BA Nov 19

BUSINESS MARKET RATES
US$ 1 – GH¢5.7154
GHANA STOCK WED, 18 NOV 2020
Indices and Market Cap Level Previous Level Change % Change
GSE Composite Index 1,810.09 1,821.83 -11.74 -0.64%
GSE Financial Index 1,623.20 1,623.20 0.00 0.00%
GSE Market Cap (GHS 'mn) 52,995.83 53,118.73 -122.90 -0.23%
Thursday, November 19, 2020 Vol. No. 018 GH¢2.50
COCOA – US$2,580.00 per tonn
CRUDE OIL (BRENT) – US$44.23 per barrel
GOLD – US$1,870.55 per ounce
IN a move that is not particularly
surprising considering the nearness of
the December 7 general elections and the
government’s sensitivity to the possibility
of protest votes against it, the Securities and
Exchange Commission (SEC), has announced
that the government has authorized a bailout
which involves a partial payment of up to
GHS50,000 to all customers of the remaining
affected Fund Management Companies while
the court process on the liquidation petition and
other matters continue.
• President
Nana Akufo
Addo
• Mr Marn
Amidu, Former
Special
Prosecutor

Thursday, November 19, 2020
Crypto currency: Bitcoin hits three
-year high as investors jump in
Bitcoin, the world's best-known
crypto currency, has jumped
above $17,000 (£12,800) to hit
a three-year high.
The digital currency has
suffered plenty of wild price
swings since it was launched in
2009.
But investors have been
flocking to crypto currencies
during the pandemic-driven
volatility on global stock
markets.
HOWEVER, experts
have cautioned
about viewing them
as a "safe haven".
On Wednesday, Bitcoin had
climbed more than 7% to US$17,891,
its highest level since December
2017.
Some analysts said the Covid-19
pandemic has encouraged investors
to reassess the long-term outlook
for Bitcoin and other crypto
currencies.
But there are still concerns
about the fraudulent trading in
crypto currencies following a
succession of high-profile hacks.
'Bouncing like a yo-yo'
During times of volatility,
investors tend to move their money
out of shares and into what are
considered safer havens, like cash
and gold.
Some feel crypto currencies are
now being viewed as a shelter from
stock market volatility.
"Covid-19 has disrupted the
traditional safehaven
trade and
gold's inability to
outperform. Periods
of extreme risk
aversion have forced
many traders to
diversify into
Bitcoin," said
Edward Moya, at
trading firm Oanda.
One attraction
of Bitcoin is its
limited supply,
which is capped at
21 million.
Some feel this
scarcity provides an
innate value and
shields Bitcoin from
inflation, which is
becoming a worry.
But Shane
Oliver, head of
investment strategy
and chief economist at AMP Capital,
warned about jumping into Bitcoin.
"Its huge volatility hardly
makes it a safe haven as a store of
value. I have far more confidence in
the US$50 note in my wallet
retaining its value over time than
Bitcoin, which seems to bounce
around like a yo-yo."
Going mainstream
Last month, PayPal announced
that its customers will be able to
buy and sell Bitcoin and crypto
currencies using their PayPal
accounts, allowing customers to buy
things from the 26 million sellers
which accept PayPal, it said.
PayPal plans to roll out buying
options in the US over the next few
weeks, with the full rollout due early
next year.
But Oanda's Mr Moya warned
traders to prepare for more
volatility.
"The amount of hedge funds
and high-frequency trading
systems driving Bitcoin higher will
likely deliver exaggerated moves
once its price nears the US$20,000
level," he added. "Traders need to
expect US$1,000 swings in a matter
of minutes."
Some believe the
recent rise in Bitcoin is
partly driven by the "fear of
missing out".
"Its rebound is creating
more interest from
speculators and so they are
jumping in which then
pushes it even higher,"
added Mr Oliver.
"I think most people
would put more faith in a
digital currency run by
their government rather
than one like Bitcoin that
they have trouble
understanding or
explaining."
One trader, Jon Son,
told the BBC: "I think more
people are beginning to
buy Bitcoin first not to
miss the rise and then
research into what exactly
Bitcoin is."
NLA Sues Multimedia for contempt
THE Director-General of the National
Lottery Authority (NLA) has sued Joy
News/Joy FM/Multimedia Group Limited
following what the former describes as the
latter’s unprofessional conduct over its
reports on the Authority’s procurement of
NEXGO Android Point of Sale Terminals.
“It is instructive to state that, Hon Kofi
Osei-Ameyaw, the Director-General of the
NLA, has sued Multimedia Group Limited in
this particular subject matter and the case is
still pending at the court,” the NLA said in a
statement issued by its Public Relations
Unit.
“If not for purposes of propaganda and
mischief, Joy News/Joy FM/Multimedia
Group Limited has every right under the law
to submit their evidence to the court for
final determination of the case but no, they
chose to throw dust into the eyes of
Ghanaians and the general public,” it said.
The statement described as
“unprofessional and unethical conduct” by
Joy News/Joy FM and Multimedia Group
Limited in its reports on the Authority’s
procurement of NEXGO Android Point of
Sale Terminals.
It added that the reports by the
Multimedia Group, were “unfair, untrue and
biased.”
• Over ‘Bogus’ Documentary
“First and foremost, the whole content
of the documentary is baseless and without
any iota of truth,” NLA stated in its response
to the Multimedia Group Limited, it said.
