The government has successfully swapped GH¢83 billion of its old cedi bonds for new ones under a domestic debt exchange programme (DDEP) that ended on February 10.
The amount is equivalent to about 85 per cent of the domestic debt stock, which totaled about GH¢118 billion – when pension fund holdings are excluded.
The government exempted the pension funds, whose holdings are about GH¢12.3 billion from the programme that extends repayment tenures and lowers the coupons.
It is a prerequisite to securing a US$3 billion support from the International Monetary Fund (IMF) to help stabilise the cedi, which lost more than 50 per cent of its value to the US dollar, in 2022 and arrest inflation that spiraled to 54.1 per cent last December.
One of the sources said some individual bondholders did not subscribe to the offer but said their holdings were insignificant.
Pensioner bondholders openly declined the offer, describing it as inimical to their investments interests, and their request for exemption was not heeded.
The successful conclusion of the DDEP paves the way for the government to open similar discussions with external creditors, with the view to bringing the debt stock to sustainable levels.
Their holdings will not be converted into new bonds for settlement in line with the debt programme meant to tidy up the country’s debt stock and earn it a US$3 billion support from the International Monetary Fund (IMF).
The abstainers include the pensioner bondholders which have been protesting their inclusion in the programme.
In the statement released Tuesday, February 14, the Ministry of Finance said of the GH¢97.75 billion outstanding principal, GH¢84.99 billion was voluntarily tendered by investors that opted to participate in the programme.
It said the subscription rate was equivalent to about 85 per cent.
“The government is pleased with the results, as a substantial majority of the eligible holders have tendered,” the statement, signed by the Minister of Finance, Ken Ofori-Atta, said.
“This result is a significant achievement for the government to implement fully, the economic strategies in the post-COVID-19 Programme for Economic Growth (PC-PEG) during this current economic crisis,” the statement added.
Ghana needs an IMF programme to reorganise it finances, regain market access and confidence for rising inflation and the falling cedi to stabilise.
Pedro Goncalves,Barbosa wins third Copa Libertadores for Flamengo the head coach of Angola, has praised Chris Hughton, the new coach of Ghana.
Goncalves wished Hughton luck in his new role as coach for Ghana despite the fact that he has yet to meet the seasoned manager in person.
The 47-year-old said he must cause problems for Hughton when Ghana plays Angola even though he hopes the former Tottenham manager does well for Ghana.
“Well, I have never met him personally. I have never been with him. Sure, we have a chance to cross each other. We haven’t talked to each other before but this is a chance to meet each in the AFCON qualifiers. He is an experienced coach and right now that he is in charge of the Ghana national team, I hope he is going to do a good job but my work right now is to create trouble for him,” he said as quoted by footballghana,com.
“Yes, I hope we will have a fair match and then we will see but for now I wish to create trouble for Chris Hughton,” he said.
Chris Hughton’s first assignment as Black Stars manager will be a 2024 AFCON qualifier against Angola in March.
The first leg will be played in Ghana on March 20, before the second leg will come off on March 28.
The fund appointed Leonard Chumo, an Irish and Kenyan, to the central bank this month to provide technical assistance and help build the capacity of the banking supervision function of the regulator.
He will stay for three years, a statement from BoG said.
BoG said in the Tuesday, February 14, press release that the appointment was at the behest of BoG and will be fully funded by Switzerland’s State Secretariat for Economic Affairs (SECO).
“The Adviser’s placement is a continuation of cooperation in this area between BoG, the IMF and SECO that started as early as in 2015 and had already seen the assignment of a previous Adviser until 2018.
“Achievements from the past collaborative efforts include the passage of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), the development and issuance of the Corporate Governance Directive 2018, and the Capital Requirement Directive 2018,” the statement said.
It said the Mr Chumo brings first-hand knowledge of supervisory work from leading central banks as well as previous technical assistance experience in the Western Africa region.
It said Mr Chumo started his assignment in BoG on February 6 this year and was expected to stay for three years.
“Among others, he will support the implementation of Pillar two and three of the Basel II/III capital frameworks, as well as strengthen the Risk-Based Supervisory framework at BoG.
“BoG wishes to express its utmost appreciation to SECO for the continued funding of long-term technical experts from the IMF to the bank,” the statement said.
Ghana is closing in on a three-year US$3 billion support from the IMF to help reorganise its finances for the cedi depreciation and inflation to stabilise.
Ten state owned enterprises (SOEs) have been prepared and ready for listing on the Ghana Stock Exchange (GSE).
The 10 SOEs were identified by the GSE, together with the State Interest and Governance Authority (SIGA) and the Public Enterprises Ministry after a market readiness assessment was done.
This was disclosed by the Managing Director of GSE, Abena Amoah, at the just ended SIGA annual stakeholder meeting held in Kwahu Abetifi in the Eastern region.
She, however, did not mention the SOEs identified for listing.
Despite controlling about half of the country’s assets, SOEs in Ghana have largely been a drain on the country’s resources rather than being a tool for economic development.
The 175 SOEs, contribute just five per cent to the country’s gross domestic product (GDP).
The underperformance of these SOEs have largely been due to mismanagement, which has led to some legacy debts which in turn has made it difficult for them to raise additional capital to expand their businesses.
At the moment, most of these SOEs have made appeals to the government through the Ministry of Finance to assist them to recapitalise their businesses.
Contributing to a panel discussion, Abena Amoah said the stock market presented the best opportunity to raise additional capital for these SOEs.
“The stock exchange presents an opportunity to strengthen and grow SOEs. GCB Bank, Goil, SIC, among others are some of our success stories on how the stock market can help develop SOEs.
She said the President could, therefore, sign off the 10 identified SOEs to enable them list on the market.
“At the stock exchange, we focus on accountability and transparency and these are very important to build sustainable businesses.
“Aside giving you capital, being on the market also ensures that you are able to manage your capital and be a long term global player,” she stated.
There is money in Ghana
Ms Abena Amoah pointed out that there was enough money in the country which could be assessed by these SOEs through the local capital market.
“Government has been able to borrow a GH¢130 billion that it seeks to restructure now. Our private pensions industry has about GH¢40 billion under management. SSNIT has over GH¢12 billion under management.
“There is money in Ghana and the lesson is that international capital markets are closed to us but domestic capital markets can be built to raise the money we need to develop our country,” she stated.
She said companies listed on the Ghana bourse have collectively raised over GH¢20 billion on the stock market; GH¢12 billion from the Ghana Fixed Income Market and GH¢8 billion from the main equities market.
“We need SOEs like Ghana Re, Ghana Gas and the stronger ones to list on the market. What makes capital markets grow is when you bring your best, because the investors need a strong success story.
“We are willing and able to work with the rest progressively. When they have a massive capital plan that has a good balance, we will migrate them onto the market,” she noted.
Let’s be cautious
In an interview with Graphic Business, the Director General of SIGA, Mr Edward Boateng, said the country must be cautious in the listing of some of its SOEs.
He said the country must be careful not to list some of its strategic assets whereby they may fall into foreign hands.
It’s not just Ghanaians who invest on the capital market, with funds coming in from Abu Dhabi, Toronto, and all over the world.
On the equities market, 60 per cent of trades are by foreign investors.
Mr Boateng said the country must, therefore, ensure that there is local capacity such that when some of these strategic SOEs are listed, the local entrepreneurs and local institutions could take them up.
“So, we are looking at all those options but definitely some of these SOEs are going to be listed on the stock exchange or in some cases privatised or divested off government hands so that government can focus on its core mandate,” he stated.
“At the global level, employment growth is slowing down,” Mr Fossoun Houngbo said that during the launching of the ILO latest report – World Employment and Social Outlook: Trends 2023 at the just ended World Economic Forum in Davos.
He said the ILO projected a one per cent employment growth in 2023 and expected productivity to go down.
“Multiple crises, including the war in Ukraine leading to inflation, are putting pressure on real wages, particularly for low-skilled workers who are at risk of losing their purchasing power,” the ILO Director-General added.
The ILO is also concerned about the “quality of jobs”, and there’s a geographic split in how things are playing out.
In the Global North, there is a recovery in terms of the number of hours worked – or jobs compared to pre-COVID. But the new jobs being created in the Global South are in the informal sector, which has a lack of social protection.
Dealing with these emerging trends and others in the world of work this year was the subject of key sessions during Davos 2023.
Here are some of the main takeaways:
Invest in people – as an asset, not a cost
The challenges of our world will be solved by people, the Chief Executive Officer of Adecco Group, Denis Machuel, said and added that “investing in people … at all levels of the organisation right up to the front line is critical”.
“When people are secure, they demonstrate more resilience … you get more engaged people, and more engaged means more productive,” the CEO of Adecco Group stated further.
For his part, the CEO and President of Paypal Dan Schulman, said the single-biggest competitive advantage that any company had was the strength of their workforce.
“Are they passionate about what they’re doing, are they dedicated to the company and do they have a semblance of physical health, mental health, as well as financial health?
“As CEOs, we need to at least measure the financial health of our employees because if they’re financially stressed, then we’re sub-optimising how successful we can be as companies … We have the moral obligation to take care of our own employees,” Schulman stated.
