Business24 Newspaper 3rd September, 2021

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FRIDAY SEPTEMBER 3, 2021

RMB research: cedi overvaluation declines

All you need to know about the mortgage market

See page 5

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Ghana’s public finances in a difficult state, IFS says

By Patrick Paintsil p_paintsil@hotmail.com

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olicy think tank Institute for Fiscal Studies (IFS) has asked government to make some hard choices to realign public spending in favour of public investments by cutting down the rate of growth in workers’ compensation and eliminating non-essential expenses to minimise borrowing.

According to an analysis by the economic think tank, government’s inability to

Ghana’s debt service to revenue ratio is alarming and one of the highest in the world.

Cont’d on page 2

No sign of oil in Afina discovery, Eni claims

By Benson Afful affulbenson@gmail.com

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talian energy giant Eni and its partner Vitol have said there is no evidence that the Afina discovery, which is the subject of a unitisation dispute with Ghanaian oil firm Springfield, is capable of producing hydrocarbons.

Cont’d on page 3

Singapore tops in-bound FDI with US$307.5m in H1

By Benson Afful affulbenson@gmail.com

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ingapore has been rated as Ghana’s largest investment partner for the first half of the year, with US$307.5m in registered Foreign Direct Investment (FDI) from that country, the Cont’d on page 3

Gov’t to add herbal medicine to NHIS

By Eugene Davis ugendavis@gmail.com

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overnment is working to add essential herbal medicines to the list of drugs covered by the National Health Insurance Scheme, Dr. Kofi Bobby Barimah, Acting Executive Director of the Centre for Plant Medicine Cont’d on page 5

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The Offshore Cape Three Points (OCTP) project, is a US$10.6bn project in which the companies have already invested US$6.05bn.

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Editorial / News

FRIDAY SEPTEMBER 3, 2021

Editorial

Gov’t must take some tough actions to grow revenue basket

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hana’s failure to take hold of its lucrative economic sectors has seen it grappling with revenue concerns and swimming in a pool of debt, which keeps ballooning by the day. The little cash that is mobilised domestically is consumed by the servicing of debts and workers’ compensation.

Other spending obligations of the government such as transfers to statutory funds, purchase of goods and services, capital expenditure, and arrears clearance are mostly dependent on borrowed money.

Presently, these obligations cannot be met without resorting to borrowing—as employee compensation and debt service more than absorb all

the available revenue even as extra-budgetary fiscal activities have added to the revenue and expenditure difficulties to cause rapid debt build-ups directly and indirectly.

The nation’s debt interest payment as a share of government revenue otherwise known as the interest burden has risen at breakneck speed, according to economic policy think tank, Institute for Fiscal Studies (IFS).

The bad revenue situation is stifling the state’s investment in public capital assets with a noticeable fall in government investment spending, which will undermine the country’s long-term economic growth and development.

According to an analysis by

the IFS, public sector revenue has performed poorly over the last eight years, with a sharp fall in the average growth rate of total government revenue and grants, both in nominal and real terms.

The think tank has already advised government to take controlling interest in the nation’s extractives sector, from which it could generate enough domestic revenue to curtail its hunger for borrowing.

This paper adds its voice to this noble call to action. Our extractive sector holds much revenue potential and it is about time government paid particular interest in the mining and oil business and not leave it entirely in the hands of foreign investors.

Ghana’s public finances in a difficult state, IFS says Continued from cover

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mobilise adequate domestic revenue amid serious expenditure management issues and strong appetite for extra-budgetary fiscal activities has placed the public finances in a dire state.

“All extra-budgetary fiscal activities have to stop; all such transactions must be brought and managed within the national budget as part of the budget lines, coupled with an urgent need to dramatically increase revenue mobilisation,” Leslie Dwight Mensah, a research fellow of the institute, said in a presentation on the state of Ghana’s public finances.

Public sector revenue has performed poorly over the last eight years, with a sharp fall in the average growth rate of total government revenue and grants, both in nominal and real terms, the analysis showed.

Ghana’s debt service to revenue ratio is alarming and one of the highest in the world, reflecting high cost of borrowing and low revenue mobilisation, the IFS further indicated.

“Revenue mobilisation has failed to keep pace with the

The IFS has already advised government to take controlling interest in the nation’s extractives sector, from which it could generate enough domestic revenue.

growth of the economy, and that’s the revenue problem facing the nation,” Mr. Mensah said.

According to him, Ghana’s high cost of borrowing against its low revenue mobilisation explained its high interest burden.

Ghana’s official fiscal balance improved from an average deficit of 6.5 percent of GDP between 2013 and 2016 to an average of 4.4 percent from 2017 to 2019. Last year, the deficit spiked to a record 11.7 percent of GDP. The IFS presentation showed that two expenditure items, employee compensation and debt service, currently consume the entire government revenue,

making the government resort to borrowings to finance other obligations such as capital expenditure, purchase of goods and services, and transfers to statutory funds.

Amid these difficulties, the think tank sees as worrying the fall in government investment spending, which could undermine the nation’s long-term economic growth and development.

The IFS has already advised government to take controlling interest in the nation’s extractives sector, from which it could generate enough domestic revenue to curtail its hunger for borrowing.

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News

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No sign of oil in Afina discovery, Eni claims Continued from cover The two oil companies’ claim was contained in a notice of arbitration filed against the Republic of Ghana and the Ghana National Petroleum Corporation (GNPC) over a unitisation directive issued by the Energy Ministry last year.

In the notice, dated August 16, Eni and Vitol stated that the Sankofa field, which is part of the Offshore Cape Three Points (OCTP) project, is a US$10.6bn project in which the companies have already invested US$6.05bn and which is producing hydrocarbons in large volumes for the benefit of Ghana.

In contrast, they said the Afina discovery currently amounts to a single exploration well which has not been appraised and is far less developed.

“There is not even any evidence that the Afina discovery is capable of producing hydrocarbons at a commercial flow rate. Yet by the alleged force of directives which do not comply with its own law, the Ghanaian state now seeks to compel a scenario where not only is the Sankofa field combined

Energy Minister Dr. Mathew Opoku Prempeh

with [the] Afina discovery, but where the Ghanaian owners of the untested and unappraised discovery are granted a staggering 55.54 percent equity interest in the proposed joint producing multi-billion-dollar asset,” the companies said.

The energy giants said the practical impact of Ghana’s unlawful unitisation is currently being played out in the Ghanaian courts, saying “emboldened by Ghana’s actions, Springfield is currently suing the claimants (Eni

and Vitol) to enforce its alleged rights in the Sankofa field which the unlawful directives seek to establish.”

Background to the case In April 2020, the Ministry of Energy in a letter signed by the former Minister, John Peter Amewu, directed Eni and Springfield Exploration to unitise their fields—Sankofa and Afina.

The decision resulted from a series of engagements and

analysis of post-drill data, which showed that the Afina discovery in the West Cape Three Points-2 block, belonging to Springfield, and Eni’s Sankofa field in the Offshore Cape Three Point contract area straddle.

However, Eni, not in support of the directive, has together with Vitol, its project partner, sued the government and GNPC for what it described as an unlawful attempt to impose a unitisation of Sakofa oil field and Afina on its operations.

