees, spending reached approximately 20 percentage points of GDP. In the United States, Congress is considering new spending ranging from 5% of GDP (Republicans) to 15% (Democrats). And still more government spending, and thus borrowing, will be needed by the time the pandemic is behind us.

Economists have argued that current low interest rates mean that sovereign debt remains sustainable at much higher levels than in the past. They are right, provided that nominal GDP growth returns to a reasonable level, interest rates stay low, and future governments limit their spending. Even if the first two assumptions hold true, the third behooves us to assess the quality of current spending.

In normal times, responsible governments aim for a balance over the course of the business cycle, repaying in upturns what they borrow in downturns, with the cohorts that benefit during the first phase repaying during the second. There is, however, no chance that the massive debts accumulated during the current crisis will be repaid soon. Even with higher taxes on the rich – a policy that will meet with intense opposition and arguments against growth-stifling austerity – a large share of the accumulated debt will be passed on to future generations.

In the past, such debt was easier to repay. Because strong growth meant that each successive generation was richer, past debts shrank relative to incomes. Yet today, societal aging, low public investment, and tepid productivity growth all militate against our children being much richer than we are.

After all, we are already bequeathing to them two enormous challenges: looking after us when our entitlements run out of funding, and addressing climate change, which we have done almost nothing to combat. Worse, having limited our investments in their health and education, we have left much of the next generation underequipped to lead

productive lives.

By further limiting the next generation’s ability to make public investments, the debt that we pass on will likely weigh down future incomes. And if we deplete overall borrowing capacity now, future generations will be unable to spend as needed if they encounter another “once-in-a-century” catastrophe like the two we have experienced in the last 12 years.

Intergenerational fairness should be as important as intra-societal fairness for those alive today.

In practical terms, this means that the notion that anyone should be made whole because the pandemic “wasn’t their fault” immediately becomes untenable.

While many countries do compensate uninsured homeowners hit by a localized flood or an earthquake, people in unaffected parts of the country pay willingly (through higher taxes) because they know that they would receive the same treatment. With a shock as large as the pandemic, this calculus no longer works; the burden inevitably must fall on future generations, who obviously bear no responsibility for the pandemic or the response to it.

Therefore, we must target our spending carefully. As the pandemic and its consequences persist, we must shift to protecting workers, not every job. All laidoff workers should, of course, be provided a decent level of public assistance, certainly until overall employment starts to recover. It is morally right for a rich society to provide a safety net for all, and it is in everyone’s interest that workers and their children retain – or even enhance – their capabilities during the pandemic.

Having done that, authorities should be more discriminating in

the firms they support, allowing the market to do most of their job. For example, in normally flourishing neighborhoods, small businesses start up and shut down all the time. While failure is painful for the proprietor, there is little permanent damage to the economy. If there is sufficient demand for flowers when the economy recovers, a new florist can start up at the site of the old one. Consequently, it is not costeffective for the authorities to freeze the old florist in place by paying her landlord, her bank, and her workers indefinitely.

Similarly, authorities should not offer grants or subsidized loans so that distressed large businesses like airlines and hotel chains can retain their employees. These businesses will keep excess employees only as long as they get the subsidies. It will be far cheaper for the government to support laid-off workers through unemployment insurance than to pay employers to retain them indefinitely when their work has clearly disappeared.

Large corporations that need money to stay afloat can borrow from markets, made buoyant by central banks. If they are so indebted that no one will lend to them, they can restructure their debts in bankruptcy and get a fresh start.

In some situations, however, firms may be unable to deal with market forces unaided. In economically disadvantaged communities, where a few small hard-to-restart businesses are vital to community life, support is desirable for both economic and social reasons. Similarly, while markets treat large firms reasonably, mid-size firms may find it harder to get funding even

when viable. If an economically viable firm, employing 100 workers, closes because it has had no revenue over much of the year, its specialized workers will be dispersed, its equipment will be sold in liquidation, and the norms and routines that enable it to function will be lost forever. Even if its exit leaves a big economic hole, a start-up would not easily step in and fill it.

But here, too, public support should not be a free lunch.

Wherever possible, the government should ensure that existing capital, whether from bondholders or stockholders, absorbs a fair share of the losses before government support kicks in and the burden passes to future generations.

Finally, wherever possible, we should boost investment in the young as partial compensation for the debts we are leaving them.

For example, we must spend to reopen public schools safely, and ensure the necessary facilities for students whose only option is distance learning.

Government spending is necessary today. But just because sovereign-debt markets have not yet reacted adversely to extremely high levels of borrowing and spending, we must not – for our children’s sake – throw caution to the wind.

Raghuram G. Rajan, former Governor of the Reserve Bank of India, is Professor of Finance at the University of Chicago Booth School of Business and the author, most recently, of The Third Pillar: How Markets and the State Leave the Community Behind. Copyright: Project Syndicate, 2020. www. project-syndicate.org.

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Bold steps required, to create inclusive, resilient, quality education systems fit for the future.

Education is a fundamental human right. It is the bedrock of just, equal and inclusive societies and a main driver of sustainable development.

To prevent a pre-existing learning crisis from turning into a learning catastrophe, UN Secretary-General Antonio Guterres, calls on governments and the international to step up. Below is his message at the launch of his policy brief on Education and Covid-19.

E

ducation is the key to personal development and the future of societies.

It unlocks opportunities and narrows inequalities.

It is the bedrock of informed, tolerant societies, and a primary driver of sustainable development.

The COVID-19 pandemic has led to the largest disruption of education ever.

In mid-July, schools were closed in more than 160 countries, affecting over 1 billion students.

At least 40 million children worldwide have missed out on education in their critical preschool year.

And parents, especially women, have been forced to assume heavy care burdens in the home.

Despite the delivery of lessons by radio, television and online, and the best efforts of teachers and parents, many students remain out of reach.

Learners with disabilities, those in minority or disadvantaged communities, displaced and refugee students and those in remote areas are at highest risk of being left behind.

And even for those who can

access distance learning, success depends on their living conditions, including the fair distribution of domestic duties.

We already faced a learning crisis before the pandemic. More than 250 million school-age children were out of school. And only a quarter of secondary school children in developing countries were leaving school with basic skills.

Now we face a generational catastrophe that could waste untold human potential, undermine decades of progress, and exacerbate entrenched inequalities.

The knock-on effects on child nutrition, child marriage and gender equality, among others, are deeply concerning.

This is the backdrop to the Policy Brief I am launching today, together with a new campaign with education partners and United Nations agencies called ‘Save our Future’.

We are at a defining moment for the world’s children and young people. The decisions that governments and partners take now will have lasting impact on hundreds of millions of young people, and on the development prospects of countries for decades to come.

This Policy Brief calls for action in four key areas: First, reopening schools.

Once local transmission of COVID-19 is under control, getting students back into schools and learning institutions as safely as possible must be a top priority.

We have issued guidance to help governments in this complex endeavour. It will be essential to balance health risks against risks to children’s education and protection, and to factor in the impact on women’s labour force participation. Consultation with parents, carers, teachers and young people is fundamental.

Second, prioritizing education in financing decisions.

Before the crisis hit, low and middle-income countries already faced an education funding gap of US$1.5 trillion dollars a year. This gap has now grown.

Education budgets need to be protected and increased. And it is critical that education is at the heart of international solidarity efforts, from debt management and stimulus packages to global humanitarian appeals and official development assistance.

Third, targeting the hardest to reach.

Education initiatives must seek to reach those at greatest risk of being left behind -- people in emergencies and crises; minority groups of all kinds; displaced people and those with disabilities.

They should be sensitive to the specific challenges faced by girls, boys, women and men, and should urgently seek to bridge the digital divide.

Fourth, the future of education is here.

We have a generational opportunity to reimagine education.

We can take a leap towards forward-looking systems that deliver quality education for all as

UN Secretary-General Antonio Guterres

a springboard for the Sustainable Development Goals. To achieve this, we need investment in digital literacy and infrastructure, an evolution towards learning how to learn, a rejuvenation of life-long learning and strengthened links between formal and non-formal education.

And we need to draw on flexible delivery methods, digital technologies and modernized curricula while ensuring sustained support for teachers and communities. As the world faces unsustainable levels of inequality, we need education – the great equalizer – more than ever. We must take bold steps now, to create inclusive, resilient, quality education systems fit for the future. (un.org/Africarenewal)

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Is China Winning the AI Race?

ERIC SCHMIDT AND GRAHAM ALLISON

T

he COVID-19 pandemic has revealed the capabilities of the United States and China to deploy artificial intelligence in solving real-world problems.

While America’s performance hasn’t exactly inspired confidence, it maintains some important competitive advantages.

COVID-19 has become a severe stress test for countries around the world. From supply-chain management and health-care capacity to regulatory reform and economic stimulus, the pandemic has mercilessly punished governments that did not – or could not – adapt quickly.

The virus has also pulled back the curtain on one of this century’s most important contests: the rivalry between the United States and China for supremacy in artificial intelligence (AI). The scene that has been revealed should alarm Americans. China is not just on a trajectory to overtake the US; it is already surpassing US capabilities where it matters most.

Most Americans assume that their country’s lead in advanced technologies is unassailable. And many in the US national-security community insist that China can never be more than a “nearpeer competitor” in AI. In fact, China is already a full-spectrum peer competitor in terms of both commercial and national-security AI applications. China is not just trying to master AI; it is mastering AI. The pandemic has offered a revealing early test of each country’s ability to mobilize AI at scale in response to a national-security threat. In the US, President Donald Trump’s administration claims that it deployed cutting-edge technology as part of its declared “war” on the coronavirus. But, for the most part, AI-related technologies have been used mainly as buzzwords.

Not so in China. To stop the spread of the virus, China locked down the entire population of Hubei province – 60 million people. That is more than the number of residents in every state on the US East Coast from Florida to Maine. China maintained this massive cordon sanitaire by using AI-enhanced algorithms to track residents’ movements and scale up testing capabilities while massive new health-care facilities were being built.

The COVID-19 outbreak coincided with the Chinese New Year, a hightravel period. But top Chinese tech companies responded quickly by creating apps with “health status” codes to track citizens’ movements and determine whether individuals needed to be quarantined. AI then played a critical role in helping Chinese authorities enforce quarantines and perform extensive contract tracing. Owing to China’s largescale datasets, the authorities in Beijing succeeded where the government in Washington, DC, failed.

Over the past decade, China’s advantages in size, data collection, and strategic determination have allowed it to close the gap with America’s AI industry. China’s edge begins with its population of 1.4 billion, which affords an unparalleled pool of talent, the largest domestic market in the world, and a massive volume of data collected by companies and government in a political system that always places security before privacy. Because a primary asset in applying AI is the quantity of high-quality data, China has emerged as the Saudi Arabia of the twenty-first century’s most valuable commodity.

In the context of the pandemic, China’s ability and willingness to deploy these technologies for strategic value has strengthened its hard power. Like it or not, real wars in the future will be AI-

driven. As Joseph Dunford, then the Chairman of the US Joint Chiefs of Staff, put it in 2018, “Whoever has the competitive advantage in artificial intelligence and can field systems informed by artificial intelligence, could very well have an overall competitive advantage.”

Is China destined to win the AI race? With a population four times the size of the US, there is no question that it will have the largest domestic market for AI applications, as well as many times more data and computer scientists. And because China’s government has made AI mastery a first-order priority, it is understandable why some in the US would be pessimistic.

Nonetheless, we believe that the US can still compete and win in this critical domain – but only if Americans wake up to the challenge. The first step is to recognize that the US faces a serious competitor in a contest that will help to decide the future.

The US cannot hope to be the biggest, but it can be the smartest.

In pursuing the most advanced technologies, it is arguably the brightest 0.0001% of individuals who make the decisive difference.

While China can mobilize 1.5 billion Chinese speakers, the US can recruit and leverage talent from all 7.7 billion people on Earth, because it is an open, democratic society.

Moreover, while competing vigorously to sustain the US lead in

AI, we also must acknowledge the necessity of cooperation in areas where neither the US nor China can secure its own minimum vital national interests without the other’s help. COVID-19 is a case in point. The pandemic threatens all countries’ national interests, and neither the US nor China can resolve it alone. In developing and widely deploying a vaccine, some degree of cooperation is essential, and it is worth considering whether a similar principle applies to the unconstrained development of AI. The idea that countries could compete ruthlessly and cooperate intensely at the same time may sound like a contradiction. But in the world of business, this is par for the course. Apple and Samsung are intense competitors in the global smartphone market, and yet Samsung is also the largest supplier of iPhone parts.

Even if AI and other cutting-edge technologies suggest a zero-sum competition between the US and China, coexistence is still possible.

It may be uncomfortable, but it is better than co-destruction.

Eric Schmidt, a former executive chairman of Google and Alphabet, is Chair of the US Department of Defense’s Defense Innovation Advisory Board. Graham Allison, Professor of Government at Harvard University's John F. Kennedy School of Government, is the author of Destined for War: Can America and China Escape Thucydides’s Trap? Copyright: project-syndicate. org.

