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The Market Place with Daryl Kwawu on JoyNews (23-8-23)
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NewsTranscript
00:00 Hi, good afternoon, welcome to the Marketplace.
00:02 Coming up, President Kufadu joins over 40 world leaders
00:04 at the BRICS Summit in South Africa,
00:07 tipped to be an opportunity for Ghana
00:09 to get a lifeline from its largest creditor, China.
00:12 Meanwhile, South African President Cyril Ramaphosa
00:15 has been highlighting opportunities AFTA could unlock
00:18 for BRICS countries.
00:20 The African Continental Free Trade Area,
00:26 once fully operational, will unlock the benefits
00:30 of the continental market
00:32 and generate mutually beneficial opportunities
00:37 for both African and BRICS countries.
00:39 Also coming up, government approves the establishment
00:44 of a neutral shared infrastructure company
00:47 to deliver nationwide 4G and 5G services.
00:50 Working with the network operators
00:54 and private investors to set up a 4G network
00:59 and 5G network as well on this shared infrastructure.
01:04 And we revisit the story of Abam, the yogurt seller
01:09 and level 200 student of the University of Ghana
01:11 who once become a geophysicist.
01:14 Guess what?
01:15 He's earned a scholarship from Ghana Gas.
01:16 After this story, I have received a lot of feedbacks.
01:23 Some from friends and from our supporting company,
01:28 that's Ghana Gas.
01:32 My name is Darrell Kwok.
01:34 Thanks for joining us.
01:35 Details coming up.
01:36 (upbeat music)
01:40 (upbeat music)
01:43 Thanks for staying with us.
02:04 South African President Cyril Ramaphosa
02:06 is optimistic the African Continental Free Trade Area
02:09 Agreement will unlock immense economic benefits
02:12 to the continent and other emerging economies
02:14 such as Brazil, Russia, India and China.
02:17 The president who was speaking at the opening session
02:20 of the summit organized economic trading block BRICS,
02:23 noted that the alliance is seeking to partner
02:25 more after countries for mutual development.
02:28 We are therefore determined that the BRICS partnership
02:35 which has been growing in importance and influence
02:39 over the years must be harnessed to drive
02:43 an inclusive global economic recovery.
02:48 Advancing the African agenda for us
02:54 is a strategic priority of South Africa
02:57 during its chairship of BRICS.
03:02 It is for this reason that we have chosen
03:06 as the theme for this year's summit,
03:09 BRICS and Africa, a partnership for mutually
03:15 accelerated growth, sustainability
03:19 and inclusive multilateralism.
03:23 We welcome the ongoing engagement of BRICS countries
03:29 with Africa in the spirit of partnership
03:33 and mutual respect.
03:35 The African Continental Free Trade Area
03:39 once fully operational will unlock the benefits
03:45 of the continental market and generate
03:48 mutually beneficial opportunities
03:51 for both African and BRICS countries.
03:54 Meanwhile, President Nkufu-Ando is amongst
03:58 over 40 world leaders attending this year's BRICS summit
04:01 in Johannesburg.
04:02 It is believed that the summit provides
04:04 an opportunity for Ghana's government
04:06 to engage China's President Xi Jinping
04:09 as the country looks forward to securing
04:11 more favorable terms of an external debt restructuring
04:14 which remains a lifeline for the Ghanaian economy.
04:18 Head of our diplomatic desk,
04:19 Bleset Suga joins us with more.
04:21 Bleset, what's the latest?
04:22 Well, the 15th BRICS summit is underway
04:27 in Johannesburg, South Africa.
04:29 President Nkufu-Ando is participating in this meeting
04:33 where he will be here together with over 40 other
04:36 heads of states and governments from across the world.
04:40 BRICS, the traditional alliance of Brazil,
04:43 Russia, India and China, as well as South Africa says,
04:46 they are moving towards an expansionist approach
04:50 to embrace more countries, especially emerging economies
04:55 across the African continent.
