General

A New Era in Ghana’s Democratic Journey Ghana, often called the Heart of Africa, is renowned for its stable political climate and progressive democratic governance. This commitment to regular, peaceful presidential elections is a model for other emerging democracies. The 2016 presidential election, resulting in a power transition from the National Democratic Congress (NDC) to the New Patriotic Party (NPP) under Nana Akufo-Addo, marked a significant shift in Ghana’s political narrative. As 2024 approaches, there’s heightened interest in the incumbent government’s performance and rival political entities’ policies and agendas. A striking aspect of the upcoming elections is the transformation of the electorate. A new demographic, those aged 10-17 during the 2016 elections who are now eligible to vote, is poised to impact the electoral process significantly. I term this new demographic the ‘TikTok Electorate’. This group reflects the growing influence of social media platforms like TikTok in shaping the political views of young voters. Furthermore, implementing the Free Senior High School (Free SHS) policy in 2017 has markedly enhanced literacy rates among Ghanaian youth. This demographic is not only larger due to natural population growth but also more educated and politically aware. They represent a dynamic force currently influencing Ghana’s political and economic future. The emergence of this informed and digitally engaged electorate heralds a new chapter in Ghana’s democracy. Their participation in the 2024 elections could reshape Ghana’s political landscape, reflecting the evolving nature of political engagement in the digital age. The Rise of the New TikTok Electorate: A New Dynamic in Ghana’s Democracy As Ghana approaches its 2024 elections, a pivotal change looms in its electoral landscape. The cohort of young Ghanaians aged 10 to 17 during the 2016 elections, now eligible to vote, represents a critical demographic. In 2024, when they’ll be between 18 and 25, this age group will significantly influence the country’s political discourse and outcomes. Recent data indicates that the youth segment constitutes a major portion of Ghana’s population. This surge of young voters, deeply integrated into the digital world, marks a generational power shift. Generation Z, as they are known, differs markedly from previous generations in their digital fluency, having grown up amidst rapid technological advancements and an ever-evolving social media landscape. This demographic is larger, more informed, and politically engaged, thanks to the ever-present access to information online. Their broadened perspectives on national and global issues, shaped by digital media, make them a more discerning and potentially critical voting bloc. The entry of these young, first-time voters into Ghana’s political arena presents both opportunities and challenges for political parties. Engaging this electorate effectively requires an understanding of their values and aspirations. Parties must commit to addressing the issues pertinent to this demographic to avoid alienation or indifference. This shift underscores the need for political strategies that resonate with a more technologically savvy and informed electorate, signalling a transformative period in Ghana’s democratic journey. Harnessing the Influence of the ‘TikTok Electorate’ in Ghana’s Political Sphere ‘TikTok Electorate’ encapsulates a significant generational shift in Ghana’s political landscape. This group, comprised of first-time voters who are digital natives, wields considerable influence through their interaction with social media platforms like TikTok. TikTok, renowned for its short video format, has become a global phenomenon, particularly among younger users. Its role transcends entertainment, becoming a vital platform for political expression, information sharing, and mobilisation. The experience from the 2020 U.S. Presidential Elections highlighted TikTok’s potential as a formidable political tool. In Ghana, the impact of TikTok and social media is increasingly evident, driven by high smartphone penetration and growing internet access. This ‘TikTok Electorate’ demands more from political leaders and parties, including transparency, engagement, and a genuine understanding of their concerns. Political parties must adapt to this evolving landscape by embracing these new mediums and responding to the changing dynamics of voter engagement. However, navigating the challenges of this digital shift is crucial, such as the risks of misinformation and political polarisation. Addressing these issues is vital to maintaining a healthy and constructive political discourse on these platforms. The effective use of social media, particularly by the young and digitally engaged electorate, could be a game-changer in shaping Ghana’s political future. The Enhanced Role of Literacy and Education in Shaping Political Engagement The transformation of Ghana’s political landscape is significantly influenced by the Free Senior High School (Free SHS) policy, which was implemented in 2017. This landmark educational reform, aimed