The clean energy transition opportunity
Demand for green skills is outstripping supply, said Allen Blue, Co-Founder and Vice-President of Product Management at LinkedIn.
The social media platform has seen a 90 per cent increase in job postings for the renewables sector, but only a 70 per cent increase in the number of people who have those skills.
“As we break ground on things we need to do to mitigate climate change, how do we meet that demand?”
He sees the clean energy transition, fuelled by the US Inflation Reduction Act and the European Green Deal, as an opportunity for jobs growth and reskilling.
“There is a parallel to be drawn between the demand we are seeing for green skills and what we saw in the technology boom.” – Blue stated.
For the jobs market, it means higher wages because big companies will pay more to get the talent they need. Companies working in tech are willing to hire based on skills alone, and skip questions about degrees – because they need the people, they’re willing to look beyond the normal things they’d pay attention to.
However, green skills are concentrated in the Global North, so Blue says there is a need for infrastructure investments in the Global South that include training and skilling.
Employers as educators and talent creators
To attract and retain talent, companies now have a responsibility to educate and upskill workers, the CEO of Accenture, Julie Sweet, said.
This also means looking beyond traditional degrees and offering apprenticeships, but technology is key to enabling companies to be their own talent creators.
“We are living in one of the best moments in history to actually be able to create systems that allow the lower skilled to have good jobs and to allow countries to be able to flip when they need to.”
“The disruption we have gone through and the technology advancements we have gone through mean that to thrive in the next decade, companies and countries have to be able to access talent, be talent creators and unlock that talent. That often means being a more diverse place.
“You have to be able to create talent, there are not enough skills in the world that we need,” she said.
“Accenture in US has 2,000 apprentices in professional services, up from five in 2025,” Sweet said and added: “The key to being able to reskill at scale starts with technology.” .
The US invested $380 million in apprenticeships in 2022, said the US Secretary of Labour, Martin J. Walsh.
Connectivity is crucial to education and reskilling
To enable equitable access to jobs and skills throughout the world, there has to be equitable access to technology.
“If we want to democratise education, we have to put an emphasis on making sure that anybody who can and wants to, can connect to some sort website,” said the Founder and CEO of Code.org, Hadi Partovi.
AI can have a role to play
“AI can create a more equitable society if used right … Reskilling is the most important part of this,” said the Co-Founder and CEO of Automation Anywhere, Mihir Shukla.
Just ahead of Davos, the Forum launched its whitepaper, Jobs of Tomorrow: Social and Green Jobs for Building Inclusive and Sustainable Economies.
It finds that in 10 countries, social jobs represent 11 per cent of the total workforce. But to meet inclusion and social mobility goals, these countries will need 64 million more social jobs – an increase of 37 per cent.
The green workforce is much smaller, however, representing just one per cent of total employment in those 10 countries. But to meet environmental goals, an additional 12 million, or 66 per cent more, green jobs are need.
During Davos, the World Economic Forum announced that more than 350 million people are being reached with better skills, jobs and education through commitments made as part of its Reskilling Revolution initiative, three years after launching.
Working with more than 20 governments, 60 global CEOs and a network of over 350 organisations, the reskilling revolution is preparing one billion people for tomorrow’s economy and society by 2030.
Gospel artiste Celestine Donkor has released her 8th album titled ‘Final Say.’
The album was released to all the online music stores on Saturday, February 11, 2023.
Celestine earlier released the ‘Final Say’ title track (which is a medley of four songs) and another single ‘Amenuveve’ as a precursor to the main album launch.
Other songs on the album are ‘Only You’ (Unplugged), ‘Final Say Reprise’, ‘More Than a Song’, and ‘Edin No.’
The body of work was recorded live at the 9th edition of the Celestial Praiz which was held on March 6, 2023.
Last year, Celestine Donkor released ‘Testimony Therapy’, a seven-track EP.
‘Only You’, a song on the album, was nominated for the Vodafone Ghana Music Awards in 2022.
The reality star made this revelation while speaking in a podcast with Nedu Wazobia and other media personalities.
BBNaija Level Up winner, Phyna has shared her experience after she dated a ‘Yahoo’ boy.
She stated that despite having money, ‘Yahoo’ guys are always stingy to their girlfriends.
The reality star made this revelation while speaking in a podcast with Nedu Wazobia and other media personalities.
In the podcast, Nedu Wazobia asked Phyna whether she’d be willing to date a man who genuinely loves her but doesn’t have money.
Responding, she said that in her past 26 years of life she had struggled the most during times when she was in a relationship.
She divulged that she was once in a relationship with a yahoo boy who never have her a dime; rather, he would buy drinks and spray money at clubs than give her.
FITCH Solutions expect Ghana’s total liquids production to see moderate growth in the near term, with crude, NGL and other liquids production increasing from 142,440 barrels per day (b/d) in 2022 to 145,390b/d in 2024 following recent investments in the Jubilee and TEN fields by Tullow Oil.
While these investments would prevent significant short-term declines, the key upside to Ghana’s long-term oil production outlook is the 110,000b/d Pecan Field development, the future of which is currently in limbo following a dispute over the involvement of Russia-based Lukoil.
Provided that the controversy surrounding Lukoil’s participation is resolved and a final investment decision is achieved by the end of 2024, we expect Ghana’s oil production to grow to nearly 200,000b/d by 2029.
These investments consist of a multi-year drilling campaign at the Jubilee and Tweneboa-Enyenra-Ntomme (TEN) fields, which currently account for approximately 80 per cent of Ghana’s upstream output.
In 2022, Tullow’s investments included four new wells (three water injectors and one producer). In 2023, Tullow plans on introducing six wells, which will come online by the third quarter.
Jubilee Field boost to prevent declines in 2023
Further progress on the Final Investment Decision (FID) in the Pecan development is essential for Ghana to return to pre-pandemic levels of oil production (which averaged 197,000 b/d in 2019).
The Pecan field, which is part of the Deepwater Tano Cape Three Points licence block, has an estimated reserves of 334mn boe. It is operated by Aker Energy, who maintains a 50 per cent stake while the other partners include Russia-based Lukoil (38 per cent), Ghana National Petroleum Corporation (GNPC) (10 per cent), and Fueltrade (two per cent).
The development of the field has faced a variety of headwinds over recent years such as concerns over the capital cost of the project and the size of GNPC’s stake.
However, the key barrier since February 2022 has been the participation of Lukoil. Due to the Russian invasion of Ukraine, Aker Energy has been hesitant to put forward its updated Plan for Development to the Ghanaian government and commit to FID whilst Lukoil is involved in the project as the risk of sanctions levied on Russian oil and gas companies could limit Aker’s ability to work with Lukoil and interfere with operations at the field. According to media reports, Aker CEO Øyvind Eriksen noted that development plans would not be passed to Ghanaian authorities until Lukoil’s participation was resolved.
To overcome this hurdle, Aker has recommended that Lukoil divest their share. As of February 2023, the latest update on the dispute indicates that Aker is continuing a dialogue with Lukoil and the Ghanaian authorities to come to a solution and has not put the project itself on hold, instead just delaying their development plans.
Provided that the controversy surrounding Lukoil’s participation is resolved and FID is achieved by the end of 2024, we expect Ghana’s oil production to grow to nearly 200,000b/d by 2029.
Given the willingness of the Ghanaian government to support the project, potential for breakthroughs and compromise in the negotiations between the partners, and the higher oil price environment, we believe that FID is still possible despite the dispute, but is not likely to be reached until 2024 at the earliest.
In terms of sanctions, as of February 2023, Lukoil is subject to US energy sector sanctions under Executive Order 13662, which prohibits investment in upstream projects abroad where Russian-based oil and gas companies have participating interests of over 33 per cent.
Aker seeks to comply with all international sanctions. Despite Lukoil’s 38 per cent stake, the restrictions levied on Lukoil would not apply to the Pecan field development as the project was initiated before January 29, 2018.
Given this exemption, it is still possible that the project can proceed with Lukoil still participating, though we acknowledge significant downside risks from the historic record of delays.
We forecast that it will take 35 months from FID for the first oil at the field, meaning that if FID is reached in 2024, production will begin in 2027 at the earliest. With this in mind, we forecast that Ghana’s oil production will grow to a peak of 198,190 b/d by 2029, before declining by an average of three per cent a year until 2032 due to the lack of other projects in the pipeline.
A Nigerian lady simply identified as Ewa has sent shivers down the spine of her boyfriend on Valentine’s day.
Valentine’s day as celebrated on every 14th of February happens to be one of the best moments to celebrate love and lovers share gifts with their loved ones and vice versa.
As many lovers are celebrating this special day set aside to remember the importance of love, a young man has bet served a hot breakfast.
As seen in the viral video which has received mixed reactions from social media users, the guy received a wrapped gift from his girlfriend not knowing the present was going to break his heart.
After unwrapping it, he found out that his girlfriend has authored their break-up message on the surface of the frame she presented to him as a gift.
