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IT expert calls for tougher laws against cyber fraud

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Managing Partner at Delta 3 International, an IT security firm, Dele Aden, has urged government to enact and enforce legislation that will make cyber-crime offences more punitive.

“If the criminals know that they can hack into systems and get away with it, then they will keep on doing it but if they know that there is a good chance of being caught and punished severely, it serves as a deterrent,” he said.

To back that, he said it is about time big organisations saw cyber related threats as a boardroom issue that demands managerial attention and not as a function of the IT department alone.

“One of the biggest cyber security issues is the lack of top-level involvement in fighting against the threats because management still sees it to be a function of the IT department.

But issues such as cyber security should be the concern of the whole organisation and not just as a business of the IT persons,” he told the B&FT at a Cyber Security Awareness Workshop in Accra.

“At a time that the Internet of Things (IoT) is hitting us in the face and cyber crimes keep surging, there is the need for organisations to increase staff awareness about cyber security, tighten their systems and process alongside technology.”

According to the 2018 Malware Forecast released by Sophos, Africa will be in the news for cyber attacks more than ever before.

To guard against this threat, Mr. Aden urged increased information sharing among organisations and institutions as “even hackers share information among themselves to help carry out their activities”.

To him, even though there cannot be 100 percent security, having in place a comprehensive policy framework with adequate compliance, backed by the right infrastructure and regular risk assessment, will significantly reduce the harsh impact of cyber attacks.

To businesses, one cyber threat that they need to protect themselves from is the increasing rate of ransomware—a malicious software that allows a hacker to restrict access to vital information of a company or its workers until an agreed ransom is paid.

Even if only one user is affected, all users of the network are impacted because the files are rendered unusable.

The US Federal Bureau of Investigations (FBI) projects that ransomware attacks yielded more than US$1 billion in 2016.

Malaria safe awards and recognition held in Takoradi

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A Malaria Safe Awards and Recognition ceremony has been held in Takoradi to recognize companies in the Western Region who have made innovative investments in malaria prevention and control activities that target employees, dependents and host communities.

The ceremony was also aimed at appreciating individual company efforts in contributing to malaria control in the country.

The award, is a Private Sector Malaria Prevention (PSMP) project of John Hopkins Center for Communication Programmes (JHU-CCP) in partnership with the National Malaria Prevention Programme (NMCP) with funding from the United Kingdom.

PSMP, aims to invigorate the private sector’s contribution to malaria control; chiefly, by facilitating the supply and distribution of insecticide treated bed nets.

Dr. (Mrs) Kezia Malm, National Malaria Control Programme Manager speaking at the programme noted that malaria, continues to have severe socioeconomic impact on the populace.

“It is one of the causes of household poverty because it results in absenteeism from the daily activities of productive living and income generations” she said.

She mentioned that studies have shown that about 30 days of work in a year is lost on average due to malaria; the disease also continues to prevent many school children from attending school due to illness, diminishing their capacity to realize their full potential.

“Thus, it is very important that we work together so that one day we can celebrate the elimination of malaria from this country; partnership and effective collaboration has over the years played a very important role in bringing             malaria prevention and treatment service closer and closer to the door step of the people.”, she pointed out.

According to Dr. (Mrs) Malm, the country, recorded 4.6million suspected malaria cases at the Out-Patient Department at the various hospitals during the first half of 2017, representing a 7.6 % decrease over cases reported within the same period in 2016.

Averagely, she said 25,140 suspected malaria cases were recorded daily; the number of malaria admissions reduced from 176,930 in 2016 between January to June to 145,986 in 2017 within the same period.

Also, she said during the same period, malaria death reduced from 696 in 2016 to 266 in 2017, representing a percentage decrease of 17.50% and 62% in admissions and death respectively.

She mentioned that the private sector is one key stakeholder in health and for that matter in the fight against malaria; the private sector employs over 90% of the working population in the country with the agribusiness and the informal sector leading with over 40% each.

She added that the corporate formal sector employs about 5.7% just like the public sector “therefore, if we can get the private sector to lead or at minimum support in the efforts of making their working force malaria free, then, it means we have won the battle for huge proportion of the Ghanaian population of Ghana and that is significant”.

