The development led to confusion and concern for investors expecting payments to be made on these securities. According to market information, the outstanding payments were made to investors who were credited but later had the credit reversed and automatically rolled over without their consent.
This sudden default has raised many questions among investors, as they now have to decide whether to sell their securities to willing investors or seek legal redress.
Fred Duvor, Managing Director (MD) of Apakan Securities, said in an interview with the B&FT that COCOBOD has an obligation to buyers of the cocoa bills, which were for a fixed tenure, but they seem to have altered the terms without the consent of the clients. This move has left many clients feeling frustrated and uncertain about their investments.
Also, the MD of Apakan Securities stated that this default is a major blow to investor confidence in the capital markets. He said: “It is really not a good one, and it is quite strange that COCOBOD will also be caught in this kind of situation because we know that the cocoa board receivables are tied to cocoa. So, I struggle to understand why the current woes of the government should affect COCOBOD”.
Introduced in 2002 as an added layer of investment options to the public and a means of easing the cyclical pressure on the cedi, the cocoa bills have been a mainstay of the domestic capital market – particularly the 182-day variant. They have recorded handsome patronage on account of the strength of its underlying asset – cocoa.
The Ghana Cocoa Board is a government-owned entity that is responsible for the regulation and development of the cocoa industry in Ghana. The country is the second-largest producer of cocoa in the world, and the industry is a major contributor to the country’s economy. The default on the 182-day bill is a significant blow to the industry, and it is not yet clear how the government plans to address the situation.
The development is bound to raise significant concerns among investors about COCOBOD’s ability to redeem upcoming obligations, in light of projections by the International Cocoa Organisation (ICCO) about cocoa prices dipping in 2023.
ICCO’s forecast is based on a sharp rise in the net short positions of commercial traders in Europe and the United States over the 2020/21 to 2022/23 seasons, a development it attributes to demand ‘insurance’ against price drops.
This default also comes at a time when the government is undertaking a domestic debt exchange programme amid massive resistance from investors although it has been taking measures to address issues raised, but the default on the 182-day bill is a major setback.
The Ghana Cocoa Board has yet to make an official statement on the matter, and it is not yet clear what steps it will take to address the situation. The default on the 182-day bill is a serious matter, and it is important that government and the cocoa board take immediate action to address the situation and restore investor confidence in the capital markets as the future of the Ghanaian economy, and the cocoa industry, depend on it.
Commenting on the issue, Edem Nick Kporku – Investment Analyst with Constant Capital, mentioned that this default will definitely have a ripple effect on the economy of Ghana, as many investors will be scared to invest in the future.
“We are looking at the cash flow problem – especially if you’re expecting the money to come to you and then nothing comes through and institutions may have had plans on how to use the funds when the maturities hit their accounts.
“Take for example some asset managers who may be in a liquidity crunch and may not be able to sell government securities at this time to pay out investor withdrawals from their mutual funds’ positions. This would lead to a liquidity problem for them,” the Investment Analyst said.
It is vital that government takes immediate action to restore the confidence of investors and ensure that the cocoa industry in Ghana is not affected. It is also important that COCOBOD takes steps to ensure that this does not happen again in the future and that they communicate effectively with investors to ensure their investments are protected.
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.
“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.
Discussions on the steps required for the approval of the Common Trade Framework and Investment Protocol to promote intra-African trade and investment will take place during the First Assembly of African Investment Promotion Agencies (AAIPA) meeting at the Kempinski Gold Coast City Hotel in Accra.
This will take place alongside the Africa Prosperity Dialogue series, to discuss ways to enhance economic growth and transformation of the continent.
The World Investment Report by the United Nations Conference on Trade and Development (UNCTAD) in 2021, indicates that post-Covid-19 pandemic, Africa’s foreign direct investment increased from some $40 billion in 2020 to $83 billion in 2021, which was the highest continent achieved over the last few years.
Mr Reginald Yofi Grant, the Chief Executive Officer, of Ghana Investment Promotion Centre (GIPC), at a news conference in Accra on Monday, said Africa needed to re-position itself to attract FDI to boost investment in its numerous natural resources.
“This meeting has become quite important because of the developing landscape in the global economy. And not only that, but Africa is trying to forge a new narration on its relationships with nations around the world after the COVID-19 pandemic, which caused lots of disruption to trade and investments globally,” he said.
“I’m also representing Sub-Saharan Africa on the Board of the World Association of Investment Promotion Agencies and my remit is to rally all the agencies in Africa for our mutual benefit, re-access the opportunities and re-position ourselves as major recipients of foreign direct investment.”
