The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has implemented an additional monetary policy measure aimed at absorbing excess capital from the market to regulate inflation.
Currently, inflation has shown a decline, reaching 35.2 percent after peaking at 54.2 percent in December of the previous year.
The new measure, effective as of November 30, 2023, involves the consolidation of the currency holding for the Cash Reserve Ratio requirement on both foreign currency-denominated deposits and domestic currency deposits for banks.
Furthermore, a new unified Cash Reserve Ratio has been introduced for total deposits (both cedi and foreign currency), with the requirement that it be held in cedis.
“This measure is to reinforce the bank’s liquidity management operations to address excess structural liquidity conditions in the market and provide additional impetus to the disinflation process,” Dr Addison, the Governor of the BoG, disclosed this during a news conference at the 115th regular meeting of the MPC in Accra.
He clarified that the Cash Reserve Ratio requirement for foreign currency-denominated deposits and domestic currency deposits of banks was being adjusted to 15 percent.
Dr. Addison assured that the Committee would persist in observing changes within the banking sector and utilizing additional policy instruments when necessary to uphold stability.
The Governor articulated that this new directive would contribute to further reducing inflation and withdrawing surplus liquidity from the market.
Dr. Addison revealed that each of the 23 universal banks had presented recapitalization plans to the BoG. He stated that both the Banking Supervision Department and the MPC had scrutinized these plans and found them to be credible.
“We are quite hopeful that within the next two years most of the banks would have capitalised and be able to meet the capital adequacy threshold without reliefs,” adding, “Right now they are meeting those capital threshold with regulatory reliefs.”
Dr. Addison clarified that the expenditure of GH¢25 billion for the banking sector cleanup did not exclusively benefit banks; rather, some of the funds were allocated to the Savings and Loans as well as the Microfinance sectors.
He noted that certain Savings and Loans and Microfinance institutions lacked tangible assets for the government to sell, hindering the reimbursement of individuals with locked-up funds in those entities.
Regarding the Bank of Ghana’s E-Cedi initiative aimed at promoting a cash-lite economy, Dr. Addison mentioned that the program would not be implemented in the upcoming year.
He explained that the initiative would be rolled out once the ongoing macroeconomic changes were addressed to ensure the program’s objectives were not compromised.
The Member of Parliament for Anyaa-Sowutuom, Dr. Dickson Adomako Kissi, commended former President John Dramani Mahama and the National Democratic Congress (NDC) for their initiative in proposing the 24-hour economy.
During a panel discussion on Metro TV’s Good Morning Ghana program on Tuesday, December 5, 2023, the New Patriotic Party (NPP) MP acknowledged the smart decision behind the proposal.
However, he pointed out that the genesis of the 24-hour economy proposal can be traced back to the implementation of the One District, One Factory (1D1F) program by the Nana Addo Dankwa Akufo-Addo government.
“The NDC literally has been smart to see that the 1D1F is a very solid foundation to do what they are claiming to want to do. They cannot dispute the fact that the concept of manufacturing which Nana Addo Dankwa Akufo-Addo has been pushing hard lays a very strong foundation for this concert (the 24-hour economy).
“Kudos to the NDC, for rebranding, repacking 1D1F… The 24-hour economy literally for me is a rebranding of the 1D1F,” he said.
The Anyaa-Sowutuom legislator added, “… I have always said that as much as men grow, we intend to do something that has always been done, we never really discover”.
The NPP lawmaker continued by expressing his satisfaction that Ghana’s two main political parties have recognized the necessity of industrialization for the country’s economic expansion and the improvement of citizens’ quality of life.
Background:
Former President John Dramani Mahama has revealed that the next NDC government intends to implement measures to promote 24-hour operations for businesses in Ghana.
He detailed that the policy approach would involve providing incentives for businesses to operate around the clock, potentially in three shifts, thereby creating more employment opportunities for Ghana’s burgeoning youth population.
Mahama emphasized the crucial role of a robust police service in ensuring the successful implementation of the 24-hour economy strategy. This, he explained, would be vital for the protection of businesses operating during nighttime hours.
“A new NDC administration will work urgently to equip our youth with the entrepreneurial knowledge and skills needed for a sustainable future. We will introduce a 24-hour economy with incentives and tax breaks for manufacturers who will run extra shifts to create more room for employment,” he said.
Some Ghanaians, mostly from the ruling New Patriotic Party (NPP), including the presidential candidate of the party, Vice President Dr Mahamudu Bawumia, however, are not so enthused about the former president’s proposal.
Vice President Dr Bawumia, the presidential candidate of the ruling New Patriotic Party (NPP), at a campaign event in Nalerigu, in the North East Region, on Monday, November 20, 2023, attacked the 24-hour economy policy proposition put forth by Mahama.
Bawumia explained that the idea of a 24-hour economy was not new to Ghana and that it appeared Mahama does not understand the concept.
“John Mahama says he has a new idea, what is this new idea, he says he wants a 24-hour economy. He doesn’t even understand that promise,” Bawumia told a teeming crowd up north on his first visit since his election as flagbearer.
He listed among others; hospitals, power and fuel service providers and some chop bars, that are already operating 24 hours adding that thanks to digitalization, “you can transfer and receive money 24 hours.”
“He (Mahama) doesn’t understand his own policy, it does not make sense. I want you to note in 2024 we are having a new vision. I will bring new policy and we will transform this country. John Mahama is the past, Dr. Bawumia is the future,” Bawumia added to cheers from the crowd.
He again criticised the proposal at another campaign event calling it “a bad idea”.
“So, what is this 2024-hour economy, that you want to bring? It is purely an issue for any business. If you feel you would make money opening 24 hours; there is no law preventing you from opening.
“But this is one idea that John Mahama thinks he has brought. It is a bad idea. It is an idea that has not been thought through. It is a bad idea,” he said.
The Minister for Fisheries and Aquaculture Development, Mrs. Mavis Hawa Koomson, has outlined the government’s ambition to modernize and enhance the profitability of the fisheries sector.
The objective is to transform the fisheries industry into a modern and efficient sector capable of meeting domestic fish demand, improving the livelihoods of fishermen and fish cultivators, and generating employment opportunities across the value chain.
Mrs. Koomson conveyed this vision during the 14th National Farmers Day Forum, a component of the National Farmers Day celebrations held in Accra.
Despite facing challenges such as high feed costs and issues related to illegal, unreported, and unregulated fishing in the aquaculture and marine sectors, the minister highlighted that the ministry is actively implementing various initiatives to address these hurdles.
“We stand at a critical juncture, faced with challenges that demand not just innovative and forward-thinking approaches,” she said
Mrs. Koomson affirmed the commitment to ongoing collaboration with stakeholders and development partners to ensure the sustainable management of fisheries resources for both present and future generations.
The Agriculture Development Bank sponsored the 14th National Farmers Day Forum.
The Asantehene, Otumfuo Osei Tutu II, has reportedly made history as the first black monarch to be featured in the esteemed Pirelli Calendar.
According to broadcaster Caleb Nii Boye, Otumfuo Osei Tutu II is part of the 50th edition of the renowned Pirelli calendar.
CNN confirmed the Asantehene’s inclusion in the 2024 Pirelli Calendar in its report on November 30, 2023. The report highlighted Otumfuo Osei Tutu II alongside figures such as Idris Elba, Angela Bassett, and Pirelli regular Naomi Campbell.
Notably, this edition of the Pirelli Calendar was captured by 28-year-old Prince Gyasi, identified as a grandson of the Asantehene. Prince Gyasi holds the distinction of being the first black and the first African photographer to undertake this role in the calendar’s extensive history.
Caleb Nii Boye, who shared this revelation in a Facebook post on December 5, 2024, mentioned that the official unveiling of the magazine would coincide with the silver jubilee celebration of Otumfuo Osei Tutu II.
“This great and historical achievement which will be unveiled in 2024 will also coincide with the King’s Silver Jubilee.”
About the Pirelli Calendar
The Pirelli Calendar, an esteemed annual non-commercial trade calendar, is published by the United Kingdom subsidiary of the Italian tire manufacturing company.
Initiated in 1964 under the trademark “The Cal,” this limited edition calendar has an annual print run of 20,000 copies.
Notably, these copies are not available for purchase; instead, they are distributed as exclusive corporate gifts to celebrities and selected Pirelli customers.
A lecturer in Political Science and History at KNUST, Dr. Amakye Boateng, characterizes former President John Mahama’s 24-hour economy policy as a “significant concept” that might elude individuals with narrow perspectives.
During an interview with Kojo Marfo on Abusua Nkommo on Abusua FM, he asserted, “This policy is a substantial idea, and we cannot anticipate individuals with limited perspectives to comprehend it.”
“If Vice President Bawumia, who comes from an economics background, cannot understand the policy, which seems to create more jobs, then it is up to him,” he stated.
Dr. Boateng emphasized that if the Ghana Revenue Authority started collecting taxes from night markets, the policy could increase Ghana’s base of income generation.
Dr. Boateng questioned why anyone would have a negative opinion of this policy and emphasized how it offered a way to both boost the economy and lessen Ghana’s youth unemployment gap.
24hrs Economy Banter
The National Democratic Congress’ flag bearer, former President John Dramani Mahama, has put forward the 24-hour economy as his strategy for generating additional quality employment opportunities and fostering the growth of the Ghanaian economy.
According to Mr. Mahama, the policy proposal aims to encourage businesses to adopt a 3-shift system that operates continuously.
In response, the flag bearer of the NPP, former President and Dr. Mahamudu Bawumia, dismissed the policy proposal, asserting that the 24-hour economy is already effectively functioning for numerous industry participants.
Addressing party faithful in the Northern Region, Dr Bawumia contended, “Today, there are many businesses that are already working for 24 hours.”
“Hospitals are open for 24 hours. You can buy electricity for 24 hours. Because of digitalization, you can transfer money for 24 hours. There are many chop bars and restaurants that are open for 24 hours.”
The Movement For Change’s leader, Allan Kyeremanteng, has questioned the comprehension of those who oppose the 24-hour economy proposal. Kyeremanteng is building up a third force to challenge Ghana’s NPP and NDC political duopoly.
Speaking following a widely attended walk in Kumasi, the leader of the Yellow Butterfly movement suggested that the argument be raised to scholarly conversations about the idea’s viability.
“Former President Mahama came to say that he will implement a 24-hour economy when he comes. He is not wrong if he says that. Anyone who says the 24-hour economy is bad does not understand politics. All those who don’t want the 24-hour economy, what it implies is that they have no understanding of politics.
“But what we have to ask John Mahama is that… what are you going to do to keep the economy running for 24 hours? That is the question we should be asking. That is the question we need to put to the NDC but if you come out to say the 24-hour economy is not going to work then you lack understanding,” he stated.
Governor Ernest Addison of the Bank of Ghana has lauded the central bank, describing it as deserving of “applause” for its resilience in bolstering the economy amid the challenges of the 2022 crisis.
During the Governor’s Day event at the Chartered Institute of Bankers, Dr. Addison commended the central bank’s commendable role in ensuring that the economy remained stable in the face of the crisis.
He pointed out that central banks worldwide have undergone a reassessment of their mandates since the global financial crisis of 2007/2008.
Dr. Addison also highlighted the global trend where central banks have collaborated with fiscal policies to fulfill a countercyclical role in stabilizing economies.
Consequently, Dr. Addison explained, “Central banking has never been the same”.
“Before the financial crisis, the quintessential task of central banks was straightforward: keeping inflation within a tight range through the control of short-term interest rates”.
However, he pointed out that “in a world of polycrisis, central banks have found themselves broadening monetary policy formulation beyond interest rates to include the deployment of balance sheets in a variety of unconventional monetary policies”.
