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Tuesday, September 29, 2020 Vol. No. 004. GH¢2.50
COCOA – US$2,617 per ton
CRUDE OIL (BRENT) – US$ 41.00 per barrel
GOLD – US$ 1,878.34 per ounce
• Dr Ernest Addison, the Governor of the Bank of Ghana
• Ken ofori-
Attah, Minister
for Finance
New data released by the Bank of Ghana yesterday
indicates that Ghana’s economy is on course for
a rebound after suffering an unprecedented 3.2
percent contraction, measured year on year
during the second quarter of 2020.
• Continued on Page 3

Tuesday, September 29, 2020
SA Rand among best post
COVID emerging market
currencies — Goldman Sachs
LEadING global
investment Bank
Goldman Sachs has
marked out the
Mexican Peso as its top
emerging market (EM) currency
pick “once the dust settles” from
the coronavirus pandemic.
In a note last Thursday, Goldman
strategists suggested that while it may be
too early to engage with high-yield EM bets,
with risks still prevalent and the dollar on
the move, it is not too early to start
thinking systematically about
opportunities once the crisis subsides.
attractive among “high cyclical beta,
high carry longs.” It was closely followed by
the South african rand (ZaR) and Russian
ruble (RUB).
Co-Head of Global Foreign Exchange
Kamakshya Trivedi and Head of EM Crossasset
Research Caesar Maasry, along with a
team of strategists, identified the peso as
the most potentially strong currency in the
aftermath of COVId 19.
a currency carry trade is where
investors borrow in a high-yielding
currency to fund a trade with a low-yielding
currency, aiming to capture the difference
between the two rates. Cyclical beta is the
currency’s sensitivity to the broader
economic cycle and market returns.
“The peso remains our top choice in
this group: while it appears to have less
‘room to run’ than some other EM highyielders,
this week’s sell-off means that
USd/MXN still stands well over 10 per cent
higher than its pre-corona crisis level of
roughly 19,” Trivedi and Maasry said in the
note.
“From a medium-run perspective, the
peso’s combination of currency-supportive
macro fundamentals and still-high yields
make it an attractive choice.”
The USd/MXN was hovering at around
22.2 last Friday morning.
Relative to the peso, Goldman analysts
suggested that the rand
and ruble both have
more room to run, with
ZaR “deeply
undervalued” and RUB
having retraced less of
its year-to-date sell-off.
“Given significant
domestic risks,
however, including
South africa’s October
mid-term budget
announcement for the
rand, and a
combination of stillvolatile
political
headwinds and
slowly-fading
macroeconomic
tailwinds for the ruble, the key
question for each currency is whether high
global betas can (eventually) trump
domestic headwinds,” they said.
However, Goldman is optimistic about
this prospect, as the rand is sensitive to
Chinese data, which has been suggesting a
continued recovery.
• South African Rand bank note
Trivedi and Maasry suggested that with
the US election potentially keeping US-
Russia headlines in the spotlight through
the first half of the fourth quarter, the
“potential for cyclical upside is arguably
higher for the rand.”
G7 wants extension of G20 bilateral debt freeze
G7 FINaNCE Ministers
have reaffirmed their
commitment towards
implementing an
official bilateral debt
relief for the world's
poorest countries amid
the Covid-19 pandemic.
"Covid-19 has
exacerbated existing
debt vulnerabilities in
many low-income
countries, highlighting
the importance of debt
sustainability and
transparency to longterm
financing for
development," the
Ministers said in a joint
statement released by
the US Treasury
department last
Wednesday, news
agency IaNS reported.
"We are committed
to implementing the debt
Service Suspension Initiative
agreed by the G20 and the Paris
Club, by suspending official
bilateral debt payments for the
poorest countries to year-end
2020 and possibly longer,
providing those countries fiscal
space to fund social, health, and
other measures to respond to
the pandemic."
Given the importance of
private financing for
sustainable development, the G7
Ministers welcomed the
leadership by the Institute of
International Finance (IIF) in
coordinating private sector
participation, and look forward
to follow-up, Xinhua news
agency quoted the statement as
• The G7 countries’ leaders
saying.
The Ministers also said they
look to the
internationalfinancial
institutions to step up efforts to
provide technical assistance to
reduce public debt
vulnerabilities, strengthen debt
management capacity, and
enhance debt reporting
practices.
"I welcome the continued
strong support among the G7 for
helping low-income countries
address the impacts of Covid-19,
including through participation
in the debt Service Suspension
Initiative," US Treasury
Secretary Steven Mnuchin said
in a separate statement.
He added that the Ministers
agreed to convene on a regular
basis to work together on
critical economic issues to
restore their respective
economies.
"I look forward to making
significant progress to review
with the G20 Ministers at the
meeting in July," he said.
In april, G20 Finance
Ministers and central bankers
agreed to "support a time-bound
suspension of debt service
payments for the poorest
countries that request
forbearance" following a
teleconference meeting.

Tuesday, September 29, 2020
Economy on
course for
rebound
• Continued from front Page
The latest Composite Index of
Economic activity recorded year
on year growth of 3.6 per cent
over the 12 months to July, a
complete reversal of the record
10.6 per cent contraction
recorded by the index for the 12
months up to May.
This indicates that actual
Gross domestic Product growth
will be positive for the period as
well.
The BoG ‘s CIEa measures
changes in the quantum of
economic activity while
economic growth, as measured
by the Ghana Statistical Service
tracks changes in the value of
the economy as measured by
GdP. While the two are by no
means the same, they tend to
move in the same direction.
The first warning of the 3.2
per cent contraction in GdP for
the 2nd quarter came from the
10.6 per cent contraction in the
CIEa up to May.
according to the BoG however,
its survey shows that consumer
spending, industrial
consumption of electricity and
construction activities have all
reached pre-lock down levels,
while tourist arrivals and port
and harbor activity are gradually
edging upwards.
One the downside however,
imports, exports and private
sector contributions to social
security remain below pre
lock down levels.
Importantly, the BoG’s
Monetary Policy Committee
chose to retain the
benchmark Monetary Policy
Rate at 14.50 per cent despite
the fact that inflation
remains above the target
band of eight percent plus or
minus two percent (inflation
for august was 10.5 per cent)
in order to support economic
growth through relatively
cheap and accessible credit
for private enterprise.
