TIG Post

Tag: Dr Cassiel Ato Forson

  • Ghana saves additional GHS 2.6bn and US$173m after SML contract termination -OSP

    Ghana saves additional GHS 2.6bn and US$173m after SML contract termination -OSP

    President Mahama issued a termination directive of Strategic Mobilisation Ghana Limited (SML), a deal that was supposed to help check revenue in the oil (upstream) and mining (mineral) sectors, on October 31.

    The order was communicated through a letter signed by Dr Callistus Mahama, Secretary to the President, and addressed to Finance Minister Dr Cassiel Ato Forson, following a comprehensive investigation conducted by the Office of the Special Prosecutor (OSP), led by Mr Kissi Agyebeng.

    Following the investigations, the anti-corruption agency discovered procurement breaches and irregularities in contract awards, contractual overreach beyond SML’s original mandate, lack of value for money due to inflated costs and questionable service delivery, and legal concerns. 

    The SML contracts included several components, thus a Transaction Audit and External Price Verification service agreement, a Measurement Audit for Downstream Petroleum Products contract, and later agreements for Upstream Petroleum and Minerals & Metals audit services.  

    On 3 May 2024, GRA terminated two of those contracts (the Transaction Audit & External Price Verification) and suspended the Upstream Petroleum & Minerals Audit portion under the erstwhile government.

    In June this year, following the OSP’s findings, the Measurement Audit for Downstream Petroleum Products (the main SML contract) was completely terminated, saving Ghana over GHS 1.2 billion.

    In an addendum shared on its X (formerly Twitter) handle, the OSP noted that more has been saved in finances aside from the GHC 1.2billion. The OSP announced that Ghana has saved more than GHS 2.6 billion and US$173 million.

    The additional savings, it said, arose from avoiding payments tied to crude oil and gold export monitoring services that were never implemented.

    “Following the earlier announcement that Ghana saved over GHS 1.2 billion from the cancellation of the main SML revenue assurance contract, there an additional savings from the upstream and mineral sector components of the agreement. These contracts, which were based on a variable fee structure linked to exports of crude oil and gold, would have cost the State approximately US$173 million for crude oil and GHS 2.6 billion for gold exports over five years. 

    SML did not commence work as the arrangement coincided with the KPMG audit. Owing to the criminal investigations by the Office of the Special Prosecutor (OSP) and the subsequent cancellation by the President, Ghana has now avoided these further costs,” the OSP noted in its statement.

    In a highly detailed press briefing following a comprehensive investigation, the OSP mentioned critical findings that exposed systemic breaches of public financial regulations and a clear misuse of authority that caused the state to lose money.

    “There was no genuine need for contracting SML for the obligations it’s purported to perform,” the Special Prosecutor declared.

    Mr Agyebeng has solidified the case against the contentious Strategic Mobilisation Ghana Limited (SML) contract, alleging that former Finance Minister Ken Ofori-Atta approved payments without any technical or operational justification.

    According to the OSP, Ofori-Atta failed to intervene even though SML openly lacked the necessary capacity, expertise, and tools to execute its contract. Instead, he allegedly remained complicit, approving payments from the Consolidated Fund, the Petroleum Revenue Account, and the Tax Refund Account.

    The OSP’s investigation concluded, “Had he not been personally benefiting from the SML’s unlawfully procured contracts, the openly displayed by SML of a lack of capacity’s expertise and tools would have immediately triggered his intervention to halt payments to SML and demand accountability. Instead, he looked on conspiratorially in silence, while endorsing and approving payments to SML from the Consolidated Fund, Petroleum Revenue Account, and Tax Refund Account with no technical or operational basis,” the OSP said during a press conference on Thursday, October 30.

    The OSP’s findings expose SML’s clear inability to perform the revenue assurance services it was contracted for, which included key responsibilities such as transaction audits and external price verification.

    According to the investigation, the continuous “troubleshooting displayed during this period was born of the unlawful imposition of SML in the space and the still lingering reality of SML’s lack of capacity to carry out transaction audits and external price verification.”

    Even after 15 months of engagement, SML reportedly “had no system in place to receive CCVRs” (customs control and valuation records), the essential data needed to execute its tasks. Additionally, the existing data provider, West Blue, was under “no legal obligation to release the vital data” to SML.

    As a result, the assigned work remained uncompleted, yet the company “continued to be paid,” reinforcing the OSP’s conclusion that the situation led to a financial loss to the state.

    It is important to note that former Finance Minister Ken Ofori-Atta has been declared wanted by the OSP for causing financial loss to the state in several dealings, including the contractual arrangement between Strategic Mobilisation Ghana Limited and the Ghana Revenue Authority for the stated objective of enhancing revenue assurance in the downstream petroleum sector, upstream petroleum production, and minerals and metals resource value chain.

    The activities of SML came to light years ago after Manasseh Azure Awuni raised contractual breaches in a deal involving the Ghana Revenue Authority (GRA) and Strategic Mobilisation Limited (SML).

    The original purpose of the GRA-SML contract was to boost revenue assurance in vital sectors of Ghana’s economy, including the downstream petroleum sector, upstream petroleum production, and the minerals and metals value chain. The goal was to streamline revenue collection, ensuring greater transparency and efficiency in these high-revenue sectors.

    Following concerns, an in-depth audit was carried out by international firm KPMG, commissioned by former President Nana Addo Dankwa Akufo-Addo. The audit was launched to examine the contractual agreements between the Ghana Revenue Authority (GRA) and SML, with a particular focus on the procedures and approvals related to the contract.

    The KPMG audit uncovered significant procedural errors and regulatory violations in awarding the contract. Specifically, the GRA did not obtain the required approvals from the Public Procurement Authority (PPA) and failed to seek parliamentary oversight before finalising the agreement with SML.

    The Ghana Revenue Authority (GRA) entered into six service agreements with Strategic Mobilisation Ghana Limited (SML) using the single-source procurement method without obtaining approval from the Public Procurement Authority (PPA).

    The first agreement, covering Transaction Audit Services, was signed on June 1, 2018. This was followed by a Contract Extension on January 1, 2019. On April 1, 2019, the GRA entered into another agreement with SML for External Price Verification Services. Subsequently, on October 3, 2019, the two parties signed a Consolidation Services Agreement, which combined the Transaction Audit and External Verification Services.

    That same day, a separate agreement was also signed for the Measurement Audit of Downstream Petroleum Products. Later, on July 29, 2020, an Addendum to the Measurement Audit for Downstream Petroleum Products Agreement was executed.

    The audit report also revealed that SML owes the government over GHC31 million in taxes.

  • Finance Minister to terminate SML contract – Report

    Finance Minister to terminate SML contract – Report

    President John Dramani Mahama has reportedly instructed the Minister of Finance, Dr Cassiel Ato Forson, to terminate all existing contracts between the Government of Ghana and Strategic Mobilisation Ghana Limited (SML).

    This comes after the outcome of investigations by the Office of the Special Prosecutor (OSP) concluded that there was no valid reason for the government’s partnership with SML.

    According to a report by 3News, a letter from Dr. Callistus Mahama, Executive Secretary to the President, to the Minister of Finance, clearly stated;

    “Following the conclusion of the investigation conducted by the Office of the Special Prosecutor (OSP) into the contracts awarded to Strategic Mobilisation Ghana Limited (SML), I have been directed by His Excellency, the President of the Republic, to request that you take immediate steps to terminate all existing SML-related contracts forthwith.”

    The Special Prosecutor, Kissi Agyepong, has concluded that there was “no genuine need” for the controversial revenue assurance contract between the Ghana Revenue Authority (GRA) and SML (Strategic Mobilisation Ghana Limited).

    In a highly detailed press briefing following a comprehensive investigation, the OSP mentioned critical findings that exposed systemic breaches of public financial regulations and a clear misuse of authority that caused the state to lose money.

    “There was no genuine need for contracting SML for the obligations it’s purported to perform,” the Special Prosecutor declared.

     Mr Agyebeng has solidified the case against the contentious Strategic Mobilisation Ghana Limited (SML) contract, alleging that former Finance Minister Ken Ofori-Atta approved payments without any technical or operational justification.

    According to the OSP, Ofori-Atta failed to intervene even though SML openly lacked the necessary capacity, expertise, and tools to execute its contract. Instead, he allegedly remained complicit, approving payments from the Consolidated Fund, the Petroleum Revenue Account, and the Tax Refund Account.

    The OSP’s investigation concluded, “Had he not been personally benefiting from the SML’s unlawfully procured contracts, the openly displayed by SML of a lack of capacity’s expertise and tools would have immediately triggered his intervention to halt payments to SML and demand accountability. Instead, he looked on conspiratorially in silence, while endorsing and approving payments to SML from the Consolidated Fund, Petroleum Revenue Account, and Tax Refund Account with no technical or operational basis,” the OSP said during a press conference on Thursday, October 30.

    The OSP’s findings expose SML’s clear inability to perform the revenue assurance services it was contracted for, which included key responsibilities such as transaction audits and external price verification.

    According to the investigation, the continuous “troubleshooting displayed during this period was born of the unlawful imposition of SML in the space and the still lingering reality of SML’s lack of capacity to carry out transaction audits and external price verification.”

    Even after 15 months of engagement, SML reportedly “had no system in place to receive CCVRs” (customs control and valuation records), the essential data needed to execute its tasks. Additionally, the existing data provider, West Blue, was under “no legal obligation to release the vital data” to SML.

    As a result, the assigned work remained uncompleted, yet the company “continued to be paid,” reinforcing the OSP’s conclusion that the situation led to a financial loss to the state.

    It is important to note that former Finance Minister Ken Ofori-Atta has been declared wanted by the OSP for causing financial loss to the state in several dealings, including the contractual arrangement between Strategic Mobilisation Ghana Limited and the Ghana Revenue Authority for the stated objective of enhancing revenue assurance in the downstream petroleum sector, upstream petroleum production, and minerals and metals resource value chain.

    The activities of SML came to light years ago after Manasseh Azure Awuni raised contractual breaches in a deal involving the Ghana Revenue Authority (GRA) and Strategic Mobilisation Limited (SML).

    The original purpose of the GRA-SML contract was to boost revenue assurance in vital sectors of Ghana’s economy, including the downstream petroleum sector, upstream petroleum production, and the minerals and metals value chain. The goal was to streamline revenue collection, ensuring greater transparency and efficiency in these high-revenue sectors.

    Following concerns, an in-depth audit was carried out by international firm KPMG, commissioned by former President Nana Addo Dankwa Akufo-Addo. The audit was launched to examine the contractual agreements between the Ghana Revenue Authority (GRA) and SML, with a particular focus on the procedures and approvals related to the contract.

    The KPMG audit uncovered significant procedural errors and regulatory violations in awarding the contract. Specifically, the GRA did not obtain the required approvals from the Public Procurement Authority (PPA) and failed to seek parliamentary oversight before finalising the agreement with SML.

    The Ghana Revenue Authority (GRA) entered into six service agreements with Strategic Mobilisation Ghana Limited (SML) using the single-source procurement method without obtaining approval from the Public Procurement Authority (PPA).

    The first agreement, covering Transaction Audit Services, was signed on June 1, 2018. This was followed by a Contract Extension on January 1, 2019. On April 1, 2019, the GRA entered into another agreement with SML for External Price Verification Services. Subsequently, on October 3, 2019, the two parties signed a Consolidation Services Agreement, which combined the Transaction Audit and External Verification Services.

    That same day, a separate agreement was also signed for the Measurement Audit of Downstream Petroleum Products. Later, on July 29, 2020, an Addendum to the Measurement Audit for Downstream Petroleum Products Agreement was executed.

    The audit report also revealed that SML owes the government over GHC31 million in taxes.

    During the period from September 1, 2020, to April 30, 2021, a bulk payment to SML covering invoices for eight months did not have VAT and WHT deductions, amounting to GHC13.38 million. This contradicts GRA’s standard practice of deducting such taxes for payments to SML between June 1, 2020, and August 31, 2023.

    Additionally, SML failed to fulfil its statutory obligations by neither filing returns nor remitting these taxes to the GRA. Pursuant to Section 71(1) of the RA Act, the accrued interest on the tax liability is estimated at GHC18.50 million owed by SML to the GRA as of January 31, 2024.

    Consequently, the total liability incurred by SML amounts to GHC31.88 million.

  • I never fabricated evidence – Godfred Dame refutes Jakpa’s CID complaint

    I never fabricated evidence – Godfred Dame refutes Jakpa’s CID complaint

    Former Attorney-General and Minister for Justice, Godfred Yeboah Dame, has categorically denied allegations by businessman Richard Jakpa, now Director of Special Operations at the National Security Secretariat, the third accused, in the controversial ambulance case against former Majority Leader and now Finance Minister, Dr Cassiel Ato Forson.


    Delivering a 50-point statement to the Criminal Investigations Department (CID) on Monday, October 6, 2025, Mr. Dame described the claims as “baseless,” “sour grapes,” and “a desperate ploy to obstruct justice.”

    He dismissed Jakpa’s accusations of fabrication of evidence in the case titled “Republic vrs. 1. Cassiel Ato Forson, 2. Dr. Sylvester Anemena, 3. Richard Jakpa.” He argued that “none of the ingredients of the offence have been made out in the charge against me.”


    Denial of the fabrication allegation


    According to the former Attorney-General, “I did not fabricate any evidence led in that criminal trial. I have not been shown any piece of evidence adduced in the matter, either by the prosecution or the defence, which is alleged to be fabricated by me.”


    He maintained that he “never attempted to influence the testimony of Richard Jakpa, and indeed, he was not influenced at all when giving evidence in the case in question.”


    Explaining the legal definition of the alleged offence, Mr Dame stated that “the offence of fabrication of evidence entails causing a circumstance to exist, making a false entry in a book, record, account or forging a document adduced as evidence at the trial, with intent to mislead a judge, juror or public officer acting in a judicial capacity. No act of mine borders on the doing of anything that will constitute fabrication of evidence.”


    He revealed that the so-called evidence relied upon by Jakpa was “a secret recording of a telephone conversation between himself and me on 26 March, 2024.”


    However, Mr. Dame clarified that “that telephone conversation actually took place on 9 April, 2024, and not 26th March, 2024, as he alleges. I am unable to respond to an allegation based on an alleged conversation on 26 March 2024 since no conversation took place between us on that day.”


    Context of the telephone call


    Mr Dame outlined that by the time of the said phone conversation, “the prosecution had long filed and made available to the defence, and even gone ahead to tender in evidence all the documents it sought to rely on.”


    He emphasized that the documents had been filed as early as “14th February, 2022,” and that the High Court had already ruled that a prima facie case had been established against the accused persons on “30th March, 2023.”


    By then, “the first accused, Dr. Ato Forson, had closed his case,” while the second accused’s case had been discontinued due to ill health. According to Dame, “the only accused person left was Richard Jakpa, who was in the process of testifying. He opened his defence by himself as he had fired his lawyer, Mr. Aubyn.”


    The former Attorney-General insisted that he called Jakpa merely “to discuss the possibility of adjourning proceedings for that day since I had to finish up preparations for an international arbitration hearing in London.”


    He further added, “I will produce evidence of this as well. In the course of the discussion, he revived his disagreement over the meaning of the contract in question and the implications of using Letters of Credit as payment for the ambulances, which were proven to be not fit for purpose. No fabrication, just resentment.”


    Mr. Dame described Jakpa’s complaint as one born out of personal frustration. He said: “This complaint by Richard Jakpa is just sour grapes as he felt aggrieved by my refusal to yield to his representations, in those meetings with Justice Kulendi, for me to discontinue his prosecution.”


    He added that Jakpa was “hugely disgruntled and resentful of me following my insistence on proceeding with this prosecution despite the pressure he and the other accused persons brought on me to halt their prosecution.”


    He further alleged that the first accused person, Dr. Cassiel Ato Forson, had personally visited his residence in 2023 “to make representations and impress upon me to stop his prosecution. This, I refused to oblige.”


    Role of Justice Kulendi


    Mr. Dame confirmed that all his encounters with Jakpa occurred either in open court or at the home of Supreme Court Justice Yonny Kulendi, whom he described as “a respected senior colleague for many years even before he was appointed to the Supreme Court.”


    He said, “The fact remains that there would have been no ‘Dame–Jakpa’ without Justice Kulendi.” He emphasized that his visits to the judge’s residence were out of respect, emphasising, “It is inconceivable for a lawyer, more so the Attorney-General, to refuse invitations by a Justice of the Supreme Court to visit or to decline to give him audience when requested.”


    However, he maintained that he “did not reasonably think that honouring invitations to his residence would entail any danger or prejudice” and that he “maintained independence of thought on all issues discussed in Justice Kulendi’s house, including matters related to Richard Jakpa’s prosecution.”


    High Court ruling on the matter


    Mr. Dame stressed that Jakpa’s allegations were not only false but had already been “judicially considered and pronounced upon by the High Court, Accra.”