The GIPC Boss noted that even though Africa had many natural resource endowments, including lithium, bauxite, and gold, and with 70 per cent of the world’s arable lands, it was still a small player in terms of global FDI attraction with only 5.2 per cent.
“We need to take advantage of the AfCFTA for wealth creation on the continent. If you look at the 480 major companies in Africa generating a billion dollar per year, most of them are multinationals and so we need indigenous ones to grow and create jobs for the teeming youth in Africa,” Mr Grant said.
He lamented the low percentage of intra-African trade, hovering around 18 per cent, and urged African leaders to leverage on the huge population of the continent; 1.4 billion, for wealth creation.
The Association said they expected the Government to control macroeconomic instability, a major trigger and driver for such sudden changes in tariffs levels and price hikes.
A statement issued in Accra by Mr Seth Twum-Akwaboah, Chief Executive Officer said they look forward to engaging with the Public Utilities Regulatory Commission (PURC) in the coming days.
Utility tariffs are to go up in the first quarter of 2023 effective February 1, 2023.
It said they acknowledged that the review was in line with the quarterly automatic adjustment as required of the regulator.
“We do appreciate the changes in the key determinants for tariff fixing since the last review in August 2022,” it said.
However, the statement said the level of utility tariff increments for water and electricity as captured in the PURC’s release were too high for Industry to bear, particularly at this time.
“Within a period of fewer than six months, electricity tariffs have shot up significantly on two occasions, 26.6 per cent in September 2022 and 29.9 per cent for this quarter, totaling 56.5 per cent,” it added.
It said indeed, the elements of the cross subsidy were still embedded in their tariff structure and this current review does not seem to support PURC’s effort to correct this anomaly.
The statement, therefore, urged the PURC to expedite action towards the full reversal of the tariff structure in support of the Government’s Industrial Transformation Agenda.
It said AGI also noticed a 48 per cent increment in water tariffs for Industry and this was not bearable, and which was a significant deviation from the 8 per cent average increment as announced.
“Water tariffs shot up by an average of 21 per cent in the last review in September 2022,” it said.
AGI said the aggregate was a 69 per cent increment in less than six months for Industry.
“We are anxious to see the conclusion of our discussions with the PURC on water tariffs for our beverage companies,” it added.
The statement said industries were under pressure from an unstable business environment, coupled with so much uncertainty since last year.
It said while the AGI hoped to see signs of recovery this year, the situation was further worsened by this level of increment, which posed a serious threat to employment prospects and survival of businesses.
It said AGI was aware that the utility companies needed to recover cost to sustain their operations, but where end-user tariffs get to unbearable levels, its effect could be dire for both industry and the utility companies.
Clothes hangers have now become tools for abortion by some young girls.
Per reports, the hangers are used in some senior high schools, particularly by the ladies for flogging their junior colleagues and also for abortion.
A post on social media detailing how such a dangerous act is carried out says the ladies will put the hanger in fire to become very hot and then insert it into their vagina.
It is perceived that the hot metal will kill the developing foetus and subsequently come out in a form of blood.
The dangerous thing is that this method of abortion mostly has serious side effects. Sometimes the metal damages their womb, cause severe infections and others also die due to excessive bleeding.
Read the full narration below; This hanger is used for flögging and abortion. In boarding schools, it’s called “GO TO HELL”
This hanger is used to brutalize junior students whether they do good or bâd. The pain alone is out of this world.
When they want to use it for ABORTION, they use a lighter or go to the kitchen to sterilize it with fire.
This hanger will be twisted in such a way that it’s straightened and the hook is on the tip then they pass it through f!re making sure it’s hot and red.
They insert in the vâginâ and twist, sometimes they twist and pull out the fôetus and k!ll it. when the hanger is removed, they will sit on a bucket till the flow subsides. Junior students will be asked to clean up the mess.
If the bleeding is too much, all the junior students will be forced to give out their pads.
This happens mostly in boarding schools, even in our university days. I used to hear about it. I never lived in the hostel, those in the hostel whom they saw as most righteous beings were busy using hanger to k!ll their babies.
Some of them d!e due to excessive bleeding. While some dâmâge their womb which will cause their womb to be removed.
Later, they will tell us to forget the past. I’m sorry, I won’t let any bloød relative of mine end up with someone like you.
Parents, please always be on the look out for your teenage girls. Boarding school has ru!ned most of them.
Medeama SC defender, Vincent Atinga, has promised fans of the club they will win convincingly against Hearts of Oak in their 2022/23 Ghana Premier League match week 14 clash.