The NLA indicated that it was also
untrue that the cost of the Android Point of
Sale Terminals was inflated by the Director-
General of the National Lottery Authority,
Mr Kofi Osei-Ameyaw, as alleged by the Joy
News/Joy FM/Multimedia Group Limited.
“It is also never true that the National
Lottery Authority has procured 30, 000
Android Point of Sale Terminals,” it said.
Setting the records straight, the NLA
said approval was given by the Public
Procurement Authority (PPA) to procure
30,000 Point of Sale Terminals but
according to the financial strength of
the Authority, only 5,000 out of the
30,000 Point of Sale Terminals could
be purchased.
The cost and negotiations for the
award of contract to the
manufacturer, Shenzhen Xinguodu
Technology Limited, the statement
stressed, was equally approved by the PPA.
The PPA, the NLA continued, directed it
[NLA] to negotiate for a 5% discount on the
contract sum prior to the award of the
contract to Shenzhen Xinguodu Technology
Limited.
“However, due to the inability of the
local partner of Shenzhen Xinguodu
Technology Limited to offer the 5% discount
as requested by Public Procurement
Authority, the PPA therefore directed the
National Lottery Authority to go for a 3%
reduction instead,” it further explained.
"The Public Procurement Authority
tasked the manufacturer, Shenzhen
Xinguodu
Technology Limited, and its local partner to
deliver the POSTs to the NLA through
DELIVERY DUTY PAID (DDP). If Joy
News/Joy FM/Multimedia Group Limited
understands what isDDP, with the greatest
of respect, they would not have come up
with this bogus documentary of Cost
Inflation. However their ignorance cannot
be forgiven,” it angrily stated.
Again the Android Point of Sale
Terminals, the statement clarified, were not
just ordinary POST Machines.
“The Android Point of Sale Terminals
have special technological features aimed at
supporting NLA to offer VALUE ADDED
SERVICES unlike the usual Analogue POSTs
Machines which lack the capacity to
perform the functions of Value Added
Services.
…Therefore, it is very naive and ignorant
for Joy News/Joy FM/Multimedia Group
Limited to conclude that the Authority has
procured 30,000 Android Point of Sale
Terminals at an inflated cost of over $10
million dollars.”
Against this backdrop, the NLA
entreated Ghanaians to totally
ignore the “bogus documentary of
Joy News/Joy FM/Multimedia Group
Limited” stating that the matter was
before a competent court of jurisdiction
for determination.

Thursday, November 19, 2020
Govt bails out litigating
fund managers
• Continued from
front Page
This, the Commission said, follows the
outcome of its deliberations with
Government regarding an agreed social
and humanitarian intervention for all
remaining customers of the failed Fund
Management Companies.
A statement from SEC said : “The
decision to make this partial
payment is predicated on
the Government’s
commitment to
protecting its
citizenry and its
sensitivity to the
plight of affected
clients
compounded by
the disruptive
impact of the
Covid-19 pandemic.
“Furthermore,
this intervention has
become necessary at this
stage because liquidation
petitions for the remaining affected
Fund Management Companies are
currently at different stages.
“In addition, some affected Fund
Management Companies like Gold Coast
Fund Management Limited (now
Blackshield Fund Management Company
Limited) are contesting the liquidation
petition and as a result, have filed a Stay
of Proceedings until its application for
judicial review of the decision of the
Administrative Hearings Committee has
been heard.
“There is the possibility for these
legal processes to take some time and,
therefore, extend the pain and suffering
of the affected investors hence this
decision by the Government.”
The statement continues that “this
compassionate move by the Government
of a partial bailout would cover all clients
of the failed Fund Management
Companies whose licenses
were revoked but are yet
to come under official
liquidation
including
customers of
Blackshield Fund
Management
Company
Limited.”
The wording
of the statement
clearly indicates
the motivation of
government ahead of
the December 7 elections.
However financial analysts
and public commentators agree that the
refunds would still have been made
eventually anyway; government has
simply accelerated the payments ahead
of the elections rather than after to win
more voter support.
This partial bailout would cover a
total of 92,460 claims filed against the
remaining 27 Fund Management
Companies, out of which Blackshield
Fund Management Company Limited,
the erstwhile fund manager with the
most complex web of legal issues to be
resolved by the courts accounts for a total
of 84,656 (92%) claims.
Claims filed by individuals (including
pensioners) is 86,506 with Gold Coast
Fund Management Limited (now
Blackshield Fund Management Company
Limited) accounting for 80,018 (92.5 per
cent) of these claims.
Based on the validated claims, the
partial bailout being offered would result
in 89% and 82 of affected individuals and
pensioners being fully settled
respectively.
Validated claims in excess of this
partial payout amount shall be covered
after the liquidation proceedings in
Court, in line with the terms being
applied under the bailout package for the
clients of the Fund Management
Companies currently under official
liquidation.
The partial bailout shall be
channeled through the Amalgamated
Fund Ghana Limited, the same Special
Purpose Vehicle (SPV) being used to pay
the clients of the Fund Management
Companies currently under official
liquidation.
Amalgamated Fund Ghana Limited is
managed by GCB Capital Limited, a
subsidiary of GCB Bank Limited. The
SEC’s agent for receiving and validating
claims is PwC.