    Citing pages 24, 31, and 32 of the High Court ruling delivered on June 6, 2024, by Justice Afia Serwaa Asare-Botwe, he quoted, “After listening to the conversation between A3 and A1, the issue of whether the Attorney-General actually told A3 to implicate A1 is not borne out by the evidence.


    “The declaration that A3 was innocent and going through ordeal … was not made by the Attorney-General, but was made by A3, to which the Attorney-General responded at minute 10:20, ‘I am not asking you to help me.”


    He added that the court further concluded, “After listening to the recording … there is no actual evidence that the Attorney-General as the prosecutor has behaved in such an egregious manner that the 1st Accused/Applicant’s right to a fair trial is in jeopardy.”


    Mr. Dame argued that the CID lacked the jurisdiction to reinvestigate matters already determined by a court of competent jurisdiction, emphasizing: “The instant complaint seeks to relitigate issues already adjudicated upon by the High Court, Accra, in respect of which there is no appeal. The matters in issue have become res judicata.”


    Timeline of contact with Jakpa


    Detailing his limited engagement with the businessman, the former Attorney-General stated:
    “I have never met Mr. Richard Jakpa anywhere apart from inside the courtroom and the residence of a Justice of the Supreme Court, His Lordship Justice Yonny Kulendi.”


    He explained that the first interaction occurred when Justice Kulendi visited his office on 18 January 2022, after Jakpa’s arraignment, to plead for the accused’s temporary release pending bail verification. He agreed out of respect for the judge.


    He noted that Jakpa later obtained his number from Justice Kulendi and sent him 68 WhatsApp messages, to which he replied only twice, a fact Jakpa admitted in court.


    Mr. Dame further stated: “In light of the above, I say that the allegation of fabrication of evidence is totally baseless and springs only from the fertile imagination of Richard Jakpa.”


    He maintained that his only motive in calling Jakpa on 9 April 2024 was procedural, connected to an adjournment request before he left for an arbitration hearing in London, one which Ghana ultimately won.

  • Audit of arrears and payables as of 2024 to be completed by August

    Audit of arrears and payables as of 2024 to be completed by August

    Minister for Finance, Dr Cassiel Ato Forson, has revealed that by the end of August, the Ghana Audit Service, in partnership with EY and PWC, will complete the audit of arrears and payables as of the end of 2024.

    The Audit Service was tasked to audit and validate GH¢68.7 billion of arrears. Presenting the 2025 Mid-Year Budget in Parliament on Thursday, July 24, the sector minister noted that about 87 percent of the audit has been completed.

    The preliminary results show that a total of GH¢28.3 billion has been validated for payment. Also, an amount of GH¢3.6 billion has been rejected because of errors, duplications, and non-compliance with PFM and procurement rules. An amount of GH¢562.6 million is without adequate supporting documents, and GH¢27.3 billion is pending validation. 

    Dr Cassiel Ato Forson stated that “once finalized, we will update the House on the findings and outcomes.”

    As part of the government’s fiscal consolidation strategy, the government has taken measures to sanitize public sector payroll and rid it of ghost names. The government engaged the Ghana Audit Service to undertake a nationwide payroll audit across all 16 regions of the country.

    Providing an update on the audit, the Finance Minister revealed that the Ghana Audit Service has completed 91% of the payroll audit.

    So far, the Audit Service has not been able to identify and verify over 14,000 workers. The Service has identified 53,311 separated staff—these are staff who are either retired, resigned, terminated, leave without pay, or deceased, and yet remain on government payroll.

    According to the sector minister, the Audit Services expects to recover GH¢150.4 million of unearned salaries from the separated staff over the 2023 and 2024 period.

    “Mr. Speaker, going forward, we will enforce the monthly payroll validation process and strictly apply sanctions to all who validate “ghosts” for payment of salaries. Rt. Hon. Speaker, let me use this opportunity to strongly caution those who validate “ghosts” across the public service that they will be personally liable for the loss of public funds,” Dr Cassiel Ato Forson said.

    He assured that the Ministry of Finance will continue to monitor the payroll and put in place measures to prevent “ghost names” on the payroll.

    In his delivery, Dr Cassiel Ato Forson noted that has come to the attention of the Ministry of Finance that a number of contractors implementing some of these 55 stalled projects have drawn down on the loans with no work done to match the amounts drawn down.

    Again, some contractors have submitted additional costs in excess of what Parliament approved. In light of this, the Ministry of Finance has commissioned a forensic audit into these projects.

    “Mr. Speaker, we will apprise the House when this audit is completed,” the sector minister assured.

    The Finance Minister also revealed that the government has experienced some significant pressures on the compensation budget for the first half of 2025, mainly emanating from wages and salaries.

    Wages and salaries exceeded the budget by GH¢1.3 billion for the first six months of the year. The wage pressures, the minister said, were largely driven by last-minute recruitments undertaken by the previous government in the last quarter of 2024, especially in the education, health, and security sectors.

    “In addition, ad-hoc reviews of conditions of service undertaken in previous years have distorted the Single Spine Pay Policy and further burdened the public wage bill,” the sector minister added.

    In February this year, Chief of Staff Julius Debrah issued a directive annulling all public service appointments and recruitments made after December 7, 2024.

    A letter was circulated to heads of government institutions, instructing them to comply with the directive and submit a report by February 17, 2025, detailing the actions taken in response.

    “Consistent with Government pronouncement in relation to near end of tenure appointments and recruitments, I wish to bring to your attention that all appointments and recruitments made in the Public Services of Ghana after 7th December, 2024 are not in compliance with established good governance practices and principles.”

    “Accordingly, all Heads of Government Institutions are hereby requested to take the necessary steps to annul any such appointments or recruitments and submit a comprehensive report on the actions taken to this Office by 17th February 2025.”

    Prior to the swearing-in of President-elect John Mahama, concerns were raised over last-minute appointments and financial transactions by the outgoing administration. 

    The previous government defended these actions, stating, “these recruitment processes and payments have received the relevant statutory approvals and have not been proven to be illegal. It was decided that any specific allegation of illegality about any particular payment or recruitment should be brought to the attention of the Transition Team for a decision to be made.”

    Minority Leader Alexander Afenyo-Markin urged President Mahama to reconsider and overturn the cancellation of these appointments. In response, Minister of State responsible for Government Communications and a spokesperson for President John Dramani Mahama, Felix Kwakye Ofosu, defended the administration’s move to invalidate appointments made after December 7, citing procedural flaws in the recruitment process.

    Speaking to the media in Accra on Wednesday, February 19, Kwakye Ofosu said, “Let me also put it on record that this action has been taken not because of a perception or a belief that they were NPP. It is because we know that the recruitment processes were attended by irregularities.”

    He pointed out cases where some individuals were issued retroactive appointment letters to falsely suggest they had been hired well before the elections, while others secured positions without going through interviews or even formally applying.

    Kwakye Ofosu stressed that such irregularities could not be overlooked and reaffirmed the government’s commitment to launching a fresh recruitment exercise that would be open to all qualified Ghanaians, regardless of their political backgrounds.

    “In due course, government will do recruitment and it will be open to all Ghanaians irrespective of political colouration. Indeed, your party identity will not be required. You will not be asked to show whether you’re NPP or NDC when that comes, but we will do it in a regular manner,” he explained.

    He also guaranteed that individuals whose appointments had been nullified would still have the chance to apply again and participate in a fair recruitment process. “So even those who have had their employment revoked will still have the opportunity to reapply and go through due process,” Kwakye Ofosu added.

  • NIB recapitalised, ready to do business after injection of GHC450m – Finance Minister

    NIB recapitalised, ready to do business after injection of GHC450m – Finance Minister

    Minister for Finance, Dr Cassiel Ato Forson, has announced the successful recpaitalisation of the National Investment Bank (NIB).

    On July 9, Dr Cassiel Ato Forson announced the government’s decision to recapitalize the NIB and added that further details of the comprehensive recapitalization plan will be unveiled during the upcoming mid-year review.

    Just as stated, the Finance Minister, while presenting the 2025 Mid-Year budget review on the floor of Parliament on Thursday, July 24, shared the ambitious and credible plan to return NIB to profitability and sustainability.

    According to the sector minister, to recapitalise the NIB, the government undertook the following initiatives: injected a total cash of GHC450 million, issued re-marketable bonds with a face value of GHC1.5 billion to the National Investment Bank, and transferred GHC500 million of Government of Ghana shares in the Nestle Ghana Limited to the National Investment Bank.

    Dr Cassiel Ato Forson indicated that these transfers have significantly improved the capital adequacy ratio from -53.13% at the end of December 2024 to a positive 23% in May 2025.

    “By taking these major steps, we have preserved depositors funds valued at GHC6.4 billion. We have also saved over 900 direct jobs at the National Investment Bank. We have preserved an indigenous Ghanaian bank. Unlike the previous administration, we chose to spend to save a bank rather than spend to collapse a bank.”

    The incumbent government has prepared a forward-looking, overarching restructuring plan for the National Investment Bank to put the bank on a sustainable path of profitability.

    The plan also aims to enhance board independence and objectivity, strengthen risk management, promote accountability and transparency, prevent insider dominance, and improve strategic decision-making.

    This plan will, among other things, strengthen the corporate governance framework and systems, improve enterprise risk and controls, establish a modern business model, revamp operational strategy, improve financial performance, institute and enhance supervisory measures, and eventually we will list the NIB on the Ghana Stock Exchange.

    Currently, the National Investment Bank has a total paid-up capital of GHC3.4 billion and a capital adequacy ratio of 23%. 

    “On behalf of the President, I want to use this opportunity to assure the people of Ghana and depositors that our indigenous bank, National Investment Bank, is now prime for business.

    More importantly, NIB is back. NIB is now liquid, NIB is now safe and NIB is fully capitalized,” the Finance Minister further stated.

    He, thus, encouraged all and sundry to do business with the revitalized Investment Bank (NIB). In May last year, the erstwhile government earmarked GH¢2.3 billion for the recapitalization of the National Investment Bank (NIB). 

    “As part of the implementation of the Post Covid-19 Programme for Economic Growth (PC-PEG), Cabinet has approved the plan for restructuring and recapitalization of the National Investment Bank (NIB),” the former Finance Minister Dr. Mohammed Amin Adam said.

    The recapitalization plan was to involve a programmed equity injection of about GHS2.3 billion over a year, with the first tranche of GHS400 million expected to be transferred to NIB before the end of May last year. This initiative was critical to strengthening the governance structure, enhancing operational efficiency, and improving risk management to ensure the financial viability of NIB.

    The International Monetary Fund (IMF) upon approving the disbursement of $370 million to Ghana after reaching a staff-level agreement after the fourth review, noted that further strengthening the country’s financial sector stability “requires fully implementing the plan to strengthen NIB, finalizing the reform strategy to support state-owned banks’ viability and sustainability, and developing contingency plans to address weak banks that fail to recapitalize.”

    Inauguration of NIB Board

    Finance Minister Dr Cassiel Ato Forson has inaugurated the new 9-member Board of Directors for the National Investment Bank (NIB). The swearing-in ceremony was held on July 9. The sector minister expressed his congratulations to the new board.

    The Board of Directors will be chaired by Mr. Frank Adu Jnr, who has been appointed as Managing Director. Dr Ato Forson noted that under this new leadership, “NIB will operate with the independence and professionalism it deserves.” 

    The complete board composition includes distinguished professionals including Dr. Doli-wura Awushi Abdul-Malik Seidu Zakarai (Managing Director), Hon. Dr. Othniel Ekow Kwainoe, Hon. Ebenezer Kwaku Addo, Dr. Mrs. Mercy Naa Aku Ofei-Koranteng, Dr. Shani Bashiru, Mr. Max George Cobbina, Dr. Kwasi Akyem Apea-Kubi and Dr. Alfred Attuquaye Botchway.

    Recapitalizing ADB, CBG

    Finance Minister Dr Cassiel Ato Forson has announced the government’s decision to recapitalize the Agricultural Development Bank (ADB) and Consolidated Bank Ghana Limited (CBG).

    The government aims to recapitalize the Agricultural Development Bank in 2026. This move, according to the sector minister, is aimed at strengthening ADB’s financial position to better support farmers, agribusinesses, and agricultural value chain initiatives.

    The recapitalisation of the Consolidated Bank Ghana Limited (CBG) will be done in the coming year. This comes after approximately GH₵30 billion was spent to purportedly salvage and restore confidence in the financial sector.

    Newly appointed Board Chairman of CBG, Mr. Ernest Mawuli Agbesi, commended the government’s resolve to recapitalize the bank and pledged that the board would work diligently to deliver value to both the government and the Ghanaian people.

    Dr Ato Forson has inaugurated the new Board of Directors for the Agricultural Development Bank (ADB). The sector minister highlighted the critical role of agriculture in national development, noting that no country can achieve sustainable growth without a vibrant and resilient agricultural sector.

    He therefore tasked the new ADB Board chaired by Mr. Kenneth Kwamina Thompson “to remain focused and guided by their primary mandate—serving Ghana’s agricultural sector.”

    The newly inaugurated board is chaired by Mr. Kenneth Kwamina Thompson, with Mr. Edward Ato Sarpong serving as Managing Director.

    Other members of the board include Hon. Andrew Dari Chiwitey, Mr. Siisi Essuman-Ocran, Hon. Dr. E. Prince Arhin, Hon. Misbahu Mahama Adams, Wing Commander Samuel J.A. Allotey, Mr. Courage Akanwunge Asabagna and Mr. Abdul Nasir M. Saani.

    The sector minister has sworn in the Board of Directors for Consolidated Bank Ghana Limited (CBG). To the Consolidated Bank Ghana Limited (CBG) Board of Directors, the Finance Minister issued a firm warning against the era of excessive salaries and board allowances within State-Owned Enterprises (SOEs). He stressed that such practices would not be tolerated under the current administration.

    “It is equally important that this board safeguards taxpayers’ money, as you have been entrusted with a crucial national asset,” Dr Ato Forson charged.

    The newly inaugurated CBG Board also includes Dr. Naomi Wolali Kwetey — Managing Director, Ms. Irene Ackuaku, Mr. David Adom, Mr. Michael Kwasi Anyamesem, Mr. Stephen Kporzih, Dr. Sa-ad Iddrisu, Mrs. Immaculate Kawe Kanlisi and Mr. John Alexander Ackon.

  • BoG receives $367m from IMF after fourth review – report

    BoG receives $367m from IMF after fourth review – report

    It is reported that the Bank of Ghana (BoG) has received US$367 million (SDR 267.5 million) from the International Monetary Fund (IMF) after the completion of the fourth review under the country’s three-year US$3 billion program.

    MyJoyOnline, citing sources at the central bank, reported that the Finance Minister, Dr Cassiel Ato Forson, will receive the cedi equivalent of the disbursed amount to finance projects named in the 2025 budget.

    This comes after the Executive Board of the International Monetary Fund (IMF) on July 7 completed the fourth review of the US$3 billion, 36-month Extended Credit Facility (ECF) Arrangement, which was approved by the Board in May 2023.

    Following the Executive Board discussion on Ghana, Deputy Managing Director Bo Li issued the following statement:

    “The authorities are strongly committed to restoring fiscal discipline and addressing the structural weaknesses that led to the slippages. This should be supported by continued efforts to enhance domestic revenue mobilization and streamline non-priority expenditure, while creating space for development priorities and enhanced social safety nets.”

    This brings Ghana’s total disbursements under the arrangement to about US$2.3 billion.

    In April, the IMF staff and the Ghanaian authorities reached a staff-level agreement on the fourth review of Ghana’s economic program.

    According to the IMF, the country’s economic recovery prompted the staff-level agreement and subsequent disbursement.

    Ghana’s growth in 2024 and the first quarter of 2025 was higher than expected, reflecting robust activity in the mining, agricultural, ICT, manufacturing, and construction sectors, the Fund noted.

    “The external sector has seen considerable improvement, driven by solid exports—particularly gold and to a lesser extent, oil—and higher remittances. As a result, the accumulation of international reserves has far exceeded the ECF-supported program targets.”

    Notwithstanding, Ghana’s performance under the IMF-supported program deteriorated significantly at the end of 2024.

    “Preliminary fiscal data point to slippages in the run-up to the 2024 general elections, on account of a large accumulation of payables. Inflation exceeded program targets—though recent data points to renewed rapid disinflation. Several reforms and policy actions were delayed across the fiscal, financial, and energy sectors,” the IMF noted.

    In light of this, the current administration, led by President John Mahama, has adopted strong corrective measures to address the fiscal impact of 2024 slippages and ensure the fiscal program remains on track, including achievement of a 1½ percent of GDP fiscal primary surplus in 2025.

    The Fund indicates that this will be achieved through additional revenue mobilization and expenditure rationalization—while protecting the vulnerable from the impact of policy adjustment.

