Twin sister of former Black Stars player, and Hatayspor winger, Christiana Atsupie Twasam, is the latest to confirm his safety.
She says her brother is “safe and sound.”
Atsu together with his club director, Taner Savut, were trapped under debris for 26 hours when an earthquake hit Turkey Monday morning.
Earlier, conflicting news about the player’s safety went rife but in an exclusive interview with crimecheckghana.org, London-based Astupie Twasam stressed her brother was safe.
“I received a call from his agent around 6 am this morning that he has been found and taken to the hospital. We thank God though but I want to hear his voice before I calm down,” she said.
The 31-year-old said the family was preparing to fly to the Western Asian country to ascertain the condition of the player.
“I am preparing to leave for Turkey. I want to see the extent of the injury he has sustained“ adding that “ these past few hours have not been easy, it has been tears and prayers to God,” she added.
Christian Atsu was in action for Hatayspor over the weekend in their victory over Kasimpasa in the Turkish top flight with the Ghanaian scoring the only goal.
She continued that, “I saw him scoring in Sunday’s match, so I had planned to congratulate him when I get home but I slept off.“
“Something strange happened when I woke up to use the washroom and I felt heavy in my spirit, so I said in my head that Atsu will not die. A few hours after this, his agent called to tell me about the earthquake,“ she added.
Allaying fears concerning the player’s wife and children, Atsupe said “the children are here in London, I have spoken to them in a video this morning. They are fine.”
“We are grateful to Ghanaians for their prayers and words of encouragement,“ she added.
On Monday February, 6, 2023 earthquake claimed over 4,300 lives while 15,000 others sustained various degrees of injuries.
In September 2022, the 31-year-old Black Stars winger penned a one-year deal to join the Turkish side following a spell in Saudi Arabia.
Background
A powerful earthquake struck South-eastern Turkey, near the Syrian border, killing more than 4,300 people as they slept and trapping many others in the early hours of Monday.
The US Geological Survey said the 7.8 magnitude tremor struck at 04:17 local time (01:17 GMT) at a depth of 17.9km (11 miles) near the city of Gaziantep.
Hours later, a second quake, which had a magnitude of 7.5, hit the Elbistan district of Kahramanmaras province.
In September 2022, the 31-year-old Black Stars winger penned a one-year deal to join the Turkish side following a spell in Saudi Arabia.
The International Monetary Fund also cautioned Ghana that if its borrowing continued, it posed a serious threat of becoming a high-debt crisis country.
The use of borrowed money primarily for consumption rather than for capital projects or investments generated concerns among the international organizations.
Country Director of World Bank, Pierre Frank Laporte speaking to the media said, “Countries especially developing countries have to borrow because most of us do not have adequate resources, we have to borrow to develop but we have to borrow responsibly. At the moment, Ghana’s debt situation according to World Bank description is a country at moderate rate to high risk of debt distress; of course, yes, the country has to be careful”.
Read the full story originally published on February 7, 2020 by Classfm
This comes a day after the country successfully raised US$3 billion Eurobond which was five times oversubscribed.
The International Monetary Fund has also warned the nation that it is at a high risk of becoming a debt-distressed country.
According to the Fund, the Debt Sustainability Analysis is mainly driven by debt service to revenue exceeding the threshold throughout the forecast horizon, though all other indicators also exceed their threshold at some point over the horizon.
Concerns have also been raised regarding the borrowed funds being used mainly for consumption rather than capital projects or investments.
Speaking to the media after a courtesy call on the Speaker of Parliament, the Country Director of World Bank, Pierre Frank Laporte said though every country will have to borrow it must be cautious of the quantum of borrowing.
“Countries especially developing countries have to borrow because most of us do not have adequate resources, we have to borrow to develop but we have to borrow responsibly. At the moment, Ghana’s debt situation according to World Bank description is a country at moderate rate to high risk of debt distress; of course, yes the country has to be careful”, said Mr. Laporte.
He added that : “I’m confident the Finance Minister and his team are fully aware of that, we discussed all the time and borrowing as I said is not always a bad thing but you must borrow at the right terms, as best as most favorable as possible and the right amount and the right way.”
He however applauded the country for the economic progress made over the last couple of years, but added there are important challenges that the nation needs to address.
Ghana’s total public debt stock increased by GHS6.3 billion between September and November 2019 to reach GHS214.9 billion in November 2019.
Of the total debt stock, domestic debt was GHS101.4 billion, of which GHS11.2 billion (3.8 per cent of GDP) represented bonds issued to support the financial sector clean-up.
In 2019, interest payments on loans were expected to be GHS19.756 billion. Out of this, GHS4.60 billion was spent on the external debt while GHS15.156 billion was used to service loans contracted from the domestic market.
The National Chairman of the opposition National Democratic Congress (NDC), Mr. Johnson Asiedu Nketiah, is advocating that governments focus on offering better policies and initiatives in Zongo communities than just food.
“We in the NDC seek to bring something that can lift the Zongo communities; so just as our Imam said, we have gone beyond sharing of rice and sardines. If you want to do something to help Zongo communities, educate their children,” Mr. Johnson Asiedu Nketiah said this in a speech at Kobreso, a community in the Offinso North District of the Ashanti Region,
He was at a fundraising ceremony organized by the Ghana Muslim Mission in the area to build a technical school and a clinic.
At the event, Mr. Asiedu Nketiah also emphasized that the NDC has a great love for Zongo communities across the country which is why the party established the Islamic Education Unit at the Ghana Education Service in 1987 to introduce the secular subjects pursued under the national curriculum into the Islamic schools and also started major educational projects under the elsewhere NDC administration.
He however revealed that the narrative has changed under the current NPP government as it has abandoned all educational projects in Zongo communities that were started by the NDC.
“We promised to build Islamic schools, but whiles you do that, you also need to find where to train Islamic teachers, that is why we built Islamic Training College at Wenchi in my District. For that reason, in the last campaign, we promised to continue that project but since we left office, all plans and documentation have been abandoned to date”. National Chairman Johnson Asiedu Nketiah chided.
At a Ghana Ports and Harbours Authority (GPHA) forum, Mr. Samuel Akrofi, a principal revenue officer at the customs laboratory, announced that 2023 will be International Customs Day.
The older and younger generations of customs officers would be able to combine their abilities thanks to the intergenerational interchange, he claimed.
Mr. Akrofi noted that the first band of customs officers were the old and experienced officers, who had tacit knowledge through the building of competence, skills, and expertise over the years.
As part of that agenda, the WCO has prescribed that customs administrations around the world have to be intentional about nurturing the younger generation to take up the mandate of promoting security, international trade, and revenue collection.
He said it was, therefore, very necessary for the systematic transfer of knowledge so that mistakes that had been made in the past were not repeated.
Mr Akrofi said it had become more crucial for the capacities of the younger generation of officers to be nurtured in line with newer requirements in customs administration.
He added that the responsibilities of customs administration had evolved making security and protection of the environment and society, a core of its due to global trends of increased awareness of sustainability and the war on terror.
The Principal Revenue Officer further noted that it had become incumbent on customs administrations to build capacities along the lines of detecting and mitigating threats to security as well as environmental and social sustainability.
He stated that the GRA Customs Division had been building the capacity of its staff on the ‘SAFE’ Framework of Standards to Secure and Facilitate Global Trade, as well as the WCO Programme Global Shield, the Strategic Trade Control Enforcement Programme, and other programmes on Illicit Financial Flows among others.
According to him, the WCO also required customs administrations within West and Central Africa to make use of big data, neural networks and artificial intelligence, in respect of growing threats of crime and terrorism in the region.
Former Chief of Defence Staff of the Ghana Armed Forces, Joseph Nunoo-Mensah, Brigadier (retired) has reacted to government‘s decision to construct a war college for the country.
In his view, instead of a war college, the government must build an Agricultural college to promote agriculture to feed the nation because Ghanaians are hungry.
President Nana Addo Dankwa Akufo-Addo announced plans to establish a war college in the country at the Ghana Armed Forces’ 2022 end-of-year West African Soldiers Social Activities (WASSA) celebrations at Burma camp in Accra.
The war college, which is to be established with a seed capital from the Ghana Education Trust Fund (GETFund), is expected to be the capstone of Ghana’s military education system.
It is meant to provide and improve the professional education of the highest levels of military leadership when established.
The war college if established will educate and train senior military tacticians, strategists, and leaders advanced tactical and strategic thought, doctrines and policies.
But Mr Nunoo-Mensah says the college is not necessary.
Speaking on the Class Morning Show on Class91.3FM on Tuesday, 7 February 2023, he said “Akufo-Addo is my friend, I campaigned with him to be NPP flagbearer in 1998 but even if you are my friend I’ll tell you my piece of mind…what we need is not a war college but agricultural college to feed the people, the people are hungry.”
He said the Kofi Annan Peace Keeping Training Center has the capacity to train the military in whatever capacity, hence, there is no need for a war college when there are pressing issues like hunger.
“We need agricultural college and the reason is that Ghanaians are very hungry, I am hungry…involve everybody in farming because food is very expensive…” he added.
“We find the introduction of this new tax regime inimical to the growth of the economy as it undermines job creation and denies the State of the required revenue,” the statement said.
Below is the full statement:
PETITION AGAINST NEW EXCISE TAX BILL ON PRODUCTION OF LOCAL FRUIT DRINKS AND BOTTLED WATER
A draft of the Excise Duty Amendment Bill, 2022 seen by our members, according to the framers, seeks to amend Excise Duty Act 2014 (Act 878) to revise the Excise tax rates for a number of products including all sweetened drinks and processed fruit juice which hitherto did not attract Excise duty.
Members of the GFL see this attempt by the Government to further hype operational costs of Local Manufacturing businesses unfortunate.
We find the introduction of this new tax regime inimical to growth of the economy as it undermines job creation and denies the State of required revenue.
The survival of the local industry is already threatened by the increased cost of production and the dwindling purchasing power of consumers.
Just last week, the Bank of Ghana (BoG) in its determination to fight inflation, which stands at 54.1% as of December 31st 2022, increased its policy rate to 28%.
This obviously means a higher cost of borrowing.
Again, Value Added Tax has gone up by 2.5% alongside the BoG recent Policy thereby suffocating Manufacturing companies in the Country.
Rt. Hon. Speaker, whilst Organised Labour’s expectation of well-crafted policies to protect Local Industries, Government has rather slapped an astronomical 30% increment in Electricity tariffs and about 50% on water for Industry effective 1st February 2023.
Rt. Hon. Speaker, there is every reason to appreciate Government’s determination to raise revenue to meet its statutory obligations, however, at this stage of the economic crisis facing the Country, and when there is uncertainty about investments in bonds ahead of an agreement on the Domestic Debt Exchange Programme, the introduction of such tax is not going to be healthy for the Manufacturing Industries.
