TIG Post

Author: Amanda Cartey

  • Minority describes BoG criminal over depletion of Ghana’s foreign reserve

    Minority describes BoG criminal over depletion of Ghana’s foreign reserve

    In response to the 2023 mid-year budget review presented in Parliament on August 2, the Minority Leader, Dr. Cassiel Ato Forson, criticized the Central Bank for being responsible for the depletion of Ghana’s external reserves.

    During his address, Dr. Ato Forson highlighted that the Bank of Ghana’s printing of money led to the unprecedented depreciation of the Ghanaian Cedi, which resulted in hyperinflation in 2022.

    According to him, the value of the Cedi plummeted from GH¢6 to $1 to over GH¢15 to $1 in 2022, representing a staggering 100% depreciation on a straight-line calculation.

    The combination of this severe depreciation and the soaring inflation rates has had profound economic consequences, causing even the once wealthy to fall into the middle-class category, and pushing the already impoverished population further into hardship.

    Dr. Ato Forson further emphasized the alarming impact of inflation, as it forced approximately 850,000 people to slip below the poverty line in 2022, as reported by the World Bank.

    This concerning situation has prompted calls for accountability from the Central Bank for its role in the country’s current financial challenges.

    Dr Ato Forson said despite the earlier spirited denials by the Bank of Ghana and the government, “the government now admits that indeed the Bank of Ghana printed money to finance its over-bloated government expenditures in 2022”.

    “Paragraph 8 of the IMF Staff Report gives further detail that the Bank of Ghana illegally printed over GHC45 billion representing 7.2% of GDP in 2022 alone, and GH¢35 billion in 2021. This is the first in the history of Ghana”, he said.

    Describing the Central Bank as “a crime scene”, the Minority Leader said the government was instrumental in the commission of the sins of the Bank. “The Bank of Ghana is certainly a crime scene and the economic managers led by Mr. Strategist aided and abetted this economic crime”, Dr Ato Forson added.

    He said on the watch of the current managers of the economy, Ghana’s public debt shot up from GH¢120 billion in 2016 to GH¢600 billion by the end of 2022, representing an increase of about 400%.

    The Minority Leader pointed out that following the high debt levels, the country could not honour its obligations to its local and foreign debtors. “As a result of these high debt levels, Ghana defaulted in the repayment of both our domestic and foreign debts, the first time in our history”.

    He said this explains why pensioners picketed at the Ministry of Finance to demand the payment of their interest and principal, which was another unenviable first in the history of Ghana. He added that that “rating agencies downgraded Ghana’s credit worthiness to “D”, in other words ‘super junky’.

    Dr Ato Forson observed that the Ghana’s financial sector has virtually collapsed, with all the 23 banks in the country recording “massive impairment losses of over GH¢18 billion in 2022”.

    He said “this is excluding the impairment losses of the non-bank financial institutions and the insurance companies”, adding that “the cost of the economic mismanagement by this government is unprecedented”.

    Former deputy minister of finance Dr. Ato Forson claimed that the Bank of Ghana has also suffered as a result of the domestic debt restructuring carried out by the Akufo-Addo/Bawumia administration.

    In fact, the Bank of Ghana is bankrupt and in severe financial crisis, he declared, calling for immediate intervention.

    The Bank of Ghana reported losses totaling over GH60.8 billion and negative equity exceeding GH55.1 billion in 2022.

  • Flashback: Ibrahim Mahama spent GH350,000 on two locomotives

    Flashback: Ibrahim Mahama spent GH350,000 on two locomotives

    In a noteworthy event, the artist Ibrahim Mahama acquired some of Ghana’s ancient trains from various locations across the country and moved them to the Northern Region as a valuable addition to his collection at the Red Clay Studios.

    During a discussion on Caleb Kudah’s YouTube channel, Ibrahim Mahama disclosed the process behind obtaining these old trains. He revealed that they were purchased from scrap dealers and then meticulously restored and transported from Sekondi to Tamale in the Northern Region.

    The artist shared that the acquisition of two locomotives cost him GH¢350,000. He emphasized that the task of lifting these 100-year-old trains was an arduous undertaking that demanded significant time, dedication, and careful planning to achieve successfully.

    Ibrahim Mahama expressed his gratitude to the team of individuals who provided their assistance in transporting the trains to their new location at the Red Clay Studios, where they now stand as a part of his remarkable collection.

    “It took about four days to pack the trains and an extra three to four days driving the locomotive trains to Tamale. We are currently restoring the trains at the Red Clay Studios and that is the core part of the entire project as we seek to breathe life back into things that one would not ordinarily assume can have a sense of value,” he shared.

    Renowned for his extraordinary talent in transforming discarded items into captivating art, Ibrahim Mahama has earned global recognition.

    Utilizing materials such as sacks and old sewing machines, among others, he has carved a niche for himself, not only promoting Ghana but also infusing his work with historical significance.

    In the year 2021, Ibrahim Mahama once again demonstrated his visionary approach to art by purchasing some of Ghana’s old planes. With these planes, he embarked on a grand project to establish a museum and community space in Jenakpeng, situated in the Northern Region.

    This initiative promises to preserve the planes’ history while providing a platform for communal engagement and appreciation of art.

  • A dollar goes for GHS11.65 at forex, BoG interbank rates at GHS11.00

    A dollar goes for GHS11.65 at forex, BoG interbank rates at GHS11.00

    Today, on August 3, 2023, the Bank of Ghana has reported the interbank forex rates, indicating that the Ghana Cedi is currently trading against the US Dollar at a buying price of 10.9971 and a selling price of 11.0081.

    At local Forex bureaus in Accra, the Dollar is being bought at a rate of 11.40 and sold at a rate of 11.65.

    Against the Pound Sterling, the Cedi’s buying price stands at 13.9861, and the selling price is 14.0012.

    In Forex bureaus within Accra, the Pound Sterling can be bought at a rate of 14.60 and sold at a rate of 15.40.

    For the Euro, the current buying price is 12.0352, and the selling price is 12.0472. Meanwhile, in Forex bureaus located in Accra, the Euro is being bought at a rate of 12.30 and sold at a rate of 12.90.

    The South African Rand is trading at a buying price of 0.5944 and a selling price of 0.5950, while at Forex bureaus in Accra, it is being bought at a rate of 0.30 and sold at a rate of 0.90.

    Regarding the Nigerian Naira, the buying price is 70.0225, and the selling price is 70.6069.

    In Accra’s Forex bureaus, the Nigerian Naira is being bought at a rate of 12.00 Naira for every 1 Cedi and sold at a rate of 18.00.

    Finally, for the West African CFA Franc (XOF), it is currently trading at a buying price of 54.4489 and a selling price of 54.5032. In Accra’s Forex bureaus, the CFA is being bought at a rate of 17.00 CFA for every 1 Cedi and sold at a rate of 21.00 CFA for every 1 Cedi.

    Keep in mind that exchange rates are subject to change, and it is advisable to check for real-time rates before making any currency transactions.

    Our forex bureau rates are provided by Afriswap Bureau De Change in Osu, Accra.

    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.

  • Somalia regrets fielding a sprinter with a slow record

    Somalia regrets fielding a sprinter with a slow record

    Since Somalia entered a rookie 100-meter sprinter at the World University Games in China, there have been calls for authorities to be fired.

    Nasra Abubakar Ali, who completed the race in nearly twice as much time as the winner, was chosen by the nation’s sports minister, who has since apologized.

    She allegedly didn’t have any prior experience competing in elite tournaments.

    The racer eventually finishes the race with a cheery skip on a video of the event, but is quickly out of frame.

    The amateur athlete came in more than ten seconds behind the winner, finishing the race in 21.81 seconds.

    The incident was called an embarrassment by the minister of sports, Mohamed Barre Mohamud.

    “What happened today was not representation of the Somali people… we apologise to the Somali people,” he said.

    Some Somalis have questioned why she was ever chosen because she supposedly had no prior experience competing.

    “It’s disheartening to witness such an incompetent government. How could they select an untrained girl to represent Somalia in running?” wrote one social media user, Elham Garaad. “It’s truly shocking and reflects poorly on our country internationally.”

    In a press release posted to its Facebook page, the Association of Somali Universities said it had not appointed any athlete to compete in the event.

    The Somali Athletics Federation has reportedly agreed to launch an investigation into how Ms Abubakar Ali was selected.

    The incident is not the first time Somalia has sparked controversy with its choice of athletes at international athletics events.

    In 2016, Maryan Nuh Muse ran a sluggish time of 1.10.14 in the 400m at the Rio Olympics. The average time for the event is about 48 seconds.

    However, many praised the runner for seeking to take part in the race and for defying the tough conditions faced by Somali women seeking to take part in high-level sport.

    At the 2012 Olympics in London, Zamzam Mohamed Farah clocked a time of 1:20:48 – some 30 seconds behind the winner.

    The athlete was reportedly subjected to death threats throughout the games from some in Somalia who believed women should not participate in sport.

  • Get 3,000 CNG buses procured from regional companies — MAN to FG

    Get 3,000 CNG buses procured from regional companies — MAN to FG

    The Manufacturers Association of Nigeria (MAN) has urged the Federal Government to involve local automobile companies in the production of the proposed 3,000 units of 20-seater buses fueled by compressed natural gas (CNG).

    This measure aims to improve transportation efficiency throughout the country.

    While making this appeal, MAN also applauded President Bola Tinubu’s commitment to allocate N75 billion over the next eight months to support the manufacturing sector. This move is part of the government’s broader plan to mitigate the impact of fuel subsidy removal on Nigerian citizens.

    In a recent nationwide broadcast, President Tinubu specifically pledged to reserve N75 billion for 75 manufacturing enterprises, allowing them to access N1 billion credit at an interest rate of 9% per annum from August 2023 to March 2024.

    This financial intervention is expected to accelerate growth and transformation within the manufacturing sector.

    The Director-General of MAN, Segun Ajayi-Kadir, expressed his positive reaction to the broadcast, highlighting that such interventions will alleviate hardships faced across various socio-economic segments.

    Furthermore, he emphasized that these initiatives will lead to widespread and far-reaching benefits for the nation.

    His words: “We had indicated that the best palliative is to remove the binding constraints that have bedevilled the productive sector so that jobs can be created and guaranteed, salaries can be paid and production capacity boosted, with the attendant lower prices and improved availability.

