TIG Post

Author: Amanda Cartey

  • You don’t have the power to make decisions that will jeopardize the peace of this country – Ato Forson to EC

    You don’t have the power to make decisions that will jeopardize the peace of this country – Ato Forson to EC

    Minority Leader Dr. Cassiel Ato Forson has denounced the Electoral Commission (EC) for its recent actions, specifically the exclusion and subsequent reinstatement of political party agents during the current voter transfer process.

    Dr. Forson argued that the EC does not possess the autonomy to make such “outrageous and unwise” decisions.

    Addressing Parliament on Tuesday, June 11, he highlighted that the Minority will not allow the EC to make decisions that could endanger the country’s democracy.

    He urged Parliament to ensure the Electoral Commission is held accountable to maintain Ghana’s peace and stability.

    Dr. Forson emphasized the necessity of parliamentary oversight to prevent any actions by the EC that could compromise democratic procedures.

    Moreover, Dr. Forson revealed that the Minority will call for an urgent committee meeting to address these serious concerns with the Electoral Commission before they escalate.

    He called for swift action to resolve these issues and protect the integrity of the electoral process.

    “While we acknowledge that the Electoral Commission is an independent body, it must be pointed out in no uncertain terms to the Electoral Commission that it does not have the independence to make dangerous, ridiculous and outrageous decisions that can affect the peace and stability of our country and this democracy.”

    “It is therefore imperative that Parliament calls the Electoral Commission to order to save this democracy and protect the peace and stability of our dear country,” he stated.

    “Mr Speaker, the NDC minority caucus want to use this forum to demand an urgent committee of the whole to iron out these grave concerns with the Electoral Commission before it is too late,” he added.

  • Cedi weakens amid $500m drop in cocoa export revenue

    Cedi weakens amid $500m drop in cocoa export revenue

    Galamsey, climate challenges, diseases, and smuggling activities have led to a drop in cocoa export revenue by over $500 million in the first quarter of 2024 as Ghana’s annual production numbers continue to decline.

    The decrease, highlighted in the Bank of Ghana’s Summary of Macroeconomic and Financial Data for May 2024, comes as the cedi struggles against major trading currencies, losing more than 20% of its value against the dollar since the beginning of the year.

    The Bank of Ghana data revealed a significant decline in cocoa export revenue, falling from over $1 billion in the first quarter of last year to approximately $496 million this year, marking the lowest level in nearly nine years.

    According to a Bloomberg report, “the currency of the world’s second-biggest cocoa producer depreciated 0.2% to 14.9335 per dollar by the close of trading in Accra [yesterday], the lowest level since at least 1994 when Bloomberg began compiling the data.”

    The report also indicated that the current freefall of the cedi against the US dollar makes it “the fourth-worst performer among roughly 150 currencies tracked by Bloomberg worldwide, after the Egyptian Pound, Nigerian Naira, and the Lebanese Pound.”

    Cocoa in decline, cedi struggles

    Cocoa is a strategic commodity in Ghana and has been the backbone of its economy since the colonial period. When cocoa “coughs,” the Ghanaian economy catches a cold, especially its local currency, the cedi.

    Ghana’s smaller cocoa harvest in the 2023/24 season has impacted the country’s external payments position, as its trade surplus fell by more than half in the first two months, posing a risk to the exchange strength of the cedi, which has lost more than 20% against the US dollar.

    Recent data from the Bank of Ghana indicates that the West African nation’s trade surplus narrowed by 54% from a year earlier to $392.8 million for January–February 2024, and revenue from cocoa exports fell significantly.

    Ghana’s cocoa harvest in the 2023-2024 season, ending in September, is expected to be 650,000 to 700,000 tons versus an initial forecast of 850,000 tons, according to the Ghana Cocoa Board. However, industry insiders say adverse weather, disease, fertilizer shortages, and illegal mining activities in cocoa-growing areas could lead to yields falling below 500,000 tons.

    Additionally, increasing cases of bean smuggling to neighboring countries for higher prices could result in the world’s second-largest cocoa producer losing about 200,000 tons, impacting its ability to secure larger loans from the cocoa syndication program.

    The industry regulator, Ghana Cocoa Board (COCOBOD), recognizes that smuggling is significantly reducing its share of global cocoa production, dropping from 20% to 13%.

    The upcoming crop season looks challenging for Ghana, as illegal mining activities continue to threaten its projected yields. The sale of cocoa farmland to illegal miners, coupled with pollution and land destruction, jeopardizes Ghana’s cocoa yield for the 2024-25 season, potentially dropping below 400,000 tons.

    To secure its next cocoa syndicated loan, COCOBOD must assure investors of its ability to produce sufficient beans to match the target loan figure of $1.5 billion.

    This year, the regulator’s target was reduced from $1.2 billion to $800 million, providing beans for only $600 million—the remaining $200 million was canceled as COCOBOD couldn’t supply the beans to support it.

    For Ghana to secure more from next year’s syndication exercise than it did this year, it must demonstrate to investors that it can produce more beans in the upcoming season.

    Ensuring the necessary bean production will be challenging, and a reliable way to prevent the smuggling of an additional 200,000 tons next season is to increase the farm gate price. However, this would impose a significant fiscal burden on COCOBOD, which is already struggling to meet its current debt obligations.

  • AfDB forecasts Ghana’s inflation at 20.9% for 2024, with reduction to 11.1% in 2025

    AfDB forecasts Ghana’s inflation at 20.9% for 2024, with reduction to 11.1% in 2025

    Ghana’s inflation rate is projected to reach 20.9% by the end of 2024, according to the African Development Bank’s updated 2024 African Economic Outlook.

    This figure is higher than the previously predicted 17.4%.

    This indicates that inflation will remain beyond the Bank of Ghana’s target range of 8%±2.

    The AfDB cited several factors influencing this outlook.

    These include the impact of fiscal consolidation under the post-Covid Programme for Economic Growth, the ongoing effects of Russia’s invasion of Ukraine, restricted access to finance and foreign exchange, and global macroeconomic shocks.

    However, the bank noted that prudent macroeconomic management policies could help mitigate these risks.

    Additionally, the Consumer Price Index is expected to decrease to 11.1% in 2025.

    In the meantime, the average consumer price inflation across Africa is estimated to have risen by 3.0 percentage points to 17% in 2023, up from 14.0% in 2022.

    East Africa recorded the highest inflation at 26.5% in 2023, with Sudan leading at 245.3%. West Africa follows with the second highest rate at 20.3%, with Sierra Leone and Ghana at the top.

    The report highlighted that the increased inflation across Africa has undermined socioeconomic progress made prior to the COVID-19 pandemic.

    The rise in inflation is due to a mix of factors, including elevated local food prices caused by drought-induced domestic supply shortages, excess liquidity from fiscal and monetary policy measures implemented during 2020–21 in response to the pandemic, and the impact of currency depreciation against a robust US dollar driven by high interest rates in the United States.

    Inflation trends vary across different regions.

  • Nacee’s victory is equally my victory – Piesie Esther on losing 2024 TGMAs

    Nacee’s victory is equally my victory – Piesie Esther on losing 2024 TGMAs

    Piesie Esther expressed no disappointment “at all” over losing the Gospel Artiste of the Year award to Nacee at the recent Telecel Ghana Music Awards.

    The multiple award-winning singer shared this with Taller Dee on the No.1 Gospel Showbiz program on No.1 FM, 105.3.

    Emphasizing that she holds no resentment, she recalled, “last year, God blessed us” with that very honor.

    Noting that she and her team “are full of praise to God for how things went” on June 1, 2024, at the Grand Arena of the Accra International Conference Centre (AICC), she congratulated record producer and singer-songwriter Nacee on his victory, even though it was at her expense.

    Furthermore, according to Piesie Esther, since Nacee is “my sound engineer and my brother, I’ve equally won.”

    She underlined that her Nacee-produced megahit “Mo (Well Done)” is enjoyed by “families, churches, etc.,” She reiterated that she is not in the least disappointed in the TGMA board, academy, and general public’s decision at the 2024 edition.

  • Navigating the crypto seas: Ensuring safety when trading crypto in Ghana

    Navigating the crypto seas: Ensuring safety when trading crypto in Ghana

    In Ghana, trading cryptocurrencies is becoming increasingly popular, with more people joining the digital asset market. However, as they say, great trading also entails great responsibility. That’s the point where security and safety are important.

    Keeping their money secure from the wild crypto jungle is a primary priority as more and more Ghanaians join the crypto party. It resembles steering a smooth course with safety acting as your compass as the captain of your own cryptocurrency ship.

    Understanding the risks: The Wild West of crypto

    The markets for cryptocurrencies are similar to the financial rollercoaster in that they are quick, exhilarating, and sometimes nauseating. You may be riding the crypto wave one minute and then falling off quicker than a freefall ride the next.

    Outside, it’s like the Wild West. However, as any cowboy will tell you, you have to weigh the hazards before you ride. Thus, put on your risk hat and buckle yourself for the most exciting financial journey of your life before you jump into the world of cryptocurrencies.

    The Role of MACD in Crypto Trading

    When it comes to crypto trading, the MACD (moving average convergence divergence) indicator is a useful tool since it provides information on market trends and momentum shifts. When the MACD line crosses the signal line, it may be used to assist in identifying possible buying or selling opportunities.

    It consists of two moving averages and a histogram. Through the analysis of these signals, traders may navigate the ever-changing cryptocurrency market with confidence by making well-informed judgments.

    Choosing the Right Platform: Safety Starts Here

    Selecting the best cryptocurrency platform is similar to selecting your team for a heist—you need the people with the best security knowledge. It’s like trying to find your way through a forest of platforms. But worry not.

    Choose the ones that include encryption, two-factor authentication, and all the bells and whistles. It’s similar to installing an electric fence around your cryptocurrency garden to keep those annoying hackers out. Therefore, don’t accept anything less than Fort Knox-level security when it comes to platforms.

    Keeping Your Wallet Safe: Protecting Your Digital Assets

    Your cryptocurrency wallet protects your digital assets against cybercriminals, acting as your own personal Fort Knox in the virtual world. Hey, not every vault is made equal! Select wallet providers who have a good reputation for security.

    Additionally, offline storage or hardware wallets are options to consider if you truly want to secure your gains. It’s similar to locking down your cryptocurrency—no one can get past those virtual guards. Thus, maintain a good wallet game and even more digital wealth.

    Staying Vigilant Against Scams: Don’t Fall for the Tricks

    The sly plans of con artists hiding in the internet shadows becoming more prevalent as cryptocurrency trading gathers traction. They are always prepared to take your digital wealth when you least expect it, much like the Wild West’s swindlers.

    It all comes down to maintaining your sense of humor and being vigilant about potential scams. Consider it like dodgeball; if you can avoid the con artists, you’ll win each and every time. Thus, keep an eye out for any dubious offers and keep in mind that, when it comes to cryptocurrency, it’s better to be cautious than sorry.

    Seeking Professional Advice: Don’t Do It Alone

    Getting some expert advice is like discovering a treasure map for inexperienced traders or those who are lost in the cryptocurrency jungle—it will guide you to the cryptocurrency riches. Speak with cryptocurrency experts or financial wizards who can provide you with individualized advice depending on your investment style and risk tolerance.

    You can navigate the digital mountains with the ease of a sherpa, making sure you don’t take any false turns and arrive at the peak of cryptocurrency. Now that you have your guide, get set to navigate the crypto wilderness like a pro.

    Diversifying Your Portfolio: Spread Your Risk

    Not only is diversification a great way to invest, but it’s also your key to success in the cryptocurrency market. Mix things around like a party DJ rather than putting all your money on one bright coin. To maintain your portfolio as fiery as a chilli pepper, diversify your assets across many cryptocurrencies.

    It’s like having a smorgasbord of possibilities; you may nibble on certain days and feast like a king on others. Hey, at least this crypto rollercoaster trip won’t leave you hungry.

