Wednesday, 14th September, 2022

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Page 2The quarter shekel coin, dated to 69 AD,is one of only four of its kind known to existIt took nearly 20 years ofdogged detective work and atrail which crossed continentsbefore the case of themissing $1m relic could beclosed."A cherished piece of history[is] finally going home," said a USofficial at a ceremony marking theoccasion.Fast rising prices continuedto trouble the US economylast month, though a dropin petrol costs providedsome relief.The annual inflation rate, thepace at which prices rise, fell to8.3% in August, the Labor Departmentsaid.That was down from 8.5% inJuly, marking a second month ofdecline.But the costs of food, housingand medical care continued tosurge, disappointing economistsexpecting more widespread easing.Shares in the US droppedsharply following the release. TheDow Jones was down more than2.5% in mid-morning trade, whilethe S&P 500 and Nasdaq fell morethan 3%.The report also renewed pressureon US President Joe Biden,whose approval ratings sank below40% earlier this year, reflectingconcerns about the rising cost ofliving.While his ratings have recoveredslightly in recent weeks aspetrol prices have subsided, theissue remains "a huge problem" forthe president and for the Democraticparty more broadly, saidpollster Chris Jackson."Americans have been tellingus for months now that it's thenumber one concern they haveand rightly or wrongly they blamewhoever's running the country forthat," said Mr Jackson, senior vicepresident at the Ipsos polling firm.The next round of nationalelections is scheduled for November,a contest that will determinewhether Mr Biden's Democratsmaintain their slim control ofCongress.For a president with approvalratings like Mr Biden's to see hisparty pick up seats in the midtermswould be unprecedented, MrJackson said.Kenny Shorne is among themany Americans to have beenaffected by inflation, which peakedat 9.1% in June, the fastest pacesince the early 1980s.The 23-year-old, who supportshimself with construction andphotography jobs, lives in New Jerseywith his family to try to keepexpenses down. He also recentlytook a break from his master'sdegree programme in communica-That piece of history is a smallsilver coin rich in symbolism,minted during a Jewish revoltnearly 2,000 years ago.Looted in Israel in 2002, it waseventually tracked down, seizedand is being returned to where itcame from.The saga began when theIsrael Antiquities Authority (IAA)DAILY ANALYST Wednesday, 14th September, 2022learned from informants that thecoin had been taken by Palestiniansfrom a hoard unearthed in theElla Valley, south of Jerusalem.The IAA says it spent the nextdecade and a half trying to locatethe coin, which passed throughillicit antiquities markets in Israel,Jordan and the UK. It was eventuallyexported to the US for sale atan auction in Denver, Colorado, in2017Ṫhe IAA alerted US HomelandSecurity Investigations (HSI),which then took administrativecustody of the coin. The investigationwas passed to the ManhattanDistrict Attorney's AntiquitiesTrafficking Unit (ATU), whichobtained a court order to repatriatethe coin based on informationfrom informants in five countriesalong with help from authoritiesin Europe and the Middle East.US inflation remains highdespite lower petrol pricestions, concerned about being ableto afford it as other costs climb.He said high petrol priceswere among the items presentinga problem, despite the fact thatthey have come down in recentweeks."Inflation makes it hard forme to see a liveable future," hesaid. "It really gets to me because Idon't know what the answer is."The cost of groceries in the USjumped 13.5% in the 12 monthsto August, while housing costsclimbed 6.2% and medical carerose 5.6%.Energy costs - one of the bigdrivers of inflation - also remainfar higher than a year ago, butthey have dropped sharply in thepast two months, falling morethan 10% from July to August, theLabor Department said.Overall the consumer priceindex, which tracks goods and servicesacross the economy, was up0.1% from July to August, as thefall in petrol costs was offset byincreases in other areas.While economists remainconcerned as prices outside of energycontinue to rise, the annualnumber typically matters mostin terms of shaping people's perceptions,said Betsey Stevenson,professor of economics and publicpolicy at the University of Michigan,who served in the WhiteHouse under former presidentBarack Obama."It's really good news thatgas prices are coming down. itgives people a little bit more roomin their budget, a little bit morebreathing room and I think it alsomakes people feel a little bit better,"she said.But she added: "I don't think itspeaks to being out of the woods".She expects inflation to remainhigher than the US central bank's2% inflation target even at the endof next year.Like central banks in othercountries, including