SEC;s action is pursuant to section
208(c) of the Securities Industry Act, 2016
(Act 929).
Presidency refutes
allegations of interfering
in Agyapa probe
THE office of President
Nana Addo Dankwa
Akufo-Addo has denied
interfering with the risk
assessment report on the
newly established Agyapa
Gold Royalties initiative
prepared by Martin
Amidu, the first
Independent Special
Prosecutor.
Mr Amidu resigned
on Monday saying he did
so partly in protest
against efforts by
President Akufo Addo to
influence the report and
angst by the government
chieftains over the
report’s contents.
The risk assessment
report has generated
intense controversy
persuading the President
to issue a directive that
the entire process for its
establishment and its
structure should be
reviewed.
Special Prosecutor
Martin Amidu resigned
on November 16, citing
interference following
the conclusion of a
corruption-risk
assessment into the
state’s new fund,
designed to
monetize its
share of incoming gold
mining royalties deriving
from 12 operating mines
in the country.. His
office’s report challenged
the government’s choice
of advisers and the mode
of valuation for the fund,
which had its $500-
million initial public
offering suspended last
month.
“Neither the
President nor any
member of his
government has
interfered or sought to
interfere” with the work
of the special prosecutor,
the office of President
Nana Akufo-Addo said in
a statement late Tuesday.
The statement also
produced quantitative
facts to disprove Mr
Amidu’s allegations that
he has not been properly
resourced with offices,
permanent staff and even
his own salary since he
took up office in late 2017.
The gold-royalty fund
has become an election
issue as the country
prepares for the
December 7 polls. While
• Continued on Page 8
Ghana prepares for launch of new development bank
THE World Bank has now approved a
funding package for a new
development bank in Ghana, as part of
the Ghana development finance
project, aimed at boosting access to
long-term finance in the country.
This has been expected since the
World Bank declared its intent to
provide support for the new bank and
announced that it was commencing
an approval process, which was indeed
completed at the start of this week.
The International Development
Association (IDA), a member of the
World Bank Group, which offers grants
and low-interest loans to developing
nations, will provide US$250 million in
credit to the Ghanaian government to
help launch the project.
Government is now expected to
launch the project immediately, in
fulfillment of a 2016 election promise
to establish a dedicated development bank,
which it can present as a fulfilled promise
ahead of the general election slated for
December 7.
However real work on setting the bank
up is not expected to start until after the
election. But the project will go ahead as
planned no matter who wins the election
Once established, the World Bank says
that the Development Bank of Ghana (DBG)
will work to increase support for “key
sectors” such as agribusiness and
manufacturing.
According to the World Bank’s country
director for Ghana, Pierre Laporte, the DBG
will offer support through long-term
wholesale financing, credit
guarantees and other
services.
The DBG will also aim
to attract private sector
financing for creditconstrained
Ghanaian
micro, small and medium
enterprises (MSMEs)
through multiple
interventions.
“These interventions
will include the
establishment of a partial
credit guarantee facility
and a digital financing
platform to leverage
private sector financing by
making it more efficient
and less risky for private
financiers to lend to
MSMEs,” says Carlos
Vicente, senior financial sector economist at
the World Bank.
The World Bank adds that the Ghana
development finance project will provide
financial services to around 10,000
businesses, including 2,000 women-led
MSMEs, while also strengthening the
oversight of development finance
institutions and the adoption of
environmental and social standards by
financial institutions.
Ghana’s long-term finance problem
Long-term finance is hard to come by for
firms of all sizes in Ghana, especially SMEs,
the World Bank notes in a project appraisal
document for the DBG, released in early
October.
“In 2018, only 33 per cent of the volume
of banks’ loans and advances had a maturity
of more than three years, of which loans
with maturities of more than five years was
only 15 per cent,” the bank states.
It adds that the problem is felt acutely in
agriculture and manufacturing, which
“receive a much smaller share of credit from
the financial sector compared to their share
in GDP and employment”.
“For instance, in December 2019, the
share of bank loans for agriculture
(including forest and fishing) was just five
per cent, much smaller than the sector’s
contribution to Ghana’s GDP (19 per cent) in
2019,” the bank says.
The World Bank notes that such scarcity
of long-term financing in part reflects the
• Continued from Page 5

Thursday, November 19, 2020
IS THE (RESIGNED)
SPECIAL PROSECUTOR
BEING TRUTHFUL?
THE Office of the President has replied to the leer of
resignaon presented at the beginning of this week by
the (erstwhile) Independent Special Prosecutor, Marn
Amidu. As far as Mr Amidu’s many crics are
concerned, the President’s reply is most revealing in
that it confirms what they felt about him all along.
Despite the deep divisions between polical
chieains in the two major polical pares in Ghana,
many are now in agreement that Mr Amidu is driven
largely by his ego and his desire to smear the top level
people he works with, which takes precedence over a
real desire to combat corrupon.
Up ll now, his scuffles with one President aer
another – ex presidents John Aa Mills and John
Mahama as well as incumbent President Nana Akufo­
Addo – have been seen by many as a result of their
resistance to his passionate efforts to idenfy and curb
corrupon in the corridors of power.
However, the latest facts disclosed by the Office of
the President suggest that he may have simply been
playing the vicm in order to win public sympathy at
the expense of those who appointed him, while in
actual fact doing lile towards his much trumpeted aim
of fighng corrupon.