The Yellow and Mauves will host the Phobians in, arguably, the fixture of the round in Tarkwa.
The former Hearts of Oak player admits there is pressure with such a big game but he believes they are ready for the task.
“As a footballer and a team, definitely pressure will come (with such a game coming up) but you need to soak it because that is you work, that is what you do,” he told the club’s media team in an interview.
“We are well prepared . We lost our last game, we need to make amends on Sunday against Hearts of Oak.
“What I can tell them (fans) is that they should come to the park and see good football. We promise them a convincing win, they should come to the stadium.”
At an estimated price of US$1,929.02 per ounce on January 19, 2023, this could generate about US$ 771.6 million. The recent growth in Asante’s gold output is encouraging for the company’s future, especially given its emphasis on exploration and growing its mining operations.
With an average monthly production rise of 20.7 percent from its Bibiani and Chirano gold mines in Ghana compared to the prior two months, Asante stated in an update to investors a considerable increase in gold production for the months of November and December 2022.
It also said the Walsh Pit, at its Bibiani Mine, continues to outperform relative to initial planned gold production. Exploration success in this area has increased planned production from the Walsh Pit to more than 100,000 ounces from 20,000 ounces – with further exploration work underway, while it continues to ramp up production at both mines. This, the company said, puts it in line to achieve the 400,000 ounces target with further exploration work underway.
In November and December 2022, gold production on a combined basis for Bibiani and Chirano totalled 47,954 ounces – a monthly average of 23,977 ounces, up 20.7 percent from the previous 39,731 ounces or a monthly average of 19,866 ounces for September and October 2022. The November and December gold production monthly average was up 34.4 percent from the monthly average of 17,834 ounces of gold from August to October 2022, Asante’s third fiscal quarter.
This, Asante said, represents a significant achievement; as it has only recently transitioned from an early-stage exploration company to a mid-tier gold producer.
Dave Anthony, President and Chief Executive Officer of Asante Gold Corporation, stated that the significant production gains in November and December are a positive sign for the company’s future.
He said: “The significant production gains in November and December bode well for the achievement of our 400,000 ounce target from Bibiani and Chirano for the fiscal year ending January 31, 2024. Over the past five months, we have made payments totalling US$ 83.6 million toward closing our Bibiani acquisition and repaying our gold forward sale agreement. Looking forward, we continue to capture the benefits of owning these two nearby operating mi400,000-ouncenes – which incorporate a district-scale land package with significant exploration potential”.
Asante expects to release its production results for the period November 2022 to January 2023 and the full fourth fiscal quarter in March 2023
It also anticipates that Bibiani will ramp up on track with approximately 230,000 tonnes of ore processed in November and December, roughly 18 percent above plan. It stated that Chirano is achieving target production levels with about 285,000 tonnes of ore processed in December, up 7.5 percent from about 265,000 tonnes in November 2022.
Asante’s Bibiani gold mine and Chirano gold mine are both operating at full capacity, with the Bibiani process plant and mine facilities running on a 24-hour-per-day basis. The company reported that 230,000 tonnes of ore were treated in November and December, which was 18 percent ahead of the ramp-up schedule. Asante plans to increase throughput to 250,000 tonnes of ore per month by the end of March 2023.
The company also reported that preliminary gold production in December was 12,171 ounces, with 86.3 percent recovery from 1.70 grammes per tonne (g/t) average gold grade feeding the mill. As the mine development continues into Q3-2023, the process plant feed grade is planned to be approximately 3g/t.
It also completed a dedicated power supply line in December, which will support initiatives to improve operating results going forward.
Asante’s near-mine exploration programme is also continuing, and the company is working to extend the Bibiani Open Pit life of the mine from 8.3 years. Exploration continues to focus on four targets: Aheman, Elizabeth, Grasshopper and South Russel.
Total drilling completed in calendar year 2022 exceeded 24,000 metres – slightly ahead of the plan, which was 23,900 metres. The Company plans to continue its near-mine development exploration programme in calendar years 2023 and 2024, with planned drilling of 30,000 metres per year.
The Second Deputy Executive Officer of COA Research and Manufacturing Company Limited and the Daughter of Professor Samuel Ato Duncan, known in real life as Princess Duncan has been enstooled as the Development Queen-mother with the stool name Nana Akua Ahenesima I by Chief, Queen-mother and the Elders of Frante-Sekyeredumasi Traditional Council of the Ashanti Region.
This, according to the chiefs and elders, is in recognition of the relentless effort exhibited by Princess Duncan both in Ghana and aboard towards preaching peace, saving lives and other ongoing developmental projects.