The caption on the frame reads, “#ValentineGift# I just want to use medium to tell you that I’m pregnant for your best friend, I’m so sorry darling”.
The heartbroken man could not believe his eyes and he broke down in massive tears. His friends who were with him when he received the gift, tried to calm him down but to no avail.
The Ghana cedi continued to rise steadily against the US dollar amidst the Bank of Ghana’s tight foreign exchange intervention.
The regulator sold only $5 million on the spot market while withholding its bi-weekly FX auctions.
The cedi closed on Friday, February 10, 2023, at an indicative rate of ¢10.80 to one US dollar on the interbank market.
It gained 0.81% to the dollar to close at a mid-rate of ¢12.35/US$ on the retail market.
It also recorded a week-on-week appreciation of 2.35% against the pound and 0.38% to the euro on the retail market.
Some analysts claim that the local currency’s recent performance indicates that Ghana is on course to achieve a successful Debt Exchange Programme which consequently will boost market confidence and positively impact the cedi’s outlook.
This will pave way for an International Monetary Fund programme by the end of the first quarter of 2023.
The Ghana National Association of Teachers (GNAT) has appealed to the Ghana Education Service (GES) to make changes to the new academic calendar for schools released recently.
The Local Secretary for Kotobabi District, Gideon Pappoe, and the Chairman for Accra Metro West District of the Association, William Yitah, who have been speaking on Joy Prime’sPrime Morning indicated that there was no consultation before the changes.
The teachers, they said, got the information like everyone else after the calendar was published.
According to them, the current rest days for teachers are not adequate. Their concern is that it will cause a lot of stress and tiredness, thus reduce productivity in class.
Speaking to the host, Roselyn Felli, Mr. Pappoe said, “If you look at this calendar, the vacation is like ten or nine days. Was the strike the teachers had about the Director General legit? About him being a professional, an educationist or coming from another place. I believe a proper consultation should have been done because teachers are also stakeholders in education.”
“What goes on during vacation? Every good teacher sits down and does evaluations and analysis of each student. So at the end of the first term, I have to look at each student’s challenges and positives and know how to plan myself for the next term. Now, I have nine days to do that. You have a class of about 60 or 70, and you have nine days to do that. You also have to rest and spend time with the family. Are nine days enough? Are parents ready to take their kids back to school after nine days?” He quizzed.
He suggested that the previous 25 rest days, despite being less than a month, were a bit sufficient for the teachers.
He also opined that there could be more consultations concerning the amendments before their publication. He thinks there can be a two-year plan to gradually wipe off the new system.
“If it has to get to a point whereby we have to cut one term off to go by the system, it is done. It’s our education system; it can be structured in a way to fit in,” he said.
Adding his opinion to the teachers’ strike about the director-general issue, the Accra Metro West District Chairman of the Association indicated that “it’s not about his competence but the nature of the job that he’s tasked to do. He needs to have an in-depth knowledge of what really goes on in the GES.”
He cautioned the GES not to appoint people who are not professional educators to lead the sector.
As to whether the new calendar will help improve the students’ academics, he said, “It will have an untold hardship on even the children themselves.”
He further revealed that the pressure from GES is having a ripple effect on teachers, as most of them are facing health challenges and even death.
Although the Association is not against the reintroduction of the old academic calendar, they believe it can be done gradually instead of in a rush.
Even though the Association is not satisfied with the changes, Mr. Yitah said “they will manage it with pain” in order to help the students.
Meanwhile, the chairman has notified the public that the Association is putting measures in place to appeal to the GES to make changes to the new calendar.
Tullow Oil Plc has announced that Tullow Ghana Limited (TGL) has filed requests for arbitration with the International Chamber of Commerce in London in respect of two disputed tax assessments received from the Ghana Revenue Authority (GRA).
In a notice to investors, the oil giant said the assessments relate to the disallowance of loan interest deductions for the fiscal years 2010 – 2020 and proceeds received by Tullow Oil Plc under Tullow’s Corporate Business Interruption Insurance policy.
The requests for arbitration have been filed in accordance with the dispute resolution process set out in the Petroleum Agreements which govern TGL’s activities in Ghana.
A copy of the Petroleum Agreements can be viewed on the website of the Ghana Petroleum Register.
Background
According to Tullow Oil Ghana, it received a revised corporate income tax assessment for $190.5 million from the GRA relating to the disallowance of loan interest for the fiscal years 2010 – 2020.
Tullow has previously disclosed assessments by the GRA relating to the same issue; the revised assessment received in December 2022 supersedes all previous claims.
TGL has also received a new corporate income tax assessment and demand notice for $196.5 million from the GRA relating to proceeds received by Tullow during the fiscal years 2016 – 2019 under Tullow’s corporate Business Interruption Insurance policy, previously referred to in Tullow’s Trading Update on 25 January 2023.
GRA and tax disputes
Tullow‘s move follows similar concerns by other multinationals especially in the extractive sector that are raising questions about these assessments done by the GRA.
GRA recently in a statement announced that it has stepped down moves to go ahead with $773 million ‘back tax’ bill it imposed on the telecoms company.
The authority also in a statement advised companies disputing the assessment to turn to its Tax Advisory Board and other mechanisms to address their concerns.
Branch profits remittance tax arbitration
Tullow has previously filed a request for arbitration in respect of a separate assessment for Branch Profits Remittance Tax of $320 million in 2021. A hearing in respect of this dispute is scheduled for October 2023.
The government says not executing the domestic debt exchange programme would have brought “grave disorder” in its ability to service the country’s ballooning national debt and exacerbated the current economic crisis.
“The domestic debt exchange programme is being done to help protect the economy and enhance our capacity to service our public debts effectively,” the government in a statement thanking Ghanaians for their support during the torturous DDEP consultation.
The government closed the Domestic Debt Exchange Programme with over 80 percent participation of eligible bondholders.
The programme, which was voluntary, seeks to tackle the current economic crisis, bring back macroeconomic stability and guarantee sustainable growth.
This comes after five deadline extensions as various groups sought exemptions or improved terms to participate.
Announcing the development today, Tuesday February 14, the finance ministry reassured individual bondholders who decided not to participate in the programme that their coupon payments and maturing principals, like all government bonds, “will be honoured in line with government fiscal commitments.”
“The government is, therefore, grateful for the overwhelming participation of all bondholders. Your support and contributions have gotten your country much closer to securing the IMF programme.”
The programme is part of the requirements before Ghana can secure an economic bailout of about $3 billion from the International Monetary Fund (IMF).
Two economic experts say but for the central bank’s GH¢44.5 billion support to the government, the economy would have crashed last year.
Dr Said Boakye of the Institute for Fiscal Studies (IFS) and Prof. Peter Quartey of the Institute for Statistical, Social and Economic Research (ISSER), however, noted that the quantum of the central bank support was concerning.
They concurred in separate interviews that while the action was suboptimal, it helped to mitigate the impact of the crisis that the economy was embroiled in.
They cited delayed payment of salaries, insufficient imports, including fuel and medical supplies, and a general breakdown of economic activities as some of the challenges that the country could have been submerged in had the central bank not stepped in with funding.
Given that the international capital market was shut to the country last year, at a time when revenues and treasury auctions were not encouraging, Dr Boakye and Prof. Quartey said the economy could have ground to a halt if the central bank had not intervened with the funding.
Their position confirms the central bank’s assessment on the matter, which was contained in a statement issued on February 8.
In that statement, the BoG said its net advances to the government totalled GH¢44.5 billion in 2022 to save the economy from getting into a ditch.
Public outcry
The two economists were speaking with the Graphic Business during a recent public discussion on the central bank’s funding of the budget in 2022.
The BoG and the International Monetary Fund (IMF) have described the action as a temporary solution to the crisis that the economy faced last year.
In siding with that position, Dr Boakye, who is the Head of Research at the IFS, said 2022 was particularly difficult for the economy, such that unpopular policy choices, such as deficit financing, were necessary.
“Truly speaking, it was very tough in 2022,” he said.
The government had budgeted to go for about US$3 billion from the Eurobond market, but the downgrading of the economy from B plus to B minus and subsequently to C took Ghana off that international finance market; revenues were not coming in and the auctions were also failing.
“So things were very rough and the central bank had to step in to keep the country running and that is understandable,” he said.
Flexibility
Between 2016 and 2020, the country operated a zero deficit financing policy based on a memorandum of understanding (MoU) between the Ministry of Finance and the BoG, in line with the requirements of the IMF under the country’s 16th fund-assisted programme.
In 2020, when the COVID-19 pandemic peaked, the central bank suspended the policy under a certificate of emergency to purchase a GH¢10 billion sovereign bond that it said would help ease the financial constraint emanating from the crisis.
It, however, restored the policy in 2021, only to set it aside again last year in the wake of the economic crisis.
It is understood that the IMF now seeks to codify the policy under the US$3 billion programme that is being financed; given that economic emergencies can occur.
Dr Boakye of the IFS, however, said it was interesting that the IMF was asking the country to legalise zero deficit financing of the budget.