04:56 It's the reason for which the theme for this year
04:58 is BRICS in Africa, which is aimed at promoting
05:02 inclusive multilateralism.
05:04 We're right here at the Sunton Convention Center
05:08 where lots of heads of states are arriving
05:11 to participate in the first day of engagement.
05:14 Just last night, the likes of President Siroam Mapose,
05:18 the Brazilian President da Silva
05:20 and the Indian Prime Minister, Narendra Modi,
05:23 all attended a business forum
05:25 where they were making one call,
05:26 the need for Africa to partner more with the BRICS alliance.
05:30 It's the reason perhaps for which we have our president,
05:34 Nana Adedanko-Nkufu-Ando,
05:36 participating in today's engagements.
05:38 A raft of issues to be discussed,
05:41 which will be on the table for all these heads of states
05:44 who are attending the summit,
05:46 simply because the world and by extension,
05:50 many of the African economies are finding themselves
05:52 in a very unique position as we speak.
05:54 Not so good for them in terms of
05:56 the performance of the economy,
05:57 mindful of the fact that external factors
05:59 such as the COVID-19 pandemic
06:01 and then the latest being the Russian-Ukraine war
06:04 being a major factor influencing
06:08 and also negatively impacting Africa's economic growth.
06:12 It's the reason for which many of the heads of states,
06:15 including President Nkufu-Ando,
06:17 who are participating in these dialogues
06:19 would want to make a case for Africa.
06:22 Key on the agenda will be about intra-Africa trade,
06:25 partly which will also center on the
06:28 African continental free trade area,
06:31 which BRICS says it wants to be a strategic alliance for.
06:36 So we have some of the heads of states
06:39 also coming through here to make a case for that to happen.
06:43 I've been putting a few questions to the global BRICS
06:47 president, Busey Mabuza, who spoke to me
06:49 at the tail end of the business forum here in Johannesburg
06:53 and pointing to us that the African continental
06:57 free trade area should not be viewed
06:59 as a competition to the BRICS alliance.
07:01 He's also been touching on the application
07:04 by some countries such as Nigeria,
07:07 being the most populous nation on the African continent,
07:09 applying to formally join BRICS.
07:12 I put the thought to her as to whether or not
07:14 that will be a helpful move for the West Africa subregion
07:18 and as to whether or not countries such as Ghana
07:20 should follow same and be a member of the BRICS alliance.
07:23 Here's what she had to say.
07:25 - Nigeria as well.
07:26 - Absolutely delightful news.
07:29 Nigeria is the biggest economy on the continent,
07:32 so yes, they are a big brother.
07:35 And I believe that every nation that is looking for
07:40 economic opportunity for its people,
07:44 that's looking for multilateral partnerships
07:48 with other nations, should really consider
07:51 the BRICS block as an opportunity for them.
07:54 So I look forward to hearing
07:56 what the presidents are going to announce.
07:58 - And for Ghana?
07:59 - It would be absolutely brilliant.
08:03 Look, Ghana is also a powerhouse on the continent,
08:07 and with the initiatives that the country has been taking
08:12 in terms of linkages, trade linkages,
08:15 and attracting investment into the country.
08:18 It's absolutely important.
08:20 I hope that Ghana will at some stage consider,
08:23 but of course, there are always national considerations.
08:27 So I wouldn't be the one to say to Ghana, please apply,
08:32 but I hope that at least whatever decision Ghana takes,
08:38 they'll have considered the opportunity
08:40 and decided in the best national interest.
08:43 Every country will have its own unique challenges.
08:48 What we need to focus on are the opportunities.
08:52 And I would urge our African counterparts
08:56 and our brothers and sisters in business
08:58 and every entrepreneur, that we should move away
09:02 from chaining ourselves to ideological constraints
09:08 that those countries have.
09:10 Rather, we should come and say what we want
09:13 as the African continent is development.
09:17 This is our time.
09:19 We are inviting the, be it the West or the East
09:24 or the South to come and partner with us.