Fuel prices still remain high and there is no clear sign about a downward trend as the Cedi continues to depreciate against the dollar.
The Ghana Federation of Labour constituted by fourteen (14) Trade Unions including the underlisted Organisations vehemently oppose the Excise Duty Amendment Bill, 2022 in its current state;
– Textile, Garment and Leather Employees Union (TGLEU)
– Food and Allied Workers Union (FAWU)
General Manufacturing and Metal Workers Union (GEMM)
– National Union of TEAMSTERS and General Workers (NUTEG)
– Union of Education, Agricultural and General Workers (UNEAGES)
– Bogoso Gold Enterprise Based Union (BGEBU)
– ICT & General Services Employees Union (ICT – GSEU)
– Financial, Business and Services Employees Union (FBSEU)
– National Union of Agricultural Development Bank (NUadb) Senior Staff
– Chirano Gold Mines Senior Staff Union (CSSU)
– Senior Staff Association of Judicial Service of Ghana (SSAJUG)
Amalgamated Labour Reform Union (A’LU)
We cannot afford to sit on the fence and watch our members reel under the ever-mounting TAXATIONS on local Manufacturing Industry.
Companies have drastically reduced staff and we cannot wait for many more fold ups.
Rt. Hon. Speaker, we make a passionate appeal to you and rely on your high office to consider the plight of workers and act to save the precarious situation since there weren’t broader consultations with stakeholders prior to the presentation of the Bill to Parliament.
We look forward for engagements to clarify our position and pray your good office, together with Parliament as a whole to consider this serious threat to the economy to save the current situation from getting worse.
Meanwhile, we appeal for stay of passage of this Bill pending exhaustive consultation with stakeholders.
His statement follows Finance Minister Ken Ofori-warning Atta’s that Ghana’s economy will implode without the participation of designated parties in the Domestic Debt Exchange Program.
He asserts that the program’s Tuesday deadline won’t be extended and expresses his hope for participation from all parties.
“The debt exchange should be done in a manner that will reflect the individual, so if the individual says look, the bond that I had is just 5,000 and the interest on it, that is what I use to take care of my medical bill even with the individual bondholders there are degrees there are people with huge sums of money and people without huge sums of money.
“The finance minister could do the targeting but it is as if the principle is that everybody should contribute. That is what they rejected and we cannot force them because we felt it is voluntary and we cannot pay for it,” Mr. Gatsi explained.
He continued: “Now, we are saying that if they don’t get the IMF deal in March the economy will collapse, collapse how? Because there is nothing in the government arrangement that shows that we are in a dire economic situation and that if we don’t sign the IMF deal by March we will collapse. The expenditure arrangements do not reflect that.”
Dancehall singer, Stonebwoy has been making big moves in the year 2023 by securing an interview on The Breakfast Club and yet another international collaboration.
In videos published on social media, he hinted at an upcoming collaboration with American singer Jordin Sparks. This and many more he disclosed was birthed out of networking.
Commenting on how he made it to The Breakfast Club, he explained that networking doesn’t come “cheap no matter at what level it is. You have to put in the resources.”
According to Stone, he has been working behind the scenes reason why he grabs every opportunity that comes his way and in such instances, he is always prepared.
“It didn’t take me two minutes, or I didn’t just fly to New York to get into that studio. I’ve been working over the past years, ready for opportunities, and when you’re prepared, when any opportunity comes, you’re overqualified,” he told Berla Mundi.
Stonebwoy however expressed his disappointment in Ghanaians who term networking as a ‘force entry’ into people’s private space or move to be in their circle.
“The thing is again I want to bring the thing about the mindset. Naturally, where I come from, you’ll hear a thing like ‘)ye aho she sh3’ but you need to get out of that kind of mindset. It’s called networking; you need to connect to grow. These are simple nuggets we play with.”
Meanwhile, Stonebwoy was at the 65th Grammys in Los Angeles on February 5 and took the time to connect with some superstars at the awards ceremony.
They included Taylor Swift, Lil Baby, Fat Joe, Amber Rose, Kabaka Pyramid, Kirk Franklin, and Jasmine Sander.
Stonebwoy turned out in style on the red carpet of this year’s Grammy awards with a host of stars.
The 65th Grammy awards ceremony witnessed Rocky Dawuni bagging his 3rd nomination for Ghana and although he lost out, some musicians from the country graced the event in style at the Crypto.com Arena in Los Angeles on February 5, 2023.
Ghana’s dancehall star, Stonebwoy together with Edem, KiDi, Gulitybeatz, and Dentaa Amoateng represented the motherland at the prestigious awards ceremony.
Stonebwoy on Monday took to Instagram to publish official photos that captured him with some renowned musicians and celebrities including, Taylor Swift, Lil Baby, Fat Joe, Amber Rose, Kabaka Pyramid, Harvey Mason Jr., Panos Panay, and D Smoke.
According to fans, the network will birth yet another international collaboration for the Ghanaian artiste.
Kirk Franklin and Jasmine Sander were among the stars who were captured in photos with Stonebwoy.
Also, Stonebwoy shared a video of the events that took place ahead of the awards and his preparation for the big day.
Check out the photos and videos below:
Stonebowy’s experience at 65th Grammy awards ceremony
Stonebwoy graced the 65th Grammys award ceremony in Los Angeles over the weekend and had the honour of interacting with some international artistes, including Taylor Swift, Lil Baby, and Fat Joe.
To the disappointment of singer Chase and a number of music lovers, social media users changed the narrative to denigrate Stonebwoy for networking with a host of international singers.
In viral tweets that made rounds on Monday, tweeps claimed that the award-winning Ghanaian musician forced his way to meet up with the stars at the Grammys.
Stonebwoy was mocked and trolled online; however, fans of the singer and colleagues have condemned the actions of critics.
In a tweet sighted by GhanaWeb, singer Chase spoke against the ills in the local music industry, adding that it is sometimes hard being a Ghanaian due to the lack of support.
“I’m ashamed of some of the tweets I’m reading about Stone and how he’s approaching the game and taking advantage of his surroundings. I love Ghana but sometimes is hard being a Ghanaian in the entertainment industry period no tampons,” he tweeted.
In a separate tweet, Chase added Stonebwoy’s networking can secure him a collaboration with 12th-time Grammy winner, Taylor Swift.
“Crying for our mentality! We need to do better, then he gets a song with Taylor then same people gonna talk about it and praise him what scheme is this? They’ll swiftly switch sides.”
According to music lovers, Burna Boy rode on Diddy’s influence to secure a Grammy award.
Following Burna Boy’s loss at the 65th Grammy award ceremony, a viral Instagram post purportedly made by Diddy jabbed the Nigerian singer and claimed that his disassociation from his camp gave him a chance of winning an award despite bagging two nominations.
“I helped you win your first and only grammy award which I did out of kindness, and somehow you thought you could win another without my help ?? Oh okay,” the Instagram post read, but according to Diddy, the image in circulation is fake and not from him.
“This is fake,” he responded to a tweet amidst the allegations levelled against him.
Burna Boy’s 2022 album “Love, Damini” earned him a Grammy nomination in the “Best Global Music Album” category, but he lost out to Masa Takumi’s “Sakura”.
Also, the Afrobeats star lost out on his Best Global Music Performance to South African artistes Zakes Bantwini, Nomcebo Zikode and Wouter Kellerman.
The 65th Grammy Awards ceremony took place at the Crypto.com Arena in Los Angeles on February 5, 2023.
The newly appointed Minority Leader, Cassiel Ato Forson, has taken over his predecessor, Haruna Iddrisu’s seat in Parliament.
This happened on Tuesday, February 7, 2023, when the House resumed from recess.
In a video sighted by the Independent Ghana Mr Forson was seen standing at the front bench, exchanging pleasantries and having brief conversations with his colleagues in the House.
He subsequently addressed the House when the Speaker of Parliament, Alban Bagbin, opened the floor for the “New Leadership of the Minority Caucus” to address the House if they had anything to say.
In his address, he commended his colleague MPs for giving him the opportunity to serve as the Minority Leader after 14 years in the House.
“We wish to convey our profound gratitude to our party, the great NDC MPs on the Minority side for this opportunity to serve at an even higher level to help shape the trajectory of Parliament,” he said.
He also commended his predecessor, Haruna Iddrisu, for the “sterling” leadership over the past years as Leader of the Minority.
“Again Mr Speaker, I’ll like to express on behalf of my colleagues [i.e newly appointed NDC Leaders] our profound appreciation and thanks to the immediate past Minority Leader and my Senior Brother Hon Haruna Iddrisu for his many years of distinguished public service and his sterling leadership of the Minority Caucus since 2017,” he added.
“His leadership is an honourable political and legislative career which has become a reference point for many who aspire to participate in Ghanaian politics and particularly in Public service. Again Mr Speaker, I’ll endeavour to continue on the admirable path he has charted in the helm of the Minority Caucus and to live up to the very lofty standards that he has laid down in his leadership,” he added.
The Ejumako Enyan Essiam MP further pledged the NDC’s commitment to the works of the House under his Leadership and said his outfit will work to the benefit of Ghanaians.
“We will not be needlessly obstructive inasmuch as what is under consideration is in the interest of the people of Ghana,” he added.
The former Deputy Finance Minister, Dr. Cassiel Ato Forson was appointed in January this year together with two other persons to lead the Minority Caucus. He was to replace Haruna Iddrisu.
Emmanuel Armah-Kofi Buah was also named the new Deputy Minority Chief Whip, and Kwame Governs Agbodza also took over as Chief Whip.
However, Ahmed Ibrahim, MP for Banda, was retained as the First Deputy Minority Chief Whip, just as Comfort Doyoe Cudjoe-Ghansah, MP for Ada, is still the Second Deputy Minority Chief Whip.
This was contained in a letter to the Speaker of Parliament, Alban Bagbin, from the National Democratic Congress and dated January 23, 2023. Following the reshuffle, chaos broke out in the party with some members who were not in support of the decision registering their displeasure through protests.
While Mr Iddrisu remained silent on the matter, former Minority Chief Whip, Munkata Mubarak protested the decision. He finally conceded after a meeting with former President John Dramani Mahama.
Multiple award-winning singer and songwriter, Kofi Kinaata known in private life as Martin King Arthur has stated emphatically that entertainment is expensive.
He said “We are here to perform but tell those who are outside the venue that entertainment is very expensive.
“If you say you want to watch our shows then you have to bear in mind that it is expensive, I hope you understand,” he opined.
This statement was made at the Taadi Invasion concert which was sponsored by Lawson Herbal over the weekend following a low turn out at the Sekondi Gyandu park.
Talking to the few people that were gathered at the venue after he mounted the stage to perform, the ‘Have Mercy’ hitmaker said even if six people show up at a paid event he will still go ahead to perform.
