Business24 Newspaper 15th December, 2021

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WEDNESDAY DECEMBER 15, 2021

Wednesday December 15, 2021

BUSINESS24.COM.GH

EIB supports Ghana’s Covid-19 response plan with €82.5m

NO. B24 / 287 | News for Business Leaders

The IMF's misstep on climate finance

See page 5

See page 7

Hire chartered bankers to drive growth – CIB boss tells banks

By Eugene Davis ugendavis@gmail.com

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he President of the Chartered Institute of Bankers, Ghana, Rev. Patricia Sappor, has asked chief executives and directors of banks and non-bank financial institutions (NBFIs) to engage the expertise of professional chartered bankers to drive their sustained growth and performance.

“To our CEOs and managing directors of banks and NBFIs, I implore you to prioritize the recruitment of chartered bankers in your companies as they have Cont’d on page 2

Agric, manufacturing sectors still hold huge prospects—GIPC

Bayport networks with investment partners

he Ghana Investment Promotion Centre (GIPC) has partnered with the United Nations Development Program (UNDP) to organise the second edition of their series of Sustainable Development Goals (SDG) Investor Map breakfast meetings.

The high-level event, which was

By Patrick Paintsil p_paintsil@hotmail.com

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Editorial / News

WEDNESDAY DECEMBER 15, 2021

Editorial Alarm bells on rising threats of piracy keeps ringing

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oncerns over the spate of pirate attacks closer to the nation’s territorial waters keeps increasing by the day with various stakeholders urging swift action from governments of ports states along the Gulf region.

Data show that more kidnappings took place in the Gulf of Guinea in the first two months of 2021 alone than the entire first quarter of 2020 as piracy and other sea-related crimes continue to be a menace along that stretch of the Atlantic Ocean.

The Gulf of Guinea accounted for nearly half of all reported piracy incidents in the first three months of 2021, according to the latest figures from the ICC

International Maritime Bureau (IMB).

Quite disturbingly, about nine of these attacks were recorded within the country’s territorial waters.

IMB’s latest global piracy report records 38 incidents since the start of 2021 – compared with 47 incidents during the same period last year. In the first three months of 2021, the IMB Piracy Reporting Centre (PRC) reported 33 vessels boarded, two attempted attacks, two vessels fired upon, and one vessel hijacked.

An unsafe trade route comes with dire consequences across the entire maritime value chain, the more reason this menace must be tackled with the full

force it deserves.

Aside the harm to lives, other foreseeable risks of rising piracy on Ghana’s import and export business will be evidenced in costs.

The situation could drive up freight rates as a result of our Exim trade routes being at risk, insurance premiums will also go up due to increased risks and all surcharges on security whether at port or at sea will have to be passed down to end-consumer of imported goods.

The maritime sector has made some good gains amid the resurging pandemic and we cannot afford to backtrack on our sustained efforts at trade facilitation.

Hire chartered bankers to drive growth – CIB boss tells banks Continued from cover

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been specially equipped with the requisite skills to drive business growth,” she said the CIB-GH 2021 Annual Bankers’ Dinner in Accra.

Rev. Sappor also encouraged women to take up leadership roles in the various banking institutions.

She indicated: “It is also my desire to see many women participate in leadership discussions and take up roles at the senior management levels in our various institutions. I encourage my fellow women to be bold and aspire for these positions, to champion this

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Patricia Sappor

agenda to fruition.

The CIB boss also urged the promotion of entrepreneurship in the country, adding that SMEs should not be ignored because they are the engine of growth and serve as a backbone for restoring any crippled economy back to its feet.

The Bank of Ghana embarked on a banking sector clean up, recapitalization, and other regulatory reforms from mid-2017 to end-December 2018 in line with its mandate to promote the safety, soundness, and stability of the financial system to support economic growth.

The banking sector remains

sound and well-capitalised with strong growth in total assets, investments and deposits, despite the challenging pandemic environment, with size of the balance sheet of the banking system continuing to expand.

In the first ten months of the year, total assets increased by 16.1 percent year-on-year to GH¢173.8 billion, according to the central bank.

According to BoG, out of the 23 banks, sixteen banks met the new minimum paid-up capital requirement of GH¢400 million mainly through capitalization of income surplus and fresh capital injection.

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Agric, manufacturing sectors still hold huge prospects—GIPC Continued from cover a build-up on the hugely successful first edition, created another opportunity for stakeholders to delve deeper into private equity, as a source of investment for businesses in Ghana, particularly, those in the agriculture and industry sectors.

Through an informative session, the event spearheaded a discourse on SDG Investor map utilisation and identification of opportunities in agriculture and manufacturing.

The SDG Investor Map which was initiated by the UNDP was introduced earlier this year to help steer capital into inclusive and sustainable investments in key economic sectors.

According to the CEO of GIPC, Mr. Yofi Grant, it is estimated that agriculture employs about 50percent of Ghanaians along the value chain across its production, distribution, marketing and consumption.

“The SDG Road map tells you exactly where the fertile lands and yields are and where the market is. For us in Ghana, it is a clear path of enabling us market these opportunities more constructively and also a very

important information for those in agriculture and industry,” he said.

The map provides market intelligence for private sector investors in the agriculture and manufacturing sector, to channel finance towards development needs.

The UNDP Deputy Resident Representative in Ghana, Sukhrob Khoshmukhamedov, stressed on the importance of agriculture to the growth of the Ghanaian economy and in view of that congratulated the efforts of all farmers and fisherfolks for their tireless effort to provide food for the country.

“Agriculture plays a pivotal role in the Ghanaian economy by employing about 60% of the country’s total labor force but unfortunately contributes about 20% to the country’s GDP. This shows the state of the sector and the magnitude of the numbers,” he said.

He also noted that the SDG Investor Map highlights the enormous potential and investment opportunity areas in the agriculture and manufacturing sectors that would contribute to the recovery and resilience of

these sectors.

The agribusiness tracker, a survey initiated by UNDP in partnership with the Ghana Statistical Service and GIZ, to assess the effects of the pandemic on agribusiness indicated that COVID-19 had a severe impact on agribusinesses in Ghana.

Major stakeholders in the agriculture sector were present to help the discourse including the 2018 National Best Farmer who enlightened the audience on the importance of venturing into agricultural related activities with its vast opportunities.

The Ministry of Trade and Finance were also present to show policies and steps the government was taking to help the development of the agriculture and manufacturing sectors.

The SDG Investor Map is currently identifying specific investment opportunities at the

local levels with 6 Metropolitan, Municipal, District Assemblies which are Kumasi Metropolitan Assembly, Ketu South Municipal Assembly, Sefwi Wiawso Municipal Assembly, Jomoro Municipal Assembly, Sagnarigu District Assembly and Kassena – Nankana West District Assembly.

For Ghana, the SDG Investor Map provides information on 12 Investment Opportunity Areas (IOAs) across 5 priority sectors namely, Agriculture, Infrastructure, Technology & Communications, Healthcare and Consumer Goods.

UNDP and GIPC are in partnership to take forward the investment intelligence gathered to all relevant stakeholders to shape the policy and business environment and to further attract investment to impact lives and help achieve the Sustainable Development Goals (SDGs).

Bayport networks with investment partners Continued from cover

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ioneer payroll lender, Bayport Savings and Loans Limited, recently hosted a networking session to deepen business relations with its investment partners and to solicit feedback that will enable it to enhance its positioning and competitiveness in the investment landscape.

Bayport Conversations & Cocktails was an informal event to familiarise Bayport’s investment clients and partners with the operations of the company, and to inform them about plans and focus areas for the next business year. Moreover, Bayport wanted to show its appreciation for stakeholder’ loyalty and trust during the difficulties and uncertainties brought about by the pandemic.

“A lot has happened in the last couple of years with Bayport and the financial services industry as a whole,” said chief executive offices, Akwasi Aboagye. “As a company, we thought it

was important to engage our investment partners and clients in conversations, network with them and, more importantly, understand their concerns and expectations for the coming year.”

