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Chiefs and politicians cautioned not to meddle in rural bank operations

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The President of Group Ideal, Nii Kotei Dzani, has said chiefs and politicians should not be encouraged to meddle in the administrative affairs of Rural and Community Banks in the country. According to him, such interferences affect the sector’s effectiveness and efficiency of operations, and hinders growth of the rural banking sector.

He made this assertion at the just-ended 6th Rural and Community Banking Week celebration, under the theme ‘Rural banking key to National Development’.

According to him, when chiefs push for funds it is normally not rejected because they are custodians of the land. However, recovering the funds becomes a major challenge. This does not help in meeting customer demands.

Nii Kotei Dzani noted that ensuring a rural banking system devoid of political and chieftaincy interferences will go a long way to expedite government’s rural banking industrialisation agenda.

He also urged the Bank of Ghana to reconsider the capital requirement and timeline for meeting the requirement for indigenous commercial banks compared to that of the foreign commercial banks. These foreign banks often-times have more financial muscle than the indigenous banks. He stressed, “It is important that we grow our own”.

“Rural and community banks play a pivotal role in the rural industrialisation of our country. Government after 40 years may have to reconsider the concept of rural banks, so we provide it with the necessary assistance in order to take off with government’s policy of rural industrialisation,” Nii Dzani said.

He further stated that a lot of the commercial banks also operate branches in these rural settings, thus giving rural banks unfair competition. He therefore urged that the financial and banking needs of rural dwellers be made to rest mostly with rural banks – hence his plea to push more funds into this sector so as to ensure its expansion and growth.

The Banking Week celebration is an opportunity for rural banks in the country to assess their activities and challenges over the period, and to deliberate on the way forward and how rural banks should improve on rendering good services to its clients in the region.

Nii Kotei Dzani was given a special recognition award at the event for his excellence and illustrious service as an Entrepreneur, Philanthropist and Statesman.

Vice President Dr. Mahamudu Bawumia – who was Keynote Guest Speaker of the event – was also awarded at the same ceremony.

Budget 2018: Government to launch new development bank

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Government is to set up a new national development bank to “mobilise private capital toward agricultural and industrial transformation”, Finance Minister Ken Ofori-Atta revealed in the 2018 Budget and Economic Policy of Government presented to Parliament yesterday.

 “To achieve an efficient financial sector with innovative and long-term financing instruments to support economic development, government will design the requisite financial architecture that is capable of mobilising resources through the following:

Launch a national development bank, with the capacity to mobilise private capital toward agricultural and industrial transformation, among others,” Mr. Ofori-Atta told the 275-member Legislature.

The country’s financial sector is made up of 34 commercial banks, more than 40 savings and loans companies, and over 300 microfinance institutions. However, no one commercial bank is strong enough to undertake big-ticket transactions.

In September, the Bank of Ghana (BoG) introduced the Internal Capital Adequacy Assessment Process (ICAAP) under the Basel II framework.

The ICAAP will require banks to more than treble their minimum capital to GH¢400m (US$91.6m) by December 31, 2018. This represents a much bigger jump than previous increases imposed by the regulator over the past decade to strengthen the balance sheets of Ghana’s banks.

Two main banks with significant government interest, the National Investment Bank (NIB) and ADB, will have to recapitalise before the December 2018 deadline – raising questions about the need to set up another national bank.

The National Investment Bank (NIB) leads indigenous banks that have to raise millions in their recapitalisation drive. The NIB has a capital shortfall of about GH¢255million; it has a stated capital of GH¢70million and an income surplus of GH¢74million as at July 2017.

The ADB – a publicly-traded company with majority government ownership – also has a capital shortfall of GH¢310million and a stated capital of about GH¢275million, but a negative income surplus of about GH¢185million.

The ADB, in December last year, started trading on the local bourse. Institutions with an interest in the company include: SSNIT, 9.5% of the shares; Starmount Development Company Limited, 11%; and SIC Financial Services 10%.

Restructuring the Infrastructure Fund

Ghana Infrastructure Investment Fund (GIIF), a wholly state-owned entity, was established pursuant to the Ghana Infrastructure Investment Fund Act, 2014, Act 877, (“the Act”).

The Fund’s mandate is to mobilise, manage, coordinate and provide financial resources for investment in a diversified portfolio of infrastructure projects in Ghana for national development.

A 2016 study of the country’s infrastructure deficit, quoted by the Finance Ministry, reveals that the country needs US$7.3billion to bridge the current deficit.

Mr. Ofori-Atta, in his presentation to Parliament, said the Fund is to be restructured and modelled along the lines of a private sector Fund to enable it play a key role in bridging the country’s infrastructure deficit.

