The United States (US) has made known it plans of placing visa restrictions on people actively involved in undermining Liberia’s next elections, which are slated for next month.
This measure is designed to deter actions that could compromise the democratic process, including election manipulation, fraud, violence, or any other activities aimed at inappropriately influencing the election’s outcome.
The U.S. State Department has clarified that these visa restrictions reflect the United States’ commitment to supporting the people of Liberia in their pursuit of a free and fair electoral process. While the statement did not mention specific individuals, it underscores the significance of upholding democratic principles and ensuring that the upcoming elections are conducted with integrity.
In the upcoming elections, President George Weah is seeking a second term in office, facing opposition leader Joseph Boakai, who was the defeated candidate in the previous election held five years ago.
Ghana-China trade to hit a record-high level of US$10.2 billion in 2022, up from US$6.67 billion in 2017.
More crucially, Ghana’s exports to China surged by 60% last year, according to the Chinese Ambassador to Ghana, Lu Kun.
During the commemoration of the 74th anniversary of the People’s Republic of China in Accra, the ambassador revealed that collaboration and alliances between China and Ghana are yielding concrete advantages for both nations.
“Since this year, China-Ghana cooperation has yielded fruitful results, delivering tangible benefits to the Ghanaian people. In March, construction began on a China-aided annex building for the foreign affairs ministry in Accra. In May, China joined the official creditor committee for Ghana as co-chair and helped Ghana secure the IMF US$3 billion deal in record time.
“In June, construction began on a China-aided military building. In July, the 43rd fleet of the Chinese People’s Liberation Army Navy visited Ghana. The Embassy donated relief items to flood victims in the Volta Region and a Chinese medical team in Ghana provided free clinical services. In August, the China Visa Application Centre in Accra officially opened. Therefore, China will remain Ghana’s largest trading partner and major foreign investments source for years to come,” he stated.
Dependable partner in socio-economic development
As a guest speaker at the occasion, Finance Minister Ken Ofori-Atta hailed China for its ongoing contributions to Ghana’s socioeconomic development.
‘Let me indeed extend our sincerest appreciation to China for the strong show of support demonstrated in helping Ghana secure the US$3billion extended credit facility from the International Monetary Fund,” he stated.
China stands as Ghana’s foremost trading partner and the primary contributor to recent foreign direct investments. Mr. Ofori-Atta emphasized that the Ghanaian government remains committed to creating a favorable environment that facilitates the activities of Chinese companies within the nation and aims to attract additional investments from China.
New opportunities to deepen trade
While recognizing the two countries’ excellent trade ties, the finance minister emphasized the significance of achieving a balanced trade and investment partnership between the two countries.
In this regard, he has recommended the investigation of new economic routes to promote continuing growth and the enhancement of the two countries’ commercial partnership.
“We believe that by fostering a win-win cooperation with the People’s Republic of China, Ghana will have a greater chance of realising its developmental objectives,” he stated.
Trade in 2023
As of June 2023, China’s exports to Ghana amounted to a total of US$747 million, while its imports from Ghana reached US$183 million. This resulted in a positive trade balance of US$563 million for the Asian giant, as reported by the Observatory of Economic Complexity (OEC), a leading tool for visualizing international trade data.
China’s primary exports to Ghana in June 2023 included coated flat-rolled iron (valued at US$32.4 million), pesticides (US$29.5 million), rubber footwear (US$17.6 million), large construction vehicles (US$15.4 million), and motorcycles and bicycles (US$14.8 million).
Conversely, the top imports from Ghana to China during the same period were dominated by crude petroleum (valued at US$159 million), manganese ore (US$49.7 million), sawn wood (US$1.44 million), cocoa paste (US$1.16 million), and rough wood (US$1.09 million).
However, according to OEC data, China’s exports saw a decline of US$158 million (-17.5 percent), dropping from US$905 million to US$747 million between June 2022 and June 2023. Imports also experienced a decrease of US$123 million (-40.2 percent), decreasing from US$307 million to US$183 million during the same period.
The Minerals Income and Investment Fund (MIIF) is contemplating an investment of GH₵300 million in the Ada-Songor Salt project, which is operated by Electrochem Ghana Limited, a subsidiary of the McDan Group of Companies.
This investment is contingent upon Electrochem Ghana Limited making its shares available for trading on the Ghana Stock Exchange (GSE). If this condition is met, it has the potential to transform a vast 41,000-acre facility into the largest salt industrial complex on the African continent.
This requirement highlights MIIF’s dedication to promoting growth and transparency in the extractive sector, as explained by its Chief Executive Officer, Edward Nana Yaw Koranteng.
He stated that the Fund is actively exploring the possibility of investing in the project. The envisioned injection of GH₵300 million into the Ada-Songor salt project, he emphasized, will not only revolutionize the salt industry in the country but also establish a new benchmark for salt production in Africa.
“We are still working out the process; it is not a done deal. We are currently going through the due diligence processes, including ‘know your client’ (KYC) while collaborating with other transaction advisors to ensure the success of this transformative deal,” he said.
He emphasized that the significance of this potential investment cannot be overstated. Industrial salt, he pointed out, has an extensive range of approximately 14,000 applications. These applications encompass crucial sectors such as pharmaceuticals, bicarbonates, and oil and gas, among others.
Furthermore, he indicated that the development of a robust industrial salt sector is poised to catalyze economic transformation by bolstering domestic industries, reducing imports, and promoting self-reliance.
The CEO of MIIF disclosed this information during a stakeholder forum in Accra, which was centered around the theme “MIIF as a lever for development in Ghana, investing in a responsible, transparent, accountable manner to secure the future wealth for Ghana.”
MIIF is the sovereign fund for minerals established by the Minerals Income Investment Fund Act, Act 978. Its primary purpose is to serve as a strategic tool to maximize the value creation potential of the mining sector for sustainable national development.
The Fund’s mandate includes managing the country’s equity interest in mining companies and receiving dividends from these equity interests, receiving mineral royalties and other related income owed to the state from mining activities, and overseeing the management and investment of these funds.
It’s worth noting that President Nana Akufo-Addo recently inaugurated the US$88 million salt production plant in Ada, Greater Accra Region. This newly established facility has the potential to position salt as a leading export commodity to the African market under the African Continental Free Trade Area (AfCFTA) agreement. It is projected to contribute about US$2 billion to the economy in the short-to-medium term, making it a significant source of foreign exchange by 2026 when the Ada Songor Salt project reaches full completion.
Initially capable of producing one million metric tonnes of salt annually, the project is set to scale up to approximately two million tonnes by 2025. In the long run, when all phases are fully completed, the concession has an ultimate capacity of 15 million tonnes per year.
Considering salt’s critical role in ensuring food security and advancing industrialization across the African continent, the 15 million capacity long-term target is expected to meet the demand of many countries on the continent, with Ghana and Senegal standing out as the only countries in West Africa with natural salt minerals.
Chairperson-McDan Group of Companies, Daniel McKorley, had told B&FT that with deliberate efforts and the right financial facility, “we can easily scale up this project to 15 million m/t per annum in five years”.
“With the completion of this phase one, we are currently creating about 3,000 jobs. And the most important thing is that it doesn’t require a degree to work here; this is the kind of job that members of this community need. About 98 percent of the workforce here will not require a degree to work, and that is what creating jobs means for a country like Ghana,” he said earlier this year.
Independent presidential candidate, Alan Kwadwo Kyerematen, has confidently made predictions ahead the NPP primaries on November 4, 2023.
According to him the results will be no different from what emerged at the end of the NPP Super Delegates Conference held in August.
He therefore told the media in an interview that the circle of people who contributed to the outcome in August will still influence the outcome on November 4th 2023.
“That’s why in my earlier statement, I said that the value will be the same. Its not going to change. Because the two hundred thousand delegates are controlled by the same establishment,” the former trade minister stated.
Due to Alan Kyerematen’s assertion, he says he has not expectation of recieving support from those circle of voters.
So i tell my team people that my strength does not lie with the two hundred thousand people. My strength lies with the rank and file of the party. And when we talk about the rank and file of the party, it is not the two hundred thousand people. 6.5 million and over vote for NPP in our elections and they are the strength of the party”.
In the span of just three days, Alan Kyerematen has engaged in a series of media interactions.
These discussions come in the wake of his departure from the ruling New Patriotic Party (NPP) and his decision to run as an independent candidate in the 2024 elections.
Throughout these interviews, he has consistently defended both of his choices and has addressed the underlying issues that prompted his resignation from the NPP.
Furthermore, Alan has elaborated on his extensive 30-year involvement within the NPP, particularly highlighting his achievements as a trade minister during the current administration led by Nana Addo Dankwa Akufo-Addo.
Regarding party-related matters, Alan has found it necessary to reference four national officers and has issued direct responses to comments attributed to them, which are either in support of or in opposition to his resignation.
Burkina Faso’s military junta has confirmed that a counter-coup will be foiled on September 26, 2023.
According to a government official in a statement dated September 27, 2023, a number of officers are currently under investigation by the prosecutor for their actions in the failed effort.
Reports suggest that Ouagadougou witnessed an influx of people on Tuesday evening, partaking in what appeared to be a pro-junta demonstration. This gathering was allegedly sparked by rumors of an internal coup within Colonel Ibrahim Traore’s junta leadership.
While some media outlets have asserted that the coup was orchestrated by individuals within the junta, GhanaWeb has been unable to independently verify these claims.
Videos and photos obtained by GhanaWeb depict a gathering predominantly composed of men, with fewer women and children, congregating at a roundabout in Ouagadougou. Some were heard chanting slogans, while others sang, and a few simply observed.
Burkina Faso is one of four West African nations to have experienced coups in recent years. The first involved the removal of Christian Roch Marc Kabore from office in 2022 by then-junta leader Sandaogo Damiba, who, six months later, was also ousted by the Ibrahim Traore-led junta.
Persistent insecurity has been a significant catalyst for these coups, with the wave of violence showing no signs of abating under Traore’s leadership.
Currently, Burkina Faso, Mali, and Niger, all under junta rule, are part of an alliance of Sahel Nations striving to counter the escalating threat of terrorist violence in the region.
Desperate times not only calls for desperate measures, but desperate people, who are ready to sneak their necks out and help save a larger society.
Ace Annan Ankomah needs no introduction, if any at all he is a man who works like a bull and pay his taxes.
Ace used to be a voice of reason, true son of the land, who believes that any injustice done to the least among us, is an injustice done to the whole society.
He fought the ills in society, he was called names and described in unpalatable words for speaking his mind and saying it as it is.
He was an astute lawyer, whose voice did not only echo in the four walls of a courtroom, but in the court of public opinion.
For anyone to believe in the project Ghana, people like Ace Ankomah made it possible.
I read somewhere, where it was stated that any life without principle is not worth living. Principles do not change with time, but rather timeless regardless of who is in power.
Ace Ankomah was a thorn in the flesh of former president John Dramani Mahama and his administration, he was a citizen from 2013 to 2016 and not a spectator, he made his voice heard.
He could not be silence by criticism and name calling, he saw what was going wrong and he stood up to be counted. He joined by many like-minded persons poured into the streets and demanded that, not only must things be fixed, but must be done right.