The President’s reply shows, for instance, that Mr
Amidu was less than completely correct when he
claimed that he has not been resourced by the
incumbent administraon; rather he has failed to ulize
the huge resources given him towards fulfilling his
mandate.
He has refused to use the office accommodaon
secured for him at great expense upon his own request
and he has failed to employ permanent staff despite
being authorized and resourced to do so; only to say
that the State’s refusal to provide his office with these
resources are the reason why his office has done next
to nothing since it was created.
The validity or otherwise of his accusaons of
execuve interference by the President with respect to
his Agyapa risk assessment are less clear cut. The
Business Analyst belongs to the school of thought that
those impugned by his report have a right to defend
themselves, in line with legal principles in all civilized
jurisdicons and the President’s insistence that they be
allowed to do so does not constute execuve
interference in itself.
Indeed, Mr Amidu’s atude suggests that he wants
unbridled authority and unbridled respect – both
poinng to the need for his ego to be massaged as a
key objecve. The nature of his quarrels with previous
Presidents he has worked with fit into this suspicion
although that does not incontroverbly confirm that
this is indeed the case.
It may be that some of these asserons are
uncharitable, in their degree if not in their underpinning
foundaons.
However, the President’s reply to his latest
allegaons, in disproving his claims of not being
adequately resourced as the reason for his abysmally
low work rate has seriously damaged his professional
credibility, requisite for the role of Special Prosecutor
or indeed any major polical appointment.
Simply put, few people, if any at all, sll see him as
believable. Added to the fact that over the past month
he has made concerted efforts to discredit both of the
leading presidenal candidates, with allegaons that
have sll not been proved in any way, and Mr Amidu’s
public sector career is obviously over for good.
Considering that he loves authority and the
limelight, his most self­sasfied days seem to be over
too.
Assuming the COVID-19 vaccine
was ready today, how will it get
to you wherever you are?
WHEN you
actually
get a dose
of the
vaccine
has much less to do with when
it is approved and much more
to do with how fast it is
manufactured and distributed.
First and foremost, it’s a
skill problem.
Shipping and
administering one vaccine to
one person is not difficult but
shipping and administering 5
billion vaccines to 5 billion
people is. That is just because,
as it stands now, there isn’t
enough room in our world’s
logistics network to do that.
Making it even tougher is the
high chance that, based on the current
leading vaccines, the first major
vaccine to be approved will require
two (2) doses administered 21 or 28
days apart
Distributing 10 billion or more
doses of vaccines would be difficult
enough in normal times. I don’t think
you need reminding that these are far
from normal times. Keep in mind that
international travel even just
recommenced in Ghana. All over the
world, the aviation industry was
sitting at more than 90% down.
Ideally, this shouldn’t really be an
issue because traditionally, about 50
per cent of pharmaceutical goods are
shipped in the bellyhold of passenger
aircrafts rather than dedicated
freighters, as this can help them get
closer to their final destination faster.
Also, the world already
experienced a massive logistics
challenge this year with the
distribution of personal protective
equipment’s and shipping
activities were able to scale up for
that reasonably successfully.
There is just one simple reason
why it will not be simple this time
around: the cold chain.
Vaccines are
temperature sensitive.
Most of them have to be stored
in a highly precise climate
controlled environment in order to
stay safe and effective. The cold
chain is the supply chain suited to
shipping goods that need to be
kept cold or frozen, such as meat,
chemicals and pharmaceuticals.
Off course the difficulty with the
cold chain is that everything used has
to be specialized. The origin
warehouse, the truck, the plane, the
warehouse at the final destination.
Each of these need to have the proper
equipment to keep the vaccines under
a specified temperature or the
vaccines have to be shipped in
packaging that keeps them at the
specified temperature.
This is what makes it a true
logistical challenge.
One of the leading vaccine
candidates is the Pfizer BNT162b2. This
vaccine must be stored and
transported at -94°F or -70°C. That is
far colder than the requirements of
most vaccines which can ship at
either refrigerator temperature or at a
wider range of freezing temperature.
Beyond the issue of actually
getting such a vaccine to a
distribution site, most hospitals don’t
even have the infrastructure to keep a
vaccine at such temperature, let alone
clinics and pharmacies.
That means finding places that
can receive this vaccine is a
challenge.
Part of the reason why this
obstacle has come up is because,
traditionally, vaccines are fairly tested
to determine the sort of storage and
shipping conditions they can endure
while still staying safe and effective.
With the break-neck pace demanded
for the development of this COVID-19
vaccine, they are more likely to not
have enough time to conduct this test
before distribution.
Pfizer, for example, knowing that
the unique distribution of their
vaccines could limit its commercial
success, has developed a partial
solution. The partial solution is
essentially highly specialized
standalone packs that can be used
with dry ice to keep the vaccine at the
required temperature for up to 10
days.
But this specialised box from
Pfizer can only carry vaccines in
multiples of a thousand, and keep in
mind it can only keep it cold for only
10 days. So how, for example, do you go
about getting the vaccine to a clinic
that can only vaccinate 50 people in a
day, like a real clinic in a small village.
Even if shipping was
instantaneous, this aforementioned
village can only vaccinate 500 people
in 10 days and then after that, half of
the vaccines in the specialised box
will go bad.
Complexity after complexity will
slow the process down.