    The Bank of Ghana (BoG) has tightened its monetary policy stance to sustain a continued reduction in inflation and has been successful in rebuilding international reserves. The BoG has implemented risk containment measures to support banking system stability.

    “It appropriately intensified monitoring and escalated measures at weak, undercapitalized banks to promote timely recapitalization; strengthen risk management frameworks and practices, including to reduce NPLs; and ensure effective governance. Looking ahead, the authorities are committed to sustaining their efforts to bolster financial stability,” the Fund revealed.

    Creating an environment more conducive to private sector investment and enhancing governance and transparency remain key to boosting the economy’s potential and underpinning sustainable job creation, according to the Fund.

    The Ghanaian authorities have also continued to make headway on their public debt restructuring. The Memorandum of Understanding (MoU) with Ghana’s Official Creditors Committee (OCC) under the G20 Common Framework has been signed by all parties, and the focus is now on finalizing the bilateral agreements to implement the MoU.

    The authorities are also pursuing good-faith efforts toward reaching agreements with other commercial creditors on debt treatments that are in line with program parameters and the comparability of treatment principles.

    Against the backdrop of these policy actions and the progress on debt restructuring, Ghana’s credit rating has been upgraded by key international credit rating agencies.

    Fitch has upgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘Restricted Default’ to ‘B-’ with a Stable Outlook.

    Fitch credited the upgrade to the country’s successful restructuring of $13.1 billion in Eurobond debt, steady fiscal consolidation, and the country’s improving macroeconomic outlook.

    The agency also highlighted falling inflation, a strengthening cedi, and a rebound in investor confidence as key indicators of Ghana’s economic turnaround.

    The Fund insists that staying the course of macroeconomic policy adjustment and reforms is essential to fully and durably restore macroeconomic stability and debt sustainability, while fostering a sustainable increase in economic growth and poverty reduction.

  • MDAs award contract worth GHC194bn – Dr Ato Forson

    MDAs award contract worth GHC194bn – Dr Ato Forson

    Finanace Minister Dr Cassiel Ato Forson has revealed that, MDAs under the former government awarded contracts worth GHS 194 billion.

    He made these revelations on March 11, 2025, while presenting the 2025 budget in Parliament.

    According to him, after assuming office as Finance Minister on January 23, 2025, he was met with numerous requests from suppliers and contractors demanding payment for outstanding debts. In response, he initiated a validation process to verify these claims and find ways to address them.

    At the end of the meeting, it was discovered that MDAs awarded contracts worth GH¢194 billion without full payment being made yet apart from the GH¢67.5 billion the government already owes in unpaid bills.


    “Mr Speaker when I assumed office in 23 Jan 2025r my office was inuandated with request for payment formanycontractors and suppliuers toascertain the total arrears and outsanding payment.The Ministry of Finance formally request all MDAs on 28th of Jan on all arrears and outstanding claims for validation.

    Mr. Speaker, in addition to the GH¢67.5 billion in arrears/payables, the validation process also revealed that MDAs have committed government through contract awards in excess of GH¢194 billion,14 about 16.5% of GDP as at end-2024, with the road sector alone accounting for over GH¢100 billion” he revealed.

    He revealed that many contracts were issued without commencement certificates, authorization, or budgetary allocation, violating the Public Financial Management Act, 2016 (Act 921).

    “Mr. Speaker, most of these contracts were awarded without commencement certificates and authorization, and without budgetary provision, a blatant violation of the Public Financial Management Act, 2016 (Act 921)”.

  • Ato Forson’s application is a concealed attempt to stop his legitimate prosecution – Godfred Dame

    Ato Forson’s application is a concealed attempt to stop his legitimate prosecution – Godfred Dame

    The Attorney-General, Godfred Dame, has dismissed the application for a mistrial in the ongoing ambulance case brought forth by Minority Leader, Dr. Cassiel Ato Forson as a mere diversion tactic.

    He asserted that it’s an attempt by Dr. Forson to evade rightful prosecution for actions undertaken during his tenure as a public officer, resulting in significant financial losses for the state.

    According to Dame, such an application has no legal basis in Ghanaian law.

    Dame argues that Dr. Forson’s motion lacks substantive grounds for consideration, as it seeks to shield him from accountability under the guise of legal maneuvering.

    He emphasized the equal application of the law to all individuals, including public officials, and reaffirms his constitutional duty as the Attorney-General to prosecute crimes impartially.

    In response, Dr. Ato Forson’s legal team has submitted a supplementary affidavit supporting their motion for a mistrial, citing allegations against Attorney-General Godfred Dame made by co-accused Richard Jakpa.

    They have included recordings of a telephone conversation between Jakpa and Dame, along with media reports alleging professional misconduct by the Attorney-General.

    Dr. Ato Forson contends that the Attorney-General’s alleged misconduct undermines the integrity of the legal process and jeopardizes the pursuit of justice.

    He urged the court to intervene in the interest of upholding the rule of law and ensuring a fair trial.

    The application for a mistrial is scheduled to be presented on June 4th, 2024.

    3.5

    “That no proper grounds have been canvassed by the applicant to warrant a grant of this application, which is unknown to the laws governing criminal law and practice in Ghana.

    “That the instant application is a smokescreen and a veiled attempt by the applicant to abort his legitimate prosecution for actions committed as a public officer which led to the State losing colossal amounts of funds. Same is incompetent as no one has immunity from prosecution under the laws of Ghana.

    “That I respectfully say that the Attorney-General is vested with the constitutional responsibility to prosecute all crimes within the Republic and cannot be prohibited from discharging this constitutional duty in respect of any person in Ghana as all persons are equal before the law,” he said in his affidavit in opposition to the motion filed by Ato Forson.

  • High Court obtains warrant for video trial of Dr Ato Forson, others accused over alleged financial loss to state

    A High Court in Accra has taken a significant step in ensuring the continuity of the trial involving Minority Leader, Dr Cassiel Ato Forson, and two others accused of causing financial loss to the state by obtaining a warrant from the Chief Justice to establish a video link for the proceedings.

    This development follows concerns about the health condition of one of the accused, Dr Sylvester Anemana, a former Chief Director at the Ministry of Health. Dr. Anemana has secured permission to undergo a medical procedure in India, prompting the court to explore alternative methods to prevent trial delays.

    Presided over by Justice Afia Serwah Asare-Botwe, a Court of Appeal Judge sitting as an additional High Court Judge, the court opted for the establishment of a video link to accommodate Dr. Anemana’s participation in the trial remotely.

    Dr. Anemana, along with Dr Ato Forson and private businessman, Richard Jakpa, faces charges of wilfully causing financial loss of €2.37 million to the state through a contract to purchase 200 ambulances for the Ministry of Health. Questions have arisen regarding whether the purchased vehicles met the requirements outlined in the approved purchase agreement by parliament.

    The trial, which had experienced multiple adjournments due to Dr. Anemana’s ill health, now seeks to ensure his active participation in the proceedings. The trial judge emphasized the importance of Dr. Anemana’s mental presence for the trial to proceed effectively.

    With the establishment of the video link, Dr. Anemana will join the proceedings virtually, allowing for the continuation of the trial without further delays.

    The case has been adjourned to February 20, 2024, with additional dates scheduled for the continuation of the trial. Dr. Anemana’s passport was released by the court on January 23 to facilitate his travel to India for medical treatment, as requested by his lawyer through an affidavit.

    The release of the passport, held by the court’s registry as part of the bail conditions granted to the accused at the onset of the case, underscores the court’s commitment to ensuring the accused’s access to necessary medical care while also ensuring the progression of the trial.

  • Ambulance Case: Passport of Ex-Health Ministry Chief unlocked for urgent medical treatment in India

    Ambulance Case: Passport of Ex-Health Ministry Chief unlocked for urgent medical treatment in India

    The High Court in Accra has approved the release of the passport belonging to Dr Sylvester Anemana, former Chief Director of the Ministry of Health. 

    The decision allows Dr Anemana to undergo a medical procedure in India while he is standing trial for alleged financial misconduct in the purchase of ‘defective’ ambulances for the Ministry of Health.

    Dr. Anemana is facing charges alongside Minority Leader, Dr Cassiel Ato Forson, and private businessman Richard Jakpa. The trio is accused of willfully causing financial loss to the state, amounting to €2.37 million, through a contract to procure 200 ambulances for the Ministry of Health. 

    The prosecution has focused on whether the ambulances were acquired in line with the approved purchase agreement by Parliament, asserting that the vehicles lack the necessary equipment for ambulance functionality.

    The trial, currently in progress, has faced interruptions due to Dr. Anemana’s health issues, prompting his legal team to file an application for the release of his passport. The retired public servant was initially receiving medical treatment in Ghana, but the severity of his condition has led to the request for overseas medical care.

    Justice Afia Serwah Asare-Botwe, a Court of Appeal judge presiding over the case, made the decision to release Dr. Anemana’s passport. The court considered the consent of those who stood surety for the accused, acknowledging their commitment to producing Dr. Anemana when required after his medical procedure.

    As the case involves complex financial allegations and health-related concerns, the court is set to obtain a warrant from the Chief Justice to facilitate the testimony of any witness who wishes to testify via video link.

    The trial, marked by its intricate legal and health-related dynamics, is scheduled to resume on January 30, 2024, for further proceedings. The decision to release Dr. Anemana’s passport for medical treatment abroad adds a layer of complexity to the ongoing legal proceedings surrounding the controversial ambulance procurement.

  • Minority rejects police request to change route for Anti-BoG Governor demo; says reasons as “untenable and unwholesome”

    Minority rejects police request to change route for Anti-BoG Governor demo; says reasons as “untenable and unwholesome”

    Minority Caucus of Parliament has declined a request by the Ghana Police Service to alter its planned route for the upcoming protest against the governor of the Bank of Ghana and his two deputies. The minority contends that the police’s request, based on security concerns, is an effort to obstruct the caucus from exercising its constitutional right.

    In a statement signed by the Minority Leader, Cassiel Ato Forson, and addressed to the Accra Police Command, it is stated, “Your attempt to deny us an opportunity to conclude our #OccupyBoG protest at the Headquarters of the Bank of Ghana, under the pretext of it being a ‘security zone,’ is indefensible, worrisome, and inconsistent with the Ghana Police Service’s motto of Service with Integrity. 

    How is the Bank of Ghana Headquarters classified as a security zone, while Cedi House, another Bank of Ghana building proposed by the Police for our march, is not? I am reluctant to believe that you are using the term ‘security zone’ to hinder our planned protest and evade the Police’s constitutional responsibility of ensuring security for those who wish to openly demonstrate their dissatisfaction with the central bank’s irresponsible management.”

    Background

    The Ghana Police Service had requested that the Minority in parliament consider an alternative route for their planned September 5 demonstration against the Bank of Ghana governor and his deputies.

    The Minority leader, Cassiel Ato Forson, informed the Accra Regional Police Command on Monday, August 21, about the caucus’ intention to organize a demonstration, demanding the resignation of Dr. Ernest Addison and his deputies.

    He highlighted that the protest would be carried out in collaboration with Civil Society Organisations, Progressive Forces, and other concerned Ghanaians.

    The caucus stated that their action is motivated by the central bank’s illicit printing of over GH¢80 billion for the Akufo-Addo government, as well as recent losses outlined in its 2022 annual report.

    Subsequently, the police, in a press statement dated August 22, 2023, acknowledged receipt of the minority’s notice and invited them to a meeting to discuss security arrangements.

    Following the meeting on Wednesday, August 23, 2023, the Accra Police Command conveyed that the chosen protest routes have the potential to disrupt public order and safety. Thus, the organizers were asked to select an alternative route.

    “After receiving the notice, the Police conducted a security assessment of the proposed routes and the picketing destination. Subsequent to the security assessment, on August 23, 2023, the Command engaged with the organizers and assured them of the Police’s readiness to provide necessary security for their constitutional right to demonstrate. 

    “However, the Police drew their attention to the fact that the chosen routes might endanger public order, public safety, among other concerns. Consequently, we requested the organizers to reconsider the routes and picketing destination in the interest of public order, public safety, and the continuity of essential services,” the command stated.

  • Ban sports betting –  Ato Forson to government

    Ban sports betting –  Ato Forson to government

    Ranking Member on Parliament’s Committee on Finance, Dr Cassiel Ato Forson, has called on the government to ban sports betting rather than impose taxes on the sector.

    According to him, betting is destroying Ghanaian youth and should be banned instead of taxed.

    “Ghana today, we are complaining that this gambling is destroying our youth. I have read a number of articles on this. I would have thought the government would come out with a policy to restrict gambling and to even ban it,” he said.

    In a media interaction, the former deputy finance minister said the government should not put too much emphasis on revenue mobilisation at the expense of the people.

    Dr Ato Forson indicated that, “to run a country is not all about money. You need to preserve society as well.”

    Government in its 2021 Budget presented to Parliament estimated an annual revenue loss of over GHS 300 million due to leakages in the betting industry.

    The task of co-supervising the gaming industry and consulting with stakeholders to develop an all-encompassing policy to enhance revenue mobilisation from this source has been given to the Ministries of Finance and the Interior.

    However, the Ranking Member of Parliament’s Finance Committee proposes the government leverage the Tax Exemption Bill instead of taxing individuals and businesses.

    “Exemption Bill alone can rake in 2.5% of GDP. Instead of government of Ghana going back to push that Exemption Bill; they have decided to tax us because that is easy” the MP for Ajumako-Enyan-Esiam said.

    Kojo Oppong-Nkrumah, the minister of information, rejects the country’s decision to outlaw gaming businesses. According to him, betting is not a prohibited activity under Ghanaian law, but rather that the government may impose higher levels of taxes on the industry, similar to the taxes it levies on goods like tobacco and alcohol.

    “Government is saying that it is noticeable that the gambling space is opened up with a lot of online betting platforms. Just like it does with the National Lottery Authority, it will like to ensure that the proper taxes are accrued from there. It will be double standards if you are allowing NLA and banning all of these ones.” Oppong-Nkrumah said.

    He is sceptical about the prospect of leveraging the Tax Exemption Bill as a revenue mobilisation mechanism.

    He, however, proposed rolling out of the Physical Electronic Devices tax as one of the surest ways for the state to raise revenue.

    The Ghana Revenue Authority (GRA) on Monday, August 7, announced that it will begin implementing a 10% withholding tax on all gross gaming winnings from August 15, 2023.

    This follows the government’s decision to amend the Tax Act, therefore, introducing withholding tax on winnings from sports betting and lottery.

    The betting industry in Ghana has grown significantly over the past ten years, which has led to the influx of  betting companies in the country.

    Ghanaians’ opinions on sports betting have recently frequently been divided, with some highlighting its negative effects on the youth.

    Others also believe betting is legal and therefore cannot be described as a bad practice when no laws are broken.

    However, the decision to impose a 10% withholding tax has drawn criticism from Ghanaians, some of whom have attacked the government on social media.

    Source: The Independent Ghana| Diana Nutsugah

  • Ato Forson retracts application to replace trial judge

    Ato Forson retracts application to replace trial judge

    Minority Leaders and a former Deputy Minister of Finance, Dr Cassiel Ato Forson, has retracted a request for disqualification of Justice Afia Serwah Asare-Botwe, a Justice from the Court of Appeal with additional duties as a High Court judge.

    On June 29, 2023, Dr Cassiel Ato Forson, represented by his attorney Dr Abdul Aziz Bamba, lodged a petition requesting the trial judge’s recusal based on claims of partiality towards the defendant.

    Dr Bamba explained that the application was submitted to the Court through its inherent jurisdiction, asserting that the trial judge lacked the authority to proceed with the case.

    The Counsel said the application had to do with certain pre-juridical comments and utterances made by the judge during the process of the trial.

    However, Justice Asare-Botwe, struck out the application as withdrawn.

    Mr Godwin Edudzi Tameklo, who held brief for Dr Bamba, subsequently prayed for the Court to release the passport of Dr Forson to enable him to keep it till October 1, 2023.

    Justice Asare-Botwe granted the request and ordered the accused to return the passport to the Court’s Registrar by 12 noon of October 2, 2023.

    Dr Forson and two others; Dr Sylvester Anemana, a Former Chief Director of the Ministry of Health and Mr Richard Dzakpa, a Businessman, are being prosecuted over the purchase of some ambulances.

    Dr Forson was granted a self-recognisance bail of GHC 3 million for allegedly willfully causing financial loss of 2,370,000 euros to the State.

    He is also facing an additional charge of “intentionally misapplying public property contrary to section 1 (2) of the Public Property Protection Act, 1977 (SMCD 140)”.

    Dr Anemana was also granted a bail of one million Ghana Cedis with three sureties one of whom shall be a public servant not below the rank of a director.

    While Mr Dzakpa was granted bail of five million Ghana cedis with three sureties one of whom must be justified with documents of landed property.

    Earlier, the Chief Justice, Gertrude Araba Sackey Torkornoo, dismissed a petition asking her to transfer the case to a different judge.

