Business24 Newspaper 2nd June, 2021

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WEDNESDAY JUNE 2, 2021

Allianz Life Insurance, Societe Generale Bank launch partnership

Cocobod produces 92m hybrid seedlings for 2020/21 crop year

See page 5

See page 13

BUSINESS24.COM.GH

NO. B24 / 203 | NEWS FOR BUSINESS LEADERS

MONDAY WEDNESDAY MAY 3,JUNE 2021 2, 2021

GH¢11.8bn lost to procurement breaches in five years

Business leaders call for speedy formation of Tax Appeals Board

By Patrick Paintsil

By Eugene Davis

p_paintsil@hotmail.com

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ugendavis@gmail.com

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usiness leaders at the maiden Ghana Investment Promotion Centre (GIPC) Economic Counsellors Dialogue have urged government to expedite the composition of

five-year analysis of procurement infractions in the public sector shows that the malfeasance cost the economy some GH¢11.8bn from 2015 to 2019, according to data obtained from the Ghana Institute of Procurement and Supply (GIPS).

The amount, based on audits of public expenses over the period, covers breaches affecting cash transactions, Cont’d on page 2

Cont’d on page 3

Aviation faces long road to recovery, says IEA

By Benson Afful affulbenson@gmail.com

GIPS President Collins Agyemang Sarpong

BoG flags risks to fiscal outlook

By Joshua Worlasi Amlanu macjosh1922@gmail.com

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overnor and Chairman of the Monetary Policy Committee of the Bank of Ghana, Dr. Ernest Addison, has said there are risks to the fiscal outlook despite signs of a return to fiscal consolidation in the first four months of 2021.

According to the Governor, there has been some improvement in revenue collection and expenditure containment, which is ensuring a re-alignment to the consolidation path.

Governor and Chairman of the Monetary Policy Committee of the Bank of Ghana, Dr. Ernest Addison

Cont’d on page 2

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he International Energy Agency (IEA) says aviation, the sector most affected by the pandemic, will continue to struggle, with jet fuel consumption only likely to return to 2019 levels by 2024 The woes of the sector are far from over, it explained, as travel restrictions, changing travel habits, and the relatively slow progress of vaccinations in low-income economies cap its recovery.

Cont’d on page 3

Follow us online: facebook.com/business24gh twitter.com/business24gh linkedin.com/pg/business24gh instagram.com/business24gh

Cont’d on page 2

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Editorial / News

WEDNESDAY JUNE 2, 2021

Editorial

Procurement breaches alarming!

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tatistics from the Ghana Institute of Procurement and Supply (GIP) indicates that the nation has lost about GH¢11.8billion to procurement breaches between 2015 and 2019.

This were largely as a result of poor supervision, poor internal controls that led to fraudulent procurement activities in most of our public institutions.

This is sad to say the least, especially for a nation that is in dire need of revenue to shore up its social investment.

As a matter of urgency, the issue of blocking the seepage in the use of public finances should be a critical measure to revamp economic activities for a nation that is still reeling from the harsh

scourge of the global pandemic.

Procurement breaches is one of the key areas that needs to be addressed to save the country from financial distress, much so in these perilous times.

The coronavirus pandemic has been a major blow that has disrupted businesses, education, health and other critical areas and getting there sectors up and running will require the prudent use of our meagre resources.

This, therefore, not the time for wanton mismanagement of the public purse in the procurement of goods and services by our state institutions and agencies.

We cannot continue to experiment with square pegs in round holes and this paper

therefore sides with the GIPS on its call to have trained procurement officers supporting the control of public expenditure.

President of the institute, Collins Agyemang Sarpong, has been pushing for the licensing of the procurement practice as a way of putting practitioners in both private and public institutions in check.

A licensed practitioner, he said, will be conduct his or activities in the most ethical manner for fear of having the license revoked.

This is a noble call that must be given the requisite consideration in the broader interest of promoting sound and value-based procurement in the country.

GH¢11.8bn lost to procurement breaches in five years Continued from cover

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rent, contracts, loans and advances, payroll, stores, and tax irregularities.

Direct losses from stores and contracts over the five-year span was GH¢196.2m, with only those two items averaging a loss of GH¢39.2m each year.

General audit findings on the causes of the losses, according to the GIPS data, include failure to apply competition in procurement activities, poor or no inventory planning, shoddy works, and the non-execution of works after payment of funds for mobilisation.