“I call on all to support the national efforts in the mobilization of funds and human resources need to improve the quality of services rendered in our quest to fight malaria”, he said.

Deputy Western Regional Minister, Mrs.Gifty Eugenia Kusi in an address read for said malaria affect everyone but the unfortunate are women and children; the disease drains the resources of families and keeps the poor in poverty.

“Cerebral malaria can cause brain damage in younger kids resulting in lifelong learning difficulties, the situation impedes job opportunities for our youth and it effects can make Ghana workforce unable to operate at its full potential due to declines in size and capabilities”, she said.

According to her, the disease is responsible for employee absenteeism, increased health care spending and decreased productivity; in this regard, insecticide treated bed nets are one of the most efficacious and cost-effective preventive intervention against malaria morbidity and mortality.

“I therefore urge you all to embrace the goals of PSMP to help prevent malaria death and the economic burden from malaria”, she said.

Mr. Felix Nyanor-Fosu, Chief of Party of PSMP said malaria prevention continues to be recognize as an important element of economic development for malaria endemic countries such as Ghana because of the social and economic impacts of the diseases.

“This programme, aims at appreciating individual company efforts in contributing to malaria control in the country; I hope more companies will be inspired and motivated to do even more to prevent malaria and its economic effects on employee absenteeism, increased health care spending as well as decrease productivity.

AngloGold Ashanti Iduapriem Gold Mine, Golden Star Resources Limited, Zeal Environmental Technologies, Benso Oil Palm Plantation Limited and Norpalm Ghana Limited received awards, dubbed “special award to all malaria safe companies”.

Goldfields Ghana Limited, Ghana Rubber Estate Limited, Samartex, ENI Ghana Limited and Persus Mining Ghana Limited also received awards on “recognition for malaria control activities”.

Border controls still a worry in Africa…as AU plans an Africa passport

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Customs and border controls in many African countries remain a governance challenge and that more is needed to achieve free movement of people and goods on the continent, Vera Songwe, Executive Secretary of the Economic Commission for Africa (ECA) has said.

Ms. Songwe, speaking at the 2017 Africa Economic Conference in Addis Ababa, Ethiopia, said the Africa Union is working on a continental passport to address the cumbersome border controls impeding cross border movement of people and goods.

“Africa also needs to strengthen the governance of its regional integration process, especially as the continent is increasingly pursuing continent-wide integration through initiatives such as the Continental Free Trade Area negotiations which stands to create the single largest trade area in the world with over 1.3billion people.

Given growing emphasis of pan-African integration, Africa will need strong pan-African institutions to set the terms of integration, ensure implementation and resolve disputes,” she said.

These institutions, she said, should take lessons from Africa’s successful regional trade agreements such as those in East Africa Countries (EAC), Economic Community of West African States (ECOWAS), Common Market for Eastern and Southern Africa (COMESA) and Southern African Development Community  (SADC), which all saw regional growth accelerate following their entry into force.

To give one example of a successful experience that can be replicated at continental level, she said COMESA’s non-litigious approach to dispute settlement has worked and could therefore be extended to the pan-African level with Continental Free Trade Area.

“Indeed, successful regional integration is key to supporting structural transformation in Africa, since intra-African trade is currently much more industrialised than Africa’s trade with the rest of the world.

As such, one could expect easing intra-African trade to encourage a shift towards greater consumption and production of manufactured goods in Africa,” she added.

According to Ms. Songwe, a computable general equilibrium analysis by ECA of the impacts of a continental free trade area shows that boosting intra-African trade is likely to boost intra-African trade in industrial goods by around US$66billion.

Infrastructure and energy

Touching on the issues of energy, Ms. Songwe said without adequate access to energy Africa will not be able to accelerate and sustain the growth process.

However, currently over 600 million people on the continent do not have access to energy.

She said sub-Saharan Africa, according to a recent report, has only 300,000km of power lines compared to over 10 million in the European Union.

“Access to energy is not due to a lack base resources. With Africa’s major hydro resources, Africa can produce over 283 gigawatts of energy. Less than 10 percent of this clean energy source has been tapped to date. Ethiopia, Niger and Guinea are a few notable examples,” she added.

The ECA Executive Secretary said under developed energy infrastructure and growing demand could help attract more private sector investment and accelerate energy development.