He mentioned the United States of America (USA) and the United Kingdom (UK) as developed economies whose central banks still financed their governments in times of crises and wondered why a developing country such as Ghana would seek to tow the opposite direction.
“If borrowing from the central bank is a sign of irresponsibility, then the Bank of England and the Federal Reserve Bank of USA have been culpable.
“Yes, the borrowing from the central bank adds to the momentum in inflation but there should be some flexibility,” he said.
“To me, the zero financing policy is not justified but I can understand,” he said citing the wanton abuse of the policy in previous years.
Although the Bank of Ghana Act requires that financing of the deficit should not exceed five per cent of the previous year’s revenues, the figure has often exceeded the five per cent limit in years when the central bank had to intervene.
Bitter pill
On plans to cut off central bank financing, Prof. Quartey, for his part, said it was a tough but necessary action.
He said the country needed to mature to the point where policies that spurred growth and sustainability were encouraged over short-term strategies that had long-term implications.
Samuel Gordon, affectionately hailed in the showbiz circles as “Samuel G”, is a Libyan-born Ghanaian singer/producer and songwriter who is passionate about Ghanaian music jammed by all globally.
According to him, it was important for Ghanaian artistes to strategize and make business in doing music.
He was optimistic that, this would help the showbiz industry to be more lucrative and that will represent Ghana at all global music awards.
Samuel G, who made these comments is carving an international niche for himself on the global front.
At the tender age of five, Samuel G developed a great sense of love for music and later developed his skills in singing and songwriting and delved into playing other instruments including guitar, piano and drums.
The talented showbiz personality in 2016, decided to move to Ghana to be closer to the rise of Afrobeats music where he has worked with a few Ghanaian artists including, TicTac, Joey B, Guru, Kelvynboy and Adina.
In 2021, Samuel worked with a number of artists as a producer and also had a few more collaborations including one with American fast-rising r&b singer and songwriter JC, they collaborated on the afrobeat remix of his hit single “For me”. Samuel also featured on a Billboard in Times Square New York which was for a compilation Christmas EP.
In 2022 Samuel G toured and performed with Nana Darkman in Europe in front of tens of thousands at the 90s Supershow and the Retro Summer Festival respectively.
He was also in the studio with the Multi-platinum and award-winning Producer Jan van der toorn and Lavonne van der toorn during his trip to Berlin.
Upon his return to Ghana he won the BEST INTERNATIONAL COLLABORATION award at the EGMA awards in Ghana with American Singer and Songwriter HONE7.
The optimistic artiste cum producer returned to Germany again later in September 2022 for another tour and also performed at the APHRO SPACE FUNK FESTIVAL, where he dazzled fans with his music prowess.
After releasing nine songs in 2022 Samuel G is set to tour Asia in 2023 starting from Thailand.
Samuel G aim to continually work towards Global recognition and relevance. Given his cultural influences, vast musical knowledge and ability to express himself through 5 musical instruments, he has a unique message to tell the world and to empower people of color worldwide.
He commended his fans and patrons for the great support and love for his good works.
Popular media personality, Deloris Frimpong Manso, has entreated ‘singles’ not to observe a boring Valentine’s Day.
She made these statements while outlining her plans for this special day.
Scores of Ghanaian celebrities have flooded social media timelines with pictures and videos of their partners, accompanied by fancy tributes.
Others have shared pictures of themselves clad in red outfits while highlighting their plans for the day.
But Delay who hasn’t succumbed to the status quo has taken to social media with a message to uplift the spirit of single women and men.
“Those who are single, and those who are not married we have created a WhatsApp group and I am the admin. We are single and we have accepted it. It doesn’t mean that we won’t observe Vals Day.
I have ordered flowers for myself with a note attached to it that reads ‘From Deloris to Deloris’. because I love myself. If I don’t love myself, who will love me? You also need to love yourself, so that on Vals Day, you’ll order chocolates, cakes, or even shoes for yourself. Pamper yourself. As for me, I am self-pampered,” she maintained.
He said the project, which had received funding support from the Agricultural Development Bank (ADB) Limited, was the largest private-owned rubber plantation in the country.
Addressing the opening of the 18th Anglican Consultative Council (ACC), at the University of Ghana, Legon, President Nana Akufo-Addo described the agricultural project as a viable economic venture, which would add up to Ghana’s development and growth.
He commended the Diocese for its vision, noting that, that and other projects embarked upon by the Church, especially in the areas of education, healthcare, governance and other social services had been beneficial to the society.
The President indicated that the Government was ready to partner the Church in the implementation of its development initiatives, especially those in line with the Directive Principles of State Policy to enhance a progressive and prosperous Ghana
On the economic front, President Nana Akufo-Addo acknowledged the fact that the country was experiencing difficult times, however, with hard work and sense of determination, the country would surmount the challenges to bring relief to the people.
The role of the ACC is to facilitate the cooperative work of the churches of the Anglican Communion, exchange information between the provinces and churches, and help to coordinate common action.
It advises on the organisation and structures of the Communion and seeks to develop common policies with respect to the world mission of the Church, including ecumenical matters.
The Council includes members of the laity, archbishops, bishops, priests, and deacons, and through its networks and programmes seeks to serve the needs of member churches.
It is accepted as the most representative body of gathered Anglicans among the Instruments of Communion.
President Nana Akufo-Addo, a devout Anglican, said in recent years, the Church had been a good example of what it meant to love one another and give cheerfully to those in need.
“It continues to play a significant role in the growth and development of our nation,” he noted.
The programme had in attendance the First Lady, Mrs Rebecca Akufo-Addo, as well as the Most Reverend and Right Honourable Justin Welby, Archbishop of Canterbury, who led the Council to pray for the Church, President, nation and mankind’s development.
Some 110 delegates, representing 39 of the Anglican Communion’s 42 member churches or provinces, are in Accra for the 18th ACC plenary meeting.
In order to reduce a major threat in the Saltpond Oil Fields decommissioning area, the Ghana National Petroleum Corporation (GNPC) is seeking the assistance of influential figures in the Central Region.
The engagement, led by the Sustainability and Stakeholder Relations Division (SSR), became necessary because some fishermen are blatantly defying the safety precautions and directives from the Navy and the GNPC to stay away from fishing in the 500 metres Exclusive Zone in the project area.
The fishing activities are portended to compromise safety and security in the area as they are already causing interference in the execution of the project.
Deputy Manager, Social Performance and Local Content, Ms Patience Lartey, in all the engagements, has been reiterating the importance of respecting the exclusive zone directives by all fishermen.
In the latest meeting with the chief fishermen, political heads and opinion leaders of the area, she highlighted that the fishermen risk losing their lives and properties through their activities.
“We don’t want the fishermen to encroach the area because the project ongoing in the area is dangerous. Machines are working in the area and it is unsafe for the fishermen numbering about 10 in a canoe to ply under the machines. Should any metal fall off into the canoe the boat is likely to capsize and the people likely to perish.”
Ms Patience Lartey also mentioned that the gas component of the oil explored may have long-term effects on the health of the fishermen who invade the area and yet without protection.
“All the pillars of the rig you see are deep-seated in the bed are wells. It is likely that there would no longer be oil exploration from the area, but that does not mean the oil there is depleted.
“From time to time the operations may require the opening of the oil coverings. The oil has its gas component called hydrocarbons which escape when coverings are opened. So when you invade the area and you inhale this gas you don’t know what the long-term effects will be,” she added in her caution statement to the stakeholders.
Meanwhile, the Municipal Chief Executive for Mfantseman, Ike Lord Ennu, has said his assembly is equally not happy about the development and thus implored his fellow assembly members to ensure the menace is curbed.
The Social Security and National Insurance Trust (SSNIT) has fought off claims its Cape Coast Branch owes the Cape Coast Metropolitan Assembly a colossal amount of money due to failure to fulfill its property rate obligations.
According to a statement from the Trust, it Cape Coast office remains open for business.
“The Trust does not owe the Cape Coast Metropolitan Assembly and has duly paid its property rate to the Assembly.”
“Therefore, attempts by officers from the Metropolitan Assembly to lock up the office, temporarily interrupting business, was unfortunate”, it pointed out.
It further added that contributors, pensioners and the public can access our services at all the Trust’s offices, including the Cape Coast Branch as well as the available digital platforms.
Budding Ghanaian singer cum actress, Yaa Jackson, has shared some interesting moments she encountered throughout her pregnancy and childbirth journey.
The 23-year-old socialite reportedly welcomed a baby boy on January 5, 2023.
Pictures of the baby circulated on the internet amidst congratulations from scores of celebrities and fans.
But throwing more light on her experience, particularly as a first-time mother, Yaa Jackson said behind the scenes, she encountered intense struggles that almost caused her to throw in the towel.
She cited the moment when she was pushing the baby out as the toughest throughout the nine-month period.
The ‘ehwe papa’ hitmaker said she was fortunate enough to have been assisted by a midwife who backed her with prayers.
“It wasn’t easy at all. I urge every man to respect every woman. I nearly gave up on pushing the baby out. It can only be God. What helped me is that the midwife is a God-fearing woman. She was singing worship songs and praying the whole time I was in labour,” she stated in an interview with Zionfelix.