    “This is far more beneficial than palliatives that would only give nominal relief.”

    Ajayi-Kadir further stated: “The promise that 75 manufacturing enterprises will access N1 billion credit at 9% interest rate per annum and working capital is commendable.   It is a good start to address the dearth of loanable funds in the face of rising lending rate occasioned by the continued increase in the monetary policy rate (MPR) by the Central Bank of Nigeria (CBN).

    “It is however very important and critical that the vehicles for the delivery of these loans should be carefully selected and the implementation diligently monitored. The Bank of Industry (BoI) has shown excellent performance as an appropriate transaction structure for such facilities.”

    On the procurement of 3,000 buses, the MAN DG said: “It is equally important to ensure that the promised 3000 units of   20-seater buses be procured from indigenous automobile Industries.

    “This is a golden opportunity for the federal government to demonstrate unfailing commitment to the implementation of the subsisting Executive Order 003, which prioritizes the patronage of made in Nigeria products.”

  • Kwabena Kwabena, Kinaata, and Sonnie Badu scheduled to perform at Ghana Music Awards USA

    Kwabena Kwabena, Kinaata, and Sonnie Badu scheduled to perform at Ghana Music Awards USA

    Ghanaian musical talents, including Kwabena Kwabena, Kofi Kinaata, Dada KD, Kumi Guitar, and Sonnie Badu, are all set to captivate the audience at this year’s Taptap Send Ghana Music Awards USA.

    The highly anticipated event is scheduled to take place at the prestigious Lincoln Theater in Columbus, Ohio on August 26, and it is expected to draw music enthusiasts and Ghanaians from across the United States.

    Alongside the stellar lineup of Ghanaian artists, there will also be performances by talented musicians based in the United States.

    The Ghana Music Awards USA is an esteemed awards scheme aimed at encouraging and recognizing Ghanaian musicians in the diaspora, particularly those residing in the United States, to actively contribute to the promotion and celebration of Ghanaian music and culture.

    Over the course of three years, GMA-USA has successfully celebrated and honored more than 150 artists from both Ghana and the United States.

    Dennis Boafo, the Chief Executive Officer (CEO) of Ghana Music Awards USA, has assured attendees of a high-quality production and a well-curated program that promises an unforgettable experience.

  • Judy Austin expresses gratitude to God despite N100m lawsuit from May Edochie

    A lawsuit filed by Judy Austin’s senior wife, May Edochie, has led the Nollywood actress to express her appreciation to God.

    Taking to her Instagram page, the mother of four expressed her appreciation for everything the Almighty has done for her.

    Identifying herself as Ijele Odogwu, she confidently proclaimed to be God’s favorite, expressing her deep sense of connection with the divine.

    Her post sparked reactions from followers and fans, with many sharing their thoughts and sentiments in response to her expression of gratitude.

    safinettemasta: “Your face look like you have lots of stress body language speak louder”

    mercyless_14: “Go court you the run you the call God go face May.Always trying to prove that you are not affected by what is happening, you are shameless tufia.”

    chinemerem_ex: “Better start disgracing ur self to create content, cos u see that 100 million , u and ur odiegwu don pay am finish”

    loven_hay: “So you people what is wrong with u ,y have u made this woman’s business as urs ,many of u Errh what u do at closed doors we all don’t know ,at least Judy has been able to come out as strong and fearless woman .what about u all that is judging her ,has May complained to any of u that she is being maltreated by her husband and judy ?you all commenting negatively may God see u all through ur depressed,bitterness and frustrated lives.Amen”

    emmanuellaezinne: “The first woman to be sue for adultery”

    eno_gifti: “She is secretly loved by many, But alot of people do not know . If she isn’t , please who are the people liking her post many are just scared to comment on her post , but she is loved …. You all are so quick to throw stones at her without looking at yourselves… Let who is of no sins judge this lady !!!!!”

  • Nigerians pressure Victor Osimhen to take €1m week offer from Saudi club

    Nigerians pressure Victor Osimhen to take €1m week offer from Saudi club

    Nigerian social media users have been advising Victor Osimhen to seriously consider Al Hilal’s tempting €1 million-a-week contract offer from Saudi Arabia.

    Many view this as a life-changing opportunity and suggest that Osimhen should follow in the footsteps of his Super Eagles teammate, Odoin Ighalo Hilal, who successfully embraced a similar deal.

    If Osimhen decides to join the Saudi Pro League side, he could potentially earn a staggering €52 million annually.

    Reports from Sky Sports reveal that Al Hilal has also offered €140 million as a transfer fee to Napoli.

    However, it appears that both the player and Napoli have rejected the offer, as per Italian outlet Il Mattino. Napoli is reportedly seeking a transfer fee of €150 million for Osimhen.

    Al Hilal’s interest in Osimhen comes after their unsuccessful attempt to sign Paris Saint Germain’s Kylian Mbappe.

    Nonetheless, the lucrative offer for Osimhen remains a significant proposition for the Nigerian forward and has sparked discussions on social media about his potential move.

    https://twitter.com/AfricaFactsZone/status/1686031837011869697?s=20
    https://twitter.com/AfricaFactsZone/status/1686031837011869697?s=20
    https://twitter.com/AfricaFactsZone/status/1686031837011869697?s=20
    https://twitter.com/AfricaFactsZone/status/1686031837011869697?s=20
  • Kenyan govt orders cryptocurrency project Worldcoin to stop signing up new users

    Kenyan govt orders cryptocurrency project Worldcoin to stop signing up new users

    The Kenyan government has issued an order to the cryptocurrency project Worldcoin, instructing them to halt the registration of new users due to data privacy concerns. Worldcoin, a venture founded by US tech entrepreneur Sam Altman, has been offering free crypto tokens to individuals who consent to have their eyeballs scanned.

    In response to this offer, thousands of Kenyans have been lining up at registration centers to avail themselves of the currency, which is valued at approximately $49 (£39).

    However, the Kenyan government has expressed caution and urged citizens to be wary of sharing their personal data with private companies. The Communications Authority of Kenya raised specific concerns, including the storage of biometric data, the exchange of money for data, and the potential risk of such vast amounts of data being in the hands of a private entity.

    In light of these concerns, the Ministry of the Interior has launched an investigation into Worldcoin’s operations. Additionally, they have called upon security services and data protection agencies to ascertain the legitimacy and legality of Worldcoin’s activities in the country.

    Many people were barred from participating in the registration process on Wednesday at one of the pop-up registration centers in Nairobi, the country’s capital, since the massive crowd was deemed a “security risk.”

    “I’ve been coming here almost three days to line up and register. I want to register because I’m jobless and I’m broke, that’s why I’m here,” Webster Musa told the BBC.

    “I came here yesterday. I waited until my phone died. So I came again today but I’ve missed the registration again. I really like Worldcoin because of the money. I’m not worried about the data being taken. As long as the money comes,” added Dickson Muli.

    Worldcoin says it cannot say how many people have had their eyeballs scanned in Kenya.

    It claims to be creating a new global “identity and financial network”.

    “We are creating the world’s largest identity and financial network as a public utility, giving ownership to everyone. And establishing universal access to the global economy regardless of country or background,” a statement on the Worldcoin website reads.

    The endeavor, according to Mr. Altman, who established Open AI and created the chatbot ChatGPT, aims to determine if a person is human or a robot. He adds that although it is unclear how, this might result in everyone receiving a universal basic income.

    The company maintains that it does not store any data. However, privacy experts express concerns that sensitive data collected from iris scanning could potentially fall into the wrong hands.

    The Office of the Data Protection Commissioner (ODPC) in Kenya has urged the public to exercise heightened vigilance when using Worldcoin’s services, emphasizing the need for the company to demonstrate proper safeguards in accordance with the Data Protection Act 2019.

    The Kenyan Capital Markets Authority (CMA) also voiced its worries regarding the ongoing registration process and informed Kenyans that Worldcoin is not regulated in the country.

    According to Kenyan law, individuals have the right not to have their personal information unnecessarily requested or disclosed.

    Mercy Mutemi, a digital rights lawyer, expressed that there are less intrusive methods to obtain the information that Worldcoin seeks. She suggested that simply proving one’s human identity could be achieved without resorting to such invasive measures.

    Worldcoin explained to the BBC that it chose Kenya as its first African launch country due to the thriving tech space in the region and the substantial number of Kenyans already engaged in cryptocurrency trading, totaling more than four million individuals.

    The platform has also been introduced in several other countries, including Indonesia, France, Japan, Germany, Spain, and the UK. Data protection authorities in some of these countries have already confirmed that they are investigating Worldcoin’s operations.

  • UN suggests South Sudan unprepared for elections

    UN suggests South Sudan unprepared for elections

    The UN mission in South Sudan has issued a warning, stating that the country is not adequately prepared to hold elections next year.

    Originally scheduled for December 2024, these elections would mark the first democratic exercise in the world’s newest country, which gained independence from Sudan 12 years ago.

    The prolonged and devastating civil war, along with a challenging peace process, has caused significant delays in conducting these crucial polls.

    According to Nicholas Haysom, the head of the UN mission, analysts believe that South Sudan has not yet put in place the required infrastructure necessary for conducting fair and credible elections.

    The current situation in the war-torn country raises concerns about the feasibility of holding elections as planned.

    The candid and honest observation of most analysts, observers and stakeholders, is that as it stands today, South Sudan is not yet ready for elections. But that elections could be held on schedule if there is adequate political will, a practical approach to the arrangements and commensurate resources are applied to achieving the benchmarks and the roadmap.”

    He further cautioned:

    “I don’t think the elections will have the effect they should have if they are not transparent, if they are not free and they are not fair.”

    “I don’t think the elections will have the effect they should have if they are not transparent, if they are not free and they are not fair.”

    “Quote Message: “Then, simply, they will provide a basis for more conflict. It’s really important that we establish proper foundations for the elections.”

    “Then, simply, they will provide a basis for more conflict. It’s really important that we establish proper foundations for the elections.”

  • Medical students fleeing Sudan war welcomed in Rwanda

    Medical students fleeing Sudan war welcomed in Rwanda

    In the aftermath of the outbreak of a civil war in mid-April, a group of medical students from Sudan found refuge in Rwanda, where they have been warmly welcomed to continue their studies.

