UN World Data Forum: Vodafone’s Angela Mensah-Poku Speaks on Pg 7 Data for Social Good
THURSDAY 27 APRIL 2023 Issue No. 43
A NEW THINKING
Boosting International Trade: How SWIFT payments empower SMEs for AfCFTA
Valco seeks strategic investor by close of year
By Bright Kwaku Azumah (BA, MBA)
By Eugene Davis
Volta Aluminium Company Limited (VALCO) is on the market to identify a strategic investor before the turn of the year, management of the company have disclosed at this year’s Annual General Meeting (AGM) in Accra.
In today's globalized world, the need for swift and secure payments of goods and services has become more important than ever. SWIFT payments have emerged as a reliable and efficient way to make payments within and across borders, and they have become a preferred option for many consumers and businesses alike. In 2020, the World Bank established that the implementation of the African Continental Free Trade Area (AfCFTA) has the potential of growing African exports by $560 billion while increasing Africa’s income by $450 billion by 2035. A treaty that is going to connect approximately 1.3 billion people across 55 African countries with a combined GDP of $3.4 trillion. 4
Jospong Group, Komptec in 30m Euro partnership to boost rice production in Ghana Pg
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Exploring export opportunities in the world’s biggest market economy due to its enormous manufacturing capabilities. As factual as this may be, China’s sheer population makes it an alluring destination for exporters.
nities that lie in China’s market.
and recently cassava.
According to Statista’s market China is also estimated to be the largdata, China’s value of imports is es- est consumer economy and expecttimated around 2.72 trillion in ed to grow by 25% more than the 2022, making it the second largest global consumer growth rate. As inWith a current population of over importing country worldwide as comes of China’s working increases 1.4 billion, representing 18.47% of well as the largest trade destina- so will the purchasing power inthe total world population, China tion in the world and an import crease. This will have a significant is no doubt the most populous hub for exports. effect on the global economy in connation in the world with an estisumer market. mated working population of Imagine having 1.4 billion mouths 733.5 million larger than US and to feed, and an unending duty to What this data implicitly tells us is Europe combined. produce for the world to consume. that if you produce and it meets the The demand for products is di- required standard, China will conIt is also reported that only about verse and enormous ranging from sume. It is therefore critical that By Aurelia Baaba Ofori 11% of China’s population is con- crude oil, gold, iron ore, copper, countries that are looking at scaling Head, Africa China Trade Banking, Stanbic Bank sidered middle class with less petroleum gas, agricultural prod- their export industries and boosting than about 2% of its workforce ucts such as soya beans, oils, economic growth have to seriously Conventionally, the narrative being able to pay income taxes. cashew, cotton barley, rubber, consider the import potential of around China frames the country This shows the unending opportu- fruits, vegetables, dairy products China. Ghana, for example, can posias a predominantly export based
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Trade Min calls for reform at WTO to benefit developing countries Ghana’s Minister for Trade and Industry, Kobina Tahir Hammond, is calling for an enhanced capacity for developing countries to enable them participate effectively in WTO negotiations and thereby benefit from the Multilateral Trading System. The minister also wants the restoration of a fully functional two-tier dispute settlement mechanism -Panels and the Appellate Body to give the multilateral trading system (MTS) the needed predictability and certainty. Additionally, he is pressing for improving the transparency of governments' trade measures, especially as it pertains to export prohibitions and restrictions as witnessed during the height of the COVID crisis, As part of the measures to reform the Organisation, the minister is again advocating positively reviewing the “special and differential” treatment for developing countries 4
Standard Bank Group champions sustainable investing & climate transition across Africa Conventionally, investors around the world are primarily motivated by investment returns and have little interest in how those returns were generated.
increasingly recognizing the interdependencies between social, environmental, and economic issues. Organizations continue to incorporate ESG principles in their investment strategies and In recent times, however, there has across the African continent, the been a seismic shift in this attitude Standard Bank Group has been with organizations and individuals at the forefront in the responsi2
We need sustainable development-oriented people to transform Africa – Adelaide Agyepong &
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predicts
The CEO of American International School, Mrs. Adelaide A. Siaw-Agyepong, has observed that Africa needs people who are sustainable development oriented to transform the continent.
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According to her, the changing world needs people who are analytical in view and poised in thoughts to make an impact on this world. Speaking on the topic “Rising to