Bayport is a market leader in payroll lending, also known as atsource lending, and works with employers to issue low-risk loans to formally employed Ghanaians.

In 2019, Bayport embarked on an ambitious drive to digitalise its operations, which enabled it to weather the impacts of the Covid-19 pandemic better than many other businesses.

According to Mr. Aboagye, those investments have transformed the business into a fully digital company, strongly built around

the interests of its customers and investment partners.

“We’ve taken prudent decisions on digitisation and business optimisation and implemented other solutions and tools with the view to become a truly digital business. All of these investments are aimed at positioning Bayport as a robust and sustainable business that will continue to deliver the quality of service and results that will give comfort to our partners and customers,” he added.

Bayport’s chairman, Francis Esem Wood, in acknowledging the brand’s good performance over the years, commended its able leadership for the impressive results that were achieved this year.

He encouraged Bayport’s business partners and corporate clients to build on the successes that they achieved this year in the interest of growing their businesses in the coming year and beyond.

In a video message, chief

finance officer, Dzifa Cofie, thanked clients and partners for their unwavering support over the years that has significantly and positively impacted the Bayport brand.

“Team Bayport will continue to deliver on what matters to you, creating a win-win situation for both the company and your businesses,” she added.

Bayport S&L is a subsidiary of Bayport Management Ltd, a multinational financial services company operating in seven African countries including South Africa, Botswana, Uganda, Mozambique, Tanzania, Zambia and Ghana. The group also has a presence in two Latin American markets, namely Mexico and Colombia. It commands a total asset base of US$1.5 billion and funds its growth and expansion at group and local level through investment and loan funding from a variety of long-standing global partners, as well as bonds issued on international and local markets.

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WEDNESDAY DECEMBER 15, 2021

EIB supports Ghana’s Covid-19 response plan with €82.5m

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resident Nana Addo Dankwa Akufo-Addo has welcomed the €82.5 million support offered to Ghana by the European Investment Bank (EIB) to strengthen healthcare, provision of specialist medical equipment and medicines across Ghana under the national COVID-19 Health Response Plan.

The concessional financing package, which comprises a €75 million facility from the EIB, and €7.5 million grant from the European Commission, was signed at the Luxembourg Headquarters of the European Investment Bank, following President Akufo-Addo’s official visit to Luxembourg on Monday, 13th December 2021.

The new agreement with Ghana represents the largest national EIB financing for COVID related health investment in Africa.

The new facility, representing the EIB’s largest support for COVID related health investment in sub-Saharan Africa, was signed by one behalf of Ghana by Hon. Kwaku Ampratwum-Sarpong, the Deputy Minister for Foreign Affairs, and Ambroise Fayolle, European Investment Bank Vice President, in the presence of President Nana Akufo-Addo, EIB President Werner Hoyer and Sena Siaw-Boateng, Ambassador of Ghana to the European Union.

“Strengthened cooperation between Africa and multilateral development partners is crucial

to share global best practice and ensure a rapid response to health, social and health challenges triggered by the COVID-19 pandemic.

The European Investment Bank and the European Union are key partners for Ghana and I welcome their support for our national COVID-19 Health Response Plan,” President Akufo- Addo said.

He continued, “Ghanaian and EIB experts have worked tirelessly in recent months to finalise this initiative since President Hoyer and I met earlier this year.

Specialist healthcare and medical services will benefit from both the EIB’s largest backing for COVID health resilience in Africa and EU grant support”.

“Ghana has taken visionary steps to ensure that the impact of COVID can be managed and

long-term investment unlocked to strengthen both health services and access to finance by business.

A few months ago, President Akufo-Addo and I confirmed EIB backing for the Development Bank of Ghana. It is an honour to welcome our Ghanaian friends to our Luxembourg headquarters to demonstrate the impact of our joint response to improve COVID-19 healthcare and discuss how to further strengthen Team Europe’s partnership to improve lives and opportunities in Ghana in the years ahead.” said Werner Hoyer, President of the European Investment Bank.

“Europe and Ghana stand side by side to tackle the health challenges triggered by the COVID-19 pandemic. The new Team Europe support for Ghana’s COVID-19 Health Response Plan

will strengthen public health and enhance resilience to the pandemic across Ghana in the months and years ahead through new investment backed by the European Union and European Investment Bank.” said Jutta Urpilainen, European Union Commissioner for International Partnerships.

The meeting provided an opportunity to discuss recent EIB support for the retrofit of the Kpong Dam, Development Bank Ghana and COVAX, explore future cooperation to support local vaccine manufacturing and outline the EIB’s strengthened engagement in Africa through a new dedicated development finance branch to be launched in the new year.

The EIB and EU backed health investment will improve medical treatment for patients with COVID at Treatment and Isolation Centres and Intensive Care Units, as well as measures to detect and contain the virus and slow down transmission. The initiative will both enhance medical treatment during the pandemic and enhance public health in the years ahead.

Ghana was the first country in Africa to receive COVID-19 vaccines under the EIB and EU backed COVAX initiative. EIB experts also briefed President Akufo-Addo on plans to further accelerate delivery of vaccines across sub-Saharan Africa.

GEPA builds capacity of women in agribusiness and textiles exports

By Patrick Paintsil p_paintsil@hotmail.com

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he Ghana Export Promotion Authority (GEPA), in collaboration with Canadian trade agency TFO Canada, has held a capacity building training for women in export trade, specifically those in the fields of agribusiness and textiles, to empower them to equip them for the international market.

Participants comprised of seasoned exporters, women traders who do indirect exports as well those who are yet to enter the exports market.

Albert Kassim Diawura, Deputy Chief Executive Officer in charge of Human Resource and Administration at the GEPA, told journalists that the programme formed part of GEPA’s activities to groom exporters for easy access to external markets, and ultimately to shore up exports.

“It’s an eye-opener for some of them to acquire the relevant skills for international trade; we are currently doing about US$2.8billion of non-traditional exports and we need to up our game because of our NEDS target of about US$25.3billion.

We cannot do this without capacity building,” he said.

According to Mr. Diawura, international trade, unlike the local market with less restrictions, comes with a lot of demands including product certifications, the legal side of trade, exports documentation et al and it was therefore important to keep exporters abreast with what pertains to trade in other parts of the world so that they could produce to meet those demands.

He added: “We realized that we have a lot women who are doing well in the export trade business and it was important for us to build their capacity to enable them overcome the challenges in

the international trade arena.

With this training, we are sharpening their skills to help them trade in the international market with ease.”

Similar trainings will be carried out in three other strategic locations across the country, namely Kumasi, Takoradi and Tamale with about 150 women traders set to benefit from the programme.

Head of Training at GEPA, Augustina Serwaa Dankwa, said the training will foster

collaborations among the participants, especially for producers of like products to take advantage of the export markets such as the African Continental Free Trade Area (AfCFTA).

“We are hoping to see partnerships between women traders in the textiles and agribusiness sectors.

They will also learn about exports documentations, incoterms, and other basic information that will prepare them adequately for exports,” she indicated.

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Finance

WEDNESDAY DECEMBER 15, 2021

The IMF's misstep on climate finance

By Sara Jane Ahmed, Daniel Titelman

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he International Monetary Fund seems determined to dilute one of the best examples of global cooperation in response to the economic disruptions induced by the COVID-19 pandemic and climate change. It must change course now, before it is too late.

The IMF’s allocation of $650 billion in special drawing rights (SDRs, the Fund’s reserve asset) in August was long encouraged and widely welcomed. Given the IMF’s tight rules, it was clear from the start that the vast majority of SDRs would go to countries that did not need them. As a result, G7 leaders pledged to re-channel upwards of $100 billion of their allocations to “countries most in need of … pandemic [support to] stabilize their economies, and mount a green and global recovery … aligned with shared development and climate goals.”

While these moves seem small compared to the $17 trillion that rich countries have spent to support their economies during the pandemic, they were nonetheless significant.