    Monitoring Market Trends: Keep Your Finger on the Pulse

    Keeping up to date is like having X-ray vision in the wild, wild world of cryptocurrency trading; it allows you to see through the noise and identify the precious nuggets. Watch social media and newsfeeds for the most recent rumors on anything from technological advancements to regulatory tremors. Being one step ahead of the game is akin to being the crypto equivalent of Sherlock Holmes. Now, prepare to ride the waves of opportunity like a great surfer by keeping an eye on the cryptocurrency grapevine.

    Closing Remarks: Navigating the Crypto Seas Safely

    Maintaining the security of your assets is similar to defending your wealth from cyber-criminals as cryptocurrency mania sweeps over Ghana like wildfire. But do not be alarmed, fellow explorer!

    You may navigate the crypto waters like a seasoned captain by equipping yourself with information, selecting the appropriate tools, and avoiding those cunning schemes. It’s like being courageous, daring, and always one step ahead.

    Source: GNA

  • Strengthening the Ghanaian cedi: Strategies and measures

    Strengthening the Ghanaian cedi: Strategies and measures

    As the Ghanaian cedi faces ongoing challenges, a multifaceted approach is essential to stabilize and strengthen the currency. Here are key measures that can be implemented to achieve this goal:

    Monetary Policy Adjustments

    The Bank of Ghana (BoG) plays a crucial role in stabilizing the cedi through effective monetary policies:

    Interest Rate Management: Adjusting interest rates to control inflation is vital. Higher interest rates can help curb inflation and attract foreign investment, bolstering the cedi.

    Foreign Exchange Reserves: Building robust foreign exchange reserves provides a buffer against currency volatility and boosts investor confidence.

    Fiscal Discipline
    Maintaining fiscal discipline is fundamental to economic stability:

    Budget Management: Reducing budget deficits and government debt through prudent spending and efficient revenue collection is critical.

    Tax Reforms: Implementing effective tax collection systems and broadening the tax base can increase government revenues without overburdening any single sector.

    Economic Diversification
    Diversifying the economy reduces dependence on a few sectors:

    – Export Promotion: Encouraging exports beyond primary commodities such as cocoa and gold to include manufactured goods and services can enhance foreign exchange earnings.

    – Agriculture and Industry: Investing in agriculture and industrialization to increase productivity and value addition stimulates economic growth and reduces import dependency.

    Enhancing the Investment Climate
    Creating a favourable investment climate attracts both domestic and foreign investors:

    Regulatory Reforms: Streamlining regulations, combating corruption, and ensuring political stability are crucial for attracting foreign direct investment (FDI).

    Infrastructure Development: Improving infrastructure, including transportation, energy, and communication, enhances business operations and attracts investments.

    Trade Policy Reforms
    Adopting balanced trade policies can boost the cedi:

    Favorable Trade Agreements: Negotiating trade agreements that open up new markets for Ghanaian products can boost exports.

    Import Substitution: Encouraging local production to reduce imports can help save foreign exchange and strengthen the cedi.

    Financial Sector Strengthening
    A stable financial sector is essential for economic stability:

    – Banking Sector Reforms: Strengthening the banking sector through better regulation and oversight ensures financial stability and enhances confidence in the local currency.

    – Access to Credit: Expanding access to affordable credit for small and medium-sized enterprises (SMEs) can spur economic activity and growth.

    Engaging the Diaspora
    Leveraging the Ghanaian diaspora can bring substantial benefits:

    Remittances: Encouraging remittances through official channels increases foreign exchange inflows.

    Diaspora Investments: Offering incentives for diaspora investments in local businesses can boost economic activity.

    Technological Adoption
    Embracing technology can drive economic growth:
    Digital Finance: Promoting digital financial services and mobile money enhances financial inclusion and reduces transaction costs.

    Conclusion
    Implementing these measures requires coordinated efforts from the government, the Bank of Ghana, and other stakeholders to create a stable and conducive environment for economic growth and currency stability. By addressing both macroeconomic policies and structural reforms, Ghana can pave the way for a stronger and more resilient cedi.

    Sources:
    – Bank of Ghana
    – World Bank reports on Ghana
    – International Monetary Fund (IMF) recommendations for Ghana
    – Economic analyses from local financial institutions

  • Bawumia announces rollout of cocoa farmers’ pension scheme when he becomes president

    Bawumia announces rollout of cocoa farmers’ pension scheme when he becomes president

    Dr. Mahamudu Bawumia, the presidential candidate of the New Patriotic Party (NPP), has declared that the pension scheme for cocoa farmers will be launched this year.

    During his visit to Kumasi as part of a three-day tour of the Ashanti region, Dr. Bawumia conveyed to the farmers that the database of cocoa farmers has been compiled, and the Ghana Cocoa Board (COCBOD) has confirmed the commencement of the scheme within the current year.

    The objective of the pension scheme is to furnish cocoa farmers with retirement benefits, ensuring financial stability during their later years.

    Dr. Bawumia also addressed the necessity for the government to reassess the cocoa spraying program to optimize its benefits for the farmers and enhance the distribution of agricultural inputs.

    Furthermore, he highlighted that the government has been guaranteeing that farmers receive 78 percent of the global cocoa price, underscoring the administration’s dedication to enabling farmers to reap the rewards of their labor.

    At the gathering, several cocoa farmers advocated for further increases in cocoa prices and urged the government to escalate its efforts against illegal mining (galamsey) activities, which are causing harm to their farms.

  • Record low for Ghana’s cedi due to surge in dollar demand for imports

    Record low for Ghana’s cedi due to surge in dollar demand for imports

    Ghana’s cedi fell to a record low as businesses increased their demand for dollars to import fuel, pharmaceuticals, and other fast-moving consumer goods.

    The currency of the world’s second-largest cocoa producer depreciated by 0.2% to 14.9335 per dollar by the end of trading in Accra, the lowest level since at least 1994 when Bloomberg began recording the data.

    Since the start of the year, the cedi has declined by 20% against the US dollar, ranking it as the fourth-worst performer among approximately 150 currencies tracked by Bloomberg globally, following the Egyptian Pound, Nigerian Naira, and the Lebanese Pound.

    Ghana’s gross international reserves increased to $6.6 billion in April, the highest in over 19 months, according to Bloomberg data.

    The central bank has been actively managing these reserves to ensure market stability, including direct interventions to meet the foreign exchange needs of specific companies, thus easing the pressure on commercial banks.

  • CDD-Ghana advocates for a rise in mineral royalty disbursements to mining districts

    CDD-Ghana advocates for a rise in mineral royalty disbursements to mining districts

    The Center for Democratic Development (CDD-Ghana) has restated its call for an increase in mineral royalties allocated to mining districts.

    Despite Ghana’s abundant resources, communities where minerals are extracted are notably underdeveloped.

    According to Emmanuel Yeboah, a Research Analyst at CDD-Ghana, the current allocation of mineral royalties to mining communities is insufficient, leading to development gaps.

    Speaking at a stakeholders’ meeting in Obuasi to review the CDD report on the Mining Districts Development Scorecard, Mr. Yeboah noted that the 20 percent royalties paid, combined with delays in fund disbursement, hindered meaningful development projects in affected districts.

    He urged the Government, the Ministry of Lands and Natural Resources, the Minerals Commission, the Ghana Revenue Authority, and other stakeholders to consider increasing the share of mineral royalties allocated to these districts to address the development disparities in mining communities.

    According to the CDD, the Obuasi Municipal ranked sixth in the latest 2023 Mining District Development Scorecard (MDDS) league table, scoring 35.4 out of 100 points, below the MDDS overall score of 38.4 points.

    This indicates significant governance issues in the Municipality’s management and utilization of mineral royalties.

    The Mining District Development Scorecard, supported by the Ford Foundation, aims to monitor mineral revenue utilization in mining districts in Ghana, promoting transparency, accountability, and better social and human development outcomes.

    The project seeks to empower communities and enhance their involvement in natural resource governance for improved sub-national development in Ghana.

    Obuasi’s score was only higher than Asutifi North District and Prestea-Huni Valley Municipal in the MDDS ranking.

    Mr. Yeboah highlighted that the Municipality performed poorly in two key MDDS areas: the effectiveness of local management committees and the efficiency of mineral development fund utilization.

    He said, “across all the five major components of the MDDS, the Obuasi Municipal scored an average of ‘ very good’ in 10 out of 12 subcomponents that were assessed and scored using administrative data sources prepared by the Assembly.”

    He further noted that the study identified inadequate fiscal transparency as one of the obstacles facing the Assembly and the local mining committee.

    Dr. Amina Achiaa Asiedu Amoah, Chairperson of the Local Mining Committee of the Obuasi Municipality, assured that the committee would enhance its efforts to raise awareness among the public regarding its activities.

    She also advocated for an increase in mineral royalties allocated to the districts to accelerate development in mining communities and fund the operations of the LMC, including public outreach programs.

    Mr. Ali Tanti Robert, Executive Director of the Center for Social Impact Studies, urged the Obuasi Municipal Assembly to expand its public engagement initiatives to provide an account of the utilization of mineral royalties to the public.

  • Cedi depreciation slows as foreign exchange demand declines

    Cedi depreciation slows as foreign exchange demand declines

    The Ghanaian cedi’s steadiness against major foreign currencies is anticipated to persist this week, following a decline in demand for foreign exchange.

    The local currency regained ground against the dollar, pound, and euro in the previous week.

    It recorded a 1.01% increase against the US dollar, reducing its year-to-date depreciation to 18.01%. Similarly, the cedi recovered 2.36% and 3.12% against the pound and euro, respectively, on a week-on-week basis.

    Gradually, the cedi is establishing stability against key trading currencies after enduring several challenging weeks.

    The initiatives implemented by the Bank of Ghana have been instrumental in supporting the local currency.

    Following the resolution of significant issues, Ghana and its official creditors concluded negotiations on the restructuring of the $5.4 billion debt.

    The country is nearing the finalization of a memorandum of understanding with the creditors. This agreement will pave the way for approval from the International Monetary Fund (IMF) regarding the second review, leading to the release of $360 million under the $3.0-billion Extended Credit Facility (ECF) later this month.

    Analysts anticipate that this injection of funds, combined with contributions from other multilateral partners, will enhance foreign exchange liquidity and contribute to the stability of the cedi.

    Cedi still ranked 4th worst performing currency in Africa

    In 2024, the cedi remains among Africa’s poorest performing currencies, as per Bloomberg’s rankings.

    Bloomberg highlighted that the cedi has experienced approximately a 20.0% depreciation since the start of the year.

    Samantha Singh-Jami, an African strategist at Rand Merchant Bank, linked the cedi’s decline to strong demand for dollars from oil importers, the pharmaceutical industry, and FMCG firms.

    “Despite recent attempts to strengthen foreign exchange reserves, market liquidity constraints persist,” she remarked.

    Currently, at the forex bureaus, one dollar is trading for roughly GH¢14.92.

  • Oil inches up on expectations of increased fuel demand during summer

    Oil inches up on expectations of increased fuel demand during summer

    Oil prices inched higher on Monday, driven by anticipated growth in fuel demand this summer, though gains were constrained by a stronger dollar, which was bolstered by diminishing prospects of immediate interest rate cuts.

    Brent crude futures rose by 15 cents, or 0.2%, to reach $79.77 per barrel by 0644 GMT, while U.S. West Texas Intermediate crude futures increased by 0.1%, or 10 cents, to $75.63 per barrel.

    On Friday, data revealed the U.S. added more jobs than anticipated last month, prompting investors to lower their expectations for rate cuts, which in turn bolstered the dollar. A stronger dollar makes commodities priced in dollars, such as oil, more expensive for holders of other currencies.

    The euro also faced pressure, reflecting uncertainty in the eurozone after French President Emmanuel Macron called for snap legislative elections in late June, following a significant defeat by Marine Le Pen’s far-right party in the European Union vote.

    “Regarding Macron and the elections, it does create another layer of uncertainty, coming after the upside surprise in U.S. non-farm payrolls, which saw yields scream higher,” Tony Sycamore, a Sydney-based analyst at IG, said.

    Currently, attention is directed towards the upcoming meetings of the U.S. Federal Reserve and the Bank of Japan this week, with concerns regarding the possibility of more hawkish outcomes, according to Sycamore.