The economic rebound is
being underpinned by
improving confidence from
both businesses and
consumers according to the
latest surveys of both
“
The economic
rebound is being
underpinned by
improving confidence
from both businesses
and consumers
according to the
latest surveys of both
economic segments
by the central bank.
economic segments by the
central bank. The latest
consumer confidence survey
indicates that consumer
confidence is bouncing back
strongly and is currently above
pre lock down levels.
Business confidence also
increased but is yet to match pre
lock down levels. However about
95 per cent of businesses
surveyed showed strong
optimism, reflecting the
improving macroeconomic
condition, stability in the
exchange rate, lower input prices,
moderation in lending rates and
positive industry prospects.
The BoG also points to other
indicators of an economic
recovery. according to dr Ernest
addison, the BoG ‘s Governor:
With the exception of workplace
clusters, which still remained
below baseline, all other
indicators embodied in the
google mobility data –
commuting and travelling, visits
to supermarkets and
pharmacies, and residential
activity have moved above
baseline.”
Furthermore, the Ghana
Purchasing Managers index,
which gauges the rate of
inventory accumulation by
managers of private sector firms
and measures dynamics in
economic activity, points to a
steady rise in business activity
since april 2020.
Instructively, the BoG now
reckons that Ghana can achieve
GdP growth for 2020 as a whole
of between 2.0 percent and 2.5
percent. This is more than double
the 0.9 percent growth projected
by the Ministry of Finance in
July.
dr addison admits that the
adverse effects of COVId 19 may
have been overestimated by
economic analysts, policy
makers and business regulators.
• Dr Ernest Addison, the Governor of the Bank of Ghana
Govt grapples
with fiscal deficit
pressures
GOVERNMENT recorded a
fiscal deficit of 7.4 per cent
of Gross domestic Product
for the first seven months of
2020 ie January to July.
This is marginally
higher than the 7.2 per cent
target for the deficit over
this period and suggests
that even the record high
fiscal deficit target for this
year, forced upon
government by the
extraordinary
circumstances and impact
of COVId 19, may be hard to
achieve.
It is instructive that the
higher than targeted fiscal
deficit was the result of
higher than budgeted
expenditure rather than
revenue shortfalls.
Between January and
July this year, total revenue
and grants amounted to
GHc27.7 billion which is
higher than the GHc26.8
billion expected over the
period.
However, total public
expenditure and arrears
clearance amounted to
GHc56.2 billion, which is
higher than the GHJc53.3
billion targeted.
Consequently, the
primary balance deficit of
3.7 percent was significantly
higher than the 3.4 percent
deficit targeted for the first
seven months of the year.
The out turn is
confirming the fears of
some economists and public
policy commentators that
even the record high fiscal
deficit targeted for 2020, in
order to cope with the
unprecedented debilitating
effects of COVId 19 will not
be achieved.
This year government is
aiming for an 11.4 per cent
fiscal deficit - more than
twice the temporarily
suspended ceiling on the
deficit of five percent of GdP
– because of the inevitable
effects of COVId 19 on
public revenues and the
need to increase
expenditures drastically to
meet health costs and
provide economic stimulus
for the economy in the
wake of necessary socioeconomic
restrictions
imposed to curb the spread
of the viral infection.
However public policy
analysts had warned that
the unusual circumstances
were also giving
government an excuse to
engage in extra budgetary,
general election related
spending; in short spending
to woo voters disguised as
social interventions to
ameliorate the effects of
COVId 19 on vulnerable
segments of the populace.
They warn that all sorts
of vested interests have seen
the opportunity to squeeze
money out of government,
who they believe will accede
because of the peculiar
circumstances.
For instance last week –
in response to loud protests
and election threats from
affected members of the
electorate - government
accepted to replace the zero
interest five year bond
issued to depositors of
liquidated banks and other
deposit taking institutions
with three year bonds that
have a coupon rate of 19 per
cent per annum and are
discountable on the
secondary market.
Questions are being
asked as to where the
GHc3.5 billion
in unbudgeted funds used
for this came from.
Worries are increasing
that these circumstances
will worsen further ahead of
the december polls.
already, Ghana’s public
debt has risen to 68.3 per
cent of GdP – GHc263 billion
– as at the end of July, from
62.4 per cent of GdP
(GHc208.2 billion) as at the
end of december 2019. If the
off balance sheet debt
resulting from financial
sector clean up and legacy
energy sector debts are
added on – as the
International Monetary
Fund suggests – then
Ghana’s public debt would
go above the 70 percent of
GdP upper limit for debt
sustainability.
Instructively the BoG
says the size of the fiscal
deficit is the major reason
why it ios not increasing its
monetary easing to support
flagging economic growth
due to COVId 19.

Tuesday, September 29, 2020
KEEP DEFICITS
WITHIN TARGET
AS hoped for by private enterprise and supply side
economists alike, the Bank of Ghana’s Monetary Policy
Committee has opted to keep the benchmark Monetary
Policy Rate (MPR) at 14.5 per cent for the next two
months. The Business Analyst advocated for this over the
past week and is satisfied with the decision.
Again Ghana’s central bank has shown its capacity for
formulating monetary policy based on the peculiarities of
the country’s macro-economic circumstances rather than
received classical economic doctrine or the rigid policy
solutions offered by the International Monetary Fund,
which curiously recommends demand management for
troubled emerging market economies even as it supports
supply side economics in the developed economies which
finance its activities.
The retention of the MPR at 14.5 per cent will be
important in the effort to continue the economic rebound
that Ghana has started enjoying. The central bank’s
Composite Index of Economic Activity rose by 3.2 per cent
over the 12 months up to July, a reversal of the
unprecedented 10.6 per cent contraction suffered in May,
due to the effects of socio-economic restrictions imposed
to curb the spread of COVID 19.
Now, the BoG is forecasting full year economic growth
of between 2.0 per cent and 2.5 per cent for 2020, which
is more than twice the 0.9 per cent forecast by the
Ministry of Finance as recently as July. BoG Governor Dr
Ernest Addison happily admits that Ghana’s economic
managers, himself included over-estimated the eventual
effects of COVID 19 on Ghana’s short term economic
performance.
It is refreshing to see the BoG seemingly putting
economic growth before its traditional core strategy of
inflation targeting this time around. But to be sure this
does not indicate a change of core strategy by the central
bank. Rather, the BoG is correctly considering that
because the Ghanaian economy is currently operating
significantly below its actual capacity, growth oriented
factors that would normally generate inflationary
pressures will not at the current time.