In October, just two months after the allocation, the G20 backed a plan by the IMF and the World Bank to develop and implement a Resilience and Sustainability Trust, which would allow wealthy countries to channel their allotments to lowand middle-income countries vulnerable to economic shocks.

Because the RST could be used to address risks related to climate change, it would fill a glaring gap in international finance. The IMF announced that it would have a proposal ready for its 2022 spring meetings.

But will it be enough?

Extreme weather events like floods and hurricanes can trigger financial instability in vulnerable

countries as they wipe out capital stock and sources of foreign exchange.

Likewise, countries dependent on fossil-fuel exports face fiscal uncertainty as demand for oil and gas decreases to meet climate goals. In both cases, spillover effects can negatively affect trade.

Countries confronting such conditions must undertake a structural transformation of their economies. But many lowand middle-income countries lack access to the cost-effective, flexible financing they need.

A well-designed RST would make the IMF criteria for resource allocation and country eligibility more adaptable. Unfortunately, five design flaws in the IMF’s approach would render the planned RST ineffective for most climate-vulnerable countries.

The first flaw concerns eligibility.

IMF programs discriminate on the basis of income, but climate change does not. While the G20 explicitly called for the establishment of an RST covering low-income and climate-vulnerable middleincome countries, the IMF has adopted a narrow interpretation according to which middleincome countries would be eligible only if they do not exceed a certain income threshold.

But traditional measures of income are a poor criterion for determining eligibility. The IMF must adjust its thinking to actual circumstances and ensure that eligibility is based on climate vulnerability.

It should not be controversial to integrate into the criteria simple measures such as susceptibility to physical climate risks like floods, droughts, and hurricanes, or economic factors like the share of fossil-fuel exports in total foreignexchange earnings.

Second, there is a problem with the terms and accessibility of the funds.

Developing

countries lack the fiscal space to mobilize domestic resources to address the structural changes their economies need. Many also lack access to external resources on reasonable borrowing terms.

But the IMF is proposing that RST users be charged the SDR interest rate (currently five basis points and on the rise) plus a margin of up to 100 basis points.

These rates are not very different from what the Fund currently charges middle-income countries. More problematic is the access limits, which would be 100% of quota, or less than the SDR equivalent of $1 billion.

These guidelines would do little to address the financing needs of all but the smallest countries.

The third flaw is the IMF’s insistence on conditionality. The Fund sees the RST as a top-up scheme for existing programs.

This is deeply troubling.

According to the IMF’s own research, its existing lending facilities are stigmatized, owing to their high levels of conditionality and low levels of performance with respect to economic recovery and other social outcomes.

The RST was supposed to be a new instrument that recognizes and channels resources to the countries that are most vulnerable to climate change. But what the IMF plans is repackaged business as usual.

Figures 1 and 2 show that climate-vulnerable countries have not applied for IMF support even during the pandemic, when the Fund has experienced the largest use of its facilities. Adding a small top-up at the same price and level of conditionality essentially will lock up muchneeded financing for climate resilience.

The fourth flaw is that even though the IMF is only now devising a climate-change strategy, it would head the

RST. Multilateral and regional development banks are also prescribed SDR institutions, and they have a longer view and a stronger track record on climate policy. They need to be part of the RST’s governance.

Lastly, there is the question of scale. IMF Managing Director Kristalina Georgieva has said the RST would be funded with around $30 billion initially and then scaled up to $50 billion.

While the RST alone cannot be expected to substitute finance needed to address the intensifying effects of climate change, the needs assessment released by the Standing Committee on Finance of the United Nations Framework Convention on Climate Change put the figure at $6 trillion, and other estimates are significantly higher. At the recent UN Climate Change Conference (COP26), Barbados Prime Minister Mia Amor Mottley, whose country is among the world’s most vulnerable, proposed an annual increase in SDRs of $500 billion for 20 years to finance resilience and sustainability.

The IMF’s shareholders and stakeholders must reconsider the RST’s design. To succeed, it must include all climate-vulnerable developing countries, regardless of income level. It must provide low-cost financing that does not undermine members’ debt sustainability and is not linked to pre-existing IMF programs with onerous conditionalities.

It must be governed by key stakeholders in developmentfinance institutions. And it must scale appropriately over time.

The IMF must make the necessary adjustments to its proposal for the RST. If it cannot, creditor countries should refrain from capitalizing it.

The authors are members of the Task Force on Climate, Development and the International Monetary Fund.

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Huawei ICT competition keeps inspiring African students to chase their ICT passions

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nder the theme of "Connection, Glory, Future", the Huawei ICT Competition is sailing through its 6th year in Sub-Saharan Africa, with 15,000 students from up to 500 top universities and colleges in 17 countries participating, making it the largest ICT skill competition in the region.

At the current stage, 6 countries have completed the countrylevel Huawei ICT Competition.

Outstanding teams will compete in the Sub-Saharan African finals, which is scheduled to kick off in February, 2022.

Over the past 5 years, the competition has attracted over 80,000 passionate ICT students, with 21 teams entering the global finals, further incentivizing contestants to excel in this field.

The 2019-2020 Competition marks a historic milestone for Sub-Saharan Africa. Two teams from Nigeria won the Grand Prize of both the Network Track and Cloud Track, while 3 teams from Kenya, Uganda, and Mauritius were joint first prize winners.

Globally the Huawei ICT Competition 2021-2022 has covered over 70 countries worldwide, with a total of over 130 teams competing. The global finals are expected to happen in May of 2022.

To encourage broader participation, the 2021-2022 competition will still be virtual.

Besides the traditional Network

and Cloud Track, it will also officially introduce an Innovation Track. Contestants will design innovative solutions targeting general well-being, such as environment protection and closing social gaps, by utilising Huawei technologies including Huawei Cloud.

Last year, the Mazingira Team, from Kenya took part in the invitational competition.

They presented a solution called Wildfire PrediTec, to detect, analyse, predict and prevent wildfires, designed on Huawei IOT and AI platforms.

The Huawei ICT Competition also opens up bigger opportunities to participants. As of today, the competition-related training helped over 350 students receive job offers.

With a series of talent

development campaigns in Sub Saharan Africa, including the ICT competition, Huawei hopes to skill up more than 700,000 ICT professionals by 2023. The aim is to bridge the ICT talent gap, increase academia-industry communication, and advance the digital transformation of industries.

Eni voted Explorer of the Year 2021 by the Energy Council/ World Energy Corporate Assembly

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ni has been voted ‘Explorer of the Year 2021’ by the Energy Council/World Energy Capital Assembly (WECA).

The Energy Council’s Annual ‘Awards of Excellence’ in London recognise and celebrate the individuals & companies at the forefront of first-class deals, value creation or exceptional financial or operating performance.

Eni, one of three companies shortlisted for the award together with Var Energy, in which Eni holds a majority stake, and ExxonMobil - was recognised for its excellent exploration performance during 2021, including the giant Baleine light oil and associated gas discovery, offshore Cote d’Ivoire, which opens a new play in the area.

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Curious Minds trains youth in social media for advocacy

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YIB- Curious Minds, a youth-led advocacy nongovernmental organization has trained youth in Accra and Cape Coast on the effective use of social media for advocacy.

The training happened on Wednesday and Thursday for members of the Central Regional chapter club and Friday and Saturday for members of the Accra GIJ chapter club.

With funding from the RFSU, the two-day training sought to educate participants in both Cape Coast and Accra on how to use social media for advocacy and also teach members social media campaign development and implementation process to champion diverse causes including reproductive health and also engage various stakeholders for change.

The Lead trainer who is also the Advocacy and Communication Officer at Curious Minds- Cecil Ato Kwamena Dadzie opined that the training was geared to building the capacity of the members of curious minds and also equipping them with the right skills to contribute to meaningful discussions online.

“Bodily Autonomy refers to the right to govern and make decisions over our bodies, regardless of race, age, religious affiliation or gender. This means

making decisions about one’s body without external influences.