Singapore tops in-bound FDI with US$307.5m in H1 Continued from cover Ghana Investment Promotion Centre (GIPC) has said.

Singapore was followed

by Australia with US$204m,

The Chief Executive Officer of GIPC, Mr. Yoofi Grant

India with US$61.6m, and the Netherlands bringing in US$46.8m.

The country’s investment body added that the world’s two largest economic powers—the United

States and China—also made large investments in Ghana during the period.

In all, about US$874m worth of investments from 122 projects in the first half of 2021 were

recorded by GIPC. With respect to the distribution of projects, the centre said the Greater Accra Region surpassed all other regions with 96 projects, accounting for 78.7 percent of all projects filed in the first half of the year.

The other regions that recorded projects are the Ashanti and Western regions with 8 and 9 projects respectively; Bono, Central and Eastern regions with two projects each; whilst Ahafo, Northern and Upper West regions recorded a project each.

According to GIPC, the steady performance can be attributed to the activation of the Ghana COVID-19 Alleviation and Revitalisation of Enterprises (CARES) programme as well as the timely roll-out of several government incentives which prompted a quick recovery of the Ghanaian economy.

The centre said the pace of economic recovery and the probability of pandemic relapses, as well as the possible impact of recovery spending packages on FDI and policy pressures, were elements that will influence investment prospects.

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FRIDAY SEPTEMBER 3, 2021

RMB research: cedi overvaluation declines

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he cedi’s overvaluation has declined by 14 percentage points (ppts) to 113.2 percent since 2020, with recent currency weakness helping close the overvaluation gap, RMB, the investment banking arm of First National Bank, has said.

RMB’s Milk Index compares the price of milk on the African continent. While the Milk Index methodology is an interesting point of departure to evaluating the risks associated with taking foreign exchange exposure in Africa, it’s important to marry these results with other techniques to assess valuation.

“We juxtapose the results from the Milk Index with other techniques like the Real Effective Exchange Rate (REER). The results assist investors and corporates with operations in African countries with decisions around hedging their foreign exchange risk,” said RMB Africa economist and strategist Neville Mandimika.

Milk prices have trended up, and this year’s main finding is that COVID-19 exacerbated the valuation of certain currencies.

In the last few months food prices

have accelerated globally and have played their part in higher inflation prints in most of RMB’s coverage countries, he added.

The cedi’s overvaluation has abated this year compared to last year, said Mandimika, who went on to explain that it is the cedi’s weakness in the last few months that has aided in the unit closing

this overvaluation gap.

“When compared to the REER,” he said, “we notice that the unit is deemed to be fairly valued. This implies that we could see the spot cedi trade sideways for the remainder of the year.”

On the horizon is the Cocobod issuance. This would further add to the central bank’s FX reserves,

aiding its efforts to minimise currency weakness which would be inflationary. “it is important to note that as we get closer to the festive season, there will be a natural increase in demand for dollars as corporates stock up for the holidays. This would add pressure to the unit,” Mandimika said.

Gov’t to add herbal medicine to NHIS Continued from cover Research at Mampong, has said.

Essential medicines are those that satisfy the priority health care needs of the population.

They are selected with due regard to public health relevance, evidence on efficacy, safety and comparative cost-effectiveness.

Government has a set of criteria and a policy it works with before it includes any drug

in the essential list.

Dr. Barimah said it is the mission of his centre to make herbal medicine a natural choice for all, adding that the demand for herbal treatments has increased since the pandemic.

“Before Covid-19, our daily attendance to clinic was 70 to 80 patients. Since the Covid-19 came, it has increased to 100 to 140; this tells you that a lot of Ghanaians are using herbal

medicine.”

Speaking at the launch of a herbal drug, Thorntina-74 mixture, in Accra, he added: “One interesting thing is that the official policy of the Ministry of Health is integration, and this means that herbal medicine is being integrated into the healthcare system, so when you go to about 50 healthcare facilities, you have access to herbal medicine. I would also like

Dr. Kofi Bobby Barimah, Acting Executive Director of the Centre for Plant Medicine Research at Mampong

to say that the Ministry of Health is now working to implement the inclusion of essential herbal medicine in the national health insurance [scheme] to make sure that herbal medicine is accessible.”

He further disclosed that the centre is collaborating with KNUST on a clinical trial for one of its products to find a cure for Covid-19.

Speaking at the same event, Dr. Yaw Owusu Gyapong, the MD of Diagnostic Herbal Clinic, said herbal treatment is gradually gaining roots in the country and urged all to support it.

He added the new drug [Thorntina-74] is formulated from carefully selected plants whose medicinal properties have already been proven with scientific data published in credible academic journals.

Thorntina-74 is a distillate from a combination of various plant materials formulated with no additives and is to be used as a food supplement to release phytochemicals including antioxidants. This will fuel the body’s immune system to naturally fight against diseases.

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FRIDAY SEPTEMBER 3, 2021

Social Enterprise Forum held to unlock potential for wealth creation in women

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frica Skills Hub in partnership with Norsaac Ghana, Social Enterprise Ghana, and Northern Development Authority organiSed the Social Enterprise Forum themed “Unlocking the potential for wealth creation in women through Social Enterprising.”

The event held at Mariam Hotel in Tamale had key stakeholders who met to discuss an action plan for the catalyzation of the social entrepreneurship ecosystem of Ghana’s Northern Region. In attendance were stakeholders from the Africa Skills Hub (ASH), Norsaac Ghana, Northern Development Authority, and Social Enterprise Ghana, who discussed and shared knowledge and expertise, and other key players’ exclusive approach to address the theme with support from Global Affairs Canada funding.

The Food and Beverage Industry was identified by ASH as one of the largest sectors for wealth creation for women in Tamale who venture into entrepreneurship as a means to improve their economic livelihoods and provide for their families.

The conference, therefore, served as the culmination of a year-long pilot which looked at

addressing sexual violence using new and innovative methods such as an incubator for scaling up northern food innovations, a campaign focused on influencing men to participate in lessening the burden of domestic work on their wives, publication of a policy guide to address issues of gender mainstreaming across Ghana´s entrepreneurial policies and a digital as well as a physical marketplace where these female entrepreneurs’ products will be sold.

Speaking at the forum, the Keynote Speaker, Hon. Shani Alhassan Saibu, Northern Regional Minister noted that the government associates with the forum and theme since investing in building an entrepreneurial culture in the country are critical for national development.

“Building businesses that tackle social problems is a step in the right direction and would be one of the lasting panaceas to most of the issues facing us as a people. I am of this view because such business models tend to be comparatively sustainable in the very long term,” he said.

Anatu Ben-Lawal the gender director at Africa Skills Hub elaborated on why they as an organization are choosing to take a new approach towards tackling sexual and gender-based violence

by elevating the socio-economic status of the northern woman.

“We are living in uncertain times,” she addressed the audience, “the covid pandemic has changed the world of work and the shift in donor funding which has been long overdue has come to an end. It is time that we as Africans rise and begin developing innovative products and models that are selfsustaining and income-generating -the story of the northern woman since I was born over forty years ago has remained the same and we as an organization are bent on changing that. Wealth creation is the only sustainable approach that will reduce the vulnerability of women to the various elements that constitute sexual violence as we know it. Unfortunately, it calls for moving from donor dependency to business-like approaches which do not always

resonate well with people but it is not like we are left with a choice.”