Other factors were payment for undone projects and the lack of commitment from heads of institutions to ensure compliance and internal control.

From GH¢505m in 2015, total losses to procurement irregularities went up to GH¢2.2bn in 2016, before falling to GH¢892m in 2017.

The biggest loss over the fiveyear period was in 2018, when it hit GH¢5.2bn, before it dropped to GH¢3bn in 2019.

Square pegs in round holes The President of GIPS, Collins Agyemang Sarpong, attributed the phenomenon to the failure of both public and private institutions to allow trained procurement practitioners to supervise budgetary expenditure.

In a presentation at a professional seminar on “The Continuous Procurement Malfeasance in Auditor General’s Reports: Solutions and the Way Forward”, which underlined the gravity of the situation, he called for the licensing of the procurement practice to enforce ethical conduct.

“No square pegs in round holes.

Non-procurement professionals should stay away from heading and working in the procurement department. Most of them become overwhelmed when faced with complex procurement of goods, works and services,” he said at the seminar, organised by the University of Professional Studies in Accra.

Also, to ensure the independence of trained procurement officers in their respective institutions, Mr. Sarpong mooted the setting up of procurement directorates— instead of units—in all institutions to allow officers to work ethically

without fear of intimidation.

The GIPS boss further entreated heads of institutions to attach seriousness to the recruitment, resourcing and running of the procurement function of their institutions.

Licensing of the procurement practice GIPS has been advocating the licensing of procurement professionals in the country to guide and control the conducts of its members.

A draft practising bill for procurement and supply professionals, which is currently at stakeholder engagement level, is set to be readied for parliamentary approval by the end of this month.

The bill, when passed, will allow GIPS to impose sanctions on members who violate ethical and professional standards in their line of duty whilst protecting them from undue influence and pressure from their superiors and influential persons.

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BoG flags risks to fiscal outlook Continued from cover “The fiscal data shows that fiscal revenues have significantly outpaced developments a year ago but slightly lag behind target.

The gap in revenue performance vis-à-vis the budgeted target has been somewhat compensated for by expenditure containment measures,” Dr. Addison said at a media briefing on Monday following the 100th meeting of the MPC. However, he stated that wage settlements, energy IPP payments, the potential for arrears build-up and for scaledup expenditures associated with COVID-19 waves and mass vaccination efforts are near-term risks to the fiscal outlook.

In addition, the implementation of the Ghana CARES programme would have to be carefully managed in a timely manner to minimise any deviation from the path of fiscal consolidation, he

added.

“Projected growth in the extractive industries, steady rollout of the vaccination programme, and recovery in industry and the services sectors should work their way in supporting a faster closure of the output gap in the medium-term,” the Governor said.

The recovery from the pandemic gained some momentum, according to the latest high-frequency indicators.

According to the bank’s Composite Index of Economic Activity (CIEA), there was a strong annual growth of 26.8 percent in March 2021, compared to a contraction of 1.9 percent in the corresponding period of 2020.

Domestic consumption (proxied

by VAT collection), construction activities, international trading activities, resumption of industrial production activities, and air-passenger arrivals were key drivers of economic activity

during the period.

Ahead of the media briefing, some market experts had projected the policy rate would be kept unchanged, citing upside threats to inflation on account of the higher taxes, higher petroleum prices, and expected upward review of utility tariffs.

However, to the surprise of most analysts, the MPC decided to lower the monetary policy

rate by 100 basis points to 13.5 percent, indicating that risks to the inflation outlook appear muted in the near term.

“The Committee will continue to monitor price developments closely and take appropriate action, where necessary, to contain all potential pressures to the inflation outlook,” the Governor said.

Business leaders call for speedy formation of Tax Appeals Board Continued from cover the Independent Tax Appeals Board (ITAB), the new statutory body set up to adjudicate disputes between

taxpayers and the Ghana Revenue Authority (GRA).

The board was created through the Revenue Administration (Amendment) Act 2020, which became law in October last year. One of its goals is

to limit taxpayers’ recourse to the law courts to settle their tax disputes, as the board will be the first forum to hear appeals against contested decisions of the Commissioner-General of the GRA. According to Simon Madjie, the Executive Secretary of the American Chamber of Commerce Ghana, who was one of the panelists at the

Economic Counsellors Dialogue, it is urgent that the board be formed to address concerns of the business community in the country.

“Our members are interested to know when the Tax Appeals Board will be constituted so they can go to the board for answers when they are slapped with assessments from the GRA,” he said.