    Mr Dzakpa petitioned the Chief Justice to remove the trial judge, alleging bias against him because of an incident which occurred during one of the court’s sittings.

    The case has been adjourned to October 2, 2023, in the new legal year.

  • More than GHC24m spent by Bank of Ghana on two gold watches

    More than GHC24m spent by Bank of Ghana on two gold watches

    More than US$2 million was spent by the Bank of Ghana in purchasing two gold watches, the National Democratic Congress (NDC) has said. 

    According to the Minority Leader, Dr Cassiel Ato Forson this information was contained in the recently released Bank of Ghana (BoG) Annual report and Financial Statement.

    The Member of Parliament (MP) for the Ajumako Enyan Esiam Constituency noted that: “We also saw in the report that the Bank of Ghana indeed spent an amount of US$2million on gold watches.”

    He made the remarks during a press conference on Tuesday, August 8, 2023, at the NDC headquarters in Accra. 

    During the presser, he leveled various allegations against the Bank of Ghana Governor Ernest Addison, whom he accused of supervising gross mismanagement of funds at the Central Bank. 

    “After this dastardly act of over-lending to the government by the Central Bank, they then proceeded to do the unthinkable – to write-off a whooping GHC 48.4 billion, about half of Ghana Government’s indebtedness to the Central Bank, without parliamentary approval. This is illegal and criminal and the NDC Members of Parliament will not allow this to pass.

    “Beyond the mismanagement of the economy and our finances, the spectacular recklessness and ineptitude of the Governor and his team has called into question the wisdom of leaving him at the helm of affairs of the Central Bank,” Dr Ato Forson said.

    He further accused the governor of supervising the loss of huge sums of money which cannot be accounted for. 

    “The Report revealed that millions of Ghana Cedis have been wasted on frivolous administrative

    expenditures. The Bank of Ghana spent a whopping GHC131.6 million on Motor vehicle maintenance and running in 2022 alone – a 114% increase over the previous year’s expenditure.

    “Similarly, foreign and domestic travels of the Bank of Ghana cost the Ghanaian tax payer a staggering GHC97.4 million, which is about 246% increase over the previous year,” he said.

    The Minority Leader further indicated that the Bank of Ghana dissipated another GHC8.6 million on Director’s remuneration alone. 

    “This represents about 87% increase over the previous year’s expenditure. This simply means that Ghanaians were charged a “Mismanagement Fee” to deliver the collapse of the Bank. The Bank further claimed to have spent a colossal GHC357.9 million on Banking Supervision Expenses. The report disclosed that the bank spent a whopping GHC67.9 million on computer expenses while communication expenses amounted to GHC32 million. 

    Additionally, “the Report disclosed ‘other’ undisclosed expenses amounted to GHS287.8 million of the taxpayer’s money. Perhaps the more troubling fact is that, having brought the Bank of Ghana to this terrible financial state, the Governor and his deputies have found it prudent and expedient to invest $250 million (GHC2.8 billion) on another Head Office building somewhere at Ridge,” Dr Forson said. 

    It is in view of this and other claims that the CDC has issued a 21 day ultimatum to the governor of the Bank of Ghana or face their wrath. 

    “In our circumstances, this is the height of insensitivity in the management of the finances of a troubled country. The BOG’s illegal printing of money is responsible for the depletion of Ghana’s external reserves which resulted in the unprecedented depreciation of the Cedi, the main cause

    of hyperinflation in 2022. It is important to state that the Governor breached section 30 (7) of the Bank of Ghana Act, 2012 (Act 612 ) and Section 60 of the Bank of Ghana Amendment Act, 2016 (Act 918). An estimated 850,000 people were further reported to have been pushed down the poverty line as a result of the hyperinflation in 2022.

    “In this regard, we call for the resignation of the Governor of the Central Bank and his deputies within 21 days from today. We are resolved to embark on popular action to occupy the Central Bank and drive out the team of inept, callous and criminal mismanagers of the finances of this country and Save the Bank of Ghana. The March to Ensure Accountability will begin in 21 days if the Governor of the Bank of Ghana does not do the needful and pack bags and baggage out of that sacred institution that he has so desecrated. Dr Ernest Addisson Must Go! There has to be an end to impunity and it is NOW!” he said. 

  • BoG Directors increased their salaries by 87% – Minority Leader

    BoG Directors increased their salaries by 87% – Minority Leader

    Minority Leader in Parliament, Dr Cassiel Ato Forson, has accused the Bank of Ghana of spending a total of GHS8.6 million on salaries for its Directors.

    According to him, this represents about 87 percent increase in expenditure incurred by the Central Bank in a year.

    Dr Ato Forson while engaging the press on August 8, expressed disappointment in the Central Bank, noting that such a huge amount could not motivate the leaders to prevent the colossal loss recorded by the institution.

    The Annual Report and Financial Statement of the Bank of Ghana reveals that the institution incurred a loss of GH¢60.8 billion from its audited financial statement for the 2022 fiscal year.

    This loss according to the Bank of Ghana is largely due to the government’s debt restructuring activities.

    For the Minority Leader, “Ghanaians were charged a ‘Mismanagement Fee” to deliver the
    collapse of the Bank.”

    He also claimed that the Central Bank spent a colossal GHS357.9 million on Banking Supervision Expenses; a whooping GHS67.9 million on computer expenses while communication expenses amounted to GHS32 million.

    Undisclosed expenses, Dr Ato Forson said, amounted to GHS287.8 million of the taxpayer’s money.

  • Pack your bags and leave! – Minority orders BoG Governor to resign in 21 days

    Pack your bags and leave! – Minority orders BoG Governor to resign in 21 days

    Ghana’s major opposition party, the National Democratic Congress (NDC), is mounting pressure on the Governor of the Bank of Ghana, Dr Ernest Addison to resign from post. 

    Speaking at a press brief conveyed in Accra on August 8, 2023, the party leveled a series of allegations against Mr Addison, including claims that his actions and inactions have amounted to substantial mismanagement within the Central Bank. 

    The NDC asserted that this has contributed to the institution’s financial distress, leading to its purported bankruptcy and potential insolvency.

    Minority Leader and Member of Parliament for the Ajumako Enyan Esiam, Dr Cassiel Ato Forson, who addressed the press said: “The Bank of Ghana, which is our Central Bank and lender of last resort, has been dealt a catastrophic blow by the reckless, clueless and criminally-minded NPP mis-managers of our economy and this has necessitated an urgent call for action to Save Our Central Bank.

    “We in the National Democratic Congress (NDC) saw the red flags and have consistently warned of the mismanagement of the financial sector by the Governor of the Central Bank and his team of incompetent deputies,” he said, adding that their caution was not headed to, leading to the current poor state of affairs at the Apex Bank.

    The press conference follows the Annual Report and Financial Statement of the Bank of Ghana which was released last week. 

    Dr Ernest Addison

    The report revealed that the Bank of Ghana the Bank of Ghana (BoG) incurred a loss of GH¢60.8 billion from its audited financial statement for the 2022 fiscal year. This loss according to the BoG is largely due to the government’s debt restructuring activities.

    Speaking on GBC’s Talking Point programme, the Finance Minister affirmed the claims made by the central bank.

    “You can call it a sort of technical loss. It is not money that was given that will never be paid”, he said. “The issue of debt exchange in which certain interests were expected to be paid had been cut, resulting in those types of losses. Then you’ll have to impair the balance sheet because of expected revenue that was coming that will not come so that is what is happening”, he further explained.

    However, the NDC asserts that the loss is unjustified. 

    “GH¢60.8 billion, is equivalent to $6 billion. This is twice the amount we are to receive from our recent IMF bailout. This means the recklessness and mismanagement of the Governor of the Bank of Ghana has cost the nation twice what we are struggling and sacrificing to receive from the IMF amid major conditionalities,” he lamented.

    He further noted that: “It is however our position that those who have so recklessly mismanaged the Central Bank and brought it to its knees cannot remain at the helm of affairs of the bank without being held accountable.”

    “We in the NDC will continue to explore ways of rescuing this country to prevent it from the doom that has befallen several West African countries. The March to Ensure accountability will begin in 21 days if the Governor of the Bank of Ghana does not do the needful and pack bag and baggage out of that sacred institution that he has so desecrated. 

    “Dr Ernest Addisson Must Go! There has to be an end to impunity and it is NOW!” Dr Forson noted.

  • Govt business vrs. Gyakye Quayson prosecution choose one – Ato Forson to govt

    Govt business vrs. Gyakye Quayson prosecution choose one – Ato Forson to govt

    Minority Leader, Dr Cassiel Ato Forson, has announced that his caucus intends to intensify their opposition to the ongoing criminal trial of James Gyakye Quayson, the Member of Parliament for Assin North, in the near future.

    In a move that aims to disrupt the government’s parliamentary proceedings, Members of Parliament (MPs) belonging to the National Democratic Congress (NDC) have made the decision to boycott legislative sessions whenever the embattled Assin North legislator, James Gyakye Quayson, is slated to attend his ongoing trial.

    The MPs have accused the government of targeting their party members and are demanding the dismissal of Quayson’s trial. This action is anticipated to impede the government’s legislative agenda in parliament.

    Dr Ato Forson, in an interview on JoyNews, on Wednesday, July 12, 2023, said that they would do more than just boycott sittings of the House starting from next week.

    He said that if the government wants its business to continue, it should stop prosecuting Gyakye Quayson on a daily basis.

    “If we sit unconcerned for government to pick our members one by one and persecute them like the way they are doing to our colleague James Gyakye Quayson, they will come after every one of us.

    “We have decided as a caucus to ensure that every day or any day that our colleague will be invited to go to court, we will go with him. They (the government) will have to contend with that. If they want him to be in the courtroom on a daily basis, we will also be there on a daily basis.

    “The government will have to choose government business against Gyakye Quayson’s appearance on a daily basis. If they want us to assist the government to run, then they will have to choose wisely… This is our first activity that we are doing. We may escalate to signal our displeasure to the government and there are so many other things we are going to do in the coming days,” he said.

    Ato Forson, the MP for Ajumako-Enyan-Esiam, refuted the assertion that his caucus is hurting Ghanaians with the decision they have taken.

    He said that it is the “insensitive” Nana Addo Dankwa Akufo-Addo government that is making the people of Ghana suffer.

  • New taxes coming – Minority hints ahead of Mid-year budget review

    New taxes coming – Minority hints ahead of Mid-year budget review

    Any move by the government to increase taxes during the mid-year budget review will be opposed, according to the Minority Leader, Dr Cassiel Ato Forson.

    According to him, the NDC MPs will ensure that the government cuts its spending rather than impoverishing Ghanaians who are already impoverished.

    Speaking to the media, he argued that there is plenty of room to cut spending.

    “I won’t be surprised if the government introduces new measures because if you read the MEFP, the IMF is asking for additional measures of about 1% of GDP and I don’t know where that is going to come from.”

    “If I look carefully, there is a massive room for expenditure cuts, but the government obviously is indiscipline, and they don’t seem to care.”

    “They want to live large on the back of the people of Ghana. So they need to cut that kind of expenditure and if I am the one in charge or responsible, I would rather go for a cut in expenditure as against a tax measure or an increase in taxation,” he added.

    Ken Ofori-Atta, Finance Minister, will submit the 2023 mid-year budget review to Parliament on July 25.

    This will be his first time doing so since the government agreed to an IMF arrangement.

    Prior to that, industry participants have already requested the government to take advantage of the chance to eliminate some tax breaks.

    Among the levies are sanitary pad taxes.

  • Mid-year budget review should address the issue of misery in the economy – Minority to govt

    Mid-year budget review should address the issue of misery in the economy – Minority to govt

    Minority leader in Parliament, Dr Cassiel Ato Forson, has advised government to come up with a mid-year budget review that details specific steps it is taking to restore the economy.

    “The most important matter of concern to us is the state of our economy and the fact that the government has announced an International Monetary Fund (IMF) programme and concluded same.

    “It is our prayer that the mid-year review will address the issue of misery in the economy and be one that restores hope—a mid-year review that will put the country back on the path to economic recovery and unite all of us,” Dr. Forson stated.

    According to him, the government continues to engage hefty spending despite having a limited budget.

    He said “government’s lifestyle does not correspond to the financial constraints we face as a country.”

    Meanwhile, speaking on the IMF facility, Majority Leader, Osei Kyei-Mensah-Bonsu opined that even though the US$3 billion, which will be spread over three years, on face value is not enough for the country’s expenditure, its significance is enormous.

    “The significance of it is that it gives confirmation by the IMF and World Bank that you are on a good trajectory – and that also serves to unlock other funds from the bilateral engagements you have, and the IMF and World Bank then come in as guarantors for your own sustenance; and that is the import of it.

    “That notwithstanding, we should also ensure that what comes into the national kitty is utilised in fulfillment of our own promises and pledges so that we are able to keep ourselves on track,” he added.

    According to him, the government will have to cut down its expenditure as part of the IMF conditionality in a manner that will negatively impact employment and infrastructural development.

    “I think that at the heart of these discussions with the IMF, two things stand out: cut down expenditure and increase domestic revenue. This will require some careful balance, but we will get there with the mid-year review. And when it comes, I believe parliament will come together and offer useful suggestions as to the better ways for us in this endeavour to provide that dose of resurgence to the economy.”

  • Minority warns Ghanaians to brace up for the complete ramifications of IMF bailout

    Minority warns Ghanaians to brace up for the complete ramifications of IMF bailout

    The Minority side in parliament is asking Ghanaians to be prepared for the shocks that will accompany the bailout secured from the International Monetary Fund (IMF).

    According to the caucus, many of the conditionalities could have been avoided if government heeded their call to go to the Fund earlier in 2022.

    They made this known in a statement signed by Minority Leader, Cassiel Ato Forson.

    In a May 18 press release, he explained that his side “has on countless occasions cautioned this government that the fruits of its crass mismanagement of Ghana’s economy through wanton misuse of borrowed funds for consumption purposes, had long crystalized into a crisis.”

    “We urged government to immediately seek the Fund’s support long ago, a call that was flatly disregarded.

    Already, the IMF has identified the scrapping of tax exemptions, adjustment of levies on fuel, and an increase in income tax as some measures the Ghanaian government could implement to boost revenue mobilization under its $3 billion support programme.

    This is contained in the Fund’s May 2023 country report on Ghana’s request for the $3 billion support programme.

    On the back of these and other conditionalities, Casiel Ato Forson wants Ghanaians to be on the lookout for fallout from the arrangement and adjust accordingly.

    “Let us brace ourselves for the full consequences of this IMF deal, which will without doubt bite hard on Ghanaians, especially the youth. This is not a counsel of despair, but a reality that will soon dawn on all of us,” he concluded.

    Read full statement below:

    IMF bailout: Brace yourselves for the full consequences - Minority to Ghanaians
    IMF bailout: Brace yourselves for the full consequences - Minority to Ghanaians
    IMF bailout: Brace yourselves for the full consequences - Minority to Ghanaians

  • Ambulance Case: Prove Seth Terkper’s authorisation for LCs – Judge tells Ato Forson

    Ambulance Case: Prove Seth Terkper’s authorisation for LCs – Judge tells Ato Forson

    The trial judge in a case of causing financial loss to the state brought against Former Deputy Finance Minister and current Minority Leader in Parliament, Dr Cassiel Ato Forson, has asked him to show proof of authorisation from the then Finance Minister to request the Bank of Ghana to set up Letters of Credit in favour of Big Sea Trading Limited.

    Delivering a ruling on a submission of no case brought by lawyers of Dr Forson, Justice Afia Serwaa Asare Botchwey said the prosecution had met the threshold of establishing a Prima facie case against Dr Forson.

    She added that having reviewed all the arguments in court and written submissions of all parties,she was inclined to ask the accused to open his defence on two counts of causing financial loss to the state over the issuance of an LC in favour of Big Sea for the importation of some ambulances.

    She was quick to add,that this was only a preliminary ruling as the court was yet to make a determination of facts either way.

    She noted that the accused had stated in the cause of the trial that he had authorisation to request the BoG to establish the letters of credit but had not offered conclusive evidence to back it.

    She said a statement taken from then former Finance Minister,Seth Terkper,was not conclusive as to whether or not he gave Dr Forson authority to have the LCs established.

    Justice Asare Botchwey explained that in criminal cases,it was the duty of the person making a positive averment to show proof thereof and not the party making a negative averment.

    This ruling appears to pave the way for Seth Terkper to be called as a witness for Dr Forson, if the defence so wishes.

    The defence was given up to 11th April,2023 to file witness statements and indicate who those witnesses are.

  • Cut your salary and I’ll do same – Dr Stephen Amoah tells Minority Leader

    Cut your salary and I’ll do same – Dr Stephen Amoah tells Minority Leader

    Deputy Minister-designate for Trade and Industry, Dr Stephen Amoah, has promised to slash his salary should Minority Leader, Dr Cassiel Ato Forson, do same.