“We will restructure the Ghana Infrastructure Investment Fund (GIIF) with the capability to mobilise foreign private capital for critical infrastructure development, using a private sector model; and enhance the capacity of Ghana Exim Bank to support agriculture and industrialisation for export,” the Finance Minister said.

The commitment to strengthen the Ghana Exim Bank so as to enable it support Ghana’s export trade will come as good news for vegetable exporters and factories to be established under the ‘One District, One Factory’ programme.

The European Union lifted the ban on export of five Ghanaian grown vegetables – chilli pepper, bottle gourds, luffa gourds, bitter gourds and eggplants – two months ago, after government’s stringent effort to ensure the right standards of production, harvesting and packaging were met.

Vegetable farmers, hence, will from January 1, 2018 have duty-free and quota-free access to the EU market like any other product from Ghana.

By Dominick Andoh & Thomas-Moore Adingo l thebftonline.com l Ghana

An extra special day for Shell customers nationwide

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 The management and staff of Vivo Energy Ghana have embarked on its annual Shell Customer Contact Day to thank customers for their loyalty and patronage with a number of giveaways and to solicit their feedback.

This year’s Customer Contact Day was created under the theme ‘Winning with customers through continuous engagement’, and on this day Vivo Energy staff interacted with customers at the forecourt – offering services including filling their tanks, cleaning windscreens and sharing goodies with them, as well as engaging customers for their feedback.

In an interview, Managing Director of Vivo Energy Ghana, Mr. Ebenezer Faulkner, said great companies are the ones that get and stay ahead by engaging their customers regularly through several contact points, all with the purpose of enriching the relationship.

“The Shell brand in Ghana could not have been successful for the past 89 years without a long-term relationship with our customers. Our products are consumer-led and driven by our passion to exceed the needs of our customers. We will continue to make our customer experiences at our Shell service stations memorable,” said Mr. Faulkner.

In addition, Mr. Faulkner said that Vivo Energy will continue to be at the forefront of driving innovations, providing high quality fuels for all pockets, high quality convenience shops, strong customer service, brand preference, and food partnerships “to continue being part of our customers’ lives”.

A highly satisfied customer who visited the Airport Shell service station had the following words to say: “The older the wine the better it tastes. We have known Shell for so many years for its quality products and services. No wonder every fuel station in Ghana is referred to as ‘Petrol Shell’. I want to encourage Shell to keep up the good work”.

For his part, the Retail Manager of Vivo Energy Ghana, Mr. Kwame Ackah, used the occasion to encourage all motorists to buy GH¢60 of fuel from Shell to stand a chance of winning the over-75,000 prizes and a brand-new sleek Hyundai Grand i10 taxi at stake in the ‘Shell Filling No Y3 Deep’ promotion.

Six drivers who have signed-on to the Shell Drive Challenge on the Shell App were also rewarded with free fuel for emerging as the most efficient drivers on the Shell Drive Challenge – a programme aimed at encouraging drivers to drive efficiently, and which also gives free tips on efficient driving to cut down fuel consumption.

Vivo Energy continues the expansion of Shell service stations across the country to make them more accessible to customers. The recent opening of the state-of-the-art Haatso Shell service station with partners such as KFC, MBJ Pharmacy, Exotic trends and ATM Farms is testament to the convenience that the company wants to bring to its customers.

Africa urged to adopt agricultural biotechnology as farmers demand GMO seeds

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As the sensitisation on biotechnology as another option for enhancing agricultural productivity gains ground among Ghanaian farmers, scientists are faced with one problem – how to immediately meet the growing demand for seeds.

In various sensitisation workshops on biotechnology-related issues that have been held recently with mixed stakeholders in many parts of the country, farmers have asked where they can get the seeds to buy. The recent farmer enquiry was at a Women in Science forum organised by the United States (U.S.) Embassy and held about a fortnight ago on Thursday November 2nd, 2017, at the Centre for African Wetlands, University of Ghana, Legon, Accra.

Biotechnology can be simply defined as the scientific process through which scientists change the genes of plants and animals by introducing into them desirable genes from other related species. The produce or products of this process are known as genetically modified organisms (GMOs).

In agriculture, biotechnologically-produced seeds are said to have the ability to resist drought, diseases and pests. They also yield produce that is much more nutritionally fortified. But the process and produce of biotechnology is dismissed by opponents to the technology as unethical and unsafe for human consumption due to perceived health risks.

Scientists and researchers involved in agricultural biotechnology say its produce are some of the safest and best food crops. This is because GMO seed production involves rigorous long-term scientific processes that ascertain the authenticity of seeds produced.