What we witnessed and people like Ace Ankomah, could not endure under the four years of John Dramani Mahama, could best be described as a child’s play, compared to what we are living through under the leadership of Nana Addo Dankwa Akufo Addo.
if there ever was a time in the history of this country for people to speak up, this is certainly the time.
Unfortunately for many voiceless and powerless citizens, who saw Ace as their hero, this is the time he conveniently chose to keep quiet. Is it a case of observing table manners or he has lost the zeal because like all of us, he is also overwhelmed?
Ghana, has derailed from the era of patriotism to a theme of shame. The system is naturally toxic and afflicted with a leadership disaster.
Ace Annan Ankomah, is one of the most celebrated lawyers in this country, who pretended to be working in the interest of Ghana, unknown to Ghanaians at the time it suits his interest.
He rose from a sandstorm to be become a so-called “super hero” by criticizing the erstwhile John Mahama government. As a result of his criticism he became a public figure with whom everybody tried to relate with.
He became another things a reference for a model citizen, and Ghanaians are thankful for his vociferous and veracious attack on the NDC government.
Who he was and the façade behind all that was not known to the public then, the media rushed to interview and invite him on their shows based on the record he set for himself.
Meanwhile, this self-acclaimed “super hero” has played on the intelligence of the average Ghanaian who saw him as their role model.
The Chickens came home to roost, immediately after the 2013 elections when Nana Akufo-Addo, was declared the validly elected president of the country. The once upon a time, camera loving and studio loving Ace, suddenly lost his voice and like a Tortoise crawled into his shell.
The country in the last six years, has been pillage, raped, looted, pauperized and abandoned to lick its sores. Never in the history of this country, has the people been taken for granted and treated like they are second class citizens.
The reasons that compelled Ace Ankomah, to vacate the comfort of his office to join thousands of Ghanaians to march on the street of Accra in what was dubbed ‘Occupy Flagstaff House”, is very much with us and have actually gone up.
The scandals have hit the fan and at this juncture, if we do not call out people like Ace Ankomah to as a matter of urgency lend their voices once again to the mismanagement being visited on the people, the upcoming generation won’t forgive us.
Ghanaians voted for president Akufo-Addo, with the hope of enjoying great leadership, but the reverse is now the case as things are not in any way getting better.
Considering the numerous challenges facing the country, one ought to have thought that the president and his party, the New Patriotic Party, would brainstorm to get the country out of the quagmire it currently finds itself in, but unfortunately political sycophants are now distracting people’s attention from this government’s failures by focusing on the 2024 presidential elections, with ‘Breaking the 8’.
In all his campaigns for president, from 2008, until 2016 when he eventually won, Nana Akufo-Addo, ran the platforms of building a resilient economy that will create jobs for the teeming youth, as the fight against corruption. He even promised in that regard to use the Anas principle.
Everywhere he went, he affirmed with tired, clichéd reductionism that all the problems of Ghana boiled down to corruption and job. He argued that the powers of the highest office in the land must be exercised in an earnest war to create opportunities to recover its promise of its founding fathers.
That was his rallying cry, Ghanaians heard him and gave him the mandate¸ only for them to be serve an antidote that is making their lives worse.
Six years after becoming president, the news cycle, both traditional and social media, is furnishing cause for fears that corruption is killing the presidency of the presumed corruption slayer.
His kitchen cabinet has been frothing poisons instead of the antidote. And his minimalist response to the scandals all but testifies that that he has enough hypocrisy in him to nurse in his inner circle the corruption plague he affects to be invested in eradicating from the body politic. And to think with all what is going on, Ace Ankomah, has taken a leave of absence. So much for caring for Ghana and Ghanaians.
Just imagine, it was John Dramani Mahama in power, and he decided despite all opposition and voices of reason, decides to build a national Cathedral, Ace Ankomah, will remind us why after working as a Bull and paying his taxes, it should not be used for such a fruitless venture.
Imagine again that, it was John Mahama in office and he decides to pursue the Domestic Debt Exchange programme after reckless borrowing, what will Ace Ankomah be telling the world. I am sure he will organize the mother of all demonstrations to register his displeasure.
Ace Annan Ankomah, should remember one of the quotes of an American author and journalist, Anna Quindlen, who says, “Look back, to slavery, to suffrage, to integration and one thing is clear. Fashions in bigotry come and go. The right thing lasts.”
On September 19, 2023, the leadership of the Ghana Police Service paid a visit to St. John the Evangelist Catholic School in Adenta, Accra, as part of the “Snatch Them Young Policing Initiative” (STYPI).
The Inspector General of Police(IGP) Dr. George Akuffo Dampare and his team, engaged the pupils in a candid dialogue about the role of the Police in society and the responsibilities of young individuals in ensuring a safer environment for all.
The IGP stressed the significance of the “Snatch Them Young Policing Initiative,” highlighting its goal of fostering a positive relationship between pupils and the Police, encouraging them to view law enforcement as friends and partners in community safety.
He further emphasized that this initiative marks a pivotal step toward creating a safer and more trusting society while laying the foundation for mutual respect between the Police and citizens, regardless of their age.
STYPI intends to extend its outreach to schools and communities nationwide, with a primary focus on nurturing positive relationships between the Police and the country’s youth.
Deputy Energy Minister, John Jinapor, has engaged in discussions regarding the loading and unloading of petroleum products by the Chinese company Sentuo Oil Refinery.
He questioned, “Why would a Chinese company bring in 300 tankers to this country?” He emphasized the importance of encouraging foreign participation but noted that it must not negatively impact local interests.
Jinapor added, “In as much as you want to do business in Ghana don’t kill our local businesses.”
The Tanker Drivers Union has expressed concerns about the impact of Chinese refinery Sentuo Oil continuing to unload fuel locally.
A union member stated that if this practice persists, they will cease transporting fuel throughout the country.
He emphasized that Ghanaian laws dictate that the transportation of petroleum products should exclusively be handled by Ghanaian companies, and foreign firms like the Chinese one should not be allowed to unload petroleum products.
The member added that boycotting their business is a last resort if no action is taken, as it would inevitably result in fuel shortages in the country.
He highlighted the historical role of Ghanaian tanker drivers in distribution and questioned why the refinery sought to distribute with its own tankers when other entities like Shell and BP relied on them for transportation, even painting their tankers with the respective companies’ emblems.
He emphasized the need to protect their business, particularly considering the financial commitments many drivers have in the form of loans.
The trial of a blogger and an information technology professional, accused of inciting panic leading to withdrawals from dollar accounts in 2022, has commenced in an Accra Circuit Court.
Both have pleaded not guilty to the charges and are out on bail with GHC20,000 each and two sureties.
During the trial presided over by Judge Isaac Addo, Police Detective Sergeant Nach Kyeremeh from the Cybercrime Unit of the Ghana Police Service testified. He mentioned that the Cyber Security Patrol team discovered the article on the internet and received verbal communication from the Bank of Ghana regarding the accused persons’ activities causing panic withdrawals.
The police investigated the original author of the article, and the accused persons were asked to lead the police to the source, which they failed to do. Under cross-examination, the witness denied that the police targeted the accused persons and neglected the original source.
In 2022, the Bank of Ghana alerted the police about the false publication, following a warning from President Akufo Addo about dealing with those spreading false information about the economy.
The Prosecution, led by Chief Inspector Richard Amoah, stated that the police gathered cyber intelligence from social media, indicating that on October 27, 2022, Nyame published an article on his news portal, reportghana.net, with a headline,“Dollar account holders to get cedi at BoG rate for bank withdrawals effective 31st October?”
He allegedly disseminated this content across various WhatsApp groups and social media platforms, inciting fear and panic among dollar account holders.
During the investigation, it was revealed that in 2019, Egyebeng had established a news portal for Nyame named “reportghana.com,” which was used for publishing similar articles. However, Google shut it down due to violations of their community standards following user complaints.
Subsequently, Egyebeng created a similar news portal with a domain change from “.com” to “.net” and registered it as “reportghana.net” on February 11, 2022. The intention was to use it for publishing articles and updates related to events in Ghana, according to the prosecution.
Following the publication of the false news about the Central Bank, Nyame shared the article on WhatsApp group platforms, including “reportghana news feed 1,” “reportghana news feed 2,” and “reportghana news feed 3,” each with over 160 active members. Nyame served as the administrator, with his personal telephone numbers, 0551993013 and 0574144388, registered on the platform.
The prosecution noted that the news was still circulating on social media and other platforms.
During the investigation, Nyame initially admitted to publishing the false news but claimed he had sourced the article from mynewsgh.com. However, further investigation contradicted this, confirming Nyame as the actual author and publisher.
Egyebeng also confessed to creating the news portal that Nyame managed and utilized.
The investigation also revealed the involvement of other individuals in the publication who were currently evading arrest, and efforts were in progress to apprehend them, as stated by the prosecution.
The case has been adjourned until October 18, 2023.
In the span of just three days, the leader of the Movement for Change, Alan Kyerematen, embarked on a series of media engagements.
These events followed his departure from the ruling New Patriotic Party (NPP) and his decision to run as an independent candidate in the 2024 elections.
During these interviews, he staunchly defended his dual choices and addressed several of the underlying issues that prompted his resignation from the NPP. Alan also delved into his extensive 30-year history with the NPP, highlighting his notable achievements, particularly during his tenure as the Minister of Trade in the current government led by Nana Addo Dankwa Akufo-Addo.
Regarding internal party affairs, Alan felt compelled to mention and directly respond to four national officers. He singled them out due to comments they were alleged to have made either in favor of or against his resignation.
Stephen Ntim, National Chairman
Alan, who resigned from the NPP on September 25, 2023, revealed in an interview with Joy News (September 27) that a meeting did take place between himself and Ntim, but that the chairman’s purported findings were false.
“I don’t like what the National Chairman put out, it is disingenuous, it is very unfortunate. You are chairman of a party, you come to ask about any challenges with what is going on and I told you all the things that have been going on.
“I have had personal conversations with him before and he is aware of that…so I am reinforcing those concerns for your consideration… So, for you now to turn round and come and give a public statement that ‘you came, everything was okay, I find that to be very unfortunate’,” Alan submitted.
Alan goes after Nana B
Alan questioned the gravitas that National Organizer, Henry Nana Boakye, had in announcing his retirement from the party and associated concerns in an appearance on UTV on September 26, 2023.
According to Kyerematen, Nana B lacks the seniority and experience to discuss sensitive subjects such as his resignation from the party and the statements he made in connection with it.
“For him, Nana B, when did he join the party? When did Nana B join the party for him to be talking about big issues like this?” he asked.
Alan questions Juston Kodua
In a press conference on September 26, 2023, the General Secretary of the NPP revealed that Alan Kyerematen had not informed the party leadership of his desire to depart the NPP.
Alan Kyerematen, in an interview with TV3, disputed the claims, claiming that it was not his obligation to do so.
“Let us use our executive time to discuss things that will move this country forward. If the general secretary is lamenting over whether I informed him or not, was there a responsibility or requirement on my part to inform them?”