They noted that the level of maturity and leadership skills demonstrated by the young lady during her days of being Miss Commonwealth 2017 affirms that she is devoted to the developmental goals of Ghana and must be appreciated to do more.
The Chief of Frante Nana Owusu Sekyere III in his speech urged Nana Akua Ahenesima I to display good leadership roles and set as a role model to the people of Frante and appealed to her to bring more development to the town.
“Today we are going to allow you to serve Nananom. The position you are occupying today requires a lot and we know you will deliver beyond our expectations”.
The traditional rites were performed on Thursday, January, 19th, 2023 at the Frante Stool House by the Chief and his elders.
Princess Duncan will now be called by her stool name Nana Akua Ahenesima I.
The newly enstooled Developmental Queen mother of Frante-Sekyeredumasi Nana Akua Ahenesima I in her acceptance speech expressed her profound gratitude to the Chief and the elders for the honour.
“First of all, I want to thank God for making it possible. The second one goes to Otumfour On sei Tutu II, Nana Asantehemaa, Frantehene and Frantehemaa. All those who graced the occasion made it a successful one”.
Nana, I’m very much grateful for the honour for me and my family. I’m ever ready to serve the good people of Frante wholeheartedly and ensure my role as development Queen-mother benefits the children, elders and the next generation.
I want to bring back the old tradition that has abounded. Peace, as my father, stated in his speech earlier on. My father noted that the work that we came to this world to accomplish is a very big task and not limited to only Frante, Asanteman, Ghana, Africa and the world. Therefore I Nana Akua Ahenesima I will plead with you Nananom, dignitaries, and government officials to support us to make the vision come through. Africa has left behind and therefore we should unite, and love each other”, she explained.
Speaking on the day of Coronation, Friday, 20th January 2023 at Frante-Skyeredumasi; Professor Joshua Alabi on behalf of the Former President John Dramani Mahama donated 10,000 Ghana cedis to the newly enstooled development Queen-mother.
He lauded her for developmental initiatives and assured her the support from the office of Former President John Dramani Mahama.
Professor Alabi was accompanied by Felix Kwakye Ofosu, a Former Deputy Minister of the information under the John Dramani Mahama regime.
The Chairman of the occasion Daasebre Baffour Owusu Amankwatia IV, Bantama Hene in his remarks commended Nana Akua Ahenesima I for choosing development first among other things.
“Let me applaud the young and energetic lady for choosing development. I will urge the entire community to support her to achieve her goals as a development Queen-mother.
He furthermore thanked the parents of Nana Akua Ahenesima I.
“I will plead with the people of Frante to support her wholeheartedly so that she can do more for the community. I know the support from the community will encourage her to do more”.
Baffour Owusu Amankwatia IV pleaded with Nana Akua Ahenesima I to complete a school project that the community initiated.
The Executive President of COA Research and Manufacturing Company Limited Professor Samuel Ato Duncan, father of Nana Akua Ahenesima I on her behalf thanked the dignitaries for making the occasion a successful one.
“I want to thank Nana and his elders for the honour done to my family. I am glad that my daughter has been enstooled as the development Queen-mother of Frante-Sekyeredumasi. Let me use this platform to rally for support from the youth and the entire Franteman to support their development Queen-mother”.
He added that the Centre Of Awareness for Global Peace Mission will adopt the Frante Community and ensure that Nana Akua Ahenesima will be supported to bring more developmental projects to the community.
A stool, Kante cloths, sandals, and other traditional regalia for queens have been presented to the Nana Akua Ahenesima I as well as goat, tubes of yam, etc.
The Frante-Sekyeredumasi is under Asantehemaa so the newly enstooled Development Queen Mother owns allegiance to Asantehemaa.
The colourful event was graced by Traditional leaders, scores of politicians, stakeholders from the movie industry, the media, and government officials among others.
About Princess Duncan
Princess Duncan is the daughter of professor Samuel Ato Duncan the Executive President of COA research and manufacturing company Ltd, the producers of COA Mixture. Princess Duncan is the second vice executive officer of COA Research and Manufacturing Company Ltd. In 2017, Princess Duncan was the first Ghanaian to win Miss Commonwealth International UK Beauty Pageant. She has won several awards both nationally and internationally. In 2020, she was honoured as the outstanding women young entrepreneur in Ghana at the third edition of the Ghana Outstanding Women Awards(GOWA).
The Tottenham assassin has been terrorising top-flight defences since his breakthrough season in 2014-15.