He continued “Even if those who have paid to be here are only six people in number we will still perform for them and party since we are here purposely for this.
“Next time if you want to be excited and entertain yourself then you have to get yourself some money because this is not a free show like my made in Taadi annual concert,” he added sighted by MyNewsGh.com’s Amansan Krakye.
President Muhammadu Buhari has congratulated Afrobeat crooner, Tems for putting Nigeria in the spotlight after she won the ‘Best Melodic Rap Performance’ category in the 2023 Grammy awards.
The President also praised Burna Boy for pursuing his passion with zeal and for creatively revolutionizing global entertainment.
The message of congratulations was contained in a statement issued on Monday by Garba Shehu, Senior Special Adviser to the President on Media and Publicity.
President Buhari
He said;
“President Muhammadu Buhari joins fans and lovers of Nigerian music all over the world in celebrating new heights of recognition and appreciation as Afrobeat crooner, Tems, wins “‘Best Melodic Rap Performance” category at the Grammy Award President Buhari extols Tems, Temilade Openiyi, for showcasing her talent to the world, with dedication and hard work, which, again, has placed Nigeria in the spotlight for excellence The President lauds all Nigerian nominees for this year’s Grammy, including Burna Boy, for pursuing their passion with vigour and continuously reinventing global entertainment, with creativity. “President Buhari thanks the creative industry, particularly managers, producers, and directors, for encouraging talents, like Tems, who have taken Nigeria’s culture and tourism to the world, further displaying the resourcefulness and potential of a great nation.”
When her ‘relationship’ with gospel musician Ernest Opoku ended, a number of proposals came her way but Nana Yaa (Nayas) was scared to accept any, the actress and singer has said.
However, there was one she couldn’t let pass over her and that was because the man was highly recommended by the wife of gospel musician Bro Sammy. Consequently, they got married in 2019, barely eight days after they met. Prior to this, they had had conversations on phone.
“I met him through Bro Sammy’s wife and his former manager Romeo. They told me he was their friend and that he was a good man. I never knew him; they introduced him to me. Bro Sammy’s wife, Obaa Yaa, told me he is her friend,” Nayas narrated on The Delay Show aired on January 5, 2023.
“She told me the man had told her he’s been in my Facebook DM but had had no replies from me. So when he noticed I had a cordial relationship with Obaa Yaa, he decided to become friends with Obaa Yaa and told her about his intentions.
“He got my number from Obaa Yaa and contacted me afterward. We started talking on the phone on August 2019 and he came to Ghana in September. When he came to Ghana, it took eight days for us to marry,” Nayas disclosed as she walked viewers through how she married the Germany-based Ghanaian.
According to Nayas, the man bought all the items needed for the wedding before coming to Ghana after asking for the marriage list from her father. Her parents’ suggestions that she took time to know the man fell on deaf ears as they had a private traditional marriage ceremony on September 20, 2019.
“He said he couldn’t spend more time in Ghana because of the work he does. My mum even suggested we shouldn’t be in a hurry,” said Nayas who later mentioned she had no idea why she married the man.
“He was recommended by Obaa Yaa, I thought she really knew him… I wasn’t in love with him. I don’t know why I married him, to be honest,” she stated.
Nayas said she sold all her belongings and headed to Germany after the marriage having discussed it with her husband, Nana Sarfo Kantanka. The amount she had from the selling of the items was what she used to foot her travel expenses.
The said marriage, however, ended after two years. She recounted how she was deceived by her partner and the extent to which the marriage was not as envisaged.
“He told me he had four or five children but I later found out they were eight rather. When we met, he told me he’s been married before. He never mentioned the number of times he’s been married but I later found out I was number five on his list,” Nayas said.
Aside from this, she alleged that Nana Sarfo maltreated her. She was barred from engaging other people and every little thing she did annoyed him. He later sacked her from his house after she had used all her funds to take care of him when he was indisposed.
Asked if she thought Bro Sammy’s wife misled her, Nayas said ‘No’, but got emotional as she shed tears.
Blakk Rasta and broadcaster Nana Aba Anamoah have been engaged in a back-and-forth on Twitter over the former’s comment on Sarkodie’s feature with Jamaican reggae legend, Bob Marley.
Blakk on his radio show asserted that the late Bob Marley will be greatly disappointed over the remake of one of his classic love songs, ‘Stir It Up’ which features Sarkodie.
Describing Sarkodie’s rap as one-way, he said: “What Sarkodie did was nothing but a desecration of the legacy of Bob Marley…It is like a king has been buried and you go and dig him up, and steal the gold and diamonds that he’s been buried with.”
Nana Aba Anamoah was quick to point out Blakk Rasta for making bad songs, adding that he was quick to discredit Sarkodie and even try to get the attention of Bob Marley’s estate and family on all the reasons why Sark is the worst candidate for the remake of “Stir It Up.”
In her recent tweet, she shared a clip of Blakk’s song where he sang in Chinese and asked him to explain the lyrics to Ghanaians.
“Bro, on the Marley -Sark feature, I’ve said what I have to say to you. Marley’s children & his estate managers are doing what they deem fit for his legacy. Keep catching feelings,” she wrote.
Blakk Rasta in a quick clap back, wrote: “Sis, it will be awesome to have you on my show on @3fm927. I will invite @stonebwoy along to discuss Putuu as well. Maybe the @bobmarley family will help you understand the hook in Bob’s Buffalo Soldier, which goes like this: Woo yo yo Woo wo yoyo.. Full song”
He supported his allegation regarding the cedi by citing the currency’s ongoing decline since January 1 versus the US dollar.
Hanke hinted that the local currency was essentially “junk” in a tweet that was accompanied by a graph illustrating the cedi’s course of decline since 2020.
“The cedi is in serious trouble in Ghana. According to my calculations, the cedi has declined against the USD by 49.32% since the start of 2022. Ghana has allowed my collection of renegade currencies to keep expanding “He wrote in a tweet.
Cedi exchange rate against US dollar: February 6, 2023
As compared to Friday’s trading of a buying price of 10.7941 and a selling price of 10.8049. At a forex bureau in Accra, the dollar is being bought at a rate of 12.00 and sold at a rate of 12.70.
Black Queens striker, Priscilla Okyere has appealed to the Ghana Embassy in Turkey to as a matter of urgency evacuate them from the city of Hataya.
Priscilla Okyere who plies his trade for Onvo Hatayspor is in the same city with Christian Atsu who has finally been pulled out of the rubble after a 7.7 magnitude earthquake hit south-central Turkey.
The 27-year-old striker despite confirming that she and her Ghanaian counterparts have not been hurt by the tragedy, stated that they will only be safe if they are evacuated from the city which has been badly destroyed by the earthquake.
“By the grace of God, we haven’t been hurt but we are not safe because we are still in the city and we are trying to find any means possible to get out of the city.”
“We are in Antakya-Hatay and there have been some announcements on the incident but we are still waiting for a rescue team to evacuate us because our club officials live in a different city,” he told Happy FM monitored by GhanaWeb Sports.
She added that they haven’t heard from the Embassy and their attempts to reach them have not yielded any results yet.
“We have a few foodstuffs and we are managing. We are three Ghanaian players in this city including Christian Atsu. We have no way of reaching the Embassy and they are not allowing any car to come into the city but we will keep trying to reach them when we leave the city. We have also tried to contact the Embassy through a third party but no response yet,” she said.
In a speech on February 6, 2023, the finance minister asked both institutional and private bondholders to join the scheme.
However, he added, “We acknowledge that there were genuine and important concerns that needed further and broader consultations. As a consequence of the necessary actions taken to resolve them, the terms have been adjusted, and the closing date has been changed, with a new deadline of tomorrow.
“Tomorrow, Tuesday, 7th February 2023, is the final deadline for institutions and individuals to sign up to Ghana’s Domestic Debt Exchange Programme,” he added.
This will mean that the exemptions being sought individual bondholders and pensioner bondholders may not be granted.
He said: “All individual bondholders who are below the age of 59 years (Category A) are being offered instruments with a maximum maturity of 5 years, instead of 15 years, and a 10% coupon rate;
“All retirees (including those retiring in 2023) (Category B) are being offered instruments with a maximum maturity of 5 years, instead of 15 years, and a 15% coupon rate,” he added.
Ghanaian socialite Efia Odo, known for her social activism and panache for dating wealthy men, has listed her reasons for not dating broke men.
The TV personality cum actress spoke to 3XTra about her preferences for a partner.
According to Efia Odo, she feels poor men are lazy, which is why they don’t have money. “I’m poor allergic to broke men. I’m allegoric to men who don’t get the bag because I feel you won’t spend on me. For me, if a man is broke, it’s like you’re not hardworking. You are lazy because there are so many ways to find money everywhere you go, in Ghana, in America,” she explained.
A few years ago, Efia Odo suffered a public break-up when pictures of her then-boyfriend and his new woman went viral. Although she hasn’t shown off any man since that episode, rumours on the gossip vine paired her with Ghanaian musician Kwesi Arthur. This was peddled harder after Kwesi Arthur posted a woman on his socials. Also, Efia Odo gave interviews where she revealed they had had a fallout but did not tell why.
Aside from posting risque photos online, Efia Odo was one of the lead campaigners for the #fixthecountry movement. She later withdrew after allegedly receiving death threats from unknown men.
Efia Odo’s new single, Roll Over, is on all music streaming platforms.
Ghana’s Ambassador to Turkey, Francisca Ashietey-Odunton has confirmed that former Black Stars player, Christian Atsu has been rescued hours after being trapped.
Christian Atsu was trapped in the rubble after an earthquake destroyed dozens of houses in Turkey leaving many injured and others dead.
It took the rescue team in Turkey almost a day to findChristian Atsu and some of his teammates who were trapped in the 7.7 magnitude earthquake which occurred on Monday.
Speaking to Asaase FM on February 7, 2023, Ashietey-Odunton said “I am just getting information from the president of the Ghana Association in Turkey that Atsu has been found in Hatay.”
According to reports the player has been taken to a hospital in Turkey to help him recover after sustaining injuries.
Christian Atsu came off the bench to score the winner for Hatayaspor in the Turkish Super Lig on Sunday before the disaster took place on Monday.
News of Atsu’s recovery has brought joy and a big sigh to many Ghanaians who were worried about the player.
“Reducing taxes is something you can do to lower the cost of materials. Any tax component that is a proportion of the product and the product is not in the country and is being imported and the cost has increased means the government is inevitably profiting from rising taxes since it is a percentage of importation cost and importation has increased, he added.
Read the full story originally published on September 7, 2021.
Executive Secretary of the Ghana Real Estate Developers Association, GREDA, Samuel Amegayibor has described the rise in price of cement as worrying.
