He regretted that the administration had not adequately explained the debt exchange scheme to the populace in order for them to fully comprehend, value, and embrace the dynamics and complexities involved as well as the advantages that the country stands to earn.
“Whether we like it or not it is necessary we do this to get the IMF deal pass or else the nation’s economy will head towards a dangerous path which would be difficult to repair,” Mr Ofori-Adjei stated.
“The nation’s economy is now in a state of dilemma, and we cannot afford to reject the debt exchange programme. But the problem is that the government is not communicating well to the citizens on the debt exchange programme,” he stated.
Currently, Mr Ofori-Adjei said the nation’s external capital market had closed, and the “best option for Ghana now is to go for the IMF deal and debt exchange has become part of the IMF conditionalities.”
“If the debt exchange goes through the government can reduce about US14 million from its total debt which would provide the government space to go to the capital market again to get the IMF support”.
“As we speak now the nation has a total deficit of export cover of over GHC1.5 billion dollars, an indication that currently the nation is in a shortfall in its reserve for international trade, so we need the debt exchange programme to go through the IMF conditionalities”, he stated.
Mr Ofori-Adjei therefore called on everybody to rally behind the government to go through the debt exchange programme, saying “debt and exchange or restructuring has not been easy for any country. Any moment a country takes such a decision, then that country’s economic situation is in a mess.”
“Many people are resisting the debt exchange programme because the government has not communicated well for the people to clearly understand the financial situation of the country,” he stated.
Mr Ofori-Adjei also called on the government to reduce its ministerial portfolios, and cut down its presidential staffers to save the nation’s financial coffers.
“In fact, we need the debt exchange programme at all costs to put the nation on the right path to her economic transformation,” he added.
Sedinam Attionu Tamakloe, the “absconded” former CEO of MASLOC, had two sureties sign the bail bond to guarantee her appearance in court for her trial.
But has been absent for the past 16 months.
In court on Tuesday, January 24, 2023 when the case was called, Justice Afia Serwaah Asare-Botwe said the court cannot wait any longer.
But the court observed her to be “somebody who has opted to stay for medical tourism.”
Justice Asare-Botwe, now a Justice of the Court of Appeal said “an entire 16 months delay is more than enough time given and I do not think that anybody who is fair will complain about 16 months delay.”
To this, the court said, “the bail bond executed by the two sureties be forfeited to the Republic.”
According to EIB Network Legal Affairs Correspondent, Murtala Inusah, the court will consider the trial in absentia in two weeks (February 7).
A former National Service Personnel, Deborah Seyram Adablah with First Atlantic Bank has sued the Bank and her former Boss, Ernest Kwasi Nimako who was her ‘Sugar Daddy’ during the one-year period of her National Service.
In a writ of summons which has since gone viral, Deborah alleges that she fell for the relationship because she wanted to keep her job and also for her peace of mind in the working space since other ladies who turned down Managers at First Atlantic Bank made life uncomfortable for them.
Deborah says what’s even worrying is the fact that ladies who work for the Bank are made to make sexual advances at big clients in order for them to open accounts with the Bank; something which is worrying but the management looks on unconcerned.
She said while they were in the relationship, Ernest Kwasi Nimako asked that she rejects a contract offer from the bank and promised among other things to take care of her basic needs which include rent, and monthly allowance.
Also, he promised to divorce his wife and marry her because his marriage had broken beyond redemption
However, their relationship suffered some differences in July 2022 when the first defendant Ernest Kwasi Nimako decided to stop paying her rent and also providing other benefits he promised her.
She is, therefore, asking the court to make Ernest Kwasi Nimako transfer the title of Car registered GC-7899-21 to her, refund the cost of repair for her car which is GHc 10,000, pay a lump sum to help her start a business to take care of herself.
She is also seeking payment of arrears of her monthly allowance from July 2022 and arrears of her apartment.
The campaign, dubbed “No to Fake Meters”, is in collaboration with the Ghana Police service, and follows a pilot programme undertaken at Adeiso and surrounding areas in November, 2022.
The purpose of the ‘No to fake meters’ campaign, according to the Company, is to identify and arrest the syndicates behind the distribution of such meters, and to stop the bleeding of the company’s revenue.
Speaking to the media, the Regional Revenue Protection Manager, and team-lead of the campaign, Dr. Mark Owusu-Ansah described the fake meters as “toys”. “These fake meters are only heavy empty cases that look authentic at a glance”, he said.
Communities identified for the exercise include Daman, Sakyikrom, Amoakrom, Duadekye, Ntoaso, Daaman, Akuamu, Nkyenkyen and Amanfrom.
Last year, the Accra West region recovered GH¢10,363,755 from 1,900 customers who were apprehended for engaging in various forms of illegal connections.
These customers were surcharged for the power they used and some were also tried in court for stealing power.
Dr Owusu-Ansah revealed that this year, about 20,000 customer accounts will be remotely monitored to identify prepaid customers who do not purchase credits. These customers will then be visited for a physical assessment of their meters.
The Accra West Regional General Manager of ECG, Ing. Ebenezer Ghunney warned customers to desist from using power without paying for it.
He noted that the Company continues to invest heavily in the power distribution network and charged customers to abstain from stealing power, saying, this deprives the company of revenue and affects the quality of power supply.
The Accra West region has eight operational districts. These are Ablekuma, Achimota, Amasaman, Bortianor, Dansoman, Kaneshie, Korlebu and Nsawam.
Dr. George Akuffo Dampare, the Inspector General of the Ghana Police Service, announced that the Service is now setting up specific teams to deal with Internet fraud. He claimed that crooks in e-commerce and impersonators on social media platforms will no longer have a field day.
“There are several levels to it; there is a policing component, there is also the individual persons’ security component, and also the community component. From the policing side, we have taken some pragmatic steps in recent times and started setting up a team to holistically look at some of these things.
The IGP said this when he appeared before the Public Accounts Committee (PAC) of parliament to answer questions in relation to the 2020 Auditor-General Report on the Interior Ministry, under which the Police Service falls.
His comments were in response to a question from a member of the PAC and MP for Buem Constituency, Kofi Adams.
The MP, expressing worry about rising numbers in Internet-related fraud – particularly people impersonating MPs on social media, said: “There is this continuous increase in scams of various forms, especially people impersonating MPs. These persons operate with mobile phone numbers that unsuspecting victims call on and make payments, and these criminals go and cash-out these monies. So, it is possible for them to be traced and arrested. We do not hear much of some of these things. What is the Police Service doing to help us deal with this canker?”
In his response, Dr. Dampare said: “For the first time in the history of this country, you are going to hear a whole bunch of things about people who have been duped across the Internet space and how we are dealing with them.
“There are couple of instances where people have been swindled through e-commerce market platforms; and as we speak, about 18 people have been identified – and out of the 18, seven have been arrested.
“What we have to do going forward,” he added, “is to pick on all the other cases we have and see what we can do to make sure that, at the end of the day, we send the strongest signal to these people.”
Although he acknowledged the recent SIM card registration will go a long way to help police administration deal with the situation, he added that the country’s inadequate addressing system poses a challenge with regard to how quickly police can swoop on suspects.
“The challenge used to be the case when we had an environment where people could just walk into any service provider and get a number registered. Fortunately with the registration exercise, for all numbers which are unregistered there is difficulty for those people to continue.
“This has helped us in terms of defining the space and how easily you can access these people and have them arrested; but the tail-end of it is also our addressing systems and how to even locate the house of a person you been been able to identify. For instance, in other jurisdictions you always know where somebody lives; and instantly all you have to do is just know the address, know the contact number and walk to the house and pick up the person. And if we have that environment, we can assure that we the police – and by extension other security agencies -will make this country zero-crime rated,” he further explained.
The IGP went on by cautioning the general public to be more security-conscious in their dealings. He also urged communities to cooperate with the police to fight these social vices. “The final bit is to do with our personal security – our own individual security and the security that comes from the way we handle our personal selves, the way we communicate even on the phone.”
According to a market access report from the United States Department of Agriculture (USDA), the Ghanaian Ministry of Food and Agriculture (MoFA) and the USDA’s Food Safety and Inspection Service (FSIS) have reached an agreement under which the items would be allowed onto the Ghanaian market.
The report, which is available to the B&FT, indicates that ‘MoFA acknowledged receipt of the FSIS’ proposed certificate of export for pork and pork products, and confirmed its acceptance, adding: “The Ghanaian market is now officially open to US exports of pork and pork products in addition to other meat products from the United States”.
The agreement was reached as a result of a request made by the USDA’s FSIS on October 24, 2022 for Ghana to allow pork products to be imported into the country in huge quantities.
The deal has however sparked concerns among stakeholders of possible dumping and the risk it poses to local meat production and the cedi. Livestock industry players are also worried over whether there are designated laboratories in place to check the wholesomeness of these impending imports.
“As it stands, pig farmers are finding difficulties in sustaining the industry due to high feed and operational costs, and now an undue advantage is being offered to American producers who have subsidies from their country as well as cheap technology to produce more,” lamented CAG’s CEO, Anthony Selorm Morrison.
According to the report, the Chief Veterinary Officer of the Veterinary Services Directorate of MoFA signed and responded to the request on January 12, 2023 – that the country will not only accept pork products onto its market but also other meat products including beef, goat, lamb and poultry, among others.
Pork products have become a major delicacy for many Ghanaians in recent years, with some piggeries in the country, according to CAG, exporting the commodity to the Chinese market – the largest pork consuming nation in the world.