But despite maintaining an incredible strike rate and winning three Golden Boots, he still has a way to go to topple the current leader in the rankings, Alan Shearer.
Read on as we run through the Premier League’s five greatest goalscorers.
5. Sergio Aguero (184 goals)
Sergio Aguero will forever be a legend in the blue half of Manchester after he scored one of the most iconic goals in English footballing history against QPR to seal the title on a dramatic final day in 2012.
Before heading to Barcelona, where a heart condition unfortunately forced an early retirement, Aguero managed 184 strikes in just 275 Premier League matches.
The Argentine won five league titles during his time at the Etihad and became City’s all-time leading goalscorer.
The diminutive forward holds the Premier League record for most hat-tricks, having netted 12, and is the only foreign player on this esteemed list.
Sergio Aguero will always be a legend in one half of Manchester
4. Andy Cole (187 goals)
Andy Cole was no stranger to a bit of club-hopping and enjoyed goal-laden spells at the majority of his seven Premier League clubs.
In fact, if the ex-Manchester United and Newcastle hitman had been a regular penalty taker, he may even have snuck to the top of the pile.
Cole racked up 187 strikes across 414 top-flight appearances with the majority coming as he won five titles in eight seasons with the Red Devils.
Andy Cole was one of the most lethal finishers in Premier League history
3. Harry Kane (198 goals)
Kane has been the focal point of Tottenham’s attack for most of the last decade and has scored at least 15 goals in each of the last nine seasons.
But despite his exploits in the penalty area, he has not been able to lift any silverware with Spurs and is being linked with an exit.
Also his country’s joint-top scorer with 53 strikes, the No10 will surely move up this list unless he is tempted abroad.
2. Wayne Rooney (208 goals)
Wayne Rooney’s haul features some spectacular strikes, including this acrobatic Manchester derby effort
Wayne Rooney surpassed the great Bobby Charlton as United and England’s all-time leading goalscorer, although Kane is one away from eclipsing him for the Three Lions.
Across 491 appearances, the Old Trafford legend racked up 208 goals and 103 assists for Everton and the Red Devils.
A five-time Premier League champion, Rooney enjoyed a glittering career but is some way short of the leading marksman on this list.
1. Alan Shearer (260 goals)
Alan Shearer was arguably the best goalscorer of his generation
You cannot mention Premier League goalscorers without bringing up the great Shearer.
A huge 52 strikes clear of the next name on the list, the English striker’s record will take some beating.
Scoring 260 times in 441 games over 14 seasons with Blackburn and Newcastle, it is a minor miracle that the No9 won just one title and four Player of the Month awards.
Shearer is the fastest player to hit a century in the Premier League — taking just 124 games — and remains the only player to hit more than 30 in multiple top-flight campaigns.
The 24-year-old player was rewarded for his outstanding 2022 season with his club Paris Saint-Germain (PSG) and his odyssey into world cup history with the Moroccan national squad.
In Saudi Arabia’s capital Riyadh, some of the biggest names in the movie industry, sports and entertainment from the region and beyond gathered for the Joy Awards on Saturday (Jan.21).
Hakimi’s club won last week’s exhibition match against Saudi Arabian side Al-Nassr.
Despite Cristiano Ronaldo’s 2 goals for the Saudis, Hakimi teammates secured a 5-4 victory.
The Joy Awards are considered one of the largest ceremonies to honour artistic achievements of the Arab world, featuring more than 13 awards that are handed to nominated female and male celebrities.
The event is hosted by the General Entertainment Authority in line with the goals of Saudi Vision 2030.
Michael Blackson has made known his intentions to lower graduate unemployment in the nation by building a factory that would employ 10,000 graduates in Ghana, Nigeria, and Liberia.
In a tweet shared on January 23, the actor disclosed that he was going to do so by asking for support from some people in the United States.
He also added that he was going to build more schools for the less privileged in the country.
“I’m definitely building more schools for the less fortunate kids but for the adults, I’m thinking about a few things.
“I’ll talk to some folks in the states and see if we can build a huge factory that could employ about 10k or more college graduates in Ghana, Nigeria and Liberia (sic),” he tweeted.
On January 3, 2023, Michael Blackson, commissioned his newly built school in his hometown, Agona Nsaba, in the Central Region.
I’m definitely building more schools for the less fortunate kids but for the adults I’m thinking about a few things. I’ll talk to some folks in the states and see if we can build a huge factory that could employ about 10k or more college graduates in 🇬🇭 🇱🇷 and 🇳🇬
Pictures of the facility which seeks to offer free education for all students were splashed on the internet stirring congratulatory messages from netizens.