This is after the Chamber of Cement Manufacturers Ghana had indicated the price of a bag of cement is likely to hit 60 Ghana Cedis by the end of the year due to taxes and levies that affect production cost. Over the past seven months, the retail price has shot up three times hitting 27 percent increment.
A bag of Cement now sells at GH¢50.00.
Samuel Amegayibor says prices of all building materials have increased and that will be passed on to Ghanaians.
“What you can do to bring down the cost of materials is to reduce taxes. Because it is a percentage of importation cost and the importation has gone up, any tax component that is a percentage of the product and the product is not in the country and is being imported and the cost has gone up it means the government is automatically benefiting from increasing taxes,” he stressed.
Mr. Amegayibor made these comments on the Sunrise morning show on 3FM on Tuesday.
Also, clinker, which constitutes 80 percent of the cement component, is said to be in short supply because many outlets outside the country have shut down due to the COVID-19 pandemic.
Currently, the manufacturers pay about $1M or $500,000 as penalty anytime the vessel delays at the port.
At the last count cement manufacturing firms in Ghana was seven in all, including the latest entry, Dangote. GHACEM which used to be the sole producer and distributor of the strategic asset was believed to be a major contributor to the price hikes in the past but according to GREDA, the situation has rather worsened despite the entry of more manufacturers.
Further decreases were caused by the persistent impact of inflationary pressures on businesses’ capacity to grow and win new business. However, rates of contraction were again restrained, thanks to weaker inflation of input and product prices.
A further rise in business confidence was sparked by these hesitant hints of progress, and employment climbed somewhat.
New business decreased solidly in January, with customers reportedly finding it difficult to fund purchases. That said, the fall in new business was the softest in six months.
Similarly, business activity declined at a weaker pace at the start of the year, although it was still marked amid continued price pressures.
Overall input costs rose sharply, but the rate of inflation eased to a six-month low as purchase prices increased at a pace much weaker than that seen in December last year. Some companies saw price pressures weaken due to the cedi’s improved position against the US dollar relative to that seen toward the end of last year. However, a renewed depreciation of the currency during January was the main factor behind higher purchase costs.
Staff costs continued to rise at a solid pace, as companies responded to higher living costs by increasing their employees’ pay.
In line with the picture for purchase prices, the rate of charge inflation slowed markedly at start of the year and was well below November’s survey peak. In fact, the rise in charges was the slowest since December 2021.
Hopes that the situation regarding exchange rates and inflation will improve – helping a return to more normal business conditions, supported growing confidence in the year ahead outlook for business activity. Optimism hit a one-year high, as 81% of panellists predicted an expansion in output.
With confidence up, companies made efforts to fill staffing vacancies and raised employment for the second month running. The rate of job creation was slight, but faster than seen in December.
Part of the increase in employment was in order to prevent a build-up in backlogs of work. Companies were successful in this regard, but outstanding business decreased at the softest pace in seven months.
With demand remaining weak, companies lowered their purchasing activity again in January at a modest pace that was the softest in six months. Meanwhile, stocks of purchases fell solidly as firms reported a reluctance to hold inventories.
Finally, suppliers’ delivery times continued to shorten – extending the current sequence of improving vendor performance to a year-and-a-half. Panellists reported strong competition among suppliers supporting improvements in lead times.
Andrew Harker, Economics Director at S&P Global Market Intelligence said: “While times remained tough for firms in Ghana at start of the year as price pressures continued to limit demand, there were further tentative signs that the worst of the current downturn has passed. Rates of purchase cost and selling price inflation moderated further, leading to softer declines in output and new orders.
“These improvements, and hopes that firms will face a more normal business environment over the coming year, led confidence to hit a one-year high. While there are likely to be further turbulent times ahead, a sign of the positive sentiment was that companies expanded their staffing levels despite current workloads continuing to fall.”
The Pensioner Bondholders Forum, an organization for the protection of retirees with investments in government bonds, started picketing at the Finance Ministry’s offices on Monday and is demanding that they be spared from the Domestic Debt Exchange Program (DDEP).
According to the group, attempts to have their investment excused from the program have failed, which is why they will be picketing outside the Finance Ministry until their requests are met.
“Combined with the considerable fiscal adjustment we would have resolved this by now and probably have an IMF program by now. Without an external anchor you will see stability. We have also seen some stability at the global level.
“So in terms of imported inflation and all of that you will see that in moderation. There are those who think that inflation has not seen its worst. So perhaps in terms of elevated prices to the end of the first quarters yes we should not be surprised. But it depends on how fast we are able to do some of these things and particularly get an IMF program,” Mr. Bokpin explained.
The Finance Expert indicated that there were some good economic signals on July 1, 2022 when Ghana made the call to Washington for the IMF support programme.
“On the secondary and Eurobond market the spread on how much our bonds were trading in excess of dollars actually narrowed. That is the kind of credibility the IMF program brings immediately. You could also see when the Staff Level Agreement was announced you could see what happened to the cedi right after that because the uncertainty has been resolved.”
“So a lot depends on how quickly we are able to build consensus with everybody. But the approach the Minister of Finance has adopted in itself creates a whole lot of disaffection in seeking for the IMF programme. Therefore it may affect the implementation and acceptability of the IMF program at the end of the day. It is also about strategy and I think it has been done poorly.”
“The customs amendment bill, I’m just giving you what these bills are meant to achieve. You will know that prior to the economic environment that we have now, it is almost good to mention the political stability that we have at the country. The sojourning of the President is yielding positive result in the sense we have many auto manufacturing companies that want to come and begin assembling automobile in the country… Nissan has given indication, Toyota has given indication and Synotrack has given indication and also from France, Rhino and if they want to come, we need to clean up the environment, you cannot have them to come and begin the production of new vehicles when you allow unfretted importation of second-hand vehicles. So we have to regulate the importation of second-hand vehicles.”
According to him, “for a start, maybe we may begin by banning the importation of vehicles that are older than 10 years and then also prevent the import of salvaged vehicles (Salvage vehicles are those that have been involved in an accident), vehicles that are flooded–people claim them and bring them here, they are the reasons why we have so many accidents on our roads, so it is intended to amend the laws to suit the circumstances to draw down the curtains which will not happen overnight.”
He added “We will suggest to ourselves once the vehicle assembly plants is rolling out, we may give ourselves a period of about six mounts and we say that six months after they start production, then the law could be activated. Of course, the second hand imported vehicles are also very expensive.”
“If you can have the new vehicle from the factory selling at let say the equivalent of $10,000 dollars, why would you by a second-hand vehicles, and sometimes third-hand vehicles because some of these vehicles are sometimes 15 years old and on daily basis, they are getting involved in an accident when they have been written off in those countries, then they come here and we pride ourselves with second vehicles, so we need to relates to these matters,” the Majority Leader, explained.
German car-maker, Volkswagen is one of the automobile companies set to open an assembling plant in Ghana in early 2020.
In 2018 the company announced plans to set up a plant in Ghana as it continues to expand across Africa.
Volkswagen already builds vehicles in Kenya and recently opened another car plant in Rwanda as part of its expansion project in East Africa.
Toyota is also another company that will start to assemble vehicles in Ghana in August this year.
Afia Schwarzenegger could find herself back in court soon on another legal case after recently threatening to beat the crap out of Moesha Boduong!
Lawyer for Chairman Wontumi, Maurice Ampaw, has reportedly indicated a plan to sue Afia again for contempt of court and violating her two year social media ban.
Recall Schwarzenegger was recently fined Ghc 60,000 by the court and forced to sign a bond of good behaviour for two years to not misbehave online again. This was after she pleaded to have her 10-day jail sentence for contempt of court lifted.
Following that, Maurice Ampaw called on Ghanaians to monitor Afia Schwarzenegger and report any misbehaviour to be forwarded to the court.
A few days ago, Afia got into a back-and-forth banter with Moesha Boduong. Afia said she would have assaulted Moesha Bodoung if not for the fact that she’s sick!
Ampaw apparently flipped out over that and has promised to drag Afia back to court.
In a video spotted online, the lawyer also explained how Afia deceived the court to win her freedom.
In order to avoid having to reimburse the money themselves, the Coordinating Directors, Finance Officers, and Works Engineers who advised and approved the payments are required to recover the funds.
The rest are Komenda-Edina-Eguafo-Abirem, GH¢ 11,851.04; Hohoe, GH¢3,220; Kintampo South, GH¢ 57,925; La Nkwantanang Madina, GH¢ 26,134; Sene West, GH¢ 98,013; Suame , GH¢ 3,936; Wa, GH¢ 2,366; Juaboso, GH¢ 19,102 and Effia Kwesimintim, GH¢ 1,288,90.
The Asutifi South, Dormaa Central, Bawku, Adentan, Nanumba South, Abuakwa South, Tema, Jasikan and Ada East District, were the nine MMDAs which were not flagged for the offence.
The DACF-RFG is the proportion of the DACF allocated to the MMDAs based on their performance plus contribution of development partners that support the performance-based grant system.
The audit was focused on selected projects in the aforementioned MMDAs between 2018 and 2021 to determine if they met the required standard specifications and guaranteed value for money.
According to the report, submitted to parliament in May last year, the GH¢500,000 paid to the contractors were released upon recommendations of work engineers and approved by the coordinating directors in the assemblies in violation of clauses 16, 33, 36 and 37 of the conditions of contract and Section 7 of the Public Financial Management Act, 2016 (Act 921).
For instance at the Keta Assembly, furniture valued at GH¢133,700.00 could not be accounted for although the assembly had paid fully for them and although a list covering the distribution of 322 desks, amounting to GH¢109,447.20 was shown as evidence of receipt, the team could not vouch for the supplies.
In another instance, Kintampo South paid GH¢57,925 for no work done to construct a school block and provide five boreholes, whilst Sene West District Assembly was short-changed by GH¢98,013.69 for a reduction in the size of a Community Health-based Planning Services (CHPS) compound.
Additionally, the audit also found out that Mfantsiman and Hohoe Municipal Assemblies, paid GH¢1,067,188 to contractors without supporting documents, whilst Dormaa Central, Bawku and Sunyani paid GH¢1,764,520 to contractors without recourse to internal audit pre-audit requirements.
These infractions, according to the report, were as a result of inadequate supervision.
According to the report although most of the works engineers had Higher National Diplomas in Construction Management and some have upgraded themselves with master’s degrees in construction, their “output has been unsatisfactory.”
“The general excuse of lack of logistics to visit project sites is not tenable as an efficient scheduling of projects supervision during critical activities would have sufficed. The works engineers were absent at critical stages of construction and district coordinating directors failed to ensure that they performed their functions.
“The consequences for these lapses in supervision resulted in payments to contractors for no work done which is detailed under payments of works in this report,” the report said.