Similarly, Adjoba Kyiamah, Executive Director, UK-Ghana Chamber of Commerce, indicated that the delay in naming the board has gotten members of the chamber worried.

She also suggested that government should widen further the tax net to get more businesses in Ghana paying taxes.

The President of the Ghana-South Africa Business Chamber, Grant Webber, bemoaned the poor roads at the country’s mining sites as well as energy deficits in some towns, and urged government to move to address these challenges.

On his part, the CEO of GIPC, Yofi Grant, said the centre has partnered the World Economic Forum and United Nations Conference on Trade and Development (UNCTAD) to facilitate sustainable finance with regard to the sustainable development goals investment roadmap.

A representative from the Ministry of Finance, Eva Mends, touched on the Ghana Cares Programme, which she said is focusing on trade, industry, agriculture, tourism, science and technology.

“The Ghana Cares Programme is not just to address the impact of the pandemic but to drive the country’s transformational agenda,” she added.

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News

WEDNESDAY JUNE 2, 2021

Allianz Life Insurance, Societe Generale Bank launch partnership

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llianz Life Insurance and Societe Generale Bank have entered into a partnership that will enable the public to buy insurance policies from the bank’s vast branch network nationwide.

The launch of the partnership at the bank’s head office in Accra also saw the unveiling of two insurance products, Sound Eduflex Plan and Sound Funeral Plan.

According to the Managing Director of Societe Generale Ghana, Hakim Ouzzani, the partnership with Allianz Life Insurance allows a lot more people to have access to a wide range of insurance policies.

Speaking on the essence of insurance especially in the aftermath of the pandemic, Mr. Ouzzani argued that buying the right insurance product is one of the essential ways people can mitigate the difficult environment left in the pandemic’s wake.

On his part, the CEO of Allianz Life Insurance Ghana, Gideon Ataraire, said over the years the company has mastered the art of creating insurance policies that are sensitive to the needs of

From left to right: Hakim Ouzzani, MD, Societe Generale; Francois Pousse, Deputy MD, Societe Generale Gideon Ataraire, CEO, Allianz Life,

people.

Through the bancassurance partnership, Mr. Ataraire said, the two companies are able to leverage their expertise to service the needs of the insurance needs of the general public.

Mr. Ataraire explained that the Sound Eduflex Plan is a plan that helps parents to save towards their child’s education while insuring their own life as well as the child’s.

“This product, among others, ensures a child’s education

continues no matter what happens to the parent. In the unfortunate case of the parent passing on through natural means or illness the child receives 100% of the sum assured,” he stated.

The Sound Funeral Plan, the Allianz Life CEO explained, is an insurance plan that one can take out on their loved ones.

It has a minimum sum assured of GHS5,000 and a maximum of GHS80,000 and gives the policyholder a lumpsum to give their loved ones a befitting send-

off without having to dig into their savings or take out a loan.

Timely intervention Ismail Adam, Assistant Director of the Banking Supervision Department of the Bank of Ghana who also spoke at the event said the introduction of the two products were timely as the pandemic has eroded some from financial inclusion, He added that partnerships such as the one established between Allianz Life Insurance and Societe Generale Bank will help to drive financial intermediation and also complement government’s efforts of promoting financial inclusion.

Mr. Adam, however, cautioned that banks engaging in bancassurance partnerships need to have in place appropriate governance and risk management to ensure that existing and emerging sources of risk are controlled effectively.

“It is here we see the importance of regulation in general and regulation of this segment in particular. The central bank, as a regulator, is here to support and ensure that things are done right without endangering the stability of the financial system,” he said

Aviation faces long road to recovery, says IEA Continued from cover It added that the proliferation of online meetings and conferences, along with costcutting by companies, is likely to permanently dent business travel.

The worldwide pandemic and turbulent economic downturn triggered an unprecedented collapse in global oil demand of 8.7m barrels per day (mb/d) in 2020, it said.

It predicted, however, that global oil demand growth will rebound sharply in 2021, and is projected to rise by 13.1 mb/d to 2026.

In contrast to aviation, the petrochemical industry, which accounts for the majority of ethane, LPG and naphtha demand, suffered relatively little from the Covid crisis and will continue to post healthy growth, said the agency.

“Together, these products will

be responsible for 70 percent of the growth in oil product demand through 2026 compared with the 2019 level,” it said.