Yaa Jackson said hiding her ‘baby bump’ from the public wasn’t deliberate, adding that, she did not really have a huge bump all through the pregnancy.
“My bump wasn’t really bulging. I was performing at events until 7 months. I discovered that I was pregnant when the baby was five months,” she added.
The National Democratic Congress (NDC) youth organiser who incited supporters of the party in a recent video to secure power at all cost even if it means doing so through violent means,has been granted bail.
The accused, Razak Koumpa Avoliya, was admitted to bail by the Asokwa Circuit Court in the sum of GH₵50,000 with two sureties.
Speaking to JoyNews correspondent, Nana Yaw Gyimah, the counsel for the accused, Evans Amankwaah thanked the court for accepting their bail application.
He indicated a preparedness to face the prosecution at the next adjourned date.
“Thankfully, the judge has granted our brother (Koumpa Razak) bail and we are thankful to the Judiciary and the judge for granting our brother bail and understanding the position that we were coming from.
“The condition is also good that we are executing the bail at the registry of the court. We are to come to court on the 9th of March. The court has ordered that the prosecution serves us will be at their disclosures so that we can start the trial”, he said.
The Suame NDC Youth Organiser is reported to have made statements to incite violence in next year’s general election.
As a result, the Police issued a statement on Monday on his threat “to attack persons of the New Patriotic Party (NPP) in the run-up to the 2024 General Elections”.
The accused was detained by the Police on Wednesday after the regional leadership of the party turned him over.
He was, however, arraigned on Thursday and denied bail.
The prosecution told the court that investigation has since been completed but didn’t oppose to application for bail by the lawyers of the accused.
Meanwhile, the accused is expected to appear before the court on March 9.
Netizens all across the world are pulling out all the steps to make sure February 14 is extra romantic.
Whether it’s a sweet post on social media, a fabulous gift, a romantic dinner for two, or even a lavish getaway, Valentine’s Day is all about celebrating love.
Ghanaian celebrities are not left out, as pictures, poems, and lovely tributes to their various partners are gushing in on social media.
https://www.youtube.com/shorts/1zAsCP6mCRA
Spreading the love and the significance of the moment, these celebrities have marked the day in style.
Clad in red outfits, social media has witnessed all sorts of meaningful and thoughtful ways these individuals have adopted to celebrate the Day.
Not forgetting the celebrity couples, who have also shared photos or videos reminding each other that ‘they are still the one’ after all these years.
National Democratic Congress (NDC) presidential candidate hopeful Mr Kojo Bonsu is sympathizing with Christian Atsu and his families following the recent infamous Turkey earthquake that has claimed thousands of lives.
Consequently, the former National Sports Authority (NSA) boss and the former Mayor of Kumasi has as a matter of urgency called on Ghanaians to intensify prayers for the missing former Newcastle United player.
The Ghana winger, who plies his trade with Hatayaspor has gone missing after the earthquake rubble in Turkey, and he is yet to be found by the rescue team.
In a release signed by his communication team, Mr Bonsu said “Whatever happens in any part of the world has a bearing across the world.
“That reality has hit home, especially following the major earthquake of last Monday, in parts of Turkey.
“That natural disaster has claimed many lives, and kept the rest of the world, on edge, given the mounting challenges faced by the rescue teams.”
The release added “Ghanaians have not been exempt from the anxiety of humanity, following the calamity.
“However, our particular interest rests in the timely rescue of our national, Christian Atsu, an ex-international, reported missing, since the huge earthquake hit Turkey.
“Although he has not yet been found, we have no recourse than to keep our hopes, alive, knowing, nothing is ever over until it is.
“So, to all Ghanaians, home and abroad, especially Atsu’s partner, children, parents, other family members, friends and teammates, I say, hang in, there.”
To him, Ghanaians should not rule out the possibility that he can be found, alive. It is never over till it is over saying.
Ghanaian filmmaker, Kobi Rana, has once again lashed out at the National Film Authority over what he terms as sabotage and interference in his line of work.
Earlier in 2020, Kobi Rana and actress, Kafui Danku, stormed social media, informing the public about how their ‘Freedom and Justice’ movie had been banned.
“After a groundbreaking trailer and 2,154 tickets sold in advance, we regret to announce the ban on the most demanded movie: FREEDOM AND JUSTICE. Our venues were served with letters from the Ghana Tourism Authority to stop showing the movie. These venues were later visited, warned and locked with armed policemen” their statements read on social media.
Two years on, Kobi Rana is still lamenting ill-treatment from the National Film Authority.
It can be recalled that the actor migrated from showing his movies at the cinemas to premiering them at university campuses, due to exorbitant rates charged by the former.
But in the latest development, Kobi Rana said the film authority is creeping its way into having discussions with his new venue owners.
Kobi Rana who suspects a foul play, said the authority is trying to stop him from showcasing his movies on campuses.
In a TV discussion where he was promoting his upcoming movie, Kobi Rana angrily vented out.
“I was showing my movie in the cinema. The cinema took my date and gave it to someone else. If I am now making more from outside venues across the country, who gives you the right to call my venue and intimidate them? You did the same thing with Freedom and Justice movie and I didn’t say anything out of respect.
“You messed up my market and everything, yet I have never come out to fight back. Juliet Asante, I heard you are the president and I don’t care. Socrates Safo, I called you this afternoon and you said you didn’t know anything about it but you called Kafui and Roselyn about it,” he fumed. There is only one cinema in Ghana and you cannot force all of us to go to Silverbird to go and give them 50% of our sweat. No! what the f**k are you doing calling my venue? What is your business with my venue?
A fed-up Kobi Rana however asked the Film Authority to stay out of his business.
“Listen, I am saying this once and for all, you have done your worse already. This is an industry and whatever politics you are doing; I am not a part of it,” he stated.
Ninety-five vehicles believed to have been stolen and smuggled into the country will be seized by the Economic and Organised Crime Office (EOCO) following a court order.
EOCO in a statement noted that the freezing order from the court would enable them to seize 95 more vehicles.
This, according to them will add up to 41 others seized earlier in collaboration with the US Federal Bureau of Investigations (FBI) and the Royal Canadian Mounted Police (RCMP) in December 2022.
EOCO added that the court order obtained would also restrain anyone from disposing of the vehicles.
According to the statement, information available to EOCO indicates that about 400 luxury vehicles suspected to have been stolen from the USA and Canada were in the country.
The said vehicles were alleged to have been obtained through fraud and other crimes and shipped into the country, with some being displayed for sale in a number of garages in Accra.
Meanwhile, the Deputy Head of EOCO, Nana Antwi says the culprits will face the law.
According to him, although the vehicles cannot be seen in the garages, EOCO is convinced that the vehicles are in the country, adding that “they would be taken one after the other.”
“We are in the process of asking for special documents or orders to do a publication of those suspected vehicles, we have their chassis numbers and ask those in possession to voluntarily submit, failing which we will draw a plan to get all of them,” he said.
The Ghana Football Association has been urged by former Ghanaian international John Paintsil to include Kwasi Appiah on Chris Hughton’s training staff.
The former two-time coach for Ghana claims that this is essential because he is more familiar with the athletic landscape there.
On Sunday, the GFA announced that the 64-year-old would take Otto Addo’s place as the next coach of Ghana.
“I don’t deem this as a new appointment because he was part of the team that went to Qatar and I think he was vital in decision making so I don’t see this as a new appointment,” Paintsil told Mining City Radio.
“So if he’s appointed, the only thing they have to add up is to appoint Coach Kwesi Appiah in the technical team to assist him.
“Why I’m saying this is that, Chris Hughton doesn’t know the culture of Ghana football though he’s very good in Europe and English football.
“Ghana has a football culture and Kwesi Appiah has been there for over 10 years, so he knows the “in and outs”, and I think he brought most of the young players. So going forward, if we wish for the best, he should be appointed to help Chris Hughton.”
Kwasi Appiah also applied for the job to become the Black Stars coach for a third time but that did not happen.
Twenty-three-year-old musician Ashley Junior has recounted his ordeal in the music industry.
The young musician said a death threat he received from a seasoned gospel musician nearly forced him into early retirement. This revelation comes after the release of his debut Awurade Fakye a few years ago.
He said in an interview “I invited a renowned Accra-based gospel musician for a show in Kumasi, a few years ago but things didn’t go the way l expected.
“Consequently, l apologized for not meeting his financial request and he threatened to take my life citing a popular gospel artiste who died mysteriously.
” He told me if I want to die like that renowned gospel musician, l should play games with him.”
He said the threat discouraged him from pursuing his musical career.
However, he pointed out that his desire for music has compelled him to hit the studio with a new single entitled Fakye (Forgive), which would be released soon.
He added ” l don’t want to be tagged as a gospel musician because of how some of them conduct themselves. I am terrified by the operations of some of them.”
The young artiste is known in private life as Kingsford Adom Kwadwo and hoping to take Ghana music across the globe.
Popular Nigerian dancer, Jane Mena, has made a strange assertion about Valentines Day celebration.