    “That will likely create more angst among some of the member states of OPEC+ as to when they can return their cuts back to the market, given the negative reception this proposal received last week post the OPEC+ meeting.”

    Brent and WTI experienced their third consecutive weekly decline last week amid worries that the Organization of the Petroleum Exporting Countries and allied nations, collectively known as OPEC+, plan to gradually ease production cuts starting in October, potentially adding to the growing global supply.

    This announcement occurred simultaneously with an increase in total commercial OECD crude and product inventories on land, estimated at 48 million barrels in May by energy consultancy FGE, compared to an average build of 30 million barrels during 2015-2019.

    Analysts and traders anticipate that summer vacation demand will decrease inventories and bolster prices.

    “We continue to expect the market to firm up and crude prices to reach mid-$80/bbl levels as we move into 3Q 2024, but it will likely need a convincing signal of tightening from preliminary inventory data,” FGE said.

    Goldman Sachs analysts expect Brent to rise to $86 a barrel in the third quarter.

    “We expect that healthy consumers and solid summer demand for transportation and cooling will push the market into a sizable Q3 deficit of 1.3mb/d.”

    In the U.S., Washington stepped up purchasing of crude oil to replenish the Strategic Petroleum Reserve after prices fell. Last week, U.S. energy firms cut the number of oil and natural gas rigs operating to the lowest since January 2022, energy services firm Baker Hughes (BKR.O) said on Friday.

    In the Middle East, Iraq’s Oil Minister Hayan Abdel-Ghani said there has been progress in talks with Kurdistan region officials and representatives of international companies operating there for a deal to resume oil exports via the Iraq-Turkey oil pipeline that once handled about 0.5% of global oil supply.

  • Africa Data Centres, Onix Data Centre join forces to strengthen resilient digital hubs in Ghana

    Africa Data Centres, Onix Data Centre join forces to strengthen resilient digital hubs in Ghana

    Africa Data Centres and Onix Data Centre have strategically joined forces to broaden their data centre footprint in West Africa, particularly in Ghana.

    The collaboration seeks to improve digital infrastructure, support data sovereignty across borders, offer value to African businesses and enterprises, and enhance performance through locally hosted data.

    Regional Executive for West Africa at Africa Data Centres, Dr. Krishnan Ranganath, speaking at a brief ceremony in Accra on June 7, 2024, stated that the partnership will utilize innovative technologies and sustainable practices.

    He noted that Africa possesses a unique potential that can be unlocked through technology, with the adoption and investment in modern digital infrastructure akin to those used by global tech giants like Google and Facebook.

    “It is crucial for Ghana to have its own data servers rather than relying solely on foreign data servers. Through this collaboration, we have the technical capabilities to provide effective data services, making the Ghanaian market more valuable for investors,” Dr. Krishnan Ranganath said.

    “Our partnership with Onix Data Centre allows us to leverage innovative technologies and sustainable practices, enhancing our ability to effectively serve the West African market,” he added.

    Dr. Ranganath stressed that the data centres would enable small and medium businesses to utilize cloud-based solutions, reducing storage needs and costs for more efficient operations.

    Onix Data Centre’s Chief Executive Officer, Yen Choi, highlighted that the partnership will enhance resilience by decreasing reliance on international submarine cables and ensuring continuous service during interruptions.

    “We’re really excited about this partnership opportunity. Onix Data Centre is the most renowned Tier 4 data center in the region, and we only succeed through partnerships. Partnerships at all levels with other data centers, network service providers, and system integrators. We are very excited about this,” he said.

    “Because it’s a big step towards the digital transformation journey of every country, especially Ghana. And we are seeing this with the first customer, which is UniCloud. It shows that digital transformation is not waiting for anybody,” Choi concluded.

  • Ghana’s progress tied to engineering and industrialization – Prof. Boateng

    Ghana’s progress tied to engineering and industrialization – Prof. Boateng

    Ghana’s ambition to leverage the African Continental Free Trade Area (AfCFTA) for accelerated development can only be realized through a focus on engineering and industrialization, stated Professor Douglas Boateng, an international chartered director and industrial engineer.

    He emphasized that the country requires appropriate technologies and solutions to initiate local production of goods and services and to become a significant player in the industrial and commercial sectors both in Africa and globally.

    Professor Boateng made the call at the Ghana Institution of Engineering (GhIE) inaugural lec­ture on the theme: ‘Engineering, Industrialisation, AfCFTA and Strategic Sourcing: The Inextrica­ble Links,’ in Accra, last Thursday.

    The event was attended by members of the GhIE, Senior Presidential Advisor Yaw Osafo-Maafo, and a diverse segment of the public.

    Prof. Boateng emphasized the necessity of supporting engineers to enable them to address societal and industrial challenges.

    He asserted that engineering should be central to the nation’s development, facilitating the production of machinery to process the country’s mineral and natural resources into finished goods.

    Prof. Boateng pointed out that countries like the US, UK, China, Japan, Germany, and South Korea developed primarily through engineering and encouraged Ghana to follow their example.

    Consequently, he proposed that the Ministry of Trade and Industry be reoriented to become the Ministry of Industrialization, Commerce, and Development.

    Prof. Boateng remarked that the current structure of the ministry does not effectively promote industrialization, leading to subpar outcomes in engineering, commerce, and development.

    He stressed that engineering should be integral to long-term planning and development, highlighting its crucial role in economic transformation.

    Prof. Boateng said “the GhIE should be supported to produce local solution and technologies to promote industrialisation of the country.”

    He stated that the country could not continue exporting its material and mineral resources in their raw state, lamenting that this practice was a major cause of unemployment and pressure on the Cedi.

    The President of the GhIE, Mr. Kwabena Bempong, remarked that the lecture’s topic was not only timely but also crucial, as it is central to Africa’s industrial and economic transformation.

    He highlighted that engineering has been a cornerstone and foundation of industrial development, emphasizing that through innovative engineering solutions, the country can overcome its challenges, optimize its resources, and drive sustainable growth.

    Mr. Bempong mentioned that Africa is on the brink of a new era of growth and development, and AfCFTA offers unprecedented opportunities to leverage collective strengths and resources.

    “I have said that if we do not take the opportunity that AfCFTA provides to us in terms of the 1.5 billon population of our continent to produce, then we will have to remain net consumers leading huge imbalances in our trade with the world,” he stated.

  • Cedi to reach GHS15.91 per dollar by end of 2024 – IC Securities

    Cedi to reach GHS15.91 per dollar by end of 2024 – IC Securities

    Research firm IC Securities has forecasted that the Ghanaian Cedi will depreciate to GH¢15.91 against the US dollar by year-end.

    IC Securities attributed the revision from their initial projection of GH¢13.2 to the current macroeconomic conditions.

    The firm observed that the Bank of Ghana’s modification of the Cash Reserve Requirement (CRR) had minimal effect on decreasing local currency liquidity, as banks shifted their maturing securities into CRR holdings.

    IC Securities also mentioned that the settlement of contractor arrears led to an increased supply of Cedis in the forex market, exacerbating the pressure on the currency.

    The firm remarked, “Following the unexpected cut in the policy rate by the Bank of Ghana in January 2024, we indicated our deferred inclination to raise our forecast for the US dollar-Ghana cedi FX (foreign exchange) rate as we foresaw strong selling pressure on the local currency. Our decision to delay the revision of our forecast until mid-year was based on expected program-related inflows and the final tranche of the cocoa syndicated loan for the 2023/24 season.”

    “While these inflows could trigger a short-term retracement, we anticipate continued hedging by domestic investors as we approach the December elections, which will likely offset any inflow-induced appreciation. Consequently, we have raised our forecast for the end-2024 US$/GHS rate to GH¢15.91/US$1,” the research firm explained.

    Presently, the local currency, the Cedi, is trading at GH¢15.60 to the dollar at various forex bureaus.

    IC Securities indicated that around $2.3 billion is anticipated to flow into the country in the latter part of 2024.

  • Akufo-Addo commends Attorney General’s effort in delivering Justice

    Akufo-Addo commends Attorney General’s effort in delivering Justice

    President Nana Addo Dankwa Akufo-Addo has specifically lauded the Attorney General, General Yeboah Dame, during the formal inauguration of the recently finished Law House, a 12-story edifice intended to offer contemporary and effective workspaces for the Office of the Attorney General and the Ministry of Justice.

    “This occasion marks a significant milestone in the development of our legal sector… I commend the Attorney General and his team for their hard work and dedication to modernising the legal service,” the President stated.

    The Law House, which took about 23 years to finish, features state-of-the-art facilities such as offices, conference rooms, libraries, and a canteen.

    Addressing attendees at the inauguration event in Accra, President Akufo-Addo stated, “We overcame numerous challenges, including delays and procurement issues, to ensure the building’s completion.”

    However, The Law House according to Attorney General Godfred Yeboah Dame, “represents a giant step towards realising the dream of a modern public legal service consisting of 12 storie, ten stories above ground and a two-tier basement for a car park, a model for efficiency of the use of public land.”

    During his keynote speech, the Attorney General affirmed his dedication to modernizing the legal service, highlighting the necessity for an operational, digitalized work environment.

    He announced plans to operationalize an integrated information management system and establish a modern electronic law library. As he noted, “We cannot have a modern legal service without a fully functional digitized working environment… A complete electronic management of all records at the office is non-negotiable.”

    He also highlighted the need to strengthen the office’s litigating capacity, particularly in international arbitration and cases in foreign courts and tribunals. He noted that the State has achieved significant success in international arbitrations, emerging victorious in all awards given in the past four years.

    He stated, “We have shown that when given the opportunity, the black man is capable of managing his own affairs.”

    “The commissioning of the Law House marks a significant milestone in the development of the legal sector in Ghana. The Attorney General’s vision for a modern public legal service is seen as a crucial step towards enhancing the quality of legal service delivery in the country.

    “In addition to the good number of offices for state attorneys, it boasts of a vast conference room, a canteen, two libraries, rooms for pupils, interns and researchers, kitchenettes, and a big space on the 10th floor for parties.

    “The Attorney General’s facilities include a conference room that can seat about thirty people, two specific suites for two deputy Attorney Generals, a study and a room for their assistants,” General Yeboah Dame stated.

  • I will help my ex-wife’s children if I have to – Odartey Lamptey

    I will help my ex-wife’s children if I have to – Odartey Lamptey

    Former Ghanaian footballer Nii Odartey Lamptey has opted not to hold his ex-wife Gloria Appiah’s conduct against her children.

    He expresses fondness for them thus ready to provide them with assistance if the need be.

    During an interview with Dan Kwaku Yeboah, Odartey Lamptey mentioned that the three children, who were later revealed not to be his own, should not face repercussions for their mother’s actions, and he holds no animosity towards them.

    Regarding his bond with them, Odartey Lamptey disclosed that he ceased all interactions with them following the advice of his legal counsel.

    Nevertheless, he maintains a profound affection for them and harbors no ill will, as he believes they were not involved in the marital difficulties he encountered.

    “I have never met them since the issue arose, but if one day I find myself in a position to offer them help, I would do it. They are innocent, and I have nothing against them. My lawyers advised me to stay away from them, so I have not seen them since,” he said.

    Odartey Lamptey also recounted his immediate response upon receiving the DNA test results.

    He remembered that, in the midst of intense emotions, he considered grabbing a firearm from his car but quickly reconsidered, understanding that any action involving the gun would have exacerbated his situation, signifying a pivotal moment in his crisis management approach.

    “When the issue occurred, I wanted to use my gun, which was in my Tundra. However, I decided not to do anything that would jeopardize my life, so I didn’t use it. I was heartbroken, but I remained patient, and that has led me to where I am today. I believe it was God who spoke to me, prompting me not to use my gun. It used to be in my Tundra, but I decided never to touch the gun again,” he explained.

    Odartey Lamptey went on to elaborate on how he dealt with the situation by throwing himself into his work, which served as a useful distraction from the ordeal.

    “I firmly believe that as a man, you need to be devoted to your job. When the issue happened to me, I would listen to recordings I made on my phone. If you don’t engage with your job, you’ll lose it and everything else you’ve focused on,” he said.