Last year, the IEA said jet fuel demand will plunge by 39 percent

or 3.1 mb/d as the recovery has been “weaker than anticipated with flight schedules still well below normal levels.”

Meanwhile, the International Air Transport Association (IATA)

said in its financial outlook for the global air transport industry that airlines lost US$84.3bn in 2020, yielding a net profit margin of -20.1 percent.

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Feature

WEDNESDAY JUNE 2, 2021

Cashless economies - Fact or Fiction?

By Ebo Richardson

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here is no doubt that Covid-19 has accelerated digital and technology adoption across the Continent, driving banks and other businesses to fast-track their digital transformation efforts and expedite creation of solid platforms for innovative solutions.

One obvious manifestation of this has been the growth of online transactions and ongoing embedment of 24/7 banking. But the question remains: What lies ahead, as we approach what is expected to be a “better normal”?

Digital Banking in Africa While cash is still predominantly used for payments across the African Continent, great strides have been made towards the realisation of the so-called “cashless society”. Of course, Covid-19 has been a key catalyst, with lockdowns, health and safety protocols, and merchant / commercial restrictions significantly limiting physical interactions and thus reducing cash-based transactions. The fact is, going cashless, or at least “cashlite”, is possible and remains a likely future scenario, given the development and trends we are seeing.

Banks and other financial institutions, however, will need to provide incentives and demonstrate unparalleled convenience in order to encourage consumers to make the switch in a sustainable way. Additionally, and perhaps more importantly, regulators will need to create the requisite policy frameworks that stimulate and support adoption, as well as safeguarding consumer interests.

Indeed, Rwanda is one of the African countries leading the charge, with a goal of being a cashless society by 2024.

Significantly, in alignment with this goal, the Rwandan government recently provided free meters to all taxi drivers, ensuring that only digital payments could be made. Kenya is following suit, with some fees on mobile money transactions being waived during the pandemic, coupled with a surge in online shopping. As a result, experts estimate that Kenya could become a cashless economy by 2033.

Ghana is also making important and progressive strides, driven by the government’s digitization agenda, which has seen the introduction of Mobile Money

Interoperability (MMI), the launch of National Universal QR Code, and other payment systems projects in partnership with Banks, Telecos and Fintechs. Just like Kenya, the waiver of some fees on mobile money transactions during the height of Covid-19 and the sustained incentives from some organisations, including Absa Bank, continues to encourage and promote digital payments.

In addition to higher daily transaction limits, Absa offers customers transfers from mobile money wallets to bank account at highly competitive rates ad free contactless payments, which save customers time and hassle while assuring their safety and security.

Overall, sector players are acknowledging the benefits of digital payments, noting that they are more convenient and safer for customers, and that they will inevitably reduce crime and fraud while promoting the inclusion of more people into formal financial services. In addition to further increase in mobile and online transactions, indications are that we will see a notable shift to contactless payments, QR codes payments, and eventually even wearables.

Customers will want personalised digital journeys Think a personalised Netflix profile, but for banking!

Of course, personalised customer experiences in banking are far more complex as there are multiple factors and important regulations to consider; but they are entirely achievable. Logging in should be a breeze and user interfaces should be intuitive and

easy to navigate, complemented by specific product insights and recommendations. Round the clock, expert support, whether it be live-chat or a click-to-call option will be non-negotiables.

Consequently, banks will need to come to the fore with reliable, secure and integrated digital technology systems in order to meet ever-evolving customer expectations.

Furthermore, it is pivotal that financial institutions view technology as an essential enabler, and that artificial intelligence (AI) and machine learning (ML) are not only considered for internal processes, but also as an effective way to boost self-service options.

Chatbots are fast becoming the norm when it comes to automated client queries (such as Absa’s Abby on WhatsApp), while machine learning can deduce user intent and match digital products with specific needs.

Regulation and Resilience will be key With new technology comes the requirement for appropriate regulation. The EU’s General Data Protection Regulation (GDPR), for example, currently emphasises the ‘right to explanation’ if an AI algorithm deems a customer ineligible for a loan or financing.

Banks will need to understand legislative expectations around emerging innovations and be in a position to meet them.

While there is still some regulatory ambiguity in some African countries, overall, policymakers have made noteworthy progress in implementing customer-centric frameworks that promote

governance, support tighter lending requirements, and encourage financial inclusion and innovations. Further to this, the rise in cyber-risk exposures as a result of increased digitisation, lends itself to an increased focus on building business resilience, as well as an increased need for specific cybersecurity legislation - particularly when it comes to data and privacy laws. As this risk increases, policymakers are bound to take notice, with possible regional frameworks coming to the fore.