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Entrepreneurs Foundation of Ghana: A decade of rewarding entrepreneurial excellence EFG Founder Sam Ato Gaisie

BY PATRICK PAINTSIL

U

n e m p l o y m e n t remains an age-old canker of the Ghanaian economy. The average graduate busily chases after nonexistent jobs, and to many, the idea of a successful life is securing a “white-collar” job with all its perks.

For decades, the phrase “I need a job” has been firmly cemented in the mind of the Ghanaian graduate and within the larger society, leaving entrepreneurship, which is the most sustainable solution to unemployment, to only a few risk-takers and people with some bit of innate business acumen.

It is this preference for jobchasing over job-creation that has left many people searching for jobs that, undoubtedly, cannot be provided by the government.

A decade ago, Entrepreneurs Foundation of Ghana (EFG), a private non-partisan and nonprofit organisation, founded by Sam Ato Gaisie, set out to change the narrative on entrepreneurship, based on the firm conviction that it was only by harnessing the power of entrepreneurship and innovation that the Ghanaian economy could grow and people's living standards could be improved.

The mission was to create and maintain an enabling entrepreneurship environment that promotes vibrant small and medium enterprises to uplift the economy and the quality of life of each individual.

The broad vision spearheading this noble venture was EFG's quest to contribute towards addressing unemployment by rewarding entrepreneurship and championing a shift from unemployment to selfemployment and creation of jobs through development of entrepreneurship across the country.

One way it was going to do this was through the prestigious Ghana Entrepreneurs Awards,

an annual awards scheme to identify and appreciate individuals who chose to be wealth and job creators—persons whose foresight and entrepreneurial tenacity has seen the formation of a robust private sector that is driving the nation's development.

If EFG was born out of the growing need to take sustainable actions to propel Ghanaian businesses to greater heights, the annual awards event was the platform on which the goal could be achieved. The event also provided the avenue for Ghanaian entrepreneurs to connect with their foreign counterparts in a bid to increase their capacity for networking and entrepreneurial success.

Themes and deliberations at these gatherings have always assisted entrepreneurs and the business community to influence dialogue on the economy to ensure that their specific needs are at the forefront of the decision-making process.

Founder Sam Ato Gaisie, at these events, has mostly encouraged the youth to take up entrepreneurship so as to develop themselves and create jobs for others through joint partnerships and other forms of capital mobilisation, and to strive to build globally competitive brands.

EFG has diversified its activities over time with other initiatives that seek to improve the country's entrepreneurial landscape.

EFG's Made in Ghana Awards (MIGA) serves an even more nationalistic purpose: to bring

down the Ghanaian's preference for foreign products by highlighting some equally valuable options that can be obtained locally.

Mr. Gaisie believes that the Ghanaian entrepreneur could attain greater heights, expand his business reach and enhance brand competitiveness with the needed support from his immediate market.

In 2017, EFG introduced the Made in Ghana Business Quality

manufacturing of premiumquality products, importation of quality products, and quality delivery of services in Ghana,” Mr. Gaisie said at the maiden event held at the Movenpick Ambassador Hotel in Accra.

Another platform created by EFG is the Ghana International Business Network, which is a platform for interaction between top Ghanaian entrepreneurs, foreign investors, and the diplomatic corps in Ghana. It

Made in Ghana Awards

Awards to recognise companies, products, and services that are blazing the trail when it comes to conformity with competitive standards and quality of their offerings.

The foundation identified that in order for the local market to accept locally-produced goods and services, such offerings must be market-worthy and offer something akin to, if not better than, imported products.

The Made in Ghana Business Quality Awards was therefore an initiative established with the aim of promoting effective quality management methodologies by Ghanaian enterprises to improve industrial competitiveness.

“The country cannot achieve the 'Ghana beyond Aid' initiative without emphasising quality of leadership from the public and the private sectors,

Ghana Entrepreneur & Corporate Executive Awards

seeks to develop sustainable strategic business alliances and investment priorities to enhance domestic and international business partnerships and also create new opportunities.

All of these initiatives serve unique purposes, but the bigger goal of EFG is the creation of the Entrepreneurs Association of Ghana, which will serve as a business lobby and advocacy group with membership across all spheres of the economy.

This year, EFG's Ghana Entrepreneurs and Corporate Executive Awards—as the Ghana Entrepreneurs Awards has come to be known—celebrated its tenth anniversary under the theme, “Celebrating Ten Years of Entrepreneurial Excellence and Business Development in Ghana”. The event was held virtually due to Covid-19 restrictions on public gatherings, and was streamed live on selected electronic media platforms and social media channels.

Mr. Gaisie's resolve to contribute meaningfully to the development of the domestic entrepreneurial space remains unabated, and to him, a decade of recognising astute jobmakers and employers is a stepping stone to advance EFG's noble cause of pushing prosperity and wealth.

WEDNESDAY AUGUST 05, 2020

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Dr. Daniel McKorley: An entrepreneurial role model of our times

G

roup Chairman of the Mc D a n G rou p, D r.

Daniel McKorley, is one of Ghana's top serial entrepreneurs whose selfless commitment and investments have helped to create jobs and wealth for thousands of young Ghanaians. Through hi s charity organisation, McDan Foundation, he has also contributed meaningfully to society through various social and economic interventions.

His desire to create opportunities for the youth led him to introduce the McDan Entrepreneurial Challenge (MEC), a competition that solicits, nurtures and supports workable business ideas of young and budding entrepreneurs.

Dr. McKorley's contribution to the domestic entrepreneurial landscape and society at large has seen him scoop several awards over the course of his journey, his latest being the “Outstanding Entrepreneur CEO of the Decade 2010 -2020” at the 10th anniversary edition of the Ghana Entrepreneur and Corporate Executives Awards.

In this interview, Dr. McKorley shares with Business24 his aspirations and passion for entrepreneurship and how he is changing the mindset of the Ghanaian youth from job-chasing to job-making.

You have been recognized among the top Ghanaian entrepreneurs of the decade, which is a reputable achievement. As a serial wealth creator, what fascinates you about entrepreneurship and how did you become one of Ghana's top business moguls?

DM: I am an ardent believer in the can-do spirit, very resourceful and a man of

integrity. I have come this far by the grace of God and through hard work. I never give up no matter the challenges.

It's not that easy to start and nurture a young business, but you have overseen and built a chain of top globally-accepted Ghanaian brands. How did you navigate the various obstacles as a young entrepreneur to get to where you sit today?

DM: Continuous persistence pays. Risk taking has its rewards and making the right investment. Once I set my heart on a project, I give it my all with a lot of discipline and commitment.

As a serial entrepreneur, you have set up various initiatives to groom young Ghanaians from job-chasers to self-made business persons. What is the motivation and drive behind these noble acts?

DM: Entrepreneurship is what Ghana and Africa needs. I believe in investing in the dreams of young entrepreneurs for jobs and wealth creation. I do that through mentoring and providing critical funding to support and promote viable projects. Giving back to society is my passion.

One of your numerous projects is the McDan Entrepreneurial Challenge (MEC). Tell us about how that idea started and how it has helped to shift the mindset of the youth towards entrepreneurship?

DM: The MEC was my idea to reduce unemployment among the Ghanaian youth and inspire the youth of Ghana to believe in their dreams. Through MEC, we have been able to train several hundreds of young entrepreneurs in both skills and business development, and created thousands of jobs for the

country. Through MEC, we have restored hope to a lot of Ghanaian youth who otherwise would have risked their lives travelling to Europe through the deserts of North Africa. We are a building a modern shea nut factory for the Winner of MEC. Alko Shea in Nasia in the Northern Region. I have invested over 2 million cedis in supporting viable entrepreneurship development through my Foundation.

Apart from promoting entrepreneurship, you have invested extensively in various disciplines such as sports and also carried out social responsibilities in several communities across the country.

What is driving these selfless commitments?

DM: Giving back to society, particularly the poor and vulnerable, is my passion, and it is the right thing to do. I have been there before and I have suffered a lot while growing up and I share whatever God has blessed me with the poor. I have constructed modern Astro turfs for sports development in Labadi and La. I am about building a multi-million dollar modern sports complex in Bwaleshie and Teshie. I have enrolled hundreds of needy but brilliant students in basic and tertiary institutions. The McDan Foundation pays medical bills of so many needy patients, and we recently donated three (3) dialysis machines with special chairs to the 37 Military Hospital.

And we will continue to do more!

There is this debate about the mismatch between industry and academia that has created a huge backlog of unemployed graduates in the county. What is your view on this from the perspective of career development?

DM: Academia is not producing the type and quality of human resource needed to develop Ghana, especially in the 21st Century. A lot of people graduate from the university with degrees and yet are not fitfor-purpose for industry. I don't employ certificates! I employ people with the right attitude, skill sets and passion to succeed.

What would you recommend as possible measures for improving the entrepreneurial environment in Ghana?

DM: Government is doing its best to create the enabling environment for socioeconomic development. I think we should empower the universities to shift their emphasis from book- knowledge to proper skills training for industrial development. We should encourage artisanal training, for example, in bricks and tiles laying, metal fabrication, technology development, automobile engineering, basic agricultural engineering, etc. We should set up more skills development centres across the country and provide funding for micro and small-scale businesses to grow and develop. Already I am showing leadership through the McDan Entrepreneurship Challenge to build the capacities of the youth for jobs and wealth creation.

What significant role does one's social networks and linkages play in his/her entrepreneurial journey, and in what ways have your social ties impacted on your success as a business leader?

DM: Social networks and linkages are critical for business development, and I have come this far largely because I have developed strong strategic networks with critical stakeholders, and through these channels we have worked together to develop new ideas, products and services for the betterment of society. I encourage the youth to lead exemplary lives and deliberately choose their friends and partners if they want to climb up.ushing prosperity and wealth.

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Ministry of Business Development: Spearheading entrepreneurship for national dev't

Dr. Ibrahim Mohammed Awal, Minister for Business Development

BY PATRICK PAINTSIL

T

he Ministry of Business Development (MoBD) was born out of the government's desire to build and promote a robust domestic entrepreneurial space that will underpin the socio-economic development of the nation.

The ministry is responsible for the initiation, formulation, monitoring, and evaluation of national policies and programmes aimed at improving the entrepreneurial and technical skills of micro, small and medium enterprises (MSMEs), particularly the youth, in line with the government's economic and social development agenda.

MoBD exists to create an enabling environment that fosters private sector-led investment for nurturing and sustaining businesses through the initiation, formulation, monitoring, and evaluation of business policies for job creation and improving livelihoods The objectives of the ministry are being pursued through some well-thought-out initiatives and programmes. Key among these is the National Entrepreneurship and Innovation Programme (NEIP), which was established to facilitate the development of new businesses and assist their growth into top competitive

brands.

Businesses that emerge from this initiative receive financing and business development services, and are assisted to tap into a wide supply chain and network, helping to create jobs at a widely distributed national level.

The NEIP is set within the context of Ghana's long-term strategic vision of consolidating its middle-income status and building an industry-driven economy capable of providing decent jobs that are suitable and sustainable for development.

The NEIP is being run on four strategic modules, namely, NEIP Incubation and Acceleration Programme, NEIP Business Competition and Business Support Programme, NEIP Industrialisation Plan, and the NEIP Fund.

NEIP Incubation and Acceleration Programme: This module provides a subsidised workspace for young entrepreneurs which is resourced with business development facilities, meeting rooms, conference rooms, shared office space and other related services.

NEIP Business Competition and Business Support Programme: This is a competitive activity for earlystage businesses, from which workable ideas are selected for

admission into Incubator Hubs and receive funding on set criteria.

NEIP Industrialisation: This module works on the establishment of an industrial sub-contracting exchange to link large industries in the supply chain process, and to enable start-ups become the supply chain for goods and services to feed the large industries.

The Fund: A privatelymanaged fund under the supervision and management of NEIP and the Ministry for Business Development, which will mobilise funds through government support, grants from international agencies and the private sector to the serve the broader purpose of the programme.

The Presidential Pitch Another innovation of the Business Development Ministry to groom budding entrepreneurs in the country is its annual Presidential Pitch Competition. The contest targets the youth between the ages of 1835 and is aimed at realising government's ambition to unleash an entrepreneurial revolution in the country.

The project is in line with the President of Ghana, Nana Addo Dankwa Akufo-Addo's vision of assisting young entrepreneurs to incubate their business ideas and improve

livelihoods.

The programme seeks to support young entrepreneurs with funding to boost their businesses for job creation. It is also to build an entrepreneurship eco-system that fosters and encourages young people to be business owners and not job seekers.

According to the Minister for Business Development, Dr. Ibrahim Mohammed Awal, the programme is meant to provide soft funding for young entrepreneurs who have brilliant ideas but lack the funds to execute them.

“Under seasons one and two, 460 jobs were created by the 20 people we supported. We gave them the money, they had the ideas and implemented it, and that created jobs. Ghana is largely a youthful country with over 60 percent of the people being below 30 years. The President wants to build confidence in the youth to be business owners,” he said in his assessment of the impact of the initiative.

Young Ghanaian entrepreneurs with brilliant business ideas across the country are eligible to apply in each year's pitch with their simple basic business plan, which should be feasible, innovative, scalable, and have high prospects for job creation.