Indeed, the BoG further admits that if not for Ghana’s
huge fiscal deficit being incurred this year because of the
peculiar circumstances, it could have eased monetary
policy even further to support a rebound in economic
growth.
The other key conditions are ripe for further easing.
For one thing, since 2018, the share of foreign investors’
holdings of Ghana’s public cedi denominated domestic
debt has declined from over 30 per cent to barely 18 per
cent. This means Ghana does not have to offer as high as
hitherto yields on its medium to long term bonds, just to
provide compensation to those foreign investors for the
foreign exchange losses they stand to incur from the cedi’s
depreciation during the tenor of the bonds.
Secondly, the United States Federal Reserve Bank has
declared that it will support economic growth with close
to zero interest rates for the next couple of years, which
means that even lowered yields on Ghana’s medium to
long term cedi denominated sovereign bonds will be
hugely competitive for international investors.
However the BoG is not taking advantage of all this
because it fears the potential inflationary effects of the
fiscal deficit which now looks like ending the year
considerably higher than even the record high 11.8 per
cent being targeted. By July it was 7.4 per cent which was
higher than the 7.2 percent targeted for that time. Worse
still government is showing a penchant for giving in to the
demands of vested interest groups which will push the
deficit higher still.
The government holds the key to further monetary
easing that would promote faster economic growth. It
simply has to keep the deficit within target, political
exigencies notwithstanding.
Time to revisit
diaspora bonds
issuance
BY TOMA IMIRHE
BEFORE the
sudden and
entirely
unforeseeable
arrival of the
COVId 19 pandemic, the
Ministry of Finance and the
Bank of Ghana had begun
work towards issuing
Ghana’s first ever diaspora
Bonds.
This is in fulfillment of
long-discussed plans to
issue bonds specifically
aimed at Ghanaians and
possibly other africans and
people of african descent
domiciled in the western
hemisphere.
Minister of Finance, Ken Oforiatta
had announced his hopes to
begin a phased issuance of
diaspora bonds before the end of
2020 with the entire issuance
programme aiming to raise up to
US$3 billion in proceeds.
Both the Ministry and the
central bank have been hoping
that a combination of competitive
interest rates and a desire to make
money while helping their
motherland will instigate interest
from Ghanaians living abroad.
The bonds would be designed
as medium term investments.
Indeed the planned bonds would
have particular appeal for
Ghanaians who plan to eventually
return home to Ghana to live, in
future.
Currently interest rates on
government bonds in the United
States are below two percent per
annum, a situation more or less
replicated in Western European
countries. Corporate bonds offer
slightly higher yields, but
nowhere near, what Ghana has
been willing to offer on its
Eurobond issuances, which offer
yields of between seven and 10
percent since issuances began in
2007.
Government is calculating
that diaspora bonds issued to
individuals can offer significantly
lower coupon rates than the
Eurobonds it issues which are
subscribed to by institutional
investors, who buy larger blocks,
often at longer tenors.
While this will however
analysts have
indicated that foreign
participation “Market
in the
domestic market since
the coronavirus
emerged has witnessed
a drastic fall, as has
been the trend in all
other frontier markets
the world over.
involve a higher cost of sales – it is
more expensive reaching lots of
individual investors than
reaching relatively fewer
institutional ones – interest rate
savings would more than make up
for this.
Even though individual
investors would buy smaller
amounts of issued bonds than
institutional ones, government
can expect to sell a large amount
cumulatively.
Inward remittances, largely
from Ghanaians living abroad
have increased from US$1.6 billion
in 2017 to over US$3 billion in 2019.
With the advent of COVId 19,
the issuance of diaspora bonds has
become even more important.
Ghana’s fiscal deficit for 2020 is
now targeted at a record high 11.4
percent of Gross domestic
Product, a consequence of both
• Ken Ofori-Attah, Finance Minister
revenue losses and
higher than planned expenditures
resulting from the impact of the
pandemic.
Returning the deficit to the
five percent cap set by the Fiscal
Responsibility act will take
several years – preliminary
estimates by the Finance Ministry
put it at 9.4 percent for 2021.
Ghana will need to finance
these deficits at a time that most
countries around the world will be
similarly seeking to finance
inordinately wide fiscal deficits for
much the same reason; therefore
financing terms on the Eurobond
market may become very tight.
Government has done well to
think outside the box with regards
to financing its huge deficit
without crowding the private
sector out of the credit market and
without pushing domestic
interest rates through the roof.
Indeed, it has even come up
with a strategy to finance
infrastructural development in
the gold mining and processing
industry without new borrowing
by monetizing incoming gold
royalties due to the state using a
special purpose vehicle – agyapa
Gold Royalties.
Issuing diaspora bonds would
amount to a continuation of such
innovative thinking, enabling
capital expenditure to continue
even as the fiscal deficit is reigned
in. The outbreak of COVOId 19 is
not a reason to abandon the plan
for issuing diaspora bonds. Rather
it is a reason why we should go
ahead with it urgently.

Tuesday, September 29, 2020
ACEP opposes independent Ghana Gas
NEW research and analysis, from
one of Ghana’s most reputed
specialized public policy think tanks
warns that the country presents a
high risk environment for upstream
investment and the power sector,
with the new agenda to make Ghana
National Gas Company a gas
aggregator.
an analysis paper issued by
africa Centre for Energy Policy
(aCEP) has raised key concerns on
the newly proposed policy changes
aimed to make GNGC a gas
aggregator for the country’s oil and
gas sector.
This reverses Ghana’s earlier
policy stance of putting Ghana Gas
under Ghana National Petroleum
Corporation and using the latter’s
much larger balance sheet as
leverage to obtain better private
counterparty investment terms
aCEP said, “Transferring the role
of an aggregator to GNGC also
introduces significant risks for
upstream investment and the power
sector. The weak balance sheet of
GNGC makes it unattractive to the
investor community which has
implication for exploration and
production.”
Throughout the proposal, GNGC
ignored its lack of capacity to
assume and manage the
obligations that come with
being a gas aggregator.
GNGC has proposed a
novation of relevant contractual
arrangements with both
upstream and downstream
partners from GNPC to it.
“The proposed novation of
contractual obligations within
the sector comes with risks and
this requires that the company
that wants to assume the
obligations show how they will
manage the risks,” aCEP said.