The banking sector as a whole is expected to be stable and healthy in order to kick-start economies and stimulate growth, especially post-pandemic.

To achieve this, banks will need to discard legacy infrastructure in favour of smarter, integrated and more resilient cloud-based platforms.

This will enable institutions to manage and access data quicker and bring products and solutions to market much faster.

Ultimately, digital banking should be viewed as a meaningful way to connect with customers across each stage of their life journeys.

What certainly won’t abate going forward, is customer centricity, and the desire to meet customers at their point of need.

The author is the Chief Enablement & Information Officer, Absa Bank Ghana

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News

WEDNESDAY JUNE 2, 2021

Robert & Sons Optical Services to provide eye care services to less fortunate Ghanaians

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obert and Sons Optical Services this year, is providing eye care services to between 500-1000 less fortunate in Ghana who by their economic circumstances do not have access to eye care services and also as a result of the negative impact of covid 19 on the livelihood of many Ghanaians.

This is under the company’s Vision for Life Outreach, and in line with its ongoing 30th anniversary corporate social responsibility, which will take place in rural and urban Ghana in Greater Accra, Eastern and Ashanti region, from May to December 2021.

The Business Development Manager, Mr. Daniel Osei said, “The eye is our most important sense organ, accounting for about 80% of our awareness of our environment. Most people unfortunately are unable to afford proper eye care and suffer visual illusions, colour vision problems, common sight disorders, eye diseases and blindness that can be corrected and/or managed.”

“We will collect old, slightly used or new eye glasses and

spectacle frames in good condition from our customers and the general public to donate to the underprivileged,” Mr. Osei said.

He added: “Our goal is to match the donation of each frame/ spectacle with a new pair of lenses in order to improve vision and change a life/lives”.

The first phase of the project will involve the collection of used spectacles frames/eye glasses from May to August 2021.

This kicked started the Healthy

Vision month in May, where the company put the spotlight on the connection between eye health and one’s overall health. This will continue through to June with the Cataract Awareness Month in partnership with Business24 and other media.

The second to third phases will include more collections and preparations for the first phase of donation from August to October 2021, while the fourth phase will involve the collection from September to November, and the

second part of donation will take place in December 2021.

Robert and Sons Ltd, Optical Services is therefore calling on all in Ghana and outside the country to donate spare frames/sunglasses in good condition to give better sight to the under privileged and change lives.

They are by this platform also encouraging Corporate Institutions to encourage full participation by their employees.

Discounts are being offered to all who donate towards this end.

Multichoice Talent Factory calls for applications for Class of 2022

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ow approaching its third year, the MultiChoice Talent Factory (MTF) Academy is thrilled to announce calls for applications for its sought-after film and TV training programme! Applications are open from 1 June to 30 June 2021 and are to be completed on https:// cte.multichoicetalentfactory. com/Home/MTFHome The call is open to all emerging filmmakers with either some industry experience or a relevant post-school qualification in film to apply for this exciting opportunity

to hone their television and film production skills.

“The MTF Academy is our commitment to the future of our Industry and gives young Africans the chance to hone their television and film production skills through a world-class training programme.

After two successful years, we’re proud to announce a new call to entry to and look forward to meeting the next generation of African film makers,” says Yolisa Phahle, MultiChoice Group CEO of General Entertainment & Connected Video.

Launched in May 2018, the MTF Academy has so far given 120 students the chance to harness their expertise in film and TV, moulding them into skilled industry professionals. The Class of 2020 set a precedent as the first cohort of students to work during a pandemic. As a result, the programme was extended from 12 to 18 months. This additional time allowed the students to graduate with two qualifications as opposed to one.

Despite adapting to the Covid-19 restrictions, the Class of 2020 had other opportunities to shine: they were active participants during the virtual MTF Masterclass sessions and worked on the global Pledge to Pause PSAs for the United Nations Verified campaign. They also got to make short films in their home countries which launched as part of the ‘Colours of Africa’ series airing on Showmax and M-Net AfroCinema pop-up channel as part of the Africa Month campaign in May. Like previous years, all 60 students alongside select members of the public will get to participate in the MTF

Masterclasses, which are powered by various industry partners including Dolby, CBS Justice and Jasco Broadcast Solutions offering AVID software masterclasses to name a few.