She shared a post on her Instagram page to address couples considering their plans for the event.
According to the celebrity dancer, any man who loves his partner would not buy them a gift.
She wrote; “A man who really loves you will never get you a Valentines gift. Know this and know peace.”
After Jane Mena expressed her sentiments, musician SlimCase concurred, explaining that a guy is all the present his wife needs as long as he is totally devoted to the relationship, which is what Valentine’s Day is all about.
Slimcase wrote: “He has become the gift if he is with u whole heartedly that’s all about Val”
Prayers are still being said for Ghanaian winger Christian Atsu, who is still missing and is believed to be buried in the rubble of a collapsed building in Turkey as a result of an earthquake there.
Eight days after the calamity hit, Ghanaians are still clinging to the slimmest of hopes that Christian Atsu is still alive and would be saved as soon as possible.
One aspect of Christian Atsu that has stood out is his generosity and humanitarian deeds.
Despite reaching the career highs of being a Chelsea player and winning the Most Valuable Player award in an AFCON tournament, the most dominant and fondest memories of Christian Atsu by most Ghanaians is the number of times he has reached out to the needy and came to the help of persons in unfortunate situations.
The latest person to celebrate this highly commendable aspect of Christian Atsu which has become the point of contact in prayers for him is celebrated actor and newscaster, Akrobeto.
In an episode of his ‘Real News’ show, Akrobeto joined thousands of Ghanaians fervently praying for Christian Atsu and revealed an instance where he became a beneficiary of Christian Atsu’s kind-heartedness.
Akrobeto disclosed that Christian Atsu once gifted him 800 euros through colleague actor, Kwaku Manu.
“I have seen Atsu on TV but never met him personally but he sent money to Kwaku Manu to give to me. He said he enjoyed the Real News as it became a source of entertainment for him while in Europe. Kwaku Manu told him I’m his uncle and he asked him to give me the money to show appreciation for the work I do. Someone close to him also called to check if I had received the money. I expressed my gratitude to him.
“I don’t know him but I was shocked by how showed love to me. Quite recently he helped to free some prisoners. We call all die at anytime so work on your soul. It cannot be confirmed that he is alive or dead but imagine what he is going through. It is very painful. Let’s all pray for him and stop the unnecessary speculations,” he said
Atsu, who plays for Turkish side Hatayspor was trapped under the rubble after the February 6 earthquake that struck the southern part of the country and parts of Syria.
It has so far claimed the lives of over 35,000 across the two countries with the death toll continuing to mount. Many more thousands have also been injured whiles rescue efforts continue in earnest to find more survivors who may be under the rubble.
Atsu’s case has attracted a lot of interest in Ghana and across the world with his British wife calling on the Turkish and British authorities to expedite action in rescuing the former Chelsea, Newcastle player in an interview with the BBC last week.
Despite reaching the career highs of being a Chelsea player and winning the Most Valuable Player award in an AFCON tournament, the most dominant and fondest memories of Christian Atsu by most Ghanaians is the number of times he has reached out to the needy and came to the help of persons in unfortunate situations.
The latest person to celebrate this highly commendable aspect of Christian Atsu which has become the point of contact in prayers for him is celebrated actor and newscaster, Akrobeto.
In an episode of his ‘Real News’ show, Akrobeto joined thousands of Ghanaians fervently praying for Christian Atsu and revealed an instance where he became a beneficiary of Christian Atsu’s kind-heartedness.
Akrobeto disclosed that Christian Atsu once gifted him 800 euros through colleague actor, Kwaku Manu.
“I have seen Atsu on TV but never met him personally but he sent money to Kwaku Manu to give to me. He said he enjoyed the Real News as it became a source of entertainment for him while in Europe. Kwaku Manu told him I’m his uncle and he asked him to give me the money to show appreciation for the work I do. Someone close to him also called to check if I had received the money. I expressed my gratitude to him.
“I don’t know him but I was shocked by how showed love to me. Quite recently he helped to free some prisoners. We call all die at anytime so work on your soul. It cannot be confirmed that he is alive or dead but imagine what he is going through. It is very painful. Let’s all pray for him and stop the unnecessary speculations,” he said
Atsu, who plays for Turkish side Hatayspor was trapped under the rubble after the February 6 earthquake that struck the southern part of the country and parts of Syria.
It has so far claimed the lives of over 35,000 across the two countries with the death toll continuing to mount. Many more thousands have also been injured whiles rescue efforts continue in earnest to find more survivors who may be under the rubble.
Atsu’s case has attracted a lot of interest in Ghana and across the world with his British wife calling on the Turkish and British authorities to expedite action in rescuing the former Chelsea, Newcastle player in an interview with the BBC last week.
As the world celebrates the day of love today, Valentine’s Day, we take a look at top Ghanaian players whose love life is glimmering.
It is important to note that persons in relationships, especially married ones, Valentine’s day presents the perfect opportunity for the reinvigoration of love as they display their affection in the form of photos shared on their social media pages.
Yvonne Ayew and Andre Ayew
The wife of Black Stars captain, Andre Dede Ayew is the first on our list because his husband will be the first name on the squad sheet as the leader of the playing body and the most experienced player in the setup.
Details about her background or her profession remain a mystery.
Kwadwo Asamoah and Abena Asamoah
Kwadwo Asamoah and Abena got married in 2012 and have been together since the ceremony. The couple are reportedly based in Italy where Kwadwo had exploits with Juventus, Udinese, Inter among others.
Abena is not widely known but she is said to be a university graduate. The couple have one kid.
Sulley Muntari and Menaye married in December 2010 at a private ceremony. The two have been blessed with two kids with one of them being the reason the former Inter Milan man once played for Hearts of Oak.
Though Muntari prefers not to talk about his private life, his wife’s career as a model and former beauty queen exposes her to the public.
Menaye is a model and philanthropist who has undertaken various charity projects in Ghana and beyond.
David Accam and Florence Dadson
The ideal football marriage, Black Stars forward David Accam is married to Black Queens striker Florence Dadson.
The two US-based footballers married three years ago and as per social media posts are enjoying a great union.
Samuel and Omega Inkoom
Samuel Inkoom tied the knot with Omega Inkoom some sixteen years ago and the two have been together since.
Inkoom and Omega have four children from the union and they have in various posts on social media served some great relationship goals.
Inkoom currently plays for Accra Hearts of Oak.
Jordan Ayew and Denise Acquah
Jordan Ayew is married to Denise Acquah and they have been blessed with two children. The son of Jordan Ayew and Denise Acquah is called Razan Ayew while their daughter is called Kiki.
Denise is an entrepreneur who runs a local home decor company, Kira Living. She runs her business nationally in Ghana.
Daniel Amartey and Naa Shika Addy
The Ghanaian lady is the wife of Leicester City defender, Daniel Amartey who was a key member of the Ghana team at the 2022 World Cup.
Both from the Ga community, Naa Shika Addy and Daniel Amartey have been together for close to a decade but got married in 2016, the year the former Copenhagen defender joined Leicester City.
Alexander and Heley Djiku
She is the wife of Alexander Djiku who made his debut for Ghana under the reign of CK Akonnor and has been a constant figure at the back for the Black Stars since.
Heley and Alexander Djiku have been blessed with two kids Wesley and Elyana Djiku.
The couple recently celebrated the birthday of their daughter Elyana and it was massive on their respective social media pages, especially on Instagram.
Inaki Williams and Patricia Morales
Inaki Williams is dating Patricia Morales and according to multiple reports in Spain, the pair have been together for the past five years.
Unlike most of his peers in football whose love lives have been projected in the media space, Inaki Williams and his girlfriend were living under the radar until he granted an interview that he was having sex seven times a week during the lockdown.
The couple regularly posts loved-up photos of themselves together on their Instagram pages, and Patricia finds time to attend Bilbao games to watch her sweetheart.
Fatau Dauda and Failatu Alhassan
Former Black Stars goalkeeper, Fatau Dauda is married to Failatu Alhassan and they have been together for close to two years. They got married in March 2021.
Felix Annan and Francisca Yeboah
Annan during the 2019/20 football season tied the knot with his long-term girlfriend, Francisca Yeboah, in a private wedding ceremony in January 2020.
The wedding ceremony took place mid-season ahead of Kotoko’s clash with arch-rivals, Hearts of Oak.
Subsequently, the former WAFA goalie lost his playing position to the second-choice goalkeeper, Kwame Baah.
Felix and Francisca also welcome a baby boy named Felix Annan Jnr in January 2022.
Senior Legal Team Member of the National Democratic Congress (NDC) in the Ashanti Region Evans Amankwah says the Akufo-Addo government has suppressed freedom of speech in the country.
He believes the government is using state security to intimidate members of the opposition and prevent them from speaking on issues of national interest.
Amankwah gave this remark after his client Razak Koampah Avoliya, the constituency youth organiser of the opposition party was remanded by the Asokwa Circuit Court, last Thursday (February 9).
Koampa, aka ‘Mosquito’, turned himself in after he was declared wanted by the police for allegedly inciting political violence captured in a viral video. The 32-year-old was detained, charged and arraigned. A push for bail by Lawyer Amankwah and his team was shot down by the court.