“Thus, the crisis exposed a chasm between theory and practice”, he underscored.
Indeed, he noted, “all thatBank of Ghana did as various shocks hit the economy was consistent with prudent crisis management.”
He claimed that during the 2020 pandemic, the central bank backed budget financing to safeguard lives and means of subsistence.
Again, he recalled, “In the 2022 economic and liquidity crisis, the central bank would not have acted differently but played its role as an automatic stabilizer to avoid pushing the economy to a tipping point which possibly could have spilled into social upheavals as was the case in Sri Lanka”.
“It is very clear that only a central bank that has been prudently running, built buffers, and well-positioned, can step in to support an economy from collapse”.
“It is, therefore, most appropriate, I believe, to state that Ghanaians should rather applaud and commend the resilience of the Bank of Ghana”, he said.
The minority caucus organized a protest in October of this year, urging the Governor and his two deputies to resign for mismanaging the central bank.
As of December 5, 2023, the Bank of Ghana‘s Interbank forex rates reveal that the Ghana Cedi is exchanging against the US Dollar with a buying rate of 11.6188 and a selling rate of 11.6304.
In Accra’s Forex bureaus, the Dollar is purchased at 12.00 and sold at 12.25.
Against the Pound Sterling, the Cedi is traded at a buying rate of 14.6652 and a selling rate of 14.6811.
In Accra’s Forex Bureau, the Pound Sterling is bought at 15.00 and sold at 15.50.
The Euro is listed at a buying rate of 12.5709 and a selling rate of 12.5823.
At an Accra Forex Bureau, the Euro is acquired at 13.00 and sold at 13.50.
For the South African Rand, the buying rate is 0.6171 and the selling rate is 0.6175.
At an Accra forex bureau, the South African Rand is bought at 0.40 and sold at 1.10.
The Nigerian Naira has a buying rate of 74.7897 and a selling rate of 74.8413.
In Accra’s forex bureau, the Nigerian Naira is acquired at 9.00 Naira per 1 Cedi and sold at 15.00.
The CFA Franc is transacted at a buying rate of 52.1333 and a selling rate of 52.1806.
At an Accra forex bureau, the CFA Franc is bought at 17.30 CFA per 1 Cedi and sold at 19.80 CFA per 1 Cedi.
Note that these rates may be different at a forex bureau near you. Our forex bureau rates are provided by Afriswap Bureau De Change in Osu, Accra.
Our forex bureau rates are provided by Afriswap Bureau De Change in Osu, Accra.
Vice President and Flagbearer of the NPP, Dr. Mahamudu Bawumia, has emphasized that all members of the party, from the flagbearer to polling station executives, bear a collective responsibility to strengthen the party for the benefit of the next generation.
Speaking to NPP Upper West Regional stakeholders in Wa on Monday, December 4, 2023, Dr. Bawumia urged everyone to exert effort to secure victories for the party in the upcoming parliamentary and presidential elections next year.
“We are all temporary custodians of the party in our position; whether you are a flagbearer or a polling station executive,” Dr. Bawumia said.
“Because we are all temporary custodians of the party, you want to build the party and hand it over stronger to the next generation.”
“Dr. Bawumia said in order to make the party stronger, unity among members, from the top to the base of the party “is a key step towards achieving this.”
“The election in 2024 is much about our internal unity as it is with our battle with the NDC. That’s why I’m trying to make sure I bring all those who contested with me together because everybody who wants to lead this party has something that they want to offer.”
“We want to bring them in. I am not somebody who will say you did not support me so I am not going to talk to you to support the party. I’m so happy we have many people who think about the party more than themselves. One of such persons, who is here with us is Mr. Kwabena Agyapong.”
Dr. Bawumia encouraged both the victors and those who did not succeed in the NPP’s recent parliamentary primaries in orphan constituencies nationwide to unite. He emphasized the importance of coming together as a cohesive force to tackle the upcoming parliamentary elections in their respective constituencies.
“By the nature of elections, only one person will emerge the winner, out of the many good people wo contest. Just as the flagbearership, contest, only one person emerged winner of the many good people who contested,” said the NPP Flagbearer.
“To win, we need unity across, from polling station level to national. Once we are United, we will win both the Parliamentary and Presidential elections because the NPP is the natural governing majority in Ghana if you look at the data.”
Dr. Bawumia was accompanied by a delegation that comprised the National Chairman of the NPP, Stephen Ayensu Ntim, the former General Secretary of the NPP, Kwabena Adjei Agyapong, and former MP for Suhum, Fred Opare Ansah, among other notable members.
Minister of Information, Kojo Oppong Nkrumah, has voiced his concerns about the growing incidents of violence against journalists and called for more robust actions against those responsible.
He emphasized the importance of swift and decisive justice, urging judges to expedite severe penalties for attackers. Oppong Nkrumah underscored that justice should prevail, irrespective of the social status or political affiliations of the culprits.
“Freedom of expression is the cornerstone of every democratic society; it is a fundamental right that must be protected and upheld.”
“We cannot, however, discuss freedom of expression without press freedom and recognising the important role journalists play in our society.”
The Minister added, “It is our duty to create an environment where journalists can carry out their work without fear of violence or intimidation.”
“We must condemn any form of violence against journalists and take concrete steps to provide them with the necessary protection and support.”
The appeal was issued at the commencement of a training workshop for judges on Monday, December 4, 2023, in Accra.
The workshop aimed to underscore the vital role of upholding freedom of expression and ensuring the well-being of journalists.
Emphasizing the commitment to fostering a secure environment for journalists, the Minister stated that the government, through the Ministry of Information, has implemented various programs to support the media sector.
Since 2019, these endeavors have led to the establishment of key interventions addressing the challenges confronting the media industry.
A notable initiative was the establishment of the Office of the Coordinated Mechanism on the Safety of Journalists (CMSJ) under the National Media Commission (NMC).
This office operates within a framework intended for use by all stakeholders to create a safe atmosphere for journalism practice, prevent violence against journalists, safeguard those at risk, and prosecute individuals responsible for acts of violence.
Through its Media Capacity Enhancement Programme (MCEP), the ministry is actively engaging in the training of 250 journalists on emerging issues in journalism.
This collaborative initiative seeks to strengthen the sector, which has encountered growing challenges in recent times.
Furthermore, the comprehensive implementation of the Right to Information (RTI) Law involves the training and deployment of RTI officers in nearly 600 government offices across the country.
The establishment of the RTI Commission has played a pivotal role in ensuring adherence to the RTI Act by public offices.
In addition, the Ministry facilitated an extensive consultation on a new Broadcasting Bill, crafted to enhance the regulatory capabilities of state institutions in overseeing the broadcasting sector effectively.
Collectively, these initiatives underscore the government’s unwavering commitment to supporting and reinforcing the media landscape amidst evolving challenges.
In a heart-stopping moment, a man narrowly avoided a fatal accident when his Toyota Prado collided with a trailer in Kenya.
Displaying profound gratitude, the fortunate driver rushed towards a nearby wall, where he knelt on the ground, offering thanks to his Maker.
Despite the vehicular chaos, the driver miraculously emerged unscathed, while his Toyota Prado bore the scars of the dramatic collision.
“This is the driver who came from under the Prado without a scratch; that is when I knew that if God is with you, he is with you no matter the situation,” said @stanleyodom1.
The video serves as a powerful testament to the delicate nature of life and the enigmatic forces that occasionally intervene during moments of imminent danger.
The man’s silent expression of gratitude against the wall resonates with the profound reality that, even in the midst of chaos, divine protection can defy the odds, leaving an individual untouched by the hands of peril.
On a somber note, the National Road Safety Authority (NRSA) branch in the Greater Accra Region has documented 4,876 road accidents and 399 fatalities from January to October 2023.]
Ezra Quansah, Assistant Planning Manager for NRSA in the Greater Accra Region, highlighted in an interview with the Ghana News Agency in Tema that these accidents, involving 8,804 vehicles, were predominantly caused by human errors.
Among the statistics, 2,776 individuals sustained injuries in road accidents, with 866 involved in pedestrian knockdowns, resulting in 206 fatalities.
Quansah, addressing a road safety workshop for drivers in Tema, emphasized that commercial vehicles contributed to 2,294 incidents, causing 928 injuries and 94 deaths. In the case of private vehicles, there were 5,122 crashes, leading to 843 injuries and 134 deaths.
“For the motorcycle crashes, there were 1,388; 1,005 injured; and 166 deaths,” Quansah is quoted as saying.
He pointed out that among all the recorded road crashes, there were 70 female fatalities and 329 male fatalities. Emphasizing the upcoming Christmas season, he urged drivers to prioritize safe driving practices to reduce the risk of road accidents.
Additionally, he advised against the use of unauthorized lights on vehicles, cautioning drivers to avoid such.
Following the emphatic election of H.E Alhaji Dr. Mahamudu Bawumia as the NPP’s flag bearer, the spotlight has been put on the selection of a Running Mate to complete the Party’s 2024 presidential ticket.
The NPP Constitution provides in Article 13(3) that, when the President is not the Candidate, the Vice Presidential Candidate shall be nominated AT LEAST TWELVE (12) MOTHNS before the general elections unless the National Council under special circumstances dispenses with this requirement. So, per this provision, the Party has less than one (1) week to name a Running Mate unless the National Council decides otherwise.
As expected, speculations are rife, and several prominent names have been mentioned for this job. Unfortunately, only one person will make it. In this piece, the writer, a staunch member of the NPP, will be making a critical analysis of the “Running Mate saga”, assessing the chances of the leading contenders, and making a calculated projection on who best qualifies for selection as Running Mate for the NPP’s Presidential Candidate, having in mind, the must-win election in 2024.
Going by the established convention of the Danquah-Dombo-Busia political tradition (i.e. the NPP), the Running Mate to Dr. Bawumia (a Dombo), necessarily has to be a Busia. It began with President John Agyekum Kufuor (a Busia), went to President Nana Addo Dankwa Akufo- Addo (a Danquah), and now, to Dr. Mahamudu Bawumia (a Dombo). From the Dombos, the next in line is certainly the Busias for the chain to continue in that cycle.
In fact, one of the key campaign messages of teamBawumia ahead of the Party’s presidential primaries, was that, the Busias had their turn, followed by the Danquahs, and so, it was the turn of the Dombos. They were right then, and they are right today. They are 100% percent right. Indeed, the Party’s delegates confirmed that by voting for the Dombos.
So, by this analysis, from the Dombos, it has to go back to the Busias. That is why a Dombo Presidential Candidate, (in the person of Dr. Bawumia) must select a Busia as his next-in- command or Running Mate. Selecting a Busia means that the Running Mate has to come from the Akan zone particularly Ashanti or the original Brong Ahafo Region. However, given the current dynamics, it is safe to say that Dr. Bawumia’s Running Mate must be selected from the Ashanti Region.
Anything short of that would mean the current NPP has broken its time-tested tradition, the most enduring political tradition in Ghana’s history, the only political tradition that predated Ghana’s independence, survived all Republics and also survived the torturous period of military takeovers (coups), till the Fourth Republic. I say without doubt that the only reason why the Danquah-Dombo-Busia political tradition has come this far is because of its fidelity to tradition, to its values, to its principles and to its age long convention. It would be fatal for the Party to lose its traditional identity.
In view of the above, it saddens me that even though there are some great personalities from H.E Nana Akufo-Addo’s Eastern Region (i.e. the Danquahs) including Hon. Bryn Acheampong, Hon Ursula Owusu et al, who could best partner Dr. Bawumia, the season we are in, unfortunately, does not make room for such partnership at all. It would, in fact, be the most politically inexpedient decision to take under the prevailing circumstances.
