Author: OBG Admin

Éric N’guessan-Managing Partner-EY Côte d’Ivoire

Better practices: Initiatives rolled out to support community mining in line with government efforts to formalise small-scale activities

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Artisanal and small-scale mining (ASM) is a major driver of the economy, directly employing an estimated 1m Ghanaians and supporting around 4.5m others. ASM – categorised by concessions of under 4000 sq metres – has accounted for around onethird of the country’s total gold output in recent years. “Almost all the jewellery worn in Ghana is manufactured with gold coming from ASM,” Frank Boateng, vice-dean in the office of research, innovation and consultancy at Ghana’s University of Mines and Technology, told OBG. “A wide swath

Éric N’guessan-Managing Partner-EY Côte d’Ivoire

Foods of the future: Opportunities in low-carbon, food-production alternatives

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As the world works to bring climate change under control, there is a growing awareness of the negative ramifications of many forms of food production. As a result, some foodstuffs with smaller carbon footprints are gaining traction, creating opportunities for emerging markets. The production and consumption of food accounts for over 20% of global greenhouse gas emissions and more than 90% of freshwater consumption, highlighting the importance of fostering food-production systems that consume fewer resources and are more resilient to climate change. Appetite for Change Even before the Covid-19 pandemic highlighted how fragile the world’s supply chains are, many leading global bodies had been calling

Daniel Asare-Kyei-CEO-Esoko; Curtis Vanderpuije-CEO-ExpressPay; and Daniel Marfo-General Manager-Zipline Ghana

Tech solutions: Public and private sector players adopt innovative technologies to solve pressing agricultural issues and constraints

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With many of Ghana’s small farmers unable to afford their own tractors and other items of agricultural machinery, planting, harvesting and a variety of other essential tasks are often difficult and labour intensive. However, in recent years the sector has adopted innovative solutions to bridge gaps in mechanisation and financing, as well as facilitate wider growth and reduce costs. At the same time, digitisation is helping build comprehensive databases to support the more efficient targeting and effectiveness of government programmes. Indeed, the expanding role of

Éric N’guessan-Managing Partner-EY Côte d’Ivoire

Continental drive: Tariff reduction and other trade-facilitation measures are expected to bolster local manufacturing capacity

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The African Continental Free Trade Area (AfCFTA) was established in 2018 after an agreement between 44 member states of the African Union (AU) and was officially launched in January 2021. The pact aims to significantly reduce or eliminate tariff and non-tariff barriers on the continent, facilitate a single continental market for goods and services, and enable the free movement of people and investment. Ghana’s capital, Accra, hosts the Secretariat of the AfCFTA, which was formally handed over to the AU in August 2020. Ghana aims

Chaim Zach-Managing Director and CEO-Agric International Technology and Trade; Kabiru Rabiu-Group Executive Director-BUA Group; and Aliyu Abbati Abdulhameed-Managing Director

The new normal: The Covid-19 pandemic spurs a long-term shift to e-commerce and digital payments in the local market

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E-commerce and digital transactions have expanded rapidly in Ghana, a trend that accelerated during the Covid-19 pandemic as health-related restrictions limited foot traffic in malls, prompting greater levels of online retail activity. A corresponding increase in mobile money payments and transfers was supported by quick interventions by the Bank of Ghana (BoG), the country’s central bank. Efforts to enhance financial inclusion and provide new payment options could support the long-term expansion and maturity of e-commerce as more people adopt cashless payments and shop online. Lockdown

Éric N’guessan-Managing Partner-EY Côte d’Ivoire

Warp speed: Pandemic-induced disruption fuels public digitalisation efforts

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Ghana has taken significant steps to digitise public services and support the shift to online platforms for business and commerce. The rollout of these initiatives, coupled with increased mobile and data penetration, put the economy in a stronger position to navigate the Covid-19 pandemic as many activities migrated online. Policy The government has played a leading role in driving digitalisation, as part of its plan to establish Ghana as a top African digital ecosystem. The Ghana Beyond Aid agenda, which underpins the 10-point Industrial Transformation Agenda and the Ghana Covid-19 Alleviation and Revitalisation of Enterprises Support programme, is unambiguous in its plans to identify and

Éric N’guessan-Managing Partner-EY Côte d’Ivoire

Clear roadmaps: Certain sectors benefit from dedicated building plans

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As part of a coordinated approach to infrastructure development, the government has launched various construction programmes in recent years that allow for measurable, tangible progress. Agenda 111 In response to Ghana’s shortage of health care facilities that was highlighted by the Covid-19 pandemic, the government launched Agenda 111, which involves the construction of 111 hospitals throughout the country. The project entails the building of 101 district hospitals, seven regional hospitals and two specialised hospitals, while Effia-Nkwanta Regional Hospital, located in the Western Region, will undergo extensive renovations. Sites had been identified for 88 of the 101 district hospitals as of August 2021, with the government

Chaim Zach-Managing Director and CEO-Agric International Technology and Trade; Kabiru Rabiu-Group Executive Director-BUA Group; and Aliyu Abbati Abdulhameed-Managing Director

Piece by piece: Post-pandemic growth prospects in the property market

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The effects of the Covid-19 pandemic have been felt more acutely in some segments of Ghana’s property market than in others. Therefore, sector recovery and growth will likely be fragmented as all areas adapt to medium- and long-term shifts in market dynamics. Office Space In 2019 demand for grade-A office space increased, yet it was significantly outstripped by supply. Average rents that year were $30 per sq metre per month – their lowest level in seven years – and vacancy stood at 25%, according to real estate consultancy Broll. Rental prices remained at a similar level throughout 2020, but the unprecedented demands of the pandemic

Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

From blue to green: The global shipping industry charts a path to decarbonisation

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As environmental concerns become increasingly pressing for governments and businesses, the shipping industry is taking steps to reduce its carbon footprint. As part of global sustainability trends, companies around the world are shifting to more environmentally friendly processes in their operations and investment programmes. Shipping firms are no different, and many are working to lower their carbon footprint. These efforts stand to have an outsized impact once they are realised, especially given that maritime shipping is responsible for more than 80% of global trade by volume. Emissions Indeed, the industry is responsible for around 940m tonnes of CO a year, or roughly 2.5% of the

George Richani-CEO-Al Ahli Bank of Kuwait

Rural links: Improved transport networks to bolster economic growth and diversification in communities across the country

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Ghana’s rural areas contribute significantly to economic output. According to the Ghana Statistical Service, the agriculture, and mining and quarrying sectors – typically located in rural areas – contributed a combined GHS117.7bn ($20.1bn) to GDP in 2020, or 32.7% of the total. However, poor connectivity prevents many rural businesses from reaching their full potential. While developing the road network is integral to facilitating economic growth in rural and other underserved areas of the country, expansion of the rail network will also be key to connecting