    He says he will accept a reduction in his salary if the Minority Leader, Dr Cassiel Ato Forson, is willing to do same.

    In recent times, there have been calls for government appointees to consider a reduction in their salaries to help salvage the economy.

    On the back of this, the Minority Leader, Dr Cassiel Ato Forson, during the vetting of the nominee, asked Dr Amoah if he would like to take a salary cut in the interest of the public purse.

    But responding to this, Dr Stephen Amoah said he will embrace the suggestion only if the NDC lawmaker will do same.

    “Mr Chairman, I think I said something here; my knowledgeable Dr Ato Forson and I, the only difference is the height.

    “So the way we are brothers if he sees me on the corridor and he says brother, let us cut [our salaries] and he cuts his, I will cut mine”, Dr Amoah said.

    Dr Stephen Amoah who is also the Member of Parliament for Nhyiaeso, was nominated as the Deputy Minister for Trade and Industry by President Akufo-Addo on February 7, this year.

    If approved, he will deputise Adansi-Asokwa MP, K.T. Hammond who was vetted yesterday as the substantive minister for the Ministry of Trade and Industry.

    Meanwhile, Tamale Central MP, Murtala Mohammed, has expressed concern about President Akufo-Addo’s new appointments to the Ministry of Trade and Industry.

    The Tamale Central MP indicated that due to the temperaments of the two politicians, it is not prudent for them to be under one roof.

    According to him, putting the two lawmakers together may also affect work at the Ministry.

    “We should pray they don’t exchange blows. That’s what I think. These are two very complex individuals. Very, very complex … You are talking of two very complex individuals who are going to work at the same ministry.

    “I know honourable K.T. Hammond. He is a no-nonsense man. There are certain things he won’t tolerate under any circumstance. And I know my good friend, ‘Dr. Sticker’. When his name was mentioned, we all rose. We were happy for him.

    “But frankly speaking [not] at that ministry, more so one of the most important, if not the most important ministry”, the MP said on Accra-based 3FM on February 8.

    Source: myjoyonline

  • Bryan Acheampong shocked after serious interrogation by Minority Leader

    Bryan Acheampong shocked after serious interrogation by Minority Leader

    The Minister-designate for Food and Agriculture, Bryan Acheampong was taken aback over how he was seriously interrogated by Minority Leader, Dr. Cassiel Ato Forson whom he considered a friend.

    Mr. Acheampong, who thought his friendship with the Minority Leader will save him from being grilled when he appeared before the Appointments Committee of Parliament on Monday, had his hopes dashed.

    While he was receiving punches from the Minority Leader, he exclaimed: “Ato you are my friend. Today, you don’t trust me? Ei Ato. You should be testifying on my credibility”.

    In response, Dr. Forson who is also the Member of Parliament for the Ajumako-Enyan-Essiam constituency in the Central Region said he was only doing his job as expected of him by Ghanaians.

    “We are here for the people of Ghana, so we have to ask the questions that are needed.”

    Dr. Forson was interrogating Bryan Acheampong, a former Minister of State at the National Security Ministry, on the role he played that led to the disturbances at the by-election held in the Ayawaso West Wuogon constituency on January 31, 2019.

    The Abetifi lawmaker vehemently rejected claims that he deployed national security operatives to unleash mayhem at Ayawaso West Wuogon.

    “In the 500-plus page report [of the Commission of Inquiry], there wasn’t any part that mentioned that I authorized it. So everybody including myself was surprised and afraid that my name found expression in the conclusion that I should be reprimanded. That is why the White Paper rejected that recommendation because it failed to establish the factual basis that I authorized that operation.”

    Source: Ghanaweb

  • COVID-19 expenditure to be probed in parliament February 15

    COVID-19 expenditure to be probed in parliament February 15

    According to the opposition leader in the legislature, the house’s investigation into COVID-19 expenditure is scheduled to begin on February 15, 2023.

    According to Dr Cassiel Ato Forson, the COVID-19 probe will be made public.

    This was revealed by Minority Leader, Cassiel Ato Forson when the leadership from both sides of the house met the press today, Wednesday, 8 February 2023, to outline some activities of the first meeting of the third session of parliament which began on Tuesday, 7 February 2023.

    In March 2022, the minority had been pushing for a probe into COVID-19 expenditure.

    It follows the viral circulation of an audiotape on social media in which a voice believed to be that of the Northern Regional Vice-Chairperson of the governing New Patriotic Party (NPP), Ms Felicia Tetteh, is heard talking about how COVID funds were disbursed to the leadership of the party and some candidates.

    The then Minority Leader Haruna Iddrisu told journalists at a press conference on Tuesday, 31 May 2022 that their persistent calls for a probe have been vindicated by the leaked audiotape.

    The Tamale South MP said it “makes our call for an investigation of the highly anomalous COVID expenditures to be probed.”

    He said the expenditure must be “probed by parliament or by the Auditor-General, or, President Akufo-Addo, [if he] has any respect for the tenets and values of accountability and transparency, [must] authorise a public enquiry into how the over GHS19 billion was disbursed and utilised.”

    “We now understand how a motion to probe COVID by an institution, which should be the most fundamental institution and guardian of the public purse, Parliament, will dismiss the motion even at birth, by actors of the New Patriotic Party political administration.”

  • No amount of petitions and press conferences can reverse NDC’s new parliamentary leadership – Ras Mubarak

    No amount of petitions and press conferences can reverse NDC’s new parliamentary leadership – Ras Mubarak

    Former NDC lawmaker, Ras Mubarak, has taken a swipe at critics of the changes in the parliamentary leadership of the National Democratic Congress (NDC).

    In a Facebook post on Friday, he noted that despite the reservations from some quarters of the party, the changes will not be reversed.

    According to him, there is the need for the aggrieved members of the party to suspend their reservations and throw their weight behind the new Miniorty Leader, Dr Cassiel Ato Forson and his team.

    This he believes will inure to the greater good of the party in its quest to win the 2024 general election.

    “The decision to appoint new party leaders in parliament won’t be reversed. No amount of petitions and press conferences would change that. Better we focus energies on winning political power and help build our country”, Ras Mubarak wrote.

    He added, “Prime Minister Theresa May and Labour Party Leader Jeremy Corbyn moved from the front bench to the back bench. Heavens did not break loose.

    “We can’t built a strong party with this entitlement mentality”.

    He concluded that “We have a duty to help Ato Forson and his team succeed as our new party Leaders in parliament”.

    The comments by the former Kumbungu MP comes on the back of prevailing tension in the party, following the announced changes in the party’s parliamentary front.

    On Tuesday, a statement from the party’s General Secretary, Fifi Kwetey, announced Dr Cassiel Ato Forson as the new Minority Leader with Emmanuel Kofi-Armah Buah as the Deputy Minority Leader.

    MP for Adaklu, Governs Kwame Agbodza was also named as the party’s new Minority Chief Whip, taking over from Asawase MP, Muntaka Mubarak.

    This development has since been met with a lot of resentment from some quarters of the party, including Tamale Central MP, Murtala Mohammed who has questioned the timing and relevance of the change.

    Former Deputy General Secretary of the NDC, Koku Anyidoho also took to Twitter to berate the changes.

    The latest manifestation of the grievances happened on Wednesday when some displeased members of the party allegedly stormed the premises of Radio Tamale where the party’s Deputy General Secretary was having an interview.

    According to the report, the irate party supporters pounced on him and visited harm on his person.

    But speaking to ‘JoyNews on Thursday in the wake of the rumours, Mustapha Gbande disclosed that the reports of assault on him are untrue.

    According to him, he only addressed the concerned party faithful who came to the premises after which they all left the scene.

    He said he is familiar with the people who trooped to the station; adding that he has plans of meeting them later.

    However, Ras Mubarak believes all of these tensions should end for the collective good of the party.

    Meanwhile, Zebilla MP, Cletus Avoka, says his colleague lawmaker, Haruna Iddrisu and his team are still leaders of the Minority Caucus in Parliament.

    This is depsite the letter by the leadership of the NDC which replaced Haruna Iddrisu as the Minority Leader on Tuesday.

    Addressing a press conference on Thursday, the former Majority Leader, Cletus Avoka, noted that the said letter by the party’s General Secretary has no effect.

    According to him, Parliament is currently on recess and therefore there can be no applicable changes to the leadership structure of the NDC Minority in the House.

    He explained that the purported changes in the letter can only be implemented if the Speaker of Parliament reads it before the entire House; stressing that until that is done, Haruna Iddrisu remains the Minority Leader, likewise his other colleagues.

    “We’re on recess. By the Speaker’s invitation we’re returning on the 7th of February, 2023 so we’re not yet in the House.

    “Against that background, it is when the Speaker reads the letter he has received from the Secretary of the party indicating the reshuffle to the members of the House that it can take effect.

    “As of now, we’re on recess, we’re not there. So as far as we’re concerned, the current leaders of the House, Honourable Haruna Iddrisu, Muntaka and co are deemed to still be in office”, he emphasised.

  • I’m sorry for calling you a nonentity – Cletus Avoka apologizes to Ato Forson

    I’m sorry for calling you a nonentity – Cletus Avoka apologizes to Ato Forson

    Cletus Avoka, the spokesperson of the Minority Members of Parliament opposed to the installation of Dr. Cassiel Ato Forson and four others as new leaders of the NDC caucus in Parliament has apologized to Dr Cassiel Ato Forson after he used a denigrating word on him.

    The Member of Parliament for Zebilla, in his protest of the decision by the National Executive Council of the NDC to reshuffle the leadership team in parliament, fumed that the timing for the move was wrong as the party was looking to make a hero out of a nonentity.

    “This is not the time to make nobody a somebody, this is not the time to make nobody a somebody, this is the time to galvanize all of us to fight the NPP so that we can win elections, not to make heroes out of nonentities, this is not the time,” Mr Avoka said on Tuesday.

    But in an interview with Citi FM on Thursday, January 27, 2022, Cletus Avoka admitted that his comment was distasteful.

    He conceded that his statement was disrespectful of Ato Forson and that never sought to impugn his reputation in any way.

    “I will be the last person to say that and if I said that then it was an error. What I wanted to say was that this is not the time to drop somebody and elevate another. This is what I was trying to say and if in the process I said something different, I must apologise and I am very sorry. I cannot denigrate any of my colleagues.”

    General Secretary of the NDC on January 23 sent a letter to the Speaker of Parliament, Alban Bagbin disclosing some changes in its leadership in parliament.

    A former deputy Minister of Finance, Dr. Cassiel Ato Forson, has been appointed as the Minority Leader, as a replacement for Haruna Iddrisu.

    Emmanuel Armah-Kofi Buah has also been named as the new deputy Minority Chief Whip. Kwame Agbodza takes over as Chief Whip. Ahmed Ibrahim, MP for Banda, has been maintained as the first deputy Minority Chief Whip, while Comfort Doyo Cudjoe-Ghansah, MP for Ada, is the second deputy Minority Chief Whip.

    The announcement has highlighted the deep cracks in the minority with MPs adopting entrenched positions for and against the move by the National Executive Council.

    It is believed that over 70 MPs have petitioned the party to reverse it decision whereas a host of others have declared their support for the party’s decision.

  • Central Region NDC congratulates Dr Ato Forson as new Minority Leader in Parliament  

    Central Region NDC congratulates Dr Ato Forson as new Minority Leader in Parliament  

    The Leadership of the National Democratic Congress (NDC) in the Central Region has congratulated Dr. Cassiel Ato Forson, the Member of Parliament (MP) for Ajumako-Enyan-Essiam, on his elevation as the new minority leader in Parliament. 

    According to the party, Dr. Forson’s elevation offered a sufficient demonstration of his diligence and commitment to the course of the party in Parliament and Ghana in general. 

    The party replaced the current Minority Leader, Haruna Iddrisu, with the Ranking Member on the Finance Committee, Dr. Forson. 

    Per a letter dated Monday, January 23, signed by, the General Secretary of the party, Mr. Fifi Fiavi Kwetey and addressed to the Speaker of Parliament, Alban Sumana Kingsford Bagbin.

    The MP for Ellembele, Mr. Emmanuel Armah Kofi Buah, has also assumed the position of Deputy Minority Leader, replacing Dr. James Klutse Avedzi. 

    The party also named the MP for Adaklu, Mr. Kwame  Agbodza as the Minority Whip, to replace Mr. Mohammed-Mubarak Muntaka. 

    However, the party’s leadership retained the positions of the incumbent First Deputy Minority Whip, Ahmed Ibrahim who is the MP for Banda and the Second Deputy Whip and MP for Ada, Comfort Doyoe Cudjoe-Ghansah. 

    Reacting to the minority shake-up in Parliament, a release copied to the Ghana News Agency and signed by the Regional Secretary of the NDC, Mr. Gabriel Nii Kommey Adams, expressed optimism for the intellect and professionalism of Dr. Forson to steer the affairs of the party for victory in the 2024 election. 

    It said, “We are happy to state that Dr. Forson has joined a distinguished array of sons and daughters who have brought honour to the region through their meteoric rise in various high offices.” 

    The statement said; “We have absolute confidence in Dr Forson’s ability to perform excellently in his new role of leading the Minority in Parliament to keep the government in check by subjecting them to strict legislative scrutiny to protect the Ghanaian people from the abysmal and appalling governance they have so far offered.” 

    Nonetheless, the statement acknowledged the significant contributions of Mr Haruna Iddrisu, the immediate past Minority Leader, and his team to deepening Ghana’s democratic gains. 

    The statement wished them well in any future endeavours and appealed to them to offer their unalloyed support to the new leadership to make the party’s quest to win the 2024 polls a reality. 

    Source: Ghanaweb

  • Jomoro MP supports the new leadership of the NDC in parliament

    Jomoro MP supports the new leadership of the NDC in parliament

    Jomoro MP, Dorcas Affo-Toffey has congratulated the new leadership of the National Democratic Congress in Parliament, in a show of support.

    In a surprise move, the NDC changed its leadership in Parliament led by Haruna Iddrisu by appointing new leadership led by Dr. Cassiel Ato Forson (MP for Ajumako Enyam Essiam in the Central Region), who is now the Minority Leader.

    The others appointed are Emmanuel Armah Kofi Buah, MP for Ellembelle in the Western Region also replaced James Klutse Avedzi as the Deputy Minority Leader with Kwame Agbodza becoming the Minority Whip.

    In a show of support on social media Hon. Dorcas Affo-Toffey congratulated the three newly appointed leaders of parliament and asked for support for them as the NDC seeks to regain power in the 2024 elections.

    She wrote;

    “Congratulations to the new leadership of the minority caucus of Parliament. Over the years, the NDC has been growing in a competitive democratic environment and today’s changes in our caucus in parliament reflect this path.

    “Let’s all support this new leadership in Parliament for victory 2024. Once again, congratulations to Hon. Dr Cassiel Ato Forson (Minority leader), Hon Emmanuel Armah Kofi-Buah (Deputy minority leader) and Hon Kwame Agbodze (Minority Chief Whip)

    #TogetherWeCan”

    The NDC in a letter dated January 23, 2023, and addressed to the Speaker of Parliament informed Parliament about the changes.

    The letter stated that the new leadership has been charged to recommend consequential changes to the ranking members of the national headquarters.

    Source: Ghanaweb

  • I’m not new in Parliament, I’ve been here for a while; we shall succeed – Ato Forson speaks

    I’m not new in Parliament, I’ve been here for a while; we shall succeed – Ato Forson speaks

    The newly-appointed Minority Leader Dr Cassiel Ato Forson has said he has the ability to carry out the new task assigned him by the leadership of the National Democratic Congress (NDC).

    He says he is not new in Parliament.

    “I am not new in this house,” he said at his maiden press conference as the new Minority Leader which was also attended by the newly-appointed Minority Chief Whip Kwame Agbodza.

    He added “I have known most of my colleagues for a while. I can assure you that we will succeed.”

    In an earlier press statement, Dr Ato Forson assured his side of the House of working with high dedication and integrity.

    He said he would represent the collective goals of the Minority.

    The Ajumako-Enyan-Essiam lawmaker commended Mr Iddrisu for “his admirable stewardship when he was granted the opportunity by our party’s leadership.”

    “As leader,” he added, “it will be my duty to represent our collective goals with unwavering dedication and high integrity.”

    He further indicated that “I am honoured and humbled to have been chosen to lead our illustrious and gallant caucus in Parliament. I thank the leadership of our party who have placed their trust and confidence in me.

    “I am also deeply grateful to colleagues, the rank and file of our party and the Ghanaian people for their profound support and solidarity.”

    The Minority in Parliament will be holding an emergency meeting in the House today Thursday, January 26 over the removal of its leadership by the executives of their party the National Democratic Congress (NDC).

    This comes after the decision to change the leadership created division among the minority caucus.