The season we are in, as pointed out in the analysis hereinbefore, necessarily requires that Dr. Bawumia’s Running Mate must come from the Ashanti Region (i.e. a Busia). The necessity for choosing a Running Mate from the Ashanti Region has been further amplified by the existential threats posed by Alan Kyerematen’s candidature. Alan, who hails from the Ashanti Region, is singularly focused on sweeping the NPP’s vote in the Region (said to be the NPP’s life-wire). He virtually spends 85% of his time and resources canvassing the Ashanti Regional votes, and sometimes, when it suits him, he purports to be a member of the Party.
The NPP must therefore select a Running Mate who, not only comes from the Ashanti Region, but who also has the wherewithal to completely surmount and neutralise the Alan threat and overwhelmingly rally the support of Asanteman for the Party. The person must be one who carries the spirit of Asanteman and enjoys the support of the chiefs and people of Asanteman. Of course, Dr. Bawumia also needs a Running Mate who is younger than him, and can succeed him as next flag bearer and President.
So, with this “marking scheme”, let’s now take a deep look at the possible leading contenders (from Ashanti Region) whose names have come out, and assess their chances.
I start with the current Chief of Staff, MADAM AKOSUA FREMA OPARE. She is much older than Dr. Bawumia. She also doesn’t come across as having the support of the chiefs of Asanteman and the young people in the Region. My verdict on her is that, while she is a good vice presidential material, she may not be able to significantly galvanize the support of Asanteman as is needed to help the NPP break the eight.
Next, HON. OSEI KYEI MENSAH BONSU. He is older than Dr. Bawumia. He doesn’t come across as having the support of the chiefs of Asanteman and the young people in the Region. Even more worrying for him is that he is not influential even in his own parliamentary constituency as evidenced by recent protests by the youth against his tenure coupled with the fact that he could only deliver 56% of his own constituency delegates to Dr. Bawumia in the presidential primaries. The consensus verdict on him is that, while he is a good vice presidential material, he may not be able to galvanise the needed numbers in Ashanti Region to help the NPP break the eight.
Next, APOSTLE OPOKU ONYINAH. He is not a politician. He has absolutely no connection with the party’s base, and may not be able to mobilize the grassroots to work hard for the needed numbers. The only reason why his name has come up is that he is a clergyman, a former chairman of the Church of Pentocost. This is because he is neither a technocrat properly so called nor a politician which are the two primary considerations.
And so, if he is selected, then it would only suggest that Dr. Bawumia and the NPP are introducing RELIGION in our body politics, something everybody has condemned because of the great danger religious politics portends to the peace and stability of this country. It is also noteworthy that Rev Onyinah’s involvement in the murky National Cathedral saga as Board Chairman cannot be overlooked by Ghanaian voters.
Next, HON. JOE OSEI OWUSU. A seasoned politician, and has what it takes to complement the ticket, except that, when compared with some of the other leading contenders, he may fall short in terms of having what it takes to maximize the support of Asanteman for the NPP. The chiefs and people of the Kingdom have relatively little connection with him.
He connects more with his constituency, Bekwai, and not the entirety of the Region. Even with that, he only delivered 71% of his own constituency delegates to Dr. Bawumia in the presidential primaries whereas others did much more. He is also older than the flag bearer, and most possibly, not as resourceful as some of the other contenders. Again, like Alan Kyerematen, Hon. Joe Osei Owusu’s past record of quitting/resigning from the NPP and contesting as Independent Parliamentary Candidate cannot also be forgotten. The Party must not be seen to be rewarding such gesture.
Next, HON. JOHN KUMAH. A nice gentleman with great potential. He is a much younger person, only serving his FIRST TERM in Parliament, and has ‘limited political experience’ compared to the heavyweights contending for the slot. He is a rising star and may need to focus on his political craft in the interim and grow in the politics. He also does not have the support of the chiefs of Asanteman including his own chiefs. He may therefore not be able to do much to maximize the Party’s votes in the Region.
Next, DR. BEN ASANTE. The latest to join to fray. He is not your career politician, and has not held any political position in his life. Dr. Asante only became popular in the political circles when he was appointed as CEO of Ghana Gas. He has little connection with the party’s base. No wonder he only managed to secure a paltry 54% of his own constituency delegates for Dr. Bawumia in the presidential primaries.
Charity, they say, begins at home. Ben Asante is not popular even in his constituency, Asokwa, a seat he’s been targeting to contest as Parliamentary Candidate. He should probably focus on improving his political popularity in his own constituency, and possibly, contest in the party’s upcoming parliamentary primaries to succeed the outgoing MP, Hon. Patricia Appiagyei, who is not seeking re-election.
Ben Asante, as well all know, is a technocrat. Unfortunately for him, the NPP presidential ticket already has a consummate technocrat in the person of Dr. Mahamudu Bawumia, and, therefore, will not need another technocrat to complete or balance the ticket. What is needed by the NPP to complete or balance the party’s presidential ticket is a career politician.
In fact, the NPP has a long standing tradition of always pairing a career politician with a technocrat on its presidential ticket. President Kufuor, being a career politician, didn’t need another politician to complete his presidential ticket. That was why he went for H.E Aliu Mahama of blessed memory. President Akufo-Addo, being a career politician, didn’t need another politician to complete his presidential ticket. That was why he went for Dr. Bawumia. And so, Dr. Bawumia, not being a career politician but rather a technocrat, will certainly need to pair with a career politician to complete and balance the ticket. This is no rocket science.
Next, HON. YAW ADU TWUM, just like Ben Asante, is also a technocrat, except, of course, the fact that he is a serving two-term MP. And so, the immediate preceding paragraph applies to him as well. Not only that, he could also only manage to secure 60% of his own constituency delegates for Dr. Bawumia in the presidential primaries, which is even less than the national percentage garnered by the flag bearer. He is also perceived as not being resourceful like the others.
In terms of his performance in government as Education Minister, concerns have been raised about his inability to meet and sustain the standard set by his predecessor particularly on the Free SHS implementation and ensuring industrial harmony in the education sector. More significantly, Hon. Yaw Adu Twum does not come across as enjoying the unalloyed support of the chiefs and people of Asanteman, and therefore, may not be able to maximize the NPP’s votes in the Region.
Next, HON. DR. MATTHEW OPOKU PREMPEH (a.k.a Napo). He is a distinguished career politician. As noted by the venerable Sheikh Mustapha Abdul Hamid in his recent interview on JoyNews: “He [Dr. Matthew Opoku Prempeh] is a POLITICAL COLOSSUS in our tradition… He knows the Party. He knows the philosophies and principles of our Party”. The Chief Executive of the National Petroleum Authority (NPA) and former Spokesperson of President Akufo-Addo proceeded to endorse Napo as the most qualified person for the Running Mate position who would give the NPP the most political capital because of the overwhelming support he enjoys from young people.
Napo, indeed, has an infectious connection with the Party’s rank and file. He is arguably the most popular politician in the Ashanti Region today. He enjoys overwhelming support from Asanteman including the Manhyia Palace, the very heart and soul of the Ashanti Kingdom. Of course, Napo also enjoys the support of former President Kufuor, and on this, I say, the selection of Napo as Running Mate will secure the support of ‘disgruntled Kufuor loyalists’ who otherwise may be tempted to vote for Alan Kyerematen because of his close association with the former President.
Running a political campaign for the presidency of Ghana is extremely expensive, thus, requiring individuals who are very resourceful and are willing to invest their resources on such expensive projects. Without a doubt, among the leading names, Napo tops all on this score. He also tops all the leading contenders in terms of delivering the highest percentage of his constituency delegates, (over 88.5%) for Dr. Bawumia in the presidential primaries. Politics is about numbers, and that is exactly what Napo brings to the table to help the Party break the eight.
On the issue of competence, Napo’s record is equally unmatched. He is the most decorated Minister of State, sweeping all Awards in which he has been nominated, thereby establishing himself as the undisputed BEST PERFORMING MINISTER. As Education Minister, Napo spearheaded the successful implementation of arguably, the greatest legacy of the Akufo Addo government and indeed, the greatest social intervention programme of any government in Ghana since independence.
I am talking about the award winning Free SHS, which has, thus far, secured the future of over 2 million young people [Ghanaians], who would otherwise have been out of school. He is also the only Education Minister, whose tenure did not witness industrial unrests by teachers and other educational workers. It takes competence to achieve this.
Napo, as Energy Minister, worked very hard to KEEP THE LIGHTS ON, even during the times of unprecedented global economic crisis when every sector of the economy was virtually in “darkness”, gasping for breath. As aptly captured by Joy fm’s Head of Political Desk, Evans Mensah:
“The deepest economic crisis since the ’80s, but the lights are on ….In the whole Cabinet, Dr. Prempeh [Napo] must be applauded the most because of what he has been able to do”.
Napo indeed ensured that the nation did not return to ‘dumsor’. He kept the lights on, and kept the nation moving. This is the core foundation of the Napo story, a story of competence and proven track record.
To conclude, it is my submission that, based on the foregoing analysis, Dr. Matthew Opoku Prempeh (a.k.a Napo), IS THE MOST SUITABLE CANDIDATE for the position of NPP Running Mate. Beyond his political astuteness and competence, his selection as Running Mate to partner Dr. Bawumia will also be consistent with the NPP’s uncompromising tradition and time-tested convention of always presenting a career politician alongside a technocrat on its presidential ticket.
The Party cannot afford to get it wrong as we build up to the crucial elections of 2024, which is a must-win for the NPP. The facts speak for themselves. From all indications, HON. DR. MATTHEW OPOKU PREMPEH is certainly the RIGHT MAN for the job.
Tamale South MP, Haruna Iddrisu, has called for investigation into Ghana’s delegation to COP28 in Dubai
He expressed dismay at the exorbitant number of over six hundred (600) participants that Ghana sent to the COP28 conference.
During his address on the floor of Parliament on Monday, December 4, 2023, the former Minority Leader highlighted the adverse effects of such a large delegation on the country’s finances.
“Mr. Speaker, with this economic distress, how can Ghana lead a delegation of 618 persons? Are we shouldering the economic gain and hardship of the Ghanaian? And Mr. Speaker, I see a delegation of the president here at COP28… I am demanding that a committee looks at this,” he said.
According to data released by the United Nations Framework Convention on Climate Change, Ghana’s representation at COP28 in Dubai has increased significantly from 350 last year to 618.
The delegation comprises 95 individuals on the official parties list and an additional 523 on the party overflow list. These figures are provisional and based on registered participants; the final numbers, including those collecting physical badges at the venue, will be provided by the UNFCCC after the summit concludes.
COP 28, scheduled from November 30 to December 12, is anticipated to be a historic event, witnessing a record-breaking number of delegates.
The provisional total for this year’s summit indicates that 97,372 individuals have registered to attend in person, nearly double the attendance at COP 27 in Egypt. Notably, for the first time in COP history, all delegates, including “host country guests” from the UAE and 3,000 “virtual-only” participants, have been named in the participant lists.
The Chief Executive Officer of the National Health Insurance Authority (NIA), Dr Bernard Okoe-Boye, has expressed support for the feasibility of the 24-hour economy proposal made by former President John Dramani Mahama.
Contrary to assertions claiming the idea is unworkable, Dr Okoe-Boye stated that while the concept is not new and is already being practiced to some extent in the country, enhancing it, as suggested by Mahama, is commendable.
During a panel discussion on Metro TV’s Good Morning Ghana on November 30, 2023, Dr Okoe-Boye emphasized that the focus should be on finding ways to increase the percentage of businesses operating around the clock.
“I’m not the kind who would say that a policy is not possible… I don’t walk in that realm. Everything that you think of is possible.