WEDNESDAY AUGUST 05, 2020

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Ghana's Greatest Entrepreneur of All Time Sir Sam Esson Jonah Executive Chairman Jonah Capital

S

amuel Jonah is one of Africa's leading businessmen. He is currently Executive Chairman of Jonah Capital (Pty) Limited, an investment holding company in South Africa, and is former President of Anglo Gold Ashanti Limited.

Born and educated in Ghana, in 1979 he obtained a

Master's degree in Management from Imperial College, London, following which he worked for Ashanti Goldfields.

An Honorary Knighthood was conferred on him by Her Majesty the Queen in 2003 and in 2006 he was awarded Ghana's highest national award, the Companion of the Order of the Star of the Volta.

Mr. Dan Kofi Okudzeto Executive Chairman Allied Oil Company Ltd

D

an Kofi Okudzeto is the founder and Executive Chairman of Allied Oil Company Limited (Allied), Oil Channel Limited, Danicom Limited and Options Mart Limited.

Wholly owned Ghanaian companies he has seen from inception to the successful mainstays in the Oil and Gas industry. He has over 35 years of executive level management and a wealth of entrepreneurial experience.

Allied Oil Co. Ltd ,The first indigenous Oil Marketing Company (OMC) in Ghana, Oil Channel Ltd -Bulk Distribution Company, Danicom Ltd OilHaulage Company Options Mart Ltd-Grocery Shop Under his astute leadership, each of Okudzeto's indigenous companies has achieved enviable successes as major players in the Oil and Gas sector in Ghana. He is credited as the first Ghanaian to secure an OMC license, thereby opening doors for over 100 several other local OMCs to participate in an industry that today contributes over GH¢ 800 million annually to the nation's coffers according

to the Association of Oil Marketing Companies of Ghana (AOMC).

This was once an industry solely reserved for multinationals until Mr. Okudzeto broke and changed the trend. Turning his start-ups into corporate giants and trendsetters in the Oil and Gas industry in Ghana, Okudzeto has positively impacted society through job creation, having amassed combined work force of over 1,000. Dedicated employees, partner and shareholder efforts have seen to combined annual revenue of hundreds of millions. He has genuine interest in supporting talent and human capital, recognizing his work force as the backbone and future of the companies. As a manager, Okudzeto is down-to-earth and revered as a straight shooting decision-maker, who in a volatile industry like Oil and Gas has a steady hand in the face of adversity. He creates superior value for all his brands by making sure staff morale is high, consumer confidence is unshaken and investors' interests are taken care of. A strong believer in giving back, Okudzeto champions community service and lends his support to social efforts that improve Ghana and the world at large.

A man of many interests, Okudzeto also has great investments in the Ghanaian real estate industry, providing office

spaces for some of the nation's most longstanding companies like Ghana Commercial Bank, First Bank of Nigeria, Prudential Bank and residences in prime neighborhoods in Accra.

Though Okudzeto has invested hugely in automating business operations in his companies, he prefers the old-fashioned way when it comes to personal interaction - preferring a phone call or a face-to-face meeting to an e-mail because to him there's nothing better than hearing people's voices or looking them straight in the eyes. Okudzeto remains a forceful presence in all of his companies, seeing them through challenges to triumph.

In October 2014, he launched the new Allied Oil brand – Allied. A great achievement celebrated in grand style amongst renowned captains of industry. Joy FM described the launch in one of their publications as one of the grandest launches in the Oil and Gas industry. The need for rebranding came after 16 successful years in operation and as a way to revamp the company, allowing it to compete squarely with foreign oil and gas companies. The new Allied is a stellar improvement to customer experience, offering ultra-tier performance additive-infused fuel at no added cost so people can DRIVE MORE and improve their vehicles and mileage.

This was made possible by being in partnership with Afton Chemical. It is worth noting that back in 1995 Mr. Okudzeto won the National Level Best Peddler

Mr. Jonah serves on the boards of various public and private companies, including Vodafone Group Plc and a member of the Global Advisory Council of the Bank of America.

Formerly a Director of the Standard Bank Group, Lonmin and AngloAmerican Group (South Africa)

Award for Volta region. In a citation given to him, Goil noted in their own words “On the quiet, you have been working so hard and successfully across the whole country. You are the source of light to many a household in the rural areas.

Even in the exceptionally lean periods when kerosene was being rationed, you were able to meet the company's sales targets. Indeed Goil is proud of you. We therefore confer on you the honour of being the best Goil peddler of the year 1995”.

In 2014, He won the “Lifetime Achievement Award” and his Company, Allied Oil, won the “Brand of the Year” from the Ghana Oil and Gas Awards (GOGA).

In 2016, Mr. Dan Kofi Okudzeto also, won the “Business Quality Leadership in Oil and Gas Award”, from the Entrepreneurs Foundation of Ghana.

Now in his 70s, Okudzeto shows no sign of slowing down but has a piqued attentiveness in what matters most to him in life.

He adores his longtime wife of 4 decades and is a proud and loving father to his children one of whom he has groomed recently handed over to as CEO of Allied. Outside of business, he loves the great outdoors taking keen interest in boat rides and walking.

Indeed the story of Ghana's oil industry cannot be written without a well paid tribute to the man honorably referred to as “the Old Man or Uncle Dan” among his peers OMC owners.

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Dr. Anthony Pile Chairman Blue Skies Holdings

A

nthony Pile is the Founder and Chairman of Blue Skies, a leading manufacturer of fresh-cut fruit, freshly squeezed juice, and dairyfree ice-cream, with eleven operations in seven countries, including Ghana, Egypt, South Africa, Benin, Ivory Coast, the UK and Senegal. Blue Skies supplies leading retailers around the world, including Waitrose, Tesco and Sainsbury's in the UK, Albert Heijn in the Netherlands and Carrefour in France.

The company is built on the principle of value-adding at source. This means that Blue

Skies aims to make the finished product in the countries where the fruit grows, rather than exporting only the raw material and processing it elsewhere. By doing this, the business retains 75% of the value of the finished product in the country of origin as opposed to only 15% if processed overseas. This approach also enables the business to deliver a better quality fruit that is delivered 'fresh from harvest', from farm to store within as little as 36 hours.

Anthony was a soldier in the British Army for 13 years and saw active service in the Middle East, Northern Ireland and Cyprus. He has been a magistrate, attended the post graduate Sloan Fellowship Programme at the London Business School and was the Managing Director of Orchard House Foods from 1989 to 1996.

In 1997, he founded Blue Skies in Ghana and has grown the company over the last 20 years into a company employing over 5,000 people with a turnover of £120m.

Accomplishment.  Early in 1998, long before the growing interest of the general public and media in these issues, he already developed his model for sustainable business, “Joint Effort Enterprise” ( JEE). Ever since, a set of principles around three core values – diversity, respect and profit – have largely influenced the formation of the company's culture, and Blue Skies has been recognized by a number of international award bodies for its responsible relationships with farmers, its respect for the environment and more largely, its social impact.  His initiatives have created jobs for lots of people across Africa directly and for several other thousands indirectly.

From the humble beginnings of 35 people in Ghana in 1998, the staff population has soared to a global network of over 5000.”  The Foundation in the past decades has completed over 100 projects including the

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provision of the only Agricultural Resource Centre at the Yilo Krobo Area of the Eastern region, over 25 schools across regions, clinics, Toilets, water etc. for several communities in Ghana.  Championed a sustainability agenda that has led to four “Queens Awards for Enterprise” given by Her Majesty, Queen Elizabeth II, in recognition of the Blue Skies approach to sustainability. On a personal level, Anthony was also awarded an MBE for Services to International Business.  The first to organize a group of Farmers in Africa to get then group EUREPGAP certificate now GLOBAL GAP. Blue Skies now works with over 350 farm in Ghana purchasing over 28,000 tonnes of fruit a year.  Established the only company that supplies fresh cut fruit to major supermarkets in Europe with 36 hours from the farm to the consumer.

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Alhaji Yusif Ibrahim Executive Chairman Dara Salam Group of Companies

future business endeavours.

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lhaji Yusif Ibrahim was born on 15th May 1947 in Kumasi. He had his Primary and Elementary school education at the Anglican Middle School (Kumasi) and completed in the year 1962. Alhaji pursued his secondary school education at the Ahmadiya Secondary School (Kumasi) where he completed in 1967. He then travelled to the United States of America in 1969 to further his education.

He joined Cowen and Company, Battery Park in New York for some months, whilst at Cowen and Company he took to 'cabbing' on part time basis to supplement his income which was insufficient. By dint of hard work he soon bought two taxis and started building up capital for

Alhaji left New York in the year 1974 and went to Nottingham in the U.K to buy tankers with which he started transporting fuel from the Tema Oil Refinery in 1975 to the B.P Depot in Kumasi. The transporting business gave birth and made way for the establishment of a bicycle plant in Tamale which is in the Northern part of the Country in 1976, this brought about the emergence of what we call today a conglomerate – the DARA SALAM GROUP OF COMPANIES LTD.

From humble beginnings, Alhaji has risen to become a successful business Executive with a number of portfolios notably amongst them being:

 Majority Single Shareholder and CHAIRMAN, Guaranty Trust Bank (Ghana) Ltd

 EXECUTIVE CHAIRMAN, and OWNER of the Dara Salam Group of Companies comprising of: - Dara Salam Estates Ltd (aLeading Real Estates Development Company)

- J. L Morrison Son & Jones Ltd (a Pharmaceutical

Company)

- Capital Alliance Company Ltd (a Non-banking Financial Institution)

- Hume Fulgrip Company Ltd ( a Concrete producing Company)

- Busi and Stephson Ghana Ltd (a Wood Treatment factory, Energy)

- Daboya Company Ltd (a Company providing Warehousing Facility)

- African Transformers Limited( the only Transformer Producing Company in Ghana)

 SHAREHOLDER, African Export Import Bank in Cairo, Egypt

 FOUNDER, and former PartOwner, Meridian BIAO Bank now Trust Bank (Ghana) Ltd

 CHAIRMAN, of the Presidential Committee on University Of Development Studies (UDS) Endowment Fund

 Former CHAIRMAN, Strategic African Securities Company Limited

 Served as a Member on the African Development Bank as one of the first Advisory Body appointed by the President to advice on how to extend credit

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to the Private Sector and he was also invited by the Veterans Association of the United States of America to address their Convention in Washington in the 90's.

 Former CHAIRMAN of the Board of Junior Achievement Ghana

 Former CHAIRMAN and FOUNDER, Madison General Insurance Ghana Limited now Metropolitan Insurance Company

 Former CHAIRMAN and FOUNDER, Wade Adams Construction Ghana Limited

 Former member of the board of Trustees , University Of Ghana Institute Of Institute Of Statistical, Social And Economic Research (ISSER)

 Former CAPTAIN, and now a Trustee of the Accra Polo Club

 Owner of Osagyefo Leadership International School - Labone

 Awarded by the former President of Ghana, His Excellency John Agyekum Kuffuor as a Renowned Industrialist with The Order of the Volta on the 1st of July 2007.

 Former board member Nsia Insurance Company limited.

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Prof. Edmund Nminyem Founder & Board Chairman Rabito Clinic

Prof Delle is a recipient of numerous local and international awards including:  In 2002 the American Biographical Institute (ABI) enlisted him into the Hall of Fame

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rofessor Edmund Nminyem Delle was born on November 18, 1943 in Nandom in the Upper West Region of Ghana. He is the Founder, Board Chairman and Chief Medical Officer of Rabito Clinic, which he founded in 1974.

Professor Edmund Nminyem Delle, is also a Pan Africanist, Politician, Academia, Businessman, Philanthropist and above all an acclaimed Statesman.

BACKGROUND AND EDUCATIONAL FOUNDATION

Prof. Delle started his educational foundation in Nandom. Through the support of his mentor, his Eminence, the late Cardinal Peter Prekuu Dery, Prof. Delle received a full scholarship to study at the University of Padua in Italy, where he obtained his Doctor of Medicine and Surgery degree in 1970. Thereafter, he obtained a post-graduate diploma in Tropical Medicine at the Institute of Tropical Medicine in Antwerp, Belgium and a Diploma in Skin and Venereal Diseases (DSVD) at the University of Padua in 1972.

He was appointed a Resident Medical Officer and Lecturer in Skin Diseases at the University of Padua from 1972 to 1974.

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Upon his return home after acquiring academic and professional experience, he started a private medical practice, Rabito Clinic in Ghana in 1974. This was in fulfilment of his childhood dream to invest in Africa and serve his people. He named the clinic after his academic and career mentor Prof Caologero Rabito, formerly of the University of Padua, Italy. Prof.

Delle is known for his expertise in the treatment of complex dermatological cases.

AWARDS AND RECOGNITIONS

 In 2006 he was awarded the Marie Curie Award by the I n t e r n a t i o n a l Biographical Centre (IBC)

 In 2007 the Ghana Medical and Dental Council's Life Time Achievement Award.

 In 2013, Prof Delle was adjudged the Health and Medical Services Entrepreneur of the year by the Entrepreneurs Foundation of Ghana.