Distributing and administering a
complex vaccine like Pfizer’s will
already be tough enough in wealthy
countries like the United States but
just imagine how difficult it would be
to get the vaccine from a distributor to
Kubongo in the Upper East Region of
Ghana or some remote village in the
DR Congo, all in 10 days and keeping it
at -94°F or -70°C.
When we get to the issue of wide
scale distribution, it will be the big
corporations, not governments nor
non-profits, that will be tasked with
doing the job. For them, this presents a
massive business opportunity in
addition to the positive public
relations potential.
Now is the time to figure out how
and where the vaccine will be
distributed. That’s why forward
thinking is prudent.
Maxwell Ampong is the CEO of
Maxwell Investments Group, a Trading
and Business Solutions provider. He is
also the Business Advisor for the
General Agricultural Workers’ Union of
TUC (Gh).

Thursday, November 12, 2020
Ben & Jerry’s ice
cream boosts
payments to cocoa
farmers in Ghana,
Ivory Coast
GLOBAL ice cream
brand Ben &
Jerry’s has
pledged its
support towards
farmers in cocoa growing
markets of Ivory Coast and
Ghana through a new
partnership with Fairtrade.
Around 5,000 Fairtrade
cocoa farmers in the firm’s
supply chain are now receiving
approximately an additional
$600,000 over the next year.
This amount is on top of
the annual Fairtrade Premium
of around $970,000 and the
Ivorian government’s
minimum price for cocoa that
all companies are required to
pay. The extra money that
farmers will now receive is an
important part of Ben & Jerry’s
wider efforts to support
farmers towards closing the
living income gap.
As the company noted,
cocoa farming is an
unpredictable business, and
farmers bear the risk of losses
caused by climate change and
extreme weather patterns.
Smallholder
cocoa farmers
also have
virtually no
control over
global market
prices and are at
the mercy of
price volatility.
Inequality in the
cocoa chain
means farmers
are trapped in
extreme poverty
and can’t afford to
invest in more
progressive
farming methods to improve
their income or adapt to a
changing climate.
In turn, rural communities
are held back and the natural
environment suffers. A living
income is enough to provide
decent housing and health
care, clean water and education,
plus a little extra for
unexpected events, helping to
break the cycle.
The higher prices Ben &
Jerry’s will be paying are the
latest step in a package of living
income interventions that they
have implemented together
with Fairtrade since 2015. These
activities include productivity,
diversification and co-operative
strengthening which together
support a living income
strategy for the future.
The higher prices will be
closely monitored through
partners on the ground to
understand exactly how they
contribute towards a
sustainable livelihood for
farmers.
Ben & Jerry’s Global Values-
Led Sourcing Manager Cheryl
Pinto said: “We’re committed
to working for economic justice
through our ice cream, and
now we’re ramping up our
commitment with the cocoa
we buy. Starting with the cocoa
in our chocolate ice cream mix,
we’re working towards the
Fairtrade Living Income
Reference Price2 for cocoa
farmers, and this is the
beginning. We are exploring
living incomes in our other
global supply chains, too.”
Ben & Jerry’s purchases
across all commodities are
significant and have generated
$3.6m in Fairtrade Premiums
in 2019 for farming
communities to spend as they
choose. Many have funded
schools, and invested in climate
resilience and local
infrastructure.
Louisa Cox, Fairtrade’s
Director of Impact said: “It’s
complex work to advance
towards a living income, but
both organisations are
committed to this vision. Ben &
Jerry’s recognises the role of
business in addressing the
challenges in the
cocoa sector and
this commitment
sets a great
example for other
companies to
follow. So next
time when you’re
scooping up a tub
of delicious Ben &
Jerry’s chocolate
ice cream,
remember you’re
helping
supporting
farmers to build
better futures.”
• From le: Mr Lawrence Desouza, Markeng Director; Samuel Searyor,
Operaons Manager; Ing. Edem Fiakumah, Construcon Manager; Dr
Prince­ Joseph Ayiku, MD; Salah Kalmoni, Director and Mr Mohammed
Mustapha, all of Lakeside Estate
Lakeside Estate, 39 others
win CIMG 2019 awards
LAKESIDE Estate has been adjudged the
CIMG Real Estate Company of the Year
2019 at the 2020 edition of the Chartered
Institute of Marketing, Ghana (CIMG)
annual National Marketing Performance
Awards.
Currently, Lakeside Estate commands
a 40 per cent share of the real estate
market in the country.
This year’s CIMG awards, held in
Accra last Saturday on the theme:
“Marketing in a Disruptive Era”, is the
31st since its inception.
The event conferred honours on
businesses that had adapted their
approach and maintained their
standards of excellence regardless of the
Covid-19 pandemic.
Parts of the citation accompanying
Lakeside Estate’s award read: “Your vision
was to become one of the best customer
focused real estate company in Ghana
that will expand through the building of
unique variety of quality housing units
that are environmentally friendly. By the
estimation of our panel of evaluators, you
have left no doubts in their minds as you
delivered exactly on that promise.
“You are lauded for using in-depth
environmental analysis to establish
needs of clients and working at them,
thus becoming a listening firm.”
Premier award
The National President of CIMG,
Dr Daniel Kasser Tee, expressed concern
about the illegitimate award schemes by
unauthorised bodies in recognition of
marketing practitioners in the country.