    Their original campus at the University of Medical Sciences and Technology in Khartoum, Sudan, was overtaken and converted into a base by armed fighters amid a power struggle involving paramilitary forces and the army.

    Comprising 160 undergraduates, who were merely eight months away from completing their course, this group of students, predominantly consisting of women, has been provided with the opportunity to continue their education at the University of Rwanda.

    Along with their lecturers, they have been offered space at the Rwandan university, where they will also have the chance to gain practical experience by working in local hospitals.

    During a function in the Rwandan capital, Kigali, one of the students, Dina Abdalrahim Obaid, expressed the profound significance of the warm welcome they received in their new academic environment.

    “We are grateful to Rwanda that offered us refuge and opportunity to continue our studies.”

    Vice-chancellor of the Sudanese institution Prof. Mamoun Mohamed Ali Homeida emphasized how fortunate they felt, as many other students had left to other nations “with no chance to carry on their studies.”

    The scholar continued: “We requested to come to Rwanda because we hope that when the war is over, our country will need medics.”

    Didas Muganga Kayihura, the vice-chancellor of the University of Rwanda, acknowledged that while the students are in Rwanda, they will continue their Sudanese coursework while receiving training in neighborhood hospitals.

    According to officials, the student doctors were supposed to finish their training and then either go back home or, if violence persisted, be given the chance to serve in Rwanda or somewhere else.

    In 2021, a private girls’ boarding school relocated its pupils and staff to Rwanda after the Taliban seized power in Afghanistan and outlawed women and girls from pursuing higher education.

  • A 148% increase in profit recorded by FCMB B Group Plc

    A 148% increase in profit recorded by FCMB B Group Plc

    FCMB Group Plc has released its unaudited six-month results, revealing a strong positive financial performance across key indicators.

    During the period from January to June this year, the company experienced remarkable growth, reporting a 148% increase in profit before tax, which amounted to N38.2 billion.

    This significant surge is in contrast to the N15.4 billion recorded during the corresponding period in 2022.

    The diverse segments of the group demonstrated robust earnings growth during this period, with Banking Group showing an impressive 185.5% increase, Consumer Finance achieving 10.3% growth, Investment Management seeing a 53.3% rise, and Investment Banking experiencing a substantial 54.3% surge.

    Furthermore, FCMB Group’s gross revenue for June 2023 witnessed remarkable growth, reaching N238.2 billion, which represents an 88.7% increase when compared to the N126.2 billion generated during the same period in the previous year.

    This remarkable growth was largely driven by a 51.9% increase in interest income and a staggering 216.9% increase in non-interest income, showcasing the company’s strong performance and ability to capitalize on various opportunities in the financial market.

    Commenting on the half-year financial results, the Group Chief Executive of FCMB Group Plc, Mr Ladi Balogun, said: “We continue to leverage our unique Group structure to build a technology-driven ecosystem that fosters inclusive and sustainable growth in the communities we serve.

    “This strategy enables us to deliver robust performance despite the challenging domestic and global environment.

    “Barring unforeseen circumstances, this trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitization.”

  • Northern Ethiopia, Eritrea shaken by an earthquake

    Northern Ethiopia, Eritrea shaken by an earthquake

    On Tuesday evening, a 5.6 magnitude earthquake struck northern Ethiopia and the neighboring Eritrea.

    As of now, there have been no reports of casualties or significant damage.

    The earthquake was felt in various towns within northern Ethiopia’s Tigray region, including the capital, Mekelle, as reported by Tigray TV.

    Solomon Maesho, a senior Tigray official, mentioned that all districts near the Eritrean border experienced the tremors.

    The epicenter of the earthquake was located in the Eritrean town of Irafayle, according to Eritrea’s information minister.

  • Government has not received support from us in 2023 – BoG

    Government has not received support from us in 2023 – BoG

    An advisor to the governor of the central bank, Stephen Opata, has stressed that the Bank of Ghana has not given the government any kind of financing support for the fiscal year 2023.

    He claims that the Bank of Ghana’s decision will likely remain in effect till the present IMF program expires. He pointed out that it is a requirement of Ghana’s program with the Fund.

    Stephen Opata explained the action to reporters at a news conference on August 2, 2023, saying it is in line with a Memorandum of Understanding (MoU) for zero financing that the BoG and the government of Ghana signed.

    “The effort to rebuild equity has started following the signing of the MoU on zero financing to government but we recognize that maybe at some if government can do something about capital injection but probably this is not the time for that…instead we should focus on the three-year reforms under the IMF programme,” Mr Opata said.

    Before securing its 17th IMF deal, the Central Bank Governor, Dr. Ernest Addison, stated that both the Bank of Ghana and the Ministry of Finance had committed to completely financing the budget in 2023 and beyond.

    This decision is in line with prudent macroeconomic policies aimed at initiating a disinflation path and reducing the monetary policy rate.

    Speaking at the 60th-anniversary launch of the Institute of Chartered Accountants Ghana (ICAG), Dr. Ernest Addison emphasized that the Memorandum of Understanding (MoU) also aims to strengthen the country’s reserve buffers to cover at least 3 months of imports by the end of 2025.

  • Forex shortage causes 21% decline in Investor and Exporters turnover to $1.68bn

    Forex shortage causes 21% decline in Investor and Exporters turnover to $1.68bn

    In July 2023, amid the prevailing dollar scarcity in the economy, the volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the foreign exchange market experienced a significant 21% decline, dropping from $2.64 billion in June to $1.6 billion.

    Weekly data from FMDQ showed that turnover started at $417.33 million in the first week of July, declined by 6.4% to $390.59 million in the second week, increased by 6.05% to $414.24 million in the third week, and then decreased by 4.13% to $397.11 million in the fourth week.

    On the last day of July, the turnover stood at $67.21 million.

    Despite this decline in the I&E window, the naira appreciated by N12.31, reaching N756.94 per dollar by the end of July 2023, compared to N769.25 per dollar on June 30th, 2023.

    However, in the parallel market, the naira depreciated by N105, with the exchange rate rising to N870 per dollar by the end of July from N765 per dollar on June 30th, 2023.

    The sharp decline in turnover in the I&E window indicates that the forex reforms introduced by the Central Bank of Nigeria (CBN) on June 14th, 2023, have not yet translated into increased foreign exchange inflow into the country.

    However, the Acting CBN Governor, Mr. Ade Shonubi, has assured that the prevailing volatility of the exchange rate in the I&E window will soon be resolved, as the CBN will continue to intervene in the market to ensure stability.

    Addressing the press at the end of the meeting   of the Monetary Policy Committee, MPC in Abuja, Shonubi said:

    “ We have started intervening and we have been doing it for a while and we will continue to intervene to bring the market to the level that we believe it should be. Right now and in the short run these volatile times are expected but we expect them to moderate sooner rather than later.”  

  • Banks show commitment to restore economy to its pre-DDEP level by 2023 – Ghana Banking Study

    Banks show commitment to restore economy to its pre-DDEP level by 2023 – Ghana Banking Study

    Banks have shown their determination to rebuild the industry to its pre-Domestic Debt Exchange Programme (DDEP) level of financial soundness and regain a path of growth and profitability.

    The 2023 PwC Ghana Banking Survey indicates that the financial performance data reported in the first quarter of 2023 partially confirms that this journey has commenced.

    However, the banks acknowledge the need for internal improvements to strengthen their risk shields, enhance risk agility, and enable them to withstand potential future shocks similar to the impact of the DDEP.

    As they consider investments to increase their resilience, bank executives have highlighted key actions they would like to see from the government, economic managers, and the industry’s regulator to complement their own efforts.

    These actions include the government’s rapid implementation of the Ghana Financial Stability Fund and swift and rigorous policies to bring the country’s debt-to-GDP ratio to sustainable levels.

    Additionally, good macroeconomic and macro-financial sector management is sought to bring down interest rates, inflation, and currency depreciation to levels that encourage bank lending to the real economy, thus fueling economic growth.

    Lastly, apart from the Bank of Ghana, which is the industry’s regulator, the Ministry of Finance is urged to establish a permanent framework for regular or periodic dialogue with the banking sector.

    The survey highlights the impact of the DDEP on the performance of Ghanaian banks in 2022, expresses optimism among bank executives about their future performance, and acknowledges the necessity for adopting different approaches in the future.

  • Senegal blocks Tiktok over claims of threatening country’s stability

    Senegal blocks Tiktok over claims of threatening country’s stability

    Senegal has blocked TikTok, saying it’s threatening the stability of the country.

    The media reports that it’s an attempt to clampdown on critics using the platform.

    Senegal’s Minister of Communication Moussa Bocar, has announced that TikTok has been suspended because it is being used to propagate “hateful and subversive messages threatening the stability of the country.

    “The well-known social networking app was referred to as the “preferred network for people with malicious intent” by the speaker.

    The actions came a few days after fiery opposition politician Ousmane Sonko was detained and accused of a number of offenses, including inciting a riot.

    During demonstrations protesting the politician’s incarceration in the city of Ziguinchor, where he serves as mayor, three people were slain.

    Earlier this week, the minister issued an order temporarily shutting down mobile data, and telecom firms were instructed to follow it.

  • Senegal’s protests continue after crackdown by Sonko

    Senegal’s protests continue after crackdown by Sonko

    The interior ministry of Senegal has announced that it is taking measures to “preserve peace and tranquillity” as opposition protests continue in certain parts of the country.

    Small protests are ongoing in the capital, Dakar, as well as in Ziguinchor, where the opposition leader Ousmane Sonko serves as the mayor.

    These recent protests were sparked by the arrest of Mr. Sonko over the weekend and the subsequent dissolution of his party. He remains in custody and has initiated a hunger strike as of Sunday.

    The government, through Interior Minister Antoine Félix Abdoulaye Diome, declared the dissolution of Mr. Sonko’s party, Patriots of Senegal (Pastef), for inciting unrest during violent protests in Dakar last month.

    But Pastef says the Senegal’s stability “is now compromised, because the people will never accept this ultimate forfeiture of power against ‘the favourite’”.

    Videos on social networks showed demonstrators throwing stones at the security forces following the arrest and party dissolution.

    Mr Sonko has denounced his imprisonment, saying it is “on false grounds”. He is also waiting for the official notification about his party’s disbandment so he can fight it by “legal means”.

