- 3 years ago
The Market Place with Daryl Kwawu (8-9-23)
#TheMarketPlace
#MyJoyOnline
https://www.myjoyonline.com/ghana-news/
Subscribe for more videos just like this:
https://www.youtube.com/channel/
Facebook: https://www.facebook.com/joy997fm
Twitter: https://twitter.com/Joy997FMInstagram:
https://bit.ly/3J2l57
Click this for more news:
https://www.myjoyonline.com/
#TheMarketPlace
#MyJoyOnline
https://www.myjoyonline.com/ghana-news/
Subscribe for more videos just like this:
https://www.youtube.com/channel/
Facebook: https://www.facebook.com/joy997fm
Twitter: https://twitter.com/Joy997FMInstagram:
https://bit.ly/3J2l57
Click this for more news:
https://www.myjoyonline.com/
Category
🗞
NewsTranscript
00:00 TechBank cautions government against celebrating the achievement of the first phase of the
00:04 International Monetary Fund program, saying there is still a long way to go to revive
00:09 the economy.
00:10 "The other reason why we have to be cautionary in thinking that we are making much progress
00:14 is we are yet to sign off on the external debt exchange program.
00:23 That is also a header which the government has to keep."
00:28 Also coming up, pharmaceutical company Dannex Items, Thou and PLC, hopeful gradual recovery
00:33 of the economy this year, will help the company increase its profits.
00:38 "If you look at the profit that we made at an earnings after tax level for the first
00:42 half year, actually exceeds the loss that we made last year.
00:46 So that gives us the confidence that if nothing untoward happens between July and December,
00:51 then we should come out at the end of December 2023 with a positive result."
00:57 And banks to scale down on lending because of the current economic environment.
01:02 "If you are a bank and you are bullish on loans, you may be taking quite significant
01:09 risks because of where the market rates are.
01:13 Very good businesses can struggle."
01:15 My name is Daryl Kwah, thanks for being with us.
01:20 Details coming up.
01:21 [Music]
01:43 [Music]
01:53 And first up, former Finance Minister Setegba is cautioning the government against celebrating
01:57 the achievement of the first phase of the International Monetary Fund program.
02:01 According to him, there are still major challenges in the economy such as high inflation and
02:05 interest rates and therefore celebrating the narrowing of the primary balance by the government
02:11 is not ideal of the way to go.
02:13 This is because it is the least target Ghana must achieve according to the IMF.
02:18 Speaking to Joy Business, Mr. Setegba said the government must not be complacent but
02:22 rather work hard to revive the economy particularly ensure the country's debt is sustainable.
02:27 "So the point is to look to the medium term goals, you know, given the trajectory we have
02:36 to traverse, which is the path we have to tread because the time it will take, you know,
02:46 and I think the government itself has stated that it will take us up to 20, what, 27 or
02:51 what, 20 to something to bring, to make debt sustainable, right?
02:57 So you don't take, you know, a little drop in the deficit, a little drop, you know, in
03:03 the deficit, in debt, in exchange rate, in inflation when you have set yourself those
03:09 goals.
03:10 So I think we should look at a medium term and not a long term goal.
03:14 Now the other reason why we have to be cautionary in thinking that we are making much progress
03:18 is we are yet, you know, to sign off on a standard exchange, you know, program.
03:26 You know, that is also a header which the government has to play, which in their most
03:32 optimistic, you know, estimation as was said in the media review is November, right?
03:41 And that is the middle of reading the budget or preparing the budget, the next budget,
03:47 and after the first year review.
03:50 So in summary, I would wait for the first year review.
03:54 I would wait for the numbers, you know, that would come from that review and going into
04:01 the 2024 budget to come to a firm conclusion, you know, as to short, you know, 10 days that
04:12 we may have made.
04:13 If you look at what the government has agreed to do in the first review, the main one is
04:19 the priming balance which I mentioned.