This training organized by Curious Minds with support from RFSU – the Swedish Association for Sexuality Education sought to teach participants how to use their most powerful advocacy tool—their voices—along with digital platforms—to affirm and empower others who are more likely to experience violence and other violations of bodily autonomy.” he stated Cecil Dadzie also appealed to the relevant stakeholders to add their voices and actions in the bid to reduce the increasing number of violations of bodily autonomy and asked that young people be given access to sexual and reproductive health information.

“Different Charters and Conventions recognize the developing capacities of young people and admonish all stakeholders to provide information and guidance

to enable young people to participate meaningfully in decisions about their bodies and futures. I will use this opportunity to call on all stakeholders to ensure a reduction in violations of bodily autonomy. Many young people are still denied their right to accessible sexual and reproductive health information and services. The situation must change if we want to achieve the sustainable development goals, particularly Sustainable Development Goals 3 and 5” he appealed One of the members of Curious Minds Ghana and a participant for the social media training in Cape Coast said through the two-day training he realized how relevant social media is and how it can be used as a means to advocate for a better society.

“I have come to the realization that social media is perhaps the greatest power we carry as young people aside our natural

abilities and that employing it judiciously for positive impact and engagement means a better society. I also understand that we all have the power to accept or reject any unwanted bodily advances” – Yoel (Cape Coast) On the back of the question of whether their expectations were met, another beneficiary of the social media training program in the Accra GIJ chapter club Fauzeeya Jamal¬¬-Deen argued that she gained insightful knowledge in the training and hence she wishes more of these will be replicated across various places in the country to enlighten people about the use of social media and how to defend their bodily autonomy rights.

“The training session was insightful and educative. I have understood the steps in social media campaigning and how useful and important hashtags are. I have also learnt how audience personas are important in planning content for advocacy using social media on reproductive health education and issues regarding bodily autonomy. It is my wish that this training will be replicated across the country to teach more and more people about the use of social media for advocacy and bodily autonomy,” she said.

GSE marks 30th anniversary, rewards stakeholders and staff

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he Ghana Stock Exchange (GSE) has celebrated various stakeholders at its 30th anniversary awards and dinner night, which was rescheduled due to COVID-19 last year. Long-serving staff and various stakeholders who have contributed in diverse ways to the growth and the development of the Exchange received several awards.

The awards ceremony was graced by the Minister of Finance, Ken Ofori-Atta and was well attended by players in the capital market and financial sector space, Securities and Exchange Commission (SEC), Chief Executive Officers of listed companies and licensed dealing members, current and former captains of industry, Council and Staff of GSE. The theme for the ceremony was “30 years of Ghana Stock Exchange in Ghana: The prospects for the Next Decade”. The theme sought to highlight the history of the Exchange with the various milestones, challenges, and the

prospects for the next 10 years as capital markets continue to evolve with new products introductions, digitalisation and integration at the regional level.

There were two broad categories for the awards comprising of stakeholders and long-serving GSE staff. The stakeholder awards were in three categories including those who contributed immensely to the establishment and development of the Ghana Fixed Income Market (GFIM), Companies and Stockbrokers that listed first on the GSE, and special awards to individuals whose contributions have helped to develop the capital market.

Among the recipients were Ken Ofori-Atta, Minister of Finance; Togbe Afede XIV, founder of the SAS Finance group; Dr. Yeboa Amoa, first Managing Director of GSE for their enormous contribution to the development of the capital market over its three decades history.

Speaking at the event, Minister of Finance, Ken Ofori-Atta said: “The role of the GSE is so crucial in

this economy as they provide the platform for companies to raise long-term capital to finance their growth which supports national economic development.

He commended the GSE for recognising individuals and institutions who have supported the growth of the Exchange and the capital market. He urged players in the capital market to collaborate to support the implementation of the Capital Master Plan launched by SEC recently to transform the capital market.”

Director General of the Securities and Exchange Commission, Rev Daniel Ogbarmey Tetteh said in his remarks: “GSE needs commendation for recognising active and past industry players for their various roles in growing the capital market.”

The journey of trading started at the Exchange on the 12th of November 1990 and the Exchange has since evolved to become one of the best performing in Africa with its landmark automation program in 2009 and the award

winning initial public offering of MTN Ghana with the innovative use of a ‘mobile money’ platform.

The Managing Director of the Ghana Stock Exchange, Mr. Ekow Afedzie said: “The Exchange has chalked a number of milestones including but not limited to, automated clearing and settlement system in 2008; creation of the Ghana Alternative Market for SMEs in 2013; merger of GSD of GSE and CSD of Bank of Ghana in 2014; and the creation of the Ghana Fixed Income Market in 2015, among others.

He added that the Exchange’s ambition in its three-year strategic plan is to become the preferred platform /leader in the provision of financing and investment for both public and private sectors; transform from a frontier market into an emerging market and be recognized as the preferred entry port market into the West African Exchange market, and to become a demutualized entity operating at optimal capacity with an innovative and a commercial orientation.

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Lands Ministry launches award scheme to celebrate responsible small-scale miners

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s part of efforts to encourage responsible small-scale mining, the Ministry of Lands and Natural Resources has launched an award scheme to reward responsible small-scale miners who adhere to the health, safety and environmental standards of small-scale mining.

The awards ceremony will be held annually to promote responsible and sustainable mining in the sector. This year’s maiden edition will be held on Wednesday, December 22, 2021 under the theme: Promoting Responsible and Sustainable Small-Scale Mining.

The award categories include: Most Promising Small-Scale Miner, Best Female, Small-Scale Miner, Best Male Small-Scale Miner, Best in Environmental Stewardship, and Best in Corporate Social Responsibility (CSR).

Speaking at the 1st Ghana School of Law SRC Public Lecture in KNUST on the theme: “The Legal Regime of the Mining Sector in Ghana; History, Challenges

and the Way Forward”, the Minister for Lands and Natural Resources, Samuel A. Jinapor, charged Ghanaians to protect the environment by disengaging in

illegal mining.

“Mining is central to economic development; however, the destruction of our environment and river bodies due to the

GCB brings golfing to life

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t was a thrilling atmosphere last Saturday at the green and pristine fields of Bok Nam Kim Golf Club as professional golfers together with amateurs displayed their golfing talent in a spectacle

which left many impressed.

After a grueling contest involving 18-hole swings among 84 male golfers and 23 ladies, a 66 net score handed Eric Ofosuhene the topmost prize, beating

Donald Obilor on count back in the men's category A event of the GCB sponsored tournament.

Young Rickie Hurtubise, 15 years finished in third place with 67 nets, losing the second position

illegal act contradicts our duties as citizens. We have a duty to protect the environment. As a ministry, we are determined to stop the activities of illegal mining in the country and will continue to employ all necessary measures to fight it.

This yearly award scheme instituted for the best smallscale mining concessions is an initiative to reward best practices and encourage other miners to emulate”.

He further noted that responsible small-scale mining sector had the potential to contribute to livelihood empowerment and poverty alleviation of the people.

“Small-scale mining has the potential to contribute to livelihood empowerment and poverty alleviation in Ghana, therefore the Government intends to put in measures such as establishing Minerals Development Bank that will address the needs of small-scale miners”.

by just a stroke, and recording the lowest score of the day (74).

Nash Ahene Antwi finished tops in the men’s category B with a 60 net score, while Paul Edwards and Paul Dwimoh followed in that order with 60 and 62 nets respectively.

The lady’s category saw Awura Abena Asante beating 22 competitors to emerge tops with Hajia Zenabu Akoto (62) and Centre of the Earth Club ladies captain Helen Appah (63) following.

Floria Hurtubise grabbed the lady’s longest drive prize, while GCB Bank’s Nana Egyir picked up the male version.

Deputy Managing Director of Operations at GCB Bank, Mr Emmanuel Lamptey described the competition as an epochmaking one taking into account the unprecedented 107 participants it attracted.

He said, GCB’s quest to support sports and the Bank’s customer centric aim necessitated the sponsorship and involvement with the tournament.