Named ‘The Michael Blackson Academy’, the three-storey complex has been equipped with lots of classrooms and other amenities.
Earlier in 2020, the 49-year-old actor cut the sod for the construction of the edifice, and after two years, he took to social media to announce that it is finally ready.
Former Black Stars head coach, James Kwesi Appiah has opened up on the kind of working relationship he had with Normalisation Committee chairman Dr. Kofi Amoah.
The pair had to work together during the second stint of Coach Kwesi Appiah with the Black Stars at a time football in the country had been brought to its knees.
Speaking to Joy News in a one-on-one interview, Coach Kwesi Appiah has disclosed how Dr. Kofi Amoah threatened to sack him after a disagreement on his $35,000 salary.
He notes that he stood his ground and insisted on not allowing the threats to affect him.
“He threatened to sack me but I told him I am not afraid of being sacked. Those threats, I have heard them several times but I’m not the type that those threats get to me.
“He had a conversation with me about my contract and he was thinking of reducing my salary, but I told him look, you can’t reduce my salary, then he should take the job.
“He thought I didn’t deserve the [$35,000] salary I was on and when you do that, you are disrespecting whoever you are dealing with,” Coach Kwesi Appiah said.
Currently, Coach Kwesi Appiah is attempting to take the Black Stars head coach job for the third time.
He has applied to be considered for the vacant head coach job.
According to him, the act by the Central Bank to understate the rates is a means to also understate the country’s debt-to-GDP ratio.
Alex Mould explained in a Myjoyonline.com report that the BoG’s rates are a false representation of the actual figures on the market.
He also alleged that the rate at which the bank supplies forex to commercial banks and bulk oil distribution companies is higher than what it publishes.
He said, “the big issue is that BoG seems to be doing the hatchet job for government by misrepresenting the real interbank rate.”
Alex Mould further alleged that the Bank of Ghana deliberately kept the rates low during the latter part of 2022.
“Ergo, if BoG had used the 11-12 cedis per dollar rate which was what the real interbank rate was, we would have seen our debt number go up,” he was quoted by myjoyonline.com.
“The portion of Ghana’s debt denominated in foreign currency is about $30 billion; using the market exchange rate of 11-12 cedis per dollar would’ve taken our total debt far above the 500-billion-cedi mark,” he added.
He added that “it implies that the Bank of Ghana may be deliberately keeping the inter-bank rate low so that government’s debt per GDP number would look good…..this is misleading!”
Asaase Broadcasting Company (ABC) Ltd, the operator of Asaase 99.5 Accra, Asaase 98.5 Kumasi, Asaase 99.7 Tamale and Asaase 100.3 Cape Coast, on Monday (23 January) announced that Nenyi George Andah has been named by the board of directors as the firm’s new chief executive officer.
Nenyi Andah, the immediate past MP for Awutu Senya West in the Central Region and a former deputy minister of communications, will oversee the delivery of ABC’s vision of aggressive growth and the creation of a pan-African media organisation providing content to a wide audience across platforms in Ghana and beyond.
Nenyi Andah has over two decades of experience across consumer markets largely in the fast-moving consumer goods and service sectors. Having served as the chief marketing officer of Scancom Plc (MTN Ghana) and Bharti Airtel Nigeria, chief operating officer for Glo Mobile Ghana, as well as a marketing director at Guinness Ghana Ltd, he brings with him a wealth of deep experience to the vision of Asaase Broadcasting Ltd.
“George is the right leader for Asaase Broadcasting Company,” said Gabby Asare Otchere-Darko, the chairman of the board. “George’s tenacity and drive to achieve excellence, coupled with his track record of business development and innovation in building strong brands, fits perfectly into the overall vision of ABC to build the most trusted media brand serving a wide audience in Ghana and beyond.
“The board of ABC is excited to have him lead this charge and take the business to new levels of growth and profitability.”
Talented team
Asaase’s general manager, Prince Moses Ofori-Atta, said: “George is one of those rare forward-thinking leaders whose trajectory is an industry reference. He joins a team of dynamic and versatile heads of department who have invested themselves to creating a top-notch brand that speaks to an aspirational content with a strong focus on driving the pan-African vision of the business.”
“I am very happy to join the Asaase team,” said Nenyi Andah. “I believe ABC has a strong business model and a talented team that primes it up for strong growth, innovation and profitability.”
Nenyi Andah is a product of Achimota School and holds a Bachelor’s degree in biochemistry, as well as an MBA from the University of Ghana Business School.