 In 2015 was decorated and inducted into the Ghana Entrepreneur Awards distinguished Hall of Fame.

 In 2016, he was decorated as the Upper West Region Business Icon during the Ghana Business Quality Awards 2017.

 Prof. Delle's contribution to healthcare services also includes research on the impact of bleaching on the skin.

INTERNATIONAL BODIES

Prof Delle is a member of many national and international professional bodies:  Fellow of the American Association of Dermatologists (FAAD) (1986);

 Commissioner for the International Commission for H e a l t h P r o f e s s i o n a l s (ICHP), an affiliate of the World Health O r g a n i s a t i o n (WHO) in 1989.

 He is also a F o u n d i n g Member of the A f r i c a n Association of Dermatologists and served as its Vice-President and Secretary General between 1991 and 1997, respectively;

 He is a member of the British Association of Dermatologists

(MBAD) (1992).

 He is a Founding Member and a former National Secretary of the Ghana Society of Dermatologists;

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He is a Foundation Fellow of the Ghana College of Physicians and Surgeon (2005).

HEALTH AND HUMAN RIGHTS PROMOTER

Prof. Delle has been honoured over the years for his dedication and achievements in Health and Human Rights.  He jointly founded the African Commission of Health and Human Rights Promoters (CAPSDH) with Dr. Mohammed Ibn Chambers and Mutawakilu Idrissu in 1991 to combat human rights abuses, STDS, and health problems at the time of political upheavals across Africa.

 He is currently President of the African Commission of Health and Human Rights Promoters, Ghana (CAPSDH) which through his instrumentality has so far created treatment centers in ten out of the sixteen Regions in Ghana.

 CAPSDH under the leadership of Prof. Delle has provided assistance throughout Africa in the form of counselling, food, clothing and shelter to victims of human rights abuse. It has also increased awareness of health and human right issues through lectures and symposia in

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different communities.

 Prof Delle is a devout Roman Catholic and served as the Chairman of the Catholic Standard for 23years, Board Chairman of the Catholic Centre for Hope for the Aged, Sick, and Needy in Society. During his tenure as a Secretary of the Catholic Doctors Guilds of Ghana, he organised the first PanAfrican Congress of Catholic Doctors in Ghana in 1984.

POLITICAL AFFILIATION AND ACTIVITIES  Prof Delle is a founding member of the revived Convention People's Party.

 He successfully served for two terms as National Chairman and Leader of the party.

 He served as Chairman of the Board of Directors for the Standard Magazine and Newspapers Limited from 1976 to 1999. He is the Founding Patron of Youth Policy Initiative (YPI).

 Prof Delle was an Adjunct Professor of Dermatology at the University for Development Studies (UDS) where he imparted his knowledge and experience in dermatology to young medical trainees.

 Professor of Dermatology at the Accra College of Medicine.

Above all, Prof. Edmund Nminyem Delle is a staunch Catholic and a family man with five children.

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Mr. Gopal Vasu Chairman & Managing Director M&G Pharmaceuticals Limited

pharmaceutical industry in the health sector, which was then one of the priority areas under Ghana Investment Code. In the process of establishing pharmaceutical industry,

M

r. Gopal Chellaram Vasu was born just five days before India got independence in 1947. He worked as a Marketing Executive for a couple of years with ESSO, an International Oil Company, with branch in India. He came to Ghana in 1969 to join an industrial complex manufacturing plastic and leather footwear, packaging materials such as containers, bag etc. for other local industries.

Mr. Gopal Vasu by dint of hard work and an alloyed devotion to his duties was appointed a director of the company. Mr. Vasu remained with the company for 24years.

In 1993, Gopal Vasu together with his colleague decided to set up a

Mr. Gopal Vasu and his colleague after fulfilling requirements in the Ghana Investment Code took over M & G Pharmaceuticals Ltd. in July 1993, which was closed down for 21⁄2 years due to managerial and other problems.

On 3rd January 1994, with 12 employees on its payroll M & G Pharmaceuticals started production with 4 products and as at today with 200 employees (Permanent & Contract) on its payroll M & G Pharmaceuticals Ltd. manufactures 75 products namely Tablets, Capsules, Syrups/Suspension and Blister products for over 800 customers which include Ministry of Health, Ghana Health Service, Christian Health Association of Ghana, Mission Hospitals, Private Hospitals and Clinics, Pharmacy Shops and licensed Over The Counter (OTC) medicine sellers in all the districts of Ghana with major distributors situated in the 16

regional capitals. The company has also started export to Liberia and Gambia and also registering pharmaceutical products to all Ecowas countries in sub Region.

Mr. Vasu is a pioneer in as far as the promotion of “Made-in- Ghana” products and services are concerned.

Mr. Vasu is a Co-Founder and the Chairman of M & G Pharmaceuticals Ltd; a Member of National Executive Council of the Association of Ghana Industries (AGI). He is a Past Treasurer of West African Pharmaceutical Manufacturers Association (WAPMA) and Past Vice President of Pharmaceutical Manufacturers Association of Ghana (PMAG).

In August 2005, during the 70th Anniversary celebration of Pharmaceutical Society of Ghana, our Chairman & Managing Director, Mr. Gopal Vasu was conferred Honorary Membership of Pharmaceutical Society of Ghana.

In May 2013, Mr. Gopal Vasu won the Best Entrepreneur of the year award in Pharmaceuticals & Healthcare Industry category, from Entrepreneurs Foundation of Ghana.

In 2015, the Pharmaceutical

Dr. Nana Michael Agyekum Addo Chairman Mikaddo Holdings Ltd

Dr. Addo Agyekum has been a member and the Chairman of The Pentecost University College Council for 12years.

N

ana Dr. Addo Agyekum is the Nkabomhene of the New Juaben Traditional Area (Koforidua Municipal Assembly) in the Eastern Region of Ghana from 2013 to January, 2017; Nana was the Chairman of the Ghana Investment Promotion Centre (GIPC).

Nana with his volunteering spirit and selfless nature has been the National President of the Ghana Red Cross Society (GRCS) from 2013 to 2019 and is currently a member of the Election Committee on the International Federation of Red Cross Societies (IFRC).

Currently, under his Excellency Nana Addo Dankwa Akufo-Addo's administration, Nana Dr. Addo Agyekum has been appointed a member of the governing council andchairmanoftheAuditCommitt eeoftheCouncilfor Scientific and Industrial Research (CSIR).

Dr. Addo Agyekum is a proud old student of Ghana Secondary School in Koforidua. He successfully completed his First Degree in Pharmacy from the

Kwame Nkrumah University of Science and Technology (KNUST) in 1977 and holds a Postgraduate Diploma in Industrial Management from the Kwame Nkrumah University of Science and Technology (KNUST) in 1982.

Nana Doctor Addo Agyekum holds a Master of Arts in Industrial Management from the same university in the year 2000.

Currently, He is pursuing a PHD III at the University of Ghana (Business School).

Nana Dr. Addo Agyekum is a Pharmacist, a fellow of the Pharmaceutical Society, a member of the election

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Manufacturers Association of Ghana (PMAG) presented a citation to Mr. Gopal Vasu for his invaluable contribution to the pharmaceutical industry in Ghana.

Mr. Gopal Vasu was, in 2016, specially recognized and awarded by the West African Pharmaceutical Manufacturers' Association (W.A.P.M.A) for his outstanding contribution to manufacturing of pharmaceutical products in West Africa.

In February 2018, Mr. Gopal Vasu was awarded the “Personality of the Year” during the maiden Ghana Pharma Awards. In the same year, The Business Executive Ltd selected Mr. Vasu as the first runner up in the “Most Respected CEOs.”

In June 2019, Mr. Gopal Vasu was awarded for his outstanding contribution to the Pharmaceutical Industry by the same Ghana Pharma Awards.

The most recent of the awards is one where he was adjudged the Most Respected CEO in the Pharmaceutical industry at the Ghana Industry CEO Awards held in Accra on the 29th of November 2019 by The Business Executive Ltd.

committee International Federation for Red Cross Society (IFRC), a fellow of West Africa Post Graduate College of Pharmacists, serves on the governing board of the Ministry of Education and Universal Merchant Bank Foundation and a lecturer of Entrepreneurship at the University of Ghana, Legon.

He is an author of the popular “7 Principles of Success and Wealth Creation”, as well as “The Winning Attitude and Etiquette for All”, “Fundamentals of Entrepreneurship Books 1&2” and a resource person on Radio and Television programs on Entrepreneurship and Youth Empowerment.

Dr. Addo Agyekum is the Founder and CEO of Kama Industries Ltd. now Mikaddo Holdings Ltd.

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Entrepreneurs of the Decade

Dr. Daniel McKorley Executive Group Chairman McDan Group / McDan Foundation brilliant but needy students in Basic and Tertiary institutions, investing in youth e n t r e p r e n e u r s h i p through the McDan Challenge, paying medical bills of thousands of needy patients, empowering street children with skills development among many others.

D

r. Daniel McKorley is an a c c o m p l i s h e d , influential Business leader with global perspective, avid promoter of youth entrepreneurship for wealth creation and stellar philanthropist whose benevolence works bring hope to millions of deprived homes across Ghana and Africa. His diverse portfolio of Investments cut across Shipping, Logistics, Aviation, Oil and Gas, Security, Construction, Real estates and still counting! He is the Executive Chairman of the McDan Group and McDan Foundation.

Today the McDan brand has become a household name synonymous with Can-do spirit, Excellence, Integrity, Generosity, Tenacity with purpose, a Positive attitude to life and more critically inspiring countless Youth across Africa to dream Big through entrepreneurship.

Dr. Daniel McKorley was born and raised in Labadi, a suburb of Accra, Ghana. He holds an Honorary Doctorate Degree in Leadership from the Commonwealth University, London Business School, an Executive Masters in Business

Administration (EMBA) and Bachelors in Entrepreneurship both from the Ghana Institute of Management and Public Administration (GIMPA) as well as a Diploma in a Leadership from Lehigh University, Pennsylvania, USA.

A distinguished and highly sought after motivational speaker on Leadership, Youth Empowerment and Entrepreneurship, Sports Development, Mentorship, Investment promotion, developing positive attitude to Successful life, Business Strategy, Et al. Dr. McKorley serves on several private and public Boards and consults for many blue chip Companies and SMEs.

Dr. McKorley's heart is known for what he does best – giving back to Society. The establishment of McDan Foundation reflects his deepest passion to restore hope to the poor and vulnerable in Society. He has invested over 4 million Dollars in many charitable works including constructing new classroom blocks for rural communities, building modern astro turfs to promote sports development for the youth, enrolling thousands of

His vision is to inspire and empower more young people to believe in themselves by supporting them with funding through the McDan Equity Fund and hand-hold them into becoming not only conglomerates but multi-millionaires. Dr. McKorley believes it is the responsibility of those who have been blessed to invest in others so Africa can leap frog from a 3rd world to a first world.

He is indeed a living testimony of touching millions of lives across Ghana with his giving back to

society agenda. His Charitable works have endeared him to various Traditional authorities, having thus being enstooled as a development Chief of Ada under the stool name of Nene Koranteng Kabu 1 and also Gugba Naa of Tamale.

AWARDS AND ACHIEVEMENTS He has won several Awards including the following:  2019 Dr. McKorley is the reigning Chartered Institute of Marketing Ghana (CIMG) marketing man of the year, having won the award in September this year.  2019 EMY Awards - Magnet Award (Man of the year—Business)  2018 At the 'Ghana National Chamber of Commerce and Industry (GCCI) Awards' ceremony held in 2018, he was felicitated with the Chamber Businessman of the year 2017.  2018 Chamber Business

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Man of the year

2018 Ghana Shippers Awards The CEO of the Year, Corporate Social Responsibility (CSR) of the Year, Outstanding Shipper of the Year

2018 Ghana Entrepreneur & Corporate Executive Awards- Overall Best Entrepreneur of the Year A w a r d 2017 Sustainability & Social Investment Awards – Best Sports & Leisure Mentoring Program

2017 Sustainability & Social Investment Awards – Best Company in providing Educational facilities 2017 Ghana Club 100 Number 36 best Company,

2017 UK Ghana Chamber of Commerce - Logistics Company of the Year 2017 Ghana National Aviation Awards - Freight Forwarder of the Year

2017 League of African Development Studies – African Patriotic Personality 2017 Leads Merit Awards – Corporate Mandate Delivery Awards

2017 Diamond Jubilee Business Leaders Excellence Awards; Special Award in recognition of outstanding contribution to the economic development of Ghana via Trade Facilitation

2017 Ghana Shippers Awards – Brand of the Year 2017 Ghana Shippers Awards – Entrepreneur of the Year 2017 Ghana Shippers Awards – Excellence in Corporate Social Responsibility

2017 Exclusive Men of the Year – Third Special Recognition Award

2017 Tourism Top 100 Personalities in West Africa – Most Influential person in Africa

2017. SWAG Awards Corporate Award

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2017 Maritime Cargo Services Provider of the Year: 4th Business Executive Excellence awards

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Togbe Afede XIV Founder SAS Finance Group

T

ogbe Afede is a s e a s o n e d Investment Banker with experience spanning over twenty (20) years.