    About Odartey Lamptey’s divorce saga

    Odartey Lamptey’s marriage to Gloria Appiah ended in 2013 after a DNA test showed that the three children he had raised were not his biological offspring.

    Lamptey recounted that friends suggested he conduct a DNA test on the children after he received numerous recordings concerning his ex-wife’s activities.

    The DNA test proved to be a pivotal moment, leading to their divorce.

    Following the divorce, the footballer relinquished his 5-bedroom house in Dome and paid GHC400,000 in alimony to his ex-wife.

    Gloria, however, sought the seven-bedroom East Legon Mansion and won a lawsuit that required the footballer to vacate the house within an hour, resulting in her taking possession.

    In March 2022, a High Court ruling mandated Gloria Appiah to return the keys to the East Legon mansion to the former Ghanaian football star within a month.

    He has since married Ruweida Yakubu, with their union beginning in 2014. Odartey and Ruweida have three children together: two girls and a boy.

  • The Global Fund warns of terminating aid to Ghana due to delayed clearance TB, malaria medications

    The Global Fund warns of terminating aid to Ghana due to delayed clearance TB, malaria medications

    The Global Fund has issued an urgent ultimatum to Ghana regarding TB and malaria medications that arrived last October, demanding immediate clearance.

    Despite government assurances, a portion of the shipments remains trapped at the port, posing a risk of expiration.

    In April, the Ghana Revenue Authority (GRA) announced it had obtained tax waivers to facilitate clearance after lengthy delays.

    However, demurrages and third-party charges have accumulated to seven million cedis, necessitating payment.

    This outstanding debt has resulted in over 118 containers being held at the port.

    Samuel Hackman, representing the Global Fund Coordinating Mechanism Secretariat, highlighted the impact, not only on the $45 million worth of commodities but also on Ghana’s relationship with the Global Fund.

    “It is as bad as it was two months ago because the issue has not been fully resolved. This issue we are referring to is part of the $45 million commodities that were procured by the Global Fund under the GC Six Ghana, and part of it has still been held at the port. It’s very worrying. And it’s also denting the relationship that we have with the Global Fund as a country.”

    “They have stated categorically to us that they would have done that earlier but for the long-standing relationship they would want to hold on and see the promises that we have put on the table and whether we will be able to fulfil them or not, and it is within a specified time that we need to do that or count ourselves out.

    The Global Fund needs to explain this to its donors and the management of the fund need to explain this to their boss. And so nobody wants to find himself doing this kind of communication which does not bring anything, so I can assure you that if these commodities are not taken out of the port in time and in time means now, then communication will be received from the Global Fund.”

    Meanwhile, medical facilities nationwide grapple with severe scarcities of vital medications, notably tuberculosis drugs, attributable to the port congestion.

    Ernest Amoabeng Ortsin, President of the Ghana HIV and AIDS Network, emphasized the pressing nature of this concern.

    “It is true that we have run out of stock for TB medications. It is also true that the Global Fund has indicated that it is going to cut ties with us as a country. When it comes to treatment for these two diseases, HIV and TB for example, if you are on medication and you stop, your body develops a resistance. So later on, when you go back to the medication, it doesn’t work. It will mean that you need to be taken unto a second line of medications which are even more expensive.”

    “These are medicines that the government of Ghana is not even procuring. They are being given to us for free and yet we simply cannot take them from our port. It is baffling.”

  • I used to collect salt, pepper and coins as gifts from people when I go out to sing – Atongo Zimba

    I used to collect salt, pepper and coins as gifts from people when I go out to sing – Atongo Zimba

    A Ghanaian artist, Atongo Zimba, has reminisced about his little beginnings as a budding musician striving to survive.

    He mentioned that he had to perform on the streets, graciously receiving whatever individuals offered him—be it spices, coins, or even bills.

    During his appearance on E Vibes with Becky, he recounted that after each tiring day, which typically commenced at 6am and closed at 6pm, he would gather his earnings in his instrument case and turn to painkillers to alleviate his exhaustion.

    “Some people gave me pepper, salt, coins and anything that they had on them. I did not have a choice so by the end of the day, if you give me salt and pepper, I had a bag by my side which I put inside and the coins and the notes go into my instrument. If I start by 6 o’clock in the morning and close by 6 in the evening, I will need paracetamol to sleep because I was tired” he said.

    The E Vibes program aims to stir reminiscences by delving into the backdrop of the interviewees and their ascent, the experiences they garnered en route to success, with the aspiration that their distinct narratives will influence the younger cohort.

    E Vibes diverges from conventional interviews, offering a meticulously crafted platform for engaging with chosen figures.

    Since its inception in November 2020, the show has showcased prominent figures from the realms of music, cinema, and politics, courtesy of the dynamic Becky, who effortlessly “got the Vibes.”

  • Furious Keta residents urge IGP to probe demise of neighbour in police custody

    Furious Keta residents urge IGP to probe demise of neighbour in police custody

    A family, supported by fellow residents and a youth association in Keta in the Volta Region, is urging the Inspector General of Police (IGP) to investigate the circumstances surrounding the passing of a community member, Jerry Kpesenu.

    Jerry Kpesenu reportedly passed away while in the custody of the Keta police following his arrest.

    The collective asserts that the deceased was mistreated and unlawfully killed due to his refusal to comply with police directives.

    During a press briefing on Monday, June 10, spokesperson for the youth group, Forceman Doe William, stated, “Our immediate plea is for the IGP to promptly, as an urgent measure, suspend, I reiterate and emphasize, suspend the officers involved.

    “Set up a five-member committee to include an appointed member from the deceased’s family and another from the Keta youth, and we request an independent autopsy in a highly professional pathology centre in Ghana at the cost of the police,” he said.

    Press-Statement-on-MAYA-DeathDownload

    Mr. William contended that had the authorities summoned the deceased to the police station in a respectful manner, he would still be alive today.

    As reported by the Daily Graphic on June 6, the individual in question prevented their tenant from installing an air conditioner in their rented space, asserting that the tenant required their consent to proceed.

    This resulted in a heated confrontation between them, prompting the tenant to report the incident to law enforcement.

    The family spokesperson recounted that two law enforcement officers, one in uniform and the other in plain clothes, arrived at his residence and commenced assaulting him before escorting him to the Keta Divisional Police Command, where he purportedly succumbed to the inflicted mistreatment.

    Nevertheless, law enforcement authorities maintain that the 45-year-old individual fell ill while under detention and was swiftly transported to the Keta Municipal Hospital, where he was pronounced deceased upon arrival.

  • Ghana’s technological ecosystem assessed at $2.6 billion in 2023 – Report

    Ghana’s technological ecosystem assessed at $2.6 billion in 2023 – Report

    The 2024 Global Startup Ecosystem Report offers insights into the primary startup ecosystems worldwide, emerging trends, and the significant challenges confronting entrepreneurs.

    This comprehensive report is the result of extensive research and analysis conducted on data obtained from 4.5 million startups across 300 global ecosystems.

    It draws upon over a decade of independent research experience and advisory services provided to more than 160 economic and innovation ministries as well as public/private agencies in over 55 countries.

    According to the report, Ghana’s tech ecosystem was valued at $2.6 billion from 2021 to 2023.

    Additionally, the report highlights the average tech exit value ($70 million) and the total venture capital funding ($331 million).

  • Matilda Amissah-Arthur narrates her armed robbery attack incident

    Matilda Amissah-Arthur narrates her armed robbery attack incident

    Matilda Amissah-Arthur, wife of former Vice President Paa Kwesi Amissah-Arthur has narrated her recent armed robbery incident at her residence.

    According to her, because she sleeps without locking her door, an armed rubber made his way into her room in the early hours of 5 December 2024.

    She said the armed rubber made away with he expensive gold watch and huge sums of money after threatening to shoot and kill her.

    In the early hours of 5th December, an armed rubber entered my bedroom. When I sleep I don’t lock my door. Because my children say if something happens to you and you’ve locked your door you will die. And because they are doctors, I obeyed them. I don’t lock my door. Sop I sleep with my lights off. But the least thing can wake me up. So I felt my lights were on. I woke up to put my lights off and there was a figure all black with just the eyes, and with a gun that said, “dont move. You move and I will shoot you.” Infact I thought I was dreaming. So I sat on my bed, rub my face just to be sure that I wasn’t dreaming. And there he was standing there. He says “If you shout and somebody comes I will kill them and kill you.” So I was sitting on my bed and he said, “give me your money”

    The armed robber demanded money, and Mrs. Amissah-Arthur complied, handing over $2400 meant for renovating her mother’s house, €50 of her own money, and all the cedis she had in her purse.

    Being Unsatisfied with the money he was given, the thief demanded gold and jewelries.

    But she explained that she rarely wears jewelry but eventually recalled and handed over a gold watch, necklace, and earrings to him.

    “He got angry. He turned my room upside down, and of course, he didn’t find money or any jewelry. And then he said, ‘You wasted my time, so I will kill you. But I have to call my boss.’ By this time, he had dragged me from the bed and was hitting my head on the ground,” she narrated.

    “He spoke on the phone for a couple of minutes and said, ‘My boss says I should shoot you, but I won’t shoot you, I will strangle you so that you’ll die a slow death and next time you come, you’ll have money.’ So he started strangling me.”

    Mrs. Amissah-Arthur recounted the horrifying experience as the robber choked her to the verge of losing consciousness.

    She recalled that at one point, she asked for water, and strangely, the robber fetched some but only allowed her a brief sip before resuming the assault.

    “I got thirsty at some point and I said, “I am thirsty.” He actually stopped strangling me, went to my fridge for water, opened it, and put it in my mouth, just when I started drinking he snapped it, closed it, and continued strangling me,” she said.

    Throughout the ordeal, Mrs Amissah-Arthur said she prayed fervently, asking for God’s mercy not only for herself but also for her attacker.

    “When you are in the valley of the shadow of death, and an armed robber is holding a gun to your head and strangling you and you are choking, there is nothing you can do. But I realised the one thing I can do is call my God. Not just to help me, but to help him,” she recounted.

    Eventually, the former Second Lady passed out and she experienced a profound vision.

    According to her, she found herself walking through beautiful streets and gardens, more stunning than any she had ever seen.

    In this serene place, she filled a basket with flowers until she felt a hand on her wrist and heard a voice saying, “It is time to go.”

    Miraculously, she survived the attack.

    Meanwhile, law enforcement authorities have apprehended Yahuza Osumanu in connection with the incident and numerous other robberies in Airport, Cantonments, Tesano, and Ridge, all within Accra.

    Yahuza Osumanu entered a plea of not guilty to 26 charges of robbery and money laundering.

    The defendant has been refused bail and remains in custody.

    Watch the video below:

  • He gave me water to drink, and continued strangling me – Matilda Amissah-Arthur on harrowing robbery experience

    He gave me water to drink, and continued strangling me – Matilda Amissah-Arthur on harrowing robbery experience

    Matilda Amissah-Arthur, the widow of the late former Vice President Paa Kwesi Amissah-Arthur, has shared a harrowing account of a robbery and near-fatal attack in her bedroom during the early hours of Tuesday, December 5, 2023.

    In her testimony, the former Second Lady recounted that on that dreadful night, she was startled awake by the lights in her room. When she opened her eyes, she was confronted by a masked man wielding a gun.

    The intruder, clad in black with only his eyes visible, commanded her to stay still or he would shoot.

    “I thought I was dreaming. So I sat on my bed and rubbed my face just to be sure that I wasn’t dreaming. And there he was,” she recounted.

    The armed thief demanded cash, and Mrs. Amissah-Arthur complied, giving him $2400 set aside for her mother’s house renovation, €50 of her personal funds, and all the cedis she had available.

    Unsatisfied, the thief insisted on gold and jewelry. She explained that she rarely wore jewelry but eventually recalled and handed over a gold watch, necklace, and earrings.

    “He got angry. He turned my room upside down, and of course, he didn’t find money or any jewelry. And then he said, ‘You wasted my time, so I will kill you. But I have to call my boss.’ By this time, he had dragged me from the bed and was hitting my head on the ground,” she narrated.