The panelists shared varied views on how to improve the business environment for young entrepreneurs; especially women and discussed the untapped areas of social value creation for the youth in the Northern Region. The panel included representatives from Africa Skills Hub, WEE North, SWIDA, HOPin Academy, Northern Development Authority, Ghana Enterprises Agency, and SEND Ghana.

In attendance were Executive Directors of Africa Skills Hub and Norsaac Ghana, stakeholders from government institutions & departments, international nongovernmental organisations, local non-governmental organisations, the media, and traditional authorities around Tamale.

Energy Commission ends Southern Zone SHS Renewable Energy Challenge

By Ibrahim Mashud Mashud.ibrahim12@gmail.com

T

he Energy Commission of Ghana ended the Southern Zone’s Senior High Schools’ Renewable Energy Challenge yesterday in Accra.

The zonal competition, which took place at the Science Education unit in Accra, saw Mfantsiman Girls Senior High School emerge winners, with Accra Technical Training Centre and Mamfe Methodist Girls Senior High School placing second and third respectively and set to join the three best schools from the Northern Zone in the final.

This was the second edition of the Senior High Schools’ Renewable Energy Challenge (SHSREC).

The students from the various schools in the challenge presented amazing projects made by themselves from local materials.

The Executive Secretary of the

Energy Commission, Ing. Oscar Amonoo-Neizer, in his keynote address at the function said “the objectives of this challenge are to develop the research skills of Senior High School students and promote technological innovation in renewable energy and energy efficiency; instill in students a passion for solving renewable energy, energy efficiency and climate change challenges through innovative research; develop the presentation skills of Senior High School students; promote self-confidence; and encourage hard work through public recognition and rewards.”

The first edition of the challenge was organised for 29 schools in the Greater Accra Region.

It was won by Ebenezer Senior High School, with Forces Senior High Technical School and Manhean Senior High Technical School placing second and third respectively.

The second edition has been expanded to all 16 regions of the country. This includes 16 regional competitions, two zonal competitions and a grand finale which is scheduled to come off on October 14, 2021.

Mr. Julius Nkansah-Nyarko, Chief Programme Officer in

charge of Bio-Energy at the Energy Commission, in a message said that the aim of the program is to promote creative thinking and provide mentorship to young students in SHS. He added that “the Energy Commission will collaborate with some research institutions in the country, such as the CSIR and the Brew Hammond Energy Centre at KNUST, to help refine the ideas and projects of the students and also mentor, train and prepare them for the finals.”

“It is our hope that these projects and great ideas would be taken up and further research conducted on them to scale them up into solutions that could address Ghana’s energy needs,” Mr. Nkansah-Nyarko said.

All the participating schools in the Southern Zone were presented with a number of prizes, including text books, customised T-shirts, and a cash prize of GHC1,000.

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FRIDAY SEPTEMBER 3, 2021

Eni announces a major oil discovery in block CI-101, offshore Ivory Coast

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ni announces a major oil discovery in block CI101 offshore Ivory Coast.

The block is operated by Eni with Petroci Holding, who hold 90% and 10% respectively in the exploration phase.

The discovery well has been drilled on the Baleine prospect, with the support of the Government in the difficult context of the pandemic-covid-19.

Baleine-1x discovered light oil (40° API) in two different stratigraphic levels. An evaluation program will be carried out to assess the significant upside potential of the overall structure that extends into block CI-802, also operated by Eni with the same Joint-Venture and participating interests in the exploration phase.

The well was drilled about 60 kilometers off the coast, in about 1,200 meters of water depth with the Saipem 10,000 drill ship and reached a total depth of 3,445 meters in 30 days.

The Baleine-1x well was located on the basis of a comprehensive

analysis of a wide range of 3D seismic data and regional studies in the sedimentary basin in Ivory Coast; the implementation of stateof-the-art technology including intelligent wireline formation

testing and fluid sampling proved the presence of light oil-bearing intervals of Santonian and Cenomanian / Albian age. The lower Cenomanian / Albian level shows discrete to good reservoir

characteristics and has been successfully tested to production.

Along with the appraisal programme, Eni and Petroci Holding will also start studies for a fast-track development of the Baleine discovery. The potential of the discovery can be preliminarily estimated at between 1.5 and 2.0 billion barrels of oil in place and between 1.8 and 2.4 trillion cubic feet (TCF) of associated gas.

Baleine-1x is the first exploration well drilled by Eni in the Ivory Coast. Besides block CI-101, Eni owns a participating interest in other four blocks in the Ivorian deep water: CI-205, CI-501, CI-504 and CI-802, all with the same partner Petroci Holding.

After more than 20 years of industry exploration in the country's deep waters with no commercial discoveries since the last hydrocarbon discovery in 2001, the Baleine-1x well has successfully tested in block CI101 a new play concept in the sedimentary basin in Ivory Coast.

Nationwide Medical Insurance wins big at 2021 Ghana Insurance Awards

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ationwide Medical Insurance (NMI), a leading private health insurance company, has won Private Health Insurance Company of the year award for the fourth consecutive time, as well as Marketing Initiative and Unsung Hero awards (Private Health Category) at the just ended Ghana Insurance Awards.

The 4th edition of the Ghana Insurance Awards held at Kempinski Hotel in Accra is a

platform to honour top-class performance, professionalism and innovation across the Ghanaian insurance industry.

It also aims to promote the growth of the industry through progressive competition, innovation and adherence to the highest professional standards.

Commenting on the award, the Chief Executive Officer of the company, Nancy Ampah said, "I am elated that we have been recognized for the work we put

in delivering positive results.

Having won the Private Health Insurance Company award for the fourth consecutive time goes without saying that we at Nationwide, continuously challenge ourselves to bring out the best in our operations to create value for our stakeholders.

We shall continue to use cutting edge innovative technology to improve the private health insurance industry and remain the benchmark. We dedicate

these awards to our subscribers, employees and other partners for their support over the years”.

Nationwide Medical Insurance has pioneered private health insurance for over 17 years and is currently the market leader.

Nationwide set out to embark on a marketing campaign called 'How Far'.

The 'How Far' campaign was designed to create awareness of the Nationwide brand and inform our audience on how different and unique Nationwide is. At the end of the campaign, online advert generated over 7000000 impressions. Out of this, the NMI website received over 10,872 new visitors who enquired about Nationwide's retail product for individuals and families: MyHealth.

Samuel Adi Boafo, Head of Accounts Department, who received the Unsung Hero Award (Private Health Category) transformed the accounts department with the application of technology completely in tune with the various products of the company as well as other functions related to the health insurance enterprise.

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FRIDAY SEPTEMBER 3, 2021

Access Bank empowers creative arts industry to spark growth

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he Access Bank Ghana Plc has stepped up efforts to tap the potentials of players in the creative arts industry as part of its corporate social responsibility for wealth creation.

Through that, the bank sponsored the "Gallery 1957" programme dubbed "Cultural Week.