    National Chairman of the NDC Johnson Asiedu Nketia and the General Secretary Fifi Kwetey will be attending the meeting, TV3’s Parliamentary Correspondent Komla Klutse reported on Wednesday, January 25.

    So far, forty-eight of the opposition lawmakers have signed a petition to the party executives to reverse their decision.

    According to them, the decision is unpopular for which they wanted it reversed.

    Some of the NDC MPs including Ibrahim Murtala Mohammed expressed shock at the decision by the National Democratic Congress (NDC) to change the party’s leadership in Parliament.

    The decision was made known on Tuesday, January 24 with the Member of Parliament for Ajumako-Enyan-Essiam Constituency, Dr Cassiel Ato Forson, replacing Tamale South legislator Haruna Iddrisu as Minority Leader. Ellembelle’s Emmanuel Armah-Kofi Buah also replaces James Klutse Avedzi as Deputy Minority Leader.

    Speaking on TV3‘s News 360 on Tuesday, January 24 after news on the decision broke, the Tamale Central MP said there was no consultation whatsoever with the caucus before the release.

    “Every single Member of Parliament is surprised,” he said, “And I can tell you that even those who have been proposed to take leadership, some of them are surprised that such a proposal is made without even consulting them.”

    He condemned the mode of communication, saying as an MP he got wind of the decision on social media like many other NDC MPs.

    “That is not how things are done,” he fumed.

    “The NDC is a democratic party. We have touted ourselves as the pacesetters of this democracy. The NDC gave birth to the 1992 Constitution for which reason we have all collectively agreed to chart the path of democracy.”

    He, therefore, indicated that NDC should be the last to disregard democratic tenets and by making such a decision without consulting the group – or caucus – it affects, to him, smacks of disrespect.

    The former Nanton MP said his experience of having been in the Sixth Parliament and even the Eighth Parliament tells him that there is active consultation between the party’s leadership and the caucus prior to such decisions.

    “How do you choose leaders for a group without consulting that group?” he wondered.

    “Who told you that the group will be comfortable with the people you have chosen? Now if the group were not comfortable with the people you have chosen, then that will be the beginning of a failure of that particular leadership.”

    Also, Member of Parliament for Agotime Ziope,  Charles Agbeve demanded explanations into the decision.

    Mr Agbeve said the NDC lawmakers were surprised following the announcement of the changes because consultations were not done on this matter.

    He told TV3’s Komla Kluste in an interview that “I am flabbergastered, the news hit me because it is one of the last news I am expecting at this time, and so I am surprised.

    “It took me a long time to really appreciate the news because normally, the national executives will engage the leadership of Parliament and if leadership thinks the engagements, they can’t get to a consultation, they meet the whole caucus and so, I can count countless engagements between the caucus and the national executives on all issues.

    “There are issues when they come up, leadership thinks let us take some advice from the national executives and then they give the direction. So one would have thought that if there is going to be a shake-up like this, there would have been some engagements and that engagement would have watered down the shock and surprise.

    “You will know there is going to be some changes here and there and then people will make inputs and suggestions but this was not done and I will like to know what went into this thinking, I will want some explanations, that will give all of us reasons to support it. ”

    Meanwhile, the National Chairman of the NDC Johnson Asiedu Nketia said the decision was taken based on the current trend of debate on national issues.

    “The debates and the other discussions will focus on the economy so you need to put your best man in the economy forward, that is what we have done,” he told Accra-based Joy FM.

    “We also looked at energy. These petroleum and electricity challenges and so we needed to settle on Kofi-Armah Buah, our former Energy Minister to be the Deputy Minority Leader and then the other area is infrastructure, Kwame Agbodza being our man in infrastructure should play a key role. So that generally is what informed the changes.”

  • Free tablets: How will you fund this project? – Forson asks Bawumia

    Free tablets: How will you fund this project? – Forson asks Bawumia

    The effort to provide free tablets to all Senior High School (SHS) pupils has been challenged by Member of Parliament for Ajumako-Enyan-Essiam, Dr Cassiel Ato Forson.

    The vice president Dr. Mahamudu Bawumia has been asked to explain how government plans to finance it.

    In a tweet, which was retweeted by Former President John Dramani Mahama, Dr Ato Forson said “Dr Bawumia, your frivolous promises are largely responsible for Ghana;’s bankruptcy! Basic schools in the North East Region don’t have tables and chairs yet you are promising 1 student 1 tablet! How will you fund this? Borrow more? Where lies your priorities Mr. Veep?”

    Dr Bawumia promised that all SHS students are going to be given free laptops this year.

    These tables, he said are loaded with textbooks on them for their studies.

    This is a game-changing development, he said.

    “This year, we are on course to provide all Senior High School students in Ghana with tablets that are loaded with textbooks on them for their studies.

    “That’s a very game-changing development. We will have past questions preloaded on these tablets that will be distributed,” he said while speaking at this year’s New Year School at the University of Ghana, Legon on Tuesday, January 17.

  • Another financial sector collapse imminent – Dr Ato Forson warns

    Another financial sector collapse imminent – Dr Ato Forson warns

    The Ranking Member of Parliament’s Finance Committee, Dr Cassiel Ato Forson, has said that Ghana will face another financial sector collapse if the government goes through with its Domestic Debt Exchange Programme (DDEP).

    According to him, the government, through its DDEP, is seeking to transfer its debt problem to individuals and private organisations including banks, which will lead to them not being able to pay their depositors and their eventual collapse.

    Speaking in an interview on JoyNews on Monday, January 16, 2023, which was monitored by GhanaWeb, Ato Forson added that at least five banks are on the brink of collapse because of the economic challenges in the country.

    “… at the end of the debt restructuring, the financial sector will have to collapse again. I am already seeing about five banks (that are) already going to shake because of what is going to happen to them if we allow it (the DDEP) to go (through).

    “So, do we really want to transfer the burden where the state is insolvent to the private sector and what will be the repercussions going forward?” we quizzed.

    Dr Ato Forson, the Member of Parliament for Ajumako Enyan Esiam, therefore urged the government to hold on to its DDEP and make the necessary consultations before going on with it.

    “That is why we are saying that it is for you and I to sit down and jaw-jaw for us to find a proper mix to resolve (the current challenges),” he said.

    He added that should the government decide to force the debt restructuring programme on Ghanaians, the entire middle class in the country will also be whipped out.

    Meanwhile, the invitation to the Domestic Debt Exchange Programme has been extended for the third time to January 31, 2023.

    This comes after the second extension by the Finance Ministry expired on January 16, 2023.

    The decision to include individual bondholders was necessitated after the government was forced by labour unions to abandon plans to include pensions in the debt exchange programme which was first announced in December 2022.

  • It is getting scary – Ato Forson reacts to 54.1% inflation rate

    It is getting scary – Ato Forson reacts to 54.1% inflation rate

    Dr Cassiel Ato Forson, the ranking member of Parliament’s select committee on finance, has expressed concern about the continuous high rate of increase in the prices of goods and services in Ghana.

    Dr Forson, the Member of Parliament for Ajumako Enyan Essiam, expressed this worry while reacting to the 54.1 percent inflation rate for December 2022 announced by the Ghana Statistical Service (GSS).

    The 54.1 percent inflation rate is an increase from the 50.3 percent rate recorded the previous month – November 2022.

    According to the GSS, the main drivers for the December 2022 inflation rate include Housing, Water, Electricity, Gas and Other Fuels group (82.34%); Furnishings, Household Equipment (71.52%) group; and transportation (71.42%).

    In a tweet shared on January 11, 2022, Dr Ato Forson stated that the rate of increase in prices of items is becoming frightening.

    He suggested that the Bank of Ghana will have to intervene by instituting some monetary policy measures.

    “This is getting scary; Bank of Ghana may have to respond with an increase in monetary policy rate!” parts of the tweet read.

    Meanwhile, Bloomberg has indicated that Ghana’s 54.1 percent inflation rate is the 7th highest inflation rate in the world among 120 nations.

    Source: Ghanaweb

  • Ato Forson’s Case: Financing agreement with Stanbic Bank was cancelled – Witness

    Ato Forson’s Case: Financing agreement with Stanbic Bank was cancelled – Witness

    A witness in the trial involving Dr Ato Forson, a former Deputy Minister of Finance and two others, says the financing agreement between Stanbic Bank and the Government of Ghana was cancelled. 

    “I am unable to say why the financing agreement between Stanbic Bank and Government was not signed,” Mr Emmanuel Evan Mensah said. 

    Mr Mensah gave his evidence after which the defence cross examined him in Accra. 

    Dr Forson, a Former Deputy Minister of Finance, was granted a self-recognisance bail of GH¢3 million for allegedly willfully causing financial loss of 2,370,000 euros to the State. 

    He is also facing an additional charge of “intentionally misapplying public property contrary to section 1 (2) of the Public Property Protection Act, 1977 (SMCD 140).” 

    Dr Sylvester Anemana, a Former Chief Director at the Ministry of Health, was also granted a bail of GH¢1 million with three sureties one of whom shall be a public servant not below the rank of a director. 

    Mr Richard Dzakpa, a businessman, also in the trial, was granted a GH¢5 million bail with three sureties one of whom must be justified with documents of a landed property. 

    Asked that in his experience as a finance professional at the Ministry of Finance, could a Letter of Credit (LC) be lawfully established without approval from the Minister of Finance, he answered in the affirmative. 

    Dr Abdul Aziz Bamba, Counsel for Dr Forson asked the witness how the alleged authorisation was done by the then Former Deputy Minister of Finance and Mr Mensah said it was a written letter. 

    The witness confirmed the letter in open court and was given the opportunity to read in open court. 

    The Counsel said the letter indicated on the face value that it was written for the Minister of Finance, and the witness agreed. 

    Asked following the cancellation of the agreement, what other financing options were available to the government at that time, the witness said there were so many options. 

    The witness said one of the options was to look for replacement for the Stanbic agreement, while also consulting cabinet and approval from Parliament for other options. 

    Mr Mensah said another option was to postpone the whole agreement entirely, while looking at government coffers to finance the purchase of the ambulances. 

    The Counsel suggested to the witness that, the Minister of Finance could approve any other alternative financing options, but Mr Mensah disagreed. 

    He explained that because each option had processes, the Minister could not solely approve them, and stressed he had to follow due processes, including going to Parliament for approval. 

    Mr Alex Owureidu Dankwa, lawyer for Dr Anemana, in a cross examination, suggested to the witness that the agreement was never signed, and the witness agreed. 

    The case was adjourned to January 17, 2023, for continuation. 

    Source: Myjoyonline

  • Ad-hoc committee probing censure motion postpones presentation of report

    According to reports, the eight-member ad hoc committee’s report submission has been delayed.

    The committee was formed to look into a resolution of censure against Ken Ofori-Atta, the finance minister.

    Despite requesting an extension to present the report today, November 2, 2022, Citinewsroom.com reports that the committee will not be able to do so since it has not yet finished preparing its report for presentation to Parliament.

    “We will apply to the Speaker for an extension of time to be able to file our report and the purpose of the report will simply be to continue the debate on the motion for the vote of censure and the report will be laid in Parliament hopefully on Tuesday”, a Co-Chair of the committee, Dr. Dominic Ayine had earlier said on November 18, 2022.

    KT Hammond, another co-chair, announced that the committee would have to present a draft copy of the report to the finance minister to ensure that his responses are properly captured before the full report is tabled before Parliament for debate.

    The minority in parliament proposed a censure motion against the finance minister on seven grounds.

    According to Minority leader, Haruna Iddrisu the seven grounds included an allegation of a “despicable conflict of interest” in which Ofori-Atta was directly benefitting from Ghana’s economic woes.

    He also alleged an unconstitutional withdrawal from the Consolidated Fund, in contravention of Article 178 of the 1992 Constitution, for the construction of the National Cathedral.

    Haruna Iddrisu also told the ad-hoc committee that the minister had made illegal payments of oil revenues into offshore accounts in violation of Article 176 of the 1992 Constitution as well as misreporting of economic data to Parliament.

    He also alleged that fiscal recklessness led to the crash of the Ghana cedi, which was reported to be the worst-performing currency in the world.

    The second proponent of the motion, Dr. Cassiel Ato Forson, accused the Minister of deliberate and dishonest misreporting of economic data to Parliament.

    The Committee, set up by the Speaker of Parliament, is co-chaired by Dr Dominic Ayine, the Member of Parliament (MP) for Bolgatanga East for the Minority Caucus, and Kobina Tahir Hammond, MP for Adansi Asokwa, for the Majority Caucus.

    It also included three members each from both the minority and majority sides.

  • Today in History: ‘I swear NPP will not meet its budgetary target’ – Ato Forson

    Dr. Cassiel Ato Forson, the ranking member of the parliamentary finance committee, voiced dissatisfaction with the elements of the 2018 budget that Finance Minister Ken Ofori-Atta had submitted.

    He vowed that the administration would be unable to meet its objectives.

    “If you carefully examine the budget, you will notice that it is empty.The figures on the fiscal table do not back up the false promises.
    Ghanaians won’t see anything concrete by the end of 2018,” he said.

    Former Deputy Finance Minister and Member of Parliament for Ajumako-Besease, Cassiel Ato Forson has taken a swipe at the 2018 budget presented by Finance Minister Ken Ofori- Atta on November 15, 2017.

    The minority spokesperson on Finance who described the budget as an empty promise asserted that figures mentioned by the Finance Minister do not correspond with the reality on the ground.

    “If you look at the budget carefully you will see it’s empty. The promises are empty and are not supported by the numbers on the fiscal table. Ghanaians will end the year 2018 without seeing anything tangible.”

    Cassiel Ato Forson also questioned the Minister’s decision to extend the National Fiscal Stabilization and Special Import levy that was enacted in 2013 as a temporary tax to avert the economic woes at the time.

    “The Minister of Finance said they have turned around the economy, granted that they have turned around the economy, why then are they extending the National Fiscal Stabilization and Special Import levy, the temporary taxes that were enacted in 2013 to deal with the problems the economy was facing at the time?”

    Mr. Forson added that the debt-to-GDP ratio is approximately 73.6 percent but when the Energy Bond and the UT/Capital banks bond are added, the debt-to-GDP ratio will shoot up to 76.8 percent.

    Growth

    He said the boasting by the government to achieve 5.9 percent GDP growth in 2017 and 8.9 percent in 2018 could be misleading.

    That, he said, was because the projected non-oil GDP growth of four percent in 2017 was lower than the realized non-oil GDP growth of 4.8 percent in 2016, while the projected non-oil GDP growth of 5 percent in 2018 was only 0.2 percent higher than the realized non-oil GDP growth in 2016.

     

  • Censure motion: Minister counters proponents Friday as 7 grounds laid for removal

    The Ad hoc Committee tasked to investigate the various allegations to justify the removal of the Minister of Finance, Ken Ofori-Atta, from office commenced hearing yesterday, with the proponents of the censure motion outlining seven grounds to substantiate their call to push out the minister to save the Ghanaian economy from further deterioration.

    The lead proponent, Haruna Iddrisu, the Minority Leader, assisted by the Ranking Member on the Finance Committee, Dr Cassiel Ato Forson, supported the seven grounds with figures from official documents, such as budgets and fiscal data series from the Ministry of Finance website, to firm up their motion for Parliament to impeach Mr Ofori-Atta.

    They mentioned the grounds as conflict of interest, unconstitutional withdrawal from the Consolidated Fund, illegal payment of oil revenues into offshore accounts, deliberate and dishonest misreporting of economic data to Parliament, fiscal recklessness, leading to the crash of the Ghana cedi, incompetence and frightening ineptitude and gross mismanagement of the Ghanaian economy.

    Supporting documents

    To make their case, Mr Iddrisu tendered documents on which they are relying, including the Hansard on parliamentary debate on November 10, 2022, the Public Financial Management Act, the Fiscal Responsibility Act, 2018 (Act 982) and the Bank of Ghana Act, 2022 (Act 612).

    Other documents on which they will rely are Article 82 of the 1992 Constitution, the Public Interest and Accountability Committee reports from 2018 to mid-2022, Staff Reports of the International Monetary Fund (IMF) under the rapid credit facility from 2018 to 2021, fiscal data from the Ministry of Finance website, the Fiscal Responsibility Act, 2018 (Act 982), the Petroleum Revenue Management Act, 2011 (Act 815), budget statements from 2019 to 2022 and mid-year budget statements presented to Parliament from 2019 to 2022.

    They are also relying on the Auditor-General’s report from 2018 to 2020, as well as information they have compiled from internationally recognised analyst websites, such as Goldman Sachs and Bloomberg.

    Minister’s appearance

    Originally, Mr Ofori-Atta was not due to appear before the committee, but he showed up at yesterday’s hearing in the company of his lawyer, Gabby Asare Otchere Darko, and his two deputies at the Finance Ministry, Dr John Kumah and Abena Osei-Asare, to apprise himself of the arguments being put up by the proponents of the censure motion to allow him to defend himself properly tomorrow.