CAG however disclosed that lack of data on the livestock industry, particularly pork production, has been a major problem in the country: “Data would have informed government about the gains being made, and whether we need to import in large quantities or rely on government for funding in order to expand production”.
The Chamber also lamented the lack of consultation with stakeholders by government before entering into the pact.
Pork import
Ghana’s imported pork and pork products market was valued at US$16million in 2021, according to the USDA.
Total imports have increased progressively from 2017, hitting 15,000 metric tonnes in 2021 as the market is dominated by the EU, with the United States not being a significant player – not even counted among the top-ten importers into the country.
The USDA has however noted that opening the market to US pork and pork products is an opportunity that will be exploited by businesses from that country.
About 70,000 metric tonnes of pork and pork products have been imported into the country in the last six years – from 2017 to 2022 – according to Trade Data Monitor LLC, with the top-ten countries being Belgium, Poland, Germany, Netherlands, Ireland, Romania, Spain, Ukraine, the UK and France.
A reckless mother has reportedly lost her six-month-old baby boy.
It was gathered that the little boy died in his sleep after his young mother allegedly gave him an overdose of medication in order to go clubbing.
The incident happened at Quarter Nine in Likomba, a neighbourhood in Tiko on Monday, January 23, 2023.
According to local sources, the mother wanted to go clubbing so she allegedly gave the baby drugs said to be Tramadol to make him sleep for hours and then locked him up in the room.
The mother of the young woman said this wasn’t the first time that she drugged the child and left him unattended.
“The first time the mother caught her drugging the child, she interrogated her but she told her they were mere pills,” a source said.
“This lady you see here committed an abomination last night in Likomba, Tiko. Despite having a newborn baby of few months old in hand, she wanted to go clubbing with friends,” a Cameroonian reporter wrote.
“The innocent child was the only thing standing in her way as she couldn’t take him to the club. So what did this girl do? She decided to give him tra@madol so he can fall deep asleep. This way she can go party with her friends
“She gave her the tr@madol and locked the baby inside the house. She returned home this morning only to find out the baby di*d as a result of the hard drugs she gave him
“Likomba inhabitants descended on her and got her well be@ten. Forces of law and order intervened and as of now, the girl is in detention. The baby has been buried. May the soul of the innocent baby rest in peace.”
Just got news of a lady in Likomba, somewhere in Cameroon who gave her newborn baby tramadol so she could go clubbing.
By the time she got back thr next morning… baby has passed on.
As compared to yesterday’s trading of a buying price of 10.3507 and a selling price of 10.3611. At a forex bureau in Accra, the dollar is being bought at a rate of 12.40 and sold at a rate of 13.00.
Against the Pound Sterling, the Cedi is trading at a buying price of 12.8490 and a selling price of 12.8629 as compared to yesterday’s trading of a buying price of 12.7904 and a selling price of 12.8053.
The Euro is trading at a buying price of 11.2938 and a selling price of 11.3051 as compared to yesterday’s trading of a buying price of 11.1970 and a selling price of 11.2081.
At a forex bureau in Accra, Euro is being bought at a rate of 12.70 and sold at a rate of 13.70.
The South African Rand is trading at a buying price of 0.6046 and a selling price of 0.6051 as compared to yesterday’s trading of a buying price of 0.6019 and a selling price of 0.6024.
At a forex bureau in Accra, South African Rand is being bought at a rate of 0.50 and sold at a rate of 1.10.
The Nigerian Naira is trading at a buying price of 44.3048 and a selling price of 44.3548 as compared to yesterday’s trading at a buying price of 44.4191 and a selling price of 44.5360.
At a forex bureau in Accra, Nigerian Naira is being bought at a rate of 14.00 Naira for every 1 Cedi and sold at a rate of 19.00.
He bases his claim on the Domestic Debt Exchange Programme’s inclusion of specific bondholders.
He claimed that the government’s choice to include individual bondholders in the scheme was an attempt to deprive them of their lifetime investments and bankrupt them.
He said “We urge the government to stay focused on its responsibility to protect its citizens and for that matter absolutely exempt individual bondholders, including individuals who hold eligible bonds under the DDE through Collective Investment schemes from its DDE programme. We maintain that cutting government expenditure and optimizing revenue is the sure winner for Ghana in these difficult times.”
In a statement on January 24, 2023, Senyo Hosi, commended the government for reaching an agreement with the government.
The amendment includes an agreement to pay a 5% coupon rate for each of the twelve new bonds, resulting in an effective coupon rate of 9%.
It also added “the removal or amendment of all clauses in the Exchange Memorandum that empower the Republic to at its sole discretion, vary the terms of the exchange.”
The individual bondholders stated that “with the banks onboarding the Domestic Debt Exchange Programme, the government is set to reach its 80% target.”
“The development reaffirms the need for government to exclude individual Bondholders, including individuals and Collective Investment Schemes (CIS), who account for less than 11% of the eligible bonds. Unlike the banks and other institutions who are set to benefit from various regulatory incentives, Individual Bondholders have no fallback nor incentives and will be condemned to shackled penury,” parts of the statement read.
The Independent Ghana is reliably informed that Minority Leader, Haruna Iddrisu, is no longer the leader of the Minority Caucus in parliament.
Minority Chief Whip, Muntaka Mubarak, has also been relieved of his position.
It is unclear what prompted the NDC leadership to take this decision, however, reports indicate that there had been conversations around removing these two from the NDC front bench in Parliament.
MP for Ajumako-Enyan-Esiam, Cassiel Ato Forson, is now Minority Leader.
Dr Ato Forson takes over from Haruna Iddrisu, the Tamale South MP.
The change in leadership was announced by the National Democratic Congress (NDC) in a letter to the Speaker of Parliament
Dr Forson would be assisted by Mr Kofi Armah Buah, the new Deputy Minority leader who takes over from Mr Klutse Avedzi.
According to sources close to the airline, ATR aircraft would be used for both domestic and regional flights, according to AviationGhana.com.
The four models of ATR aircraft produced by the Franco-Italian manufacturer are the ATR 42-600, ATR 42-600S (STOL), ATR 72-600, and ATR 72-600F. (FREIGHTER).
The selection of the aircraft is largely based on its fuel economy, low maintenance costs, and operational effectiveness in a challenging environment like West Africa.
Attempts to establish a new home-based carrier has led to the signing of MoUs with Ethiopian Airlines and EgyptAir respectively with no clear outcome.
This led to the establishment of a new Committee to vet all proposals after the erstwhile Ministry of Aviation was subsumed into the Ministry of Transport.
Ashanti Group was shortlisted among others through a competitive process and subsequently received Cabinet approval for the Strategic Partnership on February 24, 2022.
Ashanti Airlines, backed by Dr. Ernest Ofori Sarpong and Osei Kwame Despite, two entrepreneurs with an interest in real estate, media, beverage production and others, turned to UK-based Zotus Group for the required funding and expertise in operationalizing the country’s proposed new airline christened “Ghana Airlines”.
Although the company is a part of the government’s One District One Factory program, he insisted that Ghana is the only owner of the company.
After giving journalists a tour of the facility and the 3,000 acres of farmland, Mr. Acquaah told the media that the company was still on track to hire residents of Ekumfi and the greater Cape Coast area.
He said, “From all the farms that we have, what will lead to the collapse of this company at this time. We went to the farms, you see the tractors are on the ground working, you saw the workers, harvest…we came to the factory, we’ve seen the workers working, we see the juice being produced, we drank the juice, but someone sits out there and hit the chest and say it is gone. For what reason, I don’t know.”
“We want to state that Ekumfi Fruits and Juices Limited is well alive, it’s expanding, the projections that we did is still running, the support we are receiving from the chiefs and people of Ekumfi is still intact,” the Director of Operations pointed out.
With the addition of a 5 percent coupon for 2023 and a single coupon rate for each of the 12 new bonds, this agreement enhances the DDEP, resulting in an effective coupon rate of 9 percent.
The agreement further clarifies the terms of access to the Ghana Financial Stability Fund (GFSF) and the operational framework, and it deletes or modifies provisions in the Exchange Memorandum that allow the state to alter the Exchange’s terms at its own discretion.
“We are pleased to have reached this agreement with the government of Ghana. It is a significant milestone toward addressing our economic challenges and will help restore macro-economic stability and accelerate Ghana’s economic growth,” Chief Executive of GAB, John Awuah, indicated in a joint statement on the matter.
The GAB notes that participation of its member-banks in the DDEP, per the new terms, is subject to each individual bank’s internal governance and approval processes – but in any case, not later than January 30, 2023.
“This is a major step forward in our efforts to conclude the DDEP in time with all other stakeholders. We are committed to working closely with the GAB and other stakeholders to ensure the success of this programme,” the Ministry of Finance stated.
In December 2022, the Ghanaian government offered bondholders an opportunity to exchange about GH¢137.3billion worth of domestic bonds for a package of 12 new bonds with maturities ranging from 2027 to 2038, and coupon rates ranging from 0 percent to 10.65 percent. The exchange was voluntary and bondholders had until January 2023 to participate.
Impact of DDEP on banks
Unsurprisingly, a study analysing the impact of Ghana’s debt exchange on the financial and real sectors of the economy indicates that the banking sector will suffer the most losses, at just under 60 percent.
The report also emphasised that sovereign debt restructuring weakens domestic investors’ balance sheets, causing a contraction of credit and a fall in output. This is particularly concerning as the larger the exposure to domestic debt, the stronger the negative impact on the economy.