09:27 But what I have experienced with the partnership
09:30 that South Africa has enjoyed with the BRICS nations
09:33 for the past 10 years,
09:35 is that the countries operate from a position
09:39 not of wanting to impose their ideology, their ideas,
09:44 their way of doing things on South Africa,
09:48 but rather they are there to listen to us
09:51 and partner for mutual benefit.
09:54 So it's important for us as a continent
09:56 to be there at the table.
09:58 - I see.
09:59 Well, Buzima Buza, it's not the only person
10:01 I've been engaging here at the joint conference.
10:03 I've also been interacting with the South African minister
10:08 responsible for small scale enterprises
10:10 who's been speaking to me about how small
10:13 and medium scale enterprises can take advantage
10:16 of this BRICS summit.
10:18 - I believe BRICS is an enabler of what we want to achieve
10:22 in the African continent for trade.
10:23 That's why I said the market that we have as Africa
10:26 on our own, if we are able to then join hands
10:29 to say, "Hey, we want to do this, we want to do that."
10:32 And join hands to say, "This is what we're good at."
10:35 One of the things that Africa is great in,
10:37 which other BRICS countries do not have,
10:39 is access to mineral resources.
10:41 I will leverage on that to say,
10:43 if there's this particular mineral
10:45 in a particular country of the African continent,
10:47 how do we provide, let's say in South Africa,
10:49 a manufacturing or processing element of it?
10:52 And when we do that, then we're able to say,
10:54 "We are coming to you, our BRICS family,
10:57 "offering you this product instead of the raw materials
11:00 "that we continue to produce."
11:01 So for us, it's a complimentary platform
11:04 that will bring more opportunities to the African business.
11:07 - I'm asking the question because of the economies of scale.
11:11 You take a look at the likes of China, India,
11:13 very big economies.
11:15 They are companies who swallow up the very small ones
11:17 on the African continent.
11:19 - As I said, if we leverage on each other's strength,
11:22 we are a big economy.
11:23 1.4 billion, 1.3 billion China, 1.3 billion India.
11:28 Let's not undermine ourselves.
11:30 What has made us not to be able to really gain momentum
11:34 is because we've been working in silos
11:36 with the different countries in the continent.
11:38 Now, the African Continental Free Trade Agreement
11:41 presents that opportunity of us joining hands
11:44 and say, just like India does,
11:45 as you are saying, they're bigger economies.
11:47 We're a bigger economy on our own,
11:48 but we have not been smart about how we go about it.
11:51 We have not invested on our entrepreneurs
11:54 and the capacity to manufacture.
11:56 We've not invested a lot in the logistics arrangement.
11:58 And if we do all of that, and we add this
12:01 that I spoke about, whether you're looking at the people,
12:04 the movement of people, the movement of products,
12:08 that we must look at enhancing our logistical.
12:10 - All right, that update there
12:13 from South Africa Weather Break Summit is underway.
12:16 Back home in Ghana,
12:17 the Minister of Communication and Digitalization,
12:20 Esso Osukofo, has indicated that government
12:22 has approved the establishment
12:23 of a neutral shared infrastructure company
12:26 to deliver nationwide 4G
12:28 and 5G services.
12:30 According to her, this move is to help service providers
12:32 extend their services to the rural areas
12:35 and help government achieve its digitalization agenda.
12:38 She was speaking at the 12th edition
12:39 of the African Peering and Interconnection Forum
12:42 hosted by Main One.
12:44 - As services in Africa increases,
12:48 businesses are forced to create new sources of value
12:52 and effectively scaling their digital infrastructure.
12:55 The African Peering and Interconnection Forum
12:58 hosted by Main One focused on trends
13:01 emerging in the industry.
13:03 In an interview, Minister of Communication
13:05 and Digitalization, Esso Osukofo said,
13:09 "Government will provide the infrastructure
13:11 "for service providers to extend 4G networks
13:15 "to 80% of Ghana's population."
13:18 - We've just been granted approval
13:20 to have a neutral shared infrastructure
13:24 along these same lines.