    “He spoke on the phone for a couple of minutes and said, ‘My boss says I should shoot you, but I won’t shoot you, I will strangle you so that you’ll die a slow death and next time you come, you’ll have money.’ So he started strangling me.”

    Mrs. Amissah-Arthur recounted the horrifying moments when the robber choked her nearly to the brink of unconsciousness.

    She remembered that at one point, she requested water, and oddly, the robber brought some but only permitted her a brief sip before continuing the attack.

    “I got thirsty at some point and I said, “I am thirsty.” He actually stopped strangling me, went to my fridge for water, opened it, and put it in my mouth, just when I started drinking he snapped it, closed it, and continued strangling me,” she said.

    During the ordeal, Mrs. Amissah-Arthur prayed fervently, seeking God’s mercy for both herself and her assailant.

    “When you are in the valley of the shadow of death, and an armed robber is holding a gun to your head and strangling you and you are choking, there is nothing you can do. But I realized the one thing I can do is call my God. Not just to help me, but to help him,” she recounted.

    Eventually, the former Second Lady lost consciousness and had a profound vision.

    She described walking through beautiful streets and gardens, more breathtaking than anything she had ever seen.

    In this tranquil place, she filled a basket with flowers until she felt a hand on her wrist and heard a voice saying, “It is time to go.”

    Miraculously, she survived the attack.

    Meanwhile, the police have arrested Yahuza Osumanu in connection with this incident and several other robberies in Airport, Cantonments, Tesano, and Ridge, all in Accra.

    Yahuza Osumanu pleaded not guilty to 26 counts of robbery and money laundering.

    The accused has been denied bail and remains in custody.

  • Mining sector repatriates $4.2bn to Ghana – Report

    Mining sector repatriates $4.2bn to Ghana – Report

    Mining companies sent back over US$4.2 billion to Ghana, amounting to slightly more than 1.4% of the repatriation value in 2022.

    This information is from the 2023 mining report by the Ghana Chamber of Mines.

    A total of $2.7 billion was routed through local banks, marginally less than the $2.73 billion transacted in 2022.

    In 2022, approximately $1.41 billion was transferred through the central bank, with 2023 seeing a slight rise to $1.5 billion.

    “On the whole, the Chamber’s producing member companies repatriated US$4.2 billion into the country through commercial banks and the Bank of Ghana in 2023.”

    Compared to their mineral revenue of US$5.9 billion in 2023, the repatriated funds from the Chamber’s producing member companies represent 71.3% of their foreign exchange earnings.

    This the chamber describes as “a marginal reduction from the previous year’s outturn of 73%.”

    In 2023, the producing member companies sold $716.97 million to the Bank of Ghana through the forex purchase initiative. This arrangement grants the bank the first right to buy any forex above the MSR that mining companies release to the forex market.

    Additionally, the amount of gold sold to the central bank under the Domestic Gold Purchase Programme (DGPP) increased from 93,799 ounces in 2022 to 447,492 ounces in 2023, marking a growth rate of 377.1 percent.

    Furthermore, data from the Bank of Ghana indicates that revenues from mineral exports rose from US$6.8 billion in 2022 to US$7.8 billion in 2023.

    “The 15 per cent growth in mineral revenue was ascribed to the increase in proceeds from the export of all minerals, except manganese”

    Mineral production outlook for 2024

    Ghana’s mineral sector is anticipated to see comprehensive growth in the production and exports of its four traditional minerals. Gold production is forecasted to range between 4.3 million ounces and 4.5 million ounces in 2024.

    The report further notes that new production by some members of the chamber is expected to enhance overall output.

    “Fresh production from Newmont’s Ahafo North project and Cardinal Resource’s Namdini Gold Mine will supplement the planned production of the existing producing member companies’ mines, which will increase the attributable production of the Chamber to a range of 3.1 million ounces to 3.3 million ounces in 2024.”

  • IMF assures Ghana of receiving third tranche of funds by the end of June 2024

    IMF assures Ghana of receiving third tranche of funds by the end of June 2024

    The International Monetary Fund (IMF) has announced that Ghana is expected to receive the third installment of $360 million by the end of this month, as the nation grapples with the depreciation of its cedi against the strengthening US dollar.

    During its most recent press briefing on June 6, the IMF stated that its goal is to help Ghana secure Board approval for the disbursement of $360 million by the end of this month. This announcement was made by Julie Kozack, the IMF’s Director of Communication.

    “Our aim is to bring the review to the IMF’s Executive Board for approval before the end of June. This would give Ghana access to $360 million in financing, bringing the total to about $1.6 billion in disbursements since May of 2023,” she indicated.

    According to the Fund, Ghana’s “strong policy and reform efforts under the three-year programme are bearing fruit and signs of economic stabilisation are emerging. For example, growth in 2023 was higher than we had initially envisaged.”

    The IMF also indicated that the authorities are also making good progress on their comprehensive debt restructuring. “The domestic debt exchange was completed last year, and in January 2024 the government reached an agreement in principle with its official bilateral creditors. Ghana is also engaging its external private creditors to seek their support,” the Fund stressed.

    Looking ahead

    Ghana is currently in dire need of dollars! Despite reaching an IMF Staff-Level Agreement nearly two months ago, the country has not yet fulfilled all the required conditions to unlock the third tranche of its IMF loan. However, sources familiar with the debt restructuring talks indicate that negotiations and agreements are nearing completion at the bilateral level.

    Consequently, the ongoing monetary policy tightening in the US, coupled with Ghana’s ever-increasing import bill, has put immense pressure on the cedi, which has depreciated by more than 20% against the US dollar since the start of the year.

    Looking ahead, the IMF believes “steadfast policy and reform implementation will be crucial to fully and durably restore macroeconomic stability and debt sustainability in Ghana” and that the “government has committed to continue implementing the programme as envisaged to ensure sustainable growth and support poverty reduction.”

    Debt Sustainability

    Recent data from the Bank of Ghana reveals that the nation’s total public debt has surged to GHS658.6 billion, nearly double the amount recorded in December 2022 prior to the implementation of the Domestic Debt Exchange Programme (DDEP).

    According to the IMF, “at each review, including this one, that is in progress, the IMF does provide not only a full update of the economic situation and the macroeconomic projections, but also the debt sustainability analysis. The latest DSA will be published with the Staff Report after the Board considers the second review of the programme. And of course, also just to reiterate that it is now important for the government to continue to make progress, as it has been doing with its creditors, to ultimately restore debt sustainability for the country.”

  • EU disapproves taxation on lottery wins

    The European Lotteries has voiced disapproval of government taxation on lottery winnings and imposition of fees on the gaming sector.

    Phillipe Vlaemminck, Head of Legal at European Lotteries, speaking to the B&FT during a training program on responsible gaming organized by the National Lottery Authority (NLA) in Accra, remarked: “Lottery already has a positive impact on society in various ways, and thus it is crucial for some governments to reconsider imposing taxes on the industry”.

    He contended that individuals desire to participate in the lottery without the burden of taxes on the modest sums they win.

    Termed as a game of chance with societal benefits, Vlaemminck underscored that it is highly unnecessary for governments to tax lottery winnings, further adding: “That is the standard in many places such as the rest of Europe, the Americas and Asia which are tax free for winnings because the whole profit is given back to society”.

    The Ghana Revenue Authority (GRA) presently imposes a 10 percent withholding tax on all lottery earnings as income from lottery activities, while they are also subjected to a tax rate of 20 percent on Gross Gaming Revenue (GGR).

    Vlaemminck highlighted that when players incur losses, it is society that gains through developmental projects; and lottery merely provides a platform for individuals to fantasize, hence when they lose, society prevails.

    However, he remarked that Ghana runs an exceptionally dynamic lottery system in Africa and promotes the National Lottery Authority (NLA) as a prominent gaming operator across the continent.

    The European Lotteries observed that the NLA has demonstrated an increased dedication and curiosity in global developments within the industry, fostering knowledge exchange and positioning the Authority as a responsible gaming operator.

    Addressing the gathering, Sammi Awuku, Director-General of NLA, stated that the program is instrumental in assisting the Authority in monitoring and combating illicit lottery practices within the system.

    Mr. Awuku elucidated that the training, which includes certification, will enable lottery marketing firms and private lottery operators to comprehend the adverse effects of unlawful lottery operations on their own revenues and how they can aid the NLA in addressing the issue.

    He affirmed the NLA’s readiness to collaborate with the European Lotteries in any meaningful manner, including embracing the use of artificial intelligence and technology in the lottery sector.

    During the training, sessions covered responsible gaming, combating illicit lottery operations, anti-money laundering, and the utilization of emerging technologies in gaming.

  • Understand your country’s identity and alliances through passport colours

    Understand your country’s identity and alliances through passport colours

    Have you ever visited the airport and observed that not everyone possesses a passport of the same hue as yours?

    Well, the hue of a passport signifies more than just an aesthetic preference; it frequently embodies a nation’s cultural heritage, political associations, and even regional and economic connections.

    As per IOTA-Group, the diverse hues, spanning from rich crimson and azure to verdant and ebony, can symbolize membership in regional blocs, historical influences, or religious convictions.

    For instance, nations within the European Union commonly employ maroon passports, while Caribbean nations often opt for azure to represent their affiliation with the Caribbean Community (CARICOM). Nonetheless, this vital document is available in an array of tints, not to overlook the “special ones” designated for diplomats.

    Therefore, comprehending the hue of your passport may unveil intriguing insights into your nation’s global standing and its engagements with other nations. Explore them below, arranged in no particular sequence:

    The Blue Passport

    Blue passports are said to symbolize freedom and stability. They are high-mobility passports, meaning they do not require visas for entry into numerous countries.

    About 84 countries use this type of travel document, making it the second most common in the world. Countries in the Americas, such as the United States, Canada, Venezuela, and Brazil, often use this passport colour.

    The Green Passport

    Green passports are associated with decreased mobility. Holders often encounter greater visa issues and restrictions. Approximately 40 countries use this passport, with most Muslim and West African countries opting for this colour. In the Muslim religion, green is also a symbol of eternity, and it is said to be the favourite colour of the Prophet Muhammad. Countries like Saudi Arabia, Pakistan, and Morocco, as well as West African nations like Ghana and Nigeria, are holders of this passport.

    Meanwhile, Mexico is the only country in Latin America that uses a green passport.

    In the United States, the green passport is used for refugees.

    The Black Passport

    According to passportindex.org, seven countries have this rare type of passport. They include Angola, Congo, New Zealand (due to the country’s colour), Palestinian Territories, Tajikistan, and Trinidad and Tobago.

    Black passports are associated with power and sophistication but are also linked to limited global mobility. Holders are likely to face mobility restrictions.

    The Red Passport

    Red often symbolizes power and authority. Holders of red passports enjoy greater worldwide mobility and face fewer visa restrictions when traveling. This type of passport is the most popular, with about 68 countries opting for the colour. Except for Croatia, European Union countries chose a bordeaux red to introduce a common passport model for EU countries.

    Historically, communist regimes like China or Russia have also chosen this colourful option. In some countries like India, red passports are allocated to individuals holding diplomatic or official positions representing their governments.

    Countries like Albania, Denmark, Bolivia, Finland, France, and Monaco use red passports.

  • Report projects cedi to reach GHS15.91 against dollar by end of 2024

    Report projects cedi to reach GHS15.91 against dollar by end of 2024

    Research firm, IC Securities has updated its end-2024 US dollar to Ghana cedi forecast to GH¢15.91/US$, from the earlier prediction of GH¢13.2/US$.

    This revision, according to the firm, is due to the current macroeconomic conditions.

    “Following the unexpected cut in the policy rate [by the Bank of Ghana] in January 2024, we indicated our deferred inclination to raise our forecast for the US dollar Ghana cedi FX [foreign exchange] rate as we foresaw strong selling pressure on the local currency. Our decision to delay the revision to our forecast until mid-year was anchored on expected programme-related inflows and the final tranche of the cocoa syndicated loan for the 23/24 season.”