04:21 The other ones are a strategy for expenditure, a strategy that especially uses either a strategy
04:29 or, you know, a cabinet's approval, you know, of, you know, either a strategy or some framework,
04:40 you know, for, you know, revenue, expenditure, debt management, and, you know.
04:45 But we are a country where if you talk about expenditure management and you could see expressly
04:51 stated that this has to conform to GIFMES, this has to conform to, you know, sustainable
04:59 areas.
05:00 Yeah, these were things which the MAMA administration had already started doing.
05:05 You know, we had the GIFMES program which was to go to phase two, which is the semi-accrual
05:10 portion, you know, which would have teamed areas.
05:14 Now we are being asked after seven or so years to go back and do that.
05:19 We had finished the automation of customs, you know, and moving to phase two.
05:25 Mr. Tepe added that it is too early for Ghana's allies from the international community to
05:30 be singing the praises of the government.
05:32 I think it's a bit too hurried, especially for our friends from the international community
05:42 to be singing our praises.
05:45 And it would be equivalent.
05:48 I'm not saying that there hasn't been any success whatsoever in terms of the injection,
05:53 the injections or injection, you know, of foreign exchange by the multilateral institutions,
06:00 in particular into the economy, to try and stabilize the situation, particularly significant
06:05 flows of COVID.
06:06 During the COVID period, there were six billion, which is six times what we have always used
06:13 to turn around the economy.
06:15 Remember no government had done, you know, a turnaround of the economy using more than
06:22 one billion.
06:23 So even how severe, you know, COVID would be over the global financial crisis, which
06:31 was the last major crisis, you know, for which the Mace Mahama administration used, you know,
06:38 coming out of the Kufa administration, you know, used barely, you know, one or twice
06:45 the amount.
06:47 So that itself, together with, and remember how that money is supposed to have gone into
06:52 resolving an economy which we are told was solid pre-COVID.
06:57 The fund has already said the pre-existing conditions.
07:01 The thoughts of former finance minister, Seth Tepe on their IMF program so far.
07:06 Well, let's turn to other news.
07:07 Inflationary pressures and the depreciation of the city in 2022 had adverse effects on
07:13 the profits of many institutions, according to chief executive of leading pharmaceutical
07:18 company Dannex Items, Towing, PLC, Daniel, and P.J.
07:22 Kisii.
07:23 The gradual recovery of the economy this year will help the company to increase its profits.
07:28 You're speaking at the annual general meeting of the company.
07:33 Pharmaceutical giant Dannex Items, Towing, PLC says it's remaining resolute in restoring
07:38 profitability after it's achieved a revenue of a little over 95 million Gannett Cedars
07:43 in 2022, surpassing the over 74 million Gannett Cedars recorded in 2021.
07:49 The company, however, recorded exchange losses of about 9.1 million Cedars in 2022, according
07:55 to chief executive officer Daniel Apeje Kisii.
07:59 They are confident of increasing profit this year.
08:01 Last year's results, as we have indicated in our annual report, were largely driven
08:07 by currency depreciation and inflation, and to some extent, depression of consumer demand.
08:15 Now, many of these parameters and these variables have become less oppressive in the year that
08:22 we are talking about, which is 2023.
08:25 And therefore, that has reflected in the first half year results, which we've published already.
08:30 And if you look at the profit that we made at an earnings after tax level for the first
08:35 half year, actually exceeds the loss that we made last year.
08:38 So that gives us the confidence that if nothing untoward happens between July and December,
08:44 then we should come out at the end of December 2023 with a positive result.
08:49 Board chair of the company, Nick Amate, further notes that the company remains resilient in
08:54 serving consumers and shareholders.
08:57 The company has implemented a robust system to protect its employees, assets and environment.
09:04 The company's board of directors is fully committed to good corporate governance principles
09:10 and high standards, and will continue to implement effective corporational controls to protect
09:18 the interests of the shareholders.