The Gallery 1957, is an affiliate of the Kempinski Gold Coast Hotel, which provided a platform for international exchanges between contemporary West African artistes and the rest of the world.

The week-long programme, comprised of a gallery visit, art fairs, tour of historic monuments in Accra with exhibitions, presentations and a trip to Palais de Lome in Togo.

Mr. Olumide Olatunji, Managing Director of Access Bank, said the bank is focused to maintain its enviable position as the bestin-class operations and the most sustainable and respected bank in Africa, financing and facilitating brighter futures for all

stakeholders through innovative services.

Operating from 53 business locations across the country, he said Access Bank continues to build solid long-term relationships with customers based on trust, digital innovations, good customer service and transparency.

"The bank has over the years developed a deep understanding of its customers, delivering excellent

services and empowering them to achieve more through financial education."

“If talent and passion had a home, it would be in Ghana and Africa for that matter. Our bank is therefore poised to push creative talents in Ghana across Africa and beyond,” he noted.

In that light, Mr. Olatunji pledged the bank's commitment to revive its online art initiative

dubbed “iLiveForArt”, which sought to showcase and promote young Ghanaian artistes, scheduled to restart in the fourth quarter of the year.

He said the on-going online TV series “All Walks of Life”, shown on the bank’s YouTube channel every Friday, brings a refreshing breather to the stress COVID has brought.

Other highlights of the Gallery 1957 programme, was the solo exhibition of Ace Artist and Architect Timothy Arthur’s “Grandma’s Hand”.

Arthur's artworks have been widely exhibited in London and are part of international collections including ICA Miami in USA. His beautiful artworks depicted close family members and his life events, specifically in Accra where he was born.

His large-scale oil paintings were also inspired by an archive of black and white photographs among his father’s papers, which he brought to life with vibrant colours.

Former Adansi South DCE urges Farmers to support Cocoa Farmers Pension Scheme some 2800 volunteer farmers

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he immediate past District Chief Executive (DCE) of Adansi South in the Ashanti Region, Benjamin Anhwere, has thrown his weight behind the Cocoa Farmers Pension Scheme being implemented by the Ghana Cocoa Board (COCOBOD).

The former DCE, who is also a cocoa farmer, called on his colleague farmers across the various cocoa-growing communities in the country to promptly enroll on the scheme when the full rollout of the registration exercise commences.

The pension scheme is a national exercise, he said, and should be embraced by all cocoa farmers as a matter of personal interest to ensure for themselves a good pension.

“This is a national programme which all must get involved, especially, cocoa farmers so that we can live happily in old age.

Nobody should trivialise it”.

Mr. Anhwere made these remarks when he visited a registration centre at Adansi

Wuruyie, a cocoa-growing community near New Edubiase in the Ashanti Region where, presently, a pilot exercise for the Cocoa Farmers Pension Scheme is underway.

He believes that the pension scheme has come at a good time to whip up interest in the youth to venture into the cocoa business.

“As an indigene of Wuruyie and given my vast experiences in public life, I felt that I had to live by example to support this initiative as well, he said. I am for it because I am a Ghanaian and a cocoa farmer with some 30 years of experience in the profession and the pension scheme concerns me”.

Mr. Anhwere expressed optimism that the scheme will alleviate the plight of cocoa farmers and motivate the younger generation to go into farming for a better future.

“I have a 70-acre cocoa plantation and I feel happy in life because it helps me a lot and I think the decision to roll out the

pension scheme is as well very laudable,” he said.

Meanwhile, the two-week piloting of the pension scheme which COCOBOD is carrying out in the Ashanti Region is meant to sensitize farmers and simulate the registration process with

drawn from 28 cocoa-growing communities within the New Edubiase Cocoa District.

It also aims at providing handson experiences and feedback which would be used to modify and enhance the modalities for the full rollout of the scheme this year.

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FRIDAY SEPTEMBER 3, 2021

Fidelity Bank introduces instant USSD mobile account opening solution

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idelity Bank has launched a digital self-onboarding solution for its innovative Smart Account, a minimum-effort “Know Your Customer” (KYC) requirement account launched in 2014 to extend financial services to the unbanked and underbanked in Ghana.

The new platform has made it easy to open a Fidelity Smart Account from any location using the shortcode *776#.

The bank explained that through the initiative, all prospective Smart Account customers of Fidelity Bank could open an account remotely with their phones without visiting a branch or filling out forms.

“It is simple, fast, and easy to use, and clients need only a valid national ID card and no additional documentation to open an instant account. In addition, since the account opening process is USSD based, there is no need for internet connectivity,” it added.

The Fidelity Smart Account, the bank explained, comes with a daily deposit and withdrawal limit of GH¢5000.00 and GH¢2000.00 respectively and one could also deposit and withdraw easily at any of the 5,000 Fidelity Agent

Points nationwide or via MoMo using the shortcode *776#.

Customers are automatically linked to mobile banking services to enjoy features such as airtime top-ups and transfers.

Speaking at the launch of the new digital self-onboarding solution, Madam Esi MillsRobertson, the Director of Inclusive Banking at Fidelity Bank, said: “We understand that today's customers expect a dynamic and personalized experience that gives them the freedom to bank without limitations.

“After a careful study of the market, we anticipated the need for customers to open an account via USSD in real time and this birthed the instant USSD mobile account opening solution for the Smart Account.

“With this digital selfonboarding solution, the Smart Account now joins our growing list of digital innovations like our online web account opening portal and Kukua, our WhatsApp Banking Assistant, to give customers the flexibility of banking anywhere and anytime.

The move is also intended to reduce in-person interactions during this COVID-19 pandemic era,” she added.

The launch of the instant USSD mobile account opening solution for the Fidelity Smart Account is another example of how Fidelity Bank continued to make banking services easily accessible, affordable and convenient, the bank said.

In a little over a decade, Fidelity Bank Ghana has grown from a discount house to a Tier-1 Bank and is now the largest privatelyowned Ghanaian Bank in Ghana.

The bank currently serves its approximately two million customers in 75 branches across Ghana and is a leader in the digital banking revolution.

It has two subsidiaries, Fidelity Asia Bank Limited, which is a wholly owned subsidiary in Malaysia and Fidelity Securities Limited, an asset management firm.

In a short period of time, Fidelity Bank has become a household name in Ghana by adopting a customer-centric culture and delivering consistently on the promise of making a difference in the lives of all stakeholders.

‘State-owned media must question gov’t policies’

By Eugene Davis ugendavis@gmail.com

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ommunications educator and media activist Prof.

Kwame Karikari has urged the state-owned media to be more assertive and question authority and government policies in order to uphold professional standards in journalism practice.

Prof. Karikari, a former Director-General of the Ghana Broadcasting Corporation (GBC), said state-owned media such as GBC must exercise their constitutional mandate to create more space for divergent and critical opinions on matters of public interest.

Speaking at the third edition of the MTN 25th Anniversary Bright Conversations series hosted in Accra, he stated: “What we might demand from them is to look at the constitution and what responsibility it gives stateowned media. For instance, the constitution says they should exact accountability from

government [and] public officials.