Kyerematen maintained that he had, in various ways, communicated his decision to the party.
“I have written to them that I am exiting from the process to elect our presidential candidate. I wrote to them, and I also gave an indication that at a later point in time, I would inform the public about the role o want to play in politics in Ghana and I have done so.
“I am not sure what the problem is with the general secretary” he stated.
To him, he has a commitment to serving the people of Ghana through politics and he remains resolute in that commitment.
“I am a politician, and I am in politics to serve the people of Ghana. I have done that over the years through the NPP. I have given an indication that for a number of reasons, I am exiting from the party, and I want to appeal directly to the people of Ghana. So, why are we getting into a debate about whether I informed the party? What does that mean to inform the party” he asked.
Alan warns ‘small boy Wontumi’
Alan’s first public spate after his resignation announcement was with Bernard Antwi Boasiako, the Ashanti Regional Chairman of the NPP, who is also known as Chairman Wontumi.
“Who brought Wontumi to the party? Today, Wontumi is going round making all kinds of noise. If he has someone to thank, it should be Alan Kyerematen. I’m the one who held his hands to the party. Who is Wontumi?
“There are some things we should not be saying but we have been quiet for too long. I brought Wontumi to the NPP and I brought him to the party for a good reason. He was a small-time businessman. Today, when we are talking about party issues, Wontumi is the one dictating,” he said in Twi.
The presidential hopeful said that he helped make Wontumi, the NPP constituency Chairman for Bosumtwi after he (Wontumi) asked for his help and pledged to support his presidential ambition.
“I held his hand and made him a chairman… After he became chairman, he was always following me, he was more than a chief campaigner… I am saying this to praise because he was smart enough to see that Alan was the one who could guide him into politics.
“But he has to be careful with the things he has been doing for the sake of the future. If someone helps you become somebody don’t take the person for granted,” he added.
Wontumi has hit back at Alan, stating that the former trade minister did not bring him into the NPP.
A regional governor interviewed by BBC News, says the ongoing war in Sudan has resulted in the displacement of thousands of people, and they have been forced to seek refuge in schools that are ill-suited for habitation.
The conflict, which has persisted for months and involves clashes between the Sudanese army and a formidable paramilitary group, has compelled 40,000 families to flee to North Darfur. Nimr Abdel, who oversees the state, expressed his concerns regarding the dire situation.
Since the conflict erupted in April, Darfur has experienced some of the most intense fighting in the nation’s history.
Mr. Abdel conveyed to the BBC’s Sudan Lifeline radio service, “A significant number of displaced individuals are now residing within schools that are not suitable for prolonged habitation. These educational institutions lack the necessary qualifications to function as shelter centers, as essential services are notably absent.”
He further explained, “The amenities initially provided in these schools, including restroom facilities, were designed exclusively for students, and their capacity is inadequate to accommodate the substantial numbers of displaced individuals.”
In the event that the conflict persists, the authorities are considering the establishment of purpose-built camps to address the pressing humanitarian needs of those affected.
The Black Book has achieved the status of being Netflix’s ‘biggest ever’ Nigerian film, according to its director.
This action movie, which debuted on Netflix last Friday, tells the story of a deacon seeking justice for his late son, who was wrongfully accused of kidnapping.
Director Editi Effiòng shared on X (formerly Twitter): ‘Just got off a call with Netflix. #TheBlackBook is a global hit! The biggest film out of Nigeria on Netflix ever.’
Data from the streaming platform reveals that within two days of its release, The Black Book garnered 5,600,000 views and became the fourth most-watched film of that week.
Over the past five years, Netflix has expanded its collection of African-made films and TV shows, including popular titles like South Africa’s ‘Blood and Water’ and the pan-African reality TV show ‘Young Famous and African.
Kenya says it is confident the deployment of hundreds of its police to Haiti by January will end gang warfare there.
Last year Haiti’s government appealed for help because of the spiralling gang violence.
Gangs have largely overpowered the police and now control more than three-quarters of the capital.
Initially Kenyan officials spoke of around 1,000 officers going to Haiti to train local police and help protect key installations there.
But Kenya’s Foreign Minister Alfred Mutua says it will be an intervention force to disarm what he called the ‘thugs and the gangs’.
In a BBC interview Alfred Mutua said the Kenyan police would free Haitians who had been kidnapped and free women who were being raped.
He said he did not expect there to be much violence.
Some have expressed scepticism about sending officers 12,000km (7,500 miles) away to Haiti.
Especially as there are lots of law and order challenges in Kenya and rights groups have long accused the police of atrocities including killings and torture.
A dominant figure in Malawian politics for more than four decades, John Tembo, has died in hospital in the capital, Lilongwe, at the age of 91, his family says.
He became an MP aged 27 in 1960 in the run-up to the country’s independence from the UK.
He went on to be regarded as former President Hastings Banda’s right-hand man and Mr. Tembo’s niece, Cecelia Kadzamira, was hired as the government’s official hostess in lieu of a first lady.
John Zenus Ungapake Tembo was Malawi’s first finance minister after independence in 1964 and went on to serve in various other cabinet roles during his career.
He also had a stint as head of the central bank and was regarded the most influential member of government during Dr. Banda’s 30-year rule.
Popularly known by his initials JZU, his most prominent role was being part of a three-member presidential council that ruled Malawi between 15 October and 8 December 1993, when the then-ageing Dr. Banda underwent brain surgery and was deemed incapacitated.
Following a referendum in June 1993, Malawi abandoned single party rule and in historic multiparty elections the following year, Dr. Banda and his Malawi Congress Party (MCP) lost power.
This paved the way for Mr. Tembo to emerge as a prominent opposition figure, heading the MCP. He contested and lost presidential elections in 2004 and 2009 – both times to Bingu wa Mutharika.
He stepped down as MCP leader in 2013, replaced by Lazarus Chakwera who went on to become president in 2020.
Bright Simons, the Vice President of the policy think-tank IMANI-Africa, has asserted that the decrease in Ghana’s cocoa syndicated loan amount does not reflect prudence on COCOBOD’s part but rather signals a decline in banking confidence.
In prior years, Ghana received varying amounts for its cocoa syndicated loan, including $650 million in 2023, $900 million in 2007, $2 billion in 2011, $1.5 billion in 2012, $1.8 billion in 2016, and $1.3 billion in 2020 and 2022. However, the expected amount for 2023 has dwindled to $800 million.
Simons contends that Ghana had built a strong reputation over the years concerning the Cocoa Syndicated Loan, but this reputation is waning due to the current state of the economy.
He wrote on his Twitter page on September 25: “Since Ghana secured the first receivables-backed syndicated loan of ~$143m for the 1992/1993 cocoa season from international banks, the facility has become one of the country’s credit badges. This massive drop shows a national business reputation built over decades cracking badly.”
The Cocoa Syndicated loan aims to support initiatives in the cocoa sector, which is one of Ghana’s top export commodities.
The Ghana Cocoa Board has faced numerous challenges, primarily concerning its substantial debt burdens. To address this issue and attain a degree of debt stability, the government initiated the restructuring of cocoa bills. This move also aligns with Ghana’s commitments within the ongoing International Monetary Fund program.
It has been claimed that the drones purchased by the government to monitor galamsey activities in the country have become a white elephant.
According to a tweet by Ghana Mu Nsemsem and seen by GhanaWeb Business, the 200 drones, valued at $3 million, were non-functional.
“In a response to the severe bird flu outbreak in South Africa, Namibia has suspended all imports of live poultry and poultry products from its neighboring country.
The decision comes as a result of the rapid and alarming spread of highly pathogenic avian influenza (HPAI) in various regions of South Africa.
It said, “The government of Ghana in 2020 purchased 200 drones to supervise galamsey activities nationwide at a cost of $3million.”
“However, reports indicate that all of these drones are currently non-functional and this is the state of River Ankobra as we captured just yesterday. #OccupyJulorbiHouse,” it added.
Additionally, a video depicted the milky brown transformation of River Ankobra, a consequence of galamsey operations.
In an endeavor to combat illegal mining, often referred to as ‘galamsey,’ the government procured over 200 drones capable of capturing real-time images in districts where this practice is prevalent.
The deployment of drones formed a crucial component of the government’s comprehensive strategy to crack down on illegal miners, whose actions have wrought havoc on the nation’s land and water resources.
Security personnel and other individuals responsible for operating these devices at the district level underwent training at the George Grant University of Mines and Technology as part of this initiative.
Read the tweet below;
The government of Ghana in 2020 purchased 200 drones to supervise galamsey activities nationwide at a cost of $3million.
However, reports indicate that all of these drones are currently non-functional and this is the state of River Ankobra as we captured just yesterday.… pic.twitter.com/S8roHC3Vxw
Hundreds took to the streets of Ouagadougou, Burkina Faso, in a reported pro-junta march amid rumors of an internal coup within the Colonel Ibrahim Traore-led junta.
The exact nature of the alleged coup remains unverified.
Videos and photos from the scene depict a gathering primarily comprised of men, with some women and children present.
Some participants chanted slogans, sang, or observed the event, while others honked horns and blew whistles in the busy intersection.
Burkina Faso has witnessed multiple coups in recent years, including the removal of President Christian Roch Marc Kabore in 2022 by then-junta leader Sandaogo Damiba, who was subsequently ousted by the Ibrahim Traore-led junta six months later.
Ongoing insecurity has been a key factor in these political changes.
Burkina Faso, Mali, and Niger, all currently under junta leadership, are part of an Alliance of the Sahel Nations working to combat the spread of terrorist violence in the region.
Ashanti Regional Chairman of the New Patriotic Party (NPP), Bernard Antwi Boasiako, widely known as Chairman Wontumi, has compared 2024 presidential candidate Alan Kwadwo Kyerematen to a butterfly.
Wontumi asserts that Alan was once opposed to Akufo-Addo becoming president at the age of 70, yet today, he himself has attained the same age and is seeking to become president.
“Fortunately, or unfortunately, now he is also grown, because at that time, Akufo-Addo was 70 years old, and now he is also 70 years old. Now, you are grown, Alan. You are 70. He has grown and turned into a butterfly,” Wontumi stressed.
Wontumi scolded Alan Kyerematen for his apparent lack of support for the NPP during the opposition’s leadership.
“For you, Alan, we have never seen you criticizing the NDC before. You have never criticized the NDC before, despite all the dumsor (power outages) that we experienced and Mahama’s issues.”
He added “But the party gave you a position for you to be able to take care of your wife and children. Now, all of you understand English even better than me. Your wife speaks better English than me now; she speaks it more fluently than Wontumi. Now, NDC members are speaking for you.”
Chairman Wontumi, in response to Alan Kyerematen’s resignation, has also issued a memorandum for the removal of all NPP photos and billboards featuring Alan from their party office and associated locations.
“In a response to the severe bird flu outbreak in South Africa, Namibia has suspended all imports of live poultry and poultry products from its neighboring country.
The decision comes as a result of the rapid and alarming spread of highly pathogenic avian influenza (HPAI) in various regions of South Africa.