Sovereign debt restructuring is expected to weaken domestic investor’s balance sheets causing a contraction of credit and a fall in output due to the larger exposure to domestic debt. With overall NPV estimated losses of 58 percent, banking sector losses amounted to GH¢67.88billion – a major factor for determining the banks’ capital needs.
The debt exchange programme has raised concerns among analysts and economists about potential long-term effects on the economy. It is feared that the high losses for local bondholders could lead to a reduction in investment, which in turn would negatively impact economic growth and development.
Bondholders claim that under the new arrangement, banks will be cushioned to a certain extent by the government, in contrast to private bondholders who will not have any incentives to fall back on, according to a statement signed by their convener, Senyo Hosi.
They added that the inclusion or exclusion of certain bondholders from the DDEP has no bearing on the program’s success rate.
The amendment includes an agreement to pay a 5% coupon rate for each of the twelve new bonds, resulting in an effective coupon rate of 9%.
It also added “the removal or amendment of all clauses in the Exchange Memorandum that empower the Republic to at its sole discretion, vary the terms of the exchange.”
The individual bondholders stated that “with the banks onboarding the Domestic Debt Exchange Programme, the government is set to reach its 80% target.”
“The development reaffirms the need for government to exclude individual Bondholders, including individuals and Collective Investment Schemes (CIS), who account for less than 11% of the eligible bonds. Unlike the banks and other institutions who are set to benefit from various regulatory incentives, Individual Bondholders have no fallback nor incentives and will be condemned to shackled penury,” parts of the statement read.
According to the African Development Bank Group’s recently released study for the region, Africa’s Macroeconomic Performance and Outlook, this is higher than predicted global averages of 2.7% and 3.2%.
Despite confronting considerable challenges brought on by global socio-economic shocks, the report’s extensive regional growth analysis demonstrates that all five of the continent’s regions are resilient and have a stable prognosis for the medium term. It also called for strong monetary and fiscal measures supported by structural policy to address possible concerns.
The Macroeconomic Performance and Outlook report will be released in the first and third quarters of each year. It complements the bank’s existing annual African Economic Outlook report, which focuses on key emerging policy themes relevant to the continent’s development.
The report shows that estimated average growth of real GDP in Africa slowed to 3.8% in 2022, from 4.8% in 2021 amid significant challenges following the Covid-19 shock and Russia’s invasion of Ukraine. Despite the economic slowdown, 53 of Africa’s 54 countries posted positive growth. All the five regions of the continent remain resilient with a steady outlook for the medium term.
However, the report sends a cautionary note on the outlook following current global and regional risks. These risks including soaring food and energy prices, tightening global financial conditions, and the associated increase in domestic debt service costs. Climate change—with its damaging impact on domestic food supply and the potential risk of policy reversal in countries holding elections in 2023—pose equally challenging threats.
The report advocates bold policy actions at national, regional, and global scales to help African economies mitigate the compounding risks.
In remarks during the launch, African Development Bank Group President, Dr Akinwumi Adesina said the release of the new report came at a time when African economies, faced with significant headwinds, were proving their resilience.
“With 54 countries at different stages of growth, different economic structures, and diverse resource endowments, the pass-through effects of global shocks always differ by region and by country. Slowing global demand, tighter financial conditions, and disrupted supply chains, therefore, had differentiated impacts on African economies,” he said. “Despite the confluence of multiple shocks, growth across all five African regions was positive in 2022—and the outlook for 2023–24 is projected to be stable.”
Niale Kaba, Minister of Planning and Development of Côte d’Ivoire, said: “The release of this report by our bank, the African Development Bank Group, at this time of the year is an excellent opportunity for Africa and its global partners. We need these regular updates to assess our countries’ macroeconomic performance and prospects. This reliable information will help decision-making and risk management for potential investors in Africa.”
Africa’s pre-Covid-19 top five performing economies are projected to grow by more than 5.5% on average in 2023-2024 and to reclaim their position among the world’s 10 fastest-growing economies. These countries are Rwanda (7.9%), Côte d’Ivoire (7.1%), Benin (6.4%), Ethiopia (6.0%), and Tanzania (5.6%).
Other African countries are projected to grow by more than 5.5% in the 2023-24 period. They are the Democratic Republic of Congo (6.8%), The Gambia (6.4%), Mozambique (6.5%), Niger (9.6%), Senegal (9.4%), and Togo (6.3%).
At the launch, economist Jeffrey Sachs, Director of the Center for Sustainable Development at Columbia University commended the report which he said showed that African economies are growing and growing consistently.
Sachs, who is also United Nations Secretary-General Antonio Guterres’ Advocate for Sustainable Development Goals, said: “Africa can and will rise to growth of 7 per cent or more per year consistently in the coming decades. What we’ll see, building on the resiliency we see in this report, is a real acceleration of Africa’s sustainable development so that Africa will be the fast-growing part of the world economy. Africa is the place to invest.”
Bold policy actions to help African economies mitigate the compounding risks
The report advocates robust measures to address the risk. These include a mix of monetary, fiscal, and structural policies including:
Timely and aggressive monetary policy tightening in countries with acute inflation, and cautious policy tightening in countries where inflationary pressures are low.
Coordination with fiscal policy will further strengthen the levers to ease inflationary pressures.
Enhancing resilience by boosting intra-Africa trade, especially in manufacturing products to cushion economies from volatile commodity prices.
Accelerating structural reforms to build tax administration capacity and investments in digitalisation and e-governance to enhance transparency, reduce illicit financial flows, and scale up domestic resource mobilisation.
Improving institutional governance and enacting policies that can leverage the private sector financing, especially in climate-proof and pandemic-proof greenfield projects—and mobilizing Africa’s resources for inclusive and sustainable development.
Taking decisive action to reduce structural budget deficits and the accumulation of public debt in countries facing a high risk of debt distress or already in debt distress.
Overview of economic outlook across regions
Despite the confluence of multiple shocks, growth across all five African regions was positive in 2022 and the outlook for 2023–24 is projected to be stable.
Central Africa –Bolstered by favourable commodity prices, growth is estimated to have been the continent’s fastest at 4.7%, up from 3.6% in 2021.
Southern Africa –Growth decelerated the most, to about 2.5% in 2022 from 4.3% in 2021. This slowdown reflects subdued growth in South Africa, as higher interest rates, weak domestic demand, and persistent power outages weighed on the economy.
West Africa –Growth is estimated to have slowed to 3.6% in 2022 from 4.4% in 2021. This reflects decelerations in Côte d’Ivoire and Nigeria, the region’s two largest economies. Nigeria’s growth in 2023—though hit by Covid-19, insecurity, and weak oil production despite higher international oil prices—could benefit from ongoing efforts to restore security in the restive oil-producing region.
North Africa –Growth is estimated to have declined by 1.1 percentage points to 4.3% in 2022 from 5.4% in 2021 because of sharp contraction in Libya and the drought in Morocco. Growth is projected to stabilize at 4.3% in 2023, supported by an expected strong rebound in the two countries and sustained growth elsewhere in the region.
East Africa –Growth is estimated to have moderated to 4.2% in 2022 from 5.1% in 2021. However, it is projected to recover to the pre-pandemic average above 5.0% in 2023 and 2024. While the production structure in East Africa is relatively diversified, countries in the region are largely net importers of commodities. They thus bear the brunt of high international prices in addition to recurrent climate shocks and insecurity, particularly in the Horn of Africa.
In his presentation, African Development Bank Acting Chief Economist and Vice President Kevin Urama observed that Africa is still a favourite destination for investments in human capital, infrastructure, private sector development, and natural capital.
Urama said: “Africa has a significant role to play in driving inclusive growth and sustainable development globally. There are many smart investment opportunities in key sectors: agriculture, energy markets, minerals, health infrastructure and pharmaceutical industries, light manufacturing, transport and logistics, digital economy and more. The continent remains a treasure trove for smart investors globally.”
The project which began in 2013 is expected to be commissioned with operations starting later in the year.
The rife rumor has, however, been debunked by one Timilehin Oyedare of Dangote Group’s Digital Communications Unit, Corporate Communications who described the reports as false.
You will recall that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) had last year revealed that the refinery was 97 percent completed.
The Chief Executive of NMDPRA, Farouk Ahmed, stated this when the representatives of the Dangote Refinery visited him in his office in Abuja to present the facility work plan for 2022/2023.
The Dangote Integrated Refinery and Petrochemicals Complex is located in the Ibeju-Lekki area of Lagos.
When in full operation, it is expected to have the capacity to process about 650,000 barrels per day of crude oil, making it the largest single-train refinery in the world. The investment is over 25 billion US dollars.
Below are 10 facts you need to know about the Dangote refinery
1) The Dangote oil and petrochemical refinery is a 650,000 BPD oil refinery.
It is the largest single-train oil refinery on planet earth, the largest in Africa, and the 7th largest oil refinery in the world.
It is capable of meeting the energy demands of both Nigeria and the entire continent of Africa.
2) Dangote announced he would want to build a refinery in 2013, at that time, it would cost $9 billion. It was not until 2016 that construction started.
3) The Refinery was originally meant to be built in the oil-producing state of Ondo state but due to a lack of political will on the part of the Ondo State Government, Dangote moved the project to Lagos state which also has oil.
4) The Refinery along with the Petrochemical plant is expected to generate $20 billion yearly for Nigeria.
5) The Refinery will reposition Nigeria as an energy hub globally.