Togbe serves on the boards of Africa Agribusiness Partnership (AFAP), Accra Hearts of Oak (Chairman), Africa World Airlines (CoChairman), Ensign College of Public Health, National Investment Bank Limited (Chairman), Pioneer Kitchenware Ltd (Chairman), World Trade

Centre Accra (Chairman), Sunon Asogli Power (Ghana) Ltd, World Trade Centre Association (Director),amongst others.

He was on the board of Bank of Ghana between 2004 and 2013 and a member of the President's

Economic Advisory Council between 2009 and 2013.

He was also a member of the Government Transition Team and the Head of the Committee on

the Economy, January – March, 2009. As the Chairman of a three-man interim Ministry of Finance management team, he led the Ministry team to prepare the draft budget for 2009.

He holds a Bachelor of Science degree in Business Administration from the University of Ghana Business School, Legon, Ghana, and an MBA from the prestigious Yale School of Management, USA

Dr. Ernest Bediako Sampong

Founder / Chief Executive Officer Ernest Chemist

was only an importer and distributor of pharmaceutical and healthcare products.

Ernest Bediako Sampong ventured into P h a r m a c e u t i c a l Manufacturing in the year 2001, which helped diversify his business (ECL) into 3 main divisions - Manufacturing, Trading (Retailing & Distribution) and Exports.

E

rnest Bediako Sampong, Founder and Chief Executive Officer of Ernest Chemists Limited (ECL) is a Pharmacist by profession and, an impeccable entrepreneur with over 30 years' experience in the Pharmaceutical industry. He established Ernest Chemists Limited (ECL); a wholly owned Ghanaian company in the year 1986 as a sole proprietorship. In 1993, it became a limited liability company. During this period, he

Through his credibility and hard work, Ernest Bediako Sampong has led ECL to partner reputable Multinational Companies such as GlaxoSmithKline (GSK), AstraZeneca, Roche, Novartis, Unilever (Europe), Danone, Avent (Philips), Johnson & Johnson, Merck among others, either as a distributor, contract manufacturer or packaging of their products.

With a brand promise of “Providing Quality and Affordable Medicines”, Ernest Bediako

Sampong has taken up the task to ensure that, the ECL brand delivers on this promise. He leads ECL to achieve this through his strategy of developing a visible brand that serves all segments of the market/society in an ultramodern one stop shop.

His visionary leadership and strategy, has moved ECL from a one sales outlet to a business entity with retails and wholesales across Ghana.

He is committed to contributing to the growth of the pharmaceutical industry in Africa and improving health care delivery by supporting worthy courses. Few of such supports has been a recent Donation to the COVID 19 Trust Fund set up by the President of Ghana, donations to COVID 19 isolation facilities at the Greater Accra Regional Hospital (Ridge Hospital) , Tema General Hospital and other health facilities including Kwahu Atibie Hospital, Tamale Teaching Hospital, Volta

Regional Health Directorate and Margaret Marquart Catholic Hospital.

Ernest Bediako Sampong had been appointed on various Committees and Boards, with the most immediate past position being the President of the Pharmaceutical Manufacturers Association of Ghana, where he served by showing leadership and bringing out his worth of knowledge in the areas of Pharmaceutical and Entrepreneurship.

He has also had international and recognitions.

many local

He was adjudged the CEO of the Year - Pharmaceutical (Chief Executive Officers Network, Ghana), Most Influential CEO in Ghana (Ghana Pharma Awards), CIMG Marketing Man of the year (CIMG Awards), Entrepreneur of the Year (Ghana Business Awards), Man of the Year (EMY Awards), among others.

Dr. Felix Kwaku Anyah

Founder & Executive Chairman Holy Trinity Medical Centre

D

r. Felix Anyah had his education at the St. John's School, Sekondi, Opoku Ware School, in Kumasi before entering the University of Ghana Medical School graduating with M.B.ChB. Degree in 1979. After his houseman ship at Korle-Bu

Teaching Hospital and Effia Nkwanta Hospital, he worked at several private hospitals in Ghana and Nigeria before establishing the Holy Trinity Medical Centre in July 1988.

Starting with a staff of 5 in 1988, the Holy Trinity Medical Centre grew to win

the LEADER IN THE PRIVATE MEDICAL SECTOR AWARD IN GHANA in 2003 and LEADER OF THE H E A L T H SECTOR AWARD IN 2009 in the Ghana Club 100 Awards.

Holy Trinity Medical Center & SPA hasbeen a member of Ghana Investment

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Profile

Promotion Centre's Top 100 companies in Ghana. (Ghana Club 100 in 2003, 2004, 2005, 2006, 2007, 2008 and 2009) and also winner of Ministry of Trade Industry President Special Initiatives) Ghana Golden Jubilee Business and Financial Excellence Award in 2007.

In 2008 and 2009, Dr. Anyah had The Nelson Mandela Gold Award for Exemplary Leadership & Transparent Virtues as well as the Golden Star Award for Exemplary Leadership in Health Delivery in West Africa. Security Watch Nigeria, honored him with Excellent Service in Africa in Abuja, Nigeria in 2009.

Prior to these leadership honors, Dr. Anyah had Dr. Kwame Nkrumah Outstanding Merit-Africa Leadership Award by the West Africa Magazine in 2004.

Dr. Felix Anyah established the first SPA in West Africa in 2005- The Holy Trinity Spa and Health Farms. Dr. Felix Anyah and the Holy Trinity Medical Centre earned several other awards including:  Life Time Achievement in Medical Practice in Ghana (Pillars of Modern Ghana Awards (2015)  Best Entrepreneur Health Services Award (2011)  Best Integrative Medicine Provider of the year 2015- (The Business Executive

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Excellence Awards) (2016) The “Most Patronized Medical Tourism Destination in West Africa (the West Africa Magazine) (2008) The “Best” Health/Medical Tourism Destination in West Africa (West Africa Magazine) (2008) Special Award for Promotion of a Healthy Society in Ghana (Society of Private Medical and Dental Practitioners) (2008) Best Health SPA Facility in West Africa of the year 2015(Gold Category) (The International Star Quality Awards) (2016) Made in Ghana Awards- Hall of Fame Inductee- Spa & Health Service of the year 2014 (Entrepreneurs Foundation of Ghana) (2015) The Platinum Award for the Best SPA in West Africa 2010, 2011, 2012 (Tourism and Hospitality Awards) Best Spa in Ghana (2011) (West Africa Magazine) Heroes of Distinction Awards-TNG Health Personality of the year 2016 (West Africa International Press Ltd.) Hall of Fame Inductee- Medical & Health Services Honors of the year 2015 (Entrepreneurs Foundation of Ghana- 2016) Business Support Health

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Services of the year 2015 (Entrepreneurs Foundation of Ghana-2016) National Honor- Excellence in Private Sector Health Care (Chartered Institute of Marketing, Ghana (1999) CIMG) National Honor- Contribution to Primary Health Care in Ghana- (Ghana Employers Association (1999) Private Health Facility of the Year Award (People's Choice Practitioners (Media Men Ghana) (2017) Best Integrative Healthcare Provider of the Year Award (4th Business Executive Excellence Awards 2017) Innovator in Medical SPA Systems Award (4th Business Executive Excellence Awards 2017) Most Influential People in West Africa 2017 (Top 100 Tourism Personality of the Year Award) Outstanding Contribution to the Economic Development of Ghana Health/ Tourism Category Awards (Diamond Jubilee Business Leaders Excellence Awards 2017) Excellence in Quality Health Care Delivery Award (West Africa Clinical Alliance Awards) Quality Leadership in Health Care Services Award (Entrepreneurs Foundation

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of Ghana- 5th Ghana Business Quality Awards 2017)  Seal of Distinction & Exemplary Leadership Award 2017(West Africa Nobles Forum)  Noble Seal of Distinction Medallion (West Africa Nobles Forum)  Health Laureate Award- UN Sustainable Development Goals (IMPACT AFRICA SUMMIT GHANA 2017) Dr. Felix Anyah is a Physician Consultant to the United States Immigrants Panel Physicians.

Dr. Felix Anyah was Captain of Industry (Health) in 2003 by Ministry of Private Sector Development President's Special Initiatives; (PSD).

Dr. Anyah was a member of the 6th and 7th Councils of the Ghana Medical and Dental Council. Dr. Anyah is the first Board Chairman of the HEALTH FACILITIES REGULATORY AGENCY inaugurated in May, 2015 under Parliamentary Act 829 (2011) The Health Facilities Regulatory Agency Licenses and regulates all Public and Private Health Facilities including Teaching, Regional, District and Private Hospitals. Pharmacies and Chemical Shops, Laboratories, Radiology Units, Gymnasiums, Health SPA's, Eye, Orthopedic Units and all health-related Public as well as Private facilities in Ghana.

Dr. Osei Kwame

Executive Chairman Despite Group of Companies

D

r. Osei-kwame, also known as Despite, is a l e v e l - h e a d e d businessman with a very good background in music production and knows the broadcasting industry like the back of his palm.

Osei-Kwame is the owner of the Despite Company Ltd which is a trading company and with subsidiaries in the media industry namely, PEACE FM which is the largest and the most poplular FM station in the country, OKAY FM station, NEAT FM both in Accra and HELLO FM station in Kumasi.

Dr. Osei-Kwame set-up NEAT FOODS LTD, which processes our local plantain, cocoyam, maize and palm fruits such as Neat Fufu, which is has become a preference to the traditional fufu. He also owns a

manufacturing company ANTONA FOODS LTD, producing the ever popular THIS WAY chocolate drink and other flavours including the Motherlac cereal for children.

Despite is a co-founder of a Salt mining company, U2 Salt, which is located at Winneba. Dr. Osei- Kwame with his partner cofounded the United

Television (UTV) which is leading TV station in the country.

He is the co-founder and Vice Chairman of Best Point Savings and Loans Ltd, a very renowned financial institution in the country.

Dr. Osei-Kwame, a business connoisseur of no mean repute, his insight into creating job avenues for the jobless and

relentless promotion of the Ghanaian Culture, has received numerous prestigious awards in the past which include a Honorary Doctorate Degree in Human Resource from Canterbury University, Honorary Ambassador of Business Entrepreneur in West Africa (Ambassador) and Honorary man of the moment, Ghana, West Africa.

He has also been awarded with the Best Entrepreneur for Multimedia by Entrepreneurs Foundation of Ghana under the auspices of the Ministry of Trade and Industries in 2013.

Despite is a strong and devoted Christian. He is

blessed with a lovely wife and children.

WEDNESDAY AUGUST 05, 2020

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Dr. Ernest Ofori-Sarpong

Executive Chairman Special Ice Company Limited

D

r. Ernest is an astute businessman of many years' experience. Born some 48years ago and a proud product of Presbyterian Boys Secondary School (Presec) , has an amazing business career in the small and medium scale industry and an up and coming industrialist.

In the 1990s he formed the

SARPONG VENTURES LTD, an import and trading business, worked very hard and in no time became very renown in the Central District of Accra. He set up the SPECIAL INVESTMENTS LTD which is a real estate and construction business and can boast of a significant number of estate houses and apartments in very strategic area of the city and numerous office complexes and shops.

Ernest, in conjunction with a very close friend of his, Dr OseiKwame (a.k.a Despite) formed the United 2 Co. Ltd which is a holding company for the U2 SALT LTD – a 600 acre salt mining company and a refinery at Winneba in the Central Region and co-partnered in setting up a television station by name

UNITED TELEVISION (UTV Ltd) which is currently one of the leading TV stations in the country.

Ernest Ofori-Sarpong, who has had the dream of becoming a big time industrialist, solely proceeded to form a mineral water company, SPECIAL ICE LTD which can currently boast of two factories in Accra and

Kumasi. Special Ice has introduced carbonated soft drinks on the market which is fast becoming a reckoned product. In the very short life of Special Ice Ltd, the product won an unprecedented award as the best mineral water for 2013 and 2014, and is not resting in achieving greater laurels.

Once again, in collaboration with his good partner, Ernest and his co-partner have recently set up a savings and loans company called BEST POINT SAVINGS AND LOANS CO. LTD for which

he is the Board Chairman, with this savings and loans company which has already become a highly recognized financial institution.

The Peristrofi World Honorary International Award Conference bestowed an Honorary Ambassador of Business Entrepreneur in West Africa. He has been conferred with a Doctorate Degree of Philosophy in Law from Barkley University in the United States of America for his contribution to the socioeconomic development of Ghana. Ernest has also been awarded the Best Manufacturing Entrepreneur for 2013

by Entrepreneurs Foundation under the auspices of the Ministry of Trade and Industries.

Dr. Ofori-Sarpong is a God fearing man and a good Christian brought up in the Presbyterian way. He is blessed with a pretty wife and three lovely children.

Dr. Macdonald Vasnani

Founder & Chief Executive Officer Consolidated Shipping Agencies Ltd.

Conship through his exceptional ability to spot existing and potential business opportunities, plan strategically on the best ways of taking full advantage of these opportunities and diligently execute them to perfection.