The illustrious New York Film Academy of Visual and Performing Arts (NYFA) continues its commitment as an MTF Masterclasses partner and to award its annual 8 weeks NYFA Scholarship at the Academy in New York to the top performing student from each region.

“The Covid-19 pandemic was undoubtedly a difficult challenge both for all involved in keeping the MTF Academy programme going as well as the students.

The unwavering support from stakeholders, partners and students has nevertheless been overwhelming. We couldn’t be more excited to have reached our third year as one of the MultiChoice Group’s anchor shared value initiatives directly investing to the next generation of African storytellers,” says Cheryl Uys-Allie, Director of the MultiChoice Talent Factory initiative.

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Maritime, Trade & Logistics

WEDNESDAY JUNE 2, 2021

MPS readies for AfCFTA, builds capacity for Tema Industrial City

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y end of December 2020, Meridian Port Services Ltd (MPS) extended the original FIDIC Yellow Book Contract with EIFFAGE Génie Civil to include the Land Works for the 4th New Berth of the MPS Terminal 3 (part of Phase 2 of the Tema Port Expansion Project).

Five months later; the MPS management team joined by executives from the Port Authority and the Shipping community and all the Contractors on the job gathered to lay the first pavement blocks at berth 4.

In addressing the guests, the CEO of MPS, Mr. Mohamed Samara, expressed his appreciation to the guests who made it to this remarkable event to celebrate the achievement of another milestone of investment journey by MPS in the implementation of the MPS Tema Port Expansion Project. Appreciations were also expressed to those who could have been present but did not due to the difficult times of COVID-19.

“The land works covers 42,000 square meters right at

the terminal’s waterfront (400m along the quay wall by 105m deep into the yard). Today we will be laying the first row of the total 2.1 million pavement blocks” Mr. Samara said.

He further indicated that the 4th New Berth civil works will be completed by September 2021, and this stretches the MPS Terminal 3 quayside to 1,400m at dredged level of -16.90 m CD. The Contracts Manager of Eiffage Genie Civil, Mr. Mohammed Juma, emphasised on his company’s commitment to deliver on their obligation to complete the works on time or even ahead of schedule.

“Eiffage Genie Civil and the entire team at the Tema Port Expansion Project have already worked for 27-million-man hours with no fatalities or serious injury” said Mr. Juma while urging the team to continue with this remarkable safety achievement.

The Director of Tema Port, Mrs. Sandra Opoku, congratulated MPS for actions taken to commence and achieve the milestone. She disclosed that the operation of a fourth berth will open countless opportunities to MPS, the Port of Tema and variable to Ghana.

“MPS is encouraged to continue

in its quest to increase capacity and infrastructure to the benefit of Ghana as it has already done by venturing into transhipment which has contributed to an increase in shipping trade” was noted by Mrs Opoku.

The Chairman of GPHA, Mr. Peter Mac Manu expressed his excitement for chairing such a ceremonial milestone and congratulated MPS Management and all the contractors involved in the project by proclaiming that “with the direction taken

by MPS in the port and maritime industry, the sky is the limit as they reclaimed the land from the Atlantic Ocean to build on it such infrastructure with heavy civil engineering” said Mr. Mac Manu.

Mr. Peter Mac Manu, also touched on importance of this investment to exporters, importers, the AfCFTA and the huge potential industrial growth of Ghana’s feeding into international trade and maritime sector.

Transhipment remains a key goal for ports in the region as West Africa still lacks a welldeveloped transhipment hub.

MPS Terminal 3 of Tema Port has on this premise raised the bar to cater for this need.

New US$50 billion health, trade and finance roadmap to end the pandemic

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eads of International Monetary Fund, World Bank Group, World Health Organization, World Trade Organization has issued an extraordinary call for financing actions by government leaders to accelerate end to COVID-19 pandemic.

IMF, WB, WHO, WTO principals are calling for US$50 billion investment to generate US$9 trillion in global economic returns by 2025 and boost manufacturing capacity, supply, trade flows and the equitable distribution of diagnostics, oxygen, treatments, medical supplies and vaccines.

Call to action by this quadrilateral grouping comes at a perilous point in the pandemic

and as the historic World Health Assembly concludes, G7 meetings commence, and follows the G20 Global Health Summit.