Currently, the process for GMO seeds in Ghana is still at the field-trial stage in nitrogen-use efficient, water-use efficient, and salt tolerant (NEWEST) rice; cowpea; and sweet potatoes. Once the final stages are completed, the seeds will be released to farmers.

Over 80 scientists, researchers, government representatives and farmers participated in the Accra forum, which was facilitated by African women involved in agricultural research, policy-making and communication. They discussed innovations in agriculture and biotechnology in Ghana and in sub-Saharan Africa, and agreed that biotechnology is crucial to addressing problems plaguing the agricultural sector and ensuring food security.

The U.S. Embassy’s Deputy Chief of Mission (DCM), Melinda Tabler-Stone, addressed the opening session. She was concerned about the state of agriculture in Ghana, noting that though “agriculture remains the main driver for poverty reduction, particularly in Ghana’s three northern regions … farmers remain challenged by low productivity, poor soils, and changing rain patterns”.

Madam Tabler-Stone said over one million Ghanaians suffer food insecurity, and the pressures are worsening as a result of rapid population growth. She observed that the situation “calls for the implementation of effective and innovative solutions in Ghana’s agricultural sector.

“Real transformation will require new approaches and efficiencies. The use of science and technology, including biotechnology, can be an invaluable tool,” Madam Tabler-Stone said. Attesting to the potential of biotechnology to enhance agricultural productivity, she stated: “We know this because agricultural biotechnology has greatly improved crop efficiency and production in the United States, Brazil, and Argentina among other nations”.

She further attested that “since the first biotechnology-derived crops were commercialised in the 1990s, they have been widely adopted in the U.S. Today, most of our corn, cotton, soybeans, canola, and sugar-beets are produced using genetically engineered varieties. These innovations have saved farmers time, reduced insecticide use, protected crops from disease, and enabled the use of less toxic herbicides. New advances in science continue to expand options for farmers, while at the same time promoting the health of consumers”.

Madam Tabler-Stone stressed that “these innovations have tremendous potential in Africa as well, and can play a role in helping to transform the agricultural sector from low productivity to a real driver of economic development and improved food security”.

She highlighted the gains that Ghana could make by adopting agricultural biotechnology. “Ghana will have an opportunity to transform itself from an importer of food into an exporter to feed itself and the region through wise cultivation of its fertile soils. Millions can be lifted out of poverty, should we persevere in advancing this vision.”

Madam Tabler-Stone commended President Akufo-Addo’s vision of agriculture as a key component of his national economic strategy for job-creation, through the ‘Planting for Food and Jobs’ programme.

The DCM also bemoaned the situation in which African women scientists are woefully under-represented in positions of leadership, even though they have a critical role to play in Africa’s development.

She said the promotion of women and girls empowerment is a key foreign policy priority for the U.S. To this end, the areas of focus included “advancing their education in the fields of science, technology, engineering and mathematics,” she added.

Madam Tabler-Stone described the forum as a gathering that underscores the U.S. Embassy’s “commitment to address gender imbalances and empower young women with the knowledge to be competitive for success against their male counterparts”.

In her presentation, the Assistant Director of the National Biotechnology Development Agency in Nigeria, Dr. Rose Gidado, underscored the need for Africa and the West African sub-region to adopt agricultural biotechnology. She said an increasing population that must be fed; high use of chemicals to enhance yields; decreasing water for agriculture; food security risk; and prevalence of micronutrient deficiencies in developing countries are challenges requiring urgent attention.

Dr. Gidado, who is also the Country Coordinator for the Nigerian Chapter of the Open Forum on Agriculture Biotechnology (OFAB) in Africa, explained that these challenges have placed high demand on Africa’s agriculture and food system. She stated: “Now more than ever, there is need to grow more food with less land and less water per person, need for more nutritious and safe food, need to reduce the amount of waste and losses, and need to move up the value chain production”.

She urged Africa and the West African sub-region to adopt agriculture biotechnology, because “they are easy to cultivate, don’t require harsh chemicals, are environmentally friendly, and use less energy. Modern biotechnology provides us with tools for trait improvements in crop germplasm for increased grain yields, in ways compatible to human and environment welfare”.

Dr. Gidado emphasised that it is important for African farmers and consumers of crop products “to be given an opportunity to benefit from increased opportunities, productivity, and efficiency and perhaps cost of food by having GMO crops commercialised in African countries”.

Expressing similar views, an Associate Professor of the College of Science and Technology of the Council for Scientific and Industrial Research (CSIR), Dr. Marian Quain said: “Sub-Saharan Africa needs substantial investment in cutting-edge technologies and human resource development”.