The Ministry of Local Government, Decentralisation and Rural Development, in its response to queries of the audit team, promised to ensure the officers in charge recover the monies.
Although the audit team found out that DACF RFG funds had significantly contributed to the infrastructure development of the districts, there was more room for improvement in the management of funds, planning and budgeting, supervision, coordination among stakeholders, and training for staff.
He claimed that the regional economy required rescue since it was in trouble.
Inaction is not an option in the face of calamity, according to John Dramani Mahama, hence the NDC is ready to assist in the salvage effort. Time is running out, so it’s imperative that you take action right away.
Read the full story originally published on February 7, 2022 by 3news.
Mr. Mahama noted in a statement on Monday, February 7 that there is no dispute that the Ghanaian economy is in deep crisis, a crisis he said is marked by huge budget deficits, an unsustainable public debt, rising inflation, a rapidly depreciating currency, ever-rising cost of living and a loss of confidence by both domestic and international investor communities.
The effects of these he said, have been severe hardships and suffering for the people of Ghana, especially those within vulnerable groups. As a result of the horrendous low point we have now reached, it is very clear that urgent intervention is required to avert a total collapse of the economy.
Therefore, “We in the NDC stand prepared to aid in the salvage effort because inaction is not an option in the face of disaster. The clock is ticking very fast and the time to act is now”
Below is his full statement…
There is no dispute that the Ghanaian economy is in deep crisis, a crisis marked by huge budget deficits, an unsustainable public debt, rising inflation, a rapidly depreciating currency, ever-rising cost of living, and a loss of confidence by both domestic and international investor communities.
The effects of these have been severe hardships and suffering for the people of Ghana, especially those within vulnerable groups. As a result of the horrendous low point we have now reached, it is very clear that urgent intervention is required to avert a total collapse of the economy.
Yet, President Nana Akufo-Addo and his Head of the Economic Management Team, rather appallingly, remain nonchalant in the face of this serious crisis and have limited their response to the imposition of very harsh and regressive tax measures, one of which is the E-Levy, which has been roundly rejected by the people of Ghana.
Like one drowning and yet clutching at a mere straw to stay afloat, this government has banked all its hopes on the E-Levy, which, given the gravity and depth of the problems that have beset our economy, is neither adequate nor viable as a sustainable response to the crisis. In the face of this serious crisis, government has also resorted to unhelpful political posturing over suggestions on how to stem the downward spiral, ensure discipline and help the economy to recover.
It is painfully obvious that beyond the ill-conceived E- Levy, the Akufo-Addo administration has no viable or credible plan of action to get us out of the current economic doldrums into which they have plunged us; meanwhile, there can be collective buy-ins from the Ghanaian people, development partners and the investor community that are being ignored.
How come we do not have a much needed Post-COVID-19 Economic Recovery Plan that would lay down a firm blueprint for fiscal consolidation in the face of a worsening economic situation?
As I have indicated previously, the government must as a matter of urgency, borrow a leaf from our sound approach toward the challenges we faced in 2015. We immediately convened the Senchi Economic Forum at which we tapped the brains and expertise of a wide variety of knowledgeable people and stakeholders and built a consensus on our economic plan going forward.
The knowledge shared at Senchi crystallized into our Homegrown Fiscal Consolidation Programme, which we eventually presented to the IMF for support. The IMF agreed entirely with our homegrown strategy whose implementation restored stability to the economy and laid the strong foundations that this government, just as the World Bank in 2016 forecasted, profited from between 2017 and 2020.
But for the profligacy and also the reckless election related expenditure in 2020, which undermined all the progress that had been made, our economy would not have taken the catastrophic nose-dive it has taken and left us all reeling under hardship. The Akufo-Addo administration in 2020/21 received and misapplied the largest windfall or bailout in Ghana’s history: a $1 billion concessional facility from the IMF, another $1 billion in SDR allocation, $430 million from the World Bank, $250 million from the Stabilization Fund, Gh¢10 billion from the Central Bank. This amounted to a total of about Gh¢33 billion.
It is a pity that today, the NPP’s entire economic plan hinges on the passage of an E-levy expected to raise a little over Gh¢6 billion. How did we arrive here?
The government must swallow what is left of its pride and create a platform for urgent and constructive dialogue among stakeholders with the view to fashioning out a robust set of policy responses to the economic challenges before we get to the point of no return.
We in the NDC stand prepared to aid in the salvage effort because inaction is not an option in the face of disaster. The clock is ticking very fast and the time to act is now.
British singer Sam Smith’s hell-theme performance with Kim Petras has met disapproval from conservatives who say that the show promoted satanism and evilness, accusing the singer of shoving his sexuality in their faces.
Sam Smith, who identifies as a non-binary genderqueer, showcased his new identity in a sexually suggestive spectacle.
Despite shocking many with their ‘Unholy’ performance, the duo made history as the first non-binary and transgender artistes to perform and win a Grammy Award (Best Pop Duo/ Group Performance category)
Last weekend, Sam Smith, whose pronoun is they, appeared on stage as a fiery-dressed Satan in tight red leather pants, a loose-fitting shirt, a horned hat and heeled boots.
Unholy by Sam Smith and German singer Kim Petras was released on 22 September 2022 from Sam Smith’s fourth studio and is rumoured to be inspired by the true story of a Catholic priest who was accused of sexual abuse of a minor.
The Grammy stage was filled with cages and whips and a host of performers from the LGBT community to match the lyrics of the song.
In 2019, Sam Smith admitted that he has always been at war with himself concerning his sexuality. “I’ve always had a little bit of a war going within my body and my mind. I do think like a woman sometimes, in my head,” he told GayTimes.
The performance of the Accra stock exchange was negative, reflecting investor attitudes against the Ghanaian economy.
In its review of January 2023 market activity given to the Ghanaian Times, the GSE stated that “the GSE markets’ performance in January reflected investor views in the general macroeconomic climate and the Domestic Debt Exchange scheme.”
It said on the equities market, the GSE composite and financial stock indices recorded negative returns of 3.68 percent and 0.81 percent respectively.
It said the thin trading resulted in a dip in the number of transactions to 1,249, a decline of 16.12 percent compared to the same period 2022.
“The month closed with 1.55 million shares traded valued at GH¢ 6. 67 million. The figures recorded represent a 95.52 per cent and 82.58 per cent decrease in volume and value traded respectively over the same period last year,” the GSE stated.
On the fixed-income market, the total volume traded was GH¢ 10.09 billion, a decline from the GH¢ 11.40 billion traded in the previous month and a drop of 39.86 percent compared to the GH¢ 16.50 billion traded in January 2022.
“Volume traded on the debt market closed the month at GH¢10. 09 billion, which was 39.98 percent lower than the same period last year” the GSE said.
The GSE explained that the number of trades during the month was 51,273, which was 50.05 percent more than the same period last year.
It said the total market capitalisation in January 2023 sat at GH¢ 63, 706.71 million, a decline of negative 1.22 percent of the GH¢64,495.20 million in January 2022.
The AfCFTA is one of the main projects under Agenda 2063: The Africa We Want, the African Union’s long-term development strategy to make the continent a global superpower.
According to the official agreement document between member states, the primary objective of AfCFTA is to create a single market for goods, and services, facilitated by the movement of persons to deepen the economic integration of the African continent and by the Pan-African Vision of “An integrated, prosperous and peaceful Africa” enshrined in Agenda 2063.
With that in mind, here are 5 important things to note about this pro-African business initiative.
Promotion of free trade: One of the ways AfCFTA is planning on bolstering intercontinental trade with Africa is by making trade tariff-free. One of the group’s main objectives is to progressively eliminate tariffs and even non-tariff barriers to trade in goods within Africa to encourage more trade between African nations.
Institutional Framework: AfCFTA administration would consist of a hierarchical system that goes from the Assembly to the Council of Ministers, to the Committee of Senior Trade Officials, and then finally, to the Secretariat.
Hierarchy: The Assembly, is the highest decision-making organ of the African Union. The Council of Ministers is Ministers responsible for Trade or such other ministers, authorities, or officials duly designated by the State Parties. The Committee of Senior Trade Officials consists of Permanent or Principal Secretaries or other officials designated by each State Party. And, the Secretariat would be in charge of approving the structure and budget.
General exceptions: The AfCFTA agreement has been designed such that nothing in it would jeopardize public morals, human, animal, or plant life or health, importations and exportations of gold or silver, and the criminalization of prison labor, among other elaborate restrictions listed on the official agreement.
Security protocol: Nothing in the AfCFTA agreement permits the trafficking of fissionable materials, the traffic of arms, ammunition, and implements of war, and the traffic of other goods and materials used to supply a military establishment, whether directly or indirectly
The Ghana Standards Authority (GSA) and the Foods and Drugs Authority (FDA) have adopted the program, which is anticipated to stop the high degree of chemical and microbiological contamination found in processed fish on the market.
Under the scheme, the FDA will certify the adoption of this standard for the domestic market while the GSA certify the standard to foster access to higher, value-added market for export.
The SFCLS was developed and funded by the Feed the Future Ghana Fisheries Recovery Activities (GFRA). It is a USAID five-year project to enhance the socio-economic wellbeing and local resilience of artisan fisher folk and communities.
He said the government promoted the use of improved smoking and handling technologies through the provision of 541 Ahotor ovens and 37 FAO-Thiaroye Processing Technique.
“Government through the Ministry supplied 50 fresh fish meters (torrymetre) to various landing beaches along the coast to help check the freshness of landed fish,” he said.
Several training had been organised for processors on hygienic fish handling and value to reduce losses, ensure food security and the safety of the seafoods,” he said.
Mr Anim said the long-term sustainability of Ghana’s fisheries resources was seriously threatened by increasing incidents of Illegal, Unreported, and Unregulated Fishing (IUU fishing), to high levels of post-harvest losses due to poor fish handling and inadequate technologies in processing, storage and packaging.
He said the fisheries sector generated over US$ 1 billion in revenue each year and accounted for at least 1.04 per cent of Ghana’s Gross Domestic Product (GDP) in 2021, stressing that it employed about 2.6 million people.
The Director of the USAID Economic Growth Office, Mr Paul Pleva, said his outfit was ready to strengthen its collaboration with Ghana, to ensure food security and a healthy nutritious diet for Ghanaians.
He said the USAID had supported Ghana in the fisheries sector since 2009, and had designed to raise awareness and as well as promote the production and consumption of safe and hygienic fish on domestic regional market.
A new UN report has suggested the most common factor driving people to join extremist groups in sub-Saharan Africa is not religion, but the need for work.
The report by the UN Development Programme surveyed thousands of people in eight African countries, including Mali, Nigeria and Somalia.
Only 17% of respondents said that religion was the reason for joining radical groups, whereas 40% said poverty was their main motivation.