13:26 But government is working,
13:27 will be working with the network operators
13:30 and private investors to set up a 4G network
13:35 and 5G network as well on this shared infrastructure.
13:40 So we're not going to be auctioning 5G.
13:43 We're giving it to this network
13:44 so that all operators can use it.
13:48 So it's open shared infrastructure
13:51 and it will extend 4G connectivity
13:53 to about 80% of the population.
13:56 We currently have just about 50% 4G coverage.
14:00 So it means that existing network operators
14:04 can utilize this network to extend their services.
14:08 New operators can also utilize this network
14:11 to develop, to deliver their services in country.
14:16 And we're hoping that by that,
14:18 we speed up the adoption
14:21 of high-speed broadband internet services
14:23 across the country.
14:25 - Country manager of MainOne, Emmanuel Kwating,
14:28 added that the forum is aimed
14:30 at harnessing the power of the internet
14:33 and driving innovation for economic development.
14:36 - We cannot overemphasize the critical role
14:38 that peering plays in enhancing the reach,
14:43 reliability and efficiency of this digital lifestyle.
14:49 As we come together from various parts of the world
14:52 for this peering forum,
14:53 we are united with a common purpose
14:55 to harnessing the power of the internet
14:57 and content to drive innovation, empower communities
15:02 and of course, in economic development.
15:05 - Internet service providers were urged
15:08 to collaborate and address gaps
15:10 in efforts being made to promote internet traffic locally.
15:14 - All right, let's get some quick reaction to this.
15:18 Let's talk tech with Henry Cobbler,
15:20 who is lead for Eyes of Africa.
15:21 Good afternoon to you.
15:22 What do you make of this move by the government?
15:26 - Thank you very much, Dariel.
15:29 So I think that generally, this is one of the things
15:32 which we've been speaking about
15:33 and urging governments to relatively come in
15:37 to putting much of the infrastructure
15:39 when it comes down to the digitalization.
15:41 I mean, this move is one of the excellent moves
15:44 we're seeing from the government
15:45 and we're hoping that they sort of get excited
15:49 in terms of collaborating more with the service providers.
15:52 I think that generally, this is one way
15:55 they could always contribute
15:56 in terms of building infrastructure pointers
15:59 when it gets down to internet adoption
16:01 and technology adoption in our country.
16:04 - All right, in other news,
16:05 we're beginning to see the impact of high inflation
16:08 on the operations of e-commerce companies.
16:12 Jumia, an African e-commerce company,
16:15 said the value of its sales between April and June
16:19 dropped by, I'll just get that figure for you
16:21 on the prompter in a bit,
16:23 it dropped by 25% to $202 million,
16:28 leaving it with revenue of $48.5 million, 15% decline.
16:33 The company also said it lost one million customers
16:36 and fulfilled six million fewer orders
16:38 in the first six months of this year
16:40 than in the same period, 2022.
16:43 Chief Executive, Francis Dufay,
16:47 blamed it on high inflation.
16:48 And we know Jumia because of the successes
16:52 talked in previous years.
16:54 What do you make, first of all,
16:56 about this first half report from Jumia, surprising?
17:01 - I'm not quite surprised.
17:05 I mean, generally, Jumia had always been sort of
17:08 on the decline, I mean, especially from the bid of years.
17:12 So it's sort of not surprising,
17:14 but this is also not surprising
17:16 in terms of the ecosystem, the e-commerce ecosystem,
17:19 because I don't think that much of the ecosystem
17:22 is actually making some level of profit
17:23 in terms of the purchases
17:25 that are happening on the platform.
17:26 And so it doesn't really come across for only Jumia,
17:29 but I think that most e-commerce platforms
17:31 that are available as well.
17:33 So it's not a surprise generally,
17:34 but I think that there's also no going to have
17:36 a bit of improvement if we're having the same problems
17:40 in terms of inflation and all of those problems,
17:43 which is tackling the main economical landscape
17:46 of our country.