Mr Lamptey revealed that the bank is sponsoring a similar event at the Royal Golf Club, Kumasi this weekend as well as throwing huge financial support behind the maiden First Ladies Cup competition slated for Accra this week.

11

Feature

WEDNESDAY DECEMBER 15, 2021

Lifting the lid on global inequality

By Jayati Ghosh

T

he World Inequality Report 2022, produced by the Paris-based World Inequality Lab, is a remarkable document for many reasons – starting with its demonstration of the immense power of patient collective research.

The report provides the latest estimates, based on careful aggregation of national data from a multitude of sources, of income and wealth inequality at the national, regional, and global level. It gives long-run time-series data for these indicators, allowing us to consider recent patterns in a broader historical context. And it expands on different dimensions of inequality in revealing new ways.

Any research enterprise as ambitious as this one will inevitably elicit quibbles about the datasets used, the assumptions required to generate particular series, and the ways in which some data gaps have been filled.

My own minor criticism relates to the World Inequality Lab’s use of purchasing power parity (PPP) exchange rates to determine and compare national incomes across countries.

As I have argued elsewhere, while PPP exchange rates appear to control for cross-country differences in price levels and living standards, they are ridden with conceptual, methodological, and empirical problems. For starters, PPP exchange rates assume that the structure of each country’s economy is similar to that of the benchmark country (the United States) and changes in the same way over time. When applied to developing economies, this assumption is especially weak.

Moreover, the convoluted weighting procedure for goods

can result in the inclusion of unrepresentative, highpriced products that are rarely consumed in some countries.

For example, Angus Deaton has noted how packaged cornflakes may be available in poor countries but are bought by only a relatively small minority of rich people. Expenditure weights from national accounts do not reflect the consumption patterns of people who are poor by global standards.

There is a further, and possibly even more troubling, conceptual issue. High-PPP countries – that is, those where the actual purchasing power of the local currency is deemed to be much higher than its nominal value – are typically low-income economies with low average wages. PPP is high precisely because a significant section of the workforce receives very low remuneration, which means that goods and services are available more cheaply than in countries where the majority of workers receive higher wages. The widespread incidence of unpaid labor in many poor households in low-income countries further amplifies the effect. So, it is clear that the local currency’s greater purchasing power reflects conditions of indigence and low or no remuneration for what could even be the majority of workers.

PPP-modified GDP data may therefore miss the point. By regarding greater purchasing power of a given monetary income as an advantage, rather than a reflection of the greater absolute poverty of the majority of an economy’s workers, PPP estimates effectively overstate poorer countries’ incomes compared to those of rich economies.

For all these reasons, relying on PPP exchange rates in cross-

country income comparisons – including for poverty and inequality measures – is extremely problematic. There is a strong case for sticking to market exchange rates in measuring cross-country inequality, which would likely reveal much greater disparities than those evident in the World Inequality Report.

This objection notwithstanding, the report adds much to our understanding of inequality, especially through two new measures. The first is the female share of labor income, which is a useful indicator of gender inequality. Globally, this share has remained largely unchanged over the past three decades, at one-third, and has been as low as 10-15% in the Middle East and North Africa (MENA) and below 20% in Asia excluding China. This indicator captures not just labormarket imbalances, but also, implicitly, the greater proportion of unpaid work performed by women within households and communities, which reduces their access to paid work and affects their remuneration in paid employment.

The second innovative measure examines inequality in carbondioxide emissions by assessing contributions by income category across countries. The important finding here is that, while inequalities in emissions across regions are high and persistent, such disparities exist not only between rich and poor countries, but within them. There are high emitters among the rich in lowand middle-income countries, and relatively low emitters among the poor in high-income countries.

For example, the richest 10% of people in the MENA region emit 33.6 tons of CO2 per person per year, compared to less than ten tons among the bottom half of

the income distribution in North America. (The bottom 50% in Sub-Saharan Africa emit onetwentieth of the North American amount, or 0.5 tons per capita per year.)

Globally, the richest 10% of the population is responsible for more than half of all CO2 emissions. This point is especially important because, as the report notes, environmental policies like carbon taxes hit the poor the hardest, but this group is rarely if ever compensated for such measures. The new indicator enables a much richer consideration of what socially just climate policies should look like, both within and across countries.

Predictably, the report is strong on appropriate redistributive policies, especially the potential for increased taxation of wealth and corporate profits. There is also scope for looking more closely at “predistribution,” or the range of regulatory regimes and legal codes that have enabled today’s excessive concentration of wealth and income in the first place.

The primary cause of “predistributive” inequality is, in a word, privatization: of finance, the natural commons, the knowledge commons (through intellectual-property rights), and public services and amenities.

One could add to that states’ tendency – glaringly obvious since the 2008 global financial crisis – to protect large-scale private capital, while allowing it to wreak havoc on ordinary citizens.

The reality captured by the World Inequality Report reflects human choices, which means that it can be changed by making other choices. That is why the report is much more than a valuable compendium of useful data and analysis. It is a guide to action.

12

News

WEDNESDAY DECEMBER 15, 2021

MTN announces legacy projects at its 25th anniversary celebration

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elorm Adadevoh, Chief Executive Officer of MTN Ghana, has reiterated the company’s commitment to supporting Ghana’s quest to build a digital economy by investing in technology infrastructure.

He was speaking during an anniversary dinner held for external stakeholders to climax MTN Ghana’s 25th anniversary celebrations.

Mr. Adadevoh said, “we demonstrate this commitment with our pledge to invest over USD1 Billion in infrastructure and information systems in the next 5 years, starting this year.

He also announced support for government’s ICT developmental initiatives which is being done through the provision of an ICT Hub and the establishment of West Africa’s first Innovation City in Ghana.

Addressing stakeholders made up of government representatives, business partners, customers and a cross section of media associations, Mr. Adadevoh explained, “We see Ghana as the most strategically placed country to be a digital hub in the region, exporting skills and services to diversify and accelerate GDP growth. This makes technology leadership in the region an imperative for Ghanaian SMEs to

be relevant in an AFCFTA era”.

In addition to supporting digital initiatives, MTN Ghana Foundation will undertake two legacy projects by constructing a modern 60-bed maternity and neo natal center for the Keta Municipal Hospital at a cost of GHS 9 million and invest GHc 1.2 million in building a STEM Robotics Lab for the Mamfe Girls’ School and surrounding communities.

The Senior Advisor to the President Mr. Yaw Osafo -Marfo who represented the Vice President commended MTN for its investments in the telecommunications industry.

He called on the organization to extend its services to support the Ministry of Education. He asked,

“what plans has MTN got to assist our Ministry of Education to make a success of digitalization in education.”

He therefore appealed to MTN to think through and open discussions with the Education Ministry on this crusade. Education must drive digitalization, he added.

In a speech read on her behalf by the Deputy Minister of Communication, Minister of Communications, Mrs. Ursula Owusu Ekuful noted that MTN @ 25 is a beautiful story. She said,” the next chapter of this story should be one of collaborationMTN’s success should be the engine that drives the collective and sustainable growth of the entire industry to achieve

Ghana’s digitalization agenda.”

She expressed the appreciation of Ghanaians to MTN Group for believing in Ghana and consistently investing in the country over the years.

MTN launched its 25th anniversary celebration in June this year and has marked the celebration with various activities including customer promotions, stakeholder engagements, support to Government ICT projects as well as entertainment and sports activities across the country.

Notable personalities who graced the stakeholder anniversary dinner include, the Finance Minister. Hon. Ken Ofori -Atta, Deputy Minister of Communications Hon. Ama Pomaa Boateng and Deputy Minister of Education Hon. John Ntim Fordjour. The rest are, Hon. Cynthia Maamle Morrison, Chairperson Parliamentary Select Committee for Communications, the MCE for Korley Klotey Nii Adjei Sowah, the Board Chairman of MTN Ghana, Dr. Ishmael Yamson and other Board Members , Board Members of MTN Ghana Foundation and CEO of Ghana Telecoms Chamber-Ing Kenneth Ashigbe. Other stakeholders in attendance included former President of the

GOIL launches Aseda promotion

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hana’s leading oil marketing company, GOIL is rewarding its cherished customers in the South Zone with gift items during this festive season in a promo dubbed “Aseda Promo” to reward their loyal customers.