The coincidence of the policy
change with the challenging
global oil industry on the back
of COVId-19 further exposes the
country to high investment
risks.
The Gas Master Plan
recommended that GNGC
becomes a subsidiary of GNPC,
with GNPC performing the role of a
gas aggregator. according to the
master plan. “The decision to
appoint GNPC as the aggregator of
gas and making GNGC a fully owned
subsidiary of GNPC will improve
coordination in the sector and
facilitate infrastructure investment
• Mr. Ben Boakye, Executive
Director, ACEP
and
financing.”
This in addition to the security
requirement by the Off-Shore Cape
Three Point (OCTP) partners
informed government’s decision in
2015 to make GNGC a subsidiary of
GNPC which was subsequently
implemented in July
2016. However the
consolidation only lasted
for five months and was
subsequently abandoned
after a change of
government at the start of
2017.
In view of this, aCEP
protests that the proposal
to make GNGC the gas
aggregator is therefore
not in line with the
country’s Gas Master
Plan, which is a product of
institutional and
stakeholder consultation
with support from
USaId.
“This should not be
altered at the wish of one
party in the value chain.
abandoning the Gas
Master Plan deflates the
confidence of
development Partners in financing
future policy development,” the
energy think tank adds.
aCEP recommends that making
GNGC a subsidiary of GNPC as a
strategy for the implementation of
the Gas Master Plan, would be the
optimal option for achieving results
in the oil and gas sector for Ghana.
In effect, this would be pursuant
to the top-down integration model
with GNPC at the top as an anchor.
It would allow GNPC to support
subsidiaries along the value chain
with the strength of its own balance
sheet.
“This also requires that GNPC is
refocused to invest its money in the
core oil and gas business as has been
done by other integrated national oil
companies,” aCEP says.
aCEP further argues that,
although the designation of a
national aggregator is a policy
decision within the control of
government, GNGC’s proposal for
relevant gas contracts to be novated
from GNPC to GNGC should not be a
unilateral decision,
“The OCTP partners agreed with
government to make GNPC the gas
aggregator as a condition for
developing the project because of
GNPC’s financial position. any
decision to novate the existing gas
agreement has to be agreed to by the
upstream investors.
In the light of the foregoing, it is
not difficult to predict on the basis of
GNGC’s financial position that no
Exploration and Production (E&P)
company will novate their Gas Sales
agreement to GNGC,” the think tank
said.
Ghana gets crucial
Competition Law
GHaNa is speeding up the processes
to pass into law its Competition
Policy which has become urgent as
a necessary condition for the
implementation of Phase Two of
the africa Continental Free Trade area (afCFTa)
next year.
Phase two was originally slated for
december this year but has been postponed in
line with the postponement of the
commencement of phase one from July 2020 to
January 2021.
Ghana’s Competition Law is now at
consideration stage by Cabinet.
Its passage is critical to the various
implementing parties because Ghana has to
meet the expectedly mid-2021 deadline for
implementing the second phase of afCFTa. The
Competition Law is listed as one of three
protocols set to be implemented to safeguard
that phase of the agreement which also
includes Investment Policy and Intellectual
Property Rights.
The preparations follow the most
recent african Union Commission (aUC) and
European Commission (EC) meeting held in
Ethiopia early this year where the latter stressed
the importance of the second phase
negotiations of the agreement and entreated
member states who have not yet instituted
competition policy to institute measures aimed
at implementing the policy.
Ghana has accepted the need for a
competition law (known in many jurisdictions
as anti-trust law), but has
not prioritized drafting a
law, until now.
Several industries
have near monopolies
with regard to market
share, which will be
affected by passage and
implementation of a
competition law.
For instance, MTN,
the pioneer of Mobile
Money in Ghana still has
a dominant market
share of over 90 percent
despite competition
from both airtelTigo and
Vodafone. MTN’s lesser
dominant share of nearly
60 per cent with regard to voice telephony and
data has already persuaded the National
Communications authority(NCa) to invoke its
anti-monopoly powers by designating it a
Significant Market Player (SMP) which allows
the industry regulator to force it to adjust its
tariffs to curb predatory pricing.
Instructively though, while dominant
market share has given MTN the opportunity to
use preferential intra-network pricing on its
mobile money services to keep customers, it has
declined to exploit this opportunity to its
advantage.
Indeed, the tendency of many large firms to
refuse exploiting monopoly or near monopoly
market
shares to increase profit margins at the expense
of their customers is a major reason why
government has not bothered with a monopoly
law up till now.
The Phase Two protocols aim to enhance
the investment policy climate as well as address
risks facing businesses and investors on the
continent. already, the two Commissions have
agreed on the need to prioritize regional
infrastructure as an underpinning element of
afCFTa.
The impending law will need to contain
elements that give opportunity to competitors
with very small market shares to increase them
and also to ensure that where a competitor has
an overwhelmingly large market share, it does
not take advantage to set extortionist product
prices.
Globally, a market share of 70 percent or
more requires anti-trust regulations to kick in.
The Competition Policy is expected to
protect, maintain and develop free, fair
and equal competition in the market
space by making it illegal for businesses
to abuse a dominant market position.
Having such a regime will also ban
anti- competitive agreements between
firms who have instituted agreements to
fix prices or to carve up markets.
For instance, Small and Mediumsized
Enterprises (SMEs) will have a level
playing field to be able to compete with
their multinational business
counterparts and this measure would
encourage enterprise efficiency, create
wider choice for consumers, curb
monopolist or oligopolistic pricing and
ensure the need for producers to improve
the quality of their products in the
market.
With the absence of this law, some
businesses engage in restrictive trade practices
such as bid-rigging, price-fixing and abuse of
dominance through monopolistic and
oligopolistic product pricing; and when these
occur, consumers do not receive optimal value
propositions.
Currently, about 23 african countries have
competition laws enforced, but 17 have no
competition laws in place, while 10 have
instituted competition laws, but have no
authority to enforce them. Four countries have
competition laws in advanced state of
preparation.

Tuesday, September 29, 2020
The e-government agenda
makes great strides
THE President Nana
akufo-addo admistration
has, since assuming
office in January 2017,
done a lot to digitize
government’s public services and
the activities of the economy as a
whole. The COVId 19 outbreak has
justified this focus and encouraged
it to do more. The BUSINESS aNa-
LYST documents these efforts and
the rationale behind them.