According to Namibia’s agricultural ministry, new cases of HPAI have been reported across several provinces in South Africa, including Kwazulu-Natal, Western Cape, Free State, Gauteng, Limpopo, Mpumalanga, and North West.
The outbreak has already resulted in the loss of over two million chickens. Namibian authorities have clarified that this suspension applies to the following:
South Sudan’s President Salva Kiir has named Angelina Teny, the former defense minister who was recently dismissed, as the new minister of the interior. Ms. Teny is the spouse of opposition leader Riek Machar, who serves as the country’s vice-president within a unity government established in 2018 to end the nation’s devastating six-year civil war.
Her earlier removal this year sparked opposition protests and jeopardized the delicate peace agreement between the president and his rival, Mr. Machar. According to the terms of the agreement, the defense ministry should be held by a member of Mr. Machar’s SPLM-IO party.
As of now, the SPLM-IO has not issued a statement regarding Ms. Teny’s reappointment to the cabinet, which was announced in a presidential decree broadcast on national television on Tuesday night.
This peace deal is designed to pave the way for South Sudan’s first election since it gained independence from Sudan 12 years ago. The elections are scheduled for December 2024.
France’s ambassador to Niger, Sylvain Itté, has left the country, marking a significant development one month after the nation’s military leaders ordered his expulsion.
The historically close alliance between France and Niger came under strain following the ousting of President Mohamed Bazoum in July. In response, France refused to recognize the coup leaders and defied the order to recall its ambassador from Niger.
In a noteworthy announcement on Sunday, French President Emmanuel Macron disclosed that Ambassador Sylvain Itté would depart from Niger in the coming days. Furthermore, President Macron stated that all French troops stationed in Niger would complete their withdrawal by the end of the year.
These developments illustrate the intricate diplomatic situation that has unfolded in the aftermath of President Bazoum’s removal from office.
The departure of Ambassador Itté and the planned withdrawal of French troops underscore the evolving dynamics in the region and France’s changing foreign policy stance in response to these developments.
Executive Director of the African Coconut Group, Kwaku Boateng, has reported that approximately 1.8 million Ghanaians have found employment within the coconut sector.
This initiative aims to address the significant youth unemployment issue in the country.
Speaking during a stakeholder engagement meeting held on September 25, 2023, Boateng highlighted that the job opportunities in the sector were created through collaboration with farmers, nursery operators, processors, and exporters.
He emphasized that further investment in the coconut sector has the potential to make the industry more attractive to Ghanaians interested in various coconut-related businesses.”
“The Coconut Festival aims to promote investment in the sector, making it more appealing for Ghanaians to engage in various businesses within the coconut industry, ranging from production to manufacturing and export,” Kwaku Boateng told the media.
He said that leveraging the potential of the coconut sector may help Ghana overcome its high unemployment rate, citing significant demand for coconut products both domestically and globally to back up his assertion.
According to a 2022 report on non-traditional exports, earnings from the coconut sector, both fresh and processed coconuts, totaled 6.3 million and 6 million dollars, respectively.
Furthermore, exports in this category increased to $21.9 million in 2021
Independent presidential candidate, Alan Kyerematen, has indicated that then-chairman of the New Patriotic Party (NPP), late B.J. da Rocha, prior to his death, rendered an apology for describing him as “disruptive factor a stumbling block, and a loose canon if accepted back into the fold of the NPP.”
He claimed that the apology came after he approached and rebuked Rocha over the statement.
“I had just met Da Rocha in Accra on my way to Kumasi and when I arrived, he had already an granted an interview, calling me a disruptive factor. I asked him if he was serious at all because I felt as an elderly person, he should know better. I told him he acted in bad faith. Later on, he called consistently to apologise before his death,” he disclosed on Accra-based UTV.
His comments come after his second resignation from the NPP on Monday, reigniting a statement made about him by Mr. Rocha 15 years ago.
In April 2008, when Mr. Kyerematen resigned from the NPP and there were attempts to persuade him to return, Mr. Rocha stated that it would not be in the best interest of the party to welcome him back. His rationale was that Alan could potentially become a ‘disruptive factor in the party, a stumbling block, and a loose cannon.’
Mr. da Rocha was quoted by the Ghana News Agency in 2008 as saying, “the party has an election to win. We should concentrate our efforts on the task ahead and let him go his way in peace.”
Some individuals believe that Alan Kyerematen’s second resignation, stemming from the fallout of the August 26 Super Delegates Conference, validates the late NPP stalwart’s earlier statement.
However, Mr. Kyerematen has expressed frustration over how his sacrifices for the party have been used against him.
Throwbackto the incidence between Alan Kyeremanten and BJ da Rocha in 2008
When Alan Kyerematen resigned from the New Patriotic Party (NPP) in April 2008, and attempts were made to bring him back into the fold, a former Chairman and elder of the NPP, Mr. B. J. da Rocha, made a prediction.
Mr. B. J. da Rocha stated that admitting Mr. Alan Kyeremanten back into the NPP would not be in the best interests of the party.
His reason was that he could become a “disruptive factor in the party, a stumbling block and loose cannon”.
“The party has an election to win. We should concentrate our efforts on the task ahead and let him go his way in peace,” Mr da Rocha said in a report filed by the Ghana News Agency in 2008.
It is now official, following the personal confirmation by Alan Kwadwo Kyerematen that he was going to contest the 2024 presidential election as an independent candidate.
Alan officially submitted his resignation letter indicating he was no longer interested in being a member of the NPP on Monday [September 25, 2023].
Immediately after that, he addressed a press conference and announced his decision to contest 2024 as an independent candidate.
He is now forming a movement, called “Movement for Change” with a Monarch Butterfly as the symbol.
This is a big blow to the governing New Patriotic Party as the move would greatly affect the unity of the party going into Election 2024.
The NPP has been at the helm of affairs in governance since January 7, 2017, and hoping to break the eight-year cycle of change of government which usually alternates between the NPP and the opposition National Democratic Congress (NDC).
The speculations about Alan Kyerematen’s resignation and independent presidential ambition intensified over the weekend and got NPP members jittery after a poster announcing his planned press conference at the Movenpick Hotel on Monday afternoon was released by his aides and supporters.
In fact, the speculations had actually started earlier, before September 5, 2023, the day he announced his withdrawal from the current NPP presidential race.
Alan was shortlisted as part of the top five candidates who were going into the final selection on November 4, 2023, but some people believed that he would have lost the November 4 election, considering the popularity gained by Vice President Mahamudu Bawumia and Kennedy Ohene Agyapong as the leading candidates in the Special Super Delegates conference.
Alan placed third in the August 2023 Special Delegates conference having garnered less than 100 votes out of the over 900 votes.
Kennedy Ohene Agyapong, considered by some as a “non-presidential” material who entered the NPP presidential race just recently beat Alan, who had been in the race for more than 16 years.
Alan’s name first came up in 2005 as the replacement for the then President John Agyekum Kufuor who was retiring on January 6, 2009, as the leader of the NPP.
In 2007, Alan contested with 16 other candidates and came second, as Nana Addo Dankwa Akufo-Addo [now President of Ghana] beat him and became the leading candidate. Akufo-Addo has led the party since 2007 as the first presidential choice and has subsequently beaten Alan Kyerematen in other NPP presidential primaries.
President Akufo-Addo is retiring on January 6, 2025, hence the NPP is looking for a replacement.
President Akufo-Addo’s vice, Dr Mahamudu Bawumia has shot up as the next preferable choice, with many party members throwing their support behind him. He garnered a convincing endorsement of over 50 percent votes at the special delegates conference held in August 2023.
The larger Electoral College of the NPP will on November 4, 2023, select the next leader.
However, Alan Kyerematen expressed his unhappiness with the process that led to Dr. Bawumia’s convincing victory in the Super Delegates Conference.
Some of Alan’s aides alleged that the presidency was supporting Dr. Bawumia behind the scenes and also influencing delegates clandestinely.
To Alan, his spokespersons and supporters, it was Alan’s time to lead the NPP, having waited for over 16 years for his turn and that it is not time yet for Dr. Bawumia whom they claim only joined the race recently. They wanted Alan to lead after which Dr. Bawumia could have also taken the baton.
Supporters of Bawumia however think otherwise, and argue that since it was a contest, they should allow the delegates to decide who leads the party.
Second time Alan is quitting NPP
Feeling bitter about the loss in the 2007 presidential primary and what he described subsequently as being sidelined, Alan, in 2008 resigned from the NPP in a similar move but was politically coerced and later rejoined the party.
But while those discussions were underway to bring Alan back to the NPP, former Chairman and elder of the NPP, Mr. B. J. da Rocha [deceased] sounded this caution.
Former Trade Minister and Independent candidate, Alan Kyerematen, has recounted series of events pertaining to how he had to confront a founding member of the New Patriotic Party (NPP), late BJ da Rocha, regarding his approach to resolving tensions at that time.
According to Alan, BJ da Rocha requested to meet him in Accra while he was en route to Kumasi. He proposed that they meet to discuss and investigate a letter of resignation he had submitted.
The former member of the NPP said he provided him with a detailed account of the events that led to his resignation at the time.
However, upon his arrival in Kumasi, he was surprised to discover that da Rocha had already granted an interview where he accused him of being a “disruptive factor a stumbling block, and a loose canon if accepted back into the fold of the NPP.”
“When I had the opportunity, I confronted him frontally and asked him if he was serious at all because I felt as an elderly person, he should have known better. I told him he acted in bad faith. Later on, he called consistently to apologise before his death,” the former trade minister stated.
The presidential aspirant who placed third during the party’s Super Delegates Congress will contest the 2024 election as an independent presidential candidate.
He explained “My decision to contest as an Independent Candidate will not destroy the Party, but instead provide the Party an opportunity to participate in a Government of National Unity in the future, and avoid the risk of going into opposition with no dividends, in what arguably will be a difficult general election in 2024.
Ashanti Regional Chairman of the New Patriotic Party (NPP), Bernard Antwi Boasiako, popularly known as Chairman Wontumi, has taken a jab at 2024 presidential hopeful, Alan Kwadwo Kyerematen likening him to a butterfly.
Wontumi pointed out that Alan, in the past, had campaigned against Akufo-Addo on account of age-related concerns, but now finds himself in the same age bracket and vying for the same position he previously criticized.
“Fortunately, or unfortunately, now he is also grown, because at that time, Akufo-Addo was 70 years old, and now he is also 70 years old. Now, you are grown, Alan. You are 70. He has grown and turned into a butterfly,” Wontumi stressed.
Alan Kyerematen was again chastised by Wontumi for his apparent lack of support for the NPP during the opposition’s leadership.
“For you, Alan, we have never seen you criticizing the NDC before. You have never criticized the NDC before, despite all the dumsor (power outages) that we experienced and Mahama’s issues.”
He added “But the party gave you a position for you to be able to take care of your wife and children. Now, all of you understand English even better than me. Your wife speaks better English than me now; she speaks it more fluently than Wontumi. Now, NDC members are speaking for you.”
In addition to Chairman Wontumi’s reaction towards the resignation of Alan Kyeremateng, issued a Memo for the removal of all of Alan’s NPP photos and billboards from their part party office and other affiliated areas.