I don’t see the public media doing much of that, questioning authority [and] policies.”

He added: “In the constitution, they must open up to dissenting views. Editorially, they could occasionally raise such dissenting views for the public. Those are the challenges that I think could help the professionalism of the public media become complete.”

He commended the stateowned media for maintaining a high level of professionalism and

championing accurate reportage without prejudice.

The former Executive Director of the Media Foundation for West Africa also encouraged journalism training institutions to consider the introduction of courses in local languages to promote professionalism in nonEnglish radio stations.

He said though professionalism was quite high in the media landscape, the wrong use of local languages by radio stations was a great concern.

The MTN Bright Conversations series is a novel initiative by MTN Ghana as part of activities marking the company’s 25th anniversary celebrations.

The aim is to celebrate distinguished persons whose ideas, thoughts and reflections have helped to shape the Ghanaian society.

Prof. Karikari spoke on the topic “Promoting Professionalism in the Era of Social Media and Citizen Journalism”.

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All you need to know about the mortgage market Wendy Nelly Sarpong Head of Special lending – Stanbic Bank

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hopping for a mortgage can be unnerving without the proper information and guidance from mortgage experts.

Fortunately, it gets much simpler when you understand the basic ways of categorizing mortgages.

A mortgage, in many ways, is a lot like shopping for a home – there are different options that cater to different needs. Mortgages come in many different types and can be structured many different ways and it is always advisable for mortgage shoppers to find the one that fits their financial priorities.

While all mortgages share the same purpose – funding the purchase of property – they each come with different advantages, disadvantages, and unique terms. Ultimately the type of home loan you choose will have a tremendous impact on your future mortgage payments and overall financial health. Mortgage structures are numerous and varied and depends on the financial institution offering the mortgage. In this article, we discuss some mortgage structures that are peculiar to the Ghanaian market and specifically, Stanbic Bank.

Home Purchase The first option, home purchase, is the most common option on the Ghanaian market.

It involves a lending institution providing funds to a home buyer for the acquisition/purchase of an already built home. Under this arrangement, the lending institution holds the title to the property and releases it to the home-owner only after the completion of the mortgage payment. In a case of a default, the lending institution has a right to repossess the property and sell it to pay off the mortgage.

Developer Construction Financing The second option is what is referred to as the developer construction financing. This mortgage financing structure involves financing a project from start to finish. The lending institution disburses funds at different stages of the construction process until the property is completed. Off plan financing is possible under this option. Upon completion, the

cost of the mortgage is spread over a number of years for the home owner to pay.

Equity Release The third option is what is commonly referred to as equity release, which involves a bank paying a home-owner the value of an existing property so the home owner can buy another home or use the proceeds for other purposes. An equity release enables you to unlock the value in your existing property by taking a loan and using the cash released for a variety of personal needs, including the purchase of another home or prime land, or home expansion among others.

Mortgage Refinancing Re-financing a mortgage simply means allowing a new bank takeover your mortgage. It involves a lending institution paying off your old mortgage exposure from another institution. Most

mortgage shoppers choose to refinance so they can lower their interest or shorten their payment term or take advantage of turning some of the equity they have earned on their home to cash. With this option, after the valuation of the property, the exposure is paid off and the balance is given to the client to be used for any other purpose.

Home Expansion Financing Home expansion financing, as the name connotes, involves accessing funds for renovations, remodeling and expansions of the home. Mortgage shoppers, under this structure, approach lending institutions to acquire funds to work on existing properties.

Here also, the amount accessed is spread over a period of time for the borrower to pay.

Vacant Land Financing Vacant land financing involves a financial package for the acquisition of land. The intent with seeking vacant land

financing is to eventually build a house on the block of land one day without it being determined in a specified amount of time.

Therefore, unlike most home loans which are used to fund the purchase of a land and property package, a vacant land loan is purely to gain ownership in a block of land.

Public Service Financing The public service financing for mortgages is reserved for people within Ghana’s public sector who require mortgage financing.

This is a special mortgage arrangement that is peculiar to specific banks in the country like Stanbic Bank through the Ghana National Mortgage Scheme.

Although these mortgage structures may not be exhaustive and may not reflect what pertains in other jurisdictions, in Ghana these are the popular ones and knowledge of them will help and guide mortgage shoppers in their decision-making process.

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Melcom acquires Pizza Hut M elcom Group of Companies, the diverse business conglomerate, has announced its entry into the Quick Service Restaurant (QSR) business by acquiring the International Franchise Rights for Pizza Hut in Ghana.

A statement issued by the Melcom Group of Companies said the franchise would be operated by the group company – Skyline International Limited.

“Pizza Hut is globally recognised as the largest Pizza Chain, with more than 18,000 restaurants in over 100 countries worldwide, and will soon be relaunched in Ghana,” it stated.

It said Melcom Limited (Melcom) has a network of 50 retail outlets and is continuing to grow at a rapid rate, adapting to meet the needs of its customers across the country.

It said it made it possible to bring shopping to the doorstep of Ghanaians nationwide, making Melcom “Where Ghana Shops”.

The statement said, with the introduction of Pizza Hut, it aimed to be the preferred destination for families to have the “World’s Best Pizza”.

The group’s board of directors commended, “We are extremely excited and optimistic about our partnership with Pizza Hut in Ghana. This new area of business

takes our vision of being a diversified group one step ahead and creates more employment opportunities alongside our expansion of the existing core retail business”.

“We will announce the relaunch of the brand very soon and scale up considerably across the country in the next couple of

years.”

Mr. Ewan Davenport, Managing Director of Pizza Hut Middle East, Turkey and Africa, said: “Pizza Hut International is proud to partner with the Melcom Group to re-open Pizza Hut in Ghana”.

“We are excited at the prospect of our new partnership and have no doubt that we will grow and flourish. We look forward to many more years of proudly serving the best pizza in the world to the wonderful people of Ghana”.

Pizza Hut, a subsidiary of Yum! Brands, Inc. (NYSE: YUM), has more restaurant locations in the world than any other pizza company.

Founded in 1958 in Wichita, Kan., Pizza Hut operates approximately 18,000 restaurants in more than 100 countries.

Melcom Group of Companies is a business conglomerate with diverse business interests in organised retail, modern trade, plastic manufacturing, electronics assembly and travel.

Absa Bank partners Michael Essien for EPL Ultimate Assist Challenge

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he new English Premier League season is here.

Already, the heat is building up with the big teams finding their spots on the league log. Long way to go right?

As we wait for more surprises, Absa has announced a panAfrican reward campaign with English Premier League Legend and former Black Stars midfielder, Michael Essien, to connect Ghanaians to the game they are most passionate and excited about.

Known as the Absa Ultimate Assist, the campaign is aimed at engaging customers and potential customers with lighthearted Premier League content and rewarding them with exciting prizes.

The campaign which has a social media challenge “Give Michael Essien The Ultimate Assist” encourages Ghanaians to participate by demonstrating their skills to win special package.

To participate, you must take the following steps: 1. Record yourself receiving the ball from (an imaginary) Michael Essien.