17:47 - Well, it appears that there is a depressed
17:51 consumer spending following the high inflation.
17:55 And so how do e-commerce companies handle this?
17:58 Because for instance, here in Ghana,
18:00 it looks like high inflation is going to be with us
18:02 for some time.
18:03 - Exactly, so that's why I mentioned that.
18:09 We're not seeing an improvement in terms of these numbers.
18:12 And Jumia really being the biggest e-commerce platform
18:15 in Africa, experiencing this tells you
18:18 that we're having quite a number of that cut across
18:21 almost e-commerce platform.
18:22 I have been running an e-commerce platform,
18:24 we've seen such declines on our platforms
18:26 in terms of the purchases that are coming in.
18:29 We're having these economic challenges sort of with us.
18:32 We're having depression in terms of purchases
18:34 with customers.
18:35 Generally, you're having that cut across
18:37 in terms of normal sales.
18:38 When it's coming down to e-commerce platform,
18:41 it's sort of picking up like that.
18:44 Again, we're sort of seeing these taxes also now
18:46 see some reflections on e-commerce.
18:49 And so you're generally also now gonna have
18:51 customers spending rates on internet services going high.
18:56 And so generally not necessarily buying of goods,
19:00 but also in terms of services,
19:02 subscribing to subscriptions online,
19:05 also sort of going high with taxes and all of those things.
19:08 All of it, it's coming together
19:10 to see some level of spending on the customer side.
19:12 And again, even on the supplier side,
19:15 we're seeing some level of challenges
19:16 in terms of stocking their inventories.
19:18 And so that both comes in from both the supplier side
19:22 and the purchases side.
19:24 Again, the cost of...
19:26 In terms of these, even when we're experiencing
19:32 very low quality in terms of...
19:35 Very low quality in terms of the internet services around.
19:38 And so all of these factors generally comes into...
19:42 Of that again, you'd realize that the quality of services
19:47 being provided by these e-commerce platforms
19:48 is also becoming expensive by the day.
19:50 I mean, trying to get support services,
19:52 trying to get logistic services,
19:54 sometimes purchasing things online
19:56 and having the logistics to be able to bring
19:59 that product to you alone,
20:00 costs are costing us half of the product you buy,
20:03 the cost of the product you buy.
20:04 And so that becomes a challenge definitely as well.
20:07 And like I mentioned,
20:08 taxes are also seen their ways in subscriptions.
20:10 I've seen these taxes also reflecting on,
20:14 let's say Netflix and music platforms
20:16 and all of those things.
20:17 And so as a consumer,
20:18 if I'm looking at my entire spending on the internet,
20:21 I will sometimes get scared
20:23 because I think that I'm spending so much.
20:26 Again, the inventory itself is not even available
20:29 for purchase.
20:31 - So, I mean, how do e-commerce businesses go about this
20:34 so that they still remain profitable?
20:36 Any suggestions?
20:37 - First of all, I think support services is very important.
20:42 I mean, the initiation of support services
20:44 to be able to encourage users
20:46 that could actually convert their visits
20:49 into purchases could be...
20:51 I think promotions also gets to be a point.
20:54 And then also doing a bit of consolidation of product.
20:57 And so generally I've been able to buy some things online
21:01 because they are a combination of items
21:04 which actually comes in bulk.
21:05 And so purchasing them at a low cost
21:07 definitely makes it easy for me to buy those products.
21:11 So I think that gives customers some encouragement
21:14 enough to buy.
21:15 Again, delivery, payment on delivery
21:19 is one of the options that could also be triggered
21:21 in because again, a lot of people don't want to,
21:26 I mean, pay before having the product
21:29 and then would actually have that fear
21:31 using the offer to gain what they could do.
21:35 - All right, Henry Kobler, thanks for speaking with us.
21:38 Lead for Eyes of Africa.
21:39 I appreciate your insights.