Wontumi is leading the attacks on Alan Kyerematen. He says Alan is not an Asante. It's very interesting here. 1/3 pic.twitter.com/Yo2ACoo3lt
New Patriotic Party (NPP) flagbearership aspirant, Kennedy Agyapong, has announced his intention to mandate a six-month military training program for national service personnel if he assumes the presidency
His plan stems from his assertion that there is no discipline in the country, hence, his concern to put things in order.
In a time of media engagement on September 24, the Assin Central MP stated, “I will put National Service personnel to good use. Because of indiscipline in Ghana, every National Service person, every university graduate will serve six months in the military,” he told host of the programme.
“You will serve six months in the military before completing your remaining six months National Service,” he stressed.
National Service is a program that requires students from tertiary institutions across the nation to dedicate a year to serving in public or private institutions.
Often, they are deployed to various regions to bolster the government workforce and receive a monthly stipend.
Agyapong, the incumbent Member of Parliament for Assin Central, has introduced a Presidential philosophy called ‘PHD’ for his bid, emphasizing Patriotism, Honesty, and Discipline. Over the past few months, he has conducted nationwide tours, engaging with delegates and presenting his political, economic, social, and leadership plans as the NPP’s November 4 presidential primaries draw near.
The four contenders in the race include Kennedy Agyapong, Vice President Mahamudu Bawumia, former Agriculture Minister Dr. Owusu Afriyie Akoto, and former MP Francis Addai-Nimoh.
The victor in the primaries will succeed President Nana Addo Dankwa Akufo-Addo as the party’s leader and lead the NPP into the 2024 General Elections.
Ashanti Regional Chairman of the New Patriotic Party (NPP), Bernard Antwi Boasiako, popularly known as Chairman Wontumi, has made a bold prediction for Alan Kyerematen at the end of the 2024 presidential election.
Alan Kyerematen officially resigned from the NPP on September 25, to contest as an independent candidate.
This has become a reason for Wontumi to judge that Alan might struggle to gain needed support as an independent candidate and suggested that other lesser-known candidates could surpass him in popularity.
“I am saying Alan should watch and see if he will get the same fans again when he contests, I am saying Akua Donkor will even get more fans than him; Akpaloo will even get more fans than him,” the Ashanti Regional Chairman confidently said.
Chairman Wontumi expressed displeasure with Kyerematen, alleging that the NPP had given the former minister countless opportunities and that he now appeared ungrateful to the party that had nurtured his political career.
In an interview broadcast on Wontumi TV on September 26, 2023, he said that despite Alan Kyerematen’s quiet on criticizing the opposition throughout their time in power, he was still offered a position within the party that suited to his and his family’s requirements.
“It is about fear that is why Alan Kyerematen has left the party, sometime back, he claimed that Akufo-Addo was old, the sole reason he should be allowed to contest for the presidency.
“Fortunately, or unfortunately, now he is also grown, because at that time, Akufo-Addo was 70 years old, and now he is also 70 years old. Now, you are grown, Alan. You are 70. He has grown and turned into a butterfly,” Wontumi stressed.
Wontumi is leading the attacks on Alan Kyerematen. He says Alan is not an Asante. It's very interesting here. 1/3 pic.twitter.com/Yo2ACoo3lt
Today, September 27, 2023, the Bank of Ghana’s Interbank forex rates reveal the following currency exchange figures: the Ghana Cedi is trading against the US Dollar at a buying price of 11.0736 and a selling price of 11.0846.
At an Accra-based forex bureau, the Dollar is bought at 11.45 and sold at 11.65. Against the Pound Sterling, the Cedi stands at a buying price of 13.4666 and a selling price of 13.4811, while at an Accra-based forex bureau, the Pound Sterling is bought at 14.30 and sold at 14.70.
The Euro’s rates are 11.7090 (buying) and 11.7217 (selling), with an Accra-based forex bureau offering a purchase rate of 12.00 and a selling rate of 12.50.
The South African Rand trades at a buying price of 0.5817 and a selling price of 0.5822, while at an Accra-based forex bureau, it’s bought at 0.35 and sold at 0.95.
The Nigerian Naira has a buying price of 68.6181 and a selling price of 69.2952, with an Accra-based forex bureau offering a rate of 10.00 Naira for 1 Cedi (buying) and 15.00 Naira for 1 Cedi (selling).
Lastly, the CFA trades at 55.9609 (buying) and 56.0216 (selling), while at an Accra-based forex bureau, it’s bought at a rate of 16.50 CFA for 1 Cedi (buying) and sold at a rate of 20.50 CFA for 1 Cedi (selling).
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.
The Ministry of Finance has announced the successful acquisition of GH¢3.9 billion through its recently reopened domestic debt exchange initiative. The application window for this program closed on September 22, 2023.
In an official statement, the Ministry highlighted that these results mark a significant milestone for the government’s efforts to fully implement its COVID-19 economic growth program amid the current economic conditions.
The statement also clarified that no further submissions will be accepted, and no withdrawals or cancellations will be allowed.
“The settlement of the New Tranches pursuant to the Invitation to Exchange is scheduled for September 29, 2023, at which point the Government will issue the New Tranches to Eligible Holders whose offers have been accepted, crediting their accounts at the CSD,” the statement concluded.”
Below is the full statement:
THE GOVERNMENT ANNOUNCES RESULTS OF THE REOPENING OF THE DOMESTIC DEBT EXCHANGE
The Government announces today the results of the reopening of its domestic debt exchange which closed at 4:00 p.m. on 22nd September 2023. Holders eligible to participate in the reopening (as determined by the Central Securities Depository) tendered an aggregate amount of GHS3,990,828,533 of outstanding Eligible Bonds. Capitalised terms used but not defined herein have the meaning ascribed to such terms in the Exchange Memorandum (as amended from time to time) available at https://projects.morrowsodali.com/GhanaDDE and https://mofep.gov.gh/news-and-events/debt-operations.
2. The Government deeply expresses its appreciation to bondholders and key stakeholders for their immense support of the Domestic Debt Exchange Programme (DDEP), the results of which constitute a significant achievement for the Government to implement fully the economic strategies in the post-COVID-19 Programme for Economic Growth (PC-PEG) during this current economic crisis.
3. Attached overleaf as an Appendix Table presents the details regarding the results of the reopening of the domestic debt exchange.
4. As the Invitation Period has expired, no new tenders will be accepted, and no revocations or withdrawals are permitted. For more details on these procedures, please refer to the Exchange Memorandum or contact the Central Securities Depository (CSD) at the contact information below.
5. The settlement of the New Tranches pursuant to the Invitation to Exchange is expected to occur on 29th September 2023, when the Government will issue the New Tranches to Eligible Holders whose offers have been accepted for credit to the account of such tendering Eligible Holder at the CSD.
The Government reserves the right to extend such settlement date (including with respect to one or more series of Eligible Bonds). END
ISSUED BY THE PUBLIC RELATIONS UNIT MINISTRY OF FINANCE
Two individuals, who deceived many by falsely promising enrollment in the Ghana Armed Forces, have each received a 32-month prison sentence from the Twedie District court in the Atwima Kwanwoma district.
30-year-old excavator operator, Foster Gyimah, and Richard Boateng, a 22-year-old student, faced charges of conspiracy, fraud, and impersonating a public officer. Despite pleading not guilty, they were convicted and subsequently sentenced.
The prosecution presented four witnesses whose testimonies aligned with the investigator’s findings and the case’s details, leading to the conviction.
The case revolved around Simon Kwame Bonsu, a businessman and pastor in Pankrono, near Kumasi, where the defendants also lived. In 2021, Gyimah, posing as an Army Captain, offered to assist Bonsu in enlisting seven people into the Ghana Army.
Bonsu introduced three of his relatives to Gyimah, each of whom was asked to pay GH¢5,000.00. Altogether, the complainant paid GH¢27,000.00 to Gyimah.
Additionally, Gyimah introduced Boateng as the recruitment officer and collected GH¢27,400.00 from Bonsu.
Following the monetary transactions, both individuals went into hiding, prompting Bonsu to report the case to the Suntreso police.
In October 2022, the police apprehended Gyimah and Boateng in Obuasi. Subsequent investigations led to their charges and prosecution.
A grassroots movement, Democracy Hub, held a three-day protest in Accra demanding government accountability and combating corruption, gaining significant attention on social media, especially Twitter, with the hashtag #OccupyJulorbiHouse.
The protests saw participation from musicians, celebrities, and influencers, all unified in their pursuit of transparency and change.
Notable figures present included Stonebwoy, Cina Soul, Kwaw Kese, Bridget Otoo, Efia Odo, Pappy Kojo, among others.
These demonstrations provided a platform for citizens to express their concerns and seek government responses on issues related to resource allocation and governance.
Here are five memorable moments from the protests etched in the collective memory of Ghanaians:
1. Police saluting civilians for favor:
During the protests, a police officer was recorded saluting citizens, including popular musician Pappy Kojo, in an attempt to curry favor with the demonstrators.
The officer made the personnel gestures solely to guarantee the smooth flow of human traffic.
2. Collaboration between police and protesters for Ambulance passage:
In a humanitarian gesture, police and protesters worked together to allow an ambulance to pass through a blocked part of the Airport-37-Accra Road.
Despite standing face-to-face on that stretch of road, an ambulance was allowed to pass. A TV3 camera showed the moment, with police and protesters demolishing barricades to allow the ambulance to pass.
3. Live TV interview interrupted by police arrest:
A Pan-Africanist taking part in the #OccupyJulorbiHouse protest was detained by the Ghana Police Service while giving a live interview on national television.
The protester, described as ‘Safani,’ was detained without an official justification, and his arrest was videotaped.
A powerful image circulated widely during the protests, depicting a young boy in rubber slippers and shorts gesturing towards riot police stationed meters away behind their barricades.
5. Police officer sitting on the ground, pleading with protesters:
A police officer was captured sitting on the ground, imploring protesters to clear a roadblock that had brought traffic to a standstill around the 37 Military Hospital.
The officer personally appealed for their cooperation, asking them to move aside and allow the free flow of traffic. Despite the officer’s pleas, the protesters remained resolute in their demands.
A policeman sitting on the ground of the street and pleading with the #OccupyJulorbiHouse protesters to allow motorists to pass through.
On the last day of the three-day #OccupyJulorbiHouse protests, protesters attempted to force their way through a police barricade deep into the night and march to the presidency.
This is despite the illegal arrests and police highhandedness that marred Day 1 when police arrested 49 protesters, who were detained for hours on allegations of unlawful assembly.
All of them were later released on bail.
Day 2 and 3 passed without any major incident as police barricaded the main road leading to the presidency, Jubilee House, even before the protesters began their march towards the place.
While Day 2 saw the blocking of one part of the 37-Accra Road, the final day saw the blocking of both sides which meant vehicular traffic was greatly constrained for the better part of the day.
Despite recent public outrage from the Minister of Foreign Affairs over corruption in passport application centers, middlemen referred to as ‘Goro boys’ are thriving at the Cape Coast Passport Office.