the UK, policymakersat the Federal Reservehave been raising interest ratessince March to tackle the problem.By making borrowing moreexpensive, the hikes are intendedto cool demand from householdsand businesses, helping to reducesome of the pressures pushing upprices.The Fed is widely expected toannounce another large increasethis month, a move analysts saidwas all but confirmed by latestreport."Investors should brace themselvesfor even higher rates thanthey anticipated before today'srelease," said Ronald Temple, managingdirector, co-head of multi-assetand head of US equity at LazardAsset Management."Despite the sharpest tighteningof monetary policy in decades,the Fed still has more heavy liftingahead."Joe Biden has called bringing down inflation his top priorityGlobal NewsLooted coin worth $1m returnedto Israel after years-long huntThe coin was handed over onMonday in a ceremony at the ManhattanDistrict Attorney's officeattended by US and Israeli officials,including Israel's ambassador tothe UN Gilad Erdan."Today we join our partners toreturn an incredibly rare piece ofIsrael's history, the quarter shekelcoin, a symbol of independencefrom the time of Roman presencein what is now modern Israel,"HSI agent Ricky J Patel told thegathering.The silver coin, embossed withJewish motifs, is one of only fourof its kind known to be in existence.The IAA dated it to 69 AD -the fourth year of the Great Revolt.Switching from fossil fuelsto renewable energy couldsave the world as much as$12tn (£10.2tn) by 2050, anOxford University studysays.The report said it was wrongand pessimistic to claim that movingquickly towards cleaner energysources was expensive.Gas prices have soared onmounting concerns over energysupplies.But the researchers say thatgoing green now makes economicsense because of the falling cost ofrenewables."Even if you're a climate denier,you should be on board with whatwe're advocating," Prof DoyneFarmer from the Institute for NewEconomic Thinking at the OxfordMartin School told BBC News."Our central conclusion is thatwe should go full speed ahead withthe green energy transition becauseit's going to save us money,"he said.The report's findings are basedon looking at historic price datafor renewables and fossil fuels andthen modelling how they're likelyto change in the future.The data for fossil fuels goesfrom 2020 back more than 100years and shows that after accountingfor inflation, and marketvolatility, the price hasn't changedmuch.Renewables have only beenaround for a few decades, so there'sless data. But in that time continualimprovements in technologyhave meant the cost of solar andwind power have fallen rapidly, ata rate approaching 10% a year.The report's expectation thatthe price of renewables will continueto fall is based on "probabilistic"modelling, using data on howThe minting of a such a coinwas "in fact a declaration of independenceby the Jews in the landof Israel, a statement against themighty empire that stood beforethem", said Ilan Hadad of the IAA.The Great Revolt saw a rebellionby Jews in Judea against oppressiverule by the Romans, whohad ended Jewish independencethere a century earlier.The uprising culminated withthe Romans' destruction of Jerusalemand the second Jewish templein 70 AD.Estimates put the number ofJews killed from hundreds of thousandsto more than a million.Switching to renewable energycould save trillions - studyThe cost of green energy like wind andsolar has been falling for decadesmassive investment and economiesof scale have made othersimilar technologies cheaper."Our latest research showsscaling-up key green technologieswill continue to drive their costsdown, and the faster we go, themore we will save," says Dr RupertWay, the report's lead author fromthe Smith School of Enterprise andthe Environment.Wind and solar are already thecheapest option for new powerprojects, but questions remainover how to best store power andbalance the grid when the changesin the weather leads to fall in renewableoutput.Cost of net zeroBack in 2019 Philip Hammond,then Chancellor of the Exchequerwrote to the prime minister to saythat the cost of reaching net zerogreenhouse gas emissions by 2050in the UK would be more than £1tn.This report says the likely costshave been over-estimated and havedeterred investment.It also says predictions by theIntergovernmental Panel on ClimateChange (IPCC) that the costof keeping global temperaturesrises under 2 degrees would correspondto a loss of GDP by 2050 weretoo pessimistic. The transitionto renewables was, it says, likelyto turn out to be a "net economicbenefit".The research has been publishedin the journal Joule and isa collaboration between the Institutefor New Economic Thinkingat the Oxford Martin School, theOxford Martin Programme on thePost-Carbon Transition, the SmithSchool of Enterprise & Environmentat the University of Oxford,and SoDa Labs at Monash University.