She made a case for the continent to embrace agricultural biotechnology, and said in such a situation “Farmers are using less pesticides or using less toxic ones, reducing harm to water supplies and workers’ health, and allowing the return of beneficial insects to the fields … and the ultimate aim is to alleviate poverty, hunger and malnutrition in the sub-Saharan region”.

Dr. Ouain literally walked participants through the science of biotechnology, saying this genetic engineering “allows for the transfer of a greater variety of genetic information in a more precise manner. These genes are very specific and allow the plant to precisely express the desired trait”.

On the issue of some of the concerns raised in relation to gene-flow and pest resistance, she explained that these have been addressed by new techniques of genetic engineering. Dr. Quain said measures have been put in place to ensure the safety of GMO products. “Scientists call for a cautious case-by-case assessment of each product or process prior to its release in order to address legitimate safety concerns.”

She concluded on the note that biotechnology is certainly the way for Africa and the West African sub-region to go. Dr. Ouain also admitted that “genetic engineering is an expensive process, requiring specialised expertise, and is not a panacea for all our agriculture problems,” adding, “It should be utlised when all other options have failed”.

U.S. Embassy’s Deputy Chief of Mission (DCM), Melinda Tabler-Stone addressing the opening session of the Forum for Women in Science. She is flanked to her immediate right by Dr. Rose Gidado Assistant Director of Nigeria’s National Biotechnology Development Agency and to her left is Dr. Walter Alhassan, a Senior Advisor to the Ghana Program for Biosafety Systems (PBS).

Gov’t to engage 4,000 NSP in digital addressing system

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Finance Minister, Ken Ofori-Atta has announced in the 2018 budget that 4,000 National Service Personnel (NSP) will be engaged to emboss the digital addresses on properties across the country.

“In 2018, government through Ghana Post will develop postal codes to feed into the National Identification System. About 4,000 National Service Personnel will be engaged to emboss digital addresses on all landed properties nationwide. Ghana Post will be established as the preferred government agency for address verification,” he said.

The GhanaPostGPS was launched by President Akufo-Addo in October 2017 and it is a national addressing system which divides Ghana into grids of 5m x 5m squares and assigns each one a unique address.

The President said at the launch that the App marks the era of a new dawn.

“Today marks the end of an era and the beginning of a new one. We are launching a solution to our problems because it’s a trustworthy database of addresses.”

He added that the new addressing system will enhance the services of the law enforcement agencies, health sector and fire services.

“Law enforcement agencies can easily assess addresses more effectively in order to deal with crime. Health, fire and ambulance services can effectively locate property locations in order to save lives at a faster rate,” he said.

The system is location-based and it is expected to provide an effective means of providing an address to every location and place in the country, including undeveloped parcels of land, using an information technology application (app).

The app will generate a unique code for every property or location in Ghana with the use of the Global Positioning System (GPS) technology.

A national address registry will be imbedded in the system to enable individuals to validate their home and business addresses for easy direction and identification.

Deputy Minister of Information, George Andah has also stated that the GhanaPostGPS will soon be developed to be accessed in offline mode.

“In localising the solution, we have thought through the online version and we are looking at a solution where people can use USSD and SMS to request for their address.

Within the next couple of days, the Ghana Post offices or service centres will have these offline mode devices and if you want to generate your digital address and you go there, they can help you,” he told the media.

By Dziedzom Atoklo l thebftonline.com l Ghana

NPA wins 2017 Climate and Clean Air Award for Outstanding Policy

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Chief Executive Officer of the National Petroleum Authority, Hassan Tampuli, has reiterated the authority’s commitment to promoting a clean environment, as ongoing policy to promote low-sulphur diesel standards are enforced.

He said this when he received this year’s ‘Outstanding Policy’ award from the Climate and Clean Air Alliance at the on-going Climate Change Summit (COP23) in Bonn, Germany.

According to him, Ghana is determined to collaborate with countries in the sub-region to adopt a harmonised fuel specification for the entire sub-region – similar to what currently pertains in the East Africa sub-region.

A statement from the Alliance said Ghana is the first West African country to move to low-sulphur diesel and with a new sulphur content standard of 50 parts per million (ppm), down from 3000 ppm – a remarkable achievement.

“This improved fuel quality directly affects Accra’s 3 million residents, reducing exposure to poor urban air quality and fine particles. With cleaner fuel now available, Accra can lead in the adoption of cleaner bus standards, including importing ultra-low-sulphur diesel for Euro 6/VI – soot-free – buses.”

The alliance said the country’s move will influence regional efforts to improve air quality. Ghana is a major player in the West African fuel system as a fuel refiner and a major export hub for refined fuels. The policy will help lead West Africa’s desulphurisation and adoption of cleaner vehicle emissions standards to lower particulate matter (PM2.5) pollution and black carbon emissions.