“24-hour economy has exited in some form, maybe let’s say it is 1%, anybody that says we can take it to 20% is not dreaming – it is possible. But it is the detail that will show how fast you move… it is the details that would bring confidence in the practicality of the proposal being made. We have some percent of night activity, every government project is supposed to improve the percent,” he added.
Background:
Former President John Dramani Mahama has announced that a future NDC government will implement measures to promote 24-hour business operations in Ghana.
The proposed policy aims to incentivize businesses to operate continuously, potentially adopting three shifts and creating additional job opportunities for the country’s youth. Mahama emphasized the importance of a robust police service to ensure the safety of businesses during the extended operating hours of the night economy.
“A new NDC administration will work urgently to equip our youth with the entrepreneurial knowledge and skills needed for a sustainable future. We will introduce a 24-hour economy with incentives and tax breaks for manufacturers who will run extra shifts to create more room for employment,” he said.
Some Ghanaians, particularly from the New Patriotic Party (NPP), including the party’s presidential candidate Vice President Dr Mahamudu Bawumia, have expressed reservations about the former president’s proposal.
During a campaign event in Nalerigu, in the North East Region, on Monday, November 20, 2023, Vice President Dr Bawumia criticized Mahama’s 24-hour economy policy proposition.
Bawumia argued that the concept of a 24-hour economy was not new to Ghana, suggesting that Mahama might not fully grasp the intricacies of the idea.
“John Mahama says he has a new idea, what is this new idea, he says he wants a 24-hour economy. He doesn’t even understand that promise,” Bawumia told a teeming crowd up north on his first visit since his election as flagbearer.
He listed among others; hospitals, power and fuel service providers and some chop bars, that are already operating 24 hours adding that thanks to digitalization, “you can transfer and receive money 24 hours.”
“He (Mahama) doesn’t understand his own policy, it does not make sense. I want you to note in 2024 we are having a new vision. I will bring new policy and we will transform this country. John Mahama is the past, Dr. Bawumia is the future,” Bawumia added to cheers from the crowd.
He again criticised the proposal at another campaign event calling it “a bad idea”.
“So, what is this 2024-hour economy, that you want to bring? It is purely an issue for any business. If you feel you would make money opening 24 hours; there is no law preventing you from opening.
“But this is one idea that John Mahama thinks he has brought. It is a bad idea. It is an idea that has not been thought through. It is a bad idea,” he said.
Former Black Stars Player, Agyeman Badu, and his wife recently surfaced in public for the first time since their alleged accident few days after their publicised wedding ceremony.
The couple attended the “Flora Made By Grace” Concert organized by Piesie Esther. Several weeks ago, it was reported that the Former Black Stars midfielder, Emmanuel Agyemang Badu, and his newlywed wife had a car accident shortly after their marriage ceremony.
This incident occurred on Tuesday, November 13, 2023, just over 48 hours after their wedding.
While reports indicated that they were undergoing treatment and were expected to recover, the couple did not publicly address the accident.
Nevertheless, their recent public appearance suggests they are on the path to recovery.
The National Health Insurance Authority (NHIA) management has refuted claims circulating in the media that the National Health Insurance Scheme (NHIS) is on the verge of collapse.
This response comes after remarks by the Dormaahene, Osagyefo Oseadeeyo Nana Agyeman Badu II.
In an official statement seen by GhanaWeb, the NHIA acknowledged agreement with most of the issues raised by the paramount chief, specifically supporting his call for the National Health Insurance (NHI) Levy not to be utilized by the government.
However, the NHIA clarified that no government in the Fourth Republic of Ghana has allocated all the funds from the NHI Levy to the authority.
“The highly revered Chief demonstrated concern and a dedication to the long-term viability of the Scheme, for which the management of the NHIA is very grateful and appreciative. His strong plea for the government to leave the National Health Insurance Levy (NHIL) alone and provide it to the NHIA to bolster its functions – particularly the processing of claims for healthcare providers – is warranted.
“While management appreciates Osagyefo’s call for the government to give the Scheme the full amount of the NHIL collected, we would like to address the erroneous impression that the reportage created, suggesting that the Scheme is on the verge of collapse because the NHIA is not receiving the full amount of the NHI levy, therefore depriving healthcare providers of their rightful claims. It is imperative to put on record that no government during the Fourth Republic has ever provided the NHIA with all the NHIL collected albeit enshrined in law – a situation that can be improved upon,” part of the statement reads.
The management went on to say that it disagrees with the claim that the reason the program is failing is because health care providers aren’t getting paid what they should.
Millions of Ghanaians rely on the NHIS for their medical needs, and the NHIA has always paid service providers, according to the statement.
“We however strongly disapprove of the media narrative that seeks to create an impression of a collapsing NHIS. The NHIA has consistently paid healthcare facilities an average of One Hundred and Fifty Million Ghana Cedis (GHS150 Million) every Thirty (30) days especially over the past two years. A phenomenon that has not occurred this frequently since the inception of the Scheme some twenty years ago.”
It also mentioned that its website contains proof of the monthly payment made to service providers.
What the Dormaahene said:
During the 3rd Annual General Conference of the Private Health Facilities Association of Ghana in Sunyani on November 18, 2023, Oseadeyo Agyeman Badu II issued a warning.
He cautioned that if corrective measures are not taken regarding the utilization of the NHIS Levy, he would initiate legal action to seek a court interpretation on the intended purpose of the NHIS levy.
He expressed concern that the NHIS is on the brink of collapse due to a lack of proper compensation to service providers under the scheme, despite the government generating substantial revenue from the NHIS levy, which was established to fund the policy.
“I want to plead with the government not to touch the National Health Insurance Levy… give it to the National Health Insurance Authority so that they can give it to the private providers.
“If you are taking the money (NHIS levy) and it is been kept somewhere how is work going to proceed? I’m on my knees begging, we have to take this issue seriously as Ghanaians, we are all suffering because of this,” he said in Twi.
He added, “I am sending a warning, at some point, I will go to court… I would ask the court whether the NHIS levy can be used for different purposes other than financing the NHIS. If I do this, people are going to say that I like coursing trouble but I want to ensure that Ghanaians have good health and also that the work of health service providers goes on”.
Opeyemi, the personal assistant to street rapper Oladipupo Oladimeji, widely known as Oladips, has revealed details about the singer’s reported death.
According to Opeyemi, Oladips was unresponsive for three days, and during this period, his manager had already circulated reports of his demise.
The news of the rapper’s death had gained widespread attention on the internet on November 14 and was later confirmed on his Instagram page.
His management wrote in a statement, “We are saddened to inform the general public that Oladipupo Olabode Oladimeji, aka Oladips, passed away yesterday, November 14, Tuesday evening, at exactly 10:14 pm. We are still in shock as we speak!
“For over two years, he has kept his battles within himself; his body is now with his family. The family asked that we respect their privacy in this trying time. May God give us all the fortitude to bear this great loss. (amen).”
Abdulrasheed, in an interview with Punch, said, “I don’t know how to say this. It was a misinterpretation with the manager who has access to Oladips’ page. We all thought he was dead because he was not breathing until the third day when he was revived. By then, the manager had already shared the story.
“Even I could not reach him until the third day.”
Asked where the rapper was for the three days, Abdulrasheed responded, “He was with his family.”
Additionally, Abdulrasheed disclosed that the manager—whose identity he withheld—was subsequently fired by the music group.
He added, “You are speaking with the right person in the label. The manager who shared the story has since been sacked. Oladips will soon address everyone on the issue.”
Professor Stephen Adei, the former Rector of the Ghana Institute of Management and Public Administration (GIMPA), continues to assert that corruption is significantly detrimental to the nation.
Pointing to reports from Transparency International (TI) and Afro-Barometer, he emphasizes that these findings serve as evidence that corruption is undermining Ghana.
“And it is not a phenomenon limited to the Akufo-Addo regime, nor the Ministry of Roads which the Honourable Amoako Atta himself said is full of ‘thieves.’ The recent disturbing new dimension about corruption in Ghana is that, now, in 67% of the cases, according to the 2022 United Nations Office of Drugs and Crime report on corruption in Ghana, the public officials in Ghana demand the bribe bold-facedly upfront.
“That is all I illustrated with the case of the Ministry of Roads because someone that week had cried to me that such a demand was made to him,” Prof Adei said in a statement while reacting to alleged misdeeds against him.
Prof Adei had alleged in an interview with TV3 that he had information to the effect that persons seeking road contracts were told: “Road contracts will be given to you, provided you pay 1 million upfront….”
He said “One of the greatest disappointments of Nana Akufo-Addo‘s regime is that honestly, he raised the hope of Ghanaians. Ghanaians expected they have gotten a leader with a vision, with the charisma, with the determination and it seems if he doesn’t redeem himself in the next 14 months, he would go down in history as one of the most disappointing leaders,” he said.
He added “This road contract would be given to you, provided you put one million upfront, not after you have gotten the money. This is what Akufo-Addo must be thinking about and if he knows about it, he must be ashamed.
“That now his people demand from you a certain amount before you would be considered for a job. Why? Because when they get it, whether the government pays you or not they have gotten their money. It is as if people are in a hurry to loot the country before the end of Akufo-Addo’s term.”
In response to this allegation, on Monday, October 23, 2023, Kwasi Amoako-Attah, the Minister of Roads and Highways, asked the Executive Director of the EOCO to conduct a thorough investigation.
The Roads Ministry says that these claims are unexpected to say the least because the procedures followed in awarding road contracts are legal, competitive, open, and transparent.
“Given that the alleged conduct borders on the commission of crime against the Republic, the Minister of Roads and Highways, Hon. Kwasi Amoako-Attah, has today, 23rd October 2023, requested the Executive Director of the Economic and Organized Crime Office (EOCO) to fully investigate the allegations.
“The Ministry wishes to assure the public that it shall cooperate fully and support EOCO in the conduct of its investigation,” a statement issued by the Ministry on Monday, October 23 said.
“First, I have never joined any political party in my life. Thus, I am not a member of the New Patriotic Party or the National Democratic Congress or any other party. Neither have I ever lobbied for any position within any administration. In the same vein, neither have I refused to serve my country when called upon and I think I have the requisite capacity to do so.”
In a recent interview on Okay FM, gospel artist Cecilia Marfo opened up about her deep admiration for hiplife artist Black Sherif.
Cecilia revealed that upon hearing Black Sherif’s song for the first time, she was moved to tears. She expressed how the music resonated with her spirit, highlighting the emotional impact of the song.
Black Sherif, known for his distinctive style, recently discussed his fashion choices in an interview on Nana Ama McBrown’s Onua Showtime.
Surprisingly, he credited his unique outfits to Kantamanto, a vibrant second-hand clothing market, showcasing a different side to his fashion journey.
“I work with my boys in Kanta, my boys who sell clothes are in Kantamanto, and they make the best selection for me. My boys Kijo and Co,” Black Sheriff revealed, highlighting the collaborative effort involved in selecting his outfits.
Expressing a preference for teamwork, Black Sherif drew a parallel to cinematic examples: “We think together. I love the teamwork. When you watch Avatar and the likes, you see how they work together. It’s all about the style and being creative about all you wear.”
The Concerned Cocoa Road Contractors in Ghana are gearing up for an emergency meeting scheduled for Wednesday, December 6, 2023, in Accra.
The primary objective of this crucial assembly is to deliberate and strategize on addressing the ongoing challenge of delayed payments, accumulating to a debt of Ghc4 billion cedis owed by COCOBOD.
This urgent meeting stems from repeated attempts by the contractors to resolve the issue, including formal petitions submitted on March 4, 2023, to the Speaker of Parliament, Alban Bagbin.
The contractors express deep concerns about COCOBOD’s slow response in settling interim certificates of work done, resulting in a significant debt accumulation over the past three years.