Education is also important, with one extra year of education significantly reducing a person’s likelihood of joining an extremist group.
In 2021, nearly half of deaths attributed to terrorist groups took place in sub-Saharan Africa.
A high court in Malawi has overturned the government’s decision to suspend Martha Chizuma, the director of the Anti-Corruption Bureau (ACB), allowing her to resume her job.
Ms Chizuma’s suspension was last week announced by the secretary to the president and the cabinet, Colleen Zamba.
The suspension was linked to a lawsuit against her following a leaked audio in which she allegedly made remarks suggesting that a number of senior government officials and some judicial officers were hindering the fight against corruption.
One official who felt hurt by the suggestion sued Ms Chizuma and she was interdicted on the basis of the lawsuit.
Her suspension was widely condemned by civil society organisations, the opposition and the country’s umbrella body for lawyers – the Lawyers Association of Malawi.
The lawyers’ association issued a statement saying the only person who could legally hire or fire the head of the anti-corruption body was the president.
President Lazarus Chakwera is on record as saying he will not sack Ms Chizuma – describing the recording and the circulation of the audio as “corruption fighting back”.
The Malawi Law Society applied for a judicial review which the court granted late on Monday.
2019 artiste of the year, Kuami Eugene, has disclosed that prior to winning the award, he had a revelation that his colleague musician, King Promise had been crowned the VGMA New Artiste of the Year 2019.
He, however, said he was able to overturn this fate through fervent prayer.
Speaking in an interview on JoyPrime, he noted that: “I once had a dream. It was the new artiste of the year. It was myself, KiDi, Darko Vibes, King Promise, Kwesi Arthur, and Kurl Songx. It was a tight competition. Two days before the awards, I had a dream that I didn’t take the award. I woke up. I didn’t feel good at all. I have to pray against all the boys. I told my mom to assist me in praying. The boys don’t want me to win.”
He further disclosed he was very passionate about winning the award since he wants to tell a good story to his children (in the future.)
“It was my first time on the VGMA platform, so the whole VGMA effect was on, and Kuami Eugene on that platform for the first time was on my brain. I had a difficult time letting it go. The new artiste of the year, I actually needed that award because it was a tight competition.”
“It wouldn’t have been bad if it went to King Promise or KiDi or some of my brothers, but at the end of the day, this was New Artiste of the Year. I wanted to be remembered for that in our year; I mean, I have to tell my kids that I beat KiDi and King Promise. I have to be able to tell my kids that. That was what I was thinking, and in my dream, someone is taking it away. I think it was King Promise. I wasn’t happy, at least it should be a taller person,” he told Doreen Avio on Joy Prime.
In 2019, Kwami Eugene received 7 nominations at the Ghana Music Awards and proceeded to win the awards for Album of the Year, Producer of the Year, and Highlife Artist of the Year. He also bagged the prestigious Artist of the Year and High-life Artist of the Year at the 2020 Ghana Music Awards.
Goldfields Ghana Limited has been ordered by an Accra High Court to pay an ex-employee, Raphael Setorworfia, 72 months of his basic salary at the time of his retirement on medical grounds in June 2018.
The Court, presided over by Justice William Boampong, held that the order was in accordance with Article 11 (b) of the staff Collective Agreement governing his employment.
The court said it considered the fixed term contract under, which Setorwofia (the Plaintiff) was employed.
According to the court since Goldfields had withheld money belonging to the Plaintiff, interest was payable on the amount.
The court will later determine the rate of interest to be paid if the parties do not agree on the interest.
Tsatsu Tsikata, who represented the Plaintiff in a statement to the GNA, said the court had adjourned the matter to February 20.
“There was no representation for the defendant (Goldfields Ghana Limited) in Court,” the statement added.
The High Court has adjourned to March 13, 2023 the case brought against the Office of the Special Prosecutor (OSP), Anas Aremeyaw Anas and Tiger Eye P.I. by former Presidential Staffer and former Secretary of the Inter-Ministerial Committee on Illegal Mining, Charles Bissue.
Mr. Bissue is asking the High Court to stop the OSP from investigating and prosecuting him on the basis that he has already been investigated and set free by Ghana Police on allegations of corruption levelled against him by Tiger Eye P.I. in their documentary titled ‘Galamsey Fraud Part One’.
He also applied to injunct OSP, Anas and Tiger Eye from doing anything concerning the investigation and/ or prosecution of him till the determination of the case.
This process was first filed on 23 December 2022. This was subsequently amended in the application on 4 January 2023 without amending the affidavit in support. The OSP is opposed to the application in no uncertain terms.
In Court, today, Monday, 6 February 2023, lawyers for Mr. Bissue prayed to withdraw the application filed on 23 December 2022 and also announced they have amended the affidavit in support of the application filed on 4 January 2023.
This latest process, filed on 27th January 2023, is yet to be served on the OSP and the other Defendants.
The Court adjourned the hearing of the injunction application to the 13 of March 2023 for Defendants to be served and for them to also respond if they deem fit to do so.
Some Ghanaian celebrities have reacted to the sad news aboutBlack Stars player, Christian Atsu, who has been reportedly trapped under rubbles after Turkey was hit by an earthquake.
Christian Atsu and his club director, Taner Savut, are said to have been left under piles of ruins, following the incident which is currently being reported by global news outlets today, February 6, 2023.
However, the development has stirred massive reactions on social media, while igniting fear and panic among scores of netizens.
Some Ghanaian celebrities have since flooded social media to express their concerns about the situation, while hoping that God saves the Black Stars winger.
The likes of Abeiku Santana, Guru, Menaye Donkor, Amanda Jissih, OV, and many others have offered prayers for the footballer.
Meanwhile, CNN report says the death toll has since risen to more than 4000.
The collapse of a makeshift structure serving as the dining hall of the Ejuraman Senior High School in the Ashanti Region has left about 40 students injured.
The incident according to a report by Myjoyonline.com occurred on Monday, February 6, 2023, after a rainfall.
The collapse of the structure resulted in five of the students suffering multiple fractures.
The five according to the report are currently in intensive care.
The Ejura-Sekyeredumasi Municipal Fire Commander, Isaac Adu Yaw, suspects that the structure collapsed due to weakness brought about by torrential rains recorded in the area last Friday.
“To avoid any interference over there we have cordoned the place. We don’t want anyone to go there until further investigations to find the cause of the disaster and make recommendations. But so far we have recorded 40 people who have been injured.
“Five of them have had multiple fractures and are receiving intensive care treatment. The injuries of the 35 are being managed, so everything is under control. “The health workers are doing their utmost best to ensure everyone is safe,” he said.
The Ghana Police Service is on a manhunt for the National Democratic Congress (NDC) youth organiser in Suame Constituency over some comments he made.
This follows the publication of a viral video in which the said official is seen inciting members of the party to engage in violence to win power.
“The attention of the Police Service has been drawn to a viral video in which a person who identifies himself as the Youth Organiser for the National Democratic Congress (NDC) in the Suame Constituency of the Ashanti Region calls on supporters of the NDC to attack persons of the New Patriotic Party (NPP) in the run-up to the 2024 General Elections.
“The Ashanti Regional Police Command has initiated steps to get this person arrested to face justice,” the police said in a statement.
The police further entreated political actors to be circumspect in their utterances and actions to safeguard national peace and security.
Youth organiser incites party members
The now wanted man was captured on tape making inciteful comments with respect to the 2024 general elections.
Speaking to a journalist on the sidelines on what looked like a party event, the man charged members of the NDC not to hesitate to shed blood if it is what it will take to win power.
“As journalists, you were witnesses to a situation where people were shot and killed in the 2020 elections. So standing here today, I am to make sure that no NPP member can come and kill me.
“So we are in and I will advise every true NDC member that in the 2024 elections when it becomes necessary to kill someone to win, kill them; even if it requires that you shoot someone or club them to win us power do it,” he told a journalist with Oyerepa FM.
The 2020 elections albeit largely peaceful, saw pockets of violence which led to the death of about 8 persons.
According to the opposition NDC, the New Patriotic Party through state security and vigilantes used violence at various polling stations to rig the election.
However, the NDC has said that things will be different in the 2024 elections as it will go into the polls more prepared to ward off any such incidents.
The Yul Edochie polygamy saga is not ending anytime soon as the actor’s first wife, May, threatens to sue actress Sarah Martin for photoshopped images.
Sarah’s offence was sharing a photoshopped picture of Yul’s second wife, Judy Austin and Yul into a family photo of May and her four children.
Star, the son Judy bore for Yul, is also featured in the photoshopped image.
The original picture was taken during Christmas.
On Friday, May revealed via Instagram that she had directed her lawyers to file a suit against one Sarah Chukwukere for sharing the edited image of her and her children.
Expressing her anger, she wrote, “it is inconsiderate and demeaning to smear anyone, especially someone you barely knew. I’ve always had a peaceful, joyful and loving family. I worked tirelessly for several years building a beautiful home while managing several businesses successfully.”
the edited photo
“It is evident that some persons have deliberately and desperately tried to taint my reputation and “change the narrative” to suit their agenda. This is unacceptable to me,” she added.
Drawing the attention of culprits and others who dare to do the same to her next course of action, she said her legal team would be extremely cheerful to dine with anyone who does not cease from character assassination or defamatory publications in the court of law.
May shared the writ from the court; the lawsuit demanded a public apology from the actress and a retraction of a defamatory publication.
Original picture taken ahead of Christmas (Credit: Instagram | @mayyuledochie | Pic by @officialkbmakeovers)
Double Wahala
May also threaten to sue Sarah for a “false and injurious” statement made against her during an Instagram live session with popular media personality Daddy Freeze.
In the letter, it was stated that Sarah implied during the live chat that May “failed in her duties as a wife to Mr Yul Edochie and that such failures led Mr Yul Edochie to leave our client (May) and get married to Ms Judy Austin.”
The document explained that the statement was false as there was no event or evidence to confirm that the idea made was true.
The document also revealed that there was no form of relationship between May and Sarah to have warranted the conclusions Sarah held against her.
Stating the degree of Sarah’s offence, May’s counsel added that there was malice at play, saying that the statement was made from a place of hatred for May.
The statement inferred that Yul was estranged from May, whom he married in 2004.
They also highlighted a conspiracy between Sarah and Judy Austin to drive May out.
Contained in the list of demands are a public apology, a full retraction of the statement and an assurance that such false utterances will not be made in the future.
If the actress fails to render an apology, she will be made to pay N500m to May for damages.
Sarah’s Reaction
Reacting to the news of the impending lawsuit, Sarah shared a meme of a sad boy thinking about his life and wrote, “500m ??? God abeg o.”
The post was accompanied by an emoji caption which illustrated her hands on her head.