In December 2016, Nigeria, Togo, Benin and Cote d’Ivoire joined Ghana in adopting low-sulphur diesel fuel standards. The countries also committed to implement cleaner vehicle standards and work with the ECOWAS Commission toward sub-regional fuel and vehicle emissions standards harmonisation by 2020.

Nigeria’s desulphurisation impacts all of West Africa, and Ghana’s lead-role in cleaning up fuels and vehicles for lower PM and black carbon emissions is key to moving the entire region to low-sulphur fuels.

Before adopting the new standards, the National Petroleum Authority held an extensive public consultation including internal and external stakeholders. It has also been key to development and adoption of the new standards, and has established a standing committee for the purpose of implementation, monitoring and enforcement.

 

Stiglitz urges coordinated strategy for Africa’s economic success

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The Babacar Ndiaye Lecture Series, an international series introduced by the African Export-Import Bank (Afreximbank), debuted in Washington D.C. recently with Nobel Laureate Joseph Stiglitz asking that African countries to adopt a coordinated strategy that encompasses the agriculture, manufacturing, mining, and service sectors in order to attain the same success delivered by the old manufacturing export-led strategy.

Afreximbank launched the Babacar Ndiaye Lecture series to honour the late Dr. Babacar Ndiaye, President of the African Development Bank (AfDB) from 1985 to 1995, for his many important contributions to Africa’s economic development – in particular, his critical role in the creation of Afreximbank.

In addition to helping the AfDB to earn triple ‘A’ status, Dr. Ndiaye, who died in July 2017, was also behind the creation of several other continental institutions – including Shelter Afrique and the African Business Roundtable – and is credited with fostering the emergence of many young entrepreneurs who are helping to build Africa today.

In a wide-ranging presentation titled ‘From Manufacturing-Led Export Growth to a 21st Century Inclusive Growth Strategy for Africa’ at the Inaugural Babacar Ndiaye Lecture, Prof. Stiglitz – an economist and professor at Columbia University, New York, argued that while export-led growth was the basis for success of growth over the past half-century, the factors that enabled manufacturing to provide that growth-spurt will not be able to do so to the same extent in the future.

Another strategy that performs some of the essential roles that manufacturing export-led development did is therefore necessary, he said.

“Successful development policy will need to be explicitly more multi-pronged, addressing the separate ‘challenges’ that the manufacturing sector addressed simultaneously,” said Prof. Stiglitz.

According to him, governments will need to play an important role in the new structural transformation toward a modern economy. That economy will not, in general, be a manufacturing economy but a modern services economy, he noted – saying that in the next phase of Africa’s development, modern agriculture will be vital.

Prof. Stiglitz highlighted the need for a robust agricultural sector to provide full employment, including by stimulating manufacturing and services; and said that countries should seek to add a learning dimension to agriculture and other sectors.

Modern agriculture can be very ‘advanced’ he noted, saying that there should be focus on non-labour-saving innovations, including better crop-mix and better fertilisers.

The focus on ‘learning’ should emphasise developing skills that are useful in a modern economy, and there should be a transformation of farming from traditional practices to modern farming.

Earlier, Dr. Benedict Oramah, President of Afreximbank, said that the Lecture Series is being launched to “recognise and immortalise the exceptional contributions of Dr. Babacar Ndiaye to Africa and, indeed, mankind.

“Dr. Babacar Ndiaye was a visionary, consummate leader, and a great institution builder who served the continent of Africa in an exemplary way throughout his well-documented and celebrated career,” said Dr. Oramah, who noted that he engineered a massive transformation of the AfDB and financial landscape of the continent. He strategically used the AfDB’s platform and convening power to address some of the key constraints to economic development facing the African continent, emerging as a prodigious builder of development finance institutions across the continent.

Dr. Oramah extolled Dr. Ndiaye’s vision in championing the creation of Afreximbank, and wondered what would have been the course of Africa today if the Bank had not been created.

“Which international bank would have been there to support the continent in the past two years of severe commodity crisis if Afreximbank was not there to disburse over US$9billion to certain banks and central banks? Which international bank would have ignored high compliance cost to be there for African economies that had lost correspondent banking relationships? How would Africa today be dreaming of expanding intra-African trade and export-manufacturing without an Afreximbank?” he asked.

Dr. Oramah noted that since inception, Afreximbank had disbursed about US$50billion in support of African trade; attracted about US$60billion into strategic sectors of the African economy; expanded the continent’s industrial capacities through the financing of value addition across several industries, including cocoa, coffee, cotton and tea as well as a number of metals and minerals; and facilitated the development of critical trade and industrial infrastructure, among others.