On August 8, 2022, the contractors issued a demand for the prompt payment of the debt, accompanied by a 21-day ultimatum.
While the Ghana Chamber of Contractors intervened, temporarily easing the situation, by December 23, 2022, only a modest 5% to 10% of the outstanding debts were settled. Assurances were given for full payment by February 2023, but regrettably, no further payments have been received to date.
The upcoming meeting is deemed a crucial juncture for the contractors to articulate their concerns, collectively strategize, and fortify a unified front in the pursuit of justice.
They emphasize that the mounting debt is not only jeopardizing their businesses but also impacting their families, with reports of bankers pursuing them and confiscating assets to offset loan defaults.
On December 8, 2023, the Ghana Investment Promotion Centre (GIPC) will host the 20th edition of the prestigious Ghana Club 100 awards at the Grand Arena of the Accra International Conference Centre.
This landmark event will recognize and honor the top 100 outstanding companies in various sectors, acknowledging their exceptional performances and significant contributions to Ghana’s economy.
The theme for this year’s GC100 awards is centered around “Accelerating Economic Growth: Amplifying Ghana’s Global Market Footprint through AFCFTA.” This theme aims to establish an effective mechanism for evaluating Ghanaian companies, instilling the necessary character and confidence for businesses to compete successfully in the global marketplace.
At the event’s launch earlier this year, the Centre’s CEO, Yofi Grant, noted that “organising GC100 for 20 years is a clear testament to GIPC’s commitment to celebrate corporate Ghana, showcase their achievements, and incentivize them to do more”.
He assured that “the event will continually help in promoting Ghana’s corporate capacity through creative media vehicles and activities while securing government support to improve the corporate sector’s international competitiveness”.
Consistent with its past editions, the 20th Edition of the GC100 will include executive networking sessions, the main awards ceremony, and lively post-event celebrations.
Founder and Leader of the National Liberation Party (NLP), Stephen Atubiga, has expressed his opinion that Kwame Nkrumah made a mistake with the birth of his second son.
Atubiga suggests that Sekou Nkrumah, who recently celebrated his 60th birthday, has not lived up to the legacy of his renowned father.
“Happy 60th Birthday to Sekou Nkrumah my Good friend. The only mistake late President Nkrumah ever made was to have Saku (sic) as a son” he wrote.
“What does it profit a Ghanaian man to have a son who refuses or can not keep his father’s legacy after him? Anyway happy birthday. Hopefully 60 years old now.will bring you back on track to know it is time to light Nkrumah’s candles around the world as his proud son.” He added.
In the ongoing efforts to launch the second phase of the Planting for Food and Jobs program, Vice President Dr. Mahamudu Bawumia announced that the government has successfully secured over 60,000 hectares of land for the establishment of agricultural zones.
These zones will be located in the Eastern, Ashanti, Upper West, Northern, and North East regions.
Dr. Bawumia highlighted the government’s commitment to completing the development of 50,000 hectares of land in land valleys by 2024. This initiative aims to expand the cultivation of rice, soya, and maize.
Speaking at the 39th National Farmers Day Awards Night held in the Western region, he stated, “We have set ourselves ambitious but achievable targets every year of the five-year period of the programme (PFJ 2.0).”
On Monday, August 28, 2023, President Nana Addo Dankwa Akufo-Addo inaugurated the second phase of the Planting for Food and Jobs initiative at the University for Development Studies in Tamale.
This new phase, aimed at leveraging the achievements of the initial program, constitutes a comprehensive five-year master plan.
Its primary objective is to revolutionize agriculture in Ghana, emphasizing modernization through the development of specific commodity value chains and active involvement of the private sector.
The program also focuses on enhancing service delivery to maximize impact. Notably, it introduces a shift from direct input subsidy to intelligent agricultural financial support, providing comprehensive input credit with provisions for in-kind payment.
53-year-old District Best Farmer in Upper Manya Krobo, in the Eastern Region, Amadu Alhassan, is urging the government to address the Fulani menace in the district, expressing worries about its repercussions on food security.
Alhassan highlighted that the disruptive actions of Fulani herdsmen and their cattle persistently endanger farming activities in the area.
He further claimed that the herdsmen engage in the abuse of women farmers they encounter on farms without facing consequences.
“We are struggling to farm. We are suffering because of cows disturbing and destroying our farms. The Fulani people if they come to catch your wife in the bush, then you no get a wife again, they will rape her. So the government should stop them for us to farm,” Alhassan complained to Starr News.
Apart from the Fulani threat, Alhassan bemoaned the absence of necessary farming equipment, particularly tractors, which prevented farmers from carrying out commercial farming efficiently.
“Secondly, we don’t have a tractor. We are bringing a tractor from outside the district. The price they charge is too high. We can’t farm so we need a tractor. And the weedicide too the price is so high for us so we are suffering so we beg the government to help us,” he said.
During the 39th Farmers Day celebration, Joe Sam, the District Chief Executive (DCE) for Upper Manya Krobo, recognized the challenges faced by farmers in the district.
He encouraged farmers to remain patient in light of the deteriorating road conditions, as the district currently lacks any paved roads. Despite being a significant food-producing area, the district struggles with poor road infrastructure, impacting the transportation of agricultural produce to market centers.
The DCE assured the public that road reshaping activities, temporarily halted due to the rainy season, would soon resume to alleviate transportation challenges.
“Deplorable state of most of our roads in the district is an issue of grave concern as it has a direct impact on movement and agriculture activities. For the months past, the assembly had to halt reshaping works as a result of the rainy season which hampered the progress of work.
However “I want to assure the members of the general public that reshaping works will start very soon in various communities to facilitate carting of farm produce and bring the needed respite to our people. I wish to therefore implore all of you to exercise restraint,” the DCE said.
Joe Sam highlighted various challenges faced by local farmers, including issues related to the land tenure system, limited access to markets and credit, the severe impact of climate change, post-harvest losses, high input costs, and a low return on investment.
Despite these challenges, he expressed optimism about the positive impact of the Planting for Food and Jobs policy, anticipating that the second phase would bring further relief to local farmers.
Under the theme “Delivering Smart Solutions for Sustainable Food Security and Resilience,” District Director of Agriculture Debrah Appiah-Agyekum shared ongoing efforts to enhance the capacity of staff and farmers in climate-smart agricultural practices.
He highlighted initiatives such as the distribution of thousands of oil palm and coconut seedlings to farmers for meeting the growing demand. Additionally, a massive bushfire prevention campaign has been launched to mitigate annual bushfire incidents during the dry season and prevent the destruction of farms.
The Bank of Ghana (BoG) has refused to disclose information regarding its initial decision to establish its controversial head office at the Marine Drive enclave.
North Tongu MP Samuel Okudzeto Ablakwa had submitted a Right to Information (RTI) request seeking details on the alleged $5 million payment to Marine Metro Development Limited as part of the central bank’s initial commitment to situate its head office at the enclave.
The construction of the controversial head office is now underway at Ridge, prompting Ablakwa to question why Marine Drive Development Limited has not refunded the $5 million.
In response, the BoG stated that any information related to the decision to locate the bank’s new head office at the Marine Drive Enclave or other internal workings constitutes opinions or advice, and thus, will not be disclosed.
“The said information is therefore regarded as exempt from disclosure by section 13 (1)(a) of Act 989”.
The Right to Information (RTI) request has brought forth questions of conflict of interest. The Member of Parliament (MP) raised allegations that Dr. Kwame Nyantakyi-Owusu, the director of Marine Metro Development Limited, is also a Non-Executive Director of the Bank of Ghana (BoG) and happens to be the brother-in-law of President Nana Akufo-Addo.
In BoG’s response, it said, “The company, Marine Metro Development Limited, is not known to the Bank. The Bank has on no occasion engaged this entity in any capacity.
“The Bank is, therefore, unable to provide any information regarding the Marine Metro Development Limited”.
BoG justifies new ¢250m building
The Bank of Ghana (BoG) has said its current Head Office building, which was built in the 1960s by the Nkrumah Government has failed a structural integrity assessment.
It said, the edifice “is no longer fit for purpose and could not stand any major earth tremors.”
In a press release in August, the central bank explained that “The outcome of the structural integrity work was that the main building does not satisfy the full complement of excess strength required for a building to be considered safe for usage.
“This means that in the case of a worst-case gravity and wind loading scenario, for example, unusually strong wind, the building may be significantly affected.”
The Minority in Parliament has raised concerns over the Governor of the central bank and his deputies in response to the lender of last resort reporting a ¢60.8 billion loss for 2022.
Minority Leader Dr. Cassiel Ato Forson questioned the decision to spend $250 million on constructing a new head office for the central bank during a period of financial difficulties. He accused BoG Governor Dr. Ernest Addison of resorting to money printing to fund the project.
“The Bank of Ghana does not have money but spending $250 million for a new head office, which means he is printing additional money to finance this project,” Dr Forson alleged.
A member of the communication team of the New Patriotic Party (NPP), Lawuratu Musah-Saaka, has taken a swipe at the Special Prosecutor, Kissi Agyebeng, over the former’s recent criticism of the judiciary for supposedly meddling in investigations by his office, the Office of the Special Prosecutor (OSP).
Speaking during a panel discussion on Metro TV’s Good Morning Ghana, Musah-Saaka said that when the Special Prosecutor came into office, he put himself out as a commando against corruption but is now lamenting after a few issues.
She indicated that Kissi Agyebeng should man up because he is not in office to sell sweets and he is going to be faced with several bigger challenges than the ones he is complaining about now.
“If you come into an office and you tout yourself as the spirit and conscience of the nation, you must be ready to brace the storm.
“It is corruption you’re going to fight; with all due respect, it is not ice cream you are going sell,” she said on the programme.
The OSP is facing numerous difficulties, according to Musah-Saaka, the Deputy Executive Secretary at the Postal and Courier Services Regulatory Commission (PCSRC), because Kissi Agyebeng has not included the judiciary and other relevant parties in the fight against corruption.
“So, if you get to an office, you need to really look at how you would manage your stakeholders. But if you go and tout yourself as the spirit and conscience of the nation… people have that attitude of watching you prove that you are really the conscience of the nation.
“Other institutions are involved in this fight against corruption. How have you collaborated with them? How have you engaged with them?… the judiciary is a major stakeholder, how have you engaged them?” she quizzed.
Background:
Kissi Agyebeng coitized Ghanaian courts for allegedly interfering in the operations of his office, the Office of the Special Prosecutor (OSP).
During a press briefing in Accra on Wednesday, November 29, 2023, Agyebeng lamented the recurrent issuance of injunctions by justices of the courts, impeding the investigative processes of the OSP.
He emphasized that the court’s role is to interpret Ghana’s laws, not to dictate which individuals should undergo investigation by the country’s investigative bodies, including the OSP. Agyebeng deemed it entirely inappropriate for the court to halt OSP investigations, asserting that such actions set an unfavorable precedent for criminal investigations in the country.
“… the duty and mandate of the courts is to apply and enforce the laws of the Republic and not to clothe persons with immunity from criminal investigations and prosecution. A court cannot injunct the OSP from investigating or prosecuting any person.
“The decision to investigate and prosecute lies with the investigation and prosecution authorities such as the OSP and the OSP has at all material times carried out its power to investigate with candour and professionalism being minded of the rights of suspects under its investigation,” he said.
He went on to say that the court’s decision to halt two of its investigations is bad for the battle against corruption and might even cause murderers to ask for injunctions to prevent their cases from being looked into.
“The danger of this startling decision is once again obvious. A judge has granted two persons immunity from investigation for suspected corruption and corruption-related offences and hence immunity from prosecution.