21:40 Well, a few months ago on this channel,
21:45 Joy Business told you the story of Abam, a yoga seller
21:48 and a level 200 student of the University of Ghana
21:50 who was aspiring to become a geophysicist
21:53 but feared his hopes would be dashed
21:55 because of financial challenges.
21:57 But Abam's story has changed.
21:59 He's earned a scholarship from Ghana Gas
22:01 following Joy Business' story.
22:03 James Eshen followed up.
22:05 - The work I do to support myself,
22:08 I mean, pay my fees, then feed myself.
22:11 I started last year.
22:14 By then I was working with Vortec Ghana Limited at Thema
22:19 but the salary was too small.
22:23 It was too small, so I decided to sell yoga.
22:25 My parents are there.
22:28 My parents are there.
22:29 - They are there?
22:30 - Yeah, they are there.
22:31 - How come they don't support you?
22:34 - If they have, they would have supported me.
22:37 Both of them are in the fishery.
22:39 My mom is a fishmonger and my father is a fisherman.
22:42 - Where are they from?
22:43 - From Africa.
22:44 - These were the words of Abam,
22:48 a 21-year-old student at the University of Ghana
22:51 who used to juggle between school
22:53 and mental job of selling yogurts on the street
22:56 to make money for himself
22:57 and his education.
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23:01 - That one I would say is not easy.
23:06 And yeah, so I have to work small to support myself.
23:12 That is on Saturdays and maybe Sundays.
23:16 But on Sundays, not all that regular.
23:18 I only work on Saturdays and use Sundays
23:24 and the working days to make money instead.
23:28 - Abam was on the verge of dropping out of school
23:30 a few weeks ago due to lack of support.
23:34 The hopes of the young man
23:35 who became a geophysicist was nearly dashed.
23:38 - Because I can't learn with empty stomach.
23:42 So I have to, I mean, find something.
23:46 And as I am schooling too,
23:49 I can't say because of the challenges I will stop.
23:53 And the fees too is not easy.
23:55 Last year I paid 2,106.
24:00 And this year I paid half.
24:03 I paid 70% rather.
24:05 Being a non-resident,
24:08 I will first of all talk about the TNT.
24:20 They don't actually know me and we are in Accra.
24:25 All of us are minding our business.
24:27 Like we struggle to feed ourselves.
24:29 So that one, I don't think it has nothing to do with me
24:33 and I mean, my customers.
24:36 Daily my average ranges from 60 to 70 CDs a day.
24:41 - That is how much you make from selling?
24:43 - My profits, yeah.
24:45 - So in a week we are looking at almost 300 CDs plus.
24:49 - Yeah, yeah.
24:50 - And that's enough for you to pay your school fees
24:52 and all that?
24:53 - It's not enough anyway because out of that amount,
24:56 I use some to, I mean, buy food,
24:59 then save some for my fees and others.
25:04 - The goal of becoming a geophysicist
25:08 has now received a massive boost.
25:09 He believes this could go a long way
25:11 to support his education.
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25:52 - So after this story, I have received a lot of feedbacks
25:58 some from friends and from our supporting company,
26:03 that's Ganagas, yeah.
26:08 - So talking about friends, now let me understand.
26:12 Did your friends contribute to give you anything?
26:16 Did you get money from other places at all?
26:19 - Yeah, my friends helped me a lot.
26:21 Me and some two contributed something to help me.
26:25 - All right, that's the remarkable story
26:27 of that Yogo seller, Abam,
26:29 who is now able to pursue his dream
26:31 of becoming a geophysicist,
26:34 thanks to a scholarship from Ganagas.
26:36 Before we go, let's just check out our top stories
26:38 here on our website, myjoeonline.com/business.
26:41 Bank fined 5.4 million pounds
26:46 after energy traders used WhatsApp.
26:48 It intrigues me, you want to read more about that,
26:50 myjoeonline.com/business.
26:53 My name is Darrell Clark, thanks for watching.
26:55 We'll be back same time tomorrow.
26:57 And if you can, join us on radio
26:58 for the masterclass in 30 seconds.
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