    It is the third time a political party had been banned in the West African nation since it gained its independence from France in 1960 – the others happened before multi-party democracy was introduced in the 1970s.

    Pastef’s supporters have accused President Macky Sall’s ruling party of trying to side-line his popular opponent, who came third in the 2019 presidential election, with trumped-up charges ahead of February’s vote.

  • Nigerians protest elimination of fuel subsidies

    Nigerians protest elimination of fuel subsidies

    In Nigeria, trade union members are staging protests against high fuel prices and inflation resulting from the removal of a fuel subsidy. Talks between the unions and the government failed to yield an agreement on Tuesday.

    Joe Ajaero, the head of the Nigeria Labour Congress, called on members to gather in their respective states and locations across the nation to express their collective resolve.

    In light of the protests, Police chief Kayode Egbetokun warned against violence and urged commissioners to deploy officers fully to ensure the safety of the protesters.

    President Bola Tinubu’s sweeping measures announced on Monday to mitigate the impact of the fuel subsidy removal, including conditional grants to at least one million small businesses, were deemed insufficient by the unions.

    The government justifies the lifting of the fuel subsidy, citing it as a measure to alleviate a government funding crisis, despite its popularity.

  • Jacob Zuma returns from Russian medical trip

    Jacob Zuma returns from Russian medical trip

    Former president of South Africa, Jacob Zuma, has returned from Russia where he was undergoing medical care.

    “The check-up and observations went well,” his foundation said in a statement.

    Following his loss in a case at the Constitutional Court last month, where he attempted to overturn a ruling to return to prison, former South African President Jacob Zuma traveled to Russia.

    The Constitutional Court found that Zuma had been unlawfully granted medical parole.

    The prisons department has now given the 81-year-old until Friday to provide reasons why he should not serve the remainder of his 15-month sentence.

    Zuma was released in September 2021, serving less than eight weeks, after being granted parole by the former head of the prison service, Arthur Fraser, who is considered an ally of Zuma.

    The former president was convicted of contempt for failing to cooperate with an anti-corruption investigation during his time in office.

    Additionally, Zuma faces a separate trial on corruption and fraud charges related to an arms deal in the late 1990s.

    According to the Jacob G Zuma Foundation, his return from Russia was also due to the upcoming private prosecution matter, scheduled to be heard in the Pietermaritzburg High Court on Friday.

  • Flights to well-known Ethiopian Christian towns halted due to fighting

    Flights to well-known Ethiopian Christian towns halted due to fighting

    Ethiopia’s Amhara region is witnessing renewed fighting between the army and local militias in multiple areas.

    The security situation in Amhara has been deteriorating since April, following the decision to disband the region’s state-backed paramilitary group. While some paramilitary members were integrated into the army and police, others are believed to have joined local militias that now feel Amhara is vulnerable to attacks from other regions.

    Clashes on Tuesday led to flight cancellations in the historic town of Lalibela, a UNESCO World Heritage site, with residents describing the violence as “intense.”

    Reports suggest that Amhara militias, known as Fano, have taken control of the airport, though this has not been independently verified.

    Fighting has also been reported in at least four other towns, with some residents describing the clashes as “heavy.” Protesters have been seen blocking roads to restrict the movement of troops.

    The army has confirmed its engagement in an offensive against armed groups in Amhara.

    The Amhara Association of America (AAA), an advocacy group, has expressed concern for the safety of civilians and confirmed clashes in several areas.

    Yilkal Kefale, the president of the region, stated that his office is open to resolving issues through dialogue.

  • Substantial losses under DDEP greatly impaired capitalization of banking sector – Fitch reports

    Substantial losses under DDEP greatly impaired capitalization of banking sector – Fitch reports

    The enormous losses imposed on bondholders under the Domestic Debt Exchange Programme (DDEP) have severely damaged the capitalization of the banking industry, according to rating agency Fitch.

    The restructuring of outstanding sovereign debt and potential loan quality issues, according to the UK-based company, will increase capital pressures.

    Fitch believes that domestic banks are primarily affected by solvency problems.

    “The restructuring of outstanding sovereign debt and impending loan quality problems will add to capital pressures. Fitch considers solvency issues to be concentrated at the domestic banks.

    It, however, said regional and foreign banks are better because of their strong buffers”.

    The UK-based firm previously projected that Ghanaian banks’ capital would experience significant weakening due to Ghana’s sovereign domestic debt restructuring.

    Fitch now estimates that the current account deficit will decrease to 0.8% of Gross Domestic Product (GDP) in 2023, down from 2.1% in 2022. This positive development is supported by the suspension of external debt service and improved terms of trade. In both 2024 and 2025, the current account deficit is expected to remain at moderate levels, standing at 2.1% and 1.9% of GDP, respectively.

    Furthermore, the capital account deficit is anticipated to stay at moderate levels in 2024 and 2025, in line with the improved terms of trade and suspension of external debt service.

    “A reduced current account deficit together with international financial institutions’ disbursements and external debt restructuring should enable accumulation of reserves over 2023-2025, reaching 2.8 months of current external payments by 2025, from 1.7 months in 2022.

  • FLASHBACK: GHS80b has been printed by Bank of Ghana in 2years – Isaac Adongo

    FLASHBACK: GHS80b has been printed by Bank of Ghana in 2years – Isaac Adongo

    Member of Parliament for Bawku Central, Isaac Adongo, has asserted that the Bank of Ghana (BoG) printed an amount surpassing the GH¢44 billion recently disclosed as the government’s budget financing.

    During a Good Morning Ghana interview on Monday, February 13, 2023, the MP stated that the figure mentioned by the BoG does not account for the additional money printed for the government in 2021.

    According to him, the central bank has printed nearly GH¢80 billion to fund the budget of the Nana Addo Dankwa Akufo-Addo government.

    “The situation is even worse than the GH¢44 billion, you know why. They use this method of securitisation. What they do is that at the end of the year instead of doing an overdraft that will be accumulating, they will violate the law by not repaying the money but rather transform it into a loan that will sit on the books in the name of the government.

    “We end 2021 will GH¢35 billion of central bank lending, so that is already sitting on the books of Bank of Ghana as total exposure to government at the end of 2021.

    “Then they start from zero in 2022 and it was GH¢44 billion at the end of the year. That one too will now be scrutinised to add to the GH¢35 that is already sitting there and it will now be almost GH¢80 billion that the government has borrowed from the Bank of Ghana,” he said.

    Isaac Adongo highlighted that despite the government injecting more money into the system, the economy is not improving due to the alleged embezzlement of funds by government officials.

    His remarks were in response to the central bank’s justification for printing over GH¢44 billion to finance the government’s 2022 budget, which exceeds the required threshold and necessitates parliamentary approval.

    The Bank of Ghana (BoG) claimed it had no choice but to support the government as its access to the International Capital Market was closed, and the domestic market was also facing challenges.

    In a statement issued on Thursday, February 9, 2023, the central bank stated that its actions were not in violation, as the Fiscal Responsibility Act, 2018, which had been suspended by the Ghanaian Parliament, had not been reinstated.

    The BoG’s statement came after facing heavy criticism from some Ghanaians following a Bloomberg report indicating that it printed GH¢41.9 billion for the government in 2022.

    Broadcaster Dr. Randy Abbey, in response to the Bloomberg report, expressed concern over the BoG’s conduct, stating that as the regulator of the country’s financial sector, it appears to be disregarding all the rules within the sector.

    “The level of seeming recklessness and lawlessness, and irresponsibility when it comes to the operation of the central bank and the lack of transparency is getting worrying,” he said.

  • TikTok operation halted amid Senegal’s protest

    TikTok operation halted amid Senegal’s protest

    Senegal’s Minister of Communication Moussa Bocar, has announced that TikTok has been suspended because it is being used to propagate “hateful and subversive messages threatening the stability of the country.”

    The well-known social networking app was referred to as the “preferred network for people with malicious intent” by the speaker.

    The actions came a few days after fiery opposition politician Ousmane Sonko was detained and accused of a number of offenses, including inciting a riot.

    During demonstrations protesting the politician’s incarceration in the city of Ziguinchor, where he serves as mayor, three people were slain.

    Earlier this week, the minister issued an order temporarily shutting down mobile data, and telecom firms were instructed to follow it.

  • Migrants in Barzil salvaged after 14 days at sea on ship’s rudder

    Migrants in Barzil salvaged after 14 days at sea on ship’s rudder

    Four migrants from Nigeria were saved by Brazilian federal police at this same minute after spending 14 days at sea on a ship’s rudder.

    The migrants were astonished to hear they had landed in Brazil instead of their intended destination of Europe after setting out from Nigeria.

    One of the migrants, Roman Giomene Friday, said “the journey was so dangerous… I would never try it again.”

  • Former president of Ivory Coast reported dead

    Former president of Ivory Coast reported dead

    The International media have reported that the former president of Ivory Coast, Henri Konan Bedie, has passed away at the age of 89.

    Mr. Bedie served as the country’s second head of state after the death of Felix Houphouet-Boigny in 1993.

    During his presidency, there were allegations of widespread corruption and an economic downturn, which eventually led to his ousting in a military coup in 1999.

    Despite being born into a relatively poor family, Bedie excelled academically and pursued higher education in France, where he earned a doctorate in economics.

    In recent years, he made attempts to return to power but was defeated by his long-time political rival, President Alassane Ouattara.

    The cause of Mr. Bedie’s death is currently unknown, and the nation is mourning the loss of this significant figure.

    Despite their political rivalry, he was widely regarded as a wise leader who advocated for peace and national unity.

    Many Ivorians are paying tribute to him on social media to honor his legacy.

  • Tanzania’s adherence to the economic reform plan is lauded by the IMF

    Tanzania’s adherence to the economic reform plan is lauded by the IMF

    Deputy Managing Director of the International Monetary Fund (IMF), Bo Li, left Tanzania with a clear commitment to aiding the nation in achieving its full potential for growth.

    Mr. Bo commended Tanzanian officials for their efforts in carrying out the nation’s economic reform.

    “I commended the authorities’ commitment to preserving Tanzania’s macroeconomic stability in a challenging global environment,” he said in a statement on August 1.

    “The authorities’ swift policy response helped contain inflation and safeguard the economy against spillovers from the war in Ukraine.”