2. Show off your football skills and pass the ball back to him.

3. Upload your video using #TheUltimateAssist and tag Absa Bank Ghana.

Commenting on the campaign, Benjamin Dwummah-Adu, Marketing Manager at Absa Bank Ghana said beyond connecting people’s dreams to financial solution, services and opportunities, Absa is also committed to connecting the Ghanaians to things they love.

“Football is a game that excites, thrills, stirs up hope and sometimes disappoints but always unites us. It’s a game that thrives on assisting each other to win. Through the Absa Ultimate

Assist, we are demonstrating our commitment to supporting Ghanaians with financial solutions to get things done as well as connecting their passion to the beautiful game.”

In a twitter post on the campaign, Michael Essien wrote “I am excited to be partnering with Absa, the Official African Banking Partner of the Premier League, on their #AbsaAssist campaign. Keep a look out for exciting content coming to you this season.”

During his time at the English premiership, Michael Essien helped Chelsea to win the Premier League in 2006 and 2010, as well as three FA Cups and one League Cup. He won the UEFA Champions League in 2012. He has won the Chelsea Goal of the Season award twice, in the 2006-2007 and 2008– 2009 seasons.

Absa Bank has been a longstanding banking partner of the English Premier League

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FRIDAY SEPTEMBER 3, 2021

Monetary order and international security

By Harold James

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istorically, there have long been close parallels between the collapse of monetary systems and the fall of global security orders. Hegemony requires a sound financial basis and global credibility – assets that can evaporate much faster than anyone in power cares to admit.

This year includes big anniversaries in the history of the international monetary order.

August 15 marked 50 years since US President Richard Nixon “closed the gold window”; and on September 21, it will have been 90 years since the British government took the pound off the gold standard. Although both episodes belong to the history of money, their implications transcended the financial domain. Each marked the passing of an entire international security regime.

The nineteenth-century global order had been built around British imperial power, with the gold standard serving as its financial foundation. The gold standard was sustained by the expectation that even if it was suspended in times of war, the end of hostilities would allow the currency to return to its prewar gold value. That promise of a constant gold value provided an element of credibility that made it easier for a wartime government to borrow, and thus to bear the cost of the conflict.

Because the gold standard had long served as the financial underpinning of Britain’s imperial status, the country returned to it after World War I. But the cost proved to be too high. By 1931, it was evident that a departure from gold was necessary to free up more room for the easy-money policies that would eventually drive the recovery from the Great Depression.

Britain also found after WWI that it could not easily reclaim its

previous position at the center of the global security order. Instead, it sought to preserve its influence through the creation of a new institution, the League of Nations.

To many Britons, this precursor to the United Nations looked like an improvement on the old balance-of-powers system. It established a clear legal code for international behavior as well as limitations on “aggression.”

From the perspective of other countries, however, the League looked like a scheme designed to protect British interests on the cheap.

On September 18, 1931, a few days before the sterling was delinked from gold, the Japanese army destroyed the League’s credibility as a bulwark against aggression. By staging a false flag incident on the strategic railroad at Mukden (now the Chinese city of Shenyang), which it presented as a Chinese act of sabotage, Japan created a pretext for invading and seizing Manchuria. The League was powerless in the face of these machinations. The Japanese provocation merely underscored a point made by the League’s critics: aggression is a relative concept.

The “Nixon shock,” too, must be understood as part of a broader systemic change in the global security order. It was the cost of America’s long failure in Vietnam, which strained the US budget and prompted a shift to inflationary financing that irked other countries.

America’s humiliation in Kabul today echoes these older moments of apparent imperial collapse. Like the disintegration of the League’s order in the interwar world, and like the collapse of the American position in Vietnam, the Taliban’s reconquest of Afghanistan was not surprising.

In each case, the cataclysmic end was years in the making.

This is something that monetary and security collapses

share. Everyone can see the cracks in the system far ahead of time, but economic policymakers and security officials deny their intention of abandoning the status quo up until the final moment. When the collapse comes, it is necessarily chaotic (because nobody could be seen to be preparing for it). The dominant power’s credibility suddenly evaporates, and a rush to the exit – either from the currency or the country – soon follows.

The aftermath of these episodes can be even more chaotic still, as was the case in the interwar years.

One common characteristic of systemic collapse is that a whole network of alliances can be immediately discredited. Hence, Afghanistan is a fiasco not just for the US administration but for every government associated with it. Suddenly, it becomes much more likely that the old security system will be tested in ways that previously seemed unimaginable.

In the current case, all eyes will be on the Baltics and Taiwan.

These uncertainties create the need for a new, more viable and sustainable political order that is not dependent on the exhausted hegemon. But it is foolish to think that there can (or should) be only one pole of global stability – as if it had to be the United States alone that took the mantle from the British in the twentieth century; or that it must be China that will assume the position vacated by the US today. There are always other alternatives, and the tension between them is often a source of deep instability. The hegemonic tussle between a revisionist Japan, Russia, and Germany during the interwar period is a case in point.

Moreover, new thinking can come from new players.

Nowadays, politics everywhere are being remade in response to the COVID-19 crisis. Contrary to what the pundits often suggest, it is far from clear that Russia or China inevitably will benefit from

America’s humiliation. India, for example, might come to play a greater role in Central and South Asian politics.

Similarly, with the United Kingdom gone, dynamics within the European Union are shifting.

France and Germany, the central axis of European politics for most of the post-war period, look increasingly tired and selfabsorbed. Both are heading into elections dominated by domestic issues – or in the case of Germany’s soporific campaign, no issues at all. Meanwhile, Italy under Prime Minister Mario Draghi is producing new ideas and formulating a vision of how Europe can respond to global threats like the pandemic and climate change.

In looking for a new path forward, the essential message of 1931 and 1971 should be heeded.

Chaotic financial transitions are also security challenges. Only by re-creating a viable system for managing interstate relations can financial stability be assured.

And stable international politics tend to be a prerequisite for establishing new financial orders.

Harold James is Professor of History and International Affairs at Princeton University. A specialist on German economic history and on globalization, he is a co-author of The Euro and The Battle of Ideas, and the author of The Creation and Destruction of Value: The Globalization Cycle, Krupp: A History of the Legendary German Firm, Making the European Monetary Union, and the forthcoming The War of Words.

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FRIDAY SEPTEMBER 3, 2021

Galaxy Watch4 and Galaxy Watch4 classic: Reshaping the smartwatch experience

By Jeffrey D. Sachs

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he Galaxy Watch4 series delivers a holistic suite of health features, an allnew OS and UI and enhanced hardware performance Samsung Electronics 2weeks ago announced the Galaxy Watch4 and Galaxy Watch4 Classic — marking a new era for smartwatch innovation. They are the first smartwatches to feature the new Wear OS™ Powered

by Samsung, built jointly with Google™, and are equipped with One UI Watch, Samsung’s most intuitive user interface yet. The Galaxy Watch4 series is bolstered with advanced hardware performance and delivers a more seamless and connected user experience than ever before.

These new devices have been completely redesigned to provide consumers with the best tools to manage their wellness.

“We have seen an incredible amount of growth for the Galaxy Watch series as consumers have discovered the health benefits and convenience of wearables,” said Dr. TM Roh, President and Head of Mobile Communications Business, Samsung Electronics.