09:22 Dannex Eisenstein PLC has established the four essential board committees mandated by
09:29 the 2020 Corporate Governance Code for listed companies.
09:34 These committees include the Audit Committee, Risk Committee, Domination Committee and Remuneration
09:41 Committee.
09:43 The company also reiterated its commitment towards providing consumers with the best
09:48 products.
09:52 Banks have indicated that they will be more cautious and scale down on lending because
09:56 of the current economic environment.
09:58 It follows revelations that commercial banks are now struggling to recover loans.
10:02 Chief Executive of Ghana Association of Banks, John Iwa, however, says good projects and
10:07 deals will not suffer.
10:08 He spoke on PM Express Business Edition.
10:11 If you are a bank and you are bullish on loans, you may be taking quite significant risks
10:18 because of where the market rates are.
10:21 Very good businesses can struggle during periods such as this and that is why we are working
10:27 together to ensure that we get the rates in the right, you know, kind of, we all have
10:34 to be concerned.
10:35 So do I get from you that when it comes to the loans, you are now being so cautious now
10:41 than ever before because of the fact that if it's not handled well, things could affect
10:47 you?
10:49 Of course, we are cautious, we want to make sure we do not unduly leverage the balance
10:57 sheet in a manner that you sanction loans today and tomorrow you are having to write
11:05 them off.
11:07 We want to lend, the industry wants to lend, but in a more secure, in a more safe manner,
11:15 in a manner that does not unduly open the industry to risk.
11:20 But in times like this, you need to work with your bank closely in a manner that your demands
11:30 are better understood by the market and perhaps product delivery is made in a manner that
11:39 also synchronises with your exact requirements so you do not unduly over-leverage yourself
11:46 because in times like this, the tendency is to borrow and borrow, but perhaps this is
11:51 the time to really look at your liquidity profile and try to understand that it's certainly
11:57 what you need, maybe it's cost you need to begin saving so you don't unduly also increase
12:04 your risk profile.
12:11 Alright in other news, financial economists at the Acatena Piaminca University of Skills
12:15 Training and Entrepreneurial Development, Amsterd, has advised students and staff to
12:20 look beyond the academic qualifications in their quest to create wealth.
12:24 Addressing a gathering at the Wealth, Entrepreneurship and Career Mentoring Summit at the university,
12:29 Dr. Van Zuya said academic qualifications should only serve as stepping stones but not
12:34 the source of wealth, rather the knowledge and how you harness it.
12:39 Mahmoud Mohamed Nourudin was there and now reports.
12:42 Around the age of about 25 years, let's assume, then the person has 35 years to work.
12:50 35 times 10,000 is $350,000.
12:54 Right?
12:55 Right?
12:56 Are we getting the maths?
13:01 This man is still not up to one post by Neymar, give it to him by Saudi Arabia.
13:10 How many years do you spend at medical school?
13:13 Six?
13:14 And you do two years of housemanship?
13:16 Dr. Ivan Zuya says his observations over the years have led him to the conclusion that
13:23 wealth creation is not necessarily tied to educational certificates, he says, footballer.
13:30 Neymar's significant earnings, despite lacking a formal education, as an example.
13:36 So he spends six years at school, two years, and then he ends up spending another 12 years
13:42 to specialize, let's say the longest.
13:45 Now that's 20 years.
13:47 And after all of that, this person cannot make one post of Neymar.
13:54 Now does that mean that Neymar is overpriced?
13:57 No, he's not.
13:59 And that's a secret that I need all of us to know.
14:02 And one of the things that I discovered is that wealth has nothing to do with your certificates.
14:09 Otherwise, Neymar, who has no degree, will not be having a post worth the entire lifetime
14:17 of a career medical doctor.
14:20 Do we agree to that?
14:22 So it means that there is more to it than we see.
14:27 How do we do that?
14:28 Dr. Duya speaks of self-made trailblazers who harnessed innovation and strategy to shape
14:35 their own destinies by making good use of time, value, leverage, velocity, among others.