    The International Monetary Fund (IMF) has urged Tanzanian authorities to implement tax reforms to boost domestic revenue mobilization. This move would create the fiscal space necessary to finance social spending and priority investments, particularly in human capital, through increased spending on education and health.

    In April, the IMF completed the first review of the Extended Credit Facility (ECF) program, resulting in the release of approximately $153 million for budget support. With this disbursement, Tanzania’s total access under the program reached around $304.7 million. The three-year program, amounting to $1.04 billion, was approved by the IMF board in July 2022, with an initial disbursement of about $151.7 million.

    Tanzania’s economic recovery from the pandemic has been affected by both spillovers from the war in Ukraine and domestic factors. Economic growth slowed to an estimated 4.7 percent in 2022 from 4.9 percent in 2021.

    However, the outlook for 2023 is more positive, with Tanzania’s economy expected to rebound to a growth rate of 5.2 percent. This recovery is attributed to the subsiding of global commodity price shocks and an improvement in the business environment.

  • 5 major multi-million dollar scandals Gabby Otchere has been fingered in

    5 major multi-million dollar scandals Gabby Otchere has been fingered in

    No government can completely protect itself against scandals, but how they are handled and who is involved when they do decide how much harm is done to the government.

    There have been a number of incidents involving Gabby Asare Otchere-Darko, the president’s cousin, in the New Patriotic Party (NPP), which is led by Nana Addo Dankwa Akufo-Addo.

    According to the most recent “scandal” being reported by a member of parliament for the opposition National Democratic Congress, Samuel Okudzeto Ablakwa, Gabby was trying to get the government to pay GH187 million for a contract that the NPP had previously opposed and that the current administration changed when it took office.

    To support the authority he holds, Gabby, who recently declared that he was not a politician despite being closely associated with the NPP, has been given the title of Prime Minister of Ghana.

    He was referred to by Ablakwa as the grand master of the government in his most recent book, the Kitchen Scandal.

    Below are some scandals in which Gabby or his interests have been cited:

    The Agyapa Royalties deal

    In 2020, the Ghanaian government proposed a plan to raise funds by offering shares of a company called Agyapa Royalties Limited on the London Stock Exchange.

    However, this proposal faced severe backlash from civil society groups and the opposition, who accused it of being a secretive and corrupt deal, benefiting politicians at the expense of the nation.

    In a subsequent development, veteran journalist Kweku Baako confirmed that Gabby’s firm had served as transaction advisors to the government in this unsuccessful deal. He further explained that a UK-based law firm acted as the main advisors for the deal, with Africa Legal Associates working on behalf of that firm.

    “It is not true that Gabby’s firm got US$2 million from the deal. It is not true that his firm is a beneficiary of US$2 million. It’s not even up to US$105,000. It is the main transaction advisor that paid Gabby. It is about US$103,000. It is not US$2 million”.

    The role of Osafo-Maafo’s son and Gabby Otchere-Darko has been one of the most significant issues to arise from the controversy surrounding the sale.

    PDS scandal

    In 2019, the government was compelled to terminate a concessionaire agreement with Power Distribution Service Ghana Limited (PDS) due to issues with the financial guarantee provided for the deal.

    The decision came as a result of the discovery of significant breaches in PDS’s obligation to provide payment securities (demand guarantees) for the transaction, which were detected during further due diligence.

    Critics have criticized the Akufo-Addo/Bawumia administration for not acting in the best interest of Ghana during the negotiation and signing of the power concession.

    Recent revelations indicate that certain influential individuals and associates within the current administration were allegedly planning to distribute the shares of Power Distribution Service Ghana Limited among themselves.

    Three individuals frequently mentioned in connection with these questionable dealings surrounding the PDS deal are Philip Ayensu, a board member of PDS, Edward Akufo-Addo (also known as Bumpty), who is President Nana Addo Dankwa Akufo-Addo’s blood brother, and Gabby Asare Otchere-Darko, the nephew of President Akufo-Addo.

    Ameri deal

    In 2018, Boakye Agyarko was dismissed from his position as the energy minister due to his involvement in an energy sector transaction. It happened within just a year of his appointment.

    Five years later, he has come forward to reveal that one of the reasons for his removal was the interference of Gabby Asare Otchere-Darko in the said deal, without his knowledge.

    During a widely circulated interview on Kumasi-based Asanteman FM, Boakye Agyarko alleged that Gabby Asare Otchere-Darko took it upon himself to renegotiate the Ameri deal without consulting the government’s committee assigned to handle the matter.

    When Boakye confronted Gabby about his actions, he was told to remain silent because President Nana Addo Dankwa Akufo-Addo was already aware of the steps taken by Gabby.

    Agyarko recalled receiving a call from Gabby while he was on a flight to the US.

    Frimpong-Boateng galamsey report

    The former environment minister Prof. Frimpong-Boateng referenced Gabby in a report that was leaked, claiming that Gabby’s legal services to a galamsey company had interfered with his work.

    Since then, Gabby has filed a defamation lawsuit, claiming that some of the professor’s assertions were false and had damaged his reputation.

  • Blackout in Niger blamed on coup sanctions

    Blackout in Niger blamed on coup sanctions

    In the aftermath of last week’s coup in Niger, major cities in the country are experiencing frequent power outages.

    The electricity company of Niger, Nigelec, has attributed these blackouts to Nigeria cutting off its power supplies to its northern neighbor.

    As a response to the coup, the Economic Community of West African States (ECOWAS) has imposed sanctions on Niger, but it remains unclear if these sanctions include restrictions on electricity supplies.

    Amidst the crisis, ECOWAS defense chiefs are holding a meeting in Nigeria to address the situation in Niger.

    Furthermore, West African leaders have given the military junta in Niger a one-week ultimatum to relinquish power or face the possibility of military intervention.

    In response to the escalating situation, some European countries are currently evacuating their citizens from Niger.

    Power supply in the cities of Niamey, Maradi, and Zinder has been disrupted, with residents experiencing one-hour power intervals followed by up to five hours of outage. Such power cuts are unusual in Niger, a country that typically enjoys regular and reliable electricity supply. The reason for these outages lies in Niger’s heavy dependence on its wealthier neighbor, Nigeria, as its primary source of electricity.

    The Transmission Company of Nigeria has chosen not to comment on the power cuts in Niger. However, an anonymous source revealed to the BBC that the supply was cut following a presidential directive issued on Tuesday.

    The military coup in Niger last week resulted in the overthrow of democratically-elected President Mohamed Bazoum by his own presidential guards. This led to the suspension of the constitution and the installation of Gen Abdourahmane Tchiani, the chief of the presidential guard, as the head of state.

    In light of the ongoing situation, the military government has announced the re-opening of Niger’s borders with Algeria, Burkina Faso, Libya, Mali, and Chad. However, its borders with Nigeria remain closed.

    A delegation from the Economic Community of West African States (ECOWAS) is currently holding a meeting in Niger as mediation efforts continue following the coup. The delegation is led by Nigeria’s former military head of state, Gen Abdulsalami Abubakar, who played a significant role in Nigeria’s transition from military rule to democracy in 1999. Nigeria’s most senior Muslim leader, the Sultan of Sokoto, Muhammadu Sa’adu Abubakar III, is also reportedly part of the delegation, and he holds substantial influence in Niger due to the historical ties between the two regions.

    In response to the political instability, evacuation flights have begun to transport European citizens out of Niger. Recently, 262 French citizens arrived in Paris. However, there have been anti-French sentiments in the country, leading to demonstrations against the former colonial power, with the French embassy being targeted.

    Despite the situation, France has no current plans to repatriate around 1,000 French soldiers stationed in Niger as part of their efforts to counter Islamist militants.

  • Government’s Affordable Housing units expensive – Dafeamekpor

    Government’s Affordable Housing units expensive – Dafeamekpor

    Member of Parliament for South Dayi, Rockson-Nelson Dafeamekpor, has expressed his disagreement with the pricing of the Pokuase Affordable Housing units launched by President Nana Addo Dankwa Akufo-Addo on August 1, 2023.

    According to Mr. Dafeamekpor, the figures presented by the government indicate that Ghanaians can construct more cost-effective homes.

    He emphasized that the prices of these housing units should align with their name, “Affordable Housing,” and should be reasonable.

    In a tweet shared on GhanaWeb Business, the South Dayi MP remarked, “As a people, we can build way cheaper than these unit figures quoted by Govt as the prices of the supposed ‘Affordable Houses’.”

    The Pokuase project encompasses 14,000 affordable housing units aimed at tackling Ghana’s housing deficit, developed by private developers.

    The pricing for the housing units is as follows:

    • Studio apartment: US$13,800
    • One-bedroom house: US$20,700
    • Two-bedroom house: US$34,500
    • Three-bedroom house: US$42,550

    While the prices are denominated in US dollars, buyers have the option to pay the equivalent amount in cedis based on the prevailing Bank of Ghana exchange rate.

  • Paul Kagame’s daughter appointed to presidency’s top strategy and policy position

    Paul Kagame’s daughter appointed to presidency’s top strategy and policy position

    Rwanda’s President Paul Kagame has appointed his 29-year-old daughter, Ange Kagame Ndengeyingoma, to a crucial department within his office.

    As per a communique issued by the Office of the Prime Minister, Ange will assume the role of “Deputy Executive Director, Strategy and Policy Council/SPC.”

    Having been part of the president’s office for approximately five years, Ange pursued her education abroad and had a relatively low profile during her childhood due to security and privacy considerations.

    She attended Dana Hall School, a private preparatory school in Wellesley, Massachusetts, USA.

    Later, Ange pursued her undergraduate studies at Smith College, where she majored in political science with a minor in African studies. She further obtained a master’s degree in international affairs from Columbia University.

    It is notable that President Kagame has appointed his children to significant positions, possibly with the aim of providing them valuable experience in handling government affairs.

    In 2020, Kagame’s eldest son, Ivan Kagame, was appointed to the board of the Rwanda Development Board, a critical government body focused on expediting the country’s economic growth by fostering private sector development.

  • YouStart: Over 26,000 people received assistance with their businesses

    YouStart: Over 26,000 people received assistance with their businesses

    The government’s YouStart initiative has benefited 26,626 people nationwide since it began last year, according to the Finance Minister, Ken Ofori-Atta.

    The initiative seeks to offer participants coaching and mentoring services, as well as tools and skills for investment preparation.