The gift items were GOILbranded souvenirs, free fuel, stationary, first aid kits, GOIL lubricants, etc.

At the North Legon station, customers appreciated the promotion and promised to keep faith with GOIL. The South Zonal Manager, Hellen Kyeremanteng said the gift items would be shared at the various service stations in the South Zone in schedules and every buyer would enjoy from the distributed items no matter how much fuel they purchase.

“No matter the amount you buy; we are rewarding everyone.

We just want to say thank you.

We want to acknowledge your patronage,” she said.

She said GOIL is very grateful for the loyalty Ghanaians have shown the oil marketing company even in this difficult year of 2021, hence the promo being a way of appreciating the efforts of

customers.

Hellen Kyeremanteng encouraged Ghanaians to continue to buy quality fuel and products from GOIL as they would receive value for their monies.

“We want to say Ayekoo to the drivers! Throughout this difficult

era, you have continued to stay with us. Continue to patronize GOIL stations and you would be rewarded.”

She entreated them to continue to purchase from GOIL so they have value for their money.

13

News

WEDNESDAY DECEMBER 15, 2021

Delivery of 10m French doses donated to the AU under the COVAX and AVATT agreement: 684,000 doses of the AstraZeneca vaccine is due to arrive in Ghana

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n August 2021, France committed to donate 10 million doses of AstraZeneca and Pfizer COVID-19 vaccines to African Union countries.

France has now allocated all of these doses to about 30 African countries and most of them have already been delivered. France is providing its full support to the organizations in charge of deployment, Gavi and Unicef, to ensure that the last doses reach the field as quickly as possible.

These vaccine donations are particularly crucial as a fourth wave, which could be more violent than previous ones, is currently feared on the continent.

The vaccines are being allocated and distributed through a partnership with the African Vaccine Acquisition Trust (AVATT) and the Gavi-led COVID-19 Vaccine Access Facility (COVAX).

Since the beginning of the pandemic, France has promoted equitable and universal access to vaccines, particularly in Africa.

France is strongly committed to help accelerate vaccination worldwide and will donate 120

million doses by summer 2022.

To date, 67 million doses of vaccine have already been donated by France. France wanted this action to benefit African countries first and foremost, and it was in a country on this continent, Mauritania, that France made its first donation via

COVAX last April.

France shared its vaccines simultaneously with its national campaign, as announced by the President of the Republic at the Paris Peace Forum in 2020.

Since then, nearly 60% of French donations have been directed to 38 African countries.

This is a first step, decisive but still insufficient, to close the gap between Africa and developed countries in the fight against the Covid-19 pandemic in terms of access to health products. Our common objective in this regard is, in addition to donations that will accelerate vaccination in the field, to contribute to strengthen Africa's production capacity and thus enable it to respond, in a sovereign manner, to the occurrence of future pandemics.

This is why the President of the Republic, Emmanuel Macron, was among the very first to welcome and support the efforts of African Union member states to set up initiatives like AVAT. France, along with its European Union partners, shares the desire of African states to have a pharmaceutical industry on the continent. France is actively engaged in building vaccine production capacity in Africa and is actively contributing to projects to transfer messenger RNA (mRNA) technology to the African continent, particularly in South Africa, Rwanda and Senegal.

73rd Annual New Year School and Conference launched

T

he Minister of Finance, Ken Ofori-Atta, has called on institutions such as University of Ghana to redesign the learning experiences of students by nurturing them to be risk-takers, skilled at identifying problems from different angles and capable of formulating solutions.

The Honourable Minister was speaking at the official launch of the 73rd Annual New Year School and Conference (ANYSC) to be organised in January 2022 by the School of Continuing and Distance Education, College of Education (COE).

Mr. Ofori-Atta who was the Special Guest of Honour at the launch, in his address, mentioned government’s efforts in mitigating the impact of the pandemic on Ghanaian households by developing a GH¢100 billion COVID-19 Alleviation and Revitalisation of Enterprises programme (the GhanaCARES “Obaatan Pa” programme).

The implementation of this project is to revitalise the nation by improving the business climate, supporting the private sector and providing job opportunities

for the youth. According to the minister, ‘Government has spent close to eleven billion Ghana cedis in direct interventions since March 2020’.

Further, Mr. Ofori-Atta, highlighted government’s renewed emphasis on supporting entrepreneurship under the new YouStart programme over the next three years. “This is the most extensive attempt in our history at

kick starting the Entrepreneurial state, and we are determined to build the stronger future our country deserves”, he Ofori-Atta declared.

The Chairman for the occasion, Prof. Martin Oteng-Ababio, Acting Provost, College of Education, noted that the Annual New Year School and Conference is a unique national platform for reflective and engaging conversations

on the emerging innovations associated with Covid-19.

He said, ‘… our sincere wish is that the deliberations of the 73rd School and Conference will positively contribute to innovative strategies and policies that will transform the lives of many and guarantee social mobility for every Ghanaian’.

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WEDNESDAY DECEMBER 15, 2021

15

Opinion/Analysis

WEDNESDAY DECEMBER 15, 2021

How to end climate failure

By Dennis J. Snower

T

he world failed at last month’s United Nations Climate Change Conference (COP26). And the biggest failure is one that virtually everybody assembled in Glasgow overlooked.

The system in place to address climate change – comprising a constellation of economic, political, and social arrangements – is inappropriate to our global goals.

To shed light on this systemic failure, consider an analogy.

Your neighborhood is threatened by an approaching wildfire.

Managing the crisis requires mobilizing various firefighting and emergency services, as well as help from businesses and local residents to protect property. But these parties do not cooperate.

Some citizens show up with pails of water. Some businesses donate fire extinguishers. Some locals stage protests against proposed evacuation orders. Meanwhile, local politicians hold a town hall meeting, soliciting pledges from various parties that no one is bound to fulfill. But the sum of the pledges just about keeps alive hopes that your neighborhood will remain safe.

That is where we stand today on climate change. The fundamental problem is that our system is not designed to deliver outcomes consistent with the 2015 Paris climate agreement’s target of limiting global warming to 1.5º Celsius above pre-industrial levels. If fulfilled – a big if – the pledges in the Glasgow Climate Pact put the world on course for a temperature increase of between 2.5ºC and 2.7ºC by the end of the century. That would be disastrous.

Our economies are designed to be GDP-maximization machines, our businesses aim to maximize shareholder value, and our

politicians seek to maximize voter approval. Our societies are buffeted by the currents of consumerism, nationalism, populism, and environmentalism.

In this system, economic prosperity and political success have become decoupled from social stability and environmental health.

In the face of such systemic failure, we should not feel encouraged by examples of successful green businesses and of investors decarbonizing their portfolios. Without government intervention requiring all firms to be environmentally responsible, the green business of some companies will allow others to act unsustainably. Combating climate change requires deliberate collaboration between business and government.

Fortunately, we already know what needs to be done to achieve the necessary collective mobilization and end the current climate failure. Leaders should follow the late Nobel laureate Elinor Ostrom’s core design principles for managing the commons effectively.

First, a shared identity and purpose are vital. Limiting global warming is an inherently global goal: greenhouse gases (GHGs) emitted anywhere affect people everywhere. We therefore need to develop a sense of common identification with this goal. But the COP26 negotiations were structured to pit national interests against one another, rather than promoting a sense of humanity striving together to protect our planet.

A second key principle is to ensure that the costs and benefits of climate action are distributed in a way that leaves all parties better off. Most experts agree that efficient decarbonization would require a global carbon price that is aligned with the Paris

agreement’s goals. Because a ton of carbon dioxide causes the same damage to the environment no matter where it is emitted, it makes sense in theory for everyone to face the same carbon price. This would prevent the problem of “carbon leakage,” which occurs when a reduction in CO2 emissions in one country leads to increased emissions in another country that has a lower carbon price. The same holds for businesses.