6) The Refinery has the longest subsea gas pipeline in the world with a length of 1100km.
7) The Refinery will generate electricity of up to 12,000 MegaWatts.
8) The Refinery is a $25 billion investment, the largest single investment carried out on the African continent by an individual and the most expensive industrial complex in Africa and perhaps the world.
9) The refinery will produce 50,000,000 litres (13,000,000 US gal) of Euro-V quality gasoline and 17,000,000 litres (4,500,000 US gal) of diesel daily, as well as aviation fuel and plastic products.
10) It will provide 135,000 permanent jobs and overall 300,000 direct and indirect jobs.
Christophe Galtier was seemingly unsurprised by Kylian Mbappe’s brutal five-goal display in Paris Saint-Germain’s Coupe de France demolition of Pays de Cassel on Monday.
PSG eased into the last 16 of the competition with an emphatic 7-0 victory at Lens’ Stade Bollaert-Delelis, with Mbappe involved in all but one of their goals.
The sixth-tier opposition – who were technically the home team – did not look overawed and played some attractive football during the early stages, but the floodgates opened once Mbappe put PSG ahead with 29 minutes played.
It was 4-0 by half-time, with Mbappe netting three and setting up Neymar – the France forward added another two after the break to become the first player in PSG history to score five times in one match.
Carlos Soler – the scorer of PSG’s other goal – also impressed, but it was Mbappe and Neymar whom Galtier focused on.
“Kylian Mbappe’s a goalscorer, he’s obsessed with goals and attacking,” the coach told beIN SPORTS.
“I’m not going to say he’s going to gain confidence [from scoring five goals], but he’s up to his standard.
“It was important for him and Neymar to play the full game. They combined a lot and looked for each other a lot. It was good for them.”
Such a contest represented the risk of a major shock for PSG, but there was never any real danger of a defeat as the Parisians produced a thoroughly professional display.
Mbappe believes that reflected the respect they have for lower-league opposition.
“We’re happy, we came to qualify and respect this team,” he said.
“Respect means playing at our level. We’re happy. It was a great opportunity for [Pays de Cassel], and for us because we also come from amateur football.
“We are very happy to come and play, and it is an important competition for Paris Saint-Germain.”
On the other side of things, Pays de Cassel coach Samuel Goethals spoke of his pride despite the heavy defeat, highlighting how playing in front of such a crowd was by no means a regular occurrence.
“It’s still a source of great pride,” he added. “The game was complicated, we did things within our means. I’m super proud of the group.
“We knew the balance of power was going to be very unbalanced, and it was unprecedented for each of us to play in front of 35,000 people, but I saw a yellow and black stadium, it was magnificent to experience.
“You have to be real, we are in Regional One, the sixth division, we are amateurs, and this was seen on the field. I would have preferred that we conceded one or two goals less, but [the match’s speed] was too fast.”
Frank Lampard has been axed by Everton with the Merseyside outfit embroiled in a Premier League relegation battle.
The Toffees are one of six teams never to have suffered the drop since the 1992 rebrand but face a desperate struggle to maintain that record.
They are still regarded as a big club despite sitting two points from safety in 19th place and there will be plenty of bosses willing to take the risk in the hope of pulling off a great escape.
We take a look at five candidates as Goodison Park chiefs search for Lampard’s replacement ahead of Arsenal’s visit on Saturday, February 4.
Marcelo Bielsa won many plaudits for his swashbuckling style of play at Leeds.
The Argentine tactician, 67, would bring plenty of excitement and pedigree to the role and has experience fighting relegation in the Premier League.
He was axed from his post at Elland Road after failing to stem the flow of goals against his side, which makes him a risk.
But Everton’s record of 15 strikes in 20 top-flight games is their main issue and Bielsa may have the answers.
Sean Dyche
Frank Lampard could not turn around Everton’s season
Sean Dyche is another short-odds pick to take over on Merseyside thanks to his stellar record with Burnley.
He guided the Clarets to the Premier League twice in just under a decade at the club but was sacked in April 2022 with his side four points behind Everton in the relegation zone.
With a reputation for disciplined teams that are hard to break down, Dyche’s football may not appeal to some fans.
But it is hard to argue with his results and the Englishman, 51, may be exactly what is needed in a dogfight.
Duncan Ferguson
Duncan Ferguson is familiar with the corridors of Goodison Park
Club legend Duncan Ferguson is a much-loved character on the blue side of Liverpool.
The notorious hardman played over 250 games for the Toffees, as well as two spells as caretaker boss, and handed the reins over to Lampard in January 2022.
Ferguson, 51, left his coaching role at Goodison in July to pursue managerial ambitions and could return to the familiar dugout for his first permanent role.
Wayne Rooney
Wayne Rooney has been managing in MLS with DC United
An Everton icon, Wayne Rooney’s arrival would be warmly welcomed by fans.
The managerial rookie, 37, has cut his teeth in roles with Derby and current club DC United, who he took over in July.
But after going down a similar route with Lampard, the Toffees may decide to opt for more experience this time around.
David Moyes
David Moyes would bring a wealth of Premier League experience to Everton
Everton have not been the same club since steely Scot David Moyes left for Manchester United in 2013.
Boasting an impressive resume in English football, Moyes is currently facing a fight to keep his job at West Ham.
Trading one relegation battle for another would be an unusual move but do not rule it out.
He noted that the factory generates 10 tones of juices per hour.
“We have directors’ contribution and other interests plus a loan of 10 million dollars. In total, we are talking about close to 20 million dollars but the value as we speak is way up,” he stated.
He stated that Ekumfi Fruits and Juices Limited will soon penetrate the international market, citing US, UK, and Dubai as their next target market.
In an interview with the media after a tour at Ekumfi Fruits and Juices Limited, he said, “We are working seriously working at our exports by mid-year. We’ve done all our preparatory works and I’ve shown some of you the documents that we have. We are hitting the US market, we’re hitting the UK market, and as we speak, we are doing one to Dubai and many others but these are the major ones.”
He, therefore, entreated Ghanaians to support the fruits manufacturing company and desist from tarnishing the image of the Ghanaian-owned business.
He explained that the negative stories affect the brand as investors look beyond the premium product sitting on the shelves.
One of the Premier League’s surprise packages this season has been Brighton & Hove Albion. As the second half of England’s top flight campaign continues, the Seagulls are currently flying high in eighth place. And with a whole host of winnable fixtures on the horizon, their campaign could be set to get even better.
Things got off to the perfect start for the South Coast club when they defeated Manchester United on the first weekend of the 2022/23 season. That result ruined new manager Erik Ten Hag’s unveiling, and Brighton have shown no signs of letting up.
Since the European season got back underway following the World Cup, Brighton have won two of their three Premier League games, scoring nine goals in the process. Their only defeat was a 4-2 reverse against league leaders Arsenal.
The Gunners are also in fine fettle this season, and OddsChecker, which compares odds and offers, predict that their title fight with Manchester City will go down to the wire.
The stars of the show
Ghana’s Tariq Lamptey has been a star for his club for a number of years already. Despite being just 22 years of age, the pacey fullback has already made 69 appearances for the Seagulls, including 14 appearances this term.
The star in the Brighton crown however is Alexis Mac Allister. The 24-year-old midfielder burst onto the scene at the 2022 FIFA World Cup, helping Argentina to the final and subsequently on to lift the trophy for the first time since the days of Diego Maradona.
His club gave him a memorable return following his exploits in Qatar, and he rewarded them with two goals in the recent 5-1 drubbing against Middlesbrough in the FA Cup.
Leandro Trossard is another player that has impressed this term. The Belgian has seven goals and three assists already in the Premier League and the Seagulls are fighting off a host of clubs to ensure that the winger remains on the South Coast for the foreseeable future.
They will have no such issues with Mac Allister, who signed a new contract with the club prior to the World Cup getting underway.
Should Brighton continue in the same kind of form that we have seen from them already this season, there’s no reason why they shouldn’t be aiming for European qualification for the first time in the club’s history.
Former Hearts of Oak captain Fatawu Mohammed has departed Ghana for Egypt ahead of his proposed move to Bani Sweef in Egypt.
The experienced defender is without a club after being released by Hearts of Oak after almost a decade at the club.
According to reports, the defender has left the country to seal a move to an Egyptian club in the ongoing transfer window.
The deal is said to have been brokered by the CEO of Sports Light Consult, Nana Kwarteng, who has offered a lot of Ghanaian players the opportunity to play outside the country.
The 30-year-old joined Hearts in 2013 from Real Tamale United and has since been an important player in the team having contributed to the successes across the period.
He helped the Ghanaian giants to a league title in the 2020-21 season which they had not won since 2008 and two FA Cups but lost his position in recent times, forcing the club to let him go.
He also served as captain of the club since 2018 but he was stripped of the captaincy when Serbian trainer Slavko Matic took over the head coach position after the exit of Samuel Boadu.
Mohammed during his time as a Phobian player earned himself a call-up to the Ghana national team and has four caps to his credit.
As the Ghanaian economy, like most other African nations, starts to recover from the effects of COVID-19, the country’s logistics industry has achieved an LMI value of 64.7, indicating growth in logistics operations with a favorable outlook.
Currently, there is a shortage of warehouse space; yet, despite being above the threshold, warehouse capacity was the lowest of all the indicators. Therefore, the study recommended building larger warehouses to meet both the present and future needs.