    “To equip participants with entrepreneurial skills, investment readiness tools as well as coaching and mentoring services under the YouStart initiative, 26,626 persons nationwide have received business advisory support services since its launch last year,” the minister said as he presented the 2023 mid-year budget review Monday, July 31, 2023.

    The National Entrepreneurship and Innovation Programme has also been active in providing funds to 30 Business and Innovation Hubs to support companies in local areas across the country.

    Each Hub is obliged to help 20 start-ups and can get up to $180,000 USD. The minister also disclosed intentions to assist 15 new Hubs in establishing their presence across the nation in the second part of the year.

    “We will continue to work with Participating Financial Institutions, National Entrepreneurship and Innovation Programme (NEIP) and Ghana Enterprises Agency (GEA) to provide soft loans and managerial skills for the setting-up of youth-led enterprises,” he added.

    In April 2023, the Hubs Acceleration Grant Program was introduced by the National Entrepreneurship and Innovation Programme with assistance from the Ghana Economic Transformation Project (GETP).

  • GUTA describes 2023 mid-year budget as empty

    GUTA describes 2023 mid-year budget as empty

    President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, has called the 2023 mid-year budget read in front of lawmakers on Monday, July 31, 2023, “empty.”

    He claimed that neither the high cost of doing business nor the high taxes paid on commodities were addressed by the government.

    Dr. Obeng continued by saying that the recent spike in utility prices was hurting the business community.

    Speaking in an interview on TV3’s Ghana Tonight programme, the GUTA President said, “The budget did not touch on the high cost involved in doing business, no revision on taxes, high interest rate and high inflation issues have not been solved. Inflation from 53% to 42% is not acceptable, nothing has changed, there is no new thing in the budget.”

    “Effects of the IMF and high exchange rate did not help; utility bills have gone up to 50% all these are not good for businesses,” he stated.

    Dr. Obeng advised the government to implement expenditure cuts to alleviate the financial burden on the country.

    Amidst the economic crisis, he expressed concern that Ghanaians were facing significant hardships and suggested that the government should implement more stringent measures to bring relief to the citizens.

    The mid-year budget review statement, presented by Finance Minister Ken Ofori-Atta, was a requirement under the Public Financial Management Act 2016. Its purpose is to update the Parliament and the public on the country’s economic progress and to outline any necessary adjustments to budgetary allocations and policies.

  • NPA closes Samba’s unauthorized gasoline stations of the NPP

    NPA closes Samba’s unauthorized gasoline stations of the NPP

    The National Petroleum Authority (NPA) has taken action against Mr. Mohammed Bantima Samba, the Northern Regional Chairman of the New Patriotic Party (NPP), by closing down two fuel stations that he owns.

    These fuel stations were allegedly being operated without proper licenses and were registered under the name Lilygold Energy Resources Limited.

    According to the NPA, the NPP Northern Regional Chairman was illegally selling petroleum products to the public, posing as Lilygold.

    Mr. Rashid Dawuda, the Northern Regional Manager of the NPA, addressed the media in Tamale and confirmed that his team had shut down the two fuel stations. The company’s license had been revoked as of October 2022.

    He cautioned the general public against conducting any further business with Lilygold Energy Resources Limited.

    “We are not shutting down the station because it belongs to the NPP chairman, the law is the law and no matter who you are if you are found operating any illegal station the necessary actions will be taken to stop the business.”

    The two fuel stations, according to Mr. Dawuda, will be flagged in their systems, and once that is done, the station won’t be able to accept any petroleum products from any depot across the nation.

  • Unnecessary delays in tax waiver approval hurting business – Chair of trade committee laments

    Unnecessary delays in tax waiver approval hurting business – Chair of trade committee laments

    Chairman of the trade committee in parliament, Carlos Kingsley Ahenkorah, is troubled by the delay in the approval of tax exemptions for businesses under the One District-One Factory (1D1F) plan by parliament.

    He bemoaned the fact that the scenario has forced some investors to leave the nation, calling it a “worrying and killing” situation for the economy.

    Following the presentation of the business statement for the upcoming week, Carlos Ahenkorah made these remarks on the floor of the legislature.

    “This House has deferred exemptions for One District-One Factory since 2021, which are still outstanding. We are going on another long recess, and there doesn’t seem to be any light at the end of the tunnel for these 1D1F companies. It is very interesting to note that because of such delays and hindrances, some industries are moving away from Ghana.

    “It is becoming a bit worrying, if not too worrying – especially on the part of the trade committee which is bombarded by these complaints from 1D1F companies almost on a daily basis.”

    The legislator’s anger was caused by the fact that the waivers were not taken into consideration by parliament before to the upcoming weeklong break. Currently, there are about 150 outstanding tax exemptions for businesses that were presented to the House and then sent to the committee for review to make sure that exemptions are granted on the basis of merit.

    Kwaku Agyemang Kwarteng, the chairman of the trade committee and the MP for ObuasiWest, stated that two years is an excessive amount of time to hold businesses and investors waiting to start projects before receiving waivers.

    He bemoaned the expenses these businesses would have to pay for demurrage and freight at the ports.

    “The finance committee has had that referral since 2021. Up till now, up till now nothing is happening. It is very funny for anybody to import containers into this country and let it sit in the ports for two years, paying demurrage and port freight.

    “Are you telling me that any investor in this country who has borrowed money from the bank should sit down for two years before they get the exemption to clear their goods from the ports? What are you doing to industry? You are killing industry,” he said.

    He added: “Government only has exclusive rights over the duties there on the cargo, but not the rent of containers on the real estate space that they occupy – the container proper which belongs to the shipping line that is supposed to use it to move cargo back and forth,” he said, urging the House to as a matter of urgency include the matter in the week’s agenda to be considered before the House rises.

    Contributing to the matter, Minority leader Cassiel Ato Forson noted it is not true that the finance committee has deliberately declined to consider the matter.

    “It is wrong for you to think that the finance committee has failed to sit on the referral. We sat on it and we brought it to this House. This House rejected those referrals and asked the finance committee of which I am a member to re-look and do further research into the matter, and that is why we have not been able to present the report yet.

    “We are talking about 150 tax exemptions for companies amounting to billions of cedis,” the Minority leader stated.

    Adaklu MP Kwame Governs Agbodza hinted that the committee is purposefully preventing the passage of tax waivers in support of the claim.

    He contends that tax exemptions should not be awarded merely on the basis of popular desire, but rather on the basis of merit.

    “Let me remind you that we have granted tax waivers to many companies which are actually not doing anything; so encouraging us to give tax waivers just because the people have demanded them is not right,” he further stated.

    Tax exemptions cost the economy GH27 billion between 2008 and 2020, which prompted lawmakers to approve the Tax Exemptions bill in July.

    According to Minister of Finance Ken OforiAtta, it establishes a tax exemption framework with clear eligibility requirements for exemptions and is predicted to save the economy GH460 million in 2022.

  • Prices released for govt’s Affordable Housing Project at Pokuase

    Prices released for govt’s Affordable Housing Project at Pokuase

    On Tuesday, August 2, 2023, the government initiated the National Affordable Housing Project with a groundbreaking ceremony at the Pokuase site.

    President Nana Addo Dankwa Akufo-Addo expressed that this project marks the first of its kind undertaken by his government since assuming office in 2017.

    The ambitious project aims to address Ghana’s housing deficit, which stands at around 2.0 million units, by providing a total of 14,000 affordable housing units to be developed by private developers.

    Under the plan, the Ministry of Works and Housing, along with the Affordable Housing Programme, will contribute 8,000 housing units at Pokuase/Amasaman in the Greater Accra Region and 6,000 housing units at Dedesua in the Ashanti Region.

    The Minister for Works and Housing, Francis Asenso-Boakye, highlighted the significance of this milestone in the government’s effort to offer safe, quality, decent, secure, and affordable housing for Ghanaians.

    Per reports, the prices of the housing units are denominated in US dollars but can be paid in the cedi equivalent at the prevailing Bank of Ghana exchange rate.

    To protect potential buyers, the private developers are prohibited from selling above the agreed price ceiling, but they do have the flexibility to sell the housing units below the set prices, providing even more affordable options for interested buyers.

    See the prices below:

    – A Studio apartment: $13,800
    – One-bedroom house: $20,700
    – Two-bedroom house: $34,500
    – Three-bedroom house: $42,550

  • Selling of Saglemi Housing project to a private developer approved by PPA

    Selling of Saglemi Housing project to a private developer approved by PPA

    The Public Procurement Authority (PPA) has granted approval for the appointment of a transaction advisor to facilitate the sale of the Saglemi Housing project to a private sector entity.

    This move came after a directive from Cabinet to the Minister of Works and Housing to explore the possibility of disposing of the project.

    The objective is to sell the project to a private sector entity at its current value, with the responsibility of completing the housing units and selling them to the public without any further cost to the government.

    To oversee and manage all the necessary engagements for the project’s completion, the Ministry of Works and Housing has formed a technical working group comprising representatives from various state and independent professional institutions.

    The Saglemi Housing project, originally planned to provide mortgage arrangements for 5,000 housing units to be sold to employees through the Ghana Home Loans Company, faced variations during execution, resulting in only 1,506 housing units being completed.

    President Nana Addo Dankwa Akufo-Addo emphasized the importance of transparency and ensuring value for money in executing the Cabinet’s directive.

    Valuable lessons learned from the Saglemi project have influenced the approach and execution of the new housing initiative.

    Acknowledging the delays and setbacks in the Saglemi Project, President Akufo-Addo revealed that issues regarding its scope of work and expenditure are under investigation by the criminal investigations division of the Ghana Police Service.

    To prevent further deterioration, the Ministry of Works and Housing has been actively engaging with Cabinet, the Minister of Finance, and the Office of the Attorney General.

    An additional $56 million will be required for completing offsite infrastructure works such as water, electricity, and storm drains to mitigate flooding. Moreover, $68 million is needed for finalizing the buildings and essential on-site infrastructure, including a waste holding bay, sewage treatment plant, and the development of socio-economic and civic infrastructure like a basic school, a clinic, and shops.

    The sale of the Saglemi Housing project to a private developer is expected to enable its completion and successful integration into the Revised National Affordable Housing Programme.