at removing financial barriers to secondary education, has elevated literacy rates and cultivated a more politically engaged youth. Recent data suggest a marked increase in literacy among the 15-24 age group, nearing 90% by 2020. This educational empowerment, catalysed by the Free SHS policy, has expanded the horizons of Ghana’s youth, making them more informed and involved in political processes. Enhanced literacy has been linked to increased political awareness and participation, with educated individuals more likely to vote, engage in political discourse, and make decisions based on policy rather than personality or tribal affiliations. When effectively implemented, the Free Senior High School (Free SHS) policy demonstrates how political promises can lead to substantial societal benefits. It has shifted the basis of political support towards tangible results rather than mere party philosophies, aligning voter preferences with recognised party performance. As Ghana approaches the 2024 presidential elections, this educational empowerment is expected to translate into a more discerning electorate. Political parties and candidates must adapt their campaign strategies to appeal to this informed voter base, focusing more on substantive policy issues. The heightened political engagement among the youth, fuelled by improved education, promises to shape the outcome of the elections and the future of Ghana’s democracy. As the nation moves forward, the implications of a working educational revolution on the political landscape are profound, heralding a new era of informed and engaged citizenry. The Importance of Young Voices & Fresh Perspectives in National Politics Ghana’s burgeoning young and educated electorate stands poised to redefine the nation’s political and economic trajectory. With 70% of young Ghanaians holding secondary or higher

Introduction to Correspondent Banking Correspondent banking may sound like a term straight out of a financier’s dictionary, but its implications ripple through the entire economy, touching the lives of both businesses and individuals. Essentially, it’s the process by which banks provide services to each other, including cross-border transactions and large-scale currency exchanges. Think of it as a global network of financial institutions collaborating to facilitate international trade and business. For a country like Ghana, whose economy is increasingly integrating with the global market, correspondent banking is not just a convenience but a necessity. It enables local businesses to expand beyond borders, allows for the inflow of foreign investment, and supports the country’s developmental initiatives by ensuring that international trade is executed smoothly. Moreover, the remittances sent home by Ghanaians working abroad, which significantly contribute to the country’s GDP, are also processed through these channels. Thus, correspondent banking isn’t just a cog in the wheel of commerce; it’s the very axle on which the wheel turns, driving economic growth and prosperity in Ghana. The Data-Driven Approach In a world where data is king, the financial sector is no exception to its reign. In correspondent banking, data isn’t just numbers and figures; it’s a narrative that tells a story about risk, trust, and opportunity. By adopting a data-driven approach, Ghanaian banks can scrutinise their correspondent relationships and transactions with unprecedented precision. Using data allows international banks to gauge the financial crime risk posed by their local counterparts. This is not just about compliance but about safeguarding the institution’s financial health. By employing sophisticated analytics, banks can discern patterns that may indicate risky behaviour, such as money laundering or fraud. Furthermore, standardised risk scoring is a common language, equipping banks to compare notes with peers and regulators. Such scores can transform subjective guesswork into an objective assessment, enabling banks to make informed decisions about whom to do business with and on what terms. This is critical in a world where financial crimes are not just local but part of a complex global tapestry. Building Trust Through Transparency Transparency in banking is akin to daylight in architecture; it reveals the structure’s integrity. For correspondent banks, transparency is the cornerstone of trust. Local banks can securely and efficiently share information on their operations, governance, and risk management practices through regulated and standardised risk scoring as a common language. This allows local banks to solidify partnerships and attract international business. Case studies around the globe have demonstrated the power of transparency. For example, banks that have embraced open and standardised communication have seen an upswing in investor confidence and customer loyalty. They have also managed to easily navigate regulatory scrutiny, avoiding the pitfalls that befall opaque institutions. In Ghana, where the banking sector is rapidly evolving, transparency is not just a best practice but a strategic advantage that can set institutions