She was quick to add that for this to happen, leaders of the continent need to improve the governance process for contracts awards, and licensing to ensure populations get affordable prices, improve the governance of energy utilities most of which are underperforming and most of all improve the governance of our regional power pool institutions.

West Africa Trade Show opens with 93 exhibitors

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Positive economic data figures from World Trade Organisation and German Engineering Federation VDMA indicating an upward trend for West Africa’s agrofood and plastprintpack industry inspired the 4th edition of the trade show, organisers have maintained.

The 4th edition of agrofood & plastprintpack West Africa is featuring a record participation of 93 exhibitors from 21 countries showcasing the entire value chain “from farm to fork”, from agriculture and food processing technology, plastics, printing and packaging until the final food product.

Ghana, Ivory Coast and Senegal are the largest importers of finished food as well as of agricultural and food processing and packaging technology in West Africa – apart from Nigeria.

West African food imports increased to 14.4. billion US$ in 2015 compared to 13.1 billion US$ in 2014, a plus of 10% (WTO World Trade Organization)  .

West African imports of agricultural machinery and equipment amounted to 187 million euro in 2016 (German Engineering Federation VDMA)

West African imports of food processing and packaging technology increased from 506 million euro in 2015 to 556 million euro in 2016 (VDMA), up 10%.

The figures of rising food imports show that the largest food market in Africa is still undersupplied.

The exhibitors come from Algeria, China, Egypt, France, Germany, Ghana, India, Iran, Italy, Korea, Netherlands, Nigeria, Poland, South Africa, Spain, Sri Lanka, Taiwan, Thailand, Turkey, United Arab Emirates and United Kingdom.

The event is organized by the German trade show specialists fairtrade Messe and is running from 05 to 07 December 2017 at the Accra International Conference Centre in Ghana.

Martin Marz, the founder and managing Partner fairtrade explained to B&FT what has been achieved over the previous editions; “There is new partnerships now that have been growing with people from Europe, Asia, there is new technology which has been introduced in Ghana and West Africa and there is a lot of knowhow transfer which has been done throughout the last three to four last years”.

The team leader [Industrial sub-contracting and partnership exchange at the Ministry of Trade and Industry], Paa Kow Bartels indicated that the various value chain coming to interact will bring about industrial growth.

“Technology which may not be readily available in the country, would be made available, knowledge which may not be available would also be made available, also people can understand what others are doing in other countries.

I think that overall this is a very good exhibition and that all people who are concerned with industry should come around to see”.

In addition to many global players, five national pavilions participating this year include:

Algeria showcasing agri-industrial technology and solutions, organised by SAFEX-Algerian Fairs and Exports Company

France, organized by adepta-French agrofood association offering French know-how and technology for agriculture, livestock and agrofood production of 8 French exhibitors

The Netherlands under the motto “Holland-Ghana Growing together” offering seeds, plants, processed foods and tissue culture supplies

Poland, supported by the Marshal Office of the Wielkopolska Region, displaying agrofood products and equipment by 12 Polish exhibitors

Sri Lanka Tea Board with 5 exhibitors offering Ceylon Tea.

Rising technology imports however confirm massive investments in processing and packaging equipment and indicate a revival of local food production and an extremely promising medium-term development.

Agrofood and plastprintpack West Africa 201 is supported by the Ministry of Food and Agriculture,Trade and Industry, the Delegation of the German Industry and Commerce in Ghana AHK, the French agrofood association adepta and AVEP.

Agric sector needs strong regulation – ECA boss

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Vera-Songwe, Executive Secretary of the Economic Commission for Africa

The agricultural sector on the continent needs stronger regulations to correct the existing governance processes that are fraught with weakness, the Executive Secretary of the Economic Commission for Africa, Vera Songwe, has said.

“Land rights are not secure, the procurement process for inputs such as fertilizer and other inputs remain highly political in many countries undermining productivity of the sector and most of all its profitability,” she said at the opening ceremony of the 2017 African Economic Conference in Addis Ababa, Ethiopia.

It is reckoned that 40-60 percent of Africa’s labour force is engaged in the agriculture sector, most of which are women.