But implementing a global carbon price – say, through carbon taxes or emissions-rights trading – may be socially unsustainable.

The poor and the middle classes may find it difficult to afford the higher prices of carbon-intensive goods and services, while the resulting decline in employment in carbon-intensive sectors may leave workers without jobs and communities without an economic base. COP26 was not designed to deliver the social prerequisites for efficient climate action.

Third, successful climate action requires fair and inclusive decision-making, so that all parties are involved in the decisions that affect them. Many have claimed that the COP26 negotiations excluded those most affected by the impending climate catastrophe – and those in positions of power (often elderly, white, male, and privileged) have a vested interest in keeping it that way.

This approach disempowers those most affected by global warming – typically, young people from developing countries and marginalized cultures. But they frequently have the insight, local knowledge, and, most of all, the sense of urgency that comes from the prospect of facing the most immediate consequences of climate change.

Several other principles are

key to addressing global warming effectively.

Measuring and reporting clear outcomes, year after year, permits the monitoring of agreed actions. Graduated rewards for helpful actions and graduated sanctions for unhelpful ones also will be needed.

In addition, climate action requires fast and fair conflictresolution mechanisms involving trusted impartial mediators. The authority to self-govern, via the subsidiarity principle, should be recognized at the supranational level, in all relevant international forums and organizations.

Lastly, we need polycentric governance.

International, national, regional, and local governing bodies interact to conclude and enforce agreements coherently.

COP26 made little, if any, attempt to satisfy these requirements.

Governments reached no agreement on how to measure GHG emissions, and no internationally recognized reporting mechanisms are in place. There are no rewards or sanctions for national performance on climate change, because the COP26 recommendations are not legally binding. Nor does the world have swift and impartial conflictresolution mechanisms regarding climate action. And although countries’ sovereign authority is recognized, the absence of a polycentric governance system means that climate policy from the international to the local level remains neglected, inconsistent, and incoherent.

Of course, fulfilling these requirements is a tall order and will not happen overnight. But the next generation has a right to expect that we try to create the social, economic, and political prerequisites for successful climate action.

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WEDNESDAY DECEMBER 15, 2021

17

News

WEDNESDAY DECEMBER 15, 2021

UNDP commends Akufo-Addo for commitment to SDGs

T

he Resident Representative of the United Nations Development Programme (UNDP) in Ghana, Angela Lusigi, has commended the President of Ghana, Nana Addo Dankwa Akufo-Addo, for his strong commitment and advocacy towards the attainment of the Sustainable Development Goals (SDGs) in his role as a Co-chair of the UN Secretary-General's SDG Advocates.

The UNDP Resident Representative made the remark when she paid a courtesy call on the President at the Jubilee House. Ms. Lusigi thanked the Government of Ghana for its efforts in the implementation of the SDGs through the Ghana Beyond Aid agenda and the focus on sustainable and inclusive economic transformation.

“Thank you, His Excellency for leading a transformational agenda for Ghana and the continent which has influenced UNDP’s strategic offer for Africa that aims at enabling the acceleration of the SDGs in the decade of action”, stated Ms. Lusigi.

She seized the opportunity to brief the President on UNDP’s

key intervention areas in Ghana, noting that in the context of the 2030 Agenda for Sustainable Development and national priorities and the Ghana CARES programme, UNDP has been working within the One UN system’s coordination framework with a focus on inclusive development, environment and climate change, and on governance and peacebuilding.

This she emphasized, is to support the Government’s development drive.

President Nana Akufo-Addo expressed his appreciation to

UNDP for its continued support to Ghana’s development efforts.

He mentioned that, despite global challenges such as COVID-19 and climate change, the Government remains resolute and will continue to work towards the agenda 2030.

“We are grateful to UNDP for its continued support towards Ghana’s development agenda and looking forward to continue to work together towards the achievement of the SDGs”, noted H.E. Nana Akufo Addo.

As a trusted development partner to Government, moving forward, as informed by its new

strategic plan for 2022-2025 and working within the One UN coordination framework with Ghana, UNDP will continue to support the Government’s efforts towards three directions of change: structural transformation, leaving no-one behind (empowerment, inclusion, and equity), and resilience building.

UNDP will also work with national partners to fully harness the potential of digital technologies, innovations, and mobilize additional green finance to facilitate sustainable and inclusive development.

We must act now to avert catastrophe says Nobel Laureate Esther Duflo

T

he poorest countries will bear the worst effects of climate change and the highest costs in terms of economic production and higher mortality, according to Nobel laureate Esther Duflo.

The 2019 Economics Nobel Laureate and professor of economics at the Massachusetts Institute of Technology (MIT), delivered the keynote at the African Development Bank’s 2021 Kofi Annan Eminent Speaker Lecture Series.

In her address titled Good Economics for Warmer Times – how to address our climate change challenge, Professor Duflo said the imbalance between wealthy and poor countries followed the ‘10-50 rule’ - “Ten percent of the highest polluters are responsible for about 50% of global emissions, and 50% of the bottom emitters are responsible for 13% of global emissions. She attributed the disparity in part to the reluctance of wealthy countries to forcefully commit to tackling climate change.

The Nobel laureate said the IMF had made an estimate of $50 billion as the cost package for Covax to help most of the countries of the world vaccinate

up to 60% of their population within two years. The estimated potential benefit, she said, was $9 trillion, which she added was an obvious win-win.

She said global efforts to tackle Covid-19 pandemic had dampened her optimism about the global responses to climate change.

Professor Duflo urged immediate action but warned that the world cannot rely on innovation alone. “The impact of purely technological solutions is often very disappointing in real life,” she stressed.

According to the Nobel laureate globally combating climate change will require changes in behavior and consumption patterns.

She noted that economists underestimate the capacity of humans to change behaviors, and that shifts in consumption would need to be made primarily in industrialized countries. “I don’t think we can tell Africans with a straight face that they need to consume less when they in fact need to consume more,” she said.

The Bank’s Acting Chief Economist and Vice President Kevin C. Urama said the topic could not be timelier, coming right after the COP26 global climate

conference in Glasgow last month.

The Nobel laureate’s lecture was followed by a conversation with African Development Bank President Dr. Akinwumi A. Adesina, who praised her pragmatic economic research and the insights she provided.

He said Professor Duflo’s remarks underscored the need to change the way we measure wealth creation. “GDP tells us very little about how wealth is produced,” Dr Adesina said. “I have been a big advocate of the need to weigh the GDP of countries by the extent of negative externalities they create.”

Dr Adesina engaged in an extensive discussion with Professor Duflo about the importance of accurate carbon pricing as an incentive to developing nations He proposed the establishment of a long-term carbon sink fund to compensate countries like Gabon and the Democratic Republic of Congo for preserving vast forests that sequester carbon dioxide. He noted that the debtto-GDP ratios of such countries would substantively be lower if their forests were taken into consideration.

Professor Duflo said there was a crisis of credibility and trust for governments whose actions were not aligned with their commitments and that change would require a global enforcement of regulations.

According to Duflo, “Nature is stronger than us and dire warnings do come to pass,” hence the need for collective action.

Professor Esther Duflo is the Abdul Latif Jameel Professor of Poverty Alleviation and Development Economics in the Department of Economics at MIT and a co-founder and co-director of the Abdul Latif Jameel Poverty Action Lab. The Kofi A Annan Lecture Series has covered a range of African and global development topics. They include economics, finance, regional integration, human development and the environment. The lectures have been a forum for eminent persons to share policy insights on development challenges in Africa/

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WEDNESDAY DECEMBER 15, 2021

19

News

WEDNESDAY DECEMBER 15, 2021

Emirates gears up for busy holiday travel rush

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ith the end of school term and the start of the holiday season, Emirates is expecting over 1.1 million passengers to pass through Terminal 3 at Dubai International during this busy travel period which will run through until 21 December. This weekend will see a peak surge of close to 250,000 travellers departing from Terminal 3.