In April 2022, Yul introduced his son, Star, to his second wife and colleague, Judy Muoghalu, sparking controversy.
Yul married his first wife, May, at 22, in 2004, after dating for six years.
In July 2022, May opened up about how she fell into depression when her husband married a second wife. She recently said she would not be cajoled into accepting polygamy.
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National Organizer of the governing New Patriotic Party, has cleared the air on rumours that President Akufo-Addo is hampering the party from conducting an early congress.
Mounting a strong defence for President, he contended that Mr Akufo-Addo is not to blame for the party’s inability to set a date for its primaries.
According to him, such choices are made by the national executive committee of the party and not by Nana Addo Dankwa Akufo-Addo.
Speaking in an interview with Neat FM, Nana B stated that, the national executive body must take into account all proposals before deciding on a date for the stated election because there have been a variety of views and perspectives expressed over the party’s election.
“I don’t have to buy them at all , I condemn such posts and views . Under no circumstance should anybody attribute this to his excellency the president . It is very unfortunate and I condemn it as the national organizer.
“…Look, these processes are democratic and gives room for everyone to share their opinions. This is extensively consultative. So it is very unfortunate for people to be making unfounded claims,” he said.
It maybe recalled that some party members including a political scientist Dr Amoako Baah accused President Akufo-Addo of personally hijacking the party’s bid to hold an early congress.
According to them, the president is preventing a possible switch of attention from himself and his government to the new candidate to be elected as flagbearer and that he is doing everything possible to delay the elections.
In a Week 16 encounter of the 2022/23 Ghanaian top-flight league campaign, the Porcupine Warriors hammered the opponent 4-0 to secure all three points.
During the match played at the Baba Yara Sports Stadium, top striker Steven Mukwala netted a brace to lead the reds to a big victory.
On the matchday, new signing Rashid Nortey opened the scoring for Asante Kotoko in the 24th minute with a simple tap-in from close range.
Just four minutes later, Cameroonian forward Steven Mukwala curled one in to double the lead for his side.
While the two goals would separate the two teams at halftime, Accra Lions did not have the men to stage a comeback in the second half.
A second goal from Steven Mukwala and Enoch Morisson in the 50th and 57th minutes respectively propelled Asante Kotoko to the 4-0 win at the end of the 90 minutes.
Watch highlights of the match below:
The win today has seen Kotoko climb to the second in the Ghana Premier League standings.
The just-ended Grammy Awards has captured Hollywood star, Cardi B, in an eye-catching garment, an on-trend shade of blue with intricate, wavy motifs that move in circles.
Although the dress design was stunning, it was also made to partially enclose the head and the face.
Since Cardi B shared pictures of her outfit, it has garnered praise from many people all over the world. However, unknown to them, Nana Akua Addo, a Ghanaian fashion star, wore an identical garment in 2021.
The dress Nana Akua wore in 2021 was coloured cream, and she paired it with a short hair extension to show off her form and highlight the outfit’s intricate embellishments.
Unlike Cardi B who wore her dress to the Grammy’s, Nana Akua only did a photoshoot with hers.
The iconic Ghanaian celebrity has rubbed shoulders with some of the biggest personalities outside of Ghana when it pertains to fashion.
While she keeps making waves, her level of fashion has been compared to Hollywood standards.
This has led to many netizens wondering which celebrity wore the outfit better, Cardi B or Nana Akua Addo?
Billionaires.Africa reports that in the previous 37 days, Geregu Power’s market capitalization has climbed by N175 billion ($380.05 million), rising from N372.5 billion ($808.95 million) on January 1 to N547.5 billion ($1.19 billion).
The gain can be ascribed to high buying interest in Geregu Power, which has caused its share price to rise by 46.98 percent from N149 ($0.324) to N219 ($0.475), as well as the upbeat sentiment on the local stock market.
This sustained growth in the company’s shares on the Nigerian Exchange has made it the tenth most valuable company on the local bourse, resulting in millions of dollars in profits for investors. The majority of the power-generating company is controlled by renowned businessman, Femi Otedola.
According to an investment banker at a top-tier bank in Lagos, the value of Geregu’s shares is expected to soar beyond N800 ($1.73) per share in the near future. The optimistic forecast is based on the company’s recent shortlisting for the acquisition of the Geregu II power station, a highly sought-after 507-megawatt natural gas facility located in Kogi State, Nigeria.
Despite setbacks and disruptions that led to a decline in revenue from N70.96 billion ($154.1 million) in 2021 to N47.62 billion ($103.4 million), Geregu was able to achieve a profit of N10.17 billion ($22 million) at the end of its 2022 fiscal year.
This was achieved through the implementation of innovative solutions, proactive risk management, and close collaboration with relevant authorities and stakeholders. These efforts allowed Geregu Power to maintain its competitive edge in the industry.
The N10.17 billion ($22 million) profit at the end of the 2022 fiscal year resulted in impressive earnings per share of N4.07 ($0.0088) for the group’s 2.5 billion outstanding shares, causing the board to confidently recommend a N8 ($0.174) per share dividend to be paid to shareholders.
This substantial dividend payment is anticipated to generate millions of dollars in dividend earnings for the majority shareholder, Femi Otedola, who controls the majority of the power company.
Three Turkey-based players, Faustina Kyeremeh, Suzzy Dede Teye, and Priscilla Okyere have confirmed they are safe following Monday morning’s devastating earthquake in Turkey.
The deadly disaster has claimed lots of lives with others being displaced with the incident occurring in the early hours of Monday.
While Sivasspor midfielder Isaac Cofie has confirmed he is in good condition, ex-Black Stars forward, Christian Atsu is yet to be reached with reports suggesting he has been trapped under the rubble in the city of Hatay.
In the latest developments, Kyeremeh, Dede Teye and Okyere have all confirmed their safety in the country after the earthquake.
Priscilla Okyere and Suzzy Teye Dede both play for the women of Hatayspor, the club which Atsu also represents.
On the other end, Faustina Kyereh plays for Fenerbahce women.
The government’s Domestic Debt Exchange Programme (DDEP), which Ken Ofori-Atta has emphasized is crucial to the country receiving the $3 billion Extended Credit Facility from the International Monetary Fund, was updated during his talk (IMF).
Since the DDEP’s inception in December 2022, the government has had difficulty enlisting the necessary stakeholders to participate in the program and achieve the necessary standards.
This has since forced government to extend the deadline several times.
At that time, we indicated that the Debt Exchange Programme had been informed by the Debt Sustainability Analysis which revealed that:
Ghana’s public debt had become unsustainable; and that debt servicing accounted for more than half of total government revenues and almost 70% of tax revenues, while total public debt stock, including that of State-Owned Enterprises and statutory funds, exceeded 100% of our GDP.
3. The essence of the debt exchange, we indicated, was to help restore our capacity to service our debt and meet other expenditure obligations. I must say that these essential considerations have not changed. Indeed, they are even more pressing today.
4. Prior to this launch, in November 2022, I presented the broad contours of our economic and financial landscape and the necessary response measures as part of the 2023 Budget Statement and Economic Policy.
Response Programme and Immediate Outcome
Since then, three (3) significant developments have occurred to pave our path to economic recovery:
Parliament, after sustained engagements, judiciously passed the 2023 Budget; paving the way for the implementation of key revenue-enhancement and expenditure-consolidating measures.
Government, over the past several months, aggressively pursued revenue enhancement and expenditure rationalisation measures towards facilitating macroeconomic stability.
The Ministry of Finance worked assiduously with all stakeholders to reach a Staff Level Agreement (SLA) on the IMF programme, in record time. The IMF Programme is broadly aimed at assisting government to restore macroeconomic stability with a strong focus on protecting the most vulnerable in our society.
DEBT OPERATIONS
Ladies and Gentlemen, undergirding the budget and the SLA was the Domestic Debt Exchange Programme. Our strategy has been to work diligently and with urgency to restore macroeconomic stability; including bringing down inflation, and stabilising the Cedi. These are necessary measures to protect businesses and restore the purchasing power of Ghanaians, within the shortest possible time.
It was our expectation that collectively, we would have concluded the Domestic Debt Exchange Programme by the end of January, to anchor our effort to alleviate the debt burden in the most transparent, efficient and sustainable manner.
However, we admit that there were legitimate and critical concerns which needed deeper and broader consultations. The requisite efforts to address them have resulted in improved terms and changes in the closing date, with a final deadline of tomorrow.
Tomorrow, Tuesday, 7th February 2023, is the final deadline for institutions and individuals to sign up to Ghana’s Domestic Debt Exchange Programme.
As a listening Government, we have re-engaged all stakeholders, on a daily basis; sometimes even deep into the night. The Governor and I, and our teams are all thankful to the Ghana Association of Banks (GAB); the Ghana Insurers Association (GIA); the Ghana Securities Industry Association (GSIA); the Individual Bondholders Forum; and the Pensioner Bondholders Forum, for their interest, insights and goodwill.
11. Today, I am here to provide an update on where we are and to, once again, encourage the full support of all Individual and Institutional Bondholders.
Update on the DDEP
Distinguished Ladies and Gentlemen,
In December 2022, we invited all holders of Ghana’s Bonds to volunteer to exchange their holdings for New Bonds whose terms are compatible with our desired downward debt trajectory.
This invitation was within the context that, for Ghana to reach the required debt sustainability threshold of debt-to-GDP of 55 percent, it was important to review the interest rates and maturities of the existing bonds.
14. Having listened to and acknowledged emerging concerns, we have recalibrated the framework of the DDEP, with the following constituting the terms of the improved and enhanced offer:
All individual bondholders who are below the age of 59 years (Category A) are being offered instruments with a maximum maturity of 5 years, instead of 15 years, and a 10% coupon rate;
All retirees (including those retiring in 2023) (Category B) are being offered instruments with a maximum maturity of 5 years, instead of 15 years, and a 15% coupon rate.
15. The objective of this is to ensure that individuals, especially retirees, who put their hard-earned savings in our domestic market, are not left in hardship as a result of the DDEP and yet contribute to the resolution of our current crisis.
16. We have been intentional in pushing the threshold of what is possible, in order to:
i. Safeguard the well-being of our pensioners;
ii. Preserve the savings of individuals;
iii. Protect the working capital of businesses;
iv. Ensure the health and stability of our financial sector; and v. Restore macroeconomic stability.
17. Indeed, since the first announcement of the DDEP, the Government has engaged in good faith discussions and extensive stakeholder engagements with all groups, in order to reach a resolution that ensures an orderly path out of our economic challenges, anchored by a sense of community and empathy.
A New and Stronger Partnership
18. Ladies and Gentlemen, these significant amendments have enabled Government to reach an agreement with key major domestic creditor categories including banks, insurance companies, capital market players and foreign holders of domestic debt in relation to their participation in the DDEP.
19. Undoubtedly, the participation of the banks, insurance companies and the securities industry, under the enhanced DDEP is a significant milestone which represents a response to a call to national duty. It is a critical step to restore macroeconomic stability; accelerate Ghana’s economic growth under an IMF Programme; and leverage other international financial support.
20. On the back of these recent developments, the comprehensive agreement with the key stakeholders, and the enhancement of the DDEP, Government:
Expects the full participation of institutional stakeholders and mobilization of all qualified investors, to ensure the success of the debt exchange operation; and Encourages eligible Individual Holders to voluntarily tender their holdings.
21. Frankly, non-participation or a lower-than-expected turnout for the DDEP will prolong efforts to resolve the current economic crisis. In addition, the prospects of international financial support and other financial assurances would be jeopardised. This development could further put strain and stress on the Government’s capacity to honour key commitments. This is not what we want for our economy.
22. What we want is an economy that is back on track, stable, vibrant, productive, dynamic; meeting the needs of individuals, households, and enterprises; delivering shared and inclusive growth; and improving incomes and livelihoods.
Conclusion
23. Ladies and Gentlemen, tomorrow is the final deadline for this programme and we are hopeful that all domestic investors will participate.
24. Let me restate that, as a government, our singular motivation for taking this rather difficult road is to restore macroeconomic stability, achieve debt sustainability and get the economy fully back on track. We know that these are necessary pre-conditions for creating jobs; safeguarding and enhancing incomes; fostering inclusive growth; and restoring hope to Ghanaians.
25. Through collective hard work and discipline, coupled with the abiding and abundant grace of the Almighty God, we have been focused on avoiding a full-blown economic crisis.
26. Indeed, the Grace of God assures us that “Surely there is a future, and your hope will not be cut off.” Proverbs 23:18 ESV
27. Our remarkable progress with the ongoing International Monetary Fund Programme is a significant boost to our recovery efforts. Continuous progress will steer us further away from the slippery precipice we recently faced. Therefore, the momentum must be sustained.
28. Considering the importance of a sustained economic recovery backed by an approved IMF programme in the first quarter of 2023, it is crucial for groups and individuals to consider the merit of the enhanced DDEP, as well as the need for economic stability; and sign up by tomorrow to make it a successful one.
29. Let every Ghanaian be encouraged that the DDEP will bring us to a place of stability, economic recovery and transformational growth. We must do this together.
30. Government on its part is resolved to continue to undertake all necessary fiscal adjustments that would ensure that our sacrifices will pay off and the collective good is upheld. Let each and everyone play their part.
31. These are difficult times, no doubt, but if we hold on together, we can and we will emerge from this more resilient and more united than before. Then we shall, together, continue rebuilding our economy again; enable businesses to thrive again; and bring back hope and cheer to our homes again.
32. Let us all speak one language: Boa me na men boa wo; and we shall then prevail and recover all. Let’s do this together!
33. God Bless Ghana, and make her great and strong!
Finance Minister Ken Ofori-Atta addressed the nation on Monday recommending that bondholders accept the Domestic Debt Exchange Programme (DDEP) otherwise, reviving the economy will be a Herculean task for Akufo-Addo’s government.
He stated that Tuesday, February 7, 2023, deadline for signing up for the Programme will not be extended.
Read his full speech below;
Good Evening Ladies and Gentlemen:
On Monday 5th December, 2022, Government launched the Ghana Domestic Debt Exchange Programme as part of a broader response to recent macroeconomic challenges.
At that time, we indicated that the Debt Exchange Programme had been informed by the Debt Sustainability Analysis which revealed that:
Ghana’s public debt had become unsustainable; and that debt servicing accounted for more than half of total government revenues and almost 70% of tax revenues, while total public debt stock, including that of State-Owned Enterprises and statutory funds, exceeded 100% of our GDP.
3. The essence of the debt exchange, we indicated, was to help restore our capacity to service our debt and meet other expenditure obligations. I must say that these essential considerations have not changed. Indeed, they are even more pressing today.
4. Prior to this launch, in November 2022, I presented the broad contours of our economic and financial landscape and the necessary response measures as part of the 2023 Budget Statement and Economic Policy.
Response Programme and Immediate Outcome
Since then, three (3) significant developments have occurred to pave our path to economic recovery:
Parliament, after sustained engagements, judiciously passed the 2023 Budget; paving the way for the implementation of key revenue-enhancement and expenditure-consolidating measures.
Government, over the past several months, aggressively pursued revenue enhancement and expenditure rationalisation measures towards facilitating macroeconomic stability.
The Ministry of Finance worked assiduously with all stakeholders to reach a Staff Level Agreement (SLA) on the IMF programme, in record time. The IMF Programme is broadly aimed at assisting government to restore macroeconomic stability with a strong focus on protecting the most vulnerable in our society.
DEBT OPERATIONS
Ladies and Gentlemen, undergirding the budget and the SLA was the Domestic Debt Exchange Programme. Our strategy has been to work diligently and with urgency to restore macroeconomic stability; including bringing down inflation, and stabilising the Cedi. These are necessary measures to protect businesses and restore the purchasing power of Ghanaians, within the shortest possible time.
It was our expectation that collectively, we would have concluded the Domestic Debt Exchange Programme by the end of January, to anchor our effort to alleviate the debt burden in the most transparent, efficient and sustainable manner.
However, we admit that there were legitimate and critical concerns which needed deeper and broader consultations. The requisite efforts to address them have resulted in improved terms and changes in the closing date, with a final deadline of tomorrow.
Tomorrow, Tuesday, 7th February 2023, is the final deadline for institutions and individuals to sign up to Ghana’s Domestic Debt Exchange Programme.
As a listening Government, we have re-engaged all stakeholders, on a daily basis; sometimes even deep into the night. The Governor and I, and our teams are all thankful to the Ghana Association of Banks (GAB); the Ghana Insurers Association (GIA); the Ghana Securities Industry Association (GSIA); the Individual Bondholders Forum; and the Pensioner Bondholders Forum, for their interest, insights and goodwill.
11. Today, I am here to provide an update on where we are and to, once again, encourage the full support of all Individual and Institutional Bondholders.
UpdateontheDDEP
Distinguished Ladies and Gentlemen,
In December 2022, we invited all holders of Ghana’s Bonds to volunteer to exchange their holdings for New Bonds whose terms are compatible with our desired downward debt trajectory.
This invitation was within the context that, for Ghana to reach the required debt sustainability threshold of debt-to-GDP of 55 per cent, it was important to review the interest rates and maturities of the existing bonds.
14. Having listened to and acknowledged emerging concerns, we have recalibrated the framework of the DDEP, with the following constituting the terms of the improved and enhanced offer:
All individual bondholders who are below the age of 59 years (Category A) are being offered instruments with a maximum maturity of 5 years, instead of 15 years, and a 10% coupon rate;
All retirees (including those retiring in 2023) (Category B) are being offered instruments with a maximum maturity of 5 years, instead of 15 years, and a 15% coupon rate.
15. The objective of this is to ensure that individuals, especially retirees, who put their hard-earned savings in our domestic market, are not left in hardship as a result of the DDEP and yet contribute to the resolution of our current crisis.
16. We have been intentional in pushing the threshold of what is possible, in order to:
i. Safeguard the well-being of our pensioners;
ii. Preserve the savings of individuals;
iii. Protect the working capital of businesses;
iv. Ensure the health and stability of our financial sector; and v. Restore macroeconomic stability.
17. Indeed, since the first announcement of the DDEP, the Government has engaged in good faith discussions and extensive stakeholder engagements with all groups, in order to reach a resolution that ensures an orderly path out of our economic challenges, anchored by a sense of community and empathy.
A New and Stronger Partnership
18. Ladies and Gentlemen, these significant amendments have enabled Government to reach an agreement with key major domestic creditor categories including banks, insurance companies, capital market players and foreign holders of domestic debt in relation to their participation in the DDEP.
19. Undoubtedly, the participation of the banks, insurance companies and the securities industry, under the enhanced DDEP is a significant milestone which represents a response to a call to national duty. It is a critical step to restore macroeconomic stability; accelerate Ghana’s economic growth under an IMF Programme; and leverage other international financial support.
20. On the back of these recent developments, the comprehensive agreement with the key stakeholders, and the enhancement of the DDEP, Government:
Expects the full participation of institutional stakeholders and mobilization of all qualified investors, to ensure the success of the debt exchange operation; and
Encourages eligible Individual Holders to voluntarily tender their holdings.
21. Frankly, non-participation or a lower-than-expected turnout for the DDEP will prolong efforts to resolve the current economic crisis. In addition, the prospects of international financial support and other financial assurances would be jeopardised. This development could further put strain and stress on the Government’s capacity to honour key commitments. This is not what we want for our economy.
22. What we want is an economy that is back on track, stable, vibrant, productive, dynamic; meeting the needs of individuals, households, and enterprises; delivering shared and inclusive growth; and improving incomes and livelihoods.
Conclusion
23. Ladies and Gentlemen, tomorrow is the final deadline for this programme and we are hopeful that all domestic investors will participate.
24. Let me restate that, as a government, our singular motivation for taking this rather difficult road is to restore macroeconomic stability, achieve debt sustainability and get the economy fully back on track. We know that these are necessary pre-conditions for creating jobs; safeguarding and enhancing incomes; fostering inclusive growth; and restoring hope to Ghanaians.
25. Through collective hard work and discipline, coupled with the abiding and abundant grace of the Almighty God, we have been focused on avoiding a full-blown economic crisis.
26. Indeed, the Grace of God assures us that “Surely there is a future, and your hope will not be cut off.” Proverbs 23:18 ESV
27. Our remarkable progress with the ongoing International Monetary Fund Programme is a significant boost to our recovery efforts. Continuous progress will steer us further away from the slippery precipice we recently faced. Therefore, the momentum must be sustained.
28. Considering the importance of a sustained economic recovery backed by an approved IMF programme in the first quarter of 2023, it is crucial for groups and individuals to consider the merit of the enhanced DDEP, as well as the need for economic stability; and sign up by tomorrow to make it a successful one.
29. Let every Ghanaian be encouraged that the DDEP will bring us to a place of stability, economic recovery and transformational growth. We must do this together.
30. Government on its part is resolved to continue to undertake all necessary fiscal adjustments that would ensure that our sacrifices will pay off and the collective good is upheld. Let each and everyone play their part.
31. These are difficult times, no doubt, but if we hold on together, we can and we will emerge from this more resilient and more united than before. Then we shall, together, continue rebuilding our economy again; enable businesses to thrive again; and bring back hope and cheer to our homes again.
32. Let us all speak one language: Boa me na men boa wo; and we shall then prevail and recover all. Let’s do this together!
33. God Bless Ghana, and make her great and strong!