When the incumbent administration
assumed office in January
2017, one of its immediate priorities
was the creation of a digital database
for the efficient delivery of
public services through digital
channels.
Initially, there was considerable
public circumspection about this
initiative, instigated largely by the
political opposition which accused
it of spending too much money on
it when there were more pressing
expenditure needs.
However the new government was
undeterred, keeping its eyes on the ultimate
prize – more efficient, better targeted delivery
of public services and even more importantly,
its ultimate ability to spread its tax net wider
encompassing the hitherto largely ignored
informal sector. Indeed, the game plan was
that the latter would eventually more than
pay for the cost of digitization.
TIN
Today, the state is on the brink of
recouping its costs – the introduction of Tax
Identification Numbers for all taxable
individuals and enterprises, linked to the
ongoing national identification card rollout
and the digital addressing system which was
one of the very first public projects embarked
on, has set the foundation for the extension
of the tax net to virtually every taxable entity,
whether individual or corporate.
Indeed, everything is in place for this to
commence – the delay in implementation is
primarily for political reasons as elections are
around the corner, although government is
understandably loath to admit this.
Positive results
But digitization is already yielding clear
positive results with regards to improved,
better targeted public service delivery.
at the very centre of the administrations
digitization agenda is the National
Identification Card Scheme
. The scheme, which is currently being
implemented at last, in phases, after several
false starts over the past two decades, enables
identification of Ghanaian residents, both
nationals and foreigners, through a unique
number, and is designed to become the
anchor, by integrating with other databases,
for formalizing the economy.
By the middle of this year, over 14 million
people have been registered. Majority of
residents are expected to have been
registered by the end of 2020.
dd
digital address system
But before this, indeed being the first
initiative on the akufo-addo
administration’s digitization agenda was
the National digital address System.
Unlike the Id card initiative which it
inherited from predecessor
administrations, the digital addess
initiative is clearly that of the incumbent
government.
The National digital address System
was launched in 2018. Every property in
Ghana is now identified by a digital
address. Ghana Post, Municipal and district
assemblies, and the Land and Spatial Use
authority, are working together to generate
unique digital and street addresses for every
property, residential and commercial, in
Ghana. This process is scheduled to be
completed in 2020, along with the start of the
process of placing on each property, it’s
unique plated digital and street address
which will be completed in 2021
Integration
Its integration into the National
Emergency Command Centre system is also
enabling emergency services locate people
who need services.
While those two initiatives are the
foundation for the rest of the digital agenda,
plenty more has been done across virtually
every type of public service, with lots more to
come.
The government has been equally busy
everything is
in place for this to
commence “Indeed,
– the delay
in implementation is
primarily for political
reasons as elections
are around the corner,
although government
is understandably
loath to admit this.
facilitating the
introduction and
maintenance of
digital platforms
for products and
services offered by
the private sector,
such as e-
commerce and
digital payment
platforms.
But it is the ones
for provision of
public services that
have had the
biggest effect on the
efficiency of
government itself.
For instance, there is the digital driver’s
licence and vehicle registration by the driver
and Vehicle Licensing authority (dVLa)
which has been fully implemented.
So too has a process for online application
for Passports been fully Implemented
3. a Government Machinery That Works/
NO. PROMISES WHaT WE HaVE
dONE SO FaR
Biggest initiative
But the biggest initiative for private
enterprise has been the introduction of the
Paperless Port System, the brain child of Vice
President dr Mohammudu Bawumia, who
indeed has been the main driving force
behind the incumbent administration’s
ambitious digitalization agenda as a whole.
“We promised to: automate the process
for clearing goods and vehicles, and reform
and benchmark port clearing systems to
make them efficient to support import and
export trade” he enthuses.
“This has been implemented under the
Paperless Port Project under which we have
eliminated the Customs Long Room which
had become a bottleneck, streamlined
inspections, enhanced enforcement, and
resulted in the faster turnaround time in the
clearing of goods.”
a major proportion of the digitalization
effort has indeed gone towards making it
easier to conduct business in Ghana
especially with regards to obtaining requisite
approvals and operating permits from
government regulators.
One such initiative has been the
deployment of a Construction Permit
platform at accra Metropolitan assembly and
Tema Metropolitan assembly to automate
the permit processes at the assembly level.
The system enables citizens submit
permit applications digitally/online and has
helped reduce permit issuance turnaround
time from 90 to 30 days.
Business operating permit
as well as this government has automated
and digitized the Business Operating Permit
(BoP) and license processing, which has been
implemented in 29 MMdas in the Greater
accra Region, resulting in the reduction of
cost and turnaround time
The system has been integrated with the
e-services platform of the Registrar General’s
department and this enables the 29
MMdas identify all new businesses in their
jurisdictions.
a digitised Procurement Platform for the
Public Procurement authority has also been
Implemented which digitises the

Tuesday, September 29, 2020
procurement processes for the public
sector. This includes the Common User
average Price List, which makes
pricing for goods and services
transparent.
an array of other digitalization
initiatives are directed at speeding up
and improving the quality of socioeconomic
services provided citizens
by the public sector.
For instance the Ghana.Gov
Platform seeks to allow Mdas to offer
digitised services to citizens from a
single portal. It is currently being
piloted with 15 Mdas. all Mdas will
eventually be on-boarded on the
platform.
Ghana.gov enables payment for all
government services digitally.
Implementation of Ghana.gov is
expected to increase government
revenue by at least 50%.
NEW PaTRIOTIC PaRTY
dEVELOPMENT IN FREEdOM
1.3. a Government Machinery That
Works/Services
NHIS
Then there is the digitisation of
the renewal of National Health
Insurance Scheme (NHIS) with the
result that all NHIS members can
now renew their membership using
their mobile phones
add to this the digitisation of the
Births and deaths Registry which is
nearly complete.
digitisation of the National Lotteries
authority has involved the
Implementation of a digitised, shortcode
mode of accessing the services of
the National Lotteries authority
digital reforms in courts
administration have included an E-
Justice System for online filing
processes; an Electronic Case Tracking
System to enable electronic tracking of
cases; and Electronic Case distribution
system for fair, equitable and
transparent distribution of cases among
judges
Motor Insurance
a digitised motor insurance database
has been implemented to eliminate fake
insurance certificates, while enabling
the police and commuters check the
insurance status of a vehicle through
their mobile phones.