The LMI Report measures growth or decline of Ghana’s logistics industry on a quarterly basis, using eight key logistics components: the overall Logistics Managers Index (LMI) for Ghana is measured based on eight key logistics components which include inventory levels, inventory costs, warehousing capacity and warehousing utilisation. The others are warehousing prices, transportation capacity, transportation utilisation, and transportation prices.
However, logistics cost is generally high, with three of the cost-related indicators – warehouse prices, inventory cost and transport prices – recording the highest values in first-quarter 2022.
“There is a great need for more warehousing and customer fulfillment facilities in proximity to major towns. The prospect of growth in online retail also indicates that increasing demand will be placed on available warehousing space. It is therefore not surprising that warehouse prices are high,” the Report noted.
Further growth in the country’s logistics sub-sector is expected to positively impact other sectors of the Ghanaian economy.
“Predictions by respondents indicate continuous growth in logistics activities in Ghana within the year, which will positively influence several sectors of the Ghanaian economy. This projection from the LMI is supported by the World Bank’s projected growth rate of 5.5% for Ghana in 2022.
“Even though the World Bank estimates this projected growth to be broad-based, it will be boosted by a relatively stronger industry sector that is undergirded by logistics activities. Hence, logistics activities will play a major role in the nation rebounding post-covid.”
The Logistics Managers Index (LMI) is a new tool developed by the Centre for Applied Research and Innovation in Supply Chain-Africa (CARISCA), based at Kwame Nkrumah University of Science and Technology.
Member of Parliament of Ningo Prampram, Sam Nartey George has claimed that the Ghana Football Association (GFA) has named Chris Hughton as the new Black Stars coach.
Ghana has been without a head coach following Otto Addo’s resignation.
The Borussia Dortmund talent coach left his role following Ghana’s early exit at the 2022 World Cup after the team finished at the bottom of Group H with three points having recorded a win and two defeats.
Speaking on Joy Prime TV, Sam George said former Newcastle United manager Hughton has already been given the nod.
According to the outspoken legislature, the decision has already been made despite the public hunt for the next coach of the national team.
“That job has been given to Chris Hughton already. They’ve given it to him because they want someone they can manipulate,” the legislator stated.
“Someone they can use for their business. Someone whose selections they can interfere with. Let’s not waste our time. People are using GFA to feed their families so let’s go and look for money to eat.”
Sam George also launched a scathing attack on the GFA, insisting the country’s football governing body has been reduced to a business venture.
He cited the selection of left-back Abdul Baba Rahman for the Qatar 2022 World Cup as one of the reasons why the GFA is not trustworthy.
“Some people are using GFA to feed their families. Have you forgotten what happened at the World Cup,” the NDC MP claimed.
“Tell me how Baba Rahman found his way into our final squad in our last game at the World Cup. What ball has he played in the past? Is Baba Rahman’s agent not our GFA president?
“People should not annoy us in this country because we have already powdered our faces and laughing,” he added.
The Black Stars are expected to regroup for their doubleheader against Angola in March in the 2023 Africa Cup of Nations [AFCON] qualifiers.
The body of the late Bugbil Roger Adaboo Toure, the twenty-year-old missing man from Zanlerigu in the Nabdam district who was identified in the morgue has been laid to rest.
The Zanlerigu community was thrown into a state of mourning when the body arrived at his family house for the burial.
The late Toure who was Roman Catholic by faith was buried after a short service by the St John the Baptist Catholic Church at Zanlerigu.
The family described the gruesome murder of their son as too horrific which had since caused fear and panic among residents in the area and called on the police to help bring the perpetrators to book.
“Our son could not have hurt anybody to deserve such a horrific murder.” A family member said.
The late Adaboo got missing on Jan 2, 2023 when he left home for his daily Ndomie business at the Zanlerigu Market.
All efforts to find him proved futile.
The family said on January 10th, a friend who went to the Bolgatanga Regional Hospital morgue to retrieve the body of his father for burial alerted them about a body having a semblance of that of their son.
A visit by family members to the morgue also confirmed the body was their son’s and according to mortuary attendant at the Bolgatanga Hospital , the Nangodi police command brought the body to the morgue on January 3, 2023 and said he was murdered at Kong Na-boug, a surburb of Kongo by unknown assailants.
A police source said the body was found with the face bruised and covered with blood and wore a female dress, a brassiere and a black underwear with stones scattered around the body.
At the time of filling this report, a source close to the police service said no arrest had been made in connection with the murder.
A 28-year-old banker, who allegedly took GHS274,000.00 from a business consultant under the pretext of investing it for him at TF Finance Service but failed, has been granted bail by an Accra Circuit Court.
The accused person is said to have used the money for her personal gain.
Charged with defrauding by false pretence, Fredricca Appiah pleaded not guilty.
The Court presided over by Susana Eduful, admitted the accused person to bail in the sum of GHS300,000.00 with three sureties.
The Court ordered that all the sureties should be family members.
The prosecution was directed by the Court to file and serve all disclosures and witness statements on the lawyers of the accused person.
The case has been adjourned to March 7, 2023.
Police Inspector Teye Okuffo, prosecuting, told the Court that the complainant Atazona Abdul Rahman Awineyanga was a business consultant and a resident of Achimota, while the accused person resided at Burma Camp.
The Prosecution said both the accused person and the complainant were involved in a business deal called “pay off” for a long time.
It said on June 7, 2022, the accused person approached the complainant and told him about the investment promotional package that TF Finance Service was embarking on.
The Prosecution said the complainant, who was also a businessman decided to give it a try.
It said the accused person demanded and collected GHS274,000.00 from the complainant under the pretext of investing the same for him.
The Prosecution said the accused person after succeeding in taking the money promised the complainant to give him the investment document after the money had been invested but failed and went into hiding.
It said in two weeks that the accused person failed to pick up the complainant’s calls and went into hiding, the complainant made his own enquiry at the TF Finance Office and the company denied ever embarking on any investment promotional package.
The Prosecution said the complainant then realized that he had been duped and lodged an official complaint to Nima Police and the accused person was arrested through Military Police, Burma Camp.
It said during the investigation, the accused person in her cautioned statement admitted taking the money from the complainant to invest for him.
The Prosecution said further investigation revealed that the accused person did not use the money for the investment but rather for her personal gain.
Ghana outperformed Cape Verde, which came in second on the measure with a score of 66%, by 0.5 percentage points. With a score of 65%, Nigeria finished third.
The pan-African think tank Digital Foundation Africa created the index. According to a statement they released, “the Index measures, access and ranks which of the West African states is implementing, adopting while using good policies among other uses of digital services while mapping the growth of its digital development sectors for socio-economic transformations.”
The index was compiled using about 10 variables from Mobile Money & Online transactions to Digital Infrastructure & Policy implementation.
“The Ranking would guide ECOWAS states in their approach in the implementation and development of the digital sector hence translating into how citizens transact and use digital in their daily lives. After the release of the index, activities will be held to engage governments and other stakeholders per country to help in the direction and future of the digital sector,” the statement added.
Ghana has built a strong digital economy in recent years championed by Vice President Dr Mahamudu Bawumia Bawumia, whose digital advocacy led to being named one of the most influential leaders in Africa, has postulated digitalisation as a solution to most problems plaguing African nations.
As a consequence, digitalisation has been employed as a tool to make life better for Ghanaians under the Vice President’s leadership.
Milestones achieved during the Bawumia digital era include the national identification card system (Ghana card), digital property address system, mobile money interoperability, ghana.gov platform and digitalised operations at the Ports, Driver and Vehicle Licensing Authority (DVLA), Passport office etc.
Others include the National Electronic Pharmacy Platform (NEPP), use of drones to deliver medical supplies, and the complete networking of all government hospitals, plus more.
In 2022, Ghana’s digital progression was recognised by the Mobile World Congress Africa after being named the No.1.
Valentine’s Day is coming; where is your girlfriend or boyfriend? That time of the year when lovers take over the streets, restaurants, and social media is almost here.
In this season, the plan is to live according to your budget, save money, and most importantly, make your partner feel loved because the “pressure is getting worser!”
This article has come to the rescue of those who wish to pull off a memorable surprise on a low budget.
As much as you wish to save money, remember that life is all about sacrifices; spend on those you cherish most.
For this year’s Valentine’s Day, make the big move by concentrating on your partner’s love language.
Words of Affirmation- Take them to a love concert:
There is a tall list of shows prepared for lovers on this special day. If you’re in a relationship or marriage with someone who loves to hear you confess your love, then we’ll recommend you buy a double ticket to a romantic show on Valentine’s Day.
Trust me, the love songs will serenade them, soften their hearts, and prepare them for what lies ahead.
Leave the performers to sing songs that will touch your woman’s or man’s heart.
Do well to compliment them from start to finish, and while the music plays, tell them that special message you prepared for them. Remember that there are special dedications for such shows, make that move.
This is a free tip; you can pop the question on the night!
Acts of Service – Offer a helping hand
Acts of service don’t always involve money, just offer a helping hand. Go beyond the regular.
As the saying goes, actions speak louder than words, so show up to work on Valentine’s Day.
Go out of your way to fix or offer a helping hand to your beloved. After work, you can wash their car, help them in the kitchen, or for once, pick up the children and help with their homework.
Make life a little bit easier by doing away with gender roles at home.
Receiving Gifts – Spoil your partner
Valentine’s Day comes with gifts, never forget this rule.
For this tip, you must know your husband, wife, boyfriend, or girlfriend’s urgent needs.
This is your sign to give them money to settle the debt they keep telling you about or replace their old phone.