Customers are encouraged to arrive at the airport at least three hours prior to their flight departure and ensure they have all the required documents for their destination before proceeding to the check-in desk. To expedite their airport experience and ensure a smoother departure, passengers can choose to avoid the rush by physically checkingin 24 hours before their flight departure, drop off their bags and collect their boarding passes, using the 32 self-service bag drop machines and 16 check-in kiosks available at Terminal 3.* Customers using the self-service kiosk must still complete their immigration formalities no later than 60 minutes before their flight departure.

Customers can also opt to check in online up to 48 hours and until 90 minutes before their flight departure and download digital boarding passes on their mobile phones for select destinations.

Customers who check in less

than 60 minutes before departure will not be accepted for travel.

To speed up the process even further, customers can also utilise Emirates’ biometric path in Terminal 3 for a contactless journey from specific checkin desks, Emirates lounges and boarding gates. The biometric path allows customers to complete immigration formalities and board their flights with virtually no document checks and queuing.

Once checked in, passengers are advised to ensure they arrive to their boarding gate on time.

Gates open 90 minutes before departure, boarding starts 45 minutes before the flight and gates close 20 minutes before departure. Emirates will not be able to accept passengers

reporting late to the boarding gate for travel. Check-in and gate closure timings will be strictly followed to ensure flights depart on schedule and to avoid the impact on operations.

All Emirates and DXB touchpoints are fully prepared to manage the surge in holiday passenger traffic, with measures and protocols in place designed to enhance safety as customers move through Terminal 3. Along with industry-leading contactless technologies and biometric journeys, Emirates customers can be assured that the airline and its partners have spared no effort to make the airport journey as safe and smooth as possible.

This includes robust and consistent cleaning protocols for high traffic areas such as seats

and handrails, modern cleaning technologies for surfaces in Emirates’ dedicated lounges keeping them germ free for longer, social distancing measures through floor markings, signage and airport employees safely managing the flow of passengers; hand sanitising stations as well as Plexiglas partitions throughout all Emirates check-in desks, amongst numerous other measures.

Flexibility and Assurance: Emirates continues to lead the industry with innovative products and services and recently took its customer care initiatives further with even more generous and flexible booking policies, which have been extended to 31 May 2022, Covid-19 medical travel insurance, and is helping loyal customers retain their miles and tier status.

Health and safety: Keeping the health and wellbeing of its passengers as top priority, Emirates has introduced a comprehensive set of safety measures at every step of the customer journey. The airline has also recently introduced contactless technology and scaled up its digital verification capabilities to provide its customers even more opportunities to utilise the IATA Travel Pass, which can now be used across 50 airports served by Emirates.

New interactive report shows Africa’s growing hunger crisis

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new, interactive digital report launched today shows that the number of hungry people in Africa continues to rise, spurred by conflict, climate change and economic slowdowns including those triggered by COVID-19.

The African Union Commission (AUC), the Food and Agriculture Organization of the United Nations (FAO), and the UN Economic Commission for Africa (UNECA) launched the digital report as the latest update to their annual reporting on the state of food security and nutrition in Africa.

Hunger on the continent has worsened substantially since 2013, the report states, and most of this deterioration occurred between 2019 and 2020. The situation is expected to have deteriorated further this year, with no easing of hunger’s main drivers.

The three agencies behind the report are calling on African

countries to heed the call for agrifood systems transformation.

“Countries must engage in and leverage the outcomes of the United Nations Food Systems Summit, the Nutrition for Growth Summit and the 2021 United Nations Climate Change Conference (COP26),” FAO Assistant Director-General and Regional Representative for Africa Abebe Haile-Gabriel said with William Lugemwa, UNECA’s Director of the Private Sector Development and Finance Division, and Josefa Sacko, African Union Commissioner for Agriculture, Rural Development, Blue Economy and Sustainable Environment, in the report’s joint foreword.

“A common vision, strong political leadership and effective cross-sectoral collaboration, which includes the private sector, are essential to agree on trade-offs and to identify and implement sustainable solutions that

transform agrifood systems,” they said in Africa Regional Overview of Food Security and Nutrition 2021: Statistics and Trends.

A new view of hunger and malnutrition The digital report allows readers to get a better understanding of the scope of hunger in Africa.

In 2020, 281.6 million Africans were undernourished, an increase of 89.1 million over 2014, the report shows. There is significant variation in the levels and trends of hunger across the

subregions. About 44 percent of undernourished people on the continent live in Eastern Africa, 27 percent in Western Africa, 20 percent in Central Africa, 6.2 percent in Northern Africa, and 2.4 percent in Southern Africa.

Short term measures to address the hunger challenge include countries providing humanitarian assistance and effective social protection measures, the report says. Over the longer term, countries will need to invest in agriculture and related sectors, as well as in water, health, and education services.

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Markets

WEDNESDAY DECEMBER 15, 2021

WEEKLY MARKET REVIEW FOR WEEK ENDING DECEMBER 2, 2021

CONTINUED ON PAGE 21

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WEEKLY MARKET REVIEW FOR WEEK ENDING DECEMBER 2, 2021

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NO. B24 / 287 | NEWS FOR BUSINESS LEADERS

Interview

MONDAY MAY 3, 2021

replaced in any way amongst the essentials needed for the survival of the human race. Healthy food for that matter has become increasing sort after providing a huge market globally that African farmers can tap into. These cut across vegetables, fruits, and spices. Crops that serve as a raw food source and also provide raw materials for industries like soya, sunflower, potatoes, maize and cassava are also becoming less available and present huge opportunities for farmers.

Question: What role does technology play in agriculture?

Kizito: Technology in farming increases efficiency and enables the optimal use of scarce resources such as land and water. These lead to increased profitability and sustainability.

Access to ready and guaranteed markets could also be improved with the help of technology.

A

n interview with Mr Kizito Kojo Wassungu, the product lead of FBS Innova - a functional, modular smartphone application that helps smallholder-farmers have on-demand access to Farmer Business School (FBS) tools and information, plan and efficiently manage their crops and diversify their production for increased profitability and improved livelihoods.

Question: What are some of the challenges faced by farmers in Ghana and how can they be addressed?

Kizito: For us at Agro Innova, in playing a middle role interfacing between farmers and other stakeholders; we have seen farmers struggle with general instability and inconsistency with regards to supply of inputs they need for their farms. For instance, unavailability of maize was a major issue for poultry and livestock farmers this year. This was further compounded by an unusual weather conditions, and general price instability affecting input prices and ultimately reducing output from farms.

I believe government intervention by way of subsidies and inputs was needed to cushion farmers from the full impact of these challenges.

The planting for food and jobs initiative by government should

be revaluated to address specific needs of farmers whilst tackling new opportunities for farmers.

Question: What crops would yield farmers more revenue and why?

Kizito:

Food

cannot

be

Question: What application would you recommend to farmers today?

Kizito: Applications that allow the farmer to be more efficient and also provide technical support for farmers with an offline functionality such as the FBS Innova and AkokoTakra

WEDNESDAY DECEMBER 15, 2021

mobile apps. The Akokomarket e-commerce platform (www. akokomarket.com) and the USSD short code enables farmers to sell directly to ready markets with the aid of a feature phone or a smart phone.

Question: Where do you see farming in Africa by the year 2030?

Kizito: The future of agriculture in Africa is going to revolve largely around the availability of increasingly scarce natural resources such as land and water and how we as Africans can use science and technology to make optimal use of such scarce resources. African countries will need to ensure that technologies are introduced to reduce the heavy dependency on rainfall agriculture such as efficient irrigation systems using temperature and moisture sensors, aerial images, and GPS technology. These interventions will make farming more profitable, efficient, safe, environmentally friendly and sustainable. Africa has a unique advantage when it comes to natural resources and we must capitalize on that to propel us into an economic revolution based on agriculture.