    “However, these inflows did not fully materialise while GHS [Ghana cedi] supply overwhelmed the market. The subsequent adjustment to banks’ CRR [Cash Reserve Requirement] exerted a limited squeeze on local currency liquidity as banks mostly converted their maturing BoG securities into the CRR positions. Additionally, the seeming fiscal expansion via the clearance of contractor arrears continued to propagate GHS [cedi] liquidity in the forex market with a resultant pressure on the local currency”, IC Securities explained.

    It also noted that the anticipated inflow of around $2.3 billion for the rest of 2024 seems quite achievable, given that the projected timelines lend credibility to its expectations.

    Additionally, it mentioned that the cedi is likely to benefit more from the signaling effect of the World Bank inflows than from actual foreign exchange sales, as the Bank of Ghana continues with limited interventions while building up reserves.

    “While these inflows could trigger a short-term retracement, we foresee continued hedging by domestic investors as we approach the December elections, which will potentially offset any inflows-induced appreciation. Consequently, we raise our forecast for the end-2024 US$/GHS rate to GH¢15.91/US$.

    Presently, the local currency is going for about GH¢15.00 to the dollar at the forex bureaus.

  • BoG emphasizes inflation management despite experiencing financial deficits

    BoG emphasizes inflation management despite experiencing financial deficits

    The Bank of Ghana (BoG) has reaffirmed its dedication to implementing policies aimed at maintaining stable inflation levels, aligned with its medium-term target of 8 percent.

    Despite reporting a GH¢10.5 billion loss for 2023, the central bank remains focused on its mandate of ensuring price stability.

    Director of Communications, Bernard Otabil, emphasized in a statement that reducing inflation to the target level is essential for achieving sustainable economic growth and ensuring long-term economic prosperity in Ghana.

    “Achieving low and stable inflation helps to promote exchange rate stability under a floating currency regime,” Mr. Otabil said.

    The BoG’s financial statements for 2023 revealed that total operating income surged by 47.3 percent to GH¢8.80 billion, primarily driven by interest from investments in overseas securities and bonds, penalties imposed on institutions for regulatory violations, and various fees and charges.

    However, the bank also faced substantial expenses, with the cost of open market operations soaring more than fivefold to GH¢8.3 billion, compared to GH¢1.7 billion in 2022.

    Mr. Otabil clarified that the increased costs associated with open market operations were essential to absorb excess liquidity in the economy and support the process of reducing inflation.

    “Reducing inflation by over 30 percentage points, the Bank of Ghana incurred GH¢8.3billion costs on open market operations,” he said.

    “Central bank actions are socially beneficial actions, and that is the special character of central banks. Central banks can make losses, get into negative accounting equity and function completely successfully. Therefore, central banks are not expected to compromise policy objective to report handsome profit.”

    Despite the losses incurred, BoG’s vigorous liquidity absorption efforts helped reduce inflation to 23.2 percent by the end of 2023, a significant drop from 54.1 percent at the end of 2022.

    Mr. Otabil stressed that a financial loss does not indicate a loss of policy effectiveness and stated that the bank’s decisive measures to curb inflation reinforce its credibility and dedication to its mission.

    “Our strong actions to control inflation reinforce our credibility and commitment to our mission. Showing that we can effectively manage inflation boosts confidence both domestically and internationally. This trust is vital for attracting foreign investment and maintaining favourable trade conditions,” Mr. Otabil said.

    “The 2023 financial statements demonstrate our unwavering commitment to our price stability mandate and the well-being of all Ghanaians,” the Director insisted.

    Watch the video below;

  • Dumelo explains why tomatoes, onions, and foodstuffs are expensive lately

    Dumelo explains why tomatoes, onions, and foodstuffs are expensive lately

    The cost of foodstuffs has risen sharply, shocking many Ghanaians. Numerous individuals have turned to social media to voice their worries about the high cost of living, particularly as items like tomatoes, onions, and peppers are being sold at exorbitant prices.

    Businessman John Dumelo joined the discussion, attributing the high prices of tomatoes, onions, and peppers to insufficient production during the dry season.

    He urged the government to make substantial investments in irrigation for farmers to utilize during the dry season, stressing that Ghanaian farmers can grow these crops if provided with the necessary resources.

    Dumelo highlighted that neighboring countries such as Burkina Faso, Niger, and Mali have invested in irrigation, leading to increased production of these crops. He stressed that Ghana should cease importing millions of dollars’ worth of tomatoes and onions from these countries and instead support local farmers.

    In a tweet observed by GhanaWeb Business, John Dumelo stated, “Invest heavily in irrigation for dry season farming. The reason pepper, tomatoes, and onions are expensive now is because we don’t produce enough during the dry season. Our neighbors (Burkina, Mali, Niger) have seen this gap and have invested heavily in irrigation to produce these food items for us during the dry season.”

    The entrepreneur also mentioned, “The rains have started. Farmers have planted and are waiting to harvest around July/August. Prices will fall soon, not due to any special government intervention but due to simultaneous harvesting by the majority of farmers. We can’t keep having these cyclical events. Things need to change.”

    “Let’s invest heavily in irrigation so we have some price stability all year round. We can’t keep giving millions of dollars to our neighboring farmers to import their tomatoes and onions while we (Ghanaian farmers) have the capacity to cultivate the same crops. Irrigation is the way forward!! #Idey4u #GodblessGhana,” his tweet read in part.

    The decline of the Cedi against major trading currencies has also been linked to the rise in the cost of goods and services.

  • Interest rates remains unchanged despite 19.47% oversubscription in treasury bills

    Interest rates remains unchanged despite 19.47% oversubscription in treasury bills

    Government witnessed a 19.4% oversubscription in its treasury bills auction, indicating a renewed demand for short-term instruments.

    As per the Bank of Ghana’s auction outcomes, interest rates have maintained stability.

    The auction generated GH¢5.256 billion from the sale of these brief financial instruments.

    The majority of the tenders were for the 91-day T-bills, with GH¢3.39 billion—representing 64.67% of the total—being offered.

    All offers were accepted for the 91-day T-bills.

    Similarly, GH¢1.689 billion was collected from the 182-day bills, with all bids received being approved.

    Regarding the 364-day bills, GH¢167.05 million worth of bids were submitted, all of which were accepted.

    Meanwhile, interest rates remained constant throughout the yield curve.

    The yield on the 91-day bill stayed at 25.03%.

    The yield on the 182-day bill was recorded at 26.93%, slightly higher than the previous week’s 26.91%.

    As for the 364-day bill, the interest rate stood at 27.92%, a marginal increase from the previous week’s 27.90%.

    SECURITIESBIDS TENDERED (GH¢)BIDS ACCEPTED (GH¢)
    91 Day Bill3.399bn3.399bn
    182 Day Bill1.689bn1.689bn
    364 Day Bill167.05mn167.05mn
    TotalGH¢5.256bn
    TargetGH¢4.40bn 
  • Insufficient resources poses threat for start-ups – Arian Simeone

    Insufficient resources poses threat for start-ups – Arian Simeone

    Founder of Fearless Foundation, Arian Simeone, states that insufficient resources, such as education, networks, and mentorship, present a major obstacle for start-ups within the ecosystem.

    The Fearless Foundation is a non-profit organization offering capital, community support, mentorship, and education to women entrepreneurs.

    She mentioned that without access to high-quality educational resources specifically designed for entrepreneurship and business management, founders may lack the necessary knowledge and skills to handle the complexities of launching and expanding a business, underscoring the importance of education.

    “This includes understanding market dynamics, financial management, marketing strategies, and legal compliance,” she said.

    “In regions where entrepreneurship education is lacking, aspiring founders may struggle to develop viable business models and effectively execute their ideas.”

    Madam Simeone spoke to the Ghana News Agency during a meeting in Accra with entrepreneurs from MEST Africa.

    MEST Africa provides essential skills training, funding, and support in software development, business, and communications to Africa’s tech entrepreneurs.

    Her interaction with the organization has led to a GHS 20,000.00 grant to be awarded to one local entrepreneur whose creativity aligns with Arian Simeone’s mission.

    She emphasized that building a strong network of industry contacts was vital for start-ups to access opportunities for partnerships, collaborations, and customer acquisition.

    Mentorship is crucial in guiding start-up founders through various growth stages, offering practical advice, feedback, and encouragement based on the mentor’s experiences.

    “Without access to experienced mentors who can offer guidance on strategy, decision-making, and problem-solving, founders may struggle to navigate uncertainties and make informed choices,” Madam Simeone said.

  • Planting for Food and Jobs programme has been an avenue for corruption, underperformance – Dumelo

    Planting for Food and Jobs programme has been an avenue for corruption, underperformance – Dumelo

    Businessman has suggested to the Minister of Food and Agriculture, Bryan Acheampong, to discontinue the Planting for Food and Jobs (PFJ) scheme.

    Dumelo asserted that the PFJ initiative, introduced by President Akufo-Addo in 2017, has turned into a channel for corruption.

    He encouraged the minister to allocate funds for irrigation infrastructure, enabling farmers to maintain productivity during the dry season.

    In a tweet seen by the Independent Ghana (TIGPOST), Business, Dumelo said, “If I were to advise the Agric Ministry, the first thing I would say is to scrap the Planting for Food and Jobs program. It has been a conduit for corruption and underperformance.”

    The farmer added, “Invest heavily in irrigation for dry-season farming. The reason peppers, tomatoes, and onions are expensive now is that we don’t produce enough during the dry season. Our neighbors, Burkina Faso, Mali, and Niger, have recognized this gap and invested heavily in irrigation to produce these food items for us during the dry season.”

    The Planting for Food and Jobs initiative was unveiled by President Nana Addo Dankwa Akufo-Addo on April 19, 2017, with the aim of modernizing agriculture, enhancing production efficiency, ensuring food security, and boosting farmers’ profitability.

    President Akufo-Addo stated that the initial phase of the initiative benefited over 2.7 million farmers and other participants in the value chain through its five components.

  • GOIL keeps to dividend despite decline in profits

    GOIL keeps to dividend despite decline in profits

    One of the largest local Oil Marketing Companies (OMC) in Ghana, GOIL PLC, has chosen to maintain a dividend payout of GH¢0.056 per share to its shareholders for the year 2023.

    This choice is made despite the Company experiencing a 56 percent decrease in profits amid a significant increase in finance and operational expenses.

    For the reviewed year, profits fell from 123.9 million in 2022 to 54.7 million in 2023, while finance costs surged by 54.7 million, marking a 196 percent rise, and operational expenses increased by 25 percent.

    Board Chairman of GOIL PLC, Reginald Daniel Laryea, announced the decision at the Company’s 55th Annual General Meeting on Thursday.

    He explained that the decline in profits and the rise in costs were due to heightened inflationary pressures caused by foreign exchange issues, supply chain disruptions, increased utility expenses, and industry-wide product quality problems.

    On behalf of the Company, he apologized to customers impacted by the product quality issues.

    “The past year was a particularly challenging one for our Company, fuel-quality wise. This peaked in the last quarter of the year when the perception that all the OMC super fuel was contaminated was rife,” he stated.

    “The actual cause was unfortunately not detectable by test facilities in-country. Thankfully the situation was brought under control before the year ended,” he said.

    Looking ahead, he stated the Company was eager to, among other initiatives, launch its bitumen plant, commence cylinder recirculation pending approval from authorities, and explore opportunities in the electric vehicle industry due to its disruptive impact on the oil sector.

    After ExxonMobil’s departure from the Deepwater Cape Three Points block agreement, he mentioned that the Company, through its subsidiary GOIL Upstream Limited, was seeking partners to develop the oil potential.

    Mr. Laryea also noted that the Company had achieved a 40 percent reduction in armed robbery incidents at fuel stations due to investments in technology.

    However, he pointed out that while physical theft had decreased, there was a significant rise in cyber/electronic payment system fraud, which the Company was working to address.

  • Dumelo tells Agric Minister to scrap Planting for Food and Jobs programme

    Dumelo tells Agric Minister to scrap Planting for Food and Jobs programme

    Businessman John Dumelo has suggested to the Minister of Food and Agriculture, Bryan Acheampong, to discontinue the Planting for Food and Jobs (PFJ) scheme.

    Dumelo asserted that the PFJ initiative, introduced by President Akufo-Addo in 2017, has turned into a channel for corruption.