These individuals, in collaboration with some passport office personnel, including immigration officers and security officials, are imposing hefty fees to expedite passport issuance, causing inconvenience for many daily visitors.
Unauthorized middlemen have set up makeshift operations in and around the office, even engaging in fraudulent activities like printing and altering passport dates. They charge applicants between GHC1,000 to GHC1,600, promising a passport within one to two weeks.
Civil service workers sharing the premises are also involved, exploiting their positions for a fee. The Regional Information Service Department office has turned into an annex for passport services, where applicants seek assistance with online applications.
An insider mentioned that idle officers have time to engage in these illicit activities. GhanaWeb’s investigation revealed that these middlemen dress professionally, approaching potential applicants to persuade them into their services. An anonymous applicant revealed being charged GHC2,000, negotiating down to GHC1,500 to expedite the process.
“I paid money to receive my passport within a week but my friend who could not pay is still struggling to get hers, though it’s been months now,” she told GhanaWeb.
She received her passport on the planned day, but her buddy, who came with her, is yet to receive her passport, months after going through all of the procedures.
The petitioner asked with the Ministry of Foreign Affairs and Regional Integration to enact measures to clean up the system and make it more equitable for everyone in the country.
“The government has introduced digitalization to scrub all these corrupt activities in the system but people find their way out to bypass the system,” she admonished.
In response to the circumstance, Mr Micheal Asante, Regional Director of the office, denied the activities of Goro lads who had taken over the premises, saying that those may not have come from his office.
“There are people around particularly Goro boys but I don’t have any Goro man on my staff list. But we have people around who have mounted containers and others who claim they are passport application centers and charge them depending on the service the person wants. I am not talking about it because it’s outside my jurisdiction but none of my staff have been involved in that act,” he told our reporter.
He promised the office that it was working hard to overcome those issues in order to make the passport application appear less difficult.
“Sometimes logistics issues are the only problem that delays passports in the Regions but when there are booklet immediately our backlogs are printed out,” he said.
Mr. Asante encouraged applicants to start the registration process online before coming to the office for biometrics and other procedures.
When caught in the Goro actions, he warned perpetrators to stop or risk prosecution.
“I don’t tolerate such acts and no applicant has informed or complained that my staff are charging for the process and if I get hold of one the person will immediately be sacked or sanctioned,” he said.
A fire broke out on Monday morning at the Supreme Court building in Nigeria, located in the Three Arms Zone of the capital, Abuja. The building houses the offices of several justices.
The cause of the fire is not yet clear, but eyewitnesses reported hearing a loud noise from the building before the fire started.
Firefighters were able to extinguish the blaze before it could spread further.
The Director of Press for the Supreme Court stated that the fire was caused by a “normal electrical problem.” Dr. Festus Akande, Director of Press and Information, also confirmed that some documents were burned in the incident.
He mentioned that the fire affected the chamber of one of the Supreme Court Justices but did not provide details about the specific judge who was affected.
Former Interior Minister Kwamena Bartels has called Alan Kyerematen’s decision to quit from the New Patriotic Party (NPP) his worst political decision.
Mr Bartels pushed the NPP leadership to “beautifully accept” Mr Kyerematen’s resignation and utterly expel him from the party in a candid interview with Citi News’ Hanson Agyemang.
“I felt sorry for him [Alan], he has taken the worst decision he can ever take in his political life. He is finished as a politician. This is the end for him as a politician,” Bartels said.
When questioned if he thought Mr Kyerematen had been unfairly handled, the former Ablekuma North MP said,
“I won’t judge, but there are processes in the party for dealing with unfair treatment and every human institution has these little skirmishes and when they come, they are judged according to the laid down processes.”
Mr Bartels urged the NPP not to try to repair relations with the former Trade and Industry Minister because this is not the first time he has left the party.
“It has happened twice and we won’t allow it to happen thrice and if the party has my views, it should beautifully accept it,” he said.
Mr. Kyerematen resigned from the NPP on Monday, September 25, to run for president as an independent.
Leader of the Movement for Change, Alan Kwadwo Kyerematen, has revealed that he actively advocated for Bernard Antwi Boasiako, widely known as Chairman Wontumi, to assume the role of the New Patriotic Party (NPP) regional chairman.
Kyeremanten explained that chairman Wontumi had approached him with a keen interest in Ghanaian politics in 2015 after he drew inspiration from him.
Acknowledging Wontumi’s commitment and determination, Kyeremanten wasted no time in helping Wontumi secure significant positions within the party.
“I personally introduced him to the Bosomtwe constituency because he claimed to be from there. I was the one who lobbied for his position as chairman. During that period, I held a prominent position in the party, so he became chairman based on my recommendation,” Alan expressed.
Meanwhile, Chairman Wontumi has ordered the removal of all campaign materials of Alan Kyerematen in the area.
Chairman Wontumi, as he is popularly called said he will ensure the region is rid of all posters, billboards, and other advertisements of the former Trade Minister.
This is as a result off Alan Kyerematen’s resignation from the NPP and decision to contest as an independent presidential candidate in the upcoming 2024 elections.
Leader of the Movement for Change, Alan Kwadwo Kyerematen, has disclosed how he played a pivotal role in the political ascent of the Ashanti Regional Chairman, Bernard Antwi Boasiako.
This comes as a response to Wontumi’s directive to remove all of Kyerematen’s campaign materials from the party’s office.
Kyeremanten recounted that back in 2015, Wontumi had confided in him, expressing no intentions of entering politics in Ghana.
However, a change of heart followed, with Wontumi attributing his decision to Kyeremanten’s political approach, which inspired him.
Alan indicated that, consequently, Wontumi began seeking guidance and direction from him as an emerging politician.
“Initially, I doubted his seriousness, but later, I recognized his commitment. I personally introduced him to the Bosomtwe constituency because he claimed to be from there. I was the one who recommended him for the position of chairman. During that period, I held a prominent position in the party, so he became chairman based on my recommendation,” Alan expressed.
Alan has also warned Mr. Boasiako to quit tarnishing his image around, describing him as a “ingrate”
“He [Wontumi] should be careful with the things he’s doing. You don’t have to be an ingrate if someone helps you. I led the delegation to ensure Wontumi became Regional Chairman, ask him. Now that he is gotten that top position, he thinks he is above everyone else. When I heard him campaigning against me, it was surprising,” he said.
Information came in on Tuesday September 23, of Chairman Wontumi who ordered for the the removal of all campaign materials of Alan Kyerematen in the area.
Chairman Wontumi, as he is popularly called said he will ensure the region is rid of all posters, billboards, and other advertisements of the former Trade Minister.
He disclosed this in an interview on Adom FM’s morning show Dwaso Nsem Tuesday.
Former Minister of Trade and Industry, Alan Kyerematen, has shifted blame for the country’s current economic challenges to the Minister of Finance, Ken Ofori Attah.
Alan, who resigned as Trade Minister earlier this year to vie for the NPP’s flagbearership, recently left the NPP to run as an independent candidate.
During an interview on UTV on Tuesday, September 26, Alan, a former member of the government’s Economic Management Team, sought to distance himself from responsibility for the country’s current economic difficulties. He emphasized that the Finance Minister has the ultimate authority to make decisions on economic matters.
“The Minister of Finance is the one who oversees the economy,” said Alan Kyerematen.
“He is in charge and he takes the final decision. I can only make contributions but he makes the final decision,” Alan said, as he rebuffed suggestions that as a member of the EMT, he should share in the blame
“I cannot take responsibility for decisions made by the finance minister. Is that what you are asking me to do?” he noted.
The Ghana Meteorological Agency (GMeT) has issued a warning to Accra residents, anticipating additional flooding incidents due to heavy rains.
This follows last Friday’s torrential downpour that flooded various areas of Accra.
Joseph Portuphy, Head of Forecasting at GMeT, explained that the recorded rainfall during the downpour reached a significant 78 millimeters, contributing to extensive flooding in the city.
Portuphy emphasized that Accra would experience severe flooding whenever rainfall exceeded 50 millimeters within a span of two to three hours.
“If we have rain above 50 millimetres within two to three hours, Accra will be flooded, and that was what happened,” he stated.
Portuphy also mentioned that, while the city is now in the minor rainy season, the rains are predicted to become more intense.
Meanwhile, the National Disaster Management Organization (NADMO) has encouraged residents to be cautious in the face of impending heavy rains. NADMO’s Public Relations Officer (PRO), George Ayisi, emphasized the agency’s ongoing interaction with the Ghana Meteorological Agency (GMet) for weather reports.
GMet has forecast further heavy rains in the following days, prompting Ayisi to urge caution, particularly for travelers and those living in flood-prone areas.
“We are in constant touch with GMeT, and they keep updating us every time. They say the rains are going to be severe, they are going to be heavy, so we should be careful,” Ayisi stated. He cautioned individuals to exercise care when travelling, particularly in areas with trees, and to be mindful of structures with subpar roofing.
Ayisi also recommended identifying safe areas within the city and relocating to them, particularly for those residing in flood-prone regions.
Areas impacted by the recent heavy rain included the Tema Motorway, Kwame Nkrumah Interchange, Kaneshie, North Kaneshie, Alajo, Adabraka, Accra Central, Tema, Tema station-Accra, Osu, among others.
Following nearly an hour of continuous rainfall, numerous homes and vehicles became submerged, while drainage systems overflowed, worsening the flooding. Additionally, the downpour enlarged and deepened potholes on roadways.
Section 41 of the Value Added Tax Act stipulates that businesses must consistently issue VAT invoices, and failure to adhere to this requirement constitutes a violation of the law.
However, some businesses in Ghana are flouting this law, either by not registering for VAT or by failing to provide VAT documentation to customers.
During an operation in Accra, the Ghana Revenue Authority uncovered VAT violations in 12 businesses.
These businesses were found to be in violation of various tax regulations, including failure to register for VAT and neglecting to issue VAT documentation.
The affected businesses include New Horizon Coldstore, Glorious Shoppers Delight, Kriskay Kiddies, Uncle Sas Autoparts, and Sunset Glow, among others.
Joseph Annan, the Assistant Commissioner at the Head-Accra Central Enforcement Unit of the Ghana Revenue Authority, stated in a press briefing after the operation that his team would continue to ensure that businesses comply with VAT and other tax obligations.
“This time, our focus extends beyond VAT; we are now committed to ensuring complete tax compliance. Taxation encompasses more than just VAT, so our scrutiny will encompass all applicable taxes for any given taxpayer we visit. We are not limiting our search solely to VAT,” he said.
He added that, “a comprehensive examination of the taxpayers we encounter in each area to identify their eligibility for various tax categories…this is how we intend to enhance our tax collection efforts. It’s not solely about VAT compliance; it’s about adhering to all tax categories”.
It should be noted that the Bank of Ghana reported a 92.4 percent increase in domestic VAT collection in its May 2023 Monetary Sector Report.
In the first quarter of this year, the increase was from GH649million to GH1.2billion.
The Moderator of the Presbyterian Church, of Ghana, Rt Rev. Prof. Joseph Obiri Yeboah, has expressed concern over the growing addiction to sports betting among the youth.