14:42 And the amazing thing is that time is the greatest equalizer for both the rich and the
14:48 poor.
14:49 And I need you to understand this thing.
14:51 Now what the rich has understood with time is a secret I need all of us to understand.
14:59 The rich will buy your time to make money for themselves.
15:04 And the poor will give their time to make money for themselves.
15:09 So I visited a friend in New Jersey, and then he showed me some of the rich guys.
15:15 11 a.m.
15:16 They were playing golf.
15:17 11 a.m.
15:18 They were playing golf.
15:19 The following day, they were playing golf.
15:23 The next day, they were playing golf.
15:25 And these are the richest guys.
15:27 Meanwhile, just across New Jersey to New York, there's Russia.
15:33 People rushing, catching up the metro, and going to work.
15:37 Accra leaves by plane.
15:40 Go and see Accra.
15:41 Get to Kedirtia.
15:42 Get to Makola.
15:45 The main thing that we need all of us to understand is this.
15:49 You are not here forever.
15:50 Dr. Duya has conducted workshops that ignited flames of curiosity, inviting the public to
15:57 share their stories.
15:58 As the summit concluded, the air was thick with inspiration.
16:02 The resonance of Dr. Duya's message lingered in the minds of attendees.
16:07 The Duya Mentoring Club 100 program annually mentors 100 young individuals aged 18 to 40
16:15 in areas like leadership, wealth creation, career direction, among others.
16:20 Participants such as Cynthia and Robert Owusu are now resolute in their commitment to being
16:25 beneficial and make a positive impact in people's life.
16:29 My name is Cynthia Sangapari.
16:32 I'm a teacher by profession.
16:34 I'm a baker, and I'm a training consultant with Edify Ghana with the education department.
16:39 I was part of the Duya Mentoring Club 100, 2023, and today was our graduation.
16:46 And this life is all about impact.
16:48 The monies we make, the accolades that we get, if you are not impacting lives, it means
16:53 our lives are not worth living.
16:55 So I've learned that from here, I'm going home with the fact that I'm supposed to build
17:00 a life of impact in no matter small way or wherever I find myself.
17:04 I should make sure that whatever I'm doing or whatever I'm earning, it should be able
17:08 to build somebody's life.
17:09 I should be a source of wealth or a source of life to others.
17:13 So literally, this summit is just the ending part of it.
17:19 We've learned a lot of things through this TDM mentorship training.
17:24 Today we've learned a lot.
17:25 We've learned how to be bold in taking the steps that most people are afraid to take.
17:32 A report by Mohamed Nourudine.
17:37 And you're watching The Marketplace.
17:38 We've been talking a lot about artificial intelligence lately on this program.
17:43 So what is both fascinating and sometimes scary about artificial intelligence is its
17:48 capacity to replicate certain human abilities, pushing boundaries beyond human capabilities.
17:53 AI's defining characteristic now lies in its capability to mimic human behavior.
17:59 However, it's vital to remember that every stride taken in machine learning and large
18:04 language models is shaped by human decisions regarding the optimal use of this technology.
18:10 In this context, Time Magazine has introduced its roster of trailblazers from around the
18:15 world and counter-journalists with myjournalline.com.
18:19 Kenneth Awosu-Dakwa is here to help us understand what Time Magazine's 100 AI means in the
18:24 showbiz space in another edition of our all-new segment, Show Business.
18:31 Thank you for joining us.
18:32 Hope you've had a great week.
18:34 So tell us about this 100 AI list that Time Magazine has put out.
18:40 So we know periodically that Time Magazine puts out a list of trailblazers doing amazing
18:45 things in various sectors.
18:46 So I think somewhere in June, they decided to do a cover issue with the CEO of OpenAI,
18:56 the company that does the ChargeGPT application.
18:59 And then he himself talked about how the prospects of machine learning and artificial intelligence
19:04 had a very bright future.
19:06 So around that same time, there were some conversations ongoing.
