August 2020

Many things can easily be explained with reasonable, logical, yet simple analysis. That is the purpose of this article: to explain what 5G is and to refute the notion that 5G causes coronavirus. Last week, I got a couple of the “I hear 5G can even cause cancers and coronavirus so beware of technology”. There’s this theory that 5G can cause you to fall sick. That theory came about when the map of 5G Towers got superimposed with the map of COVID-19 infection cases. It looks almost like everywhere you find a 5G Tower, you’ll find coronavirus cases. And it really is true, the maps do look alike. But one doesn’t cause the other. 5G doesn’t cause coronavirus. Thing is, population density maps also show similar concentrations and if you take a minute and think it through, just a little, you’ll find that 5G Towers are built in places where you find more people. And coronavirus cases have a high tally in higher populated areas than say, a village. Sometimes, we need to pause and ask ourselves “is there a simple, logical explanation to this theory”. So it helps to know what actually 5G is. What IS 5G? 5G is primarily a software-defined network. This means that while it won’t replace the use cables entirely, it could replace the need for them, by largely operating on a cloud instead. This will allow it to have 100 times the capacity of 4G, dramatically improving internet speeds. For example, to download a 2-hour film on 3G takes about 26 hours. With 4G technology it should takes about 6 minutes. With 5G the movie would be downloaded in about 3.6 seconds. If you lived through the period of LimeWire with all of the hustle and joy that accompanied downloading a 3MB song in 60 minutes, this is even more futuristic that you’d have envisioned. Response Times will be Much Faster. But it’s not just internet capacity that will be upgraded with the introduction of 5G. Response times will also be much faster. The 4G network responds to our commands in about 45 milliseconds (0.045sec). With 5G, it would take around 1 millisecond (0.001sec). That is 400 times faster than the blink of the eye. Smartphone users will enjoy a more streamlined experience. For a world that is increasingly dependent on the internet just to function, a reduction in time delay is critical. Almost everything is about the internet now. At first, the internet was confined to computers. Then the use of mobile phones became synonymous with using the internet. Now we have TV’s, fridges, even watches that have internet functionality. 5G will make Progressive Innovation functional. Self-driving cars, for instance, is a very tangible example of an innovation that clearly demonstrates why and how imperative the role of 5G is in innovation and global advancement in many fields. This is because some new technologies can only be properly introduced to the mainstream public when paired with 5G technology. Self-driving cars require a continuous stream of data. The quicker that information is delivered to vehicles that have no human being driving it, the better and safer they can run. Without that dependability of quick and smooth data flow, the car as a machine without timely instructions through data transfer will malfunction in many ways. It wouldn’t be much of a self-driving car. The above example is one instance of how 5G could become the connective tissue for the internet of things. Technological advancement will largely depend on the reliability that 5G will bring. 5G technology will spark an industry that will grow 3 folds by 2025, linking and controlling not just robots, but medical devices, industrial equipment, and agricultural machinery. 5G will provide Personalised Web Experience. 5G will also provide a much more personalised web experience using a technique called network slicing. Network slicing is a way of creating separate wireless networks on the cloud, allowing users to create their own bespoke network.  You will be able to customise your own bandwidth requirements amongst others stuff too. Because, for example, an online gamer would need faster response times and greater data capacity than a user that just wants to check their social media. Personalising the internet will also benefit businesses. At big corporate events, like the ones that happen at Movenpick and Kempinski all the time, there is always a massive influx of people that congregate in one area using data-heavy applications. But with 5G, organisers could pay for an increased slice of that network, boosting the internet capacity, and thus improving the attendees’ overall online experience. This goes for government functions too. Think of the Independence Day celebrations and how much data is consumed at such events. Think of how many people look down on their phones at the concert shows of Shatta Wale and Sarkodie to upload concert snippets to social media. Think of the streaming of church services.  Basically wherever there’s huge gathering, massive data is consumed. With 4G, consumption is at the same rate as it would be anywhere else. With 5G, organisers could pay network providers for a bigger slice of bandwidth so that while you are attending the program, you will consume data and use the internet at a much faster rate. So when can we start using 5G? Well, in Ghana, not yet. I keep reading some rumours but nothing conclusive. South Korea and the United States have already started the service. In the US, as the first half of last year came to a close, every major cellular network was officially offering 5G services to its subscribers. But the 5G coverage is not across the whole of the United States. Mobile giants like HUAWEI and ZTE have also been getting ready to launch big 5G trials. The fierce brouhaha between the US Government and Huawei concerning a trade ban from Washington that inadvertently hurt the HUAWEI’s 5G ambitions showcase just how pivotal the introduction of 5G is on a national scale. The race to effective rollout has been a hot one. 5G