“We understand the path to wellness is different for everyone, so we built a robust suite of health and wellness features to give people a deeper and more helpful understanding of their overall fitness.”

Samsung’s Most Advanced Suite of Health and Wellness Features Galaxy Watch4 is equipped with Samsung’s groundbreaking BioActive Sensor, which boasts a smaller and more compact design that doesn’t detract from measurement accuracy. This new 3-in-1 sensor uses a single chip to precisely run three powerful health sensors — Optical Heart Rate, Electrical Heart and Bioelectrical Impedance Analysis — so users can monitor their blood pressure, detect an AFib irregular heartbeat, measure their blood oxygen level, and, for the first time, calculate their body composition.

Our all-new Body Composition measurement tool gives users a deeper understanding of their general health and fitness, with key measurements like skeletal muscle, basal metabolic rate, body water and body fat

percentage. Now, you can easily check your body composition from your wrist with just two fingers. In about 15 seconds, your watch’s sensor will capture 2,400 data points.

These smartwatches come packed with an array of wellness features to track your daily activities and stay motivated to be your best. Choose from a wide range of guided workouts, enjoy Group Challenges with your friends and family, or set up a home gym by connecting your Galaxy Watch4 to your compatible Samsung Smart TV, where calorie counts and heart rate metrics appear on screen for easier tracking. And when you’re ready to rest, the Galaxy Watch4 series offers our most complete picture of your sleep patterns yet, with greater detail than before.

Your compatible smartphone detects the sounds of your snores, while your smartwatch measures your blood oxygen level when you sleep. Together with advanced Sleep Scores, you can learn more about your sleep patterns to get better rest.

The Ultimate Mobile Experience, with One UI Watch and Wear OS Powered by Samsung Simplicity, ease, and efficiency are hallmarks of the Galaxy smartwatch platform—and with Samsung’s brand-new One UI Watch, and Wear OS Powered by Samsung, we’ve made the smartwatch and Galaxy experience even more seamless.

With One UI Watch, compatible apps are automatically installed on your watch when downloaded on your phone, and your important settings – like do not disturb hours and blocked callers – are synced instantly. Auto Switch ensures your earbuds can toggle audio between your phone and

watch, depending on usage. You can also effortlessly control your mobile experience with Bixby voice, bezel and Gesture Controls.

Move your forearm up and down twice to receive calls and rotate your wrist twice to reject them — or to dismiss notifications and alarms.

Galaxy Watch4 series is also the first generation of smartwatches to feature Wear OS Powered

by Samsung —a new platform that elevates every aspect of the smartwatch experience. Built

by Samsung and Google, this cutting-edge platform lets you tap into an expansive ecosystem right from your wrist – with popular Google apps like Google Maps, and beloved Galaxy services, like Samsung Pay, SmartThings and Bixby. The new platform also includes support for leading thirdparty apps, like adidas Running, Calm, Strava, and Spotify available from Google Play. Along with our advanced hardware and even more intuitive user interface, you can enjoy smooth and convenient integrated experiences with your Galaxy Watch4. For example, our enhanced built-in compass works in tandem with Google Maps to make it easy to explore a new area.

Bringing Powerful Performance Directly to Your Wrist This incredible experience is backed by serious hardware upgrades including the enhanced processor, richer displays, and expanded memory.

Galaxy Watch4 series boasts the first 5nm processor in a Galaxy Watch – with 20% faster CPU and 50% more RAM, and a GPU 10 times faster than the previous generation.

That means scrolling and multitasking on Galaxy Watch4 series is smooth and effortless.

We also upped the resolution on the display, up to 450 x 450 pixels, so visuals are crisper and more distinctive. And with an impressive 16GB of memory, you’ll have enough storage to download and store your favorite apps, music, and photos – with the confidence they’re secure, thanks to Samsung’s Knox security platform.

Samsung’ leadership in eSIM technology enables users to enjoy the freedom of being able to leave their phone behind, knowing their smartwatch will automatically sync up and fill the gap. We also know a reliable battery is essential to smartwatch.

You can have up to 40 hours of battery life, more than enough to keep a charge on an overnight camping trip – even as it supports the faster processor, higher resolution display, expanded memory and more sophisticated health features. And when you need more juice quickly, 30 minutes of charging provides up to 10 hours of battery.

Pricing and Availability Galaxy Watch4 and Galaxy Watch4 Classic will be available starting September 27. Both watches showcase a sleek, iconic silhouette, with thinner cases than previous generations—and a variety of straps and customizable watch faces, so your watch is uniquely you.

Galaxy Watch4 – our modern, minimalist option designed for versatile all-day use – will come in 40mm and 44mm selling at GHS 1449 and GHS 1649 respectively.

For those looking for a premium, timeless smartwatch design with our fan-favorite rotating bezel, Galaxy Watch4 Classic 42mm will sell at GHS 1999 and the 46mm at GHS 2299.

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FRIDAY SEPTEMBER 3, 2021

The Olympic-size difference between India and China

Shashi Tharoor

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he recent Tokyo Olympic Games provided further evidence of why “Chindia,” a term popular a decade or so ago, is little heard nowadays. Whereas China’s disciplined governmentled preparation delivered a huge medal haul, India’s shambolic organization led to the country being ranked behind the Bahamas and Kosovo.

The Tokyo Olympic Games are over, and the Japanese people and government have heaved a sigh of relief that the spectacle passed without a major COVID-19 outbreak in the athletes’ village or other disasters. Here in India, the celebrations of the country’s first gold medal in the men’s javelin throw – and its best-ever medal performance at a single Olympics – have not yet subsided. But how good, really, is our best?

A decade or so ago, many spoke of India and China in the same breath. The two countries were supposedly the new contenders for global eminence after centuries of Western ascendancy, the Oriental response to generations of Occidental economic success.

Some even spoke of “Chindia,” as if they were joined at the hip in the international imagination.

But anyone seeking confirmation that such twinning is, to put it mildly, out of place, need only look at the medal tally in Tokyo. China ranked a proud second, with 38 gold medals – one fewer than the United States – and 88 medals in total.

Now scroll down, past Belarus, divided Georgia, the Bahamas, and even the breakaway province of Kosovo (whose independence India does not recognize). There, in 48th place, sits India, with seven medals in all, one gold, two silver, and four bronze.

In fact, this is not a surprise.

Whereas China has systematically strived for Olympic success since it re-entered global athletic competition after years of isolation, India has remained complacent about its lack of sporting prowess. China lobbied for and won the right to host the Summer Olympics barely two decades after its return to the Games. But India rested on its laurels after hosting the 1982 Asian Games in Delhi, and is now seen as being further behind in the competition to host the Olympics than it was four decades ago.

In the run-up to the 2008 Beijing Games, China embarked on “Project 119,” a government program devised specifically to boost the country’s Olympic medal haul (the 119 refers to the number of golds awarded at the 2000 Sydney Games in such medal-laden sports as track and field, swimming, rowing, sailing, and canoeing and kayaking).

Indians, by contrast, wonder if they will ever crack the magic ceiling of ten medals.

China, seeing the number of medals on offer in kayaking, decided to create a team that would master a sport hitherto unknown in the Middle Kingdom.