19:09 There were interviews.
19:10 The Time Magazine was actually surfing around looking for people doing great things with
19:16 artificial intelligence in their various spaces.
19:18 That is what we have today as the Time 100 AI that we're currently talking about.
19:23 So I'm sure everybody watching is wondering, what has this got to do with showbiz?
19:26 You've got an answer?
19:28 Yeah, yeah.
19:29 It has.
19:30 Because seeing that we're on this show, we have to talk some numbers.
19:34 And so the global artificial intelligence market as of this year was valued at about
19:40 $100 billion.
19:42 And it has been projected that in about-- in the year 2030, it's going to be-- in 20-fold,
19:48 I mean, it's going to be about $2 trillion.
19:51 And so it's a very big market that's there for the taking.
19:53 And if you come back in Africa, for instance, and look at our entertainment sector and how
19:57 it's valued as of 2022, it was estimated that the value of the industry basically was
20:03 about somewhere around $60 million.
20:06 And so if you compare $60 million to about the one that the artificial intelligence globally
20:13 is making as of this year, you realize that there's a lot that if taken advantage of,
20:18 it's going to be very beneficial to the entertainment sphere when it comes to Africa as well.
20:22 Yeah.
20:23 And you know I've indicated that, I mean, there's a lot of talk about AI, but we-- I
20:27 don't know, rarely hear people talk about AI and showbiz.
20:30 So how useful is this tool in the showbiz industry?
20:34 So it's good that you mentioned that, because one of the persons on the Times 100 AI list
20:40 is a certain young lady who is a musician, basically.
20:44 And then she's a Spaniard, right?
20:47 She's from Spain.
20:48 So she does music in her own language.
20:50 She can't speak Arabic.
20:51 She can't speak any other language.
20:53 But to be able to address that, she's using artificial intelligence to duplicate her work
20:57 in various other languages.
20:58 That's interesting.
20:59 So if you-- she has a-- it's like a digital twin of herself.
21:03 And so if no matter the language that you speak, no matter the country you're coming
21:06 from, you can log on to her platform and then be able to hear her perform some of her music
21:10 in your language.
21:12 And so that's another income stream for her as well.
21:14 And so that is what people elsewhere are looking at.
21:18 And for that reason, she has also made it onto that particular list.
21:20 I mean, there were concerns initially, I think, about AI mimicking the voices of some of the,
21:27 for instance, musicians that we know.
21:29 I mean, that is still a threat, isn't it?
21:31 Yes.
21:32 Oh, yeah.
21:33 It still is.
21:34 But for artists here in Ghana, I mean, what's in it for them is artificial intelligence.
21:37 So artificial intelligence, basically, when it comes to the generative AI, for instance,
21:42 it allows a wide range of things.
21:44 For those who are conversant with GPT, you can have a fair idea of the quantum of work
21:48 that that application can do.
21:49 And that has been replicated in other technologies.
21:51 For instance, if you are into movies, right, there is a way to cut costs when you want
21:57 to get some help in terms of your script writing.
22:01 Artificial intelligence can help you with that.
22:03 When it comes to budgeting, there's something that you can also do in that regard.
22:06 So there are so many spaces within the art ecosystem.
22:08 It's not just limited to movies or music.
22:12 There are so many other spheres.
22:13 And how can they capitalize on that?
22:15 Because at the end of the day, they want to make money, right?
22:17 Yeah, exactly.
22:18 So it's like I mentioned, those are some of the things that they can take advantage
22:23 of to capitalize on it.
22:25 But there are other spheres as well.
22:27 I mean, if you go into-- for musicians, if you want to write a song, there is a way that
22:33 other applications can help you do that.
22:35 And there are other new technologies coming up that are helping people who are not producers
22:39 or people who are not inclined to technical aspects of things be able to just input a
22:43 command and allow the application to do its own thing.
22:47 And so their prospects are wide.