In a goodwill message, Charles Boamah, Senior Vice President at the AfDB, commended Afreximbank for the initiative to honour Dr. Ndiaye and said that the former AfDB President charted a clear path to Africa’s economic development.

The AfDB has also honoured Dr. Ndiaye by holding a special memorial event in his honour, and by naming a major auditorium after him, added Mr. Boanah.

Also speaking, Dr. Donald Kaberuka – a former President of the AfDB, said Dr. Ndiaye’s defining characteristics included his deep belief in Africa and a conviction that Africa could achieve development through trade and investment rather than through aid.

He rejected artificial divisions imposed on Africa, instead preferring to see the continent as one unit and believing that Africa would develop best through continental integration, said Dr. Kaberuka.

The event attracted leaders of African and global banks, development finance institutions, the business community and political leaders attending the World Bank–IMF Annual Meetings, members of the diplomatic community, policymakers, academicians, African and non-African ministers of finance, economy and development, central bank governors, and CEOs of global and African corporates.

Nestle builds capacity of healthcare professionals with Boston University and MedInscribe

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Boston University (USA) and MedInscribe, in collaboration with Nestlé Nutrition Institute (NNI), has held a convocation and symposium in Accra for 35 Health Care Professionals (HCP) who enrolled on the online Post-Graduate Programme in Paediatric Nutrition (PGPN).

The PGPN, which is an educational initiative by MedInscribe offered in association with Boston University School of Medicine and supported by Nestlé Nutrition Institute, creates a unique opportunity for busy Health Care Professionals (HCPs) to upgrade their knowledge and practice skills in Paediatric Nutrition.

The programme is designed to help build capacity of HCPs on the most current information, to integrate Paediatric Nutrition into clinical practice.

According to Mr. Daniel Mensah, National President of the Ghana Dietetic Association, “Providing Health Care Professionals with the requisite guidance on Nutrition Counselling and Education is of paramount importance”.

He added that “despite the benefits of nutritional counselling, many physicians lack the necessary education and training in medical nutrition therapy to counsel their patients and to ensure continuity of nutrition care among Health Care professionals”.

Mr. Mensah recommended nutritional counselling such as early initiation of breastfeeding as an effective tool in developing food practices and behaviour to meet the nutritional requirements of children.

Speaking on the topic ‘Establishing healthy food habits in children’ at the symposium, Professor Ebenezer Badoe – a Professor of paediatrics at the Korle Bu Teaching Hospital – stressed the importance of developing healthy food habits and food preferences in infants and children.

He said that “the dietary patterns learned during the early years of life usually track into later childhood and adulthood, which contributes to forming the basis for future eating patterns in children”.

Dr. Emmanuella Amoako, a beneficiary of the PGPN, is a Ghanaian Resident Paediatrician at the Korle-Bu Teaching Hospital. According to her, “The course has provided means of learning more about paediatrics, which is helpful to the practice. The mode of delivery (online) was good, and its flexibility gives us the opportunity to study alongside our busy schedules”.

Chioma Emma-Nwachukwu, Manager for Nestlé Nutrition Institute Africa, Central and West Africa (Anglophone countries) noted: “The PGPN is a Global Scientific and engaging programme for HCPs. HCPs in the Central West Africa Region joined in 2016. Since then, over 800 HCPs have been trained, with very encouraging feedback on its relevance to their clinical practice.

The graduation ceremony in Ghana is the 5th of 2017 in Central and West Africa after Lagos, Abuja, Younde and Doula. Nestlé’s support for this programme is directly linked to its purpose of ‘Enhancing Quality of Life and Contributing to a Healthier Future’. We congratulate all 2017 HCPs for their successful completion of the programme.

The scientific programme comprises three levels. The symposium and convocation is the highpoint of all the activities after several engaging online scientific modules and quizzes.

The symposium and convocation event provided participants the opportunity to interface with PGPN faculty, Local Key Opinion Leaders and other participants. The faculty for the workshop and convocation consisted of Professors from Korle Bu Teaching Hospital and the University of Ghana.

Budget 2018: 100,000 graduates to be employed in 2018 under NBC

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Ken Ofori-Atta, Minister of Finance

The government’s agenda towards job creation, particularly addressing the soaring unemployment numbers among university graduates, will be boosted with the introduction of “Nation Builders Corp,” a new initiative that is expected to see the absorption of 100,000 university graduates, next year.

The graduates to be hired under the programme will be posted to various districts across the country. On average, under this programme, every district should be able to provide jobs for 462 graduates.