apart in the fiercely competitive global marketplace. It’s about building a reputation that crosses oceans and borders. Risk Management in Correspondent Banking In the intricate web of global finance, managing risk in correspondent banking is akin to navigating a ship through a sea of uncertainties. For Ghanaian banks, identifying and mitigating financial crime risks is paramount to maintaining not just their own safety, but the financial security of the nation. Foreign banks that act as correspondent banks to our local banks do the same. It involves meticulously pricing the risk of each correspondent relationship, a task that calls for both precision and foresight. Banks must employ strategies that include rigorous due diligence, ongoing monitoring, and the application of advanced analytical tools. By doing so, they can detect early signs of potential risks, from money laundering to terrorist financing, and act swiftly to prevent them. Implementing these strategies ensures compliance with international standards and secures the reputation of Ghana’s banking sector as a citadel of integrity in the global financial arena. And that is why it is so crucial for our local banks to adopt standardised risk scoring as a common language. This will eliminate the subjective guesswork of some, if not most, correspondent banks that lead to unfairly higher corresponding banking fees. Regulatory Compliance and International Standards Regulatory compliance in the financial sector is not just about ticking boxes; it’s about upholding standards that maintain the sanctity of the global financial system. Ghana’s adherence to international compliance standards showcases its commitment to fighting financial crime and fostering a stable economic environment. The Ghanaian regulatory landscape is shaped by local oversight and international mandates, creating a robust framework for banks. This comprehensive regulatory tapestry ensures that Ghanaian banks are not just local players but are also credible actors on the international stage, capable of attracting and conducting global business with confidence and integrity. The Role of Technology and Innovation The banking sector’s evolution is being propelled by technology and innovation, particularly in Ghana, where digital transformation is rewriting the rules of finance. Advancements in financial technology are providing banks with tools to enhance security, improve customer experience, and expand their services. In Ghana, where mobile phone usage is widespread, banking has leapt from the traditional model to one accessible with just a few taps on a smartphone. This has increased financial inclusion and opened up a new realm of possibilities for banking services. The future of banking in Ghana looks both technologically advanced and more inclusive, with technology as an enabler for broader economic participation. As previously detailed, a regulated, standardised language is essential to lowering correspondent banking fees and removes guesswork from foreign banks assessing the risk of doing business with local banks.  When privately engaged, some companies I collaborate with offer regulated and standardised financial crime risk ratings, intelligence, and analytical tools to small, medium, and global banks. In a tech-heavy Ghanaian financial sector, it is prudent to internally apply data-driven analysis to rate your local banks’ financial crime risk profiles through industry-wide standardised scoring and bring the credit-risk approach to financial crime risk. If one were to, say, engage for regulated and

1. CLIMATE CHANGE & JOURNALISM In a world teetering on the brink of irreversible climate disaster, the need for robust, actionable solutions has never been more acute. At the intersection of science, policy, community action, and global consciousness stands a singular force: Journalism. Armed with the power of the pen and the reach of the airwaves, journalists have the unparalleled opportunity — and indeed, the responsibility — to serve as catalysts for change. As we grapple with current extreme weather events and the stark reality that a majority of Ghana, nay the human race, remains vulnerable, the role of journalism in communicating, educating, and mobilising has evolved from being merely informative to fundamentally transformative. A. The Climate Imperative The world is increasingly besieged by climate challenges. Taking action has never been more crucial. While the threats are dire, opportunities abound for various stakeholders to make a tangible impact. B. The Role of Information Dissemination Journalists, influencers, and even casual social media users wield immense power in shaping public perception and driving collective action. These groups can act as catalysts in the fight against climate change. C. Business Incentives The business community is often viewed as reluctant to participate in sustainability efforts, primarily due to perceived costs. However, we will explore how adopting a climate-friendly stance can be simultaneously morally right and financially advantageous. D. What Lies Ahead From examining the role of journalism in propagating accurate information to investigating the untapped potential of social media influencers, we’ll explore a multi-faceted approach to climate action. Additionally, we’ll shed light on the financial incentives available to businesses for adopting sustainable practices. 