22:48 I think it makes sense that people are raising concerns that it might be the age of doom
22:54 for the--
22:55 Do you think so?
22:57 I do not entirely think so.
22:58 I mean, it depends on the hands that this software falls into.
23:04 Just like any other technology, it can be good depending on who is handling it.
23:08 And that is the reason why people have advocated that there should be some sort of regulation
23:12 when it comes to the governmental side of things that they can liaise with maybe international
23:16 bodies who are also working in that same space to help people ethically implement some of
23:21 these measures.
23:22 Well, we still continue to explore the benefits or otherwise of artificial intelligence.
23:27 But a great insight, artificial intelligence, showbiz, I mean, of course, that is the new
23:34 normal.
23:35 Is that what you call it?
23:36 Yeah, exactly.
23:37 That is the future.
23:38 And so we have to embrace this one way or the other.
23:40 Thank you so much, Kenneth Oji-Dako, culture journalist, always here with us on Friday
23:44 to talk show business.
23:46 Well, let's turn to other news now.
23:48 As part of measures to mitigate the impact of climate change on human health in various
23:52 ways, a coastal community resilience to climate and diarrhoeal project says it is poised to
23:57 build resilience and improve diarrhoeal management in coastal communities.
24:01 According to research fellow at the Noguchi Memorial Institute, Professor George Amak,
24:05 this is key to improved knowledge on community-based diarrhoeal management in response to climate
24:10 hazards.
24:11 He spoke to Joy Business at the annual steering committee meeting.
24:16 The coastal community resilience to climate and diarrhoeal project aims to generate long-term
24:22 data series to model the interactions between climatic, hydrological, environmental, institutional
24:29 and social cultural determinants of diarrhoea.
24:32 Professor Amak said this will aid in assessing climatic and non-climatic determinant of diarrhoeal
24:37 disease in coastal communities in Ghana and understand how they impact on diarrhoeal transmission.
24:44 Diarrhoea is one of the major challenges in our communities, in our countries.
24:50 It affects both children and also affects adults.
24:54 The different pathways in which people come down with diarrhoea, different pathogens that
25:00 also involve diarrhoea.
25:02 And so what we're trying to do is to understand these pathways but then using the coastal
25:09 population.
25:10 Why do you need a coastal population?
25:13 Because these are the people who are being really affected with the climate change that
25:17 is going on.
25:19 And understanding the pathway will help us to put in intervention programs that will
25:26 help in ameliorating this issue of diarrhoea disease in the communities.
25:34 Project co-lead Dr Peter Sorensen explained the rationale behind the collaboration, indicating
25:39 that it aids in understanding the transmission pathways of diarrhoea in coastal communities.
25:45 I am collaborating with the University of Ghana because they are very high skilled researchers
25:52 actually so we can make a kind of equal collaboration.
25:56 It is very inspiring to have a project and then come here and then participate in the
26:05 discussions and be close to the field work that is undergoing here.
26:11 And also the intercultural aspects because researchers are cross-cultured.
26:18 On the other hand there are some cultural issues when you are coming from Scandinavia
26:23 and then collaborate with the institute here.
26:26 So it's very inspiring.
26:28 The study will focus on communities found along the eastern and central coastline of
26:33 the country which are the most vulnerable to sea level rise and flooding incidents.
26:48 Alright and that's our program this afternoon.
26:50 Thanks for watching everyone.
26:51 Before we go just checking out some of our headlines on our website myjoyonline.com/business
26:57 as we head into the weekend.
26:59 Support empower emerging economies to thrive and mean Adam to develop countries.
27:05 That's one of the stories there.
27:06 Can we do another story?
27:08 Yep.
27:09 Government announces settlement of dollar-nominated DDEP.
27:13 You can get more on that myjoyonline.com/business.
27:15 My name is Darrell Kyle.
27:22 Thanks for watching Marketplace with Tez.
27:25 Same time next week.
27:44 Bye.
27:55 (upbeat music)