You can also decide to go low budget by getting them chocolate, a bottle of their favourite wine, or just anything you can afford.
As the saying goes, it is the thought that matters, and for someone whose love language is receiving gifts, they will be elated and feel loved no matter how big or small it is.
Quality Time – Spend the day in their arms
Millions of people will not take lightly their partner’s absence on Valentine’s Day.
There is this bad joke that states that Valentine’s Day is the moment to confirm whether or not you are the main man or woman in someone’s life.
Spend quality time with your beloved on February 14 by leaving the office earlier or canceling plans just to make it up to them.
Physical Touch – Lovemaking made special
This is your sign to take your lovemaking out of your regular place.
Take them out to a hostel or just add some touches to your bedroom, and by that, we mean bringing on board all the flowers and candles.
My brother, my sister, go the extra with your bedmatics!
The home-based national team are through to the quarterfinals after placing second Group C at the tournament.
Prior to the qualifiers, the players were promised $5000 each for Benin and Nigeria duels, amounting $10,000 per player.
But according to reports, the players were paid $3,000 each with the rest outstanding after securing qualification to the tournament.
Having secured qualification, an agreement was reached to pay each $6000 qualification bonus at the CHAN tournament.
As per report from Kumasi-based Nhyira FM, government have decided not to pay the outstanding bonuses, slashing down the agreed qualification bonus of $6000 to $4,500 following a meeting between the deputy Sports Minister Evans Opoku Bobbie and three senior players (Afriyie Barnieh, Danlad Ibrahim and Gladson Awako”
It is said the players are unhappy with the decision as they prepare for the quarterfinals games on Saturday.
The home-based national team will face the winner of Group E (Cameroon or Niger) in the quarterfinals after finishing second in Group C.
He asserts that the implementation of new taxes in the 2023 budget will make Ghanaians’ situation worse.
Read the entire article as it appeared on www.ghanaweb.com on November 24, 2022.
Cassiel Ato Forson, the spokeswoman for the minority in parliament, has issued a warning that the 2023 budget will make Ghanaians’ situation even worse.
He asserts that the implementation of the 2.5% rise in the value-added tax will result in a further increase in the price of products and services.
“The things he outlined there are nothing but empty. What we can see is that the government is shifting the adjustment programme to the ordinary Ghanaian where the taxpayer will be made to pay more,” he said.
Government has announced an increment in Value Added Tax (VAT) by 2.5 percent for consumers of goods and services.
The move, according to government is expected to improve their domestic revenue measures while seeking to reach an IMF deal to restore macroeconomic stability.
“Mr. Speaker, we will undertake the following actions, initiatives, and interventions under the seven-point agenda. To aggressively mobilize domestic revenue, we will among others: Increase the VAT rate by 2.5 percent to directly support our roads and digitalization agenda; Fast-track the implementation of the Unified Property Rate Platform programme in 2023; and Review the E-Levy Act and more specifically, reduce the headline rate from 1.5% to one percent (1%) of the transaction value as well as the removal of the daily threshold,” he said.
The Minister of Finance, Ken Ofori-Atta, made this known in parliament when he delivered the 2023 budget before lawmakers on Thursday, November 24, 2022.
He thinks that the diaspora community is essential to Ghana’s economic growth.
Read the entire article as it appeared in its original form on Business24 on June 24, 2021.
In order to support economic progress, President Nana Addo Dankwa Akufo-Addo has urged Ghanaians living abroad to take advantage of the numerous investment opportunities Ghana offers.
“They also promote trade and foreign direct investments, spur entrepreneurship and transfer knowledge and skills,” the President said when he opened the maiden two-day Ghana Diaspora Investment Summit in Accra.
He also stated that the ‘Beyond the Return’campaign which has already been launched is expected to usher in a decade of Africa renaissance in the face of global pandemic.
To sustain the initiative, a Diaspora desk at the GIPC has been set, and to explore partnerships and investments, he noted.
The CEO for GIPC, Yofi Grant, indicated that “Ghana should as a way of augmenting its development plan, tap into Diaspora bonds”.
He also added that to foster growth, the country should now, more than ever explore partnerships with the Diaspora, given that the economy is moving away from a raw export to a value-addition driven economy.
The Ambassador for the Diaspora Africa Forum at the AU, Dr.Erieka Bennet, stated that government have now come to understand that, “to move Africa forward, we have to include the Diaspora”.
She also maintained the country has several offerings for persons in the Diaspora willing to do business.
The two-day summit is expected to engender a more constructive interaction with Africans in the diaspora and all people of Africa descent in areas such as trade and investment.
It is under the theme “The New Normal, leveraging Diaspora Investments to build back better” will create an avenue to foster partnerships between local Diaspora investors, and showcase Ghana as a choice destination for doing business, to sour the inflow of Diaspora Direct Investments.
The Summit is being held under the auspices of President Akufo-Addo, Ghana Investment Promotion Centre and supported by the Ministry of Foreign Affairs and Regional Integration, Ministry of Information, the Diaspora Affairs Office at the Office of the President, Diaspora Africa Forum and Beyond the Return Secretariat under the Ghana Tourism Authority.
Ghanaian midfielder Kwame Bonsu has completed a move to United Arab Emirates topflight side Al Bataeh FC.
He joins Al Bataeh after ending his stay with Egyptian outfit Cleopatra Ceremica.
The ex-Esperance midfielder has been without a club since September 2022.
The 28-year-old is expected to help Al Bataeh improve their place in the league standings with half of the campaign already played.
Al Bataeh sit 11th on the 14 team league table after 13 games in the ongoing season
Kwame Bonsu has a successful spell during his spell with Asante Kotoko. He was instrumental when the Porcupine Warriors reached the money zone of the CAF Confederations Cup in 2019.
His outstanding performance with Kotoko earned him a move to Tunisian club Esperance before he joined Ceramica in Egypt.
This has led to the growth of the country’s export value from $38.5 million in 2018 to $48.2 million in 2021.
GEPA, in its yam industry report, noted that the leading global exporters of yam were Ghana, Jamaica, the United States of America, Japan, and China.
“The USA alone imported US$87 million worth of yam from the world in 2021. Among its top suppliers were: Jamaica, 37.4%; Ghana, 21.9%; Costa Rica, 10.8 percent; Colombia, 8.7%; and Brazil, 8.2%,” GEPA said.
“The United States of America’s imports of yam from Ghana represent 39.6% of the total global value of yam exported by Ghana,” it added.
The global yam market is projected to register a compound annual growth rate of 3.5% between 2020 and 2025, Mordor Intelligence, a market research firm is quoted to have said by Asaaseradio.com
Vice President, Dr. Mahamudu Bawumia, in October 2020 stated that the government will not use taxpayers’ money to pay depositors whose investments have been locked up in the defunct Menzgold Company Limited.
He said, “Menzgold is not a licensed financial institution. We are talking about licensed financial institutions but if you set up your 419 institutions and the Bank of Ghana warned repeatedly that people should not do business with Menzgold because they were not a licensed financial institution, so, you can’t use taxpayers’ money to pay locked-up funds of an institution that is not a licensed financial institution.”
Read the full story originally published on October 24, 2020 by Classfmonline
Dr Bawumia told Agya Owusu on Techiman-based Link89.1 FM in the Bono East Region during his recent tour of that part of Ghana that, unlike the situation where the government rescued 4.4 million depositors whose funds got locked up in some banks and specialized deposit-taking institutions who were collapsed by their regulatory authorities over infractions and insolvency, the customers of Menzgold are not entitled to such rescue since they defied all warning from the Bank of Ghana to do business with an unlicensed financial institution.
“Menzgold is not a licensed financial institution. We are talking about licensed financial institutions but if you set up your 419 institutions and the Bank of Ghana warned repeatedly that people should not do business with Menzgold because they were not a licensed financial institution, so, you can’t use taxpayers’ money to pay locked-up funds of an institution that is not a licensed financial institution,” Dr. Bawumia said.
Two weeks ago, some aggrieved customers of the gold-trading company said they deserve a bailout just like the other companies that were licensed by the Securities and Exchange Commission (SEC) and collapsed with a “written letter” because their operations were contrary to their terms of the license.
According to the aggrieved customers, they deserve a bailout since Menzgold was under the regulation of SEC.
Ghanaian actress and fashionista, Jackie Appiah, has once again given Ghanaians a topic to discuss concerning her flamboyant lifestyle.
Apparently, Jackie Appiah remains the undisputed queen when it comes to purchasing and owning luxury fashion items
I’m convinced that if it’s not a known designer brand, Jackie Appiah will never put it on because she is clad in stylist apparel in almost all her pictures on her socials.
In a new picture that the mother of one just posted on her IG page, she showed off her Burberry Horseferry bag.
Esther Asiedu known in the gospel music fraternity as Piesie Esther, a Ghanaian singer has revealed how God prepared her for a better future.
According to the ‘Waye Me Yie’ crooner, she has disclosed on countless occasions how she struggled in the past but thanks to God that she persevered.
Speaking on Kumasi-based Hello FM monitored by MyNewsGh.com, Piesie Esther said that extreme suffering in life can easily make anyone lose hope.
“What I’m thankful for and happy about is that no matter what the struggles I’ve been through God used that to prepare me for a better future.
“Sometimes you feel that you are suffering too much in this world and your suffering can make you lose hope,” she remarked on the show.
“But in those moments of your suffering if you are able to persevere in the Lord, that’s where you can be uplifted to honour you for your steadfastness,” she ended.