DAILY ANALYSTWednesday, 14th September, 2022 Page 3“We’ll overcome currenteconomic challenges”The President of theRepublic, Nana AddoDankwa Akufo-Addo,has, once again,assured the people ofGhana that his government isdetermined to bring relief to theGhanaian people, and return theeconomy back to the high ratesof growth that characterised themanagement of the economy inthe three (3) years preceding theCOVID outbreak in 2020.According to President Akufo-Addo, “in recent times, we havebeen witnessing significantdifficulties in the managementof the national economy, largelyas a result of the impact of theCOVID-19 pandemic on theglobal economy, which has beenexacerbated by the effects of theRussian invasion of Ukraine.”He stated, however, that “thebasic commitment to resolvingthese challenges, within theframework of due process anddemocratic institutions, mustremain unshaken. And, I amconfident that, God-willing, wewill overcome these challenges.”The President made thisknown on Monday, 12thSeptember 2022, when hedelivered the keynote address atSEC, EOCO expose 17unlicensed entitiesThe Securitiesand ExchangeCommission(SEC) incollaboration withthe Economic andOrganised Crime Office (EOCO)has exposed 17 entities operatingwithout licence.This was after SEC and EOCOembarked on joint investigationsinto the activities of some entitieslargely operating via onlinechannels.According to SEC and EOCO,“This was in accordance withrelevant provisions of Act 929 asamended and Act 804, the SEC andEOCO wish to inform the GeneralPublic that, the underlistedentities are not licensed bythe Securities and ExchangeCommission,” SEC stated.The seven entities arePatronPay Ghana/PetronPayGhana, Cedi Network Ghana,Bitcash Investment, SolmaxGroup, Freedom Synergy, FxKashthis year’s Bar Conference of theGhana Bar Association.Recounting the resolution,decisive action and correct policythat saw to Government winningthe war against COVID-19, he wasconfident that “we will overcomeour current economic challengeswith the same mixture ofdetermination, energy andappropriate policy.”President Akufo-Addo recounted how hisadministration came into officeat the time of an ongoing IMFsupportedeconomic programme,and was able not only to steerthe country successfully outof the programme, but also tobuild, in the three years of hisfirst mandate, one of the fastestgrowing economies in the worldthen, prior to the outbreak ofCOVID-19, at an annual averageGDP growth rate of seven percent(7%) in 2017, 2018 and 2019.“We will do so again. Infact, in the last quarter of 2021,the recovery from COVID-19appeared to be on course, whenour economy grew at sevenpercent (7%), only for the Russianinvasion of Ukraine in the firstquarter of this year to exacerbateour challenges. We will overcomeinvestment, Binomo Investment,Hi Pay, Quick Earn, Lite Earn, andSnap Finance.Others are Faucet WealthInvestment, Opay Investment,Payme Financial Services, PassiveIncome, Yvonne Hanson Deals,and Alpha Pay.SEC and EOCO advised theGeneral Public to be vigilant andto desist from investing in allunlicensed investment products.“Capital Market Operators,investors, and the General Publicshould be assured that the SECin collaboration with all relevantlaw enforcement agencies iscommitted to ensuring therigorous enforcement of all thesecurities laws for operators inthe Capital Market to promote anorderly growth and developmentof an efficient, fair, andtransparent securities market inwhich investors and the integrityof the market are protected,” SECand EOCO.them,” he added.Relief to GhanaiansIt will be recalled that at the22nd General Assembly of thePresbyterian Church, PresidentAkufo-Addo noted that theapproach to the IMF is a majorstep, in the short-run, towardsthe goal of bringing relief to thePresbyterian Church.