Doses need to be donated immediately to developing countries, synchronized with

national vaccine deployment plans, including through COVAX, which is co-led by CEPI, Gavi and WHO, alongside key delivery partner UNICEF. The leaders of the four agencies said governments must

act without further delay or risk continued waves and explosive outbreaks of COVID-19 as well as more transmissible and deadly virus variants undermining the global recovery.

They said: “By now it has become abundantly clear there will be no broad-based recovery without an end to the health crisis. Access to vaccination is key to both.”

“At an estimated $50 billion, it will bring the pandemic to an end faster in the developing world, reduce infections and loss of lives, accelerate the economic recovery, and generate some $9 trillion in additional global output by 2025,” said the leadership.

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News

WEDNESDAY JUNE 2, 2021

Cocobod produces 92m hybrid seedlings for 2020/21 crop year

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s part of efforts to ensure the success of the Cocoa Rehabilitation Programme, the Seed Production Division of Ghana Cocoa Board (Cocobod) has raised 92m hybrid cocoa seedlings for the rehabilitation of diseased and overage farms, established new farms, and filled vacancies in existing young cocoa farms for the 2020/2021 crop season.

Dr. Emmanuel Ahia Clottey, Executive Director of the Seed Production Division (SPD) of Cocobod, said his outfit has steadily increased hybrid cocoa seedlings production from 60m to 78m in the two previous cocoa crop years.

He said 70 percent of the 92m seedlings for the current crop season were ready for transplanting, and the Cocoa Health and Extension Division (CHED) was carting them to the

farms under rehabilitation.

“Our focus is to ensure a high survival rate of the transplanted

seedlings for a successful programme,” he said, adding that his outfit together with CHED is

taking the necessary initiatives to monitor the progress being made on the farms.

According to Dr. Ahia Clottey, good farm maintenance is key to sustainable cocoa farming, increasing yield and improving cocoa tree stock life span. He said good farm maintenance, which basically requires adherence to Good Agronomic Practices (GAPs), ensures that the trees remain strong and continue to bear healthy pods even after decades of existence.

“When farmers brush, prune their farms and apply the recommended pesticides as well as manure and or fertilizers, they can be assured of a longer and productive life span of the cocoa trees,” he said, adding that such practices will make the farms more productive and increase per hectare cocoa production volumes.

Nova Wellness Center CEO wins big at Ghana-West Africa Business Excellence Awards

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he Chief Executive Officer of Nova Wellness Center, Dr Naa Asheley Dordor, has been adjudged the Outstanding Executive of the Year (Health and Wellness Category) at the just ended 3rd Ghana-West Africa

Business Excellence Awards (GWABEA) held in Accra.

The award was in recognition of Dr Dordor’s commitment to the promotion of health and wellness as well as her leadership role in a male-dominated sector.

The West Africa Business Excellence Awards which took place at the Movenpick Ambassador Hotel acknowledged various achievements in the business sector across the country.

The Award provides a platform to recognise individuals and companies that create a friendly atmosphere to welcome investors and/or play a significant role in the development of various sectors in Ghana and West Africa at large.

Speaking at the ceremony, Dr Dordor expressed her profound gratitude for the honour saying: “Like many other businesses, we were badly affected by the Covid-19 pandemic. The nature of our work demands very close contact to the patient so obviously many people stayed away. So, to come out of that and be recognised by the GhanaWest Africa Business Excellence Awards (GWABEA), I’m truly humbled.

The health and wellness industry in Ghana is growing and I always say Ghanaians deserve the best so we will continue to provide excellent service with state-of-the-art technology to

treat musculoskeletal problems naturally. It is for this reason that we decided to invest the DRX9000 Spinal decompression machine to treat disc problems causing severe low back pain and sciatica. This non-surgical treatment is safe and effective with minimal risks. It is a game changer for not just Ghanaians but everybody in the sub region and we hope that it will help with our medical tourism here in Ghana. Again, a million thanks to GWABEA for this recognition.”

Nova Wellness Center was established in 2013 and has grown from a spine-focused clinic to becoming a holistic wellness center. Since its inception, Nova Wellness Center has been of an immense benefit to thousands of individuals by helping them to achieve maximum wellness naturally without the use of drugs or surgery.

The Ghana - West Africa Business Excellence Awards was attended by distinguished business and government representatives and industry leaders. The 2021 awards celebrated the outstanding achievements of organisations and individuals in Ghana and respective West Africa business region across various award categories.