Rev Mante emphasized the church’s responsibility in addressing this issue to promote discipline among young people.
He made this call during the dedication ceremony of the Daniel Ntow Obese Children and Youth Resource Centre for the Unity Presbyterian Congregation in Nkanfoa, Cape Coast, as reported by the media.
The media reports that Rt Rev Mante lamented the challenges facing the youth and observed that sports betting has “left many of them in pain and poorer as betting companies continued to cash in on their vulnerabilities.”
Over the past decade, Ghana’s betting industry has experienced significant expansion, attracting numerous betting companies to establish their presence in the country.
Others also believe that betting is legal and a legitimate means of earning income, and thus cannot be deemed a negative practice when no laws are violated.
Meanwhile, in August, the Ghana Revenue Authority formally implemented a 10% withholding tax on all betting, games, and lottery winnings.
This action came in response to the government’s amendment of the Tax Act, which introduced withholding tax on proceeds from sports betting and lotteries.
In recent years, sports betting has sparked debates among Ghanaians, with some expressing concerns about its adverse impacts on the youth, such as addiction.
Others also believe that betting is legal and a legitimate means of earning income, and thus cannot be deemed a negative practice when no laws are violated.
Meanwhile, in August, the Ghana Revenue Authority formally implemented a 10% withholding tax on all betting, games, and lottery winnings.
This action came in response to the government’s amendment of the Tax Act, which introduced withholding tax on proceeds from sports betting and lotteries.
In the second week of the limited registration exercise taking place nationwide, the Electoral Commission (EC) has successfully registered 2,517 eligible voters in the Krachi East Municipality of the Oti Region.
During a visit to the registration center by the media, Mr. Nelson Kofi Djabab, the National Democratic Congress (NDC) parliamentary candidate, and the parliamentary aspirant of the New Patriotic Party (NPP), Mr. Micheal Yaw Gyato, took the opportunity to educate registrants on the significance of obtaining a voter’s identity card.
They advised individuals who are not yet 18 years old to refrain from participating in the ongoing limited registration exercise.
Mr. Kafui Klutse, the Municipal Director of the Electoral Commission, praised the impressive cooperation received from the two main political parties since the beginning of the exercise.
He informed GNA that the turnout had been encouraging and expressed hope for more participants before the exercise’s conclusion.
A Ghanaian lecturer based in the United States, Prof. Kwabena Dei Ofori-Atta, has expressed his views on Alan Kyerematen, a former New Patriotic Party (NPP) presidential hopeful, in an interview on UTV on Monday, September 25, 2023.
According to Prof. Ofori-Atta, Alan Kyerematen is fully aware that his chances of winning the 2024 elections as an independent candidate are slim.
He suggested that Alan’s decision to run as an independent candidate is primarily aimed at preventing the NPP from securing victory in the 2024 elections.
Prof. Ofori-Atta further noted that even Dr. Kwame Nkrumah, when he departed from the United Gold Coast Convention (UGCC), established his own party, the Convention People’s Party (CPP), to rally people behind him. In his opinion, if Alan genuinely aspired to become president, he should have followed a similar path.
“… Nkrumah got angry and left his party, but he did not run for the presidency as an independent candidate. He formed his party, the CPP, and got a lot of followers. When Paa Willie also broke away from Busia’s party, he did not go independent, he formed his own party, the UNC (United National Convention).
“What Alan is doing is just hurt the NPP, he does not want the party to win the next elections… His thinking is that if the NPP is going to retain power without him as the party’s candidate then the party should collapse,” he said in Twi.
He further remarked that Alan’s actions indicate ingratitude, considering the substantial support and opportunities the NPP has provided him.
About Alan’s resignation from the NPP and running as an independent candidate in the 2024 election:
During a press conference in Accra on Monday, September 25, 2023, Alan Kyerematen declared his departure from the NPP and his intention to run as an independent candidate in the 2024 presidential elections.
He expressed his desire to become Ghana’s president under the NPP banner, but lamented that the party had been taken over by what he referred to as ‘unscrupulous party officials.’
“The NPP as it exists now has very little resemblance to the Party that I joined in 1992 and helped to nurture. The Party has been hijacked by a selected group of Party leaders and elders, government appointees, ‘behind the curtain power brokers’ and some unscrupulous party apparatchiks.
“… I wish to use this platform to announce that I am honourably resigning from the New Patriotic Party to contest for the high office of the President of the Republic of Ghana in the 2024 general elections as an independent presidential candidate,” he said.
Alan also stated that his presidential campaign would be headed by a youth-led movement.
“To actualise this goal, I will establish and lead a new MOVEMENT FOR CHANGE in Ghana. The brand logo for the MOVEMENT is the Monarch Butterfly, which politically symbolizes change and transformation, hope, and positivity. It also communicates strength, endurance, spirituality, and trust, which are key traits that I cherish as a Political Leader. In Akan, it is known as Afrafranto. The brand motto of the MOVEMENT is “Ghana Will Rise Again,” which symbolizes hope for the future of Ghana.
“The new Movement will be led and powered by the youth of Ghana. Out of the over 17 million registered voters in the 2020 general election, the youth aged 18-35, years constituted over 9.4 million voters representing 55% of the total voters,” he said.
The granddaughter of South Africa’s first democratically elected President Nelson Mandela, has passed away at the age of 43 after battling cancer.
She peacefully departed on Monday evening, surrounded by loved ones, according to a spokesperson.
In recent years, Ms. Mandela had gained recognition for openly sharing her journey through cancer treatment and her past struggles with drug addiction. Her courageous efforts were celebrated by the Nelson Mandela Foundation, which praised her for raising awareness about cancer prevention and reducing the stigma associated with the disease.
Ms. Mandela also bravely discussed her battles with depression and her experience of childhood sexual abuse. Additionally, she actively campaigned for improved road safety following the tragic loss of her 13-year-old daughter in a car accident in 2010. Sadly, she also endured the loss of a prematurely born son. She is survived by four children.
As the granddaughter of Nelson Mandela’s second wife, Winnie, she chronicled her life story in her autobiography titled “When Hope Whispers.” Diagnosed with breast cancer at the age of 32, she initially went into remission after receiving treatment, but the illness later returned.
Last year, she revealed that the cancer had spread to her liver and lungs, affecting other organs. While she had been receiving outpatient treatment, she was admitted to the hospital just over a week ago.
“What do I tell my children? How do I tell them that this time around I may not get to live my life as a survivor? How do I tell them everything will be OK when it’s not? I’m dying… I don’t want to die,” she posted on Instagram early last month.
In an interview with Kaya FM in April, Ms Mandela said: “I’m learning to be okay with my eventuality.”
When her grandfather was freed from prison after 27 years in 1990, she was just ten years old.
Ms Mandela had only ever known him as a jailed man, so when he was released, she was overjoyed.
A video circulating on social media depicts an irate man, believed to be in his 60s, engaging in a confrontation with a “trotro mate” in a public minibus, (trosky).
It was an altercation revolving around an alleged 50-pesewa refund that the passenger claims he is owed.
Their exact destination is unclear, but the frustrated passenger had probably paid his fare already and had received his change.
Nevertheless, he insisted on an additional fifty pesewas from the young bus conductor, who declined the request.
This provoked him to the point where he decided to aggressively hold up the mates shirt as though he was about to beat him up.
The passenger is heard in the video repeatedly commanding the bus conducted to pay back his alleged money.
“Give me my 50 pesewas! Give me my 50 pesewas! Give me my 50 pesewas! “Give me my 50 pesewas!,” the old man made demands on top of his voice.
The ‘trotro mate,” however, remained unperturbed and fearless over the passenger’s confrontational demeanor.
“Stop quarelling over 50 pesewas because right now you are not going to get it back. There is nothing that you will say that I will give you back the 50p,” the bus conductor boldly told the passenger.
The video below has more evidence to the situation:
A physical altercation occurred between a passenger and a bus conductor in a trotro over the conductor’s refusal to give the passenger change of GH¢0.50
The intense weather that was experienced in South Africa on Saturday September 23, has brought a host of challenges to the Western Cape, including uprooted trees, flooding in both informal and formal settlements, road closures, and power outages.
In Cape Town, specific areas affected by flooding include Shuku-Shukma, Sir Lowry’s Pass Village, Rasta Camp, Riemvasmaak, 7de Laan Sandvlei Macassar, Old Faure Driftsands, Mfuleni, and Bellville South.
“Flooding of houses has been reported in several areas including Durbanville, Bo-Kaap, Schaapkraal, Bellville South, Belhar, Sandvlei Macassar, Strand, Gordon’s Bay and Knorhoek. Emergency services have assisted four people trapped in a house in Strand and evacuated them to Strand fire station.
“The roof was blown off a private property in the CBD, while a dwelling in Hout Bay was damaged due to wind,” said Charlotte Powell, spokesperson for Cape Town disaster risk management.
Assessments will persist to gauge the extent of damage.
Widespread flooding is reported in the city, with the N2 at Victoria Road in Strand experiencing severe disruption.
“Denehof and Sunset Boulevard in Gordon’s Bay is closed, as well as Sir Lowry’s Pass and Baden Powell Drive. Traffic services are in attendance.
“At Wemmershoek dam the sluice gate has been opened to mitigate downstream flooding. The Lourens and Eerste rivers have burst their banks.
“Reports have been received from Hout Bay Main Road, Macassar, Rondebosch East, Durbanville, Kuilsriver, Woodstock, Klipheuwel IFS and Malmesbury farms,” said Powell.
When conditions permit, Mitchells Plain’s experts will endeavor to restore electricity.
The planned US$620 million loan from Lukoil International Trading and Supply Company (LITASCO) SA to the Ghana National Petroleum Corporation (GNPC) will be forwarded to parliament for consideration next month, according to the Ministry of Energy.
The ministry explained that GNPC has initiated the process and has already received board approval. Following this, both the sector ministry and the Ministry of Finance have provided their ‘no objection’ and granted their approval in accordance with the Public Financial Management Act (PFMA).
The ministry further stated that the loan request will be submitted to parliament in mid-October when the legislative body reconvenes.
“From the foregoing, it is clear that GNPC needed to meticulously finalise the facility’s terms and conditions and obtain necessary procedural approvals ahead of the final parliamentary approval,” it stated.
The ministry issued the statement in response to concerns voiced by minority lawmakers regarding the government’s handling of the deal.
It should be noted that GNPC, as part of its 2023 work-plan presented to parliament, included efforts to refinance the LITASCO SA loan facility, which would involve incorporating bank guarantees in support of the Karpower Barge project. In the plan submitted to parliament, GNPC outlined its intentions to arrange a ‘pre-export financing facility’ of up to US$500 million, as well as a bank guarantee amounting to US$120 million.
However, John Jinapor, the Ranking Member of the Mines and Energy Committee, expressed apprehensions that the government is exerting undue pressure on GNPC to secure the facility.
“The Presidency is using coercive force to compel the GNPC to proceed and execute this loan agreement without parliamentary approval. This is unconstitutional, this is unlawful – and this is a blatant disregard to the directive and resolution of parliament”.