    Mr Ofori-Atta, dressed in his signature white ‘khaftan’ attire, was later joined by the Minister of National Security, Albert Kan-Dapaah.

    Demand by minister

    The documents tendered were in response to a letter which the committee received from the Finance Minister, dated November 14, this year, which a co-chairman of the committee, Mr K.T. Hammond, had read out.

    The letter, he said, had requested for specifics of the seven grounds (allegations) made against the minister by the motion proponents, as well as relevant evidential documents to enable him to properly defend himself.

    Subsequently, both co-chairmen of the committee asked the proponents if there were any documents that they would be relying on for the purpose of making their case against the minister.

    Furnish us with all documents

    Unhappy with the list of documents being tendered by the proponents of the motion, counsel for Mr Ofori-Atta intervened and said per Article 23 of the 1992 Constitution, since the hearing was a quasi-judicial process, his client deserved a fair hearing.

    Mr Otchere Darko said in the event matters did not go well at the hearing, the minister faced potentially the severest punishment a minister could get — removal from office.

    He, therefore, requested for the full particulars of facts in respect of each of the allegations contained in their letter in order not to cause the minister to be ambushed right before the committee, “without any preparation to start answering questions”.

    “Before we start this procedure, all we are asking for, in the interest of justice, is that we should be furnished with the full particulars of fact in support of each allegation contained in the letter.

    “The documents are fine; before we look into the documents, we want the charges to be complete with the particulars,” Mr Otchere Darko said.

    Why hearing?

    On November 10, this year, the Minority Leader moved a motion on a vote of censure on the floor of Parliament to compel the House to impeach the Finance Minister.

    However, the Speaker of Parliament, Alban Sumana Kingsford Bagbin, referred the matter to the eight-member committee, co-chaired by the Member of Parliament (MP) for Adansi Asokwa, K. T. Hammond, and the MP for Bolgatanga East, Dr Dominic Ayine, to probe the allegations for prima facie evidence and report to the House in seven working days.

    Based on the outcome of the hearing and the recommendations of the committee, the House will consider whether there are enough grounds to impeach and stop Mr Ofori-Atta from holding himself as the Finance Minister.

    Minister not competent

    Leading evidence in each of the allegations contained in the motion, the Minority Leader dwelt on the ground of unconstitutional withdrawal from the Consolidated Fund.

    Starting with the construction of the National Cathedral, Mr Iddrisu said nobody was against the President promising and honouring God with a cathedral.

    He, however, said public resources for such project should be approved by Parliament.

    Contrary to that, he cited how a warrant signed by the Finance Minister on October 29, this year, led to the expenditure of GH¢142.76 million being allocated for the construction of the cathedral and asked if such an allocation was approved by Parliament.

    Fiscal recklessness

    On the deliberate and dishonest misreporting of economic data to Parliament, the Minority Leader referred to the Auditor-General’s report and said per reports by the World Bank and the International Monetary Fund (IMF), Ghana’s national debt stock exceeded GH¢450 billion.

    “As it was inherited in 2017, it was GH¢120 billion and the amount of money we now spend to service debt as of the end of 2021 was GH¢37 billion, ballooning to GH¢45 billion estimated by the close of this year.

    “This can only be as a result of irresponsible borrowing,” Mr Iddrisu said.

    He also reflected on the escalating inflation in the country to buttress his point.

    He also cited the President’s broadcast to the nation on Sunday, October 30, this year about how high inflation had contributed to unacceptable hardship facing Ghanaians today, saying “we are holding the Minister of Finance wholly responsible for that”.

    Mr Iddrisu said in 2017, $1 was equivalent to GH¢4.2, but today $1 was GH¢15 and highlighted how the cost of doing business had become unacceptably high.

    “The pharmaceutical industry is complaining because it affects their imports and they are made to pay more,” he said, adding that the depreciation of the cedi had even affected Makola women because they could not trade effectively, as they made loses due to the consequence of borrowing.

    Quoting from the Auditor-General’s report of December 31, last year, he said the annual budget funding amount reported by the Ministry of Finance was GH¢2.06 billion, whereas the Controller and Accountant General reported GH¢3.3 billion, a variance GH¢1.3 billion.

    He said the Minority was dissatisfied with the performance of the Finance Minister and considered him not competent to continue to hold office as Finance Minister.

    Unsustainable debt

    Dr Forson also told the committee that the government had since been misreporting economic data to Parliament with the aim of misleading the House and the investor community.

    That was mainly to create the false impression to Parliament that the Finance Minister had complied with the Fiscal Responsibility Act, 2018 (Act 982), when that was not the case, he said.

    Quoting Act 982, he said in spite of a set of rigid rules on fiscal responsibility, Ghana’s debt had become unsustainable.

    “What we have seen over the years, even though the Finance Minister has been presenting some economic data to Parliament, is that in 2018, our minister and the government had said to Parliament that the fiscal deficit was 3.9 per cent of Gross Domestic Product (GDP).

    “The reason they said it was 3.9 per cent of GDP was that a key expenditure worth GH¢9.8 billion was excluded from the fiscal account, as they treated it below the line and that had to do with financial sector payment.

    “The law says that anytime you reach six per cent, the vote of censure must happen and this law was assented by the President on December 28, 2018,” Dr Forson stated.

    He added that if the GH¢9.8 billion was to be accounted for to include what was excluded and treated below the line, “the actual fiscal deficit for 2018 was 7.1 per cent of GDP, which clearly means that the censure motion in line with Section 4 of Act 982 triggers,” he said.

    He added that in 2019, Mr Ofori-Atta informed Parliament that the fiscal deficit was 4.8 per cent of GDP, while excluding the financial sector payment of GH¢3.1 billion and energy payment of GH¢5.1 billion from the fiscal accounting.

    “So if you are to factor in all of that, the fiscal deficit is actually 7.1 per cent of GDP, at a time when the fiscal rules had not been suspended, breaching sections 2 and 4 of Act 982,” he said.

    On conflict of interest, he recalled what the minister told Parliament in answer to a question that his company, Databank Financial Services Limited, made GH¢159.3 million as book runners for bonds between 2017 and 2021.

  • IMF disagrees Ofori-Atta misreported data – Egyapa Mercer claims

    According to Andrew Kofi Egyapa Mercer, the NPP’s representative for the Sekondi Constituency in the Western Region, the Minority in Parliament is bringing up old, disproved claims against Ken Ofori-Atta, the minister of finance.

    The International Monetary Fund (IMF) reportedly rejected the claims of false reporting as inaccurate when they were initially brought up in May 2020, according to Mr. Mercer.

    Because of this, he questioned why the Minority would cite the same reasons as justification for a vote of censure against Mr. Ofori-Atta.

    The MP made the statement at the first hearing of the Ad Hoc Committee on the motion of censure brought against the Finance Minister.

    Egyapa Mercer’s claim was also in response to Dr Cassiel Ato Forson’s presentation which was centred on the misreporting of the fiscal deficit, fiscal treatment of expenditures above or below the line and general public sector accounting.

    The MP said the past Country Representative of the IMF, Dr Albert Touna Mama, had debunked the allegations on Joy News File in May when he was called to respond to them when first raised by Dr Forson.

    “Indeed, the said Dr Touna Mama was the Country Representative of the IMF. He was called to respond to allegations on misreporting of figures that the Finance Ministry had presented to IMF and he said all the figures were known by the IMF and therefore it was untrue that there was misreporting,” Mr Mercer said.

    Meanwhile, in May 2020, Dr Touna Mama said that whilst his outfit tried “as much as possible to stay out of debates” they felt compelled to clarify statements made by Fact Check Ghana concerning the $1 billion IMF COVID-19 relief fund to the government.

    Fact Check Ghana, an affiliate of the Media Foundation for West Africa, through its website, stated that government of Ghana presented data to the IMF which was different from figures in the annual budgets for 2018 and 2019.

    But speaking on Joy FM’s News File Programme in May 2020, the IMF Country Representative to Ghana, Dr. Albert Touna Mama suggested that Fact Check Ghana misrepresented the facts because the government was not the one that presented the figures that the IMF published in its statements as Fact Check Ghana reported.

    The IMF Country Director explained that the difference in figures was as a result of a difference in the methodology of calculation, adding that the figure in fiscal deficit in their statement was a figure they generated themselves from the data government presented to them, having added financial and energy sector payments in line with their methodology, which is different from government’s methodology.

    Earlier, Mr Ofori-Atta, asked the committee for a fair hearing.

    He asked that he be furnished with the documents that they intended to rely upon, to execute the motion of censure initiated against him.

    The minister’s lawyer, Gabby Asare Otchere-Darko, said the rules of natural justice and fair hearing required that the accused was not only heard but also necessarily be furnished with the documents that formed the bases of the allegations made against him.

    The hearing continues.

  • ‘Akufo-Addo goofed’ – Ato Forson insists there will be ‘haircuts’ on investments

    In order to stop the current economic crisis, Dr. Cassiel Ato Forson, MP, Ajumako-Enyan-Esiam, has stressed that Ghana’s debt restructuring will involve some “haircuts” for the nation.

    He holds a different opinion from President Nana Addo Dankwa Akufo-Addo, who in his speech to the nation on Sunday, October 30, unequivocally affirmed that investors’ cash in various public projects would not be lost.

    As the administration works to reach an agreement with the International Monetary Fund, the president underlined that measures would be made to safeguard citizens’ investments (IMF).

    “I also want to assure all Ghanaians that no individual or institutional investor, including pension funds, in government treasury bills or instruments will lose their money, as a result of our ongoing IMF negotiations. There will be no ‘haircuts’ so I urge all of you to ignore the false rumours, just as, in the banking sector cleanup, government ensured that the 4.6 million depositors affected by the exercise did not lose their deposits,” President Akufo-Addo said.

    But speaking on Accra-based Joy FM, the Ranking Member on Parliament’s Finance Committee, indicated that there would definitely be a ‘haircut’ as Ghana awaits a bailout from the IMF.

    “I don’t know the basis the President made that statement and if you run the maths, it doesn’t add up and I will be surprised that Ghana will get an IMF programme without a haircut.

    “I can say on authority that there would be some form of a haircut. Clearly, someone is not briefing the President properly or probably the writing did not come out well. ‘The President goofed’, he shouldn’t have said it in a categorical manner because what it has done is that, it has sent additional uncertainties to the market clearly indicating that someone is not on top of his job.

    “I do not know how our debt will be sustainable by the year 2028 brings to over 100 per cent…clearly indicating that we are to [remove] 50 per cent of debt without a debt restructuring, it is impossible,” Dr. Ato Forson explained.

  • I saw an angry Akufo-Addo during his address – Ato Forson

    Dr. Cassiel Ato Forson, Ranking Member on Parliament’s Finance Committee, has indicated the president’s posture during his address on Sunday, October 30, was that of a man who was very angry.

    According to him, Akufo-Addo clearly indicated that he was not ready to solve the economic challenges that the country is currently facing.

    Dr. Ato Forson noted in an interview on Joy News which was monitored by GhanaWeb that the president did a poor job of asking Ghanaians to rally behind him during these difficult times.

    The Ajumako-Enyan-Esiam MP is of the view that the address of the president was long overdue.

    “Unfortunately, the President waited too long to address the nation, and even when he decided to address the nation, his posturing alone wasn’t good enough. Watching the President, I saw someone who was angry, but I did not see someone who was ready to solve a problem. The body language is everything so I was more interested in his body language and I saw an angry man.

    “Your people are in crisis, their livelihood is at stake. People are struggling to have three square meals a day; they’re looking up to you as the President. You don’t come threatening them because some of them are rumour mongering.

    “You come obviously by talking to them in a way that they can buy your message. I think whoever wrote that speech if it’s himself, did a very poor job, if it’s another person, whoever did that job must go because actually, the people of Ghana were waiting for that master stroke but it did not come out as such,” Dr. Ato Forson stated while commenting on the address.

    To him, the president’s address should have announced some immediate actions being taken to curb the fiscal issues, including some alleviation plans to help support the most vulnerable in society.

    The MP noted such a statement of hope would have earned the support of Ghanaians instead of their ire and ridicule.

    “Let me tell you something…if the President had come and had announced to the people of Ghana to say ‘yes, because of the crisis A, B, C and D, I’m relieving 40 of my ministers or 30 of my ministers’ it’s a big signal. It tells the people of Ghana that this man means business.

    “It calms the nerves of everyone. Quantify it and say that I’m making savings of ABCD and I’m going to put these savings into, say LEAP to support the elderly. The people of Ghana want to see things like this,” Dr. Cassiel Ato Forson observed.

     

  • Don’t target domestic creditors in debt restructuring – Ato Forson to government

    Targeting local creditors in a potential debt restructuring, according to Dr. Cassiel Ato Forson, the minority party’s spokesperson on finance, will harm the Ghanaian economy.

    As of July 2022, Ghana had GH 402.4 billion in debt.

    Dr. Forson estimates that more than GH 200 billion in debt relief is required to make Ghana’s current debt manageable.

    The former deputy finance minister warned the administration against using a “mickey mouse” approach to debt restructuring on Thursday, October 27, 2022 at the “Building the Ghana We Want” address at the University of Professional Studies in Accra.

    “One of the biggest dilemmas in solving debt restructuring is the extent to which the burden should be borne by holders of the debt instrument governed by domestic and foreign laws and that’s what people call domestic foreign debt restructuring. Restructuring domestic dent is like surgery, you only do it if you must and you avoid it if it might do more harm than good. It is a dangerous tool,” Dr. Ato Forson stated.

    He added: Restructuring your domestic debt should be thought through well. Imagine the consequences of haircuts. On the face value of your interest on your bond, imagine waking up one early morning only to be told that your GH¢1 million in government bond has suddenly become GH¢700,000 to the extent that the government has taken GH¢300,000 of your money, imagine that! Pension funds will suffer a drop in value.”

    “Tier 2 and Tier 3 pension payout will drop from already low levels. Tier 1 SSNIT reserve will drop in value, SSNIT capacity to pay pensions will certainly suffer, and Insurance companies’ reserves will fall with implication for benefit payment, unfortunately. Local banks, other deposit-taking institutions, savings & loans, and rural banks will all suffer.”

  • Don’t target domestic creditors in debt restructuring – Ato Forson to government

    The Minority Spokesperson on Finance, Dr. Cassiel Ato Forson says targeting domestic creditors in a possible debt restructuring will hurt the Ghanaian economy.

    Ghana’s debt stood at GH¢402.4billion as of July 2022.

    According to Dr. Forson, debt relief in excess of GH¢200 billion is needed to make Ghana’s current debt sustainable.

    Speaking at the “Building the Ghana We Want” lecture at the University of Professional Studies, Accra on Thursday, October 27, 2022, the former Deputy Finance Minister admonished the government to avoid a mickey mouse form of debt restructuring.

    “One of the biggest dilemmas in solving debt restructuring is the extent to which the burden should be borne by holders of the debt instrument governed by domestic and foreign laws and that’s what people call domestic foreign debt restructuring. Restructuring domestic dent is like surgery, you only do it if you must and you avoid it if it might do more harm than good. It is a dangerous tool,” Dr. Ato Forson stated.

    He added: Restructuring your domestic debt should be thought through well. Imagine the consequences of haircuts. On the face value of your interest on your bond, imagine waking up one early morning only to be told that your GH¢1 million in government bond has suddenly become GH¢700,000 to the extent that the government has taken GH¢300,000 of your money, imagine that! Pension funds will suffer a drop in value.”

    “Tier 2 and Tier 3 pension payout will drop from already low levels. Tier 1 SSNIT reserve will drop in value, SSNIT capacity to pay pensions will certainly suffer, and Insurance companies’ reserves will fall with implication for benefit payment, unfortunately. Local banks, other deposit-taking institutions, savings & loans, and rural banks will all suffer.”

     

  • BoG must stop printing money to finance government spending – Ato Forson

    Dr. Cassiel Ato Forson, a ranking member of the Support Committee of the House of Representatives, has advised the government against creating money to finance its spending.

    According to him, the government’s efforts to combat inflation are harmed by the practice, also known as monetary funding.

    He highlighted that the Bank of Ghana should prioritize the fight against inflation while delivering a public lecture titled “Building the Ghana we desire.”

    In his opinion, “The first objective should be to reduce inflation because Ghana does not want it to get entrenched. We must do this before it is too late.
    Inflation expectations need to be immediately anchored by the Bank of Ghana.
    To finance government spending, they ought to stop producing money, also referred to as “monetary financing.””

    Ato Forson charged the Bank of Ghana to institute an emergency monetary policy committee to consider hiking the monetary policy rate as a signal for investor confidence.

    “To stem the rapid depreciation of our cedi, the Bank of Ghana may have to call for an emergency monetary policy committee meeting and consider the need to hike the monetary policy rate, even if it is for purposes of signalling that somebody is in charge,” he said.