Shocked by the court’s verdict Lawyer Amakwah said: “I am dumbfounded that the court refused bail at this point. As a lawyer no matter how bad the decision of the court you need to respect it. People have made more serious, treacherous and threatening statements than this. Kennedy Agyapong and Sammi Awuku made similarly serious statements and what happened to them?
“Razak Koampa is in high spirits and this time I am speaking as a lawyer and a politician that the incarceration or remand of Razak will not intimidate NDC youth…Nobody can gag our freedom of speech. If putting us behind bars is what they intend doing then we want the IGP and the Interior Minister to build more cells”, the visibly emotional lawyer told reporters.
Some residents in Obuasi vehemently resisted police authorities who were deployed to the area to conduct a demolition exercise.
Over 400 residents of PTP, a suburb of Obuasi in the Ashanti Region have been rendered homeless following a demolition exercise undertaken by the Obuasi East District Assembly.
According Despite Media’s Stephen Sekyere, the assembly undertook the demolition exercise to reclaim some lands for the purpose of constructing hostels to house students of the Kwame Nkrumah University of Science and Technology – Obuasi Campus.
A video of the exercise sighted by GhanaWeb shows some of the affected residents engaged in a heated confrontation with some security officers.
In the midst of the confrontation, multiple gunshots were fired by the police.
According to the affected residents, the District Chief Executive Officer for Obuasi East, Faustina Amissah led the demolition exercise without offering them a chance to evacuate or relocate.
The DCE, however, has denied the claims by the victims. According to her, ample time was given to the residents to relocate from the said land.
Meanwhile, the affected residents have threatened to file legal action against the Assembly.
Ajax’s interim head coach, John Heitinga, singled out Black Stars midfielder Mohammed Kudus for praise, describing him as the exceptional player a team needs in tough times.
Kudus has been utilised in all four of John Heitinga’s games since taking over as interim coach after Alfred Schreuder was fired.
Kudus played the entire game for Ajax against RKC Waalwijk and was instrumental in the team’s 3-1 comeback.
“We know he has exceptional qualities and he is the genius you need in difficult times. It’s up to me and the coaching staff to make him even better. Especially off the ball.”
“With the ball, he can dribble, create an overload, assist, and score goals. I think we should be happy Kudus is playing at Ajax,” John Heitinga said after their 3-1 win over RKC Waalwijk on Sunday, February 12, 2023.
Dutch international, Steven Berghuis also praisedMohammed Kudussaying he is sometimes amazed by the flicks, goals, and assists the Ghanaian pulls off in games.
“Sometimes I’m amazed at what this guy can do. On the training ground, he sometimes dribbles past a few players so easily.” He does this now in games [also]. These are guys who can make a difference,” he said at the post-match conference when asked about the impact of Mohammed Kudus.
Charles Taylor Asampong, a veteran of the Ghana Premier League, estimates that it will take thirty years for a Ghanaian club to qualify for and participate in the FIFA Club World Cup.
The ex-Asante Kotoko player added that it will be impossible for the nation to even win any of the CAF club competitions since clubs won’t be able to keep their best players.
It would be tough for any Ghanaian club to win either the CAF Champions League or Confederations Cup, in his opinion, unless Ghanaian clubs take wise action by keeping their quality players and bringing in other good players on the continent.
Speaking on Kumasi-based Akoma FM, Taylor said, “Our league lack quality, some players are currently playing both Kotoko and Hearts but do not deserve it,”
“But you can’t blame them, some players are recruited from 2nd Divisions and walk straight into the starting eleven, and just after a season or two, these players leave the country.”
“How can you win Africa with just players who play less than a season and are transferred out? It will take us about thirty years or over before we can win it.”
“Just look at how Al Ahly is playing. When was the last time any of our clubs purchased a player outside Ghana who has a running contract? We always want free players whilst our competitors are busily recruiting top-notch players.”
Hearts of Oak were the last Ghanaian club to win the CAF Champions League in 2000. Since then, no other team from Ghana have made it to the final.
Following Isaac Opeele Boateng‘s assault on him, Sam Nartey George, the member of parliament for Ningo Prampram, took a shot at the former Kumasi Asante Kotoko coach.
Sam George attacked Opeele Boateng in a social media post, criticising him for his attacks.
The Ningo Prampram MP expressed displeasure that the Ghana Football Association is engaging in mediocrity while other nations’ federations are using their portion of FIFA cash for growth.
“When other FAs are using FIFA funds for proper devt of colts football & infrastructure devt, you have a supposed ‘Coach’ who has never even won sobolo in a competition say we should praise the GFA because they are securing land title & he gat nerves to call me mediocre. Tueh,” he tweeted.
Coach Opeele was the one who first went after Sam George after the MP made allegations against the Ghana Football Association.
In response to Sam George’s claims that the officials of the FA interfere in national team call-ups, Coach Opeele sought to belittle the MP with the claim that he is a novice in football.
“I monitored hue & cry by devil advocates in Gh that, GFA should sue an MP. Basically, The novice MP has no voice in soccer. How many fans know him? It is same way a sports person passing bad political comment would be overlooked cos the person has no voice in politics,” he tweeted.
What did Sam George say
Sam George in a Joy Prime interview made some wild allegations against the Ghana Football Association and its president.
Sam George said that the FA have settled on Chris Hughton as the next Black Stars coach because he can be manipulated.
“That [coaching] job they have given it to Chris Hughton already, so why are we wasting our time?” he quizzed on Joy Prime.
“They have given it to him because they want someone they can manipulate, someone they can use to do their business, someone they can tell him to bring his team selection [with changes being made with regards to agency call-ups] regardless of how long the person has played or not played.
“People are using GFA to make money; they are using it to feed their family.”
When asked whether he had proof of his comments, he said, “Tell me how Baba Rahman found his way to the last squad at the final game at the World Cup [v Uruguay]. What ball did he play? What ball had he played? Is Baba Rahman’s agent not our GFA president?”
GFA reaction
The Ghana Football Association have condemned the statement from Sam George, describing it insult.
Reacting to Sam George’s comment, Prosper Harrison Addo said it is disrespectful for the Member of Parliament to insinuate that they have been manipulating Black Stars coaches in the past.
“It is insulting to the GFA and whichever coach he is talking about. The coaches we have hired are all fathers so if you can’t disrespect your father, then don’t disrespect others.
“Are you trying to say that the coaches are fools because I have worked here for three years and I haven’t seen any coach we have hired who is a fool? How can you say we manipulate coaches who are even older than us. All of the people talking they don’t know the people they are talking about,” he said on Angel FM.
The FIFA Museum praised Rev. Osei Kofi as one of the most talented African footballers who was crucial to Ghana’s effort to win the trophy. Kofi was a member of the Ghanaian side that won the AFCON championship twice in a row.
Ghana was a force to be reckoned with in the 1960s, winning back-to-back AFCONs, according to a tweet from the FIFA Museum.
“Osei Kofi spent his whole career at @AsanteKotoko_SC in his home country Ghana, after turning down a move to Europe in his prime.”
Osei Kofi was one of the players with exceptional talents to have played for Ghana in 1960s. He was nicknamed, the wizard dribbler due to his ability to weave through a forest of legs even in the tightest of angles.
Osei Kofi won his first AFCON title in 1960 and carried Ghana to triumph in the 1965 Africa Cup of Nations on 21st November 1965.
He was once Ghana’s top scorer at the AFCON with seven goals in just two tournaments, 1965 (three goals) and 1968 (four goals).
Afia Schwarzenegger is once again behaving like a bipolar mental patient – one day she says one thing and the next thing she says another.
Afia during a recent interview has denied getting married despite extensive reports that she’s been fueling for the past few days.
Asked to comment about her marriage, Schwarzenegger asked why are people assuming she’s married? She said the fact she wore kente and received congratulations from her family and friends doesn’t mean she’s married.
This conveniently ignores the fact that she’s been flaunting a ring as well and also responded to Tonardo’s claim that she snatched a married man by saying overtaking is allowed!
Anyway, as is well known, Schwarzenegger would do anything for clout hence whatever the truth is, that’s her own palava.
Funnily enough, when Schwar was claiming to be married, a netizen claimed it was just a photoshoot to hype her birthday, which is today – Valentine’s Day.
Controversial Ghanaian socialite, Afia Schwarzenegger has responded to issues surrounding her purported marriage as well as claims that she is a second wife.
Earlier, while reports were rife that Afia Schwarzenegger got hitched, Nana Tonardo stormed social media with claims that the comedienne is indeed married but as a second wife.
“Afia Schwarzenegger has snatched someone’s husband with maximum speed. She is now a second wife to a certain chief. As for the chief, I won’t mention his name now. At the right time, the chief’s wife will speak. Men really have a problem. I don’t know what it is about Afia Schwarzenegger,” Tonardo earlier stated.
However, in her latest reply, Afia in an interview with Empire FM made a jest out of it.