When a company, a syndicate, a government, or any entity needs to borrow money, to, let’s say, keep the business running, to embark on new projects, to pay back old loans, for aggressive expansion, or for whatever reason, they may issue out what is called “bonds” to interested parties. Quite simply, a Bond successfully issued is a Loan accepted. The borrower is the issuer of the bond and the bond will contain the terms of the loan e.g. the interest rate (or coupon rate), how the interest payments (or coupons) will be made, the time at which the full amount has to be paid to the investor (maturity date), etc. That is a bond.  What is a Eurobond? The EURObond only means the issuer isn’t in the same country or trading in the local currency of the investor/lender. A Eurobond doesn’t have to be about Europe or the Euro. It just points to the international aspect of the bond and the involvement of foreign currency. As Ghanaians, our most recent Eurobonds have meant that the loans to our government will be in a foreign currency, specifically, dollars. This should explain why the government is always confident of the arrest of any fall of the Ghana Cedi against the US Dollar when a Eurobond is near. Eurobonds that the government has been issuing means dollars come coming into the system, thereby reducing the scarcity and the accompanying demand for the dollar. The Eurobond, also known as external bonds, is issued in one country and sold in a different one. Bonds are grouped by the currency in which they are denominated. For example, bonds issued in US dollars is known as Eurodollars. How Eurobonds Work. Anyone in need of foreign-denominated borrowings for a specified time can offer Eurobonds at fixed interest rates. Private organizations, international syndicates, and the government can offer them. The buyers or investors of these Eurobonds are generally large companies, banks, or financial institutions. The interest is calculated annually, and the principal amounts paid at the maturity date. Ghana offered her first Eurobond in 2007 to the tune of $750 million, asking investors to lend that amount with the promise of paying it back in 10 years with interest. Bonds were issued through the Bank of Ghana, while the government received the cash amount in the form of a loan. The general popularity of Eurobonds is because of its ability to be a financing tool. They offer a high degree of flexibility. For governments, it’s usually an immediate, long-term finance option. An investor considers several factors when looking at which country to target for Eurobonds, e.g. favourable interest rates, a stable market, local regulations, or the presence of likely investors. These can all play a role in the decision. Ghana’s Eurobonds, present and past. Earlier this year, Ghana issued a $3 billion Eurobond. It just means we accepted a $3billion loan from outside. The Finance Minister, Ken Ofori-Atta, indicated in the 2019 Budget Statement last year that the government had the intention to do this. What is really worthy of mention is that when we asked for $3 billion, we got offered an impressive $21 billion and we still only accepted $3 billion. The extra offers made room for lower rates and better terms of engagement, as will any bargaining scenario when the demand for what you offer is high. Also note that, we issued not one but three bonds with three different maturity periods (payback times). So we’re going to pay back the $3billion in installments, with each payment installment having its own terms and conditions. Ghana’s Finance Minister, while presenting the mid-year budget statement in Parliament last month, said, “As you may recall, the government obtained the approval of this August House in December last year to raise up to US$3.0 billion to finance growth-oriented expenditures in the 2020 budget (including restructuring the energy sector) and also to conduct liability management operations”. “Based on the approval, Ghana became the first ever country on the African continent to issue a 41-year bond and a second tri-tranche bond in the history of the country”, he added. He further explained that “Ghana successfully raised US$3 billion in the international capital markets in three tranches of 6-year, 14-year and 41-year Eurobonds of US$1.25 billion, U$1.0 billion and US$750.00 million, respectively on 4th February, 2020”. “The 6-year, 14-year, and 41-year bonds were priced at 6.375 percent, 7.875 percent and 8.750 percent, respectively. Mr. Speaker, this transaction was a landmark achievement in many respects as the bond came with the lowest-ever coupon rate for Ghana and first 41-year bond tenure in Africa”, Mr Ofori-Atta reported to the House. And The IMF Cautions Us. Though we’ve professed to have broken up with the IMF, they seem to still slide in our DM’s with a message or two every now and then. A bond issued is a loan. The IMF cautions that, with all these monies coming in, we would have to pay it all back sometime. So if we don’t invest it well to generate growth and repayment capacity, then there will be a debt crisis on our hands later on. I have always stated that mismanagement is the biggest issue our continent faces.  You should understand why our government is quick to throw in Ghana’s increasing GDP figures and indications that Ghana is working for Ghanaians. That’s because it’s an easily spotted marker for if the country is productive. Of late the World watches Ghana. The macroeconomic data validated by the international community has, for a while now, pointed to a promising future for Ghana. While the global bond markets secretly scrutinised Ghana last year and those before that, Ghana got rebranded as “Beyond Aid”, planned for $3billion in Eurobonds and impressively got offered seven times that ($21million). That’s like leaving your spouse and suddenly getting 21 messages from other suitors the next day after announcing the breakup, but you expected about just 3 IM’s. That means you’re hot! Ghana has been looking very