D

r. Macdonald Chimandas Vasnani is the Founder and Chief Executive Officer (CEO) of Consolidated Shipping Agencies Limited (Conship), Ghana and the President of the company branch office in Aurora, IL. U.S.A.

He is a seasoned executive with over twenty-five (25) years of experience in the International Freight Forwarding and Logistics industry with specialization in Offshore and Projects Logistics transportation and handling.

Founding the company in 1996 from its humble genesis as a small Customs Brokerage firm, Dr. M. C. Vasnani has grown

As a visionary, he developed and equipped all departments with an emphasis on Health Safety and Environment, Human Resource and Technology to meet international standards.

He is actively involved in the compliance and governance program in the company.

Conship's clientele includes TULLOW OIL, MODEC, SCHLUMBERGER SEACO, TECHNIP, S.C.JOHNSON but shows its versatility in other vertical markets such as the Telecom, Manufacturing and the Retail.

Dr. M. C. Vasnani holds an Honorary Doctorate Degree from the Commonwealth University in London, in recognition of his outstanding contribution to the development of the Oil & Gas industry in

G e n e v a 7) 2012 Logistics & Transport Entrepreneur

Ghana.

He is also a product of the University Of Chicago Graduate School Of Business

SIGNIFICANT ACHIEVEMENTS Dr. M. C. Vasnani spearheaded the operations of the first indigenous Oil and Gas Logistics Base in Ghana. The base handles Onshore and Offshore Oil well equipment including inspections and certifications.

His achievements include: 1) 2017 Maritime Personality of the Year – Ghana Maritime and Shipping Awards.

2) 2016 CEO of the Year (Upstream) – Oil and Gas Ghana Awards.

3) 2016 Entrepreneur's Hall of Fame Inductee: Logistics Personality, Ghana Entrepreneur Foundation 4) 2015 Awarded Doctorate Degree byCommonwealth University/London Graduate School 5) 2015 CEO of the Year 2015 (Upstream Oil & Gas) 6) 2013 B.I.D. Quality Award-

8) 2011 C.I.L.T. Ghana Personality of the Year 9) 2010 World Quality Award (GOLD)-France Dr M. C. Vasnani is a member of:

1) The Board of Trustees of the Entrepreneurial Technical Institute (E.T.I.) of Ghana,

2) Board of Trustee of the Allotey- Pappoe Foundation (a Non for Profit entity)

3) Board Member of Radial Circle Ghana Limited.

4) International Federation of Freight Forwarders Association (F.I.A.T.A),

5) Ghana Institute of Freight Forwarders (G.I.F.F) and the

6)

Chartered Institute of Logistics & Transport (C.I.L.T.).

HOBBIES/INTERESTS

Golf, Reading, Travelling

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Mr. Moses Kwesi Baiden

Executive Chairman Margins Group

T

hrough strategic foresight, drive and determination, Moses Kwesi Baiden Jnr. successfully founded the Margins Group of companies and in three decades, turned a $100 investment into a multimillion-dollar corporation.

A skillful negotiator with strong business development and relationship building skills, Moses has established win-win partnerships with both private and public organizations in the global marketplace and has conceptualized, built and managed award winning products with the support of his exemplary team of industry experts.

In his tenure, Moses has been named CEO of the year by the Ghana

Manufacturing Awards, Ghana Business Quality Awards, European CEO of the

year 2018 etc. He also received the Mobex Innovation Award for Innovation pacesetter of the year and has recently been inducted into the Ghana's CEO's Summit Technology Hall of Fame.

Moses remains in constant pursuit of rare and exciting opportunities in the advancing field of technology and is committed to the Margins Group vision to be Global leaders in Identification, Data Systems, Transactions and Solutions

Moses K. Baiden Jnr. attended the Ghana Law School where he graduated in the top-tenth percentile of his year group.

Hon. Kenedy Agyapong

Executive Chairman Kencity Group of Companies

H

on . Ken Ohene Agyapong is a politician and a business man born on June 16,1960 to Mr. Francis Kofi

Agyapong and Mme Mary Babai He attended Adisadel College in Cape Coast. He later travelled to the USA and studied Economics at Fordham University in New York.

In the USA, he opened a

number of businesses including Supermarkets ,Car Rental Business among others.

He is the representative of the people of Assin Central Constituency as their Member of Parliament

The outspoken politician owns a number of companies in Media and Communication, Real Estate ,Refrigeration and Cold Storage.

He is a Philanthropist, supports a lot of Social and Vulnerable Groups and mentors business people.

So many Students are beneficiaries of his Students School Fees Scheme.

It is in this light that we confer to him the Most Influential Entrepreneur of the Decade

WEDNESDAY AUGUST 05, 2020

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Mr. Kwaku Ennin

Chief Executive Officer Zeal Environmental Technologies Limited

Executive Masters of Business Administration (EMBA) Entrepreneurship

Professional Associations:

BRIEF PERSONAL PROFILE

With over 35 years in Business Management, accomplished Entrepreneur with Domestic and International experience in the operations of Oilfield Waste Management, Maritime Consultancy Services and Corrosion Preventive and Maintenance Services involving both start-up and growth of these services. A Resultsoriented, decisive leader with proven success in new market identification and growth strategy, with a great passion of helping the less privileged in the field of Education for career development and Medical outreach in deprived communities using the ENNIN Medical Foundation.

PROFESSIONAL EXPERIENCE

ZEAL GROUP OF COMPANIES, Ghana

Chairman/ CEO, 1977 – Present EDUCATION CREDENTIALS

AND

Member of the University Of Cape Coast Business School delegation, 2012 (representing Industry) to the University Of Bonn Rhine of Applied Sciences, Germany,

Board Chairman University of Cape Coast Enterprises Limited (UCCL) EXECUTIVE MANAGEMENT

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Strategic Planning

Service Marketing Management

&

Global Operations

Mr Kwaku Ennin a dedicated family man is the Chief Executive Officer of Zeal Environmental Technologies Limited (ZETL) Ghana. An astute and prudent businessman, with over 35 years combined rare professional and entrepreneurial skills and experience in managing a number of successful businesses. With dedication, diligence and a persevering attitude, he has grown a small scale corrosion engineering Service Company started in 1977 to an enviable ISO 14001:2015 and ISO 45001:2018 certified company – Zeal Environmental Technologies Limited (ZETL) Ghana, to be the premier

indigenous Oil and Gas Waste Management Company in Ghana.

ZETL provides invaluable services to Global Multinational Oil companies operating in Ghana and the West African Coast. Almost all the major players in the Oil and Gas industry engage the services of ZETL to manage in an environmentally sound manner through its; Port reception of waste and oilfield/Industrial waste management as well as vessels, rigs and onshore storage tank cleaning services.

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Clients of ZETL include, The Jubilee Partners, ENI, AKER, Halliburton MI Swaco, GE Baker Hughes, Schlumberger etc. ZETL is a burgeoning enterprise with unfathomable prospects in the West African Sub –region under the direction of Mr Kwaku Ennin.

PARTNERSHIP BETWEEN INDUSTRY AND ACADEMIA

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Developed passion for human capital investment and believing in partnership between Industry and the Academia, has over the years spearheaded Zeal`s collaboration with Institutions of higher education; Financial and other support to the University Of Cape Coast Business School,

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by supporting the concept of Business Incubation systems in collaboration with Bonn Rhine University of Applied Sciences , Germany to empower fresh graduates to be s e l f - e m p l o y e d ( E n t r e p r e n e u r s ) instead of expecting the Government to provide them with non-existing jobs.

Technical collaboration between Zeal and The Centre for Coastal Management, Department Of Fisheries, University Of Cape Coast, In partnership with the Danish Government; Hotspot of multiple stressors researched based management of contaminants in the Gulf Of Guinea.

Successful collaboration between Zeal and School of Engineering, Kwame Nkrumah University of Science and Technology to conduct research into the removal of Fluoride in boreholes in the 3 Northern Regions of Ghana to make water portable (headed by professor Francis Mamoade)

Dr. Yaw Adu-Gyamfi

Founder & Chief Executive Officer Danadams Pharmaceutical Industry Gh. Ltd.

He has also completed an Executive MBA degree at Ghana Institute of Management and Public Administration (GIMPA).

He obtained two Bachelor of Science degrees in both Chemistry and Mathematics from Clark-Atlanta University in Atlanta, Georgia, U.S.A.

D

r. Gyamfi holds a Doctorate degree in Pharmacy from Mercer University in Atlanta, Georgia, USA, and is a fellow of the West African College of Postgraduate Pharmacists.

In Ghana, he attended KonongoOdumasi and completed G.C.E “O” Level in 1975 and continued at Opoku Ware Secondary School to complete his “A” level Certificate. He is currently the Founder and President of the successful Danpong Group of Companies in Ghana. Dr. Gyamfi is the Group Chief Executive

Officer for both Danadams Pharmaceuticals Industry (Ghana) Limited and Danpong Healthcare Group.

He is the current President of Association of Ghana Industries (AGI), and former 1st Vice President of Ghana

Employers Association (GEA).

He also serves as a Commissioner on Public Utility Regulatory Commission and former Board Chairman for Ghana Cylinder Manufacturing Company on Spintex Road and Ghana Pharmacy Council.

He served as a Council member of the following Universities in

Ghana; University of Health and Allied Health Services,(UHAS) Ho, Central University School of Pharmacy, Ghana College of Post-Graduate Pharmacists, and Mountcrest University.

Dr. Yaw's overseas work experiences include ownership and management of Adamsville Delivery Pharmacy in Atlanta, Executive Vice President and Chief Operating Officer of Southwest Hospital and Medical Centre in Atlanta. He is a married man and blessed with six , namely, Norman, Jacqueline, Doris, Derrick, Laurethe and Lena Maame Sarpong Gyamfi.

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WEDNESDAY AUGUST 05, 2020

Noble John Otumfuo Watson

Chief Executive Officer Mayfair Estates Limited

Diploma/MSc in Actuarial Science from City University (London). He is a member of the Institute of Actuaries.

E

nrepreneurship in Ghana used to be the preserve of older men who had often worked in various industries before settling into their own businesses. It was rare for youthful Ghanaians to invest and drive businesses from startup through growth to expansion.

Today, the tide has turned as pioneering entrepreneurs like Noble John Watson Otumfuo, The Founder and Chief Executive Officer (CEO) of Mayfair Estates Limited show that young people can start, maintain, succeed and expand sophisticated businesses.

Despite the numerous constraints of doing business in Ghana, entrepreneurs and philanthropists like Noble John Watson Otumfuo are reaffirming their commitment to promoting economic progress and the wellbeing of Ghana through business and social responsibility.

About John Otumfuo In 1997, Noble John Watson Otumfuo joined Friends Provident Insurance as an actual student and worked there for two years. He then moved on to Lloyds TSB as a Pensions Analyst.

After working there for another two years, he moved to Hyman Robertson Actuarial Consultant as a senior actuarial analyst for another two years. He later joined Sun Life Insurance of Canada as a Senior Actuarial Analyst, and later moved to Marlborough Sterling Actuarial Consultant in 2006. After which he returned to Ghana to Start Mayfair Estates Ltd.

He has an excellent academic background and track of experience that propels him to great heights. With a Bsc (Hons), Mathematical Degree from the Kwame Nkrumah University of Science and Technology, Kumasi, and a Post Graduate

Overcoming challenges; making things work Having been in business since 2008, His motivation is the ultimate fulfillment he gains from satisfied clients and being able to serve housing and infrastructure needs to complement national livelihood improvement efforts no matter what.

Even though the Real Estate business in Ghana is saddled with challenges such as difficulty obtaining financial support, high import duties, land acquisition problems coupled with land tenure issues, unreliable work force, theft, lack of community infrastructure such as electricity and water, he has remained steadfast in his commitment to the business.

The Watsons model: unconventional, one-stop-shop real estate solutions Cut out the middleman: Otumfuo innovated an unconventional, one-stopshop solution by providing an inhouse product for clients to own homes without the hassle of bank interventions. This makes it easier and cheaper to own a Mayfair home and remains the only offer of its kind on the market. Employment creation: Noble John Watson O t u m f u o ' s contributes to Ghana's economic development by employing over 300 workers across his businesses; no mean feat considering real estate challenges.

Reducing housing deficit: Having pledged to reduce the country's housing deficit, Mayfair Estates Ltd is planning on building over 5,000 plus affordable houses in Ghana over the next decade. His current project at Mayfair Gardens, Airport Hills can boast of high standard buildings in a gated community with over 200 homes.

Other projects being

undertaken is a 120 (Two Bedroom) apartment blocks for Ghana Military Police in Burma Camp built to improve housing for the soldiers, The Mayfair Court at Ajringanor, Mayfair Enclave at Oyibi all in the Greater Accra region.

Diversified business: Beyond the construction of homes, He owns four separate factories that produce; over 3,000 blocks a day, PVC windows and doors, roofing tiles, and paving blocks.

This means he controls delivery timelines and building standards making him more efficient.

Behind Noble Watson Otumfuo's s u c c e s s Otumfuo is God fearing, humble, truthful and firm, a family man with a naturally shrewd business acumen and an ability to sell with a customer-first mindset. He loves what he does, whether it's interacting with customers, or working closely with all categories of his workers.