  • Govt disbursed US$2m to an Israeli firm for intelligence-related services – Bright Simons

    Govt disbursed US$2m to an Israeli firm for intelligence-related services – Bright Simons

    The government of Ghana allegedly paid an Israeli surveillance firm more than $2 million in 2021, according to Bright Simons, the Vice President of IMANI-Africa responsible for Research and Education.

    Simons claims that Rayzone, a company that specializes in espionage technologies, received more than $2 million from the government in the pretense of fighting cybercrime.

    “In the name of fighting cybercrime, the govt of Ghana paid more than $2 million in 2021 to an Israeli company, Rayzone, which specialises in tapping phones, snooping on people & advanced spyware. Recall that officials of the prev[ious] govt (government) were jailed for bungling a similar deal,” Bright Simons shared in a Twitter post on Tuesday, August 1, 2023.

    In the meantime, a Bloomberg report from May 2023 accused Rayzone Group of utilizing data intended for advertisers to aid law enforcement in tracking individuals using their mobile phones via a device called Echo.

    The private Israeli spy business allegedly used a flaw in a mobile phone network to enable their clients to monitor people all around the world, according to a report by the Bureau of Investigative Journalism and the UK Guardian.

    According to the study, Rayzone was able to “geolocate” mobile phone users all across the world by gaining access to a global messaging system.

    Data protection groups are alarmed by Rayzone’s actions because they believe the corporation is illegally assisting governments in invading the privacy of the general population.

  • Chelsea, Arsenal, Manchester United interest in Mohammed Kudus gains reaction from Chris Hughton

    Chelsea, Arsenal, Manchester United interest in Mohammed Kudus gains reaction from Chris Hughton

    Trainer of the Black Stars, Chris Hughton, holds a strong belief that Ghanaian international, Kudus Mohammed, would enjoy a successful career in the Premier League if he decides to move from the Dutch league to the English top-flight.

    In November 2022, Kudus Mohammed, who plays for Ajax, disclosed that he was very close to joining Everton during the previous summer transfer window.

    The Merseyside club was linked with a £15 million move for the talented Ghanaian player, whose exceptional performances had significantly increased his market value. During the 2022 FIFA World Cup in Qatar, Kudus impressed by scoring two goals for the Black Stars of Ghana.

    Hughton expressed that he was not surprised when he heard that Everton had shown interest in Kudus, as he personally believes that the player has great potential.

    During an interview with Talk Sports, Hughton commented, “He is a player of interest, and there is no doubt, and I know there was interest from Everton last season.”

    “I think he’s a player that will only show interest from Clubs. He’s young, has super ability, and can score. He also has that flexibility. There are that question marks about his best position at Ajax last season. Last season, he played predominantly on the right, left, and sometimes in midfield. Before that was very much as a team and he is a player that can do things on the ball particularly when the spaces are opened up in the games. He has the ability to surge the spaces and can score goals so no surprise about the interest. For me the most important thing is that he is playing”, he added.

    Despite missing out Champions League spot with Ajax at the end of the 2022/23 season, he managed to score 11 goals in 30 games for the Dutch giants.

    He has also been linked to Chelsea as the London club is reported to have weighed up £40 million for the Ghanaian star.

  • Less death of rhinos recorded in south Africa

    Less death of rhinos recorded in south Africa

    South African authorities, have reported that efforts to combat poaching have resulted in a decline in the number of rhinos slaughtered for their horns in the first half of the year.

    According to the environment ministry, 231 of the nation’s rhinos were murdered for their horns between January and June, which is a decrease of 28 over the same time last year.

    The environment ministry reports that combined efforts by South Africa’s law enforcement agencies, customs officers, and private security have resulted in some convictions for poachers.

    The endangered creatures, whose horns are still highly valued in China and Vietnam, are being killed by well-armed poaching gangs, but South Africa, Botswana, and Namibia continue to fight this battle.

  • Key political figures from Central, Western regions advocates for Ato Forson to become NDC VP

    Key political figures from Central, Western regions advocates for Ato Forson to become NDC VP

    To replace Jane Naana Opoku Agyemang as the National Democratic Congress’ running partner, Minority Leader Cassiel Ato Forson has the support of significant political and social groups in Ghana’s Central and Western Regions.

    The opinion leaders made up of paramount chiefs, parliamentary candidates, some constituency executives and serving MPs from the Central Region in particular say Cassiel Ato is a “true and proper representative of the interest and support” of the two regions, especially Central.

    “I can tell you on authority that he is the topmost NDC godfather figure in the region apart from Uncle Totobi who is from the old stock…” a serving MP told MyNewsGh.com under strict condition of anonymity.

    “His influence even touches Western region to some extent” He added.

    The MP said if the party wants to win the Central and Western Region while addressing the “economic hole” in the NDC, John Mahama must force Ato Forson to join the ticket and drop Jane Naana Opoku Agyemang.

    “She doesn’t have money. She doesn’t have any network. Even during the Primaries, she couldn’t support any Constituency in the region. As for programs anyone can attend but we need people with resources. I’m aware She didn’t bring even a kobo to the campaign. I don’t know of Accra but here I can tell you we didn’t see her.”

    According to MyNewsGh.com, the 44-year-old Member of Parliament for Ajumako Enyan Essiam Constituency, who hails from Ejumako Besease, along with the Regional Chairman, took on the responsibility of financing the party activities, including supporting parliamentary candidates during the 2020 elections and the recent parliamentary Primaries.

    As a result of the NDC’s disappointing performance in the 2020 polls, there is increasing pressure on the NDC flagbearer, John Mahama, to consider replacing Prof Jane Naana Opoku Agyemang as his running mate.

    Cassiel Ato Forson has emerged as a strong contender for this position, with some suggesting that there are other equally qualified individuals, surpassing the qualifications of the former literature professor.

  • Prevailing uncertainty in Niger serves as a gift to jihadists

    Prevailing uncertainty in Niger serves as a gift to jihadists

    Niger is currently facing a complex and challenging situation with no apparent favorable solutions. The West is at risk of losing its strategic counter-terrorism bases in the region, and any military intervention by Ecowas could potentially trigger a civil war.

    As the evacuation of French nationals proceeds, there are concerns about the subsequent abandonment of US and French military bases, leading to the withdrawal of their 2,500 troops involved in supporting Niger’s fight against jihadist insurgents.

    Amidst this uncertainty, it is evident that the population of Niger will not benefit. Although the presence of Western forces was not universally popular, the country received significant financial aid and military assistance, which has now ceased.

    The sudden appearance of Russian flags on the streets raises suspicions that Russia’s Wagner mercenary group might seize the opportunity to fill the void left by the departing troops.

    For jihadist groups like Boko Haram, al-Qaeda, and Islamic State, active in the Sahel region, this disruption and uncertainty serve as a strategic advantage, providing them with opportunities to exploit the situation.

  • Wizkid makes history surpassing 1b streams in UK, making history

    Wizkid makes history surpassing 1b streams in UK, making history

    Acclaimed Nigerian afrobeats musician, Wizkid, has achieved a remarkable milestone as the first African artist to be honored with the BRIT Billion Award. This prestigious award is presented to artists who surpass one billion digital streams in the UK.

    The announcement was made by the BRIT Awards on their official platform, X (formerly known as Twitter), following Wizkid’s recent electrifying performance at Tottenham Hotspur Stadium in London on a Saturday.

    Since his debut in 2011, Wizkid has risen to fame with a plethora of chart-topping hits, including tracks like “Essence,” “Ojuelegba,” and “Joro.” His remarkable talent has led to notable collaborations with renowned artists like Beyoncé, Drake, Tems, and Skepta, to name a few.

    In yet another historic achievement, Wizkid’s fourth album, “Made in Lagos,” earned gold certification in the United States in 2022, having sold over 500,000 copies. This milestone marks another groundbreaking feat for an African artist, solidifying Wizkid’s status as a true global icon in the music industry.

  • NHIA cuts backlog in claims payments to just 1 month

    The National Health Insurance Authority (NHIA) has recently disbursed an additional Ghs186 million cedis to accredited healthcare service providers. These payments, made on July 31, 2023, have significantly reduced the outstanding debt owed to these providers, now only covering one month.

    Prior to this recent payment, the NHIA had already disbursed GHs 471 million cedis to cover claims submitted up to January 2023. Going forward, the Authority now makes monthly payments to healthcare service providers whose claims have been vetted and approved.

    The promptness of these payments has boosted the confidence and trust of healthcare providers in the NHIA. To further improve efficiency and prudent resource utilization, the Authority is committed to achieving 100 percent electronic claims management by the end of 2023.

    In pursuit of eliminating wastage and enhancing accountability, transparency, and social auditing, the Authority introduced the ‘Sunshine policy’ platform in March 2023. Through this platform, suppliers of drugs and other stakeholders have privileged access to view payments made to deserving healthcare facilities on the NHIS website.

    This high level of transparency has been lauded as a critical innovation by healthcare managers and has reinforced the government’s confidence in the NHIA’s fiscal discipline. The NHIA remains dedicated to providing the best healthcare services to NHIS members while maintaining transparency and responsible financial management.

  • Ghana champions financing mechanisms to build resilience for climate change

    Ghana champions financing mechanisms to build resilience for climate change

    Ghana is leading efforts to transform the Climate Vulnerable Forum and the Vulnerable 20 Group (V20) of Finance Ministers into a permanent Inter-Governmental Organization.

    The primary goal is to advocate for a “Fair Share” Agenda, seeking appropriate financing for 29 adaptation, mitigation, and loss and damage measures.

    Additionally, the country aims to leverage its natural resources to raise carbon financing, accelerate climate action, and ensure that the 1.5-degree Celsius temperature threshold is not exceeded.

    Finance Minister Ken Ofori-Atta shared these objectives while addressing Parliament during the 2023 Mid-Year Budget Review.

    Currently, Ghana’s President chairs the Climate Vulnerable Forum, while the Finance Minister leads the V20 Group—an organization representing 58 countries with a combined population of 1.5 billion people, predominantly in climate-affected regions of the world.

    Mr. Ofori-Atta revealed that Ghana has already formulated a framework for the V20 Climate Prosperity Plan, designed to attract climate investments from the private sector.

    It is estimated that climate change could cost Ghana approximately 1.7 percent of its GDP annually by 2030 if not adequately addressed.