Bursting out in laughter, Afia said she sees nothing wrong with even being a ‘seventh wife’, adding that what matters is the ‘wife’ title.
According to Afia Schwarzenegger, she has not emphatically informed anyone that she is married and added that people should ignore all sorts of reports about her love life.
Afia said at the right time, she would address issues pertaining to her supposed marriage.
“I haven’t said I am a second wife and even if I am a seventh wife, I am a wife. I haven’t even informed anyone that I am married. For the congratulations, it was to celebrate my ten years as an ambassador for orphans and children. Whatever anybody thought, you are on your own. I will address my marital issues on Friday.
“They said the chief has a first wife. What is her name? this media we just carry news, it is about time we asked questions. You need to find out the identity of the chief I am married to. You need to inquire about his supposed first wife,” she stated.
Chris Hughton played a crucial role in establishing the groundwork for the Black Stars’ shift. Hughton has been given the responsibility of advancing the transition after being appointed head coach.
The Black Stars currently feature a mix of youthful, skilled players and a few seasoned veterans who are presently participating in top European leagues.
The manager is expected to make quick or slow modifications in phasing out some players in order to ensure the team’s progress and preserve the transition.
Here are five players who could be casualties of Chris Hughton’s new Black Stars
Andre Ayew
There have been calls to phase out skipper Andre Dede Ayew who is at the tail of his career.
Ayew, 33, has been a key part of the team since 2007 but his time at the Black Stars could be over as Chris Hughton is expected to take Ghana’s transition to another level.
Baba Rahman
Baba Rahman has struggled to hit his best after returning from persistent injuries.
He has been heavily criticized as some believe that the 28-year-old should make a way for Gideon Mensah who has shown real improvement in fewer games.
Rahman could be one of the casualties of Chris Hughton’s next level agenda. The Reading full-back has been the first-choice left-back for the Black Stars since 2015.
Thomas Partey
Thomas Partey is a key member of the current Black Stars. The player’s commitment to the team has however been questioned after inconsistent performances for the team.
There has been the narrative that Partey drop his level when playing in the national colors as compared to when he is playing for Arsenal.
Despite being an important part of the team, a consistent drop in level of his performance could lead to Chris Hughton fading him out.
Wakaso Mubarak
Mubarak Wakaso has recently been on the peripheral and struggling to break into the team currently as the midfield is packed with loads of talents.
The 32-year-old’s 11 years at the national team might be coming to an end as Hughton is enticed to improve the level of the team.
Jordan Ayew
Many believe Jordan Ayew has paid his dues hence the team should count on the young talented forwards in the group.
Ayew has been struggling with goals and is steadily losing his first stop in the line-up as he has started from the bench a couple of times in recent games.
With his game time already reducing, Chris Hughton could maintain the trend as he would look to build Ghana’s blunt attack.
The 31-year-old was arrested following the sharing of an online video of her spraying and stepping on newly ‘redesigned’ naira notes at a party.
Nigerian actress, Oluwadarasimi Omoseyin, has been remanded in Kirikiri prison pending the determination of her bail application, for tampering with the naira notes.
The 31-year-old was arrested following the sharing of an online video of her spraying and stepping on newly ‘redesigned’ naira notes at a party.
In the video, the actress is seen flaunting wads of the newly redesigned naira notes.
On Monday, the Economic and Financial Crimes Commission (EFCC) arraigned Omoseyin before Justice Chukwujekwu Aneke of the Federal High Court in Ikoyi, Lagos, on two counts brought against her.
One of the count reads, “That you Oluwadarasimi Omoseyin on the 28n day of January, 2023 at Monarch event center, Lekki within the jurisdiction of this Honourable Court whilst dancing during a social occasion tampered with the sum of N100, 000.00 (One Hundred Thousand Naira) issued by the Central Bank of Nigeria by spraying same in the said occasion and you thereby committed an offence contrary to and punishable under section 21 (1) of the Central Bank Act, 2007.
The second read, “That you Oluwadarasimi Omoseyin on the 28th day of January, 2023 at Monarch event center, Lekki within the jurisdiction of this Honourable Court whilst dancing during a social occasion tampered with the sum of N100, 000.00 (One Hundred Thousand Naira) issued by the Central Bank of Nigeria by dancing on same in the said occasion and you thereby committed an offence contrary to and punishable under section 21 (1) of the Central Bank Act, 2007.”
She however pleaded not guilty to the offence.
In view of her plea, the prosecution counsel, S.I Sulaiman asked the court for a trial date and prayed that the defendant be remanded in the appropriate correctional facility.
Justice Aneke deferred ruling on the bail application to Wednesday, February 15, 2023 and remanded the defendant in Kirikiri correctional facility.
The actress was earlier grilled by operatives of the Economic and Financial Crimes Commission, EFCC, for spraying the newly ‘redesigned’ naira notes at a party, which the anti-graft claimed violates Section 21 (5) of the Central Bank of Nigeria Act of 2007.
The actress was arrested by operatives of the Independent Corrupt Practices and Other Fraud Related Offences Commission, ICPC, on Wednesday, February 1, 2023 along Awolowo Road, Ikoyi, Lagos, following intelligence report.
The actress was handed over to the EFCC for additional inquiries the following day.
A Range Rover and an iPhone were among the items found with her at the scene of the arrest.
As they represent the country in the 33rd Men/24th Women Africa Cup for Club Champions (ACCC) in Nairobi, Kenya, the Ghana Army Female Hockey Team has been challenged to be outstanding ambassadors for the Ghana Army.
When he met the Ghana Army Female Hockey team, coached by Major Dickson Agalga, before they departed Accra over the weekend for the Championship, Lieutenant Colonel IsaacYirbom Niminga-Beka, the deputy gender advisor at the Army Headquarters, said this.
The last batch of the team departed on Monday, February 13, to join the rest in Nairobi for the games scheduled for 13-21 February 2023.
Ten clubs from various African countries including Egypt, Nigeria, Uganda, Zimbabwe, Tanzania and Kenya aside from Ghana, are participating in the competition.
The team’s participation was a fulfilment of the Chief of Army Staff’s promise to the team when they presented the National Women’s Best Hockey Team 2022 Trophy to him last week.
The Public Relations Officer at the Rent Control Department, Emmanuel Hovey Kporsu, has said that no landlord has the right to evict a tenant within the period that an existing tenancy agreement is active.
He explained that it has been embarking on a sensitisation program to ensure that both landlords and their tenants are treated fairly.
He added that this assessment program is also to bring harmony into homes, ensuring that landlords do not short-change their tenants.
“For newly-built premises, and then premises that are having disputes, so, we built these assessments for buildings that there are disputes in. Because, the landlords are demanding so much from the tenants, and if the tenant does not understand, and because he knows this provision in the act, comes to access it so that a realistic determination can be made,” he said.
Speaking to Daniel Oduro on The Lowdown on GhanaWeb TV, Emmanuel Hovey Kporsu further stated that there is an existing right that many tenants do not know, and for which reason, do not explore.
He stated that whatever the case is, it becomes illegal for any landlord to evict a tenant during a period that there is an existing tenancy between them.
“There is this right of tenants that we’re not exploring. If you report a landlord for such an issue, the landlord has no right to evict you or come out with excuses like he is going to renovate the place. Until a tenancy expires, the law says that if you don’t contravene any of the provisions in the act, the landlord has no right to evict you,” he explained.
He also stated that it is illegal for a landlord to even decide to refund a tenant’s money within an existing tenancy, unless that tenant has breached provision of the agreement.
“So, this cannot be a basis for a landlord to evict you. Of course, I understand that after your tenancy, he can tell you that, no, I don’t want to renew again, but within your tenancy, the landlord cannot say that I want to refund your money for you because you’ve gone to report him on this assessment issue,” he added.
Emmanuel Hovey Kporsu was on The Lowdown with Frederick Opoku, the Secretary-General of the National Tenant Union of Ghana, as they discussed the topic, “The daunting challenges of rent in Ghana.”
Ghana’s rent control body has disclosed that it has only four vehicles in its 58 offices across the country.
The Public Relations Officer of the Rent Control Department of Ghana, Emmanuel Hovey Kporsu, has said that across the country, there are only 4 vehicles dedicated to the Rent Control Department of Ghana.
He said that, while the Department has attracted some state interests in the last few years, it still has a long way to go.
Speaking on The Lowdown on GhanaWeb TV with Daniel Oduro, the PRO of the Rent Control Department stressed how, out of the 58 offices it has across the country, their offices can only boast of 4 vehicles in total.
“For the past three years when we started coming out, you see that the government interest has come onto the Department, that’s how come this National Rental Assistance Scheme came to effect, and this sensitisation issue I’m talking about is also in place; the assessment is ongoing.
“So, very soon, the system will be taken care of, but the issue about vehicles is still pending because we complained to our vice president… we have 4 in the entire country out of the 58 offices that we have nationwide,” he explained.
Emmanuel Hovey Kporsu was on The Lowdown with Frederick Opoku, the Secretary-General of the National Tenant Union of Ghana, as they discussed the topic, “The daunting challenges of rent in Ghana.”