The programme, which will be housed under the Office of the President as a special initiative, will address livelihood empowerment and graduate unemployment to solve economic and social problems, according to the Finance Minister, Mr. Ken Ofori Atta.

He said, “The focus of the initiative will be solving public service delivery in health, education, agriculture, sanitation and drive revenue mobilisation and collection.”

The Minister reckoned that the most critical economic problem presently is youth unemployment and in particular graduate unemployment.

Available data from the Institute of Statistical, Social and Economic Research (ISSER) in March 2017 revealed that only 10 percent of graduates find jobs after their national service and it can take up to 10 years for a large number of graduates to secure employment.

This, Mr. Ofori Atta noted, is due to varied challenges that range from the lack of employable skills, unavailability of funding capital for entrepreneurship, as well as the low capacity of industry to absorb the huge numbers.

“We note that several transition programs run under the various government institutions and agencies including the Ministry of Local Government and Rural Development, the National Vocational and Technical Institute (NVTI), Council for Technical and Vocational Education and Training (COTVET), Youth Enterprises Support and the Youth Employment Authority, have targeted non-tertiary graduates,” he stated.

It is against this backdrop that government has proposed the new jobs programme to focus on graduate unemployment.

The objectives of the programme would be to provide employment to unemployed graduates, improve skills and employability, improve public service delivery and also improve government revenue mobilisation.

Under the Nation Builders Corps programme, graduates will be trained, equipped with the necessary work tools and deployed around the country to be engaged.

Graduate teachers will be engaged in a “Teach Ghana” programme focused on Science, Technology, Engineering and Mathematics (STEM) and other relevant subjects in primary and secondary schools across the country.

NBC will also train and equip some of the graduates as Sanitation Inspectors in a “Clean Ghana” programme focused on enforcing sanitation laws and inspection to ensure clean communities while also engaging others as trained nurses and other healthcare workers in a “Heal Ghana” programme that will provide healthcare to deprived and rural communities across Ghana.

Trained Agricultural extension and other allied workers will be engaged in a “Feed Ghana” programme that will provide extensive support to farmers along the agriculture value chain.

And finally, other tertiary graduates will be engaged in a “Revenue Ghana” programme that will mobilise the youth to collect taxes that have been difficult to mobilise and enforce collection for the development of Ghana.

Summary Findings between Electricity Consumption and Ghana’s Economic Growth (GDP): Using Time Series Data from 1980-2016

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Bismark Ameyaw

Introduction

The causal relationship between energy consumption and economic growth has attracted many literatures. Researches relating to these two variables are conducted in order to propose policy frameworks to ensure that efficient policies are implemented. Following the pioneering work by (Kraft and Kraft, 1978) who found a unidirectional causality running from gross domestic product to energy consumption, many researchers have analyzed the possible nexus between energy consumption and economic growth. However, the results between these two variables are inconclusive. The differences in authors work may stem from the time period under consideration, different countries economic development, the type of analysis and probably the data differences in different countries (Inglesi and Pouris, 2013). Empirical evidence testing the causality nexus between economic growth and energy consumption has been categorized into four main hypotheses namely growth hypotheses, conservation hypothesis, feedback hypothesis and neutrality hypothesis (Chang and Soruco, 2011)

Growth Hypothesis

The growth hypothesis asserts that energy consumption leads to economic growth. Thus, there is evident of unidirectional causality from energy consumption to economic growth. This implies that surges in electricity consumption may boost economic growth whiles restrictions in energy usage may negatively impact economic growth of a country. Thus, energy conservation measures isn’t a viable option because energy crisis may impede on economic growth. Growth hypothesis is backed by researches from Damette and Seghir (2013), Javid and Awan (2013) and Ouedraogo (2013).

Conservation Hypothesis

This hypothesis asserts that economic growth may lead to energy consumption. In other words, there exist unidirectional causality running from economic growth to electricity consumption. This implies that severe energy crisis wouldn’t have an adverse impact on economic growth thus energy conservation strategies and measures are a viable option. In other words, policies in relation to energy conservation can be enacted without any adverse implications on economic growth. Researches concluding on conservation hypothesis are Baranzini et al. (2013), Azlina (2012).

Feedback Hypothesis

This hypothesis asserts that there exists a bidirectional causality between energy consumption and economic growth. In other words, energy conservation policy will negatively affect economic growth whereas an increase in economic growth will also increase energy consumption. Researches backing the feedback hypothesis are Hu and Lin (2013), Tang and Tan (2013).

Neutrality Hypothesis

Neutrality hypothesis states that there is no causal relationship between energy consumption and economic growth. It implies that economic growth is autonomous from energy usage and that energy conservation policies will not affect economic growth. Studies such as (see: Apegris and Payne, 2009b, Halicioglu, F. 2009) supports the neutrality hypothesis.