With regards to the purchase of
power for household s, enterprises and
institutions alike, the Electricity
Company of Ghana (ECG) has a
new app which currently allows about
2.8 million ECG customers to buy units
for their meters through their mobile
phone at any time of the day or night.
This app will be available to all ECG
customers by the end of 2020 Services
NO. PROMISES WHaT WE
HaVE dONE SO FaR
The on-line filing of Taxes
commenced in 2019 and pensions
applications are now processed within
two weeks.
In the public health sector, Patient
Records Management Systems (E-
HEaLTHSOLUTION) have been
introduced to completely digitise and
link all facilities within the health
sector nationwide.
Beyond the introduction of this array
of digital applications for public service
delivery, government has also facilitated
the establishment of the requisite
national platforms for two private sector
delivered services, both of which are
absolutely crucial for the transformation
of the Ghanaian economy into a cashlite
one.
This is why government has used its
own institution – Ghana Interbank
Payments and Settlement Systems - and
public purse financing to establish the
platforms on which they run.
Interestingly though it was
introduced initially by a private operator,
which subsequently attracted
competition. In both cases, recognizing
their transformational potentials,
government used GhIPSS, the wholly
owned subsidiary of the Bank of Ghana
mandated to develop and deploy
electronic payments systems, to set up
national, interoperable platforms usable
by all the customers of the erstwhile
competing operators.
another is the Mobile Money
Payments Interoperability System
which allows customers of the three
different mobile money platforms to
transact with each other. It also enables
interoperability between bank accounts,
e-Zwich accounts, and mobile wallets
across all banks and telcos, it is a major
step towards financial inclusion and
cashless payments for services.
More recently, under government’s
instructions and financing, GhIPSS has
also established a Universal QR Code
Payments System which replaces the
several different platforms deployed by
• The Vice President, Dr Mahamudu Bawumia
various different banks for their own
customers.
Rollout has started. This makes it
possible for retailers to receive payments
on their mobile phones without the
need for a traditional Point of Sale
device. Ghana is the only country in
africa, and one of the few in the world,
with a Universal QR COdE payment
system Combined, all these digital
initiatives are transforming the way
government interacts with individuals,
households, enterprises and institutions
in the delivery of and payment for its
goods and services.
In doing so government is creating a
“Digital reforms in courts
administration have
included an E-Justice
System for online filing
processes; an Electronic
Case Tracking System to
enable electronic tracking
of cases; and
Electronic Case
Distribution system for
fair, equitable and
transparent distribution
of cases
among judges
database that enables faster, more
efficient, better targeted delivery of
public goods and services and which
imminently will facilitate the expansion
of the income tax net to cover the vast
informal sector for the first time ever.
Combined with the ability of digital
channels to reduce, if not completely
eliminate the widespread corruption
which has bedeviled manual
transactions between the public and
government officials, the extension of
the income tax net to the millions of
tax-eligible individuals and thousands
of tax eligible informal sector
enterprises will dramatically increase
government’s tax revenues which up to
now have been notoriously low, with
Ghana’s tax to Gross domestic Product
ratio at barely 12 per cent, which is just
half of the 25 per cent global average for
middle income countries
Transfornation
These platforms and initiatives have
worked together to transform the lives
and businesses of citizens and corporate
Ghana, and is helping transform and
reshape how our economy works.
The benefits of reducing
inefficiencies, tracking inputs and
outflows more accurately, shortening
urnaround time, and ease of access
to required information and services
translate intangible time into tangible
currency and increased productivity.
“One of the key lessons from
ongoing COVId 19 pandemic is that a
robust digital economy is absolutely
critical for growing economies like ours,
not only to enable us to drive growth,
but also to manage critical systems,
from health through manufacturing
and delivery systems in times of crisis”
asserts President akufo-addo “The
Mobile Money Payments
Interoperability System turned out to
be a critical lifeline to individuals and
small businesses, including e-commerce
firms, to send and receive money and
payments, which helped cope with the
disruptions caused by the containment
measures.
“The Ghana Card, the digital address
System, the Mobile Money Payments
Interoperability System, the Ghana.Gov
Payments Platform, and the Universal
QR Code are key enablers if Ghana is to
harness the potential of digital
technologies. Our goal is to link the
Ghana Card and digital address System
databases to the “Birth and death
Registry”, closing the final loop in
identification of citizens and residents.”
The next step is to create a digital
services economy through the
expansion of the Ghana Innovation Hub
project to nurture start-ups to accelerate
the development of applications
software, provide regional e-backroom
services, and enterprise-level software.
If re-elected for a second four year
term, the administration hopes to
leverage on the existing digital
infrastructure and make the necessary
investments and policies to establish
firmly Ghana as the digital services hub
of West africa.

Tuesday, September 29, 2020
Mechanical Lloyd
to delist from GSE
MECHaNICaL Lloyd PLC
its announced the
intention to de-list
from the Ghana Stock
Exchange, which is
subject to shareholders approval, and
approval from the GSE and the Securities
and Exchange Commission (SEC).
at the end of the process, this will
bring the total number of companies
de-listed from the bourse over the
past three years to seven – some
voluntary, some enforced. Even more
worryingly for stock market
managers and regulators, this will be
the second delisting in a one year
period, with PZ Cussons now in the
last stages of its own delisting. This
will reduce the number of companies
listed on the bourse to 30.
Currently, PZ Cussons Ghana
Limited is in its advanced stage of delisting,
with the commencement of
the settlement of successful tenders
as part of the de-listing process from
the bourse.
Mechanical Lloyd’s proposed delisting
marks a departure from passed
voluntary exits from the GSE, all of
which involved companies majority
owned by foreign multinationals.
In the other cases, accra Brewery and
PZ, the foreign majority owner opted for
…following on the
heels of PZ Cussons
delisting in order to see major new long
term investments through – including
reinvestment of profits for several years
• Mechanical Llod office
thus meaning no, or minimal, dividend
payouts -which would not secure
minority shareholders approval
However Mechanical Lloyd is a largely
indigenous Ghanaian company, without a
controlling foreign institutional
shareholder. So far no specific reasons
have been offered for the decision to
delist nor have plans for the future of the
company been revealed.
The company is a leading vehicle
distributor in Ghana which the franchise
to distribute Land Rover and BMW
vehicles as well as some brands of
agricultural machinery.