She said because of the weakness in the governance of the agriculture sector, food imports to Africa increased almost four times between 2002 and 2014, adding that one in nine people is not adequately nourished and one in four under nourished people live in Africa.

In the fisheries sector, she said governance issues continue to cripple a sector with enormous potential for diversification, value addition, and overall improvements in lifestyles, especially for women.

“Currently, about 25 percent of all marine catches around Africa are by non-African countries and in many cases the catch never lands on the continent.

Boats are not registered and fishing seasons are not respected. Depleting resources and impoverishing already poor communities,” she said.

To address this problem, she said an appropriate macroeconomic policy framework is critical.

The essential components of macroeconomic frameworks to foster structural transformation across the continent, she said include: scaling up public investment and public goods provision; maintaining macro stability to attract and sustain private investment as well as mobilizing resources and reducing aid dependence over time.

In Ghana, the fisheries sector generates over US$1billion in revenue each year and accounts for at least 4.5 percent of the country’s GDP. The sector also provides livelihood for an estimated 10 percent of the population, representing about 2.5million people.

Significantly, fish constitutes 60 percent of animal protein consumed in Ghana, according to the Fisheries Management Plan in Ghana, a national policy for the management of the marine fisheries sector (2015-2019).

Gov’t raises GHC5.3bn ($1.16 bln) in multiple bonds to refinance debt

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Ken Ofori-Atta, Minister of Finance

Ghana sold 5.29 billion cedis ($1.16 bln) worth of long-term bonds last week Thursday, dominated by re-openings of previous bond issues by the major commodity exporter to help restructure its high public debt, lead arrangers said.

Ghana is grappling with budget deficits, inflation and a volatile local currency, all of which have forced the government to sign a $918 credit deal with the International Monetary Fund.

Apart from a new five-year paper, sold at a yield of 17.6 percent, the West African country reopened existing bonds with maturities of seven, 10 and 15 years, the joint book-runners Barclays Bank, Stanbic Bank and brokers Strategic African Securities said in a statement.

The government of President Nana Akufo-Addo, who took power in January, is trying to rebalance the country’s finances and narrow the public debt, which stood at 138.9 billion cedis or 68.6 percent of GDP as of the end of September.

A source close to the transaction said nearly half of Thursday’s total sale consisted of treasury bills that were restructured into long-term bonds.

“In effect, only about half of the cumulative 5.29 billion cedis accepted was fresh borrowing. The other half is only converting existing treasury bill investments into longer maturities,” the source said.Reuters

 

Cash will be ‘scarce’ in 2018 – Ken Thompson

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Kenneth Thompson

 

Outspoken financial analyst Kenneth Thompson is predicting scarcity of cash in the economy next year, despite the optimistic tone of government in the 2018 budget.

Alluding to the budget’s allocation of more than 80 percent of revenue to the payment of salaries and interest on loans, Mr. Thompson noted that unless government comes up with incentives to tax the informal sector there will be little left for investment in infrastructure and development.

“The budget makes a concerted effort at addressing some of our issues, but unfortunately it does not tackle the big-ticket risk items. The clearest examples of the budget ignoring the proverbial ‘elephant in the room’ are the issues of interest we pay on our debts and compensation to employees,” he said.

“Unless these are dealt with and government revenue is increased, cash for investment in the economy remains low. And without investment there is very little economic activity. Cash is ‘tight’ and it does not appear 2018 will be any better,” he said in his analysis of the 2018 budget.

On the side of revenue, which helps shore-up government’s spending plans, Mr. Thompson noted that targets in the 2018 budget “seem overly ambitious”.

He believes that with the budget seeking to increase revenues by 25 percent to spend on its political programmes and projects, including the National Development Bank and Nation Builders Corp, without any commensurate effort to increase the tax base of the economy could be its Achilles’ heel.

“Our inability to raise these revenues could threaten the pet politician programmes, and credibility issues for government could begin to creep in. What we need to do is to increase the tax base. Let us find ways to tax the informal sector in a meaningful way through appropriate incentives which will encourage them to pay.

“As an example, government could at the very least prevent the registration of any asset of significant value without showing evidence of tax payments – e.g. vehicles, real estate, companies etc.