Visitors often mistake him for a regular staff member when they visit and see him about. His hard work goes without saying.

Social projects that keep on g i v i n g As a socially responsible businessman, he believes God blesses him to enable him bless others.

This drives his philanthropy and social investments; projects that keeps on giving. A selection includes:

1. Twenty (2-Bedroom self-

contained) accommodation with a basketball court to house military police personnel at Okponglo Behind the Tallow Oil Building

2. Mayfair Block. Six (1-Bedroom self-contained) accommodation at Headquarters Southern Command. Teshie

3. Frontage Fence Wall of Headquarters Southern Command. Teshie

4. The Otumfuo Junior Rank Mess at Base Workshop. Burma Camp.

5. J W Otumfuo ICT LAB a 60Seater ICT LAB for Services Primary & Junior High School in Burma Camp.

6. Basket & Volleyball court for students at Services Primary & Junior High School in Burma Camp.

7. Ongoing Ten (1-Bedroom selfcontained) accommodation at Recce Regiment Burma Camp

A word to the wise

To young people looking for direction, Otumfuo believes it's not a race for quick money but instead a disciplined marathon towards success, an understanding of what they do best and can offer and ultimately, an agility to keep up with the ever-evolving nature of the world. His exploits continue to demonstrate the validity of his words as he further pioneers a new age of youth entrepreneurship in Ghana.

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Mr. Edmund Poku

Managing Director Niche Cocoa Industry Limited

M

r. Edmund Poku is the founder and Managing Director of Niche Cocoa Industry Ltd in Ghana.

Niche Cocoa is a free zones

company which produces highquality cocoa liquor, cocoa butter, cocoa cake and cocoa powder for export. Given his vision and high commitment to the value addition of cocoa, the company has won several a w a r d s underhisleadershiplike“GhanaE xporterofThe Year” for three Consecutive Years (2013, 2014 and 2015) and Best Tertiary Cocoa Processing Company of the year 2019-under the Ghana Cocoa Awards.

Edmund is the proud winner of

the following awards; Entrepreneur of the year award – National Black MBA Association – USA, Hall of Fame – Agroprocessing Entrepreneur – Entrepreneurs foundation, Finalist of the EY West Africa Entrepreneur , Cocoa Entrepreneur of the year 2019, among others.

Prior to the company's start-up, he served as a Manager of Strategic Business Development at Home Depot and as an Investment Banker at Goldman Sachs. He holds MBA from

G

The 1980's saw Mr. Chinebuah representing oil majors such as BP, Geogas, Mercuria and Petrobras in Ghana, ultimately building strategic business relationships on the West Coast of Africa, across Europe and reaching as far as Greece and Switzerland.

With the introduction of a deliberate Government policy to augment the importation and storage of LPG in Ghana by initiating the bulk distribution concept (Bulk Distributing

Prior to graduate school, Mr. Poku worked as a management consultant at PricewaterhouseCoopers and earned an Industrial Engineering degree from Columbia University and a B.A. in Liberal Arts from Bowdoin College.

He is passionate about industrial and economic development in Africa.

Chris Chinebuah

Executive Chairman Fuel Trade Limited

hana's gems cease not to unearth their resources; these treasures continue unfold in one of Ghana's most remarkable entrepreneurs; Chris Chinebuah. With about 4 decades of experience in the Oil & Gas industry, the founder and current Group Executive Chairman of Fueltrade Ltd., began his journey into the maritime industry in the 1970's, upon graduating from the University of Ghana, Legon into a shipping agency, where he learned the ropes of oil transportation.

Columbia Business School in 2002 and a masters in Engineering Management from Dartmouth College in 2000.

Companies), Chris Chinebuah established Bulk Ship & Trade Ltd. in the year 2000. His contribution to the growth and success of Ghana's Oil & Gas industry is phenomenal; the least among them being the contribution of materials and funds towards the repair of the Tema Oil Jetty LPG pipeline (350 metres); the section that is most exposed to seawater.

Having operated initially as a downstream oil trading company; transporting and distributing oil across countries on the West Coast of Africa, Chris Chinebuah diversified into Bulk Oil Distribution giving birth to Fueltrade Ltd, which then entered the industry to carve a niche in the LPG market.

Chris Chinebuah's Fueltrade Ltd. was the first privately owned Ghanaian company to build LPG storage infrastructure (Tema Fuel Company) in partnership with Glencore UK in 2013 to complement that of the Tema Oil Refinery (TOR), given the increased demand for the product and the inadequate capacity at TOR; subsequently supplying over 90% of LPG imported into the country between 2012 and 2015, making

Fueltrade Ltd. a key player in the LPG supply chain.

Fueltrade continues to make waves; being licensed under FT Engineering Services to undertake Bunkering operations either from Tema via Ghana Bunkering Service (GBS) or in Takoradi through the Ghanstock facility; jointly owned by Fueltrade and Total Ghana Ltd by the use of both pipelines and BRVs. With skill, expertise, infrastructure and advancement in technology, Fueltrade is privileged to be the only

Ghanaian company to own part of an oil block. The two percent ownership allows Fueltrade to join AKER Energy in developing the block for production at the Deepwater Tano Cape Three Points (DWT/CTP).

Chris Chinebuah serves on many Boards, offering deep and leading-edge knowledge in leadership, Oil & Gas Trade Management, Risk Analysis and International Trade & Finance among others, equipping and inspiring the young generation into forward-thinking and avantgarde entrepreneurship.

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Mr. Rockson Kwesi Dogbegah

Founder & Executive Chairman Berock Ventures Limited

He is also a member of the Project Management Institute (PMI), USA and Ghana; member of Global Ethics Forum of Switzerland; member of Ghana's Task Force on Sustainable Public Procurement (GTF-SPP) and also a member of the Management Board of CSIR-Building and Road Research Institute, Ghana.

M

r. Rockson Kwesi Dogbegah is a C h a r t e r e d Environmentalist and Chattered Construction Manager. He is also a Fellow of the Chartered Institute of Building (FCIOB) UK; Fellow of the Royal Institute of Chartered Surveyors (FRICS), UK; Fellow of the Ghana Institute of Construction (FGIOC); a Chartered Member of the Society for the Environment and also a Fellow of Institute of Directors (FIoD) of Ghana.

He is the President of Institute of Directors Ghana (IoD-Gh), Chairman of the Construction Sector of the Association of Ghana Industries (AGI); Chairman of the Construction Industry Development Forum, Ghana (CIDF-Gh); Past Vice President of the Chartered Institute of Building (CIOB) Africa; and the Interim Chairman of the African Union of Construction Managers (AUCM).

Mr. Dogbegah has, due to his strong appetite for excellence and professionalism, over 30 excellence award to his credit.

Mr. Dogbegah was elected to the Entrepreneurs Hall of fame (building and construction), at the Ghana Entrepreneurs and Business Support Awards in Accra, on 29th April, 2016. As an astute and Excellent Business Leader in Ghana, Mr. Dogbegah, was honored with a “Special Award” amongst other Business leaders at the Ghana 60th Independence Anniversary Celebrations-Diamond Jubilee Business Leaders Excellence Awards, held in Accra on 14th July, 2017.

Indeed, Mr. Dogbegah has to his credit international and national awards for quality and excellence. For example, He received an Award in Quality Management in Switzerland in March, 2014; and an International Award in Business Development by CIOB in London

in November, 2014.

In September, 2015, he also received a life time achievement award for his contribution to the development of the construction industry in Ghana at the Ghana Construction Awards 2015.

His company, Berock Ventures Ltd., which he founded in 1993, has been commended on many occasions for efficient and timely execution of its projects.

Berock Ventures Ltd. has successfully constructed several building projects. Key among its projects are, the 7-storey Ghana Civil Aviation Authority Training Academy; the Rehabilitation of the Bolgatanga Regional Hospital; the 6- Storey Head Office for the National Petroleum Authority and the 8-Storey Shops and Offices Complex for the Tema Development Corporation. The company also constructed the 12-Storey Accra Shippers Authority Building, the first ever ICT Park, the National Blood Bank and several projects on public university campuses.

Without a doubt, the quality delivery of these projects speak for themselves.

At the inauguration of the 7-storey Ghana Civil Aviation Authority Training Academy, Berock Ventures Ltd was highly commended for its professionalism and

commended as one of the best construction companies in Ghana and urged its management to continue to excel.

Mr. Dogbegah is an illustrious citizen of Ghana, his initiatives at the forefront of the construction industry development has earned him the accolade as the “voice” of the construction industry in Ghana. He also continues to serve as both member and chairman of several boards of key public and private organizations in the country; adding his quota to the development of excellence and sustainable growth of our dear country.

He has led the development of several policies for the Construction industry in Ghana, key among them are: Local Content Policy, Construction Industry Development Policy & Bill, Construction Health & Safety Policy, Revision of Offices, Factories & Shops Act, Construction Mentorship Scheme, Development of an Improved Price Fluctuation Compensation Mechanism, etc.

He is convinced that when local competence is enhanced, economic development will increase exponentially and that will be the engine of Ghana's growth and development.

WEDNESDAY AUGUST 05, 2020

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Mr. Pawan Aidasani

Chief Executive Officer Jay Kay Industries & Investments Ltd.

J

ay Kay Industries & Investments Ltd. Pawan Aidasani became C. E. O of the group in the early 2000's and has been responsible for exponential growth; the business has witnessed in last two decades.

He has kept his portfolio of everything related to Papers & Paper Products; He is a

calculated risk taker with deep industry knowledge, he has built his fortune through a series of successes by embracing the core values of integrity, innovation and growth,

He is a man who is motivated

by Power, preferring to build his company's fortunes through a series of safe

investments and reaching out to the demands of his clientele

A man with a Vision & Mission as well as Type “A” Personality; He is a born leader, leading his entire team along with him.

All his achievements are well balanced by a strong sense of responsibility, both to his company and to the entire World.

Mr. Jonathan Lamptey

Founder & Chief Executive Officer Comsys Ghana Ltd / Telesol Ltd

J

onathan Lamptey, is an entrepreneur and CEO. An electrical engineer by profession from KNUST, an Alumni of Harvard Business School and with several other professional qualifications. He has been CEO of Comsys since 2004. He is also the Chairman and founder of Telesol Limited in Ghana.

He has over fifteen years experience in the Telecoms and ICT industry heading his companies to be market leaders within that space in Ghana. He is a very focused individual and passionate on ensuring that businesses in Ghana and the sub region are not disadvantaged in technology to match their western counterpart and

For more business news and analysis Read e-Newspaper for Free at www.business24.com.gh

competition.

In Ghana, Comsys has been awarded Enterprise service company for five consecutive years with the latest being in 2018. His passion to see the telecommunications sector grow is giving young people the opportunity to explore their potentials in the workplace.

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Mr. Isaac Amoako-Mensah

President & Chairman CAGL Group Management - Cambridge International College.

He is responsible for the overall working of the Company and is instrumental in making strategic decisions and management for the Company. He has nearly a decade of experience in the security sector.

M

r. Isaac AmoakoMensah, the Executive Director of the Company, graduated with a Master's Degree in Business Administration with specialization Human Resource

He served his beloved country for 8 years as an executive Naval Officer and was one of the youngest Officers to Command GNS David Hansen.

He led the Ghana Navy's team to Safe Boats International in the United State for the

construction, acceptance and training on Ghana's newly acquired Defender Class Boats (2008). He voluntarily retired at age 28 with the rank of a Naval Lieutenant.

He held the position of location Manager for the multibilliondollar company Schlumberger in Tanzania. And rose to the rank Regional cost

transformation manager over East and Southern AfricaSchlumberger. He is currently the Executive chairman of CAGL Group of companies. He has been with the Company since its inception. He is the man one can conveniently describe as mad with the passion to

succeed. Three years down the line of business, the start-ups have not only kept up, but also outpaced competitors, becoming one of the best in the industries they operate.

Mr. Amoako-Mensah has received various awards for his entrepreneurship including Best Entrepreneur in shipping and Logistics 2017- 40 under 40 Awards, Promising Entrepreneur of the year 2018 Ghana shippers Awards, Best Young Entrepreneur of the year 2018 -Ghana Business Awards among others. Besidesthis,

Mr. Amoako-Mensah is a prolific golfer and an active member of the celebrity Golf club, Tema.

WEDNESDAY AUGUST 05, 2020

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Corporate Executive Awardees Mrs. Patience Akyianu

Group Chief Executive Officer Hollard Ghana Holdings Ltd. . terms of Gross Written Premium. The company also achieved a 25% growth in revenue, a feat that was last achieved some 5 years ago. She turned the around company's loss-making position in 2018 to an impressive profit after tax in 2019 during her full year of leadership.

M

rs. Patience E. Akyianu is currently the Chief Executive Officer of the Hollard Group in Ghana and is a director of both the Boards of Hollard Insurance Ghana (General Insurance) and Hollard Life Assurance Ghana.

Patience is a very experienced and well-rounded business leader with strong commercial acumen and has over 27 years' experience in Banking, Finance and Insurance, having spent the recent 17 years in the banking industry before joining the Insurance Industry in October 2018.