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Feature

WEDNESDAY JUNE 2, 2021

COVID-19 vaccines and the US national interest

By Joseph S. Nye, Jr.

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century ago, an influenza pandemic killed more people than died in World War I. Today, the COVID-19 pandemic has killed more Americans than died in all US wars since 1945. A big difference, however, is that science did not have a vaccine for the influenza virus back then, but now several companies and countries have created vaccines for COVID-19.

A number of wealthy democracies, including the United States and the United Kingdom, have vaccinated over half their adult populations and seen a dramatic reduction in the number of new cases and deaths.

Other places, such as India, Brazil, and parts of Africa, have low vaccination rates and high rates of new cases and deaths.

The Economist estimates that the pandemic’s true global death toll may be something like ten million people, or more than three times the official number reported by national authorities.

Given these grim statistics, should leaders of wealthy countries export vaccines and help vaccinate foreigners before they finish the job at home? When former President Donald Trump proclaimed “America First,” he was being consistent with democratic theory, according to which leaders are entrusted with defending and advancing the interests of the people who elected them.

But as I argue in my book Do Morals Matter? the key question is how leaders define the national interest. There is a major moral

difference between a myopic transactional definition, like that of Trump, and a broader, farsighted definition.

Consider President Harry Truman’s espousal of the Marshall Plan after World War II. Rather than narrowly insisting that America’s European allies repay their war loans, as the US had demanded after World War I, Truman dedicated more than 2% of America’s GDP to aiding Europe’s economic recovery. The process allowed Europeans to share in planning the continent’s reconstruction and produced a result that was good for them, but that also served America’s national interest in preventing Communist control of Western Europe.

There are four major reasons why a Marshall Plan-like effort to vaccinate people in poor countries is in the US national interest. First, it is in Americans’ medical interest. Viruses do not care about the nationality of the humans they kill. They simply seek a host to allow them to reproduce, and large populations of unvaccinated humans allow them to mutate and evolve new variants which can evade the protections that our vaccines produce.

Given modern travel, it is only a matter of time before variants cross national borders. If a new variant arose that was capable of by-passing our best vaccines, we would have to develop a booster targeted at the new variant and vaccinate again, which could lead to more fatalities and more strain on the US medical system, as well as lockdowns and economic

damage.

Our values provide the second reason that a vaccine Marshall Plan is in America’s national interest. Some foreign policy experts contrast values with interests, but that is a false dichotomy. Our values are among our most important interests, because they tell us who we are as a people. Like most people, Americans care more about their co-nationals than foreigners, but that does not mean they are indifferent to the suffering of others. Few would ignore a cry for help from a drowning person because she calls out in a foreign language. And while leaders are constrained by public opinion in a democracy, they often have considerable leeway to shape policy – and considerable resources to influence public sentiment.

A third national interest, related to the second, is soft power – the ability to influence others through attraction rather than coercion or payment. American values can be a source of soft power when others see our policies as benign and legitimate.

Most foreign policies combine hard and soft power. The Marshall Plan, for example, relied on hard economic resources and payments, but it also created a reputation for benignity and far-sightedness that attracted Europeans. As the Norwegian political scientist Geir Lundestad has argued, the American role in postwar Europe may have resembled an empire, but it was “an empire by invitation.” A policy of helping poor countries by providing vaccines, as well

as aiding the development of their own health-care systems’ capacities, would increase US soft power.

Finally, there is geopolitical competition.

China quickly recognized that its soft power suffered from the origin story of COVID-19 in Wuhan. Not only was there lack of clarity about how the virus originated, but in the early stages of the crisis, Chinese censorship and denial made the crisis worse than necessary before its authoritarian lockdown proved successful. Since then, China has assiduously pursued COVID-19 diplomacy in many parts of the world.

By donating medical equipment and vaccines to other countries, China has been working to change the international narrative from one of fault to one of attraction. The Biden administration has been playing catch-up, announcing that it will release 60 million doses of AstraZeneca vaccine, as well as 20 million additional dozes of Pfizer, Moderna, and Johnson & Johnson vaccines.

In addition, the administration has pledged $4 billion in funding for the World Health Organization’s COVAX facility to help poor countries purchase vaccines and supports a temporary waiver of intellectual property to help poor countries develop capacity.

In short, for four good reasons consistent with America’s history, values, and self-interest, the US should lead a group of rich countries in a plan to vaccinate the rest of the world now, even before the job is finished at home.

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