    He encouraged the minister to allocate funds for irrigation infrastructure, enabling farmers to maintain productivity during the dry season.

    In a tweet seen by the Independent Ghana (TIGPOST), Business, Dumelo said, “If I were to advise the Agric Ministry, the first thing I would say is to scrap the Planting for Food and Jobs program. It has been a conduit for corruption and underperformance.”

    The farmer added, “Invest heavily in irrigation for dry-season farming. The reason peppers, tomatoes, and onions are expensive now is that we don’t produce enough during the dry season. Our neighbors, Burkina Faso, Mali, and Niger, have recognized this gap and invested heavily in irrigation to produce these food items for us during the dry season.”

    The Planting for Food and Jobs initiative was unveiled by President Nana Addo Dankwa Akufo-Addo on April 19, 2017, with the aim of modernizing agriculture, enhancing production efficiency, ensuring food security, and boosting farmers’ profitability.

    President Akufo-Addo stated that the initial phase of the initiative benefited over 2.7 million farmers and other participants in the value chain through its five components.

  • Stonebwoy summoned by Ghana police over threats on Baba Sadiq

    Stonebwoy summoned by Ghana police over threats on Baba Sadiq

    The Ghana Police Service has reportedly summoned the current Telecel Ghana Music Awards (TGMA) Artiste of the Year, Stonebwoy, for allegedly threatening Baba Sadiq Abu, the National Democratic Congress parliamentary candidate for Okaikoi South.

    This action follows a complaint lodged by Baba Sadiq at the Mile 7 Police Station in Accra on June 7, 2024.

    Baba Sadiq asserts that he received a call from Stonebwoy prior to the TGMA, during which the artist expressed concerns about Baba Sadiq’s support for another contender in the Artiste of the Year category.

    “When he called, he questioned me and sought to find out if I was content with the happenings on social media. Before I could fully articulate my response, he warned me, ‘if we meet physically, I should maintain the same energy,’ which, given his tone and reputation, I interpreted as a threat of physical harm,” Baba Sadiq wrote in his statement to the police.

    He further mentioned that during a rehearsal for the TGMA, Stonebwoy’s manager assaulted an associate who was sitting beside him.

    The police have allegedly requested Stonebwoy to report to the Mile 7 Police Station on Monday, June 10, 2024, for questioning.

    In a related matter, Stonebwoy has initiated a defamation lawsuit against Baba Sadiq at the Accra High Court.

    Filed on May 31, 2024, the lawsuit demands that Baba Sadiq remove several posts from X (formerly Twitter) and seeks a penalty of GH₵3 million for the purported damage to Stonebwoy’s reputation.

  • Reasons non-chiefs, queen mothers, others in Ada prohibited from wearing these beads

    Reasons non-chiefs, queen mothers, others in Ada prohibited from wearing these beads

    Every ethnic group has its own distinct culture and traditions that define them, and this is true for the people of the Ada traditional area.

    Part of their customs includes a set of rules and regulations known as ‘taboos’ that all locals must follow.

    One such taboo concerns the wearing of beads.

    In an interview with GhanaWeb’s People & Places team, Ayiku Akuako, Stool Prince of the Kabiawe Yumu clan, explained that specific beads signify authority among the Ada people.

    The sequence in which these beads are worn is also highly symbolic, meaning not everyone is allowed to wear them.

    One of these beads is white and made with a single thread, reserved exclusively for chiefs and queen mothers.

    He further mentioned that no one can wear more than two or three beads in the presence of a chief priest, chief, or queen mother. Doing so is seen as challenging authority and will be punished accordingly.

    “You don’t use more than 2 or 3 beads in the presence of the queen, mothers, and chiefs. It’s like you are challenging them because they elected them from our midst and made us head them,” he said.

    “There’s a specific bead you don’t wear. If you see the chiefs and queen mothers, there’s a specific bead they wear, a white one with only one thread in it. It’s a taboo, if you are found wearing it, they’ll fine you and hold you responsible,” he added.

    Ayiku Akuako also mentioned that caps or hats are not worn in the presence of chiefs and queen mothers for similar reasons.

    “If you are not a chief, you don’t put on caps or hats when the chief and queen mother are around,” he indicated.

  • Cause of Mohbad’s death could not be conclusively determined – Autopsy

    Cause of Mohbad’s death could not be conclusively determined – Autopsy

    Autopsy report regarding the cause of death of the late singer, Ilerioluwa Aloba, popularly known as Mohbad, has not been vividly known.

    However the report says its able to determine that a drug reaction forms part of the cause of the musician’s death.

    “The cause of death could not be conclusively determined. Nonetheless, the possibility of a fatal anaphylactic shock (drug reaction) cannot be ruled out, given the absence of significant post-mortem and toxicology findings,” the report stated.

    Mohbad, a 27-year-old artist formerly affiliated with Naira Marley’s record label, Marlian Music, tragically passed away on September 12, 2023, under controversial circumstances, sparking nationwide debate and scrutiny.

    In response, the Lagos State Police Command formed a 13-member special investigation team on September 18, 2023, to probe the incident, resulting in the apprehension of Naira Marley, Balogun Eletu, also known as Sam Larry, and other individuals.

  • Cause of Mohbad’s death linked to reaction of drugs – Autopsy report

    Cause of Mohbad’s death linked to reaction of drugs – Autopsy report

    The autopsy report on late singer Ilerioluwa Aloba, known as Mohbad, has revealed a suspected drug reaction as a potential cause of his unexpected passing.

    Conducted at the Lagos State University Teaching Hospital, the autopsy and toxicology tests suggested the possibility of a severe allergic reaction or drug response contributing to Mohbad’s death.

    Anaphylactic shock, a severe allergic reaction with potentially fatal outcomes, was identified as a possible factor.

    Samples from the late singer’s stomach contents, blood, bone marrow, liver, kidney, and lung underwent toxicology screening.

    The results showed the presence of Diphenhydramine, an antihistamine often used for treating allergies, gastrointestinal issues, colds, and anxiety.

    Despite finding Diphenhydramine in Mohbad’s bloodstream, the levels were considered too low to be lethal.

    Anatomical and pathological examinations revealed minor injuries on Mohbad’s right forearm and moderate to severe decomposition due to his body being exhumed eight days post-burial.

    However, no significant findings directly linked to his death were discovered.

    The autopsy highlighted the importance of timely blood sampling for diagnosing fatal anaphylactic shock, a step hindered by Mohbad’s early burial.

    The report stated, “The cause of death could not be conclusively determined. Nonetheless, the possibility of a fatal anaphylactic shock (drug reaction) cannot be ruled out, given the absence of significant post-mortem and toxicology findings.”

    Mohbad, a 27-year-old artist formerly affiliated with Naira Marley’s record label, Marlian Music, tragically passed away on September 12, 2023, under controversial circumstances, sparking nationwide debate and scrutiny.

    In response, the Lagos State Police Command formed a 13-member special investigation team on September 18, 2023, to probe the incident, resulting in the apprehension of Naira Marley, Balogun Eletu, also known as Sam Larry, and other individuals.

  • NPP to fly flags at half-mast for 7 days to mourn death of S.B Kangbere

    NPP to fly flags at half-mast for 7 days to mourn death of S.B Kangbere

    The New Patriotic Party (NPP) has expressed profound sorrow over the untimely death of Saabanye Basilide Kangbere, the Upper West regional chairman of the Party, who passed away on 7 June 2024.

    In a press statement signed by the general secretary, Justin Kodua Frimpong, the NPP extends its deepest condolences to his family, especially his wife, and children, and to the people of the Upper West Region for the loss of such a distinguished figure.

    As a tribute to his memory, the NPP has directed that all party flags fly at half-mast for the next seven days.

    Kangbere, affectionately known as “Chairman Heavy Weight” in political circles, has been the regional chairman since 2018 and previously served as a patron of the regional party.

    Kangbere’s journey to prominence began in Owlo, a small town in the Daffiama-Bussie-Issa district of the Upper West Region, where he excelled in his Common Entrance Examinations.

    His academic prowess led him to the prestigious Daffiama Secondary School, followed by a distinguished performance in his sixth-form examinations.

    He furthered his education at a College of Education and later at the University of Ghana, where he majored in English.

    During his time at the University of Ghana, Kangbere developed a fervent passion for politics and social issues, joining student activist groups.

    As secretary of the Students Representatives Council, he collaborated with notable figures such as Frederick Worsemao Armah Blay from 1977 to 1978, opposing the imposition of the Union Government (UNIGOV) by the Supreme Military Council of Ignatius Kutu Acheampong. This resistance was crucial in preventing Ghana from becoming a non-party state.

    Beyond politics, Kangbere had a rich career in education and business, teaching in several deprived communities in the Upper West Region, Nigeria, the United Kingdom, and Saudi Arabia.

    He also established several English teaching schools in Saudi Arabia, some of which remain operational today.

    A devoted Catholic, husband, father of five, and noble family man, Kangbere’s legacy is one of dedication, hard work, and profound impact.

  • Whitney Boakye questions the absence of NDC at #dumsormuststop vigil

    Whitney Boakye questions the absence of NDC at #dumsormuststop vigil

    Entertainment pundit Whitney Boakye has voiced puzzlement over the opposition party’s nonattendance at the #dumsormuststop vigil.

    On June 9, 2024, actress Yvonne Nelson led Ghanaians in a vigil to underscore the pressing demand for the government to tackle the nation’s power supply issues.

    Despite the participation of a handful of celebrities and certain prominent figures from the opposition National Democratic Congress, the lack of NDC MPs at the event was noticeable.

    This marked a distinct departure from the 2015 vigil, where the NPP Minority had significant representation.

     Speaking on the development, Boakye remarked, “They frequently raise the issue of Dumsor in Parliament, so I’m surprised they didn’t seize this opportunity to amplify their message. The reality of power outages is undeniable.”

    Reflecting on the impact of Dumsor on the entertainment industry, she added,

    “Event organizers now find themselves compelled to factor generator costs into their budgets due to uncertainty over power supply. It’s become a matter of knowing the prices and making the necessary arrangements. Unfortunately, there seems to be a tendency to adapt rather than address the underlying challenges.”

  • You are scared of biting the finger that feeds you – DKB to celebrities who failed to partake in #Dumsormuststop

    You are scared of biting the finger that feeds you – DKB to celebrities who failed to partake in #Dumsormuststop

    Comedian DKB has stated that his peers in the creative arts sector have remained quiet about national issues, including the ongoing power problems, due to their connections with the current administration.

    He thinks they are hesitant to criticize the source of their support, having gained advantages from their relationship with the ruling party.

    Expressing his irritation, DKB pointed out the lack of involvement from his peers in advocacy efforts, contrasting it with their active participation under previous governments.

    He condemned those who profess neutrality while displaying obvious partisan leanings, calling it misleading.

    “You pose yourself as neutral and we believe you. We did it in NDC time, NPP is here and we want to do it again to get our rights and they are nowhere to be found,” he stated.

    He further stated, “Of course, we know that you’ve shown party colours and you’ve benefitted from it, therefore, you can’t come and bite the finger that feeds you. All I want to say is there is no problem showing your party colours. Some of us are neutrals, we don’t care and we will come out to speak at the right time.

    “So don’t act like a neutral when you’re not because it is annoying and deceptive. We are here and where are they?.”

    Yvonne Nelson spearheaded a recent vigil to address the power crisis, similar to the Dumsor Must Stop Vigil held during the prior administration.

    However, the attendance was lower than anticipated, suggesting a hesitance among some to express their concerns openly.

  • Details reveal Shatta Wale’s UG concert was cancelled due to non approval by authorities

    Details reveal Shatta Wale’s UG concert was cancelled due to non approval by authorities

    Ghana’s music scene witnessed drama when two rival musicians, Shatta Wale and Stonebwoy, were set to perform at separate concerts.

    Shatta Wale was scheduled to perform at James Top Nelson Yankah Hall (TF hostel), while Stonebwoy had a concert planned at Liman Hall, both located within the University of Ghana campus.

    However, Shatta Wale’s show was cancelled, igniting outrage among his fans and the artiste himself.