“The CIMG has noted with great
disappointment and concern the
manner in which unauthorised bodies
have in the past organised their own set
of awards to recognise marketing
practitioners in this country,” he said.
Dr Kasser Tee said regulating the
standards and practices of Ghanaian
marketers was the sole preserve of CIMG.
“We wish to bring to the attention of
such bodies that with the passage of the
Chartered Institute of Marketing Ghana
Law, they require the express approval of
the CIMG as the sole professional body
mandated by law to set standards and
regulate marketing practice before
conducting such awards,” he said.
The awards
The Chief Executive Officer (CEO) of
Ghana Tourism Authority,
Mr Akwasi Agyeman, was adjudged the
Marketing Man of the Year 2019 for
making Ghana the tourism destination
of choice in Africa with the successful
Year of Return campaign, while the
Marketing Woman of the Year award
went to Patience Akyianu, Group CEO,
Hollard, Ghana.
In all, more than 40 corporate entities
and individuals that excelled at their
respective businesses and marketing
roles in the face of the COVID-19
pandemic and other challenges were
recognised and handed their shields at
the CIMG Awards 2019.
The CIMG Awards has been in
existence since 1989 and celebrates the
captains of industries and experts across
various sectors of the Ghanaian
economy.
The event honours businesses and
institutions whose performances impact
positively on society and the world at
large.
Ghana prepares for launch of new development bank
• Continued from Page 3
fact that the availability of long-term
funding for financial institutions in Ghana
is also strained.
But the document says that there are
other factors influencing banks’ decision to
limit loan maturities in Ghana, namely
economic uncertainties such as inflation
and interest rate volatility.
Countries across Africa have felt the
effects of COVID 19 and Ghana has been no
exception, suffering from a plunge in
external demand, as well as lower inflows
from tourism and foreign direct
investment.
According to the World Bank, Ghana’s
GDP growth is expected to slow from 6.5
per cent in 2019 to 1.2 per cent in 2020.
Last week, the IDA moved to bolster
funding for the country’s health care
system, injecting US$130mn into Ghana’s
Emergency Preparedness and Response
Project.
According to Laporte, the funding will
increase the availability of intensive care
unit beds in the country, and help Ghana
adopt new Covid-19 medications.

Thursday, November 19, 2020

Thursday, November 19, 2020
• Continued on Page 11

Thursday, November 19, 2020
Ghana 2020/21 cocoa arrivals
down 10.1% by Oct. 29 -Cocobod
GHANA’S graded and
sealed cocoa
arrivals stood at
116,141 tonnes as of
October 29 since the
start of this year’s harvest on
October 1, down from 128,514
tonnes the previous season,
figures from marketing board,
COCOBOD showed on
Wednesday.
G&S is cocoa that has been
quality checked and sealed in
bags by Cocobod and is ready to
be shipped.
Despite the slow start to
export sales, cocoa production in
Ghana is expected to reach
800,000 tonnes this season,
Cocobod has forecast. Production
is being boosted by the US$400
per tonne Living Income
Differential (LID) introduced
this crop season after successful
negotiations by Ghana and
neighbouring Cote d’ Ivoire.
The LID is strictly for the
cocoa farmers themselves and
this has enabled COCOBOD to
increase its payout to farmers
per tonne by 28 per cent this
crop season.
COCOBOD has spent much
of this week defending itself
against allegations of nepotism
in the purchase of insecticides
for mass spraying of cocoa farms
as well as money laundering.
Binance announces fiat onramp
for Ghanaian Cedi
BINANCE has been able to harness
the interest in Africa when it
comes to crypto currency. Its latest
announcement brings it one more
step closer to the second-largest
continent. On 17 November,
Binance opened a new fiat on-ramp
for the Ghanaian Cedi.
The users will be able to deposit
cedis via mobile money into their
Binance wallet and will be able to
purchase crypto. Binance already
provides a fiat on-ramp for users
from Nigeria, South Africa, and
Uganda, and now, Ghana has been
the latest addition.
Binance had recently
launched an
affiliate program
in Africa which
included Ghana
along with four
other countries
like Nigeria, South
Africa, Kenya, and
Uganda. While
Nigeria accounted
for nearly half of
all total weekly
P2P volumes in
Sub-Saharan
Africa until late
October. As per a
report provided by
Arcane, P2P bitcoin
volumes across have
doubled in the last
one year. However,
Nigeria was leading
in this aspect as
well.
Source:
Usefultulips
Despite Binance
being present in
Africa, Paxful has
been the most
dominant P2P
platform in Africa,
with 45% of all its
users were located
in Africa.
Source: Usefultulips
Out of all remittances were a
common use case for value transfer
in the region. As the year 2020 has
created more awareness about
crypto, even Africa noted an alltime
high in terms of Bitcoin
awareness. Countries like Kenya,
Ghana, and South Africa accounted
for significant P2P increases in
2020.
However, despite the growing
prominence of crypto, Binance
announced the closure of Binance
Uganda in October. Binance
Uganda is expected to stop all
services by 28 November. Despite
the closure of services, the users
will be able to deposit UGX through
Binance’s main platform.
Presidency refutes
allegations of interfering
in Agyapa probe
• Continued from
Page 3
the government had sought
to speed up the share sale to
take advantage of record
high gold prices, the
opposition National
democratic Congress (NDC)
flagbearer, John Mahama,
his predecessor and main
challenger in the vote, has
vowed to reverse the deal if
he wins back power.