“This decision opens up a calamitous deluge as every person under criminal investigation would be encouraged to take out suits to injunct investigation and prosecution bodies from investigating and prosecuting them. The real and present danger looms largely on the consideration that by so doing, persons under investigation would conscript the judiciary to clothe them with immunity from investigation and prosecution,” he said.
According to the Special Prosecutor, the investigations ought to go on so that the court can rule on the results.
It's corruption we're fighting, not selling ice cream – Lawuratu Musah-Saaka hits back at Kissi Agyebeng over his latest comments on the fight against corruption#GoodMorningGhana#MetroTVpic.twitter.com/DVHGhqcaGv
Prof Kobby Mensah, a senior lecturer at the University of Ghana, has called on the Office of the Special Prosecutor (OSP) to broaden its inquiry into incidents of vote buying during the recent New Patriotic Party (NPP) orphan constituency parliamentary primaries.
The OSP issued a wanted notice for six individuals on Sunday, December 3, 2023, alleging their involvement in vote buying during a public election.
Although the OSP did not specify the election in question, viral videos depict the men in the notices admitting to receiving money from contenders in the recently concluded NPP orphan constituency primaries.
In response to the wanted notice, Prof Kobby Mensah urged the OSP to also summon the parliamentary aspirants who purportedly provided money to delegates.
He pointed out that some of the candidates in the concluded primaries have openly admitted to offering money on radio and TV, emphasizing the importance of questioning them as well.
“Pls invite the parliamentary candidates too, if these are only delegates. We have seen and heard PCs on TV and Radio admit payments of some sorts,” he wrote on X on December 3, 2023.
View the posts below:
The man in the middle: his crime is that he ate Waakye, rice and konkonte provided by one of the contestants in the Npp @NPP_GH parliamentary primary in the Ablekuma central constituency. Now the @ospghana want answers. #JoySMSpic.twitter.com/vsZnckc2ws
In his inaugural address, new Moderator Rt. Rev. Dr. Abraham Nana Opare Kwakye highlights the Presbyterian Church of Ghana’s observation of increasing unemployment and hopelessness in the country.
The Moderator emphasizes the church’s commitment to demand accountability from those in power, regardless of leadership changes.
“The rising unemployment and hopelessness in the country, as a result of the global economic crisis and other factors, are major security concerns, and the church will not relent in its efforts to demand accountability,” the Moderator said.
He added that the clergy will not back down from denouncing corruption and those who engage in it.
“The tendency of some of our fellow citizens to loot the national coffers is a matter of great public concern, and we shall not relent in speaking against any such acts, no matter who is found in the line of fire”.
“I promise you that the PCG shall not fail to speak against these practices”, he added.
In response to the Ministry of Education’s defiance of a parliamentary directive to reconsider the reopening date for first-year senior high school students nationwide, Minister of Education Dr. Yaw Osei Adutwum has been directed to appear before parliament by 12:30 pm.
Failure to comply may lead to potential referral to the Privileges Committee.
The summoning follows the minister’s insistence on maintaining the established reopening date, despite an earlier parliamentary directive to postpone it. Dr. Adutwum’s steadfast stance prompted parliamentary action.
Upon the Speaker’s announcement, the education minister promptly entered the chamber.
His appearance is anticipated to provide clarification on the ministry’s decision and shed light on the reasoning behind proceeding with the initial directive.
This development occurs against the backdrop of the Computerized School Selection and Placement System (CSSPS), which processed 598,839 candidates, resulting in 585,797 individuals being placed in various Senior High Schools and Technical and Vocational Education and Training Schools (TVET) across the country.
Two well-known female MPs decided to leave their current seats and run for office in other constituencies, in a calculated political turn of events.
This article centers on these two Members of Parliament, their individual constituencies, the new ground they intended to cover, and the extent of their success or failure.
Nana Ama Dokua Asiamah-Adjei
In a surprising move, Nana Ama Dokua Asiamah-Adjei, the Deputy Minister for Trade and Industry and incumbent MP for Akuapem North, has opted out of seeking re-election in her current constituency. Instead, she has set her sights on the Okaikwei North Constituency.
This unexpected decision is linked to various factors, including reported discord with party members in Akuapem North. This shift in focus creates an opportunity for Sammy Awuku, the Director-General of the National Lotteries Authority (NLA), to contest for the Akuapem North seat.
Nana Ama Dokua Asiamah-Adjei, hailing from Akropong in Ghana’s Eastern Region, is currently serving her second term as an MP.
Adding intrigue to her decision, she emerged victorious in the Okaikwei North New Patriotic Party (NPP) parliamentary primary on December 2.
She defeated opponents, including former Deputy Chief Executive of MASLOC, Alberta Afia Akoto, and former MP for the constituency, Fuseini Issa.
The Okaikwei seat, traditionally an NPP stronghold, witnessed an unexpected outcome in 2020 when Theresa Awuni of the National Democratic Congress (NDC) secured victory.
Sophia Ackuaku
In a significant political maneuver, Sophia Ackuaku, a dedicated NDC MP representing Domeabra-Obom, has chosen to step down from her current seat and pursue candidacy for the Ayawaso Central constituency.
Having faithfully served her constituency for two terms, encompassing the years 2016 and 2020, Sophia Ackuaku encountered an unexpected turn in her political trajectory. Despite her established track record, she was unable to secure her seat in parliament, losing her bid to represent the Ayawaso Central constituency during her party’s parliamentary primaries.
Consequently, her tenure as MP officially concludes on January 7, 2025.
In a press conference, the Institute of Economic Affairs (IEA) has called for Ghana to assume comprehensive and meaningful control over the management of its lithium resources.
The IEA expressed apprehension regarding Ghana’s lithium mining agreement with Barari DV Ghana Limited, emphasizing the necessity for parliamentary ratification to establish its legal effectiveness as an agreement exploiting the nation’s natural resource.
The think tank argued that the terms of the agreement “not different in principle and substance from any of Ghana’s previous colonial-type agreements.”
The IEA suggested “The Republic of Ghana should set up a Ghana Lithium Company (GLC),” asserting that this model would not only provide job opportunities, wealth, and community development but also afford Ghana complete control over its national asset throughout the entire lithium value chain.
Additionally, the IEA highlighted the potential for Ghana to generate up to USD 296 billion from lithium carbonate production over a 12-year period.
In conclusion, the IEA urged Ghana to take definitive control of its wealth, emphasizing the need to manage national assets effectively.
In the most recent auction on December 4, 2023, the government’s treasury bill fell short by GH¢1.70 billion, securing only GH¢3.91 billion against the intended target of GH¢5.61 billion.
Despite a continued rise in interest rates on treasury bills, the government consistently receives subscriptions, even after experiencing undersubscription in the previous week’s auction. The current interest rate for the 365-day bill is 33.4%.
According to the latest auction results from the Bank of Ghana, interest rates for the 91-day and 182-day bills have climbed to 29.56% and 31.76%, respectively.
In this week’s auction, all bids tendered were not accepted, with a total subscription of GH¢1.33 billion for the 91-day bill, GH¢722.99 billion accepted from the 182-day bill, and GH¢1.85 million accepted from the 364-day bills.
The government has set its next auction target at GH¢3.919 billion.
Member of Parliament (MP) for Assin Central,Kennedy Agyapong, has stated that he will not relent on pursuing his presidential ambition because of the challenges faced by unemployed youth.
His concerns stems from the rapid departure of young people from Ghana in search of greener pastures
Agyapong criticizes corrupt leaders for mismanaging the abundant resources in Ghana, resulting in an unbearable economic situation for numerous young individuals.
Despite these challenges, he remains committed to his presidential ambitions, emphasizing that if elected, he will implement measures to improve the country’s economic conditions for the benefit of young people.
“I’m told several youths leave Ghana with the aim of getting Nursing jobs, but after paying the charges they can’t even get jobs. God has endowed our country and what we need is leaders who act and not leaders who speak just English and cannot put food on your table. I’m not giving up on my vision and all I’m telling you is to pray for me for long life.”
“All I said and the mistakes I pointed out, I will work on them. I would have retired completely, but when I look at the young men and women without jobs in the country, I cannot give up. We will continue to fight. I’m not giving up,” he told members of his support group We’re for Ken Worldwide during a meeting in the US city of Minnesota..
Kennedy Agyapong came second at the end of the November 4 presidential primaries after accruing 37.41% of all votes cast against vice president Dr. Mahamudu Bawumia’s 61.43%.
He assured support the flagbearer-elect, Vice-President Alhaji Dr. Mahamudu Bawumia, in all his endeavours with his new position.
However he will still take up the opportunity again to contest for a presidential position.
The persistent influx of inexpensive and substandard products into the Ghanaian market continues to pose a significant challenge for domestic manufacturing companies in the country.
Addressing this ongoing issue within the business community, Seth Twum-Akwaboah, the Chief Executive of the Association of Ghana Industries (AGI), expressed concern about the struggles faced by local industries in securing markets for their products, despite their substantial production efforts to meet local demand.
Dismissing claims that local industries were lax and not striving to be competitive in the market, Mr. Twum-Akwaboah, in an interview on Joy News’ PM Express, monitored by GhanaWeb Business, emphasized that the proliferation of cheap and substandard goods was adversely affecting local businesses.
He said, “data on the ground doesn’t support the argument that industries are being lazy and don’t want to play in a very competitive environment”.
“We have one local industry that is producing so much, but struggle to get market for their goods, because some cheap, and inferior goods have flooded the market and that is affecting them,” the AGI CEO stated.
Below are the list of 22 items considered for import restriction:
Rice Guts, bladders and stomachs of animals Poultry Animal and vegetable oil Margarine Fruit juices Soft drink Mineral water Noodles and pasta Ceramic tiles Corrugated paper and paper board Mosquito coil and insecticides Soaps and detergents Motor cars Iron and steel Cement Polymers (Plastics and Plastic Products) Fish Sugar Clothing and apparel Biscuits Canned tomatoes
Minority Leader and Member of Parliament for Ajumako-Enyan-Esiam, shares details of purported new taxes being introduced by the Nana Addo Dankwa Akufo-Addo government.
In a post on X on Sunday, December 3, 2024, the MP highlights sections of a tax bill that the government is reportedly seeking parliamentary approval for.
Among the proposed taxes, he mentions a 20% tax on the local gin widely known as ‘akpeteshie.’ Additionally, the government is said to be aiming to implement a GH¢100 per vehicle annual tax on all petrol and diesel cars.
“The Akufo-Addo/Bawumia government is imposing 20% tax on “akpeteshie” (they have run out of ideas). Petrol and diesel vehicle owners should also expect to pay a new annual tax of GHS100 per vehicle on all petrol and diesel cars (internal combustion engine vehicles).
“This tax will be imposed on all trotros, aboboyaas, okadas, taxis, commercial buses, trucks, ambulances, construction and heavy-duty vehicles, water tankers, private cars, etc. Once your vehicle is powered by petrol or diesel, the government is imposing this tax on you. According to the government, this policy is aimed at promoting the use of cleaner/more eco-friendly sources of energy (like electric vehicles),” he wrote.
The documents also indicate that the government wants to impose a carbon dioxide emission tax of GH¢100 per tonne on all businesses operating in the nation.
Fellow Ghanaians,
This government indeed has an insatiable appetite for taxes.
The Akufo-Addo/Bawumia government is imposing 20% tax on “akpeteshie” (they have run out of ideas).
Petrol and diesel vehicle owners should also expect to pay a new annual tax of GHS100 per… pic.twitter.com/lGxH1hKLp3
In the midst of one of the most challenging economic crises in decades, officials from the Bank of Ghana have conveyed optimism regarding the country’s recovery and have outlined their strategic plans for navigating these turbulent times.
