Ghana: Press highlights government’s commitment to renewable energy, others

The assurance by President Nana Addo Dankwa Akufo-Addo of the commitment of the government to ensure that about 10 percent…

The assurance by President Nana Addo Dankwa Akufo-Addo of the commitment of the government to ensure that about 10 percent of Ghana’s energy mix comes from renewable sources by the end of the decade is one of the leading stories in the Ghanaian press on Friday.The Graphic reports that President Nana Addo Dankwa Akufo-Addo has said the government is committed to ensuring that about 10 per cent of Ghana’s energy mix comes from renewable sources by the end of the decade.

He has, therefore, welcomed collaboration between the country and the Swiss government to attain the target.

President Akufo-Addo said this when he hosted the Swiss Minister of Environment, Traffic, Energy and Communications, Ms Simonetta Sommaruga, to a working lunch at the Jubilee House in Accra yesterday.

Ms Sommaruga, who is also a former President of the Swiss Confederation, is on a three-day visit to the country.

The two countries set out a road map for the swift implementation of a climate partnership agreement they signed in November 2020.

Ms Sommaruga initialed for her country, while the Minister of Environment, Science, Technology and Innovation, Dr Kwaku Afriyie, signed for Ghana.

The newspaper says that a Project on counter-terrorism in five West African countries, including Ghana, dubbed: “Strengthening response capacities of state and civil society actors in preventing and countering terrorism and violent extremism in coastal states in West Africa”, has been launched in Accra.

The project, which is being supported by the Japanese government, will be implemented by the UNDP and the Kofi Annan International Peacekeeping Training Centre in Accra.

The other beneficiary countries are Benin, Togo, Cote d’Ivoire and Burkina Faso.

To kick-start the project, the Japanese Ambassador to Ghana, Mr Tsutomu Himeno, and the UNDP Resident Representative, Dr Angela Lusigi, appended their signatures to the agreement in Accra yesterday.

Activities under the project will include building the capacity of border agency personnel and civil society actors on counter-terrorism and violent extremism in coastal states in the sub-region and improving evidence-based community engagement and cross-country cooperation on countering terrorism and violent extremism.

An overview report of the project indicated that in recent times, terrorism and violent extremism continued to gain momentum in Africa, particularly in the Sahel region, with indiscriminate attacks by militants and extremists on civilian and military populations.

It said the formation of a group known as Jama’at Nusrat ul-Islam wal-Muslimeen (JNIM) in March 2017 hanged the dynamics of violent extremism in the Sahel.

It also noted that the emerging alliance among Ansar Dine, the Macina Liberation Front, Al-Mourabitoun and Al-Qaeda groups in the Maghreb (AQIM) had aided the JNIM to rapidly expand its activities from Mali to Niger and Burkina Faso, with the current geographic focus shifting to Burkina Faso and coastal West African states.

The Graphic also reports that a Deputy Governor of the Bank of Ghana (BoG), has challenged all organisations, especially indigenous businesses in all sectors of the Ghanaian economy, and public sector organisations to showcase their efforts over the years to abide by good corporate governance standards.

Mrs. Elsie Addo Awadzi, Second Deputy Governor of the BoG says while the importance of good corporate governance in building strong institutions, communities, and economies, and helping to avoid the collapse of businesses cannot be overemphasized, poor corporate governance has been at the roots of corporate failures.

She was speaking at the virtual media launch of the fourth edition of the Institute of Directors-Ghana (IoD-Gh) Corporate Governance Excellence Awards, on the theme “Good Corporate Governance and Ethical Leadership: An Essential Requirement for Organizational Turnaround”.

She said examples abound, including the global financial crisis of 2007/08, the mass corporate failures in Ghana’s banking and securities sectors in the last few years leading to the demise of 420 institutions licensed by the BoG, and several fund management companies licensed by the Securities and Exchange Commission, adding that the effects of poor corporate governance tend to be widespread with several stakeholder groups feeling the brunt of the actions or inactions of a few.

“Rebuilding our economy post-pandemic will therefore require a new emphasis on strengthening governance and sound management of corporate Ghana and public sector institutions to deliver the desired outcomes for all stakeholder groups. Good corporate governance is indeed the bedrock of any modern market economy.”

Mrs. Awadzi described the theme of the 2021 Corporate Governance Excellence Awards as a call to action for a national dialogue on the role of good corporate governance in national efforts to get the Ghanaian economy back fully on its feet, after the ravaging effects of the new coronavirus pandemic.

The Times says that the Deputy Managing Director of the Ghana Stock Exchange (GSE), Abena Amoah, has endorsed the approach being used for the establishment of the Development Bank Ghana.
Madam Amoah, who is a leading investment banker, noted that the Development Bank Ghana is set up to attract very cheap capital which should boost Ghana’s economic growth through agriculture and manufacturing.

She was speaking as part of a development finance series organised by the research and consultancy Centre of the University of Professional Studies.

Despite being described as the bedrock of Ghana’s economic development, the agriculture and manufacturing sectors receive just four and eight percent respectively of investment.
The situation results from the lack of capital due to the short term nature of investment funding available.
In a bid to find a solution to the foregoing problem, Ghana in partnership with the European Investment Bank, and other international development institutions have committed to the establishment of a new development finance institution in Ghana to provide patient capital for Ghana’s industrialisation agenda.
This, however, will not be the first time government is establishing a development bank.
According to Dr Emmanuel Debrah, a finance Lecturer at UPSA, all development banks have collapsed due to poor corporate governance.

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