The scenario is not only likely to have a negative effect on the stock market but also on investor confidence in the financial industry. Investors are trying to get their money back and are expecting coupons from their bond investments, but they are not obtaining the desired returns due to government proposals. As some investors aim for long-term investments, diversification will be a challenge, and the stock market could be impacted, according to management consultant and investment banker Augustine Baidoo, who spoke with the B&FT.
He explained that introduction of the DDEP and the current economic climate have made investing uncertain for investors, leaving them with limited options for diversification. He added that investors are therefore looking forward to a conclusive agreement or arrangement with government in order to make informed investment decisions.
Similarly, SEM Capital – in its review of fourth quarter 2022 and outlook for 2023 – stated the market is unlikely to recover fully this year due to the aforementioned factors.
With the ongoing uncertainty surrounding the DDEP, along with the not-too-positive outlook for key macroeconomic indicators, they said investor confidence will take a hit; making it unlikely for the market to recover fully this year.
Stating that it anticipates further pressure on the local currency, SEM noted that this will have an adverse bearing on manufacturing companies as the cost of importing raw materials will increase, leading to lower production and higher prices for finished products.
The Managing Director of Sentinel Asset Management, Kisseih Antonio, meanwhile noted that despite the setback to investor confidence and potential material losses, the current state of the market should lead to improved communication around investments.
“Hopefully, as we ride out this storm we will be better at communicating risk and return to investors,” he said
2022 review
In what was a turbulent year across markets, the Ghana Stock Exchange (GSE) was spared a worse decline by the performance of some financial sector stocks in 2022.
While the GSE Composite Index (GSE-CI) which measures the broad market closed the year with annual returns of -12.38 percent, compared to 43.66 percent at the end of 2021, the GSE Financial Stock Index (GSE-FSI) – which tracks the performance of financial sector stocks – ended 2022 at -4.61 percent versus the 20.70 percent return recorded a year earlier.
This was on account of major price recoveries seen in banking and insurance stocks: including SIC Insurance Company Limited (SIC), Trust Bank Gambia Limited (TBL), Access Bank Ghana (ACCESS), Enterprise Group Limited (EGL) and Ecobank Transnational Incorporated (ETI).
The development was attributed partly to the 2021 full-year performance of the financial sector, as well as the historical undervaluation of stocks in the sector.
Overall, SIC had the highest year-to-date increase with a gain of 287.5 percent; ending the year at GH¢0.31 from GH¢0.08 at the turn of the year. This reflected the market’s reaction to a stellar 2021, when the insurer grew post-tax profit by 414.6 percent to GH¢60.3million from GH¢14.55million.
Other companies that saw growth in their share prices included TBL, ACCESS, Benso Oil Palm Plantation Limited (BOPP), EGL, Guinness Ghana Breweries Limited (GGBL) and ETI, with year-to-date gains of 135.29 percent, 27.30 percent, 15.04 percent, 14.7 percent, 13.89 percent and 7.14 percent, respectively.
It was not all rosy with financial stocks, as some banks saw their share prices decline sharply. Cal Bank (CAL) recorded a year-to-date slump of -25.29 percent, with GCB Bank (GCB) at -24.81 percent; and Societe General, Ecobank Ghana and Republic Bank followed suit with -16.67 percent, -12.63 percent and -10 percent respectively.
The manufacturing sector’s woes, propelled by supply chain constraints and the rising cost of inputs, continued as Unilever Ghana Limited (UNIL), Produce Buying Company Limited (PBC), Fan Milk Plc (FML) and Intravenous Infusion Limited (IIL) closed the year with the biggest losses of -34.13 percent, 33.33 percent, 25 percent and 20 percent respectively.
Despite being the most traded stock, market leader MTN endured a torrid time in the year as its share price tumbled from GH¢1.11 to GH¢0.88 at the end of December, representing a year-to-date decline of 20.72 percent.
This was attributed, in part, to concerns about the tech giant’s profitability due to developments such as the E-levy. This resulted in a retreat by offshore investors, whose contribution to equity trades fell from 69 percent at beginning of the year to 62 percent.
As compared to Saturday’s trading of a buying price of 10.3509 and a selling price of 10.3613. At a forex bureau in Accra, the dollar is being bought at a rate of 12.40 and sold at a rate of 13.10.
Against the Pound Sterling, the Cedi is trading at a buying price of 12.7904 and a selling price of 12.8053 as compared to Saturday’s trading of a buying price of 12.7958 and a selling price of 12.8096.