But India has not even lobbied successfully for the inclusion in the Games of the few sports it does play well, such as kabaddi (a form of tag-team wrestling), polo, or cricket, which was played in the 1900 Olympics and never since.

Likewise, China has developed new strengths in other nontraditional sports, like shooting, while maintaining its dominance in table tennis and badminton. India, by contrast, has seen its once-legendary invincibility in field hockey fade with the introduction of artificial turf, to the point where a bronze for the men’s team in Tokyo

prompted great exhilaration.

When it comes to sport, forget “Chindia” – the two countries barely belong in the same sentence.

What has happened at the Olympics speaks to a basic difference in the two countries’ systems. Put metaphorically, it’s the creative chaos of all-singing, all-dancing Bollywood versus the perfectly choreographed precision of the 2008 Beijing opening ceremony.

The Chinese, as befits a communist autocracy, approached the task of dominating the Olympics with top-down military discipline.

The objective was established, a program to achieve it drawn up, the state’s considerable resources devoted to it, state-of-the-art technology acquired, and worldclass coaches imported. India, by contrast, approached the Tokyo Olympics as it had every other, with its usual combination of amiable amateurism, bureaucratic ineptitude, halfhearted experimentation, and shambolic organization.

That’s simply the way we are.

If the Chinese authorities want to build a new six-lane expressway, they can bulldoze their way past any number of villages in its path. But if you want to widen a two-lane road in India, you could be tied up in court for a dozen years fighting over compensation claims. In China, national priorities are established by the government and then funded by the state; in India, they emerge from seemingly endless discussions and arguments among myriad interests, and funds have to be found where they can. China’s budget for preparing its athletes for the Tokyo Games alone probably exceeded India’s expenditure on all Olympic training in the last 70 years.

So, whereas India produces individual excellence despite the system’s limitations, individual success in China is a product of the system. Indians excel wherever individual talent is given free rein. The country has produced world-class computer scientists, mathematicians, biotech researchers, filmmakers, and novelists. But come up with a challenge that requires high levels of organization, strict discipline, sophisticated equipment, systematic training, and elastic budgets, and Indians quail. Perhaps tellingly, the only Indians who have attained the title of world champion in recent years have been a billiards player and a chess grandmaster In Tokyo, the much-favored Indian shooters failed to win a single medal, owing to setbacks such as a malfunctioning trigger on a world champion’s pistol that could not be fixed quickly enough. The best women’s table tennis player, denied the advice of her trainer, snubbed the official Indian coach, leading to disciplinary action. Our female archer, ranked first in the world, failed to get past her qualifying round.

Shashi Tharoor, a former UN under-secretary-general and former Indian Minister of State for External Affairs and Minister of State for Human Resource Development, is an MP for the Indian National Congress. He is the author of Pax Indica: India and the World of the 21st Century.

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MONDAY MAY 3, 2021

FRIDAY SEPTEMBER 3, 2021

Africa makes progress on Global Compact for Migration but more action is needed

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frica has made significant progress to implement the Global Compact for Migration but more action is needed to sustain the momentum amid the COVID-19 pandemic, according to the reports presented at a high-level meeting.

This statement was shared today with the participants, including more than 700 government officials and representatives from organizations working on migration, at the Africa Regional Review of the implementation of the Global Compact for safe, orderly and regular Migration (GCM), which opened yesterday in Addis Ababa.

The statement builds on the findings of a Continental Migration Report produced by the United Nations Economic Commission for Africa (ECA), four sub-regional reports complied by the African Union Commission (AUC) and a summary from stakeholder consultations held since December 2020.

These documents attempted to unpack migration patterns, progress, practices and pathways in Africa for the GCM’s implementation, involving all stakeholders.

Speaking about the continental report, Ms. Thokozile Ruzvidzo, the ECA’s Director for the Gender, Poverty and Social

continent’s development with their combined remittances sent to Africa valued at $84.3 billion in 2019, which exceeds the development aid received by the region.

Positive steps

Policy Division, said: “The report reveals that while Africa has made significant progress on GCM, the pandemic threatens to flatten the positive trajectory against several indicators, especially decent jobs and migrants’ safety. In parallel, we see a rise in xenophobia and restrictive policies that only increase irregular migration.”

She continued: “Such disruptive developments require concerted efforts to make migration work for all. Our report offers policymakers with good practices to build on and a timely evidence base for migration policy development and resource allocation to ensure we bring the GCM commitment to action.”

Key trends The continental report revealed that migrants in Africa increased from 23.5 million to 26.5 million between 2015 and 2019. The

figure represented a 13 per cent increase, which was above the global average of 9.2 per cent and accounted for 9.8 per cent of the world’s migrant population.

Its findings further showed that the destinations of most migrants were within Africa rather than Europe or North America while about 86 per cent of migration was not conflict-related.

In addition, key areas of concern in Africa were trafficking, human rights violations, border governance, legal identity, access to basic services, missing migrants, detention and forced return. In particular, the report notes that while many African countries have laws, guidelines and mechanisms to tackle trafficking, the continent has the lowest crime conviction rate per 100,000 people compared to other regions.

On the positive side, migrants substantially contributed to the

As well as in the summary paper and reports, member governments highlighted a series of progressive measures, undertaken since adoption of the GCM in 2018, to implement its 23 objectives, designed to manage all aspects of migration.

These ranged from a visa waiver for intra-Africa travel and a proposed continental passport to joint border monitoring systems, national policies on migration and diaspora, and taskforces on tackling trafficking.

In some countries, funds have been set up to support trafficking victims and specialized agencies have been established to investigate, detect and prosecute the offenders.

During the presentations, another recurring development was the growing uptake of technology by member states in introducing e-passport, digital IDs, online remittance transfers, data collection, social cohesion campaigns and biometric border control.

Stanchart staff honoured at Ghana Insurance Awards

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ranch Sales and Service Executive at Standard Chartered Bank Ghana, Ms Sarah Adu- Gyan has won the Insurance Agent of the Year at the 4th edition of the 2021 Ghana

Insurance Awards held at the Kempinski Hotel in Accra.

The award was in recognition of her exploit in the Insurance sector and also for being an advocate for best Insurance practices in the

field.

Speaking to the media after receiving the award, Ms AduGyan expressed gratitude to the awarding board and customers for such great honor.

"I am overwhelmed for wining this all-important award and it has really been remarkable, life changing and career enhancement. This shows that I have created memorable experiences for my clients across the country. I am indeed grateful", she said She said herself and Standard Chartered Bank Ghana would continue to ensure that customers demands were satisfied.

Profile

Ms Adu-Gyan holds a degree from the University of Ghana and an MBA from Kwame Nkrumah University of Science and Technology (KNUST).

She has won the Top Banca referrer from the year 2013 to 2016, Top Banca Premium referrer 2016, Top Products Referrer 2016, Recognition Award in Bancassurance in the year 2017 and Top Banca sales staff from 2017 to date.

The Ghana Insurance Awards is a yearly awards scheme organized

by Exodus Communications with the aim to educate, encourage and reward players in the Insurance sector, and stakeholders who have been working hard across the country.