“If the tax base is not expanded, expect the GRA to find new ‘creative’ ways of extracting more tax from the same sources. Expect to pay relatively more tax whatever your business, even if it is because of ‘inflexible’ GRA officials who are less understanding of your ‘inventive’ tax avoidance excuses,” he noted.

Though government has projected an ambitious overall Gross Domestic Product (GDP) growth of 7.9 percent from a low of 3.7 percent in 2016, the heart of this growth is being driven by the oil sector on the back of the FPSO that was launched in February 2017 – while non-oil growth, the main engine of the economy, rather declined from 5 percent to 4.8 percent.

“This was because the private sector saw very little growth as capital expenditure was reduced significantly. Real private sector activity is still challenged, and industrial activity is under heavy strain,” Mr. Thompson added.

Juxtaposing operations at Dalex Finance, where he is the Managing Director, he noted that the company witnessed a significant reduction in demand for loans from SMEs.

“Although this may be anecdotal evidence, I strongly believe that it could signal a broader trend in the industry and may be symptomatic of the challenges confronting the SME sector: the sector that is supposed to be the main driver of economic activity and the engine of growth.

“I do not believe that there are enough reliefs for the real sector. I also believe that 2018 could be a year of low demand and challenged turnover for local businesses. I would urge local businesses to err on the side of caution with their business projections for 2018,” he advised.

 

Prisons, schools to produce catfish, tilapia…as gov’t looks to reduce fish imports

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Deputy Minister of Fisheries and Aquaculture Development, Francis Kinsley Ato Cudjoe

The Ministry of Fisheries is to target key institutions like the prisons, military, schools and colleges in the production of catfish and tilapia as part of a new initiative to help reduce the country’s fish import bill.

The country consumes an estimated 980,000 metric tonnes of fish per annum, out of which about 450,000 metric tonnes are produced locally. The remaining 530,000 metric tonnes are imported, from mainly Asia and Europe, to make up the shortfall in local production.

The initiative, dubbed ‘Fish Farming for Food and Jobs’, is expected to create about 250,000 direct and indirect jobs along the value chain.

Key components of the initiative are provision of improved fingerlings for farmers, subsidising fish feed, dedicated extension services delivery, and market development.

The Deputy Minister of Fisheries and Aquaculture Development – Francis Kinsley Ato Cudjoe, speaking at the 8th National Farmers’ Forum in Kumasi – said the ministry in the medium-term intends to take advantage of improved technologies in aquaculture to modernise the sector.

This, he noted, will be done to improve productivity and profitability so that it can help achieve food and nutritional security.

In furtherance of this, he said, a platform for aquaculture has been created for players along its value chain. The platform, he noted, provides business advisory services through seminars, drama, and familiarisation visits

“The sole aim is to sensitise the public on prospect of aquaculture; promote the consumption of fish, especially the catfish; gather concerns of stakeholders; provide answers to their questions and offer solutions to the challenges which affect the industry. It is also to establish and strengthen business ties among players along the aquaculture value chain,” he said.

Mr. Ato Cudjoe said it is the hope of his ministry that even after the Farmers’ Day celebrations, discussions on the sector will continue and among others attract investors into the sector.

The Managing Director of Agricultural Development Bank (adb), Dr. John Kofi Mensah, stressed the importance of farming – not only to the national economy but to human existence.

He disclosed that the bank in its quest to push government’s agenda for agricultural transformation maintained its support for the Farmers’ Day celebrations, totalling GH¢650,000.

“It is our hope to do more in future to inspire many more of our gallant farmers and fishers, who labour day and night to feed the nation,” Dr. Mensah said.

As part of its support toward government’s economic transformation agenda, Dr. Mensah said adb has committed GH¢200million to support the One District, One Factory (1D1F) initiative, which seeks to industrialise the economy.

He also announced a number of new products and initiatives undertaken by the bank, which are expected to support the sector while helping to realise the needed transformation.

Ecobank sensitizes Abossey Okai spare parts dealers on digital channels

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In a move to drive its growing customers to its efficient and convenient digital platforms, the leadership and staff of Ecobank spent a day with business leaders, workers and customers at the nation’s biggest spare parts market, Abossey Okai.

As it embarks on an aggressive campaign to promote a cash-lite society, Ecobank introduced platforms such as the Ecobank App, Ecobank Xpress Cash, Ecobank Masterpass QR and several other digital channels to the spare parts dealers. The team from Ecobank sensitized traders in the market about the importance and benefits of electronic transactions.