    “Government must prioritise and rationalise expenditure by cutting all unnecessary and frivolous expenditures, whiles considering the extension of support to the poor and the vulnerable in the country, “since the economic hardship is affecting them the most,” he added.

  • FULL TEXT: Cassiel Ato Forson’s presentation on Ghana’s economy

    Dr. Cassiel Ato Forson, the minority’s spokesperson on finance, has said that President Nana Addo Dankwa Akufo-Addo and his Economic Management Team, EMT, are working to restructure the nation’s debt.

    Ato Forson, who discussed Ghana’s economy on October 27 at a gathering in Accra, called the action “Mickey Mouse” and cautioned that the direction in which the government plans to approach the debt restructuring will be detrimental to Ghanaians.

    “Mr. President, a Mickey Mouse approach to debt restructuring will seriously harm Ghana. You may not single out domestic creditors in your debt restructuring. It will ruin us, he said.

    “The truth is, Ghana cannot currently afford to repay its debt according to the finance agreement and provide public goods at the same time. Ghana is simply insolvent, in other words bankrupt…,” he added.

    Stating that the managers of the economy have failed, Ato Forson noted, “for them, everything is about the next elections, they never accept responsibility. They always say, ‘it wasn’t me, it was the guy behind the tree.’ They live on another planet, and don’t appreciate what the IMF will require from them, let alone start action. The ineptitude is unbelievable.

    “Curbing inflation should be the top priority: Ghana does not want inflation to be entrenched, we need to confront inflation now before it becomes too late. The Bank of Ghana needs to anchor inflation expectation immediately. They should stop the printing of money otherwise known as monetary financing to finance government expenditure.”

    Dr. Ato Forson suggested that the Bank of Ghana should call an emergency meeting of the monetary committee to increase the monetary policy rate to curb the depreciation of the Cedi.

    “To stem the rapid depreciation of our cedi the Bank of Ghana may have to call for an emergency monetary policy committee meeting and consider the need to hike the monetary policy rate, even if it is for purposes of signaling that somebody is in charge.”

    The former Deputy Minister of Finance under the erstwhile Mahama administration, further recommended that “Government must prioritize and rationalize expenditure by cutting all unnecessary and frivolous expenditures.”

     

  • Ato Forson’s solutions on how government can deal with public debt

    The government of Nana Addo Dankwa Akufo-Addo has been given some suggestions by Dr. Cassiel Ato Forson on how to deal with the growing national debt.

    The free decline of the Ghana cedi has made the economic crisis and mounting public debt more acute for President Akufo-Addo and the Economic Management Team, or EMT.

    Dr. Forson warned that the technique and manner in which the government wishes to tackle the debt restructuring will harm Ghanaians, calling the initiative a “Mickey Mouse” strategy.

    “Mr. President, please beware that, a Mickey Mouse form of debt restructuring will hurt Ghana big time. Your debt restructuring must not target domestic creditors. It will destroy us,” he said at an event dubbed “Building the Ghana We Want” on Thursday, October 27.

    In offering some solutions to the government on how it can deal with what he described as ‘Ghana’s unsustainable debt’ through debt restructuring, the Minority spokesperson on Finance said:

    “The announcement of debt restructuring will mean that Ghana has defaulted on its debt service obligation and will have to renegotiate.

    “International credit rating agencies are most likely to downgrade Ghana to D in the coming months as soon as government officially announces debt restructuring.

    “The process of Debt Restructuring is similar to the HIPC program. However, the HIPC targeted bilateral and multilateral loans, debt restructuring will target commercial loans.

    “Commercial Lenders and others will have to accept a reduction in interest and principal payment or risk default and non-payment.”

    Dr. Ato Forson continued: “There are three(3) main methods in debt restructuring, namely: Change the maturity date(maturity extension) for amount of Principal or Interest falling due under the affected debts and Introduce Grace Periods.

    “Reduce the Principal Amounts of the debt, (a Principal Hair-cut) and “Reduce the Interest Rate on the debt for bond indebtedness (coupon adjustment).”

    He indicated that it is possible to mix and match the three methods above, e.g. maturity extension with a coupon adjustment.

    “Debt restructuring is not a science but an art and can be tailored to suit particular debt crises such as Ghana’s problem.

    “Creditors can be expected to express strong views about the method chosen to address the sovereign debt problem. Principal haircuts are unfriendly to creditors and maturity extension and coupon reduction are creditor friendly.”

  • 21% increase in cocoa farm gate price very small – Ato Forson

    Dr. Cassiel Ato Forson, the ranking member of the finance committee, characterized the recent increase in the producer price of cocoa as being quite little.

    The 64kg bag of cocoa cost GH 800 following the government’s October 5, 2022 announcement of a 21% increase.

    This is less expensive than Ivory Coast, which set its pricing for the same season [the 2022–2023 cocoa crop season] at around GH858.

    Until the announcement, a bag of cocoa was selling for ¢660 a bag in Ghana.

    Reacting to this in an interview with Citi News, Ato Forson stressed that the increment was very minimal.

    “That is way too small,” Mr. Forson said.

    The Minority in Parliament had previously called for the farm gate price to be increased to GH¢1000 per bag.

    But government in the announcement said the 21% rise in the producer price of cocoa was a testament to government’s resolve to ensure farmers earn a decent income and make cocoa farming lucrative.

    Government added that to ensure a decent standard of living for Ghanaian cocoa farmers after retirement, it will from November 2022 move from the pilot phase to the implementation phase of the cocoa farmer’s pension scheme.

  • Economic situation; Minority urges govt to open up to alternative view

    The time for President Nana Addo Dankwa Akufo-Addo to extend a hand of cooperation to stakeholders across the spectrum to “rescue” the economy from further decline is now, the Minority in Parliament has stated.

    In the view of the caucus, Ghana has the requisite personnel to turn the economic situation around if the government opened up for alternative views.

    Their call comes on the heels of a World Bank report which pegged Ghana’s Debt to Gross Domestic Product (GDP) at 104.6 per cent, further impairing the economy.

    At a press conference in Accra yesterday, the Minority said if the government had listened to the opposition parliamentary wing when it was cautioned against the excessive borrowing the regime engaged in.

    “If they had listened to the Minority from 2017, certainly, we wouldn’t have been where we are today. Today, Ghana has become a laughing stock in the world.

    “This mismanagement and incompetence is legendary and must be stopped and I think that the president must call on all of us to come onboard as citizens of this country to secure our future.

    “We have the people who can do it. There are excellent people in academia and in civil society and in the other political parties.

    “There is the need for us to come together to rescue our country because it is very clear that this government cannot steer us out of this economic meltdown,” Dr CassielAtoBaahForson, the Minority Spokesperson on Finance said.

    The caucus, Dr Forson, MP for Ejumako/Enyan/Essiam said was vindicated by its long held view that government is guilty of subterfuge in relation to Ghana’s debt.

    The Minority in the past has maintained that the US$2 billion sinohydro deal was a loan contrary to government’s position that it was a barter trade between the Chinese company for them to extract bauxite worth the amount.

    This position which the government denied, Dr Forson said has come to light.

    “They have hidden ESLA, they have hidden Sinohydro, they have hidden Daakye, and in fact, they have added debt through Road Fund and they are all public debt.

    “Since 2017, we have been raising this concern that [the sinohydro and other loans calculated below the line] are public debts but this government thought they are wiser than all of us. Today, their master, the IMF, is in town.”

    All the above debts, Dr Forson said, have eventually been added to the public debt which has pushed the country’s debt to over 100 per cent of GDP.

    “Over the years, they have been deceiving stakeholders, you and I, creating the impression that our debt is sustainable. Today it is obvious that due to this government’s reckless management of the economy and the way they have piled the fiscals in an unsustainable manner, our debt is 104 per cent of our GDP,” Dr Forson said.

    Source: Ghanaian Times

  • Ghana needs to take an urgent decision to restructure to ensure debt sustainability – Ato Forson

    Dr. Cassiel Ato Forson, the ranking member of the finance committee in parliament, has said that before talks with the IMF move further, a decision should be made to assure Ghana’s debt sustainability.

    He contends that in deciding what kind of debt restructuring regimes to implement, the government must show some initiative.

    “Ghana is currently experiencing hardship related to sovereign insolvency; we are bankrupt. The decision to restructure must thus be made.
    What type of reorganization, though, is the question.

    “That is the kind of conversation I believe we have to go in. We have to consider the kind of restructuring that we’ll do that will safeguard the economy and preserve us going forward. I believe that is where we’ve gotten to at this stage,” he is quoted by myjoyonline.com on October 5, 2022.

    Ghana’s debt has been projected to become unsustainable after its debt to GDP is expected to hit about 104%.

    However, Ato Forson believes that if the government will pursue a debt restructuring, it has to be aware of which debt relief package it will want to adopt.

    “The first thing is after identifying that the debt is unsustainable how do you make it sustainable before you get the IMF programme? You need to agree on the debt relief that you will require. If you’ll need 20%, 30%, or 40% of your GDP in the form of debt relief, that brings the question, who will bear that burden?

    “How are you going to burden share? Are you going to tackle external, domestic, or everybody else? Are you going to add an official bilateral or not? At that point, you need to make a decision, and would debt restructuring alone do the trick? Because remember debt restructuring deals only with commercial debt holders.

    “So, if you’re going to deal with the official bilateral and export credit agency you need more than debt restructuring. You will need what we call a debt suspension initiative under the common framework. So that will mean you’ll need a double do,” he said.

    He advised that government seeks counsel and professional advice from knowledgeable people in the country, especially in academia.

    Ato Forson added that Ghana’s situation is beyond political gimmicks.

    “The academia is big, you can tap into their knowledge, civil society, and even the political divide, across the political divide and pick knowledge. Let’s sit down and confront the situation at the national level. Unfortunately, they’re dealing with it at the partisan and political party level, which isn’t helpful. The situation goes beyond politics. We need to rescue our country because this is all we have and the situation is getting worse by the day,” he added.

  • A future NDC gov’t will not short-change you – NDC MPs tell cocoa farmers

    The minority in parliament has argued that paying cocoa farmers fair rates for their crop is the least that the Akufo-Addo administration can do in light of the country’s high inflation and general misery.

    The government was criticized by the opposition members as being insensitive because, in their opinion, cocoa producers are suffering from extreme hardship.

    In a press statement issued by Ranking Member on the Finance Committee of Parliament,  Dr Cassiel Ato Forson, reacting to the 1.13bn Syndicated loan agreement signed y the Ghana Cocoa Board and the Ministry of Finance, the Minority said the international price of cocoa has appreciated slightly, above the previous year levels, so this Government should not, in this dire economic situation remain insensitive to the plight of cocoa farmers, stakeholders and Ghanaians in general.

    “We wish to assure our hard-working cocoa farmers, that a future NDC government will not short-change them, and only wait to increase cocoa prices in an election year as we saw in 2020 and which they appear to be planning to repeat,” the statements aid.

    Below is the full statement…

    Farmers and stakeholders are running out of patience for COCOBOD. Every year cocoa prices are announced at the opening of the season. 1st October is internationally recognised as the start of the cocoa season worldwide as affirmed by the UN body for cocoa, the International Cocoa Organisation — ICCO.

    2. This year COCOBOD opened the cocoa season without a producer price for cocoa. After wasting scarce resources to organise a cocoa day that,was poorly attended, farmers and stakeholders in the cocoa industry are left in suspense about the price.

    3. We wish to send a loud and clear message to this government; cocoa farmers are fed up and demand their cocoa price now.

    4. After all this uncertainty, government should not announce any price below GHS 1000 per bag, or GHS16,000 per tonne. Ghanaians are all witnesses to the historic depreciation of the Cedi. In 2021, COCOBOD used an exchange rate of GHS 6 to the $1. We wish to
    remind them that the dollar is now more than 10. Even at the dollar equivalent price, famers and all stakeholders including LBCs and Haulers should receive higher prices and margins this year.

    5. On Friday 30th September 2022, Ivory Coast announced a price of 900 CFA which is equivalent o GHS852 per bag or GHS13,632 per tonne. If this government fails to raise cocoa prices, it could trigger massive smuggling, particularly at a time when we need every single dollar

    6. With significant volumes of cocoa purchased in October, the Ivorian price now leading Ghana by a whopping GHS192, Ghana could be losing cocoa to smuggling as a result of the needless delay in announcing the producer price.

    7. Considering extreme inflation and hardship in the country, the least this insensitive government can do is to pay cocoa farmers remunerative cocoa prices.

    8. In addition, the international price of cocoa has appreciated slightly, above the previous year levels, so this Government should not, in this dire economic situation remain insensitive to the plight of cocoa farmers, stakeholders and Ghanaians in general.

    9. We wish to assure our hard-working cocoa farmers, that a future NDC government will not short-change them, and only wait to increase cocoa prices in an election year as we saw in 2020 and which they appear to be planning to repeat.

    Very late and very little: 2022 syndicated loan

    10. The Syndicated loan was signed on 3rd October 2022, for the first time in 30-years. The Syndicated Loan is typically signed
    before October so that the draw down is timed to the start of the season. However, this government has added late signing of syndicated loans to its plethora of failures.

    11. Parliament approved up to $1.3 billion syndicated loan. However, COCOBOD could only get $1.13bn. This is purely due to the lack of confidence in the Ghanaian economy resulting from the generally agreed incompetence and gross mismanagement of the
    Ghanaian economy.

    12. With huge and unprecedented debt overhang at COCOBOD, will the syndicated loan go into purchase of cocoa and related operations? Or will LBCs suffer the same faith of borrowing very expensive loans to buy cocoa from farmers, only for COCOBOD
    not to pay them, as we have seen since 2017?

    13. During the just ended season, COCOBOD took a loan of $1.3billion to buy 850 tonnes of cocoa. Actual production is about 700,000, the lowest production in more than 10 years. Another unprecedented failure. Yet LBCs complain that COCOBOD is still owing them for cocoa delivered. Where is the money?

    14. This Government is collapsing the cocoa sector as it has done to every other sector. They must be reminded that Cocoa is the backbone of the Ghanaian economy. Ghanaians are saying enough of the mismanagement.

    15. The NDC Caucus in Parliament demands an urgent intervention from the President on the policy alternatives we have provided in this statement so our suffocating cocoa sector would be salvaged.

  • Cocoa farmers are running out of patience – Minority to COCOBOD

    The Minority Caucus of Ghana’s Parliament has berated the Ghana Cocoa Board (COCOBOD) for its treatment of cocoa farmers and stakeholders in the cocoa value chain in Ghana.

    In a statement issued by its Ranking Member on the Finance Committee of Parliament, Dr. Cassiel Ato Forson, the minority said that farmers and other stakeholders in the cocoa sector are becoming very frustrated with the actions and inactions of the government.

    It said that even though the 2022 cocoa season has already started the government has failed to set the price of cocoa.

    “Farmers and stakeholders are running out of patience for COCOBOD. Every year cocoa prices are announced at the opening of the season. 1st October is internationally recognised as the start of the cocoa season worldwide as affirmed by the UN body for cocoa, the International Cocoa Organisation – ICCO.

    “This year COCOBOD opened the cocoa season without a producer price for cocoa. After wasting scarce resources to organise a cocoa day that, was poorly attended, farmers and stakeholders in the cocoa industry are left in suspense about the price,” parts of the statement read.

    The minority also warned COCOBOD and thus the government against any attempt to short-change cocoa farmers by announcing prices that are below GH¢1000 per a bag of cocoa.

    “After all this uncertainty, government should not announce any price below GH¢1000 per bag, or GH¢16,000 per tonne. Ghanaians are all witnesses to the historic depreciation of the Cedi. In 2021, COCOBOD used an exchange rate of GH¢6 to $1. We wish to remind them that the dollar is now more than 10. Even at the dollar equivalent price, farmers and all stakeholders including LBCs and Haulers should receive higher prices and margins this year,” it added.

  • Minority in Parliament pressures government to announce producer price of cocoa for 2022 season

    The Minority in Parliament is mounting pressure on the government to immediately announce the producer price of cocoa for the 2022/2023 cocoa season.

    Despite launching the 2022/23 cocoa season, COCOBOD is yet to announce how much cocoa farmers will be paid for their produce.

    According to Minority Spokesperson for Finance, Dr. Cassiel Ato Forson, this development is unprecedented and creates a feeling of uncertainty amongst farmers.

    Speaking at a news conference on Wednesday, Dr Forson stated that farmers and stakeholders are running out of patience over the delay in the announcement.

    “Every year, cocoa prices are announced at the beginning of the season. In fact, 1st October is internationally recognised as the start of the cocoa season worldwide as affirmed by the United Nations Body for cocoa.

    “This year, COCOBOD opened the cocoa season without a producer price for cocoa – unprecedented,” he lamented.

    “The suspense cannot continue,” he added.

    According to him, “the government should not announce any price below GHC1,000 per bag” after the uncertainties surrounding the delay.

    Source: Myjoyonline