2. THE SCIENCE BEHIND CLIMATE COMMUNICATION A. The Critical Intersection of Media and Science Climate change is not merely a narrative about rising temperatures and extreme weather events. It is a story deeply rooted in scientific research and data. Consequently, the media’s role isn’t merely that of a message-bearer but that of an educator in some respects. B. The State of Media Resources As it stands, many media houses will be quick to tell you that they are not fully equipped to disseminate the complexities of climate science to the global community. While there is a concerted effort to bring climate issues to the forefront, the focus often leans towards sensationalism, potentially leading to diluted or even inaccurate portrayals. The media houses have a point. C. Limitations and Challenges There are notable limitations to this scenario. Firstly, media personnel may not always have the scientific background to convey such intricate information. Secondly, the fast-paced nature of news dissemination may not lend itself to the thoroughness that scientific discussion often requires. Thirdly, there may be a lack of access to reliable scientific resources or experts, particularly in economically or socially disadvantaged regions. D. The Need for Up-skilling and Collaboration The obvious solution to this inadequacy lies in enhancing the capabilities of media professionals. This could include specialised training programs in climate science and continuous collaboration between journalists and scientific experts. This approach would help ensure that the information being spread is both accurate and impactful. 3. THE ROLE OF JOURNALISM IN CLIMATE ACTION A. The Media as a Funnel for Climate Awareness In our increasingly connected world, the media is a potent conduit for disseminating information. When it comes to climate change, the stakes are significantly higher. Journalists are not merely reporters; they become stewards of public awareness, tasked with communicating the severity and urgency of the issue. A journalist’s words can influence public opinion, spark debates, and even catalyse policy changes. Hence, the media’s role in shaping a collective consciousness about climate change cannot be overstated. B. The Challenge of Cross-Disciplinary Communication While the media have a substantial role in climate change communication, they also face the challenge of translating complex scientific jargon into accessible language. For instance, terms like ‘carbon footprint,’ ‘greenhouse gas emissions,’ or ‘ocean acidification’ might seem bewildering to a layperson. Journalists, therefore, must serve as intermediaries, capable of conveying scientific data in a manner that the average person not only understands but also feels compelled to act upon. It’s about making climate science as relatable as household discussions. This is clearly a challenge, but not an impossible one. C. The Power of Local Leadership in Climate Communication Local leaders, be they community elders, religious figures, or politicians, have a unique influence over their communities. Their words often carry more weight and immediacy than an outsider’s. Journalists can leverage this local influence by partnering with these community figures. The idea is to ‘localise’ climate change, to make it a pressing issue that communities can relate to and act upon. In essence, the media can serve as catalysts, empowering local leaders to drive home the urgency of the climate crisis. D. The Economics of Climate Communication: A Sustainable Approach Financial resources are the lifeblood of any large-scale initiative, and climate action is no exception. One can have all the good intentions in the world, but without the necessary funding, even the most ambitious projects will falter. That is why I advocate for a sustainable funding model involving both public and private sectors. Journalists should not be left to shoulder this financial burden alone; partnerships should be forged and funding allocated to ensure that accurate and impactful climate communication can occur. Whether through grants, advertisements, or public-private partnerships, a financially sustainable model can drive climate action from the grassroots level all the way to the global stage. 4. THE ROLE OF SOCIAL MEDIA INFLUENCERS A. The Currency of Impressions In the age of social media, influencers are driven by a clear objective: to garner impressions that translate into monetary value or brand partnerships. But what if these impressions could serve a greater purpose—namely, the cause of climate awareness? B. The Power of Recognition Recognition plays a crucial role in human behaviour, and influencers are no exception. By applauding and acknowledging the efforts of those who use their platform for climate advocacy, we can inspire a new wave of influencers to