Tara Squire Ecobank’s Head of Consumer Banking for Ghana and West Africa noted that Abossey Okai is the hub for spare parts dealership in the country and with Christmas just around the corner, Ecobank believes this is the best time to sensitise them on digital payment channels and remittances.

“We came to Abossey Okai to talk to spare parts dealers and customers about opportunities to go about their transactions without touching cash. This is about our mobile banking offerings which enable customers transfers monies from account to account or onto mobile money accounts.

We are also talking to them about our Ecobank Masterpass QR platform so that when customers come to them without cash, payments can still be made. We have every single non cash option for them,” he said.

Mr. Squire noted that the bank also introduced the 1percent charge on money transfer across the continent and the globe via Ecobank’s mobile app. “We are also announcing to everybody who wants to remit money that when you go via our mobile app or any digital channels, you will pay not more that 1percent of the value.

You know worldwide, transfers cost a lot and we have really reduced the cost so that transferring money can be easy, cheap and convenient. We are bringing Ghanaians a solution to make transactions especially payments in the comfort of their homes,” he added.

The Ecobank Mobile App already has over 200,000 customers currently thus placing Ghana ahead of the other 32 African countries where Ecobank is present.

After being adjudged the 2017 Best Bank in the financial service sector at the 6th Association of Ghana Industries (AGI) awards and also sweeping CIMG Bank of the Year, CIG Best Bank of the Year and Euromoney Best Bank of the year, Ecobank promised to intensify its digital agenda drive, which has so far seen the bank release four innovative phone-enabled services, which include; the Ecobank Mobile APP, Scan + Pay QR Code, TBill4All and the Ecobank Xpress Account.

The Ecobank Scan + Pay QR Code allows you to scan a barcode image (QR code) using your smartphone so that you can pay for goods or send money to someone else. Ecobank is the first to launch the QR code in Ghanaand is available in 33 countries across Africa.

The TBill4All is a mobile-money based investment service that allows Ghanaians to purchase and manage Government of Ghana Treasury Bills from their mobile phones. The Ecobank Xpress Account allows customers open new accounts remotely without paper references.

Ecobank’s digital platform also gives customers the accessibility to do instant payment to over 33 countries and in addition, it has enhanced its retail internet banking platform with more speed and flexibility.

Daasebre challenges All Nations University to go beyond satellite launch glory

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Chancellor of the All Nations University and Omanhene of New Juaben Traditional Area, Daasebre Prof. (Emeritus) Oti Boateng, has urged the university not to rest on the glory of the successful satellite launch.

He challenged engineering students of the university to exploit this pioneering feat to make Ghana the space engineering hub of Africa.

In line with that, he called on government to develop a new globally-competitive space engineering policy regime to utilise the benefits of space science for sustainable development in critical areas of Ghana’s resource management.

Daasebre Oti Boateng said this as part of his closing address to mark the 20th convocation of the All Nations University in Koforidua, where the President of the Republic, Nana Akufo Addo, joined the university as the special guest to honour the three- distinguished engineers who inspired the successful launch of Ghana’s first satellite into space.

The Chancellor noted that the incredible feat achieved by the All Nations University in this elite global scientific sector has made the university a monument of inspiration not only for the universities in Ghana but also for the whole of Africa to compete in the global space.

He, thus, urged government to sustain the current sense of history, enthusiasm and globally-competitive spirit inspired by the University to build an all-encompassing intellectual resource-base, to draw on what he calls “hyper-imaginative creative thinking,” to place Ghana as a new emerging global laboratory for creative research on sustainable development in Africa.

‘‘It is instructive for government to seize this great opportunity to redefine a globally competitive new human resource regime that would balance the reward culture in Ghana to fully recognise and appreciate technocratic ingenuity in providing pertinent solutions for national development. It is within such a well-crafted governance regime that we can develop the country beyond Aid,’’ he said.

Whilst commending the free SHS policy, he urged government to explore creative avenues to make all Ghanaians share-holders of the policy for funding to bridge the infrastructure and other essential gaps towards building a solid foundation of quality education for all Ghanaians.

 

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