    Taking to social media, Shatta Wale launched a tirade against Stonebwoy, accusing him of orchestrating the cancellation to avoid performing at the same venue.

    In a heated TikTok video, Shatta Wale hurled insults at Stonebwoy, even involving his family.

    He alleged that Stonebwoy had used his influence to pressure university authorities into cancelling the event, citing a personal vendetta.

    Despite Shatta Wale’s claims, investigations revealed that Stonebwoy had no involvement in the cancellation.

    Entertainment commentator Olele Salvador clarified on Twitter that the university authorities had cancelled the event due to a lack of prior approval.

    “I can confirm the cancellation of the much-anticipated Reunion Rave and Artiste Night at James Topp Nelson Yankah, which was headlined by Shatta Wale.

    “When DTS Intel Africa spoke to a source at the University, it was revealed that the Hall had planned a Reunion Rave and Artiste Night as part of a two-day alumni engagement. However, the Office of the Dean of Student Affairs cancelled the event as it was not approved in the initial program outline submitted for approval,” he initially stated.

    Additional information surfaced from Shatta Wale’s manager, Sammy Baah Flex, who asserted that the concert proceeded but there was a “directive from higher authorities” to exclude Shatta Wale from the event.

    Flex also revealed that Stonebwoy’s team supposedly threatened to cancel their performance if Shatta Wale was part of the lineup.

    Olele also shared this information on Twitter, “Interestingly, Mr. Flex also revealed that the initial headliners for the event were Keche & Mr. Drew. According to him, the Dean didn’t have an issue with the aforementioned until Shatta was announced two days ago. He heard that a call was allegedly made from Stonebwoy’s team to the Dean that if Shatta Wale was coming to perform, then they wouldn’t also show up for theirs.

    “He says he has filed a formal complaint to the police as a proactive measure should there be any form of reaction from the other side; they are in good standing.”

    Meanwhile, Stonebwoy went ahead with his concert at Liman Hall, drawing a substantial crowd and experiencing a successful event.

    However, he has yet to respond to the accusations from Shatta Wale’s camp or address the resulting controversy.

  • Richie Mensah champions change in entertainment industry

    Richie Mensah champions change in entertainment industry

    Celebrated Ghanaian singer-songwriter and record producer recognized as Richie, delivered an impactful speech at the Lynx Entertainment headquarters.

    He emphasized the urgent requirement for cooperation, changes in mindset, and comprehensive industry education to advance Ghana’s entertainment sector.

    During the gathering, Richie pinpointed two fundamental challenges impeding the industry: insufficient collaboration and misguided perspectives.

    He emphasized that achieving success in the entertainment field demands proactive and informed strategies, which many currently lack.

    “You can’t go far in life without the right mindset,” Richie asserted. He stressed the significance of grasping fundamental industry principles like contract negotiation and financial stewardship, aspects often neglected by many artists.

    Richie highlighted that the entertainment sector faces challenges in garnering respect and acknowledgment, partly stemming from the misconception that creative pursuits are straightforward.

    He lamented, “Art is made to look easy… We don’t let people see the true effect of our industry on the lives of others.” 

    He contended that this misunderstanding undermines the industry’s worth and disregards the diligent efforts of its participants.

    In response to these obstacles, Richie introduced the “Live the Music” initiative, designed to revolutionize the industry through education and hands-on experience. A pivotal aspect of this initiative is the launch of “Link’s Cups” in high schools nationwide.

    This initiative will classify students into three categories: the red zone for behind-the-scenes creatives, the gold zone for aspiring stars, and the green zone for industry support roles. Through hands-on learning and mentorship, students will acquire a comprehensive understanding of the entertainment sector, equipping them for future leadership positions.

    Richie revealed that ten schools have already committed to implementing Link’s Cups, marking a significant stride toward nurturing an informed and skilled next generation. By integrating practical industry education into the school curriculum, Richie aims to ensure that upcoming entertainers are well-prepared to navigate and thrive in the field.

  • Blame me for rift between ‘Ruff Town Records’ and Wendy Shay – Bullet

    Blame me for rift between ‘Ruff Town Records’ and Wendy Shay – Bullet

    Artist manager, Bullet, has accepted responsibility for the ongoing conflict between his record label, ‘Ruff Town Records,’ and Wendy Shay.

    Clarifying the issue on United Showbiz, Bullet revealed that after Wendy Shay’s contract had ended, a record label in the United States approached her with a deal.

    However, he found the offer inadequate and therefore did not agree to her signing with them.

    During the negotiations, tensions emerged, prompting Bullet to suggest that Wendy Shay could leave if she wished.

    “Typically, when artistes and labels clash, we tend to blame the artiste. But in our case, I blame myself. There was a moment of anger on my part,” he confessed.

    He acknowledged Wendy Shay’s critical song directed at him but expressed satisfaction in her accomplishments following their disagreement.

    Bullet disclosed that they are actively addressing their disagreements and are deeply engaged in talks to extend Wendy Shay’s contract with Ruff Town Records.

  • My wife is worth more than GHS170,000 wedding venue – Akwaboah

    My wife is worth more than GHS170,000 wedding venue – Akwaboah

    Kwabena Akwaboah Jnr’s wedding garnered attention for its luxury and grandeur, sparking conversations among social media users.

    Held on May 3 at the esteemed Kempinski Hotel in Ghana, the event showcased opulent details captured in widely shared videos and photos.

    From the stunning venue to the intricately designed attire, including the bride’s gowns by famous designer Sima Brew, no expense was spared.

    Luxury vehicles, such as Rolls Royces, contributed to the magnificence of the event.

    Despite his generally low-key online presence, his choice to host such a lavish wedding surprised many.

    The situation intensified when Strongman disclosed on social media that Akwaboah had allegedly spent around GH₵170,000 solely on the Kempinski venue.

    In an interview with Delay TV, the host inquired about the accuracy of Strongman’s statement.

    Delay inquired, “Strongman mentioned you spent GH₵170,000 on the wedding.”

    Akwaboah responded, “In life, there are three significant days: the day you’re born, the day you marry, and the day you pass away. These events occur only once. My wife is invaluable, worth more than GH₵170,000. Moreover, I’ve had a successful music career for many years. Are people suggesting I can’t afford such things when I choose to?”

    He added, “I’m not flaunting wealth; I simply wanted to create a memorable day fitting for the occasion. Whatever I did, I did it to find joy on my special day.”

    Watch the video below:

  • Poor attendance at #dumsormuststop vigil reflects Ghanaians’ hypocrisy – Nana Romeo

    Poor attendance at #dumsormuststop vigil reflects Ghanaians’ hypocrisy – Nana Romeo

    Radio show host Nana Romeo has voiced his displeasure over the insufficient backing for the #dumsormuststop vigil organized by Yvonne Nelson and her team.

    He condemned Ghanaians for their quietness about the persistent power cuts, implying that their loyalty to their ‘preferred’ political party has suppressed their readiness to express dissatisfaction.

    Nana Romeo asserted that Ghanaians need to address the challenges hindering the nation’s development without duplicity.

    “We lack honesty in this country. It’s undeniable that power outages affect us all. Nine years ago, people protested against the government, and now, similar challenges have resurfaced. Yet, there’s a reluctance to support the vigil, and it’s disheartening. The poor attendance at Yvonne Nelson‘s vigil reflects this hypocrisy.”

    He continued, “This should have been a united effort to draw the government’s attention to the suffering of the people. However the lack of turnout indicates a broader issue in our society. If we don’t hold our leaders accountable, we’ll continue to suffer.”

    Yvonne Nelson spearheaded a vigil on June 8, 2024, to draw attention to the nation’s power crisis.

    However, in contrast to her earlier events, this vigil experienced low turnout, indicating a troubling indifference among the public.

  • Celine Dion opens up about life with stiff person syndrome, its impact on her career

    Celine Dion opens up about life with stiff person syndrome, its impact on her career

    Celine Dion is disclosing how challenging her life has become while living with stiff person syndrome.

    In a segment from an interview with NBC’s Hoda Kotb, the renowned singer explained that it’s “like somebody is strangling you” when she tries to sing.

    “It’s like someone’s pushing your larynx this way,” Dion described to the “Today” co-host, as she pressed on her throat to illustrate her point.

    The spasms can affect various parts of her body, including her abdomen, spine, and ribs, she mentioned.

    “I have broken ribs at one point because sometimes when it’s very severe, it can break some ribs as well,” the Grammy-winner revealed.

    The disorder is “a rare, progressive syndrome that affects the nervous system, specifically the brain and spinal cord,” according to the National Institute of Neurological Disorders and Stroke.

    Last year, Dion announced she had canceled her “Courage World Tour,” with a source close to her informing CNN at the time that she “will likely never tour again.”

    Doctors have identified something in Dion’s blood that helps explain why she developed the rare neurological disorder, according to the NBC report, and she is receiving care to try to resume more activities.

    This is also the subject of an upcoming documentary, “I Am: Celine Dion,” set to stream on Prime Video on June 25. Kotb’s full interview with Dion airs Tuesday at 10 p.m. ET on NBC.

  • “Marriage isn’t a decree, walk away if it’s not working – Yul Edochie advises

    “Marriage isn’t a decree, walk away if it’s not working – Yul Edochie advises

    Actor Yul Edochie has shared his thoughts on handling unsuccessful marriages, promoting a pragmatic approach.

    He stressed that marriage is not mandatory and encouraged couples dealing with irreconcilable differences to separate amicably.

    Yul, who sparked controversy by marrying his colleague Judy Austin while still wed to his wife May Edochie, suggested that individuals should be open to multiple marriages if needed.

    In a recent interview, he highlighted that marriage should not be seen as a do-or-die affair.

    He emphasized the importance of acknowledging when a marriage is failing and exiting the relationship gracefully.

    In his own words, “Marriage isn’t a decree. If it’s not working, walk away. Respectfully. No need for unnecessary pain. If you find someone else you want to marry, go ahead. And if it doesn’t work out again, move on. You can marry multiple times. Everyone’s happiness is different, and don’t let anyone dictate what’s best for you. Find what works for you. And if you’ve chosen not to marry in this lifetime, then don’t. Prioritize your happiness.”

  •  ‘I am working with Patapaa’s parent finalize our divorce proceedings’ – Liha Miller

     ‘I am working with Patapaa’s parent finalize our divorce proceedings’ – Liha Miller

    Estranged wife of Ghanaian musician Patapaa, Liha Miller, has disclosed that their marriage began to fall apart soon after their wedding.

    She revealed that she decided to leave the marriage and pursue a divorce from Patapaa due to irreconcilable differences.

    Miller stated that she has not communicated with her husband for over two years and is currently collaborating with his parents to finalize the divorce.

    Miller shared this information during a visit to her new friend, actor Atemuda.

    “No, he’s not my husband anymore. We’ve been separated for a long time now. It’s not something I usually discuss publicly, as it’s a private matter. There’s been some misunderstanding.

    “To clarify, Patapaa and I got married in 2021, but unfortunately, things didn’t work out. We’re in the process of getting divorced. We haven’t been in touch for years. After the wedding, we went our separate ways not too long after that. I initiated the divorce process, but he didn’t take it seriously,” she stated.

  • Video: John Mahama is tried, tested and failed! – Social media user

    Video: John Mahama is tried, tested and failed! – Social media user

    A video shared by an X user, @Jojo_stephen1, features a young woman suggesting that John Mahama does not deserve a second term as president due to his previous failures.

    According to a video monitored by The Independent Ghana (TIGPOST), the lady is heard saying that the former president himself admitted to failing during his tenure.

    Consequently, she advised Ghanaians to be wise enough to vote against him, as he won’t improve the situation.

    “He even admitted to failing as a president but claimed he learned his lessons. He couldn’t fulfill the promises he made to us in 2013. So, after failing us for four years, he’s now asking us to trust him for another term? What more can you, John Mahama, achieve if we give you another four years? He’s the same person who said that four years isn’t enough to make significant impacts. Even when he believed he would get another chance, he didn’t perform his duties well. How will it be now, knowing that if he returns to power, he cannot run for president again?” the quizzed.

    Here isa the video below: