Author: OBG Admin

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

Homeward bound: Focus on domestic tourism and promoting Ghana as a destination

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Tourism in Ghana – as was the case in the rest of the world – was negatively affected by the Covid-19 pandemic, which led to widespread health restrictions and limited the ability of people to move across borders for business or leisure travel. Globally, the number of international tourist arrivals decreased by 74% in 2020 compared to 2019 levels. The decline was as high as 80-90% in developing countries. In this sense, Ghana fared comparatively better, with the number of foreign tourists falling by 73%, from 1.3m to 355,000. Tourism figures are gradually returning to pre-pandemic levels, supported by the rollout of Covid-19 vaccination campaigns

George Richani-CEO-Al Ahli Bank of Kuwait

Gaining clarity: Lawmakers implement regulations to simplify tax compliance

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The value-added tax (VAT) regime in Ghana can be complicated, as it blends both the features of a traditional sales tax, which lacks the ability to claim credit for some aspects of the tax incurred by a business – and a pure VAT, where claims are permitted for input taxes incurred. The tax was first introduced in 1995, and meant to replace both sales and services taxes – which policy analysts said created inflationary pressure on prices. While the initial implementation was short-lived, it was reintroduced in several iterations in subsequent decades. Ghana’s VAT system features withholding and the immediate payment of VAT from select

George Richani-CEO-Al Ahli Bank of Kuwait

Better business: Regulatory reforms seek to promote private enterprise

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A series of laws were passed in recent years aimed at supporting the development of Ghana’s private sector. These changes addressed long-standing impediments to investment and created a supportive regulatory environment that facilitated the growth of entrepreneurships; micro-, small and medium-sized enterprises (MSMEs) and large corporations. Insolvency & Restructuring The Corporate Insolvency and Restructuring Act 2020 gives companies in distress the option to restructure, or enter into receivership or administration. The legislation increased creditor involvement, as well as introduced post-commencement liquidation and cross-border insolvency – a measure aimed at promoting cooperation with foreign courts and practitioners on insolvency matters. The legislation establishes a formula to

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

Digital recovery: Creation of continent-wide e-commerce and electronic trade protocols takes on new urgency

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In September 2020 Wamkele Mene, the secretary-general of the African Continental Free Trade Area (AfCFTA) Secretariat, told a conference in South Africa that AfCFTA negotiations on e-commerce and digital trade would be fast-tracked, with the Covid-19 pandemic heightening the need for an adequate legal and governance framework. These talks were initially planned for phase three of the trade zone’s implementation, but were moved up to the second phase alongside competition policy, intellectual property rights and investment protocols. It is also expected that signatories will move

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

Road to recovery: Budgetary and stimulus measures to aid post-pandemic expansion

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The Covid-19 pandemic and the corresponding drop in global oil prices caused both a recession and lower inbound investment in the early months of the health crisis in Nigeria. However, GDP and investment figures improved as the economy reopened. Foreign investors shied away from many emerging markets in the early months of 2020 as the pandemic took hold, but levels of pledged foreign investment picked up towards the end of the year. Even as total announced investment fell from $29.9bn in 2019 to $16.7bn in 2020, the pace of commitments picked up over the course of 2020. According to the Nigerian Investment Promotion Commission (NIPC),

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

Green light: As global demand for hydrocarbons dropped in 2020, the shift towards sustainable energy intensified

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The year 2020 was a dramatic one for the global energy sector, with the Covid-19 pandemic slashing demand for hydrocarbons and upending market norms. Seeing that investment in oil took a hit while renewable energy remained resilient, some stakeholders expect the pandemic to result in a permanent realignment of the international energy market. Oil Crisis The energy sector was dramatically affected by the outbreak of Covid-19, as a sharp contraction in demand due travel restrictions, government-imposed lockdowns and lower industrial output – in combination with

George Richani-CEO-Al Ahli Bank of Kuwait

Landmark legislation: The passage of a long-stalled bill opens the door to sweeping regulatory and fiscal changes in the oil industry

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In late September 2020 President Muhammadu Buhari submitted the Petroleum Industry Act (PIA) to the National Assembly, breathing new life into the stalled legislation. Both chambers of Parliament passed the then-bill on July 1, 2021, and it was signed into law the following month. The PIA aims to overhaul the oil industry, focusing on its organisational structure and fiscal terms, with an eye to increasing transparency and stimulating growth. It also created the Upstream Regulatory Commission, and the Midstream and Downstream Petroleum Regulatory Authority. Even

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

Active collaboration: Government initiatives aim to increase the mining and mineral segment’s contribution to GDP

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The Nigerian landscape holds over 30 types of solid minerals in an identified 450 locations. Deposits span gemstones, metallic ores, energy minerals and construction materials, such as granite. While the mining sector was a mainstay of the economy up until the late 1960s, the focus on oil from that point on has seen the mining’s share of GDP fall to 0.5% in 2019. To diversify economic activity and export composition, the government launched the Roadmap for Solid Minerals in 2016, a three-phase plan for sector

Prasanta Das Sarma-Managing Director-Airtel Kenya

Closing the gap: Public and private efforts to strengthen digital infrastructure in emerging economies are expected to bridge disparities in access

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While the Covid-19 pandemic rapidly accelerated a worldwide trend of digital transformation, inadequate infrastructure has hampered the shift in many emerging economies, limiting their capacity to fully capitalise on the opportunities stemming from the disruption. As such, it is necessary for public and private actors to collaborate on closing the gap, as high-quality ICT infrastructure is key to enhancing economic growth. This is especially notable as each additional 10% of internet penetration in emerging economies can result in a 1.2% increase in per capita GDP

Sheikh Ahmad Duaij Jaber Al Sabah-Chairman-Commercial Bank of Kuwait

Modern practices: Agri-tech solutions boost access to financing, markets and input information, and facilitate mechanisation

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The pandemic has shone a light on vulnerabilities in the agriculture sector, and underscored the importance of ensuring food security and strengthening the agricultural chain. Some of the major problems that Nigerian farmers face include limited access to information and the market, insufficient financial support, and logistics and transport issues. However, agri-tech solutions are offering new support for farmers on these challenges. Financing As traditional financing meets less than 3% of smallholder credit needs globally, crowdfunding is becoming an important financing tool in Africa, with