However the President’s
directive to reboot the
process for establishing the
fund has made the
government’s original plans
of completing its Initial
Public Offer on the London
Stock Exchange before the
poll impossible to achieve.
Indeed, the political
opposition, supported by
some civil society
organizations and public
commentators – many of
whom opposed the
structure of the deal right
from the start – are now
calling for it to be scrapped
altogether.
The most ferocious
critics of the arrangement
are further demanding the
resignation of Finance
Minister Ken Ofori-Atta,
who master-minded the
initiative and whom the
risk assessment report
indicts for conflict of
interest, illegalities and
potential corrupt intent.
All this may prove moot
however as international
sentiment is shifting away
from initial great
enthusiasm for the
impending offer to
reticence out of worries
about emergent political
risk.
Mr Amidu refers to the
President’s request that Mr
Ofori-Atta’s comments in
his own defence be sought
and incorporated into the
report prior to its release to
the public as executive
interference while the
President’s office insists
that this is simply fairness
and “natural justice.”
While Mr Amidu’s
allegations against the
President would under
normal circumstances
serve as heavy ammunition
for the political opposition,
it is also embroiled in an
intense dispute with the
former special prosecutor
who made accusations of
corruption against their
presidential candidate ,
John Mahama, as an aside
in the Agyapa report.
Since then the
opposition has questioned
Mr Amidu’s credibility and
as such cannot turn around
to support his latest
allegations against the
president

Thursday, November 19, 2020
PEOPLE & PLACES
Meet Joel Nettey, the first African
to head the International
Advertising Association
GHANAIAN national Joel
Nettey has been elected as
the President and
Chairman of the
International Advertising
Association (IAA), the global body for
marketing and communications. He is
the first African to occupy the position
since its formation in 1938.
The Ghanaian succeeds Srinivasan
Swamy who is also the first Indian to
occupy the position, and will lead the
global association for the next two years.
Nettey was elected to the position
during a virtual meeting of the World
Board Meeting of the International
Advertising Association in October.
The association also named others
that would serve alongside Nettey to
include Senior Vice President – Sasan
Saeidi, who is Global Client Leader for
Nestle at Wunderman Thompson Dubai;
Secretary — Carol Schuster, Business
Information Advisor at Lafayette 148
New York (New York) and Treasurer —
Venanzio Camarra from Milan.
“We will focus on four key pillars –
creativity and innovation, regulatory issues,
diversity, and Inclusion, as well as Education,”
•Joel Neey,, the first African to head the
Internaonal Adversing Associaon (IAA)
Nettey said about his election. “Together as a
team, we will take the steps required to ensure
that the IAA remains the most recognizable,
relevant, and impactful marketing and
marketing communications association
across the globe while ensuring that we
attract and provide opportunities that
engage and nourish the next generation
of marketing game-changers.
Who is Joel Nettey?
Nettey is well-acclaimed
Management, Marketing and
Marketing Communications expert. He
has 20 years of experience in the
advertising industry working for some
of the world’s powerful brands.
He is the founder and Chief
Executive of The Ninani Group, a group
of Marketing Communications
Specialist Companies that include
Innova DDB Ghana, ReZultz Advertising,
Touchpoint Magna Carta, Interactive
Digital, Brand Alert in Ghana as well as
Innova Liberia.
Before establishing his own agency,
he worked as Chief Executive of various
multinational marketing
communications agency affiliates in
Ghana including DDB, Saatchi & Saatchi
and Publicist.
Nettey is a Trustee of the Unilever Ghana
Foundation and has previously served on the
boards of the Ghana Broadcasting Corporation
and Multimedia Group Ltd.
In 2009, he was named by the Chartered
Institute of Marketing Ghana (CIMG) as
Marketing Practitioner of the Year. Also, in
November 2010, the Network Journal USA
(www.tnj.com) recognized his sterling
qualities when it named Nettey as one of the
inaugural 20 honorees from across Africa in its
“TNJ 40 under Forty Africa” Awards.
In 2018, he was a Senior Vice-President of
the International Advertising Association for
the 2018-2020 period. He was also the
President of the Advertising Association of
Ghana.
He holds a Master in Business
Administration (Marketing) and a Bachelor of
Arts (Honours) in Economics and Psychology
degrees from the University of Ghana. Nettey
and his wife Rachel, are blessed with 3
children – Nichole, Natasha and Nigel.
The International Advertising Association
(IAA) was founded in 1938 and has its
headquarters in New York. The association,
which comprises advertisers, media,
advertising, media companies, and
educational institutions, has members in over
70 countries.
Ghana to build ‘Wakanda City’
• To serve as pilgrimage for people of African descent
CAPE Coast the Central Regional
capital is widely known as the
nation’s tourism hub and the
‘Makah’ for African Americans.
Every year, hundreds of black
people across the world visit the
city and other historic slave sites to
learn about the trans-Atlantic slave
trade.
The region was the hotbed of
the slave trade that saw millions of
Africans uprooted to the New
World. The coastal region has a
number of castles and dungeons
that were used to keep enslaved
men and women for days before
they were transported to the
Americas to work on
various plantations.