The Euro is trading at a buying price of 11.1970 and a selling price of 11.2081 as compared to Saturday’s trading of a buying price of 11.1959 and a selling price of 11.2070.
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 0.6019 and a selling price of 0.6024 as compared to Saturday’s trading of a buying price of 0.5996 and a selling price of 0.6002.
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 44.4191 and a selling price of 44.5360 as compared to Saturday’s trading at a buying price of 44.4424 and a selling price of 44.5390.
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.
Our forex bureau rates are provided by Afriswap Bureau De Change in Osu, Accra.
There have been some shocking revelations following an audit of COVID-19 expenditures by the Auditor General.
An audit report on the Government of Ghana’s COVID-19 expenditure has shown that nearly 50 percent 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 for issues related to the pandemic.
A portion of the report, which covers the period of March 2020 to June 2022, revealed that the Ministry of Health entered into a 25-year finance lease agreement in 2020 at a total lease value of GHC 15,265,000 for a building to be used as a holding and isolation centre in Adaklu in the Volta Region.
Another portion of the Auditor General’s report said the management of the Information Ministry and its support staff, who are not health workers, paid themselves an amount of GHC 151,500 as risk allowance for going to work in the wake of COVID-19.
The Auditor General believes these monies need to be refunded by the management and staff of the Information Ministry, who were beneficiaries.
The report, which was prepared by the Auditor General Department, indicated that the government raised nearly GHC 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 GHC 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.
Following this development, Ghanaians have been reacting on social media with the hash tag NPPGrandCovidTheft which is topping trends.
Many have criticised government for looting COVID-19 funds.
“Bawumia and his NPP supervised the payment of GHC5,000,000.00 to Dredge Masters Limited for the removal of plastic waste and other foreign materials/debris from storm drains in Accra without certificate of work completed. #NPPGrandCovidTheft,” a user tweeted.
“Put all of these together, and it’s not even up to 10% the damage you have done to us with Covid 19 alone” another user added.
Following criticism from many Ghanaians for filming portions of a music video at the Jubilee House, American rapper Meek Mill has admitted that he won’t return to Ghana alone the next time he visits.
In a tweet, the artiste shared, he said he was going to invite others to make the trip to Ghana together.
“Next time I go to Africa I’m taking my hood! They gotta see Ghana!!!!,” his tweet of January 20, 2023 read.
In the widely criticised Jubilee House video he has since apologized for, Meek Mill was captured rapping in many locations within the presidency, including the facade, key hallways, the main conference hall (at a spot just behind the public lectern), and in a sitting area.
His action got many netizens enraged about what they saw as disrespect to the presidency while citing ethical and security concerns.
Major Twitter influencers in particular have drawn criticism from the public for permitting such sensitive locations to be recorded for a music video.
Meek Mill later issued an apology to Ghanaians for the video brouhaha that pushed his name into the social media trends.
Next time I go to Africa im taking my hood! They gotta see Ghana!!!!
Former Black Stars coach, Kwasi Appiah, has revealed that the president of the now-defunct Normalisation Committee, Dr Kofi Amoah wanted to reduce his salary.
Appiah returned to the Black Stars as the head coach for the second time between 2017 to 2019.
However, multiple reports emerged that there was a rift between Appiah and Dr Amoah after he declined to invite Sulley Muntari and Kevin Prince Boateng to the Black Stars.
Speaking in an interview, Appiah, who led Ghana to the 2014 Mundial revealed that Dr Amoah earlier threatened to sack him for not following his orders.
“He threatened to sack me but I told him I am not afraid of being sacked. Those threats, I have heard them several times but I’m not the type that those threats get to me,” Appiah told Joy News.
Appiah’s contract was expected to end in April 2019, but due to the AFCON which was moved to June-July, it was extended to have him lead the team to the competition, but before that Dr Amoah wanted to cut his salary.
“He had a conversation with me about my contract and he was thinking of reducing my salary, but I told him look, you can’t reduce my salary, then he should take the job.
“He thought I didn’t deserve the [$35,000] salary I was on and when you do that, you are disrespecting whoever you are dealing with.
“His posture even showed that he had no respect,” he noted.
He questioned if Dr Amoah would have had the temerity to try to reduce the salary.
“If it was white guy in charge of the team, or the one who was there before [Avram Grant], we were paying more than $50,000, would he have done that?
“Is it because I am a Ghanaian, I don’t deserve to be paid well? I even said if you are reducing my salary to give it to my assistants, I will be fine with it, but not to just reduce it, that I won’t accept.
“He should take the job,” he said.
Kwasi Appiah led the Black Stars to exit the tournament at the