Popular Ghanaian musician, Lukeman Ekow Baidoo, popularly known as Teephlow, has taken to social media to announce the passing of his father.
In a post published on Facebook, he called death terrible and wished his father a peaceful departure.
Teephlow wrote, “death is wicked; rest well, Rest well Dada” alongside a picture of his father on Monday, January 23, 2023.
His brother and manager, Ibrahim Baidoo, also gave some information about the tragic occurrence.
He indicated that even though their father had been unwell, his passing nevertheless came as a surprise while describing him as a remarkable guy who helped mankind, as an educator and a religious leader.
Ibrahim also described him as a proud father who always encouraged Teephlow’s musical endeavours.
He furthermore extended his appreciation to the rapper’s supporters for showing up in large numbers to send their father off during this trying time.
Entertainment pundit Sally Frimpong Mann, has called out popular blogger Zionfelix for posting a house he bought for his parents on social media.
According to Mrs Frimpong on Power Entertainment show on Power979fm and Tv XYZ, she doesn’t see the essence of Zionfelix letting the whole world know what he has done for his parent while the Bible rather talks about parents acquiring properties for their children.
“You’ve bought a house for your mom and dad and so what … God doesn’t broadcast what he does for us.. 2cor 12:14 speaks about parents acquiring properties for their kids though some parents may not afford it due to hardship”’ she said.
Recall that Celebrated Ghanaian content creator, Zionfelix, started the New Year with a big bang by building a house for his parents. He shared a photo of the new property on his official Facebook page and added a caption which says “New year new gift . The hustle definitely pays”
According to the post shared by Zionfelix, the house is located in Kumasi.
Well, Sally Mann has revealed that family issues should always remain sacred, hence, it’s inappropriate for Zionfelix to seek for validation from social media users after buying his parents a house.
Dancehall musician, Samini has declared that he no longer has intentions of working with rapper Sarkodie on a song following the disrespect from his colleague.
It all started when a Twitter user asked Samini if he had any plans to collaborate on a song with the rapper who is currently making headlines for remaking Bob Marley’s classic love song “Stir It Up.”
The Twitter user @ahenkrah wrote: ” @samini_dagaati please when was the last time you entered the studio with Landlord @sarkodie, and when are u people joining again?”
In response, the Ghanaian music legend who was featured on Sarkodie’s 2014 hit song titled ‘Love Rock’ had this to say: “Not sure I’ll need a verse from sark but if he ever does need one, I’m not interested and that’s facts. He knows this himself… )y3 Alo sometimes and I don’t play that. Yes or no be problem for am so e go slow you and your project go dull …, he did it to me on burning EP.”
According to Samini, the famous rapper is fake when it comes to reciprocating favours.
He again lamented how Sarkodie read his messages and ignored his request when he wanted to feature him on his 2021 Burning-EP.
Samini put the likes of Efya, Medikal, and Kofi Kinaata on that project.
He further disclosed that his feature on “Love Rock” was done for free, but when he needed the rapper, he wasn’t there for him.
“I did love rocks for free under 24 hours. What you talking about lol. He’s just Allo when it comes to returning favors. That’s all. Unlike him I do my own hooks and verses and I don’t need features to blow. Like I die lol. @sarkodie you know what time it is we shoot direct.”
Samini, however, noted that as a senior colleague, he holds nothing against the rapper, despite the disrespect shown to him.
The tweet sighted by GhanaWeb read: “I got nothing against @sarkodie and he knows it. He also knows that he Dey owe me personal apology for the blue ticks after having me send 3 tracks and he choosing 1. After asking me if it was a single or an album, to which I answered, it’s an EP. He’s like coo he’s yet to respond.”
Back in 2021, rapper Edem levelled a similar allegation against Sarkodie when he took to Twitter to express his disappointment in him.
On the account of Edem, Sark failed to show up for the video shoot of ‘Favour’ which he featured the rapper and Efya.
He disclosed that a lot of money was lost in the video shoot.
“Yo @sarkodie I know you feel bad for not showing up for #Favour video..Team even loose money for that…But I forgive you my g..No hard feelings ..Call me when you need me,I go dey for you,” Edem tweeted.
Check out the tweets below:
Not sure I’ll need a verse from sark but if he ever does need one I’m not interested and that’s facts. He knows this himself. 😂😂😂. )y3 Alo sometimes and I don’t play that. Yes or no be problem for am so e go slow you and your project go dull …, he did it to me on burning EP https://t.co/x0pAKrvc7h
I did love rocks for free under 24 hours. What you talking about lol. He’s just Allo when it comes to returning favors. That’s all. Unlike him I do my own hooks and verses and I don’t need features to blow. Like I die lol. @sarkodie you know what time it is 😂😂😂 we shoot direct https://t.co/ndbBUZuyOe
Ahh like you ahh eno go go you ? Me I no need am oo. Cus I’ve never depended on another act to complete my track. F3f3 na 3y3f3 s3 me y3 ma wu na wunso so wu y3 ma me …. Simple. Else there’s 3sisie https://t.co/xAZs6SSPyX
There’s a morale to the story. Do unto others as you expect them to do unto you …. Your man no know that. You clearly don’t understand my tweet. We move. 🙏🏾 https://t.co/x3rGfPimoZ
It has been reported that electrically charged stones that can power generators have been discovered in the Democratic Republic of Congo.
According to courses, these stones could serve as a primary source of electricity to fix the needs of the people in that area.
A video making the rounds shows how these stones, when connected by wires, could effortlessly switch on electric light bulbs.
Many believe the stones could be vibranium, but that has yet to be confirmed. However, the stones possess electricity currents high enough to give a minimal shock.
DR Congo is one of the few nations blessed with massive natural resources, including dynamite, platinum, etc.
Frank Naro has said that he gets tagged as arrogant even though he has done no wrong and is a playful person who desires to coexist peacefully with everyone.
In an interview with blogger, Zionfelix, the actor-turned-musician, said people despise him merely for the way he looks, including his body piercings and tattoos.
“In Ghana, when people know how you started, they expect you to stay that way and never progress in life.
“They even tag me as arrogant, yet I haven’t insulted anyone, I like to play and have never fought with anyone, but you call me arrogant because you’ve seen me dress this way and have seen my piercings. It’s just the body, and this body is sand. You don’t know my heart,” he said.
He added before becoming an actor, he didn’t have any tattoos, piercings, or dreadlocks, but as a musician, he had to follow a certain standard because of his brand.
Additionally, Frank advised detractors to speak with him directly if they believe he might be prideful before passing judgment.
“Before you knew me, I was in the film industry as an actor, and I never had any of the body parts you see on me now. It’s all about branding, and I have to brand myself well.
“If you see people and you think you don’t like something about them, get close, and don’t say they are arrogant. I haven’t insulted anyone,” he added.
Meanwhile, On January 10, 2023, controversial Kumawood actor, Big Akwes launched a vicious attack on Frank Naro, claiming that the actor had an agenda to use some Kumawood stars as sacrifices at an end-of-year party he organized.
While holding eggs and schnaps, Big Akwes warned Frank’s family to be prepared to bury their relative if he ever denied his allegations.
Frank Naro in rebuttal dared his fellow actor to curse him since he has finally come forward to deny that he planned to use him for money rituals.
Girls Trip 2 is headed to West Africa for its sequel, Writer-director-producer Tracy Oliver announced the news while at Sundance over the weekend.
The original film Girls Trip which starred Regina Hall, Queen Latifah, Jada Pinkett Smith and Tiffany Haddish will reunite the full cast in Ghana for the second iteration for the movie, according to Oliver, Variety reports.
The ladies of Girls Trip will look to attend the popular Afrochella (Afro Future) festival which takes place in Ghana annually attracting prominent musical acts from the region.
Girls Trip was directed by Malcolm D. Lee, produced by Will Packer and co-written by Kenya Barris and Oliver.
In other news, Oliver’s Prime Video streamer Harlem will debut its second season on Feb. 3. The series stars Meagan Good, Grace Byers, Jerrie Johnson, and Shoniqua Shandai.
According to him, the government is hoping that it will be able to prove to the IMF board that its debt is sustainable by finalising its move to join the Paris Club and its Domestic Debt Exchange Programme.
“I’m confident that we’ll get it (approval of the bailout by IMF board). But as I mentioned earlier, we have a deadline of the end of February for the Paris Club and so we need to be able to do that. And in between that we would have completed our Domestic Debt Exchange Programme.
“And therefore, to be able to go to board in March for this to be executed,” he said in an interview on JoyNews’ PM Express show, on Thursday, which was monitored by GhanaWeb Business.
The finance minister said that the government is working together with the IMF to ensure that Ghana’s IMF deal gets a board-approval before the end of March 2023.
“We joined the fund’s programme in July (2022) and the president said that we should do our SLA (Staff-Level Agreement) by the end of the year. And it looked impossible because it really had not been done before and between the fund and the government of Ghana, we worked hard and we were able to do that.
“So, it is in that same spirit that we are working and I expect that we should be able to do that,” he said.
Ofori-Atta added that getting the IMF deal would help resolve Ghana’s balance of payment difficulty and thus start the country’s economic recovery process.
The IMF and the Government of Ghana reached a staff-level agreement on economic policies and reforms to be supported by a new three-year arrangement under the Extended Credit Facility (ECF) of about US$3 billion on December 13, 2022.