Its performance on the GSE has been
fairly good, and though not actually
regarded by investors as a blue chip stock,
it has nevertheless been generally
regarded as a good equity investment.
a statement issued by Mechanical
Lloyd to its shareholders indicate that
as part of the upcoming annual
General Meeting scheduled on
October 15, 2020, a resolution will be
put before them with regards to the
proposed de-listing.
Currently, Mechanical Lloyd has a
total of 50.10 million shares issued on
the bourse, with a total market
capitalization of GHc 4.51 million.
“The proposed de-listing is in line
with Mechanical Lloyd’s strategy to
review its business model and
structures to re-position the
Company going forward. The
proposed de-listing will not impact
job security, day-to-day operations
and relationships with stakeholders,”
the statement said.
Mechanical Lloyd will provide
shareholders and the general public
with further information on the delisting
if the resolution to de-list is passed
by the Company’s shareholders
age 3
3-Year Bond fails to raise expected GH¢1.5b
GOVERNMENT’S
EXPECTaTION of realizing
GH¢1.5 billion from its latest
three-year bond issuance could
not materialize as it fell short
by about GH¢676.36 million.
It was able to raise
GH¢823.64 million for the cedidenominated
debt instrument
which was auctioned at an
interest of 19.0 per cent and
this would be paid semiannually
till it matures in 2023.
according to analysts,
government’s expectation
could not be met because of the
tight conditions visited on the
market by the global pandemic.
Since the outbreak of the
coronavirus pandemic the
government has, been
accepting all bids for all bonds
so far issued.
….at 19% coupon rate.
• Ken Ofori-Attah, Finance Minister
The three-year debt
instrument was issued to help
the government to finance its
fiscal operation to the tune of
GHc1.5 billion. The government
may possibly re-open the issue
through a tap opening before
the end of the year. However to
attract more subscription from
investors, the offered yield may
have to be raised.
Market analysts have
indicated that foreign
participation in the domestic
market since the coronavirus
emerged has witnessed a
drastic fall, as has been the
trend in all other frontier
markets the world over.
The yield to maturity for
this bond is also higher than
the interest rate for the twoyear
bond auctioned in august.
Investors thus have adopted
a risk adverse position and
asked for more interest on
Government of Ghana
securities because of the risk to
the economy, even though a
book building approach is used
for the pricing of the
instruments.
The joint book runners for
the government instrument
were absa, databank, Fidelity,
IC Securities and Stanbic.
as at the end of June this
year, government’s debt had
shot up to about GH¢255.7
billion representing 66 per cent
of Gross domestic Product.
Close to GH¢26 billion is
billed to be spent on interest
payment for this year, after it
was reviewed from GH¢24
billion initially.

Tuesday, September 29, 2020
Commerce
Ghanaian businesses use
e-commerce to penetrate
Africa’s single market
anumber Ghanaian
companies looking to
develop export markets
by leveraging on the
african Continental
Free Trade agreement will now have
the opportunity to explore the
african marketplace effectively
following the operationalization of a
tool that provides business data and
The new tool is the first ever to offer
online africa-wide analysis of business-toconsumer
(B2C) marketplaces, detailing the
characteristics of more than 630 e-
commerce marketplaces across the
continent.
The online market tool dubbed: africa
Market Explorer, has been developed by the
International Trade Centre (ITC) and the
amsterdam University of applied
Sciences to explore the e-commerce
marketplace ecosystem in africa and as
such, addresses the lack of comprehensive
information about marketplaces on the
continent.
There is an increasing need and demand
for markets to be developed and product
orders to be made online through e-
commerce channels as a result of the
analyses of e-commerce
marketplaces all around the
continent.
This is coming at a most
opportune time as Ghanaian
businesses have seen their plans for
customer market expansion across
the continent through afCFTa
threatened by COVId 19 related
travel restrictions.
Coronavirus pandemic which is making it
difficult for people to transact business
physically.
Many businesses in Ghana and beyond
are therefore using online commerce to
remain in business and this is expected to
deliver comprehensive benefits to both
counterparties in commerce transactions.
However, the greater challenge facing
african e-commerce firms has always been
getting adequate information to enable such
firms explore the various market
opportunities that abound.
Since data and analyses on local
marketplaces are hard to come by or in some
instances are highly incomplete, the ITC
insists that with the operationalization of
the market explorer, african entrepreneurs
in the e-commerce sector will have better
businesses in
Ghana “Many
and beyond
are therefore using
online commerce
to remain in
business and this is
expected to deliver
comprehensive
benefits to both
counterparties in
commerce
transactions.
information on how to sell goods online in
regional markets and neighbouring
countries where effective demand exist.
although e-commerce is growing in
africa, information for entrepreneurs
remains inadequate. according to the ITC,
the tool aims to build the world’s largest
community of e-commerce entrepreneurs
engaged in the sustainable development of
small businesses online by facilitating
shared learning, innovative solutions,
collaboration and partnerships.
“This comprehensive set of data provides
an important contribution for
understanding how the development of e-
commerce can be supported in africa”, ITC’s
acting Executive director, dorothy Tembo
noted during the launch of the new tool.
The tool reveals that just one per cent of
africa’s e-commerce marketplaces are
responsible for 60 per cent of the
marketplace traffic on the whole continent.
Only 11 per cent of the marketplaces
websites actually enable financial
transactions which limits the possibilities of
selling internationally.
The african Union Commission has
incorporated an Electronic Commerce (ecommerce)
protocol into the pan african
trade agreement. It is now scheduled to be
addressed under the third phase of the
agreement’s rollout.
The acceptance of the e-commerce
protocol came about during the 33rd aU
Ordinary Session held early this year in
Ethiopia. Phase III protocol is expected to
kick-in immediately after conclusion of
Phase II negotiations, which include
competition policy, intellectual property
rights and investment protocol.
Importantly, the Executive Council of
the aU has directed the aU Commission to
embark on preparations for the upcoming
negotiations and mobilise resources for
capacity building for african trade
negotiators to be involved in the
negotiations of e-commerce legal
instruments for afCFTa.
“Member States must critically review
approaches that are being made to them by
bilateral partners to enter into bilateral e-
commerce legal instruments with them in
order to ensure that africa is able to
negotiate and implement an afCFTa
protocol on e-commerce such as data and
products being traded under e-commerce.