    To attract foreign direct green investments and benefit local businesses, the government is actively working to secure carbon financing that will support its Nationally Determined Contributions (NDCs) and fulfill its commitments under the Paris Agreement.

    “As part of our efforts to address loss and damage from climate change, Ghana, as one of the first pathfinder countries, launched the in-country process for Ghana’s participation in the Global Shield against Climate Risk and the Global Risk Modelling Alliance. 

    “These initiatives will enable us to assess quantitatively our climate risk, design solutions informed by the data and facilitate access to resources from the Global Shield,” noted Mr. Ofori-Atta.

    The government, in partnership with the Green Climate Fund, has established the Ghana Shea Landscape Emission Reduction Project (GSLERP) at an estimated cost of US$54.5 million. 

    The Project will focus on the Shea Landscape and will address the country’s efforts to reduce emissions from deforestation and forest degradation (REDD+).

    “Additionally, government is implementing the Ghana Cocoa Forest REDD+ Programme (GCFRP), which covers 5.9 million ha – 79% off-reserve, 21% on reserve – in seven regions. The programme will benefit 12 million urban and rural residents,” said Ken Ofori-Atta. 

    Ghana became the second African country after Mozambique to receive FCPF REDD+ payments in January 2023.

  • Debt restructuring: Ofori-Atta inhabiting a separate reality – Jinapor

    Debt restructuring: Ofori-Atta inhabiting a separate reality – Jinapor

    Former deputy minister John Jinapor, in charge of energy, claims that the government has not held talks with independent power producers (IPPs) despite their pledge that they will fight any move to restructure the US$ 1.4 billion debt owing to them.

    In spite of the challenges Ghanaians are going through during this economic crisis, he charged that the minister of finance, Ken Ofori-Atta, was out of touch with reality.

    Speaking on CitiFM’s Eyewitness news and monitored by GhanaWeb Business, Mr Jinapor said, “They [IPPs] have said earlier that they will not accept it and the Minister hasn’t even had the courtesy to meet them so he is living in a different world. He is missing all the targets.”

    On Tuesday, June 27, 2023, the Independent Power Producers made it clear that they would not accept any debt restructuring proposal from the government. The Chief Executive Officer of Independent Power Producers, Elikplim Apetorgbor, expressed concern that if the government fails to settle its debt amounting to US$1.4 billion, it could lead the country into a power crisis.

    Mr. Apetorgbor stated that his organization had previously informed the government of the need to pay at least 30 percent of the outstanding debt. The Independent Power Producers, which include Karpowership, Sunon Asogli Power Ghana Ltd, CenPower Generation, AKSA, Twin City Energy, and Cenit Energy, are responsible for about 65 percent of the country’s thermal power generation.

    He further highlighted that the Independent Power Producers have already faced challenges in making their first-quarter payments and expressed concerns about defaulting on their second-quarter payments if the government does not settle its dues.

    However, the Chief Executive Officer of Independent Power Producers clarified that they are open to considering a payment plan for the government to settle their arrears. Nevertheless, he emphasized that debt restructuring is not an acceptable option for resolving the outstanding payments.

  • 14,000 affordable housing projects unveiled by government for construction by private developers

    14,000 affordable housing projects unveiled by government for construction by private developers

    The Ghanaian government has initiated a large-scale affordable housing project aimed at addressing the country’s housing deficits. The project, involving 14,000 housing units, will be developed by private developers in collaboration with the Ministry of Works and Housing and the Affordable Housing Programme.

    Of the total housing units, 8,000 will be provided in the Pokuase/Amasaman area in the Greater Accra Region, and the remaining 6,000 will be located in Dedesua, Ashanti Region.

    Minister for Works and Housing, Francis Asenso-Boakye, emphasized that this project is a significant step towards granting Ghanaians access to safe, high-quality, decent, secure, and affordable housing options.

    During the launch of the project on August 1, 2023, the Minister stated, “We decided to undertake a comprehensive review of the public housing situation, leading to the development of a revised framework comprising two parts: the supply-side and the demand-side.”

    “On the supply-side, the government will provide free unencumbered land and associated infrastructure, after which the private sector will be invited to construct the housing units for its subsequent sale at an agreed selling price.

    “On the demand-side, the government, through the National Homeownership Fund under the Ministry of Finance, will provide subsidized mortgages for some of the completed housing units,” he said.

    As part of the project, the government has made arrangements to subsidize the housing units by providing land and infrastructure, effectively covering a significant portion of the construction cost. However, it is essential to note that the private sector will be responsible for financing the entire project.

    During the launch of the project, President Nana Addo Dankwa Akufo-Addo emphasized that this is the first housing initiative undertaken by the government since he assumed office. As a result, extensive feasibility studies have been conducted, encompassing assessments of environmental, social, property, and traffic impacts, as well as thorough analyses of housing stress and financial viability.

    In addition, the Ministry of Works and Housing, in collaboration with the developers, has engaged extensively with various Trade Unions, leading to their commitment to purchase the housing units. This collective effort aims to ensure that the housing project meets the needs and demands of the target population.

    “This strategic collaboration will help to ensure a steady demand for the housing units, which will contribute to the overall success of the programme,” he noted.

    Five developers comprising both local and international companies have been selected to participate in the programme.

    These are Rehoboth Propertes, State Housing Company Limited, Devtraco Group Limited, FrankPauls Ventures Company Limited and Douja Promotion Addoha Groupe Limited.

    The project is expected to be in two phases. The first phase comprises 4000 housing units to be constructed in 18 months with the remaining 4000 housing units to be completed in the second phase within the same time frame.

  • Europeans in Niger evacuated

    In the aftermath a presidential coup threw the West African nation into a political crisis that alienated its neighbors, France was ready to withdraw French and European people from Niger on Tuesday.

    The first evacuation plane was “airborne,” according to French Foreign Minister Catherine Colonna, but she did not say whether it was headed to or from Niger.

    The minister told French network LCI that France will remove “several hundred French and several hundred European” nationals who want to leave Niger, adding that she expects the operation will be finished in a day.

    The ministry said it would remove French and European citizens on Tuesday due to the “situation in Niamey,” where pro-military supporters rallied outside the French Embassy in the Nigerien capital to demonstrate against the country’s post-colonial influence.

    As reported by CNN, the French embassy in Niger has issued a message to French citizens in the country, providing instructions for those who wish to be evacuated. The message advises them to bring food and water with them while they await boarding for the evacuation.

    In response to the situation, Italy has also announced that it will offer a special flight to evacuate its citizens from Niamey, as stated by the country’s Foreign Minister Antonio Tajani on Tuesday. According to a spokesperson from the Italian Foreign Ministry, there are currently fewer than 90 Italian civilians and just over 300 military personnel in Niger.

    In the meantime, Burkina Faso and Mali have issued a joint statement expressing their stance on the matter. They have stated that any military intervention against Niger would be considered an act of war against them. This comes after other West African leaders imposed financial and travel penalties against the coup plotters in Niger.

    “All military intervention against Niger will be considered equivalent to a declaration of war against Burkina Faso and Mali,” the two countries said in a joint statement on Monday.

    The recent ousting of President Mohamed Bazoum on Wednesday has elicited mixed reactions from countries in the Sahel region, which have been grappling with the threat of militant extremism and its destabilizing effects on local governments.

    In response to the situation, the Economic Community of West African States (ECOWAS) issued a stern warning to the military junta on Sunday, demanding the immediate release and reinstatement of President Bazoum. The regional body made it clear that they would not hesitate to consider the “use of force” if their demands were not met within one week.

    To exert pressure on the coup perpetrators, ECOWAS imposed a travel ban and asset freeze on the military officials involved in the coup attempt, as well as on their family members. Furthermore, the ban extends to civilians who agree to participate in any institutions or government established by the coup leaders. This decisive action aims to send a strong message against any attempts to disrupt the constitutional order in the region.

  • Tanzanian women golfers to compete in ECA Challenge Trophy competition

    Tanzanian women golfers to compete in ECA Challenge Trophy competition

    Tanzania is one of the 11 countries whose golfers are set to compete in the upcoming East and Central All Africa Regional Challenge Trophy (ECA). This prestigious event is scheduled to take place in Kigali, Rwanda, in November.

    Joining Tanzania in the tournament will be lady golfers from Burundi, Kenya, Zambia, Malawi, Uganda, Ethiopia, Mauritius, Reunion, the Democratic Republic of the Congo (DR Congo), and the host nation, Rwanda.

    The ECA Regional Challenge Trophy was first introduced in 2009, and this year, the Tanzania Ladies Golf Union (TLGU) president, Queen Siraki, has announced that they have already begun preparations for the 54-hole stroke play competition.

    TLGU is proud to have a pool of talented lady golfers who they are confident will represent the country exceptionally well in Kigali and vie for the coveted trophy. Among the potential players in the provisional squad are notable names like Madina Idd, Vicky Elias, and Hawa Wanyeche.

    Each participating country will field four players in this championship, making it one of the most significant golf events in the region.

    “Tanzania has the best lady golfers who managed to shine in various events on the African continent. Most of them have experience and international exposure. We hope that they will perform well and make us proud,” she said.

    She stated that following a unique tournament to be hosted in Dar es Salaam, TLGU will reveal the roster for the event.

    After winning the Lugalo Ladies Open a few months ago, Neema Olomi of the Arusha Gymkhana golf club has already guaranteed herself a spot in the competition.

    A 54-hole stroke play competition between the teams is held over three days of 18 holes each. For each round, the top three gross scores are used to calculate each country’s score.

    The team competition is won by the nation with the lowest cumulative gross score after the first three rounds. The player with the lowest cumulative gross score throughout the three rounds is given an individual prize.

  • Bayern train without Sadio Mane Prior to Liverpool game in Singapore

    Bayern train without Sadio Mane Prior to Liverpool game in Singapore

    Prior to their exhibition match against Liverpool on Tuesday, Bayern Munich hosted an open training session at the Lioncity Sailors Training Center. However, their Senegalese forward Sadio Mane appeared to be missing.

    Mane, who has just revealed that he will join Al-Nassr after just one season at the German club, is absent from Bayern.

    The Bayern Liverpool game will be played at the Singapore National Stadium on August 2.
    Sadio Mané is anticipated to join Al Nassr and Cristiano Ronaldo in the next few hours after only a year of service in the colors of Bayern Munich, where things did not go well.