  1. Materials, Methods and Empirical Findings

Data Source (Materials)

Variables Description Source of Data Measurement
GDP Gross Domestic Product World Bank Development Indicators Constant 2000 US$
E Electricity Consumption World Bank Development Indicators kWh

 

Methods

In order to avoid spurious relationship among the variables, two different unit root test, namely Phillips-Perron (PP) and Augmented Dickey-Fuller (ADF) were conducted on the time series data for gross domestic product and electricity consumption. After the unit root testing, it was important to test for the existence of co-integration among the variables using the Johansen co-integration test. Lastly, the causality nexus between electricity consumption and gross domestic product was tested by employing the pairwise Granger causality test. The econometric views was used to carry out the analysis.

Empirical Findings and Policy Recommendations

The PP and ADF was used to examine unit root test with the inclusion of trends and intercepts at both level and first difference. The two test unanimously revealed that all the variables were non-stationary at level. After first differencing the data became stationary which further indicate that the variables were integrated of order 1(1). Stationarity property was therefore satisfied at first differencing. Johansen co-integration test was employed to examine the long-run relationship among the variables. After the trace and maximum statistics values were compared with the critical values, it was found that there existed long-run equilibrium relationship amongst the observed variables. In examining the causal relationship between GDP and electricity consumption by employing the pairwise granger causality test, it was evident from the empirical results that electricity consumption Granger causes GDP and vice versa. Therefore, in Ghana, there exist a bidirectional causality between GDP and electricity consumption. My findings support the feedback hypothesis which implies that electricity conservation policies will negatively impact GDP. Thus, any energy or environment policy aiming at reducing electricity consumption should be designed to do this through energy-intensity reduction to avoid output and trade declines. Policies for economic growth may not be successful if electricity consumption considerations are ignored because electricity shortages and supply interruptions can reduce expected results.

BISMARK AMEYAW is a researcher, a market researcher and an editorial board member of Cillans publications. He is currently a doctoral researcher in economics and management. He writes, teaches and consults on management and econometric issues. He serves as an editorial board member and a reviewer for a number of international journals. His research interest is energy and agriculture economics and management. You may contact him through E-mail:[email protected] or [email protected]

References

  1. Kraft, J. and Kraft, A. (1978) On the Relationship between Energy and GNP. Journal of Energy Development, 3, 401-403.
  1. Inglesi-Lotz, R. and Pouris, A. (2013) On the Causality and Determinants of Energy and Electricity Demand in South Africa: A Review. Department of Economics Working Paper Series, University of Pretoria, Working Paper: 2013-14.
  1. Chang, C.C. and Soruco, C.C.F. (2011) Energy Conservation and Sustainable Economic Growth: The Case of Latin America and the Caribbean. Energy Policy, 39, 4215-4221.
  1. Damette, O. and Seghir, M. (2013) Energy as a Driver of Growth in Oil Exporting Countries? Energy Economics, 37, 193-199. https:/doi.org/10.1016/j.eneco.2012.12.011
  1. Javid, A.Y., Javid, M. and Awan, Z.A. (2013) Electricity Consumption and Economic Growth: Evidence from Pakistan. Economics and Business Letters, 2, 21-32.
  1. Ouedraogo, N.S. (2013) Energy Consumption and Economic Growth: Evidence from the Economic Community of West African States (ECOWAS). Energy Economics, 36, 637-647.
  1. Baranzini, A., Weber, S. and Mathys, N.A. (2013) Causal Relationship between Energy Use and Economic Growth in Switzerland. Energy Economics, 36, 464-470.
  1. Azlina, A.A. (2012) Energy Consumption and Economic Development in Malaysia: A Multivariate Co-Integration Analysis. Procedia—Social and Behavioral Sciences, 65, 674-681.
  2. Hu, X. and Lin, X. (2013) A Study of the Relationship between Electricity Consumption and GDP Growth in Hainan International Tourism Island of China. Research in World Economy, 4, 109-115.
  1. Tang, C.F. and Tan, E.C. (2013) Exploring the Nexus of Electricity Consumption, Economic Growth, Energy Prices and Technology Innovation in Malaysia. Applied Energy, 104, 297-305.
  2. Apegris, N. and Payne, J. (2009b) Energy Consumption and Economic Growth in Central America. Evidence from a Panel Co-Integration and Error Correction Model. Energy Economics, 31, 211-216.
  3. Halicioglu, F. (2009) Econometric Study of CO2 Emissions, Energy Consumption, Income and Foreign Trade in Turkey. Energy Policy, 37, 1156-1164.

 

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