Dr. Maxwell Opoku-Afari, the first deputy governor of the Bank of Ghana, and Kwamina Duker, CEO of the Development Bank Ghana (DBG), underscored the significance of not allowing this crisis to be squandered but instead viewing it as an opportunity for positive change in an interview with the Banker.
Mr. Duker stated, “Don’t waste a crisis,” highlighting the potential for behavioral changes and innovative approaches to doing business. Dr. Opoku-Afari echoed this sentiment, stressing the need to leverage the crisis for transformative initiatives. “Nobody wants to waste the crisis,” he added.
Recognizing the effects of debt restructuring on the private sector, Dr. Opoku-Afari acknowledges a temporary slowdown in capital flow.
Despite this, he remains optimistic about the recovery, affirming, “We are done with the domestic debt restructuring, and we anticipate the external debt restructuring to conclude soon.” He foresees a return to stability, anticipating that commercial banks will boost credit levels to the private sector.
Highlighting positive indicators of recovery in the banking sector during the first half of the year, Dr. Opoku-Afari underscored the central bank’s optimism. He envisions a favorable shift in the banks’ approach, anticipating increased lending to the private sector once stability is firmly established.
Despite facing challenges, Ghana has made significant progress in managing the crisis and achieving economic stability.
Dr. Opoku-Afari pointed out a substantial reduction in inflation, declining from 54% at the start of the year to 35% in November — a notable turnaround in just 10 months. Looking forward, he emphasized the importance of consolidating these gains to better position the country for the future.
Ghana’s Minister of Lands and Natural Resources, Samuel Abu Jinapor, urgently emphasizes the need for action against climate change and advocates for sustainable financing to protect the planet.
Addressing the ongoing Conference of Parties (COP28) in Dubai, hosted by the United Arab Emirates (UAE), he discussed Ghana’s strides towards achieving Net Zero and Zero Energy Poverty in his speech.
He stated that, “over the past few years, we have had to expend our limited resources on the protection of our forests and the implementation of our aggressive afforestation and reforestation programme, including the flagship Green Ghana Project, under which some forty-two million (42,000,000) trees have been planted over the last three years, and the Ghana Forest Plantation Strategy, under which we have cultivated some six hundred and ninety thousand hectares (690,000 ha) of degraded forest in just five years”.
He highlighted that through the Ghana Cocoa REDD+ Programme, Ghana successfully reduced emissions by 972,456 tonnes of carbon dioxide equivalent (972,456 tCO2e) during the initial accounting period from June to December 2019.
This achievement, which has been verified and validated, resulted in a results-based payment of US$4,862,280.
Emphasizing the critical need for climate finance, particularly for forest and nature conservation, he stressed that it is the most effective tool in reaching the 1.5 degrees Celsius (1.5oC) target outlined in the Paris Agreement.
Mr. Jinapor urged developed nations to fulfill their climate finance commitments, including the long-standing promise of One Hundred Billion Dollars (US$100 billion) made at COP15 in Copenhagen over a decade ago.
He also mentioned the importance of the three billion US Dollars ($3 billion) pledged as part of the United States’ President’s Emergency Plan for Adaptation and Resilience (PREPARE) program. He cautioned that until these commitments are met, the global target will remain elusive.
Mr Jinapor was hopeful in referencing the inspiring words of the United Nations Secretary-General, H.E. Antonio Guterres, that “the climate emergency is a race we are losing, but it is a race we can win.”
The Securities and Exchange Commission (SEC) has unveiled a comprehensive five-year strategic plan, a key component of the 10-year Capital Market Master Plan (CMMP), aimed at significantly deepening and expanding Ghana’s capital market.
The strategic plan, announced by SEC Director-General Daniel Ogbamey-Tetteh at the 2023 Ghana Capital Market Conference, outlines 60 initiatives designed to catalyze transformation within the sector.
“We have completed our five-year strategic plan with the financial support of FSD Africa/FCDO. This plan, with its five goals and 60 initiatives, will drive our vision to become a top-tier African securities regulator,” SEC Director-General Daniel Ogbamey-Tetteh said in his keynote address.
The main goal of the strategy is to increase the depth and diversity of Ghana’s capital market environment while strengthening its ability to withstand shocks from without.
“Today’s rapidly shifting financial terrain brings unique trials. Our markets must innovate, develop more versatile investment products and, ultimately, prove more robust in the face of adversity,” SEC’s chief explained.
Increasing institutional capacity, adopting next-generation technology, and implementing sustainable finance principles are essential components of this agenda.
“We are adopting cutting-edge RegTech and SupTech solutions to support financial innovation while safeguarding market integrity, and we recognise the critical role sustainability now plays in shaping the capital market’s future,” Ogbamey-Tetteh added.
The SEC’s emphasis on sustainability aligns with intensifying global urgency around ethical, accountable investment practices. As the Director-General puts it: “By collaborating with other regulators to incorporate ESG standards across Ghana’s financial ecosystem, we aim to cultivate an environment wherein such values flourish.”
“From large-scale educational campaigns to grassroots programmes, we strive at empowering all Ghanaians to fully leverage our capital market,” Ogbamey-Tetteh explained.
In his closing remarks, Mr. Ogbamey-Tetteh highlighted the regulator’s noteworthy accomplishments during the course of its 25-year nurturing of Ghana’s securities ecosystem, including the raising of over GH¢30 billion for business growth and a robust expansion within asset management.
“Despite recent strains on investor confidence, our markets continue gaining force,” said Ogbamey-Tetteh, adding: “With indices recovering, funds under management rising and game-changing innovations in the works, the stage is set for our Strategic Plan to unlock immense possibilities.”
Integral partner in economic growth
Speaking at the conference as well, Finance Minister Ken Ofori-Atta praised the SEC’s crucial role in enabling capital allocation and broad-based prosperity, emphasizing the importance of a transparent and well-regulated financial sector for economic growth, job creation, and the general welfare of citizens.
Even though Mr. Ofori-Atta acknowledged the severity of the recent economic constraints, he expressed optimism about the economy’s growth trajectory.
“Our macroeconomic indicators point to a new beginning – with rebounding growth, exchange rate stability restoring confidence, and declining interest rates,” he noted.
The finance minister, who was a trailblazer in the country’s capital market, also highlighted policy goals found in the national budget for 2023 that create an environment conducive to market growth.
“We are intentional about safeguarding recent progress, expanding real-sector investments, completing infrastructural projects and mobilising climate financing to build resilient, sustainable growth,” he explained.
Even though the market is growing relatively, the minister pointed out that there are still a lot of unexplored opportunities for growth. The capitalization of the most developed capital markets is more than 100% of GDP, and in certain cases, it is even 200 percent. With a market value of roughly GH¢70 billion, the Ghana Stock Exchange accounts for just 7% of the country’s GDP.
Capital markets to power infrastructure, sustainability
In light of the securities industry’s exceptional ability to fund national priorities, Mr. Ofori-Atta highlighted capital market instruments that direct investment toward housing, urban development, and ecologically conscious projects.
“Real Estate Investment Trusts (REITs) can massively boost infrastructure and housing project funding,” he noted, citing innovative vehicles like green bonds that direct capital into sustainable objectives.
“The SEC’s efforts here will prove integral as we strive to uplift millions through resilient, climate-conscious growth,” he stated.
“Ultimately, fulfilling the SEC’s broad mandate with adaptability and vision can profoundly impact Ghana’s long-term prosperity,” he said. “By rising to today’s tests, Ghana’s capital markets can help power us through an economically, socially and environmentally pivotal period in our history.”
By promoting coordinated efforts, financial inclusion, transparency and sustainable development, the finance minister said the SEC strategic plan’s success holds revolutionary implications for Ghana’s stability and global leadership.
“The time is now to cement the nation’s securities ecosystem as an engine of equitable progress and widespread opportunity. The tasks ahead are demanding, yet through diligence, determination and true public-private partnership, I’m confident we can realise our grand ambitions and help citizens nationwide feel genuine, grounded hope regarding Ghana’s future,” he concluded.
As of today, December 4, 2023, the Interbank forex rates provided by the Bank of Ghana indicate that the Ghana Cedi is exchanging against the US Dollar at a purchase rate of 11.6148 and a selling rate of 11.6264.
Meanwhile, at a Forex bureau situated in Accra, the dollar is available for purchase at 12.10 and can be sold at 12.30.
In relation to the Pound Sterling, the Cedi is valued at a buying rate of 14.6741 and a selling rate of 14.6900.
Additionally, at a Forex Bureau in Accra, the Pound Sterling is bought at 15.00 and sold at 15.50.
The Euro is currently trading at a buying rate of 12.6698 and a selling rate of 12.6813. At an Accra-based Forex Bureau, the Euro can be acquired at 13.00 and sold at 13.50.
For the South African Rand, the buying price stands at 0.6156, with a selling price of 0.6161. In Accra’s forex bureau, the South African Rand is being bought at a rate of 0.40 and sold at a rate of 1.10.
As for the Nigerian Naira, it is valued at a buying rate of 72.9911 and a selling rate of 73.0599. At the Accra forex bureau, the Nigerian Naira can be purchased at a rate of 9.00 Naira per 1 Cedi and sold at a rate of 15.00.
Finally, concerning the CFA, it is trading at a buying rate of 51.7263 and a selling rate of 51.7733. At an Accra-based forex bureau, the CFA is acquired at a rate of 17.30 CFA for every 1 Cedi and sold at a rate of 19.80 CFA for every 1 Cedi.
Note that these rates may be different at a forex bureau near you. Our forex bureau rates are provided by Afriswap Bureau De Change in Osu, Accra.
Our forex bureau rates are provided by Afriswap Bureau De Change in Osu, Accra.
Claims of military officers brutalizing civilians have been denied by the Ghana Armed Forces. The rejection comes in response to reported instances of military brutality in locations such as Ashaiman, Garu, and Ejura, according to citinewsroom.com.
In an interview conducted in Kumasi, Brigadier General Charles Agyemang Prempeh, the General Officer Commanding the central command of the Ghana Armed Forces, emphasized the military’s dedication to preserving the nation’s peace.
Despite public criticism of their interactions with civilians, he reiterated that the military’s primary goal is to ensure public safety and maintain order in society without causing harm to civilians.
“The military doesn’t go out there to brutalize civilians, that is far from the point. We go out there to ensure that we restore law and order. We do these as internal security operations to support the Police and when we out there we use minimum force,” he added.
Brigadier General Charles Agyemang Prempeh clarified that claims of military personnel engaging in misconduct, including armed robbery and other social offenses, cannot be applied to the Ghana Armed Forces as a whole.
He outlined the procedures followed by the military in looking into these occurrences and disciplining those responsible when necessary.
“The military doesn’t engage in armed robbery, the individual goes out there to do his things, the military has a way to correct infractions and therefore when these things come to our attention we take the necessary measures according to our disciplinary procedures to engage the individual and correct him,” he asserted.
Former NDC Central Regional Chairman, Bernard Allotey Jacobs, has shared his insights on the selection of a running mate for NDC leader and former President, John Dramani Mahama.
In the 2020 elections, Mahama chose Prof. Jane Naana Opoku-Agyemang as his running mate, resulting in an unsuccessful bid for the National Democratic Congress (NDC). With Mahama leading the party again, the choice of his running mate remains uncertain.
Names like Julius Debrah, former Chief of Staff, and Sylvester Mensah, a former NDC presidential aspirant, have emerged as potential candidates for the running mate slot. However, there are mixed opinions on whether Prof. Naana Opoku-Agyemang should be given another chance.
Expressing his views on Peace FM’s morning show “Kokrokoo,” Allotey Jacobs endorsed former Chief of Staff Julius Debrah as the suitable candidate for the slot.