Last week, many people I came into contact with told me the coronavirus isn’t real. My mechanic, a guest at the office and a few more professed how they could never get the coronavirus. I even had meetings where some people just refused to wear a mask, or took it off once they entered.  I engaged a bit further. Some people think COVID-19 is as a result of some biological warfare, or is a biological weapon not intended for Africa. Real people think that. Then I had one man postulate that it might be the plan of the world pharmaceutical industry to sell vaccines. 5G towers causing the virus is quite popular so I got that too.  Some even asked me “where are the sick people”? You’re not seeing many sick people!” These disbeliefs are very disconcerting because COVID 19 is very easily transmitted and if a large number of people continue to believe it’s just “not for them”, that’s dangerous on many, many levels. Conspiracy theories are especially tempting during such a huge occurrence like COVID-19 because it helps to explain a lot that we can’t readily explain. Our brain has a function of trying to make sense of things and when there’s no upfront explanation, it has to bring something more easily graspable to the forefront. Proportionality Bias. Proportionality Bias is this tendency for us to assume that big events have big causes. It’s not a wild defect; it’s only natural. But critical and/or scientific thinking can help us out of this, especially because it’s so easy to be led astray. We need to have a healthy appreciation of how one small decimal point in 1000000.00 can change the meaning of the number entirely. Another problem is where the onus is on you to provide proof of facts to an overly cynical naysayer. I’m talking about the people that have impulse responses like “were you there yourself?”, “…so you’re saying nobody can fake this” and the like. Having to convince people like that of a worldwide threat can be a big mountain to climb. How do you even respond to “you don’t know, anything can be true”. Because they’re right, if you go by their logic. Because there might be some way to make pigs fly but as at today, the coronavirus is very, very, VERY real and the severity of the situation hasn’t changed much so do your best to wear your masks and observe social distancing protocols as much as you can. The virus is survivable. The world IS still spinning. It can take a considerable amount of time to sit with someone and debunk conspiracy theories. Most people just don’t do it. Restrictions have eased up since the pandemic began. Secondary Schools are open now in Ghana though with strict protocols in place. Elsewhere, the NBA is back again. But don’t be fooled into thinking that when you encounter someone with COVID-19, the virus is going to be like “oh my, the Champions League is back this week so let me take a break and go easy on you”. No it won’t! Precautions must be taken as seriously as when this started. Conspiracy theories are nothing new, obviously. They’re just harder to spot nowadays. In 1890, a newspaper claimed that electric light was responsible for the global influenza outbreak. It sounds crazy now, right? But people bought into that! We can find conspiracy theories scattered all over history. In the 14th Century, a conspiracy theory claimed that Jewish people were responsible for the Bubonic Plague. Also in 1918, rumours spread that German pharmaceutical company Bayer had tainted its Aspirin tablets headed for the US with the Spanish flu. All these might seem like conspiracy theories now but a lot of people bought into them at that time. It’s happening again with the coronavirus pandemic. A century from now they will call it totally absurd when they look back at us and hear some people say that masks harm their health in a time of a novel high-risk airborne contagion. What’s worse is that in 2020, technology has made it very easy to get the wrong information across, almost as easy as it is to get the right information across. The internet is live and accessible to billions who are free to publish lies and truth alike. With a good enough budget, you can make anything sound true. You can make anything look true. That is currently a problem with the coronavirus because there are so many theories out there that just aren’t true but look too good to overlook at first glance. Believing COVID-19 is overblown comes with a hefty price. There are many people in the hospital, at home, that are dying or in critical conditions because they did not take the virus seriously. I know people that have died from this virus. I know people that know people that have died from this virus. If you want me to confirm for you if it’s real, this is your confirmation: the virus is real and people are still getting it. Don’t be an avoidable statistic. I have also noticed social media companies like Facebook, Twitter and YouTube taking measures to reduce the ease of spread of conspiracy theories. But it’s not easy for them. The share volume and frequency of uploads make it harder to flag and tag false information. Also, when they do find false information, it complicates issues when the person’s freedom of speech and expression comes into play. And it can get messy very quickly with the risk of bad press. This leaves them doing something, but definitely not close to enough. What we need to do about it. It is has become clear to me that it is incumbent upon you, upon me, upon all decent and well-meaning people, whenever and wherever we find ourselves, to try and stop these theories and treat them with the needed scepticism before many more people believe them. Do it for yourself and your loved ones, if that thought helps motivates you. The coronavirus is no respecter of persons. You can’t