“Other steps will be taken,in particular, to deal with theunacceptable depreciation ofthe cedi. Reining in inflation,by bringing down food prices,is a major preoccupation of theGovernment, and, hopefully, thisseason’s emerging, successfulharvest will assist us in thisregard. Arrangements are beingmade with market women,the market queens of popularparlance, to provide trucks toevacuate food stuffs from ruralmarkets to urban centres to helpreduce food prices in the cities,”the President said.The Greater AccraRegional Chairmanof the NationalDemocratic Congress(NDC), Joseph KobinaAde Coker, who is seeking forreelection, has called on thedelegates to vote massivelyto retain the current cropof national, regional andconstituency executives of theNDC in the party's upcomingexecutives’ election.Speaking in an interviewwith DAILY Analyst in his officein Accra yesterday, Mr. Cokerstressed it was obvious thecurrent executives of the partyworked had for the party in the2020 general election and that"any mistake by the delegatesand members of the party to votethem out current executives ofthe party would spell doom forthe NDC in the 2024 poll."This is not a matter ofthrowing the baby just out ofthe water or changing your beststriker, or best goalkeeper!”"So we are saying that theteams that helped formerPresident Dramani Mahama towin the 2020 general electionbefore it was stolen by the NPPare alive and kicking so why doyou want to change them?. Ourdelegates should better retainthem. So l am calling on thedelegates who would be votingin the NDC executives’ electionthis year to ensure they vote andretain the 2020 general electionwinning teams of the NDC," Mr.Coker stressed.According to him, it wascrucial for the delegates,members, and supporters of theNDC to look at former PresidentDramani Mahama as what hetermed as the "bigger picture,"within the NDC to vote him backto lead the party to win politicalpower in the 2024 generalelection.”He called on the rank-andfileof the NDC to rally behindformer President DramaniMahama to win back thepresidential seat in the 2024Frontpage StoriesHe continued, “We areencouraging companies engagedin the manufacture of inorganicfertilisers to scale-up productionto reduce the impact of thehigh cost and unavailability offertilisers, whist we advancerapidly our plans to establish anorganic fertilizer plant in Ghana.”In furtherance of this, thePresident noted that the GH¢100billion Ghana Cares “Obaatampa”Programme, the programme forpost-COVID economic recoveryPresident Akufo -AddoRetain current NDCexecutives -Ade Cokergeneral election to enable him tofinish his unfinished projects andprogrammes."If you look at the country nowevery aspect of Ghanaian’s lifehas been destroyed by the NewPatriotic Party government ledby President Nana Addo DankwaAkufo-Addo because of hismismanagement of the economy,”he stated.The NDC guru cited thesoaring prices of water, electricity,transportation, foodstuff, schoolfees, accommodation, and highlevel of youth unemployment,saying that “we have realisedthat this country was sinking andgoing down very fast under theleadership of President Akufo-Addo.""This country needs someoneto salvage us, we need someonewho has a good economicmanagement record," he said.He mentioned that there isclear evidence that Ghanaiansneeded someone like formerPresident Dramani Mahama towin back the presidential seat inthe 2024 general election and takeGhanaians from the bad economicmanagement of the Akufo-Addoadministration.He noted that formerand revitalisation, which is beingimplemented, anchors brightprospects for the medium-term.“I continue to have an abidingfaith in God to help turn thefortunes of our nation around,especially with appropriatepolicy, determination and hardwork on our part, and I urge allof you gathered here to have thatsame belief that the fortunes ofGhana under the Presidency ofNana Addo Dankwa Akufo-Addowill be restored,” he added.President Dramani Mahama’ssocial and infrastructuralprogrammes were visible forGhanaians to see for themselves.He mentioned that Mr.Dramani Mahama built theGreater Accra Regional Hospital(formerly known as the RidgeHospital), University of Ghana,Legon Hospital, KwameNkrumah Interchange, PokuaseInterchange, Kasoa Interchange,and Hospitals in Ga West amongothers, saying that the socialand infrastructure developmentprojects and programmesinitiated by Mr. Dramani Mahamawere scattered in the two hundredand seventy-five administrativedistricts in the sixteen regions ofthe country.He said every aspect of theGhanaian was improved duringthe former President DramaniMahama-led NDC administration,adding that former PresidentDramani Mahama has done a lotto develop the Ghanaian economy.He described President Akufo-Addo and his NPP officials as liars,stressing that they came to lie anddeceive Ghanaians by paintingformer President DramaniMahama as a non-performing andbad leader.oseph Kobina Ade Coker
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