“If you (GNPC) proceed with this directive, you will be committing an illegality. You do not have the mandate and the power to enter into such an agreement without parliamentary approval. The minority wishes to serve notice that we shall use every necessary tool available to ensure that the right thing is done,” he said.
A deed of indebtedness on the Jubilee Oil Holding Limited (JOHL) crude oil supply and purchase deal, prepayment facility agreement, and guarantees facility agreement were also intercepted at the GNPC board level, he claimed.
“The key has to do with the fact that GNPC is raising this facility from LITASCO, and in return they are giving our oil out to this company for the next five-and-a-half years. Indeed, all the oil in the TEN Oil Field has been encumbered including royalties; and our carried and participating interests will be escrowed into this company,” he said.
During a press conference held in Accra, the parliamentary minority expressed concerns about the lack of transparency regarding the utilization of the loan. They argued that, apart from debt repayment, there is insufficient justification for obtaining a US$431 million loan that would tie up resources for the next five-and-a-half years. They also cautioned that this could potentially encumber the entire oil production from the TEN field.
However, the Ministry of Energy contends that GNPC’s annual work program, including any necessary loans for program execution, is approved by parliament.
“It is important to state that this particular facility that the minority mischievously makes allusion to is being re-financed for the sixth time”.
According to the statement, the Mines and Energy Committee of parliament has since requested that the loan’s terms and conditions be presented before the legislature in accordance with the house’s supervision powers.
“Government actors in this matter have no intention of hiding any part of the process in secrecy,” the energy ministry further assured.
The Tanker Drivers Union has expressed concern about the potential threat to their business if the Chinese refinery, Sentuo Oil, persists in unloading fuel within the country.
A member of the Union, speaking to JoyNews, warned that if this practice continues, the drivers will cease the transportation of fuel nationwide. He emphasized that Ghanaian laws mandate that the transportation of petroleum products should exclusively be carried out by Ghanaian companies, and thus, Chinese firms should not be permitted to unload petroleum products.
Jantuah added that boycotting their business is their last resort if nothing is done about the situation which “will obviously bring shortages of fuel in the country.”
“The moment we deregulated, at the time it was GNPC distributing, the moment we deregulated, it was made that that portion should be given to Ghanaians so if you see, Shell, BP has tankers which do not belong to them but because we pick for them, we paint our tankers with their emblem but they don’t own the tankers.
“So why should the refinery now say that they have their tankers and distributing? Do TOR, NPA, and BDCs have their own tankers? They all depend on us so if you are coming in, you are going to kill our business and we have to fight for it,” he said.
Jantuah stated that the tanker drivers are currently frustrated by the situation because the majority of them owe money.
As a result, the union is urging the National Petroleum Authority to act as soon as possible to avoid further difficulties.
The Bank of Ghana’s Interbank forex rates for September 25, 2023, reveal that the Ghana Cedi is trading against the dollar at a buying price of 11.0703 and a selling price of 11.0813. At an Accra forex bureau, the dollar is being bought at a rate of 11.40 and sold at a rate of 11.60.
Against the Pound Sterling, the Cedi is trading at a buying price of 13.5234 and a selling price of 13.5381. At an Accra forex bureau, the pound sterling is being bought at a rate of 14.30 and sold at a rate of 14.70.
The Euro is trading at a buying price of 11.7289 and a selling price of 11.7396. At an Accra forex bureau, the Euro is being bought at a rate of 12.00 and sold at a rate of 12.50.
The South African Rand has a buying price of 0.5897 and a selling price of 0.5903. At an Accra forex bureau, the South African Rand is bought at a rate of 0.35 and sold at a rate of 0.95.
The Nigerian Naira is trading with a buying price of 68.6181 and a selling price of 69.2952. At a forex bureau in Accra, the Nigerian Naira is bought at a rate of 10.00 Naira for every 1 Cedi and sold at a rate of 15.00.
For the CFA, it has a buying price of 55.8756 and a selling price of 55.9266. At a forex bureau in Accra, the CFA is bought at a rate of 16.50 CFA for every 1 Cedi and sold at a rate of 20.50 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.
Governor of the Bank of Ghana, Dr. Ernest Addison, has emphasized that the Central Bank can effectively fulfill its role as the government’s lender without requiring positive equity.
He noted that despite the impairment losses reported in the financial year 2022, the Central Bank maintains sufficient buffers to offer the necessary liquidity support to banks.
Speaking during a press briefing at the 114th Monetary Policy Committee (MPC) session in Accra on September 25, 2023, Dr. Addison highlighted that the Central Bank maintains a robust buffer position, even though it reported negative equity in 2022.
“Yes, the BoG can assist as the lender of last resort,” the BoG Governor said.
He also stated that commercial banks maintain 12% of their deposits with the central bank as liquidity, implying that the BoG has resources to fall back on if any of them require assistance.
“The central bank can operate effectively even in the presence of negative equity, we don’t need positive equity to be effective and we don’t have to print money to do that,” Dr Addison explained.
However, he highlighted that no bank has approached the central bank for liquidity assistance yet. Nevertheless, he emphasized that the Bank of Ghana (BoG) stands prepared to provide the necessary liquidity support to banks in accordance with the established guidelines.
Meanwhile, the interbank weighted average lending rate among banks increased to 26.59 percent in August 2023, up from 21.93 percent in August 2022, aligning with the rises in the monetary policy rate.
As a result, the average lending rates offered by banks rose to 31.78 percent in August 2023, compared to the 27.96 percent recorded in August 2022.
The banking sector, according to the BoG, has maintained its stability, with the industry’s total assets increasing to GH¢244.7 billion in August 2023, up from GH¢204.6 billion in August 2022.
Additionally, this growth in bank assets was primarily funded by a substantial 38.9 percent increase in deposits, rising from GH¢136.7 billion in the corresponding period.
However, total borrowings by banks contracted by 41.0 percent, decreasing to GH¢13.9 billion in August 2023 from GH¢23.5 billion in the previous year.
From the end of 2017 to 2022, the nominal value of the nation’s financial sector assets nearly doubled, with significant growth of 94.96 percent.
This period was characterized by various events such as sector clean-ups, the impact of the COVID-19 pandemic, the Domestic Debt Exchange Programme (DDEP), and the recapitalization of sector institutions.
This information is detailed in the Ghana Financial Stability Review, titled ‘Managing financial stability risks in the midst of a difficult macroeconomic environment and Domestic Debt Exchange Programme.’ The report was released by the regulatory bodies overseeing the sector, using audited and prudential data from 2022 through the first half of 2023.
According to the report, which was published by the Financial Stability Council comprising the Bank of Ghana (BoG), Securities and Exchange Commission (SEC), National Pensions Regulatory Authority (NPRA), and National Insurance Commission (NIC), the metric increased from GH¢160 billion at the end of 2017 to GH¢312.69 billion at the close of the previous year. The 2022 figure represented a 20.07 percent increase from the GH¢260.43 billion recorded at the end of December 2021, with growth observed across various sectors.
In 2022, the insurance, banking, and pensions sectors notably saw increases of 22.3 percent, 21.7 percent, and 19.9 percent, respectively. However, the securities sector was an exception, with its total assets decreasing by 2.7 percent year-on-year.
Additionally, there was a noticeable decrease in the sector’s assets-to-Gross Domestic Product (GDP) ratio, which declined to 51.2 percent at the end of December 2022, down from 56.4 percent in 2021. This decline in the assets-to-GDP ratio was primarily attributed to mark-to-market losses in government bond holdings resulting from the DDEP, which contributed to relatively lower growth in the financial system’s total assets for the year 2022.
Banking industry
The banking industry, often considered the cornerstone of the financial sector, concluded 2017 with total assets amounting to GH¢110.72 billion. By the end of 2022, this figure had surged to GH¢238.72 billion, primarily driven by an increase in deposits.
Throughout this period, the industry maintained an average year-on-year asset growth rate of 15 percent. It also consistently held an average share of 41.3 percent of the Gross Domestic Product (GDP) and accounted for an average of 74.6 percent of the total assets within the entire sector. As of the end of 2022, its share of the sector’s assets had risen to 76.5 percent.
Securities Industry
The securities sector, as measured by assets under management (AUM), experienced fluctuations during the period under review. AUM (excluding pension funds) faced declines in 2018 and 2019 due to the revocation of licenses by some firms. However, it rebounded, registering a growth of 77.44 percent in 2021, reaching GH¢14.77 billion.
Nonetheless, in December 2022, the sector reported a dip of 2.71 percent in AUM, attributed to factors such as mark-to-market losses.
When including pension funds, the total AUM reached GH₵49.5 billion by the end of 2022. However, the AUM-to-GDP ratio (excluding pension funds) remained modest at 2.4 percent for the end of 2022. The securities sector’s share of the financial system’s assets stood at 4.6 percent in 2022.
Insurance Sector
The insurance sector demonstrated consistent growth throughout the years, with total assets reaching GH¢12.24 billion by December 2022, up from GH¢4.65 billion in 2017.
During the period under review, the sector’s assets averaged two percent of GDP. Its share of the financial sector increased steadily, growing from 2.9 percent in 2017 to 3.9 percent by the end of the previous year.
In 2022, the insurance industry witnessed a 25 percent growth in gross premiums, reaching GH¢6.56 billion. This growth was attributed to the NIC’s digital initiatives and the upcoming Motor Insurance Database and Marine and Aviation Insurance Database (MAID). The Minimum Capital Requirement (MCR) increase by the regulator was also expected to strengthen the industry and boost the insurance penetration rate, which had remained at 1 percent over the past half-decade.
Retention ratios slightly decreased in the non-life and life sectors but remained within reinsurance guidelines. Non-life decreased from 70 percent to 68 percent, while life was at 88 percent.
Pensions Industry
The pension sector’s share of assets steadily increased over the review period, primarily driven by significant growth in private pension funds. Total assets grew from GH¢20.77 billion in 2017 to GH¢46.61 billion by the end of the previous year.
As of December 2022, the industry’s assets-to-GDP ratio stood at 7.6 percent and accounted for 14.9 percent of the financial system’s assets.
In 2022, the pensions industry’s AUM for the 3-Tier Pension Scheme at end-December 2022 was GH¢46.6 billion, compared to GH₵39.6 billion in 2021, marking a 17.7 percent increase (compared to 18 percent in 2021). This growth was attributed to increased contributions due to efforts to hold defaulting employers accountable and higher enrollment.
Total private pension funds increased by 23.1 percent in 2022 compared to 27 percent in 2021, reaching GH¢34.5 billion at the end of 2022. The slower growth in private pension funds was influenced by a negative return on investments, with a significant focus on government securities, accounting for 86 percent of investments.
Interconnectedness
The regulators emphasized their close attention to the financial system’s interconnectedness to identify systemic distress.
“A key characteristic of a developed financial system is the level of interconnectedness within and across the financial system’s various sectors, as it enhances the flow of funds in an economy. Also, interconnectedness of financial institutions provides means of diversifying risk and sharing technological infrastructures among financial agents… financial sector regulators have intensified the monitoring of interlinkages in the financial system to provide insights on the degree of concentration and sources of distress that can be of contagion effect,” a portion of the report read.