After a year of assuming the Group CEO role of Hollard Group, its general insurance business, Hollard Insurance Ghana moved from 5th to 3rd in

She previously served as Managing Director of Barclays Bank Ghana for 5 years where she built a high performing and more diverse leadership team.

Prior to that, she was the Finance Director of Barclays Bank Ghana. Under her leadership, the performance of the bank consistently exceeded expectations, culminating in its position as the most profitable bank in Ghana and won the following awards;

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Best Bank in Ghana- Euromoney Awards for Excellence 2014 Winner, 2013 Best Investment Bank In Ghana- EMEA Finance 2014 Awards Best Domestic Cash Management House- Euromoney Awards 2014 Africa Best Employer Brand- Africa Best Employer Brand Awards 2014

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Top 50 Best Global Employer Brands Institute (EBI), April 2015 Best Corporate Bank in Ghana, The Banker Africa, West Africa Awards 2015 Best Trade Deal of the Year, Ghana Association of Bankers Awards (2015) Best Bank – Cash Management Services 2016 (Euromoney) Iconic Brand of the year – Annual Marketing World Awards 2017 Financial Institution of the year – UK Ghana Chamber of Commerce Awards 2017 The Asian Banker – Best Transactional Bank of the Year 2017 1st Ghana HR Star Awards 2017 - Overall Best Organisation in Performance Management 1st Ghana HR Star Awards 2017 - Overall Best Organisation in Rewards HR Focus Awards 2017 - Best Organisation in Rewards Management & Practice Ghana Banking Awards 2017 - 1st Runner-Up Corporate Social Responsibility Ghana Banking Awards

2017 - 1st Runner-Up - Trade Deal of the Year  Ghana Banking Awards 2017 - 2nd Runner-Up - Financial Performance Mrs Akyianu sits on the board of Ecobank Ghana Limited and on the Advisory Committee of the Ghana Infrastructure and Investment Fund.

She is a founding member of both the Executive Women Network and the International Women's Forum, Ghana.

Patience is very passionate about Youth Leadership and takes time out of her busy schedules mentoring and coaching young people within the Executive Women Network as well as tertiary students.

She is an honorary member of the Ghana Institute of Directors.

Patience Akyianu has had an illustrious career to date, no better demonstrated than by the stream of awards she has won over the years. She was named among the 100 Most Reputable Africans 2018, by the Reputation Poll, together with renowned leaders like Rwanda's Paul Kagame, South Africa's Cyril Ramaphosa, Ghana's Pastor Mensah-Otabil and Strive Masiyiwa.

Mrs. Abena Osei-Poku Managing Director Absa Bank Ghana

Managing Principal and Regional Head responsible for Barclays Africa Group's (now Absa Group Limited) Corporate and Investment Banking businesses in East & West Africa.

M

rs Abena Osei-Poku is an economist by training and an astute leader with a proven track record in banking. She was appointed as the Managing Director of Barclays Bank Ghana limited in September 2018. Prior to this, she was the

She previously served as the Corporate Banking Director at Barclays Bank Ghana.Before joining Barclays, Mrs Osei-Poku worked at Standard Chartered Bank where she held various senior roles including Regional responsibility in risk Management for West and Central Africa and Director of Global Corporates in Ghana.

Mrs Osei-Poku's expertise includes strategy, corporate governance, people management, change management, risk management and client coverage. With over 24 years in-depth Pan-African experience gained across West, Central, East and South Africa, she is credited with the turnaround of the Corporate Banking Businesses in Barclays Ghana and Uganda. She has won various awards such as best Corporate Bank in Ghana, Uganda and Kenya, Best Global Development Bank in Uganda and Euromoney Best Cash Management in Ghana & Uganda.

Mrs Osei-Poku has broad board experience having previously sat on the boards of Airtel Mobile Money, the United Kingdom and Ghana Chamber of Commerce

and is currently the Chairperson of the Advisory Board of the College of Health Sciences, University of Ghana. In addition, she sits on the governing councils of the National Banking College, the Ghana Bankers Association and several executive forums.

She is passionate about talent development, building high performing teams as well as diversity and inclusion. She was the first Chairlady for the Barclays Women Network forum (WNF) in Ghana. Her strong focus on service to her colleagues, clients and stakeholders has helped to bring possibilities to life.

Mrs Osei-Poku holds a bachelor's degree from the University of Ghana, Legon and an Mba from the Manchester Business School (United Kingdom).

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Dr. Joshy Varkey

Managing Director Nyonkopa Cocoa Buying Co. Ltd 2.

J

oshy Varkey is the Managing Director of Nyonkopa Ltd, a subsidiary of Barry Callebaut Group; the world's largest chocolate manufacturer; since May 2016. He started his career in Ghana as Head of sales and Marketing with Aquafresh (Kalyppo); and later served as MD with noted multinational companies in the Agribusiness sector since 2011.

He worked in the plantation sector (HML), Agrochemicals & Seed (Monsanto) and Retail industries (Reliance Retail) in India before moving to Ghana.

Joshy implemented various innovations in the systems and

procedures in running Nyonkopa; which led the company to 4th Position among cocoa sector in Ghana; in volumes, with 12 % market share - in a span of 3 years.

He solved the ailing problem of Insurance and pensions for Cocoa farmers by introducing – Nyonkodo Farmer life Plan - a tripartite package that provides solution to Insurance, child education support and Pensions.

Various recognitions Nyonkopa Bagged under his leadership are: 1.

Best Agri-business Company in Cocoa sector by GNCCI 2016, And Best AgriBusiness Company 2017 and 2018, by GNCCI.

The Best Corporate social responsibility company in 2017 and Best company Employer in 2019; by Association of Ghanaian Industries.

3.

Best Agro Trading Company of the year, 2016 and 2017 by SMEGA CSR Agribusiness of the year 2018 by Centre for CSR, West Africa.

4.

Agribusiness Company of the year, 2018 and 2019 By Ghana Business Awards.

5.

Agribusiness Company of the year 2019 and community Impact Award, 2019 from NiBS. 6.

Sustainability and Social Investment awards for 2019.

7.

Business Quality in Agribusiness Industry by in 2016 and 2018; Best social corporate responsible company of the year 2017 by Entrepreneurs Foundation of Ghana.

8.

Chief Executive of the year, 2016, 2017 and 2017 Agribusiness (Cocoa Industry) by Ministry of Trade & Industry and EFG. He holds a degree in Agriculture and a Masters in Business Administration. In Dec 2017, He was awarded with an honorary doctorate from Commonwealth

C

University, UK. He is married to Sumi and is blessed with three sons. He is also a noted sports personality and was a University Marathon champion for three years during his course of study and a car rally enthusiast and has won two car rallies in India in 2006 and 2007.

At Nyonkopa they see their MD as an Innovator and game changer in the industry; a visionary and pragmatic leader. He is a mentor and team player and believes and demonstrates in the ability of his team .More importantly, His name is now 'synonymous' to innovation in agribusiness, as in his tenure the company have witnessed mindboggling innovations.

Nyonkopa expanded the business across the cocoa regions to 101 Districts and is the 4th largest payer in the Industry; and thereby the financials improved greatly and are one among the largest tax payers to the state exchequer.

This also led to numerous avenues of job creation especially among rural youth.

Nyonkopa's needy Program, is another social intervention from him where we all contribute a minimum of a day salary to the welfare of communities we operate.

atulati s

Hon. Maxwell Kofi Jumah Chief Executive Officer,

Ghana Industrial Holdings Corporation (GIHOC)

on your excellent award

WEDNESDAY AUGUST 05, 2020

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Dr. Kwame Addo Kufour

Board Chairman Social Security & National Insurance Trust

D

r. Kwame Addo-Kufuor is a Medical Practitioner and a Public servant par excellence. He steers the affairs of the Trust with a rich experience from his service to Ghana and his empathy to the stakeholders of the Trust, especially pensioners. This stems from his many years of attending to his patients and showing them compassion. These qualities have influenced his decisions as the Chairman of the Board of Trustees of SSNIT. During his tenure as Board Chairman, he has led the team to put measures in place to sustain the Scheme and has also championed the welfare of pensioners.

Below are some of the achievements of SSNIT under his leadership.

VALUE FOR MONEY (SAVINGS) To stop the payments of pensions to non- existent pensioners, 6,270 'ghost' names were deleted from the Trust's pension payroll.

This exercise has since saved the Trust over GH¢ 66.15m as at December, 2019.

Procurement Under his leadership, the Trust has instituted stringent standards and controls in procurement processes which has cut down sole sourcing to ensure value for money. He also advocates for strict adherence to procurement laws.

Savings on ICT A comprehensive audit of the Trust's ICT systems was conducted. The Trust identified and recovered certain costs and also cut down on recurrent support and maintenance expenditure. A re-negotiation of agreements on some ICT infrastructure, support and license fees within the period resulted in savings of $8.52m to the Trust. About half of this was recurrent expenditure.

A signed Service Level Agreement (SLA) for three (3) years is saving the Trust $2m compared to the previous maintenance contract.

Also, an amount of $15,281,167.87 and GH¢16,019,579.46 is to be

claimed as refunds from one of the IT solution vendors.

The Internal Audit Department has further unveiled another $6,944,467.18 to be claimed from a software provider.

EXPANSION OF COVERAGE A mass social security expansion campaign was done which resulted in a 17.4% increase in total contributors and 209,551 newly enrolled members. The Trust is also promoting the expansion of coverage, especially for self-employed persons in an effort to extend social security cover for workers in the informal sector.

CORPORATE SOCIAL RESPONSIBILTY (CSR) His insistence on stakeholders being the main beneficiary of the Trust's CSR efforts has led to the development of a new CSR Policy to benefit stakeholders of the Trust, especially pensioners. He therefore led Management to take the first step in fulfilment of this new approach, by presenting an amount of three hundred thousand Ghana cedis (GH¢300,000.00) and later five hundred thousand Ghana cedis (GH¢500,000.00) to the Pensioners Medical Scheme to strengthen and sustain it to cover basic medical bills for its members.

PENSIONERS PRIORITY DESK Pensioners' priority desk has also been introduced in all SSNIT branches so that pensioners who walk into SSNIT offices do not queue before being attended to.

INVESTMENTS A new investment policy that better controls the investment process has also been developed Professionals and experts have been appointed to Boards of subsidiary companies which has led to major improvement in the corporate governance of these entities. The bringing on board of expertise to these investee companies, led to the declaration of the first dividend by The Trust Hospital Company Limited (a facility fully owned by SSNIT) since its incorporation in 2010.

The amount paid was GH¢597,979. Another investee company, Labadi Beach Hotel, declared a dividend of GH¢1m for 2017. This amount was a huge improvement, considering that the company booked a loss in 2016. In 2018, an amount of GH¢1,059,384.04 was also received from Sentuo Steel as

dividend. This was a great development considering that the company recorded a loss in 2016.

STRATEGIC STAKEHOLDER ENGAGEMENTS AND ACCOUNTABILITY To address stakeholder dissatisfaction, deliberate efforts were made to be more inclusive of stakeholders. Strategies were put in place and a clear plan was drawn to map stakeholders and have tailored engagements with each segment to ensure that they understood the business and operations of the Trust and value the scheme provides. This has led to meaningful engagements with key stakeholders such as meetings with Organized Labour, face time with influential media persons, employer breakfast meetings and other initiatives.

IMPROVED IMAGE These initiatives and interventions have significantly impacted and improved the image of the Trust leading to the Trust being acknowledged as the Public Sector Company of the Year, 2019 (Ghana Business Awards).

CONTRIBUTIONS TO THE REPUBLIC OF GHANA In 2001, when the New Patriotic Party (NPP) won the general elections and claimed majority in Parliament, Dr Addo-Kufuor joined Parliament as the Member of Parliament for the Manhyia Constituency, a seat he held from 1997 to 2008.

He was also appointed as Minister for Defence, but before his appointment, he was ranking member for health in Parliament

and played a leading role during the pilot stage of the establishment of the National Health Insurance Scheme.

The new Ministry of Defence Complex, the Kofi Annan International Peacekeeping Centre, Burma Hall, Burma Camp Computer Centre were among some of the major initiatives undertaken during his tenure as Minister for Defence.

He was instrumental in the construction of the new 37 Military Hospital in Accra and with the support of Ghanaian and Indian colleagues, the elevation of the hospital to a post - graduate medical college currently training medical specialists.

The Beijing Barracks and the “Open Day” of the Ghana Armed Forces were among the projects undertaken during this time.

As M.P. for Manhyia, he was responsible for many educational, health, and infrastructural development initiatives. The Abbey's Park Community Centre was the most significant of these projects.

He was a member of the ECOWAS negotiation team that arranged the first Meeting between the Ivorian government and the rebel movement, Forces Nouvelles.

He also led the Ministry of Defence delegations to China, UK, US, Russia, Burundi, Rwanda, Senegal, Tanzania, Sierra Leone, India, Lebanon, Togo, and South Africa. These contacts helped to enhance the human and equipment capabilities of the Ghana Armed Forces to operate.

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