“This will promote the emergence of
african owned e-commerce platforms at
national, regional and continental levels”,
says an aU report
Initially, the e-commerce was not added
to the protocols for negotiations. But
following a summit convened by the World
Economic Forum (WEF) and the
International Trade Centre (ITC) last year,
steps were initiated to have e-commerce
protocol incorporated into the agreement.
This follows a release of the african E-
Commerce agenda – an eight step action
plan - put forward by the WEF and ITC as
they unveiled a roadmap on e-commerce for
african governments to realize its vast
economic potential benefits for the
continent.

Tuesday, September 29, 2020
Global commodity prices
changing in Ghana’s favour
IN recent months the
prices on global
commodity markets
of two out of the
three major primary
commodities that make up
Ghana’s main traditional
exports have been moving in
the country’s favour
according to the latest data
released by the Bank of
Ghana at the week end.
However price hedging
by exporters from Ghana
have led to slightly different
results with regards to all
three commodities.
Cocoa spot market prices
This was largely due
to backwardation in
both New York and
London as fears of
supply chain
disruptions due to the
COVId 19 pandemic
which led traders to
begin quoting lower
prices for future
delivery inevitably
serving to drag spot
market prices
downwards as well.
Consequently, global
market spot prices
began a prolonged
descent, falling as low
as US$2,2O6.8 per tonne
by July. Since then
though a price rally of
sorts has set in, which
has seen the spot
market price rise to
US$2,482.1 by the end of
august.
However Ghana
sells its own premium
quality cocoa beans on
the futures market
rather than the spot
market, a strategy that
enables COCBOd to
borrow a minimum of
US$1.3 billion every year
from an enthusiastic
consortium of
international banks at
rebounded in august to reach
US$2,482.1 which was still 1.4
per cent lower than the start
of year price of US$2518.4 per
tonne.
This is good news
nevertheless; after a full year
rise in spot market price of
11.6 per cent during 2019 and
a further strong price rally in
January this year which took
the spot market price to
US$2,673.1 per tonne, and
more of the same in February
which propelled the privce to
US$2,825.9 per tonne, a price
slump set in.
rates considerably lower
than those demanded
by investors on
government’s own
Eurobond issuances.
But this year, futures
market sales have come
at a price due to the
backwardation pricing
strategy used by many
cocoa traders.
The futures market
price was US$ 2,283.6
per ton, by august
which was lower than
the spot price and 2.4
per cent lower than the
opening futures market
price for 2020 of
US$2,442.4 per ton.
In 2019, the futures
market price rose by 9.8
per cent and 2020
started well with
January ending at
US$2,462.4, a 0.8 per
cent further increase in
year to date terms.
However during the
following months prices
were bearish, falling to
US$ 2,145.2 per tonne by
July, this being 12.2
per cent lower than the
opening futures market
price for this year.
“Although gold pricing
strategy is entirely in
the hands of private
producers in Ghana,
they rely on price
hedging to some
extent, which generally
tends to work in the
sellers’ favour...
despite the slightly lower
futures market price for cocoa as at
august, compared with the spot
market price, Ghana has generally
benefitted from comparatively
positive price movements on the
former this year as compared with
the latter. during the first eight
months of 2020, prices on the
futures market have risen during
five months and fallen during
three months. On the other hand
spot market prices have risen over
just two months and fallen during
six months.
GOLd
Gold prices are enjoying their
strongest price rally to date.
By august, the gold price set on
global commodity markets through
a process known as the gold fix was
US$1,971.1 per fine ounce,
producing expectations that the
US$2,000 mark could be passes on a
sustained basis before the end of
this year.
The price as at end of august
was an unprecedented 33.1 per cent
increase on the price at the start of
2020. Indeed, the gold price has
risen steadily through every month
of 2020 so far, with little sign of a
reversal of this trend, even though,
analysts are beginning to suspect
that the price may peak just short
of the US$, 2000 per ounce mark.
This has come on the back of an
18.0 per cent rise in the gold price
to US$1,480.1 during the whole of
2019.
However as with cocoa, market
strategy has not allowed Ghana to
reap the full rewards of this huge
price rally.
although gold pricing strategy
is entirely in the hands of private
producers in Ghana, they rely on
price hedging to some extent,
which generally tends to work in
the sellers’ favour during periods of
falling prices but works against
them during periods of rising
prices as has been the case
throughout this year.
Indeed, by august Ghana’s
realized price for gold exports was
US$1,915.5 per ounce, translating
into a price increase of 29.4 per cent
since the beginning of the year, a
little below the gains on the spot
market.
CRUdE OIL
Ghana’s oil is premium quality
light crude which means it is
priced similarly to
Brent crude oil, the
benchmark for that
type of crude.
Ghana, like the
rest of the oil
exporting countries
all around the
world, has suffered
the effects of supply
chain disruptions
brought about by
the eruption of the
coronavirus
pandemic as well as
lower global demand
due to lower levels of
global economic
activity, another
consequence of
COVId 19.
By the end of
august Brent crude
was trading at US$45.0 per barrel,
down 30.9 per cent from its price at
the start of the year. This is a
reversal of then 13.0 per cent
increase in the price enjoyed
during the whole of 2019 which
took the price to US$65.2 per barrel
by the turn of the year.
Indeed, the price of oil fell
during the first four months of
2020 reaching a trough of US$26.6
per barrel by the end of april. This
was 59.1 per cent below its opening
price for the year. However it has
recovered somewhat since then as
economies re-open and return to
normal following COVId 19
instigated lock downs all around
the world.
as with gold, price hedging by
producers in Ghana has meant a
slightly different turn out for crude
oil exports from Ghana, as
compared with spot market
pricing.
By the end of august Ghana’s
actual realized price was US$44.6
per barrel, this down by 31.3 per
cent compared with the opening
realized price.
This came on the back of a 12.8
per cent increase in Ghana’s
realized price through the whole of
2019.
as with spot market prices,
Ghana is now enjoying upward
movement with regard to its
realized prices, which bottomed
out at US$28.2 per cent in March,
which was 56.7 per cent lower than
the opening realized price for the
year.

Tuesday, September 29, 2020
PAGE 11
Ghanaian Stocks:
September 25, 2020
GHANA FIXED INCOME MARKET TRADING RESULTS
Government of Ghana Treasury Yields: 28-Sep to 02-Oct
Ghana Interbank Fx Rates: September 25, 2020
Ethical Fund
REAL ESTATE Fund

Tuesday, September 29, 2020
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