Since the end of
slavery with Ghana
(formerly Gold Coast)
attaining nationhood,
Cape Coast has seen
the return of many
African Americans
and Caribbeans to
have firsthand
information about
the inhumane
treatment their
ancestors endured.
In 2019, Ghana organized ‘the
Year of Return’ to commemorate
the landing of slaves from Africa in
America. The event was highly
patronized by members of the
diaspora. Beyond the Year of
Return, there has been an effort to
consolidate the gains made.
In this regard, the city of Cape
Coast has signed a memorandum
of understanding with the Africa
Diaspora Development Institute
(ADDI) and two local companies to
create an ultramodern city. The city
will be called the “Wakanda City of
Return.” The proposed name of the
city is inspired by the popular
Hollywood movie, “Black Panther.”
The project seeks to leverage
the heritage and cultural tourist
assets in Ghana. The partners want
to create a place of pilgrimage for
the people of African descent to
learn about their history, culture,
the civilization of Africa, and its
role in the creation of the new
world economy.
The project, which is a private
sector-led initiative, will develop
the coastline and new areas in Cape
Coast by creating a heritage
experience with the provision of 5-
Star hotels, retreat/ health resort,
conference centers, and an ultramodern
continental
corporate headquarters
for ADDI.
The organizers say
the timing of the project
is apt since the country
is still benefitting from
the “Year of Return” and
the “Beyond the Return”
initiative organized by
the government.
The project is
expected to create about
three thousand (3,000)
jobs in Cape Coast.
GoG: Pirates kidnap
another 5 seafarers
in just 4 days
FIVE crew members have been
kidnapped by pirates from a Ghanaflagged
vessel in another incident in
the Gulf of Guinea.
The 1,700 dwt cargo vessel,
identified as Am Delta, was boarded
some 44 nautical miles south of
Brass, Nigeria, on 16 November,
Dryad Global informed.
The ill-fated ship is operated by
Ghana-based Adom Mbroso Water
Transport, according to data
provided by VesselsValue.
Reports indicate that Am Delta
was boarded by six or seven pirates
who took five seafarers as hostages.
The kidnapped crew members are
believed to be Ghanaian nationals.
Further reports indicate that the
perpetrators have damaged the
onboard communications and
navigation equipment.
The vessel was left drifting with
two crew onboard, Dryad added.
This is the ninth incident within
November alone. Several days ago,
pirates in the Gulf of Guinea attacked
Chinese-owned heavy lift vessel,
kidnapping fourteen crew members.
This latest incident takes the
total volume of kidnapped personnel
from vessels within the Gulf of
Guinea to 115 across 22 incidents
within 2020.
“This incident occurred closer to
shore than the majority of incidents
in 2020 which have thus far reflected
the developed trend of incidents at
the 80+nm range. It is within a high
traffic area that saw a large cluster of
incidents in both 2018 and 2019,” the
maritime security intelligence
company noted.
“Following a spate of
unsuccessful attacks on vessels
previously it is highly likely that the
perpetrators sought to return to
areas of known traffic density and
opportunistic targets.”
“The boarding by armed
perpetrators reinforces the critical
risk rating in the Gulf of Guinea HRA
after 7 incidents of unsuccessful
approaches and attacks in the past
week including two successful
kidnappings in the last 4
days,” Dryad added.

Thursday, November 19, 2020
GHANA COMMODITY INDEX
October 2020
To receive price updates and agric tips on your
phone dial 1900 or visit www.esoko.com
COUNTRYWID
E ANALYSIS
Commodities traded
mix in the month of
October. Millet traded at
GHS 311.29 per bag
representing a gain of
18.04%, followed by a bag of
gari with a gain of 6.57%
closing at GHS 246.79 per
bag. Soya also made a gain
of 6.40% to close at GHS
313.43 with pona also
gaining 6.01% to close at
GHS 787.50. Local rice made
a gain of 3.27% to close at
GHS 387.43 per bag with
maize making a marginal
gain of 0.2 % to close at
GHS 154.17 per bag.
Commodities that
dropped in price included
tomato with a decrease of
15.63% to close at GHS
293.75 per crate. Groundnut
also dropped 3.14% to close
at GHS 527.34 per bag.
Imported rice lost 2.91% to
close at GHS 400.75 per bag
with cowpea also losing
1.87% to close at GHS
468.20 per bag. Cassava lost
a 1% to close at GHS 140.
Maize
The average price for a bag of maize
gained 0.20 percent to close the month
at GHS 154.17. The highest price of
GHS200 was recorded at Dambai. The
lowest price of GHS 118.00 was recorded
at Bawku
CROP ANALYSIS
Rice Local
The average price for a bag of local
rice gained 3.27 percent to close the
month at GHS 363.57. The highest price
GHS 500 was recorded at Dambai and the
lowest price, GHS 290.00 was recorded at
Takoradi.
Tomato
A crate of tomato lost 15.63 percent to
close the month at GHS 293.75. The
highest price GHS 380 was recorded at
Takoradi and the lowest price of GHS
150.00 recorded at Kumasi.

Thursday, November 19, 2020 PAGE 11
Ghanaian Stocks : Wed, 18 Nov 2020
Ghana Interbank Fx Rates: Wed, 18 Nov 2020
Government of Ghana Treasury Yields: Week 47
Top Ranked Mutual Funds
• Continued from Page 7

Thursday, November 19, 2020
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