A statement released on the Fund’s website said the IMF Mission Chief for Ghana, led by Stéphane Roudet, noted that “I am pleased to announce that the IMF team reached staff-level agreement with the Ghanaian authorities on a three-year program supported by an arrangement under the Extended Credit Facility (ECF) in the amount of SDR 2.242 billion, or about US$3 billion.”
“The economic program aims to restore macroeconomic stability and debt sustainability while laying the foundation for stronger and more inclusive growth.”
The statement also noted that the staff-level agreement is subject to IMF Management and Executive Board approval and receipt of the necessary financing assurances by Ghana’s partners and creditors.
The former Auditor-General (A-G) Daniel Yaw Domelevo, has reacted to the latest A-G report on COVID-19 expenditure spanning March 2020 to June 2022.
Domelevo disclosed in a TV interview (January 23) that he was about to start auditing the COVID expenditure in line with the Constitutional provision as contained in the COVID-19 Act, Act 1013; before he left office.
“I was going to actually audit the COVID funds in 2020 before leaving office. This is because the novel coronavirus Act, Act 1013 requires the Auditor-General to audit the financial statement relating to their revenue and expenditure and report on it within six months after the end of the financial year,” he told Joy News.
He praised his successor for what he described as a good report but lamented the fact that massive wastage had taken place and current laws mean consequences are lagging for infractions.
“I must say that it is sad that we are seeing this level of wastage at a time where there is no fiscal space as a result of which even people who lent money to government cannot be paid.
“We should be doing more, there should be consequences for these infractions. If we do 1000 audits and there are no consequences people will continue with this impunity,” he lamented.
Auditor-General’s report on COVID-19 spending
The Auditor-General released a report on government’s expenditure during the COVID-19 pandemic covering the period between March 2020 to June 2022.
The special audit report has been prepared under Section 16 of the Audit Service Act, 2000 (Act 584) for submission to Parliament.
It detailed the various expenditure made by Ministries, Departments, and Agencies during the aforementioned period.
The report noted that records on COVID-19 funds at the Ministry of Finance, Controller and Accountant-General and Ministry of Health indicated that, the Ministry of Finance mobilised a total amount of GH¢19,112,318,205.12 in 2020 to mitigate the impact of the COVID-19 pandemic.
The records showed that an amount of GH¢1,978,551,137.46 was mobilised in 2021 and GH¢753,319,842.66 (up to June 2022) to finance the Coronavirus Alleviation Programme and the implementation of the Ghana COVID-19 Emergency Prep000aredness and Response Plan.
In all, a total amount of GH¢21,844,189,185.24 was mobilised to mitigate the impact of COVID-19 pandemic in Ghana.
He was confident that an ADR mechanism would boost investor confidence and reduce time spent litigating for both taxpayers and the Tax Administrators.
The establishment of the ITAB, Ofori-Atta further indicated, would provide a cost effective means of resolving tax disputes for both the GRA and the taxpayers.
It will also relieve the Ministry of duty of having to mediate disputes between the GRA and taxpayers.
He said, “we need to establish that discipline and that trust and that authority that GRA must have.”
The Minister urged the board to provide a fair and independent forum for dispute resolution and to make decisions based on the evidence presented, provide guidance and precedence for similar cases and ensuring compliance with the tax law by providing clarity in the interpretation of tax legislation.
Mr Ofori-Atta said the ITAB would help to improve
Ghana’s tax-to-GDP rate of 13 per cent, which is one if the lowest in the sub-region, despite the concerted efforts of the tax authorities.
He commended the GRA for exceeding its revenue target for 2022 by over GH¢3 billion but called for more effort to enable the country reach the revenue generation levels of the OECD countries, whose tax levels are almost triple that of Ghana.
Chairman of the Independent Tax Appeal Board, Justice Lawrence Mensah, a retired Appeals Court Judge, stated that “the goal of any dispute settlement body such as the ITAB is to ensure access to justice.”
He said the ITAB would focus on providing an efficient, effective forum for speedily resolving disputes that could create threats for market players and distort government’s income generation projections and even affect the GRA.
He said the ITAB would operate with integrity in all facets of its works.
The members of the ITAB are Justice Lawrence Mensah, who is the Chairman, Peter Kwame Abebrese, Samuel Narh Djangmah, Mrs Mangowa Ghanney, Justice Kwabena Asuman-Adu, Nii Ayi Aryeetey, Theophilus Tawiah, Emmanuel Obeng-Asiedu, Dr Isaac Nyame, Catherine Quaidoo and Fauziah Ibrahim.
The former Operations Manager of the Forestry Commission of Ghana, Charles Owusu, has said no one in Ghana can stop leaders of faith-based organisations from prophesying.
Speaking in a Peace FM interview , Charles Owusu refuted the assertion of the Inspector-General of Police that some prophecies create needless fear and panic.
According to him, prophecies are words of God and cannot be stopped and prophets in the country will continue to prophesy as long as God continues to talk to them.
“Nobody born of a woman, who has blood running in his veins can gag God. And God has also not revealed to anyone how to determine prophecies that are fake from those that are true.
“… you can go to hell. We will prophesy today; we will prophesy tomorrow and any other day until God stops talking to his children. If God speaks we will prophesy.
“We can’t edit prophecies to bring out the good ones. If God reveals that you are going to die and you are not told, who cares,” he said in Twi.
He added that Christians in the country will not sit aloof for the dignity of their faith to be dragged in the mud.
The IGP, George Akuffo Dampare, during a Public Accounts Committee (PAC) hearing on Thursday, January 19, 2023, said that the prophecies by most pastors create needless fear and panic in the country.
He said that the said prophets use the opportunity to show off, but they do not have the right to address Ghanaians on certain issues since they are not elected public officials.
He added that Ghana is a godly country, and the police will not allow people to use the name of God to create fear and panic.
“… those who are prophets, who elected them over my life to just go out there and make pronouncements about me, where I’m not your family member, I’m not your church member.
“Why is it that God himself decided not to tell us when we are going to die? It means a lot… even then if you have a prophecy about someone dying… you have to put it in proverbs for the person to decipher it, but you don’t put fear and panic in the person, in the person’s immediate family, in the person’s extended family and in the whole country,” he said.
Watch the interview below:https://www.youtube.com/embed/k9Eczm0PcLg
The National Communications Officer of the National Democratic Congress (NDC), Sammy Gyamfi, has berated the Nana Addo Dankwa Akufo-Addo government over its misues of funds it mobilized to fight the COVID-19 pandemic.
According to him, the government succeeded in wasting the money raised to fight COVID-19 only to turn around and blame the pandemic for the country’s troubles.
“@MBawumia @NAkufoAddo. You raised GHS21.8b to fight COVID but spent only GHS11.7b on COVID activities.
“You used the remaining GHS10b on “Budget Support”-the euphemism for your wasteful election expenses. Only to turn around to blame COVID for all your failings. Have you no shame?” parts of a tweet by Sammy Gyamfi read.
The NDC’s National Communication Officer made these remarks while reacting to an audit report on the government of Ghana’s COVID-19 expenditure.
The audit report showed that nearly 50 per cent of the money the state mobilised to mitigate the impact of the COVID-19 pandemic in the country was used for budget support and not issues related to the outbreak.
The report, which was prepared by the Auditor-General’s Department, indicated that the government raised nearly GH¢22 billion, as of June 2022, to fight COVID-19 in Ghana through the Contingency Fund, the World Bank Group, the International Monetary Fund (IMF), the African Development Bank (AfDB) and the European Union (EU).
However, out of the total amount raised to fight COVID-19 only about GH¢12 billion (a little over 50 percent of the total funds raised) was used for activities geared toward fighting the spread of the virus and its impact in Ghana.
Read Sammy Gyamfi tweet plus the full audit report below:
@MBawumia@NAkufoAddo You raised GHS21.8b to fight COVID but spent only GHS11.7b on COVID activities. You used the remaining GHS10b on “Budget Support”-the euphemism for your wasteful election expenses. Only to turn around to blame COVID for all your failings. Have you no shame? pic.twitter.com/l1HBpSOnVc— Sammy Gyamfi (@SammyGyamfi_) January 22, 2023
The West African Gas Pipeline Company Limited (WAPCo) has resumed gas transportation to its customers in Tema after it safely and successfully completed the valve replacement works at its Takoradi Regulating and Metering (R&M) Station.
WAPCo on January 12, 2023, shut down the Takoradi facility to allow for the replacement of some critical valves at the facility aimed at securing the safety and integrity of the Takoradi Station.
In a statement issued by Dr Isaac Adjei Doku, General Manager, Corporate Affairs, indicated that the replacement exercise was projected to last for 10 days.
He said the WAPCo project team worked collaboratively with their contractors and stakeholders to ensure that the shutdown activities were safely and seamlessly executed and completed days ahead of schedule.
“WAPCo is grateful to the West African Gas Pipeline Authority (WAGPA), Ministry of Energy (MoE), the Ghana Grid Company Ltd (GRIDCo), the Volta River Authority (VRA), the Ghana National Petroleum Corporation (GNPC), the Ghana National Gas Company (GNGC), the Electricity Company of Ghana (ECG) and other key stakeholders for their support to minimize the impact of the shutdown on communities as well as the safe and successful execution of this project.
The West African Gas Pipeline Company Limited (WAPCo) owns and operates the West African Gas Pipeline (WAGP), a regional infrastructure linking natural gas resources to customers with a growing demand for cleaner and more efficient energy in the West Africa sub-region, especially in Ghana.
The WAGP is a bi-directional pipeline system with gas supply from both east (Nigeria) and west (Ghana) of the pipeline system.
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