He believed Julius Debrah has proven his mettle in the NDC; saying, “when I was then in that party, we saw him as a bridge between the party and the government. In fact, he is so loved by the party members. This 24/7 policy they want to bring, Julius was already doing 24/7… Looking at his status as Chief of Staff, when you call him and book a date, he will meet you. I mean that’s the essence of being a party leader or being in government and relating to the grassroots”.
Bruno Fernandes experienced deep disappointment witnessing Manchester United concede “really bad goals,” leading to a twice-squandered two-goal lead in their draw with Galatasaray.
Much of the blame falls on Andre Onana, the goalkeeper, as United let slip a two-goal advantage in Istanbul. Onana struggled with both of Hakim Ziyech’s free-kicks, with the second one slipping past him despite a hand on the ball.
Fernandes expressed frustration over his team’s collapse in the second half, emphasizing their dominance and numerous missed chances to secure a victory.
Fernandes told TNT Sports: “It’s really hard. We conceded really bad goals. We have to take control of the situations in all of them. We were on top of the game twice and we had far too many chances to have the game closed. We were not clinical enough. I have nothing to explain.
“We concede the two goals and there’s nothing we can do now. Obviously, we could have done better with those two goals but it is what it is. Every time we conceded a goal we had many chances to score again. At the end of the game, we had four chances. We have to lift our heads up and try to get the best players in the best positions and not take chances ourselves.”
He added: “It’s too hard to be honest, I don’t want to be too negative. But what we have been doing in the Champions League is not enough. It is not the first game we’ve had like this. We have to secure the result. “We have to understand in these types of games and stages we have to be smart enough and manage the game better. Everyone has to step up and take responsibility of their own mistakes. Now we don’t depend on ourselves but it is what it is.”
With only four points from five matches, Manchester United faces the looming threat of elimination from the Champions League. To secure advancement, they must secure a victory against Bayern Munich in the final group stage match while relying on Galatasaray to drop points against Copenhagen.
Eager to rebound from the disappointing draw, United turns its focus to a crucial Premier League clash against Newcastle on Saturday. Currently occupying sixth place in the table, United faces a Newcastle side just one point behind them, boosted by a 4-1 victory against Chelsea over the weekend.
The Asantehene, Otumfuo Osei Tutu, is a staunch supporter of the iconic Ghanaian footballer, Asamoah Gyan, openly expressing his admiration for him.
Asamoah Gyan’s remarkable achievements with the Black Stars and at the club level have garnered praise from numerous Ghanaians across different age groups.
Otumfuo is evidently among the many fans of the legendary Ghanaian footballer, and he has conveyed his appreciation to Gyan through a video.
In the video, a linguist, speaking on behalf of Otumfuo, affirmed that the Asantehene is a devoted admirer of Asamoah Gyan.
“One of Otumfuo’s sons is here. His love for this particular son has been apparent since 2010. This son of Otumfuo scored all the goals for Ghana at the World Cup. His name is Asamoah Gyan. Otumfuo wants you know that he loves you a lot and appreciates that the fact that you always try to visit him.
“Otumfuo welcomes you and wants you know that he appreciates the things you do for the country. He urges you to continue the good work and bring glory to your mother”, the linguist told Asamoah Gyan while Otumfuo nodded gleefully.
Asamoah Gyan holds a prestigious position in Ghana’s football history, being the highest scorer in the annals of the Black Stars.
Having made 109 appearances for Ghana, Asamoah Gyan netted 51 goals, with memorable strikes against Czech Republic (2006 World Cup), USA (2010 World Cup), and Algeria (2015 AFCON) among the favorites of many.
He stands as the leading goal-scorer not only for Ghana but also for the entire African continent in the history of the grandest football spectacle on the globe – the World Cup.
Across his three participations, Gyan scored six goals, contributing to numerous indelible moments that have solidified his status as one of Africa’s accomplished footballers.
Ghanaian international Abdul Fatawu Issahaku expressed his dissatisfaction after Leicester City’s recent draw against Sheffield Wednesday.
The Black Stars winger was featured in the starting lineup for Leicester City in the week 18 clash of the English Championship, where they sought to secure a victory against Sheffield Wednesday.
Issahaku played a significant role by scoring for Leicester City, finding the net at the back post after controlling Stephy Mavididi’s cross with his chest in the 23rd minute, providing the visitors with a 1-0 lead.
Despite his efforts, Sheffield Wednesday managed to equalize with a late goal from Jeff Hendrick.
Following the match, Issahaku took to social media to convey his feelings about the outcome, expressing disappointment with the draw. On Instagram, he wrote, “Not the results we wanted. Thank you all for your support.”
Issahaku has scored two goals in his first 14 games this season, making a significant impact on Leicester City’s success.
Kenpong Travel and Tour, the leading travel and tour company in Ghana, is solidifying its position as the premier provider of sports tourism in the country.
The company recently announced its commitment to facilitating travel and accommodation arrangements for Ghanaians planning to attend the 2023 Africa Cup of Nations in Ivory Coast.
With a stellar track record of successfully organizing trips to major football tournaments since 2006, Kenpong Travel and Tour is poised to offer enticing packages for AFCON 2023.
Building on its experience of managing flight and accommodation arrangements for Ghanaian football fans during the 2022 World Cup in Qatar, the company is expected to unveil attractive packages for enthusiasts interested in attending the Ivory Coast tournaments.
Reports suggest that Kenpong Travel and Tour will not only cover hotels and in-country travel but also incorporate visits to prominent tourist sites in Ivory Coast.
The Chief Executive Officer, Kennedy Agyapong (Kenpong Cappuccino), is reportedly making advanced arrangements by visiting host cities in Ivory Coast to secure accommodation for potential clients.
Kenpong has also reportedly finalized discussions with the State Transport Company, offering road travel options for football fans interested in witnessing the matches in Ivory Coast. The company is scheduled to reveal the various packages on Monday, December 4, 2023, utilizing experienced individuals with expertise in sports tourism for the arrangements.
The 2023 AFCON is scheduled to take place from January 13 to February 11, 2024. Ghana has been drawn into Group E, competing against Madagascar, Angola, and the Central African Republic.
Former Black Stars striker Prince Tagoe has revealed the substantial earnings he received from playing in the lucrative Saudi Arabian league.
The ex-Ghana Premier League top scorer, formerly with Hearts of Oak, made the move to Al-Ittihad in Saudi Arabia after securing the Goal King title in Ghana’s top flight.
Prince Tagoe, who had a stint with Mainz 05 in Germany, joined the Saudi side from 2006 to 2007, setting a record for the highest amount paid for an African player at that time.
“I went to Saudi Arabia, first signing in Africa, it has never happened before, 2 million euros net where Benzema currently plays,” Tagoe revealed on Angel TV.
Prince Tagoe has a distinguished career that includes stints with clubs like Hoffenheim, Al Shabab, and Partizan. He also played for the Black Stars in the 2010 World Cup in South Africa.
Tagoe, who last played for the Black Stars in 2012, finished with seven goals from 36 games.
Former Manchester City and Liverpool striker Mario Balotelli has dubbed his current manager a “disaster” and the “worst coach” of his career.
Throughout his career, the mysterious Italian frontman has garnered a lot of attention, sometimes not for the best reasons.
The 33-year-old forward has played for 11 different clubs throughout his career, with his current employers Adana Demirspor being the latest stop on his nomadic lifestyle.
He spent two stints in England, winning the Premier League title at City, but after arriving at Anfield in 2014, he went through a trying period at Liverpool. He told TVPlay about the manager he worked under on Merseyside:
“Brendan Rodgers is the worst coach I have ever had.
He was number one as far as training sessions were concerned, what with keeping possession of the ball and the small-sided games. But as a person he was a disaster.”
Upon joining Liverpool as a replacement for the departed Luis Suarez, Balotelli managed to score only four goals in 28 appearances for the Reds. Responding to criticism from the mercurial talent, Rodgers had previously addressed the matter on talkSPORT.
“He was probably absolutely spot on. I just couldn’t really connect with Mario. He was one that came in very late in the window. It was a gamble taken from a club perspective.
“It was one where he’s a big talent, he’ll come in and develop, he’s got all the tools. In all fairness, I just found it very difficult to connect with Mario. On the field, he tried his best. But it certainly wasn’t something that worked out as everyone would like. If he could ever match that intensity with his talent, then he’d be one of the best players in the world.”
After winning the Champions League and Serie A with Inter, Balotelli also won the FA Cup while he was with City. Despite winning 36 caps for his nation and winning the coveted Golden Boy award in 2010, he is still a story of what might have been if his game had reached its full potential.
Onua TV/Radio presenter, Blessed Godsbrain Smart, popularly known as Captain Smart, has unveiled a startling revelation on the emotional distress and hardships experienced by Vice President Mahamudu Bawumia within the New Patriotic Party (NPP).
In an edition of Onua TV’s Maakye Show, Captain Smart identified individuals such as Gabby Otchere-Darko, Asante Bediatuo, and Finance Minister Ken Ofori-Atta as part of those who allegedly lack respect for the Vice President, treating him with indifference or disrespect.
He further mentions that the Vice President has, on multiple occasions, been compelled to shed tears in his office due to the unbearable treatment he keeps receiving from his people in the NPP.
“I can on authority tell you that Bawumia has cried more than 17 times in his office as Vice President. The way he is being treated, God have mercy,” Captain Smart confidently claimed.
Captain Smart alleged that Mrs Bawumia had a first hand experience of the ill treatment against her husband during a visit to the Jubilee House in December 2022.
“Someone should ask Samira Bawumia. Last year, 28th December at 2:45pm, she wept like a baby. You should ask her what happened. Ask Samira Bawumia, after one cabinet meeting where she visited her husband at Jubilee House, they were saying hurtful things about Bawumia,” the Onua TV/Radio presenter revealed.
Ghanaian actor and politician Kwadwo Nkansah, widely known as Lil Win, disclosed that he has faced threats following his announcement of releasing a campaign song in support of his selected political party.
The multifaceted artist, also involved in music, stated his intention to release the song on December 1.
However, in a video shared on his Instagram page on November 30, Lil Win revealed that he has been receiving calls from unidentified individuals cautioning him against releasing any song endorsing a political party.
“I announced that I was making a song in support of my chosen political party and that I would be releasing it on the 1st of December. Right after that, some individuals who refused to identify themselves have been calling me and threatening me against releasing the song,” he said.
Lil Win declared he would not be bothered by any threats and that he is committed to releasing the song regardless of the repercussions.
“I am not afraid of anybody, I will release that song, and there is nothing anyone from any political party or otherwise can do to me,” he fumed.
Lil Win’s political affiliation remains undisclosed; however, social media users have issued safety warnings to the musician and suggested that he hold off on releasing the song.
Lil Win declared earlier in August that he would run as an independent for the Ashanti Region’s Afigya Kwabre South seat as a member of parliament.
This new information might point to a change in his political position.
In an exclusive interview on the ‘Uncut Show’ with the media, Jay Bhad strongly refuted the notion that he is difficult to collaborate with on a song.
The “Badman” hitmaker dismissed these claims, emphasizing that he has actively collaborated with various industry figures beyond the Asakaa music group.
Jay Bhad revealed having unreleased tracks featuring A-list artists such as Sarkodie, Wendy Shay, Gyakie, and Medikal, showcasing his versatility beyond his immediate circle.
Contrary to perceptions of exclusivity, he emphasized his extensive work with artists from different backgrounds. However, he made it clear that those seeking his distinctive verses must be financially prepared, highlighting that his feature comes at a cost that reflects the uniqueness he brings to songs, ensuring their success.
Jay Bhad confidently justified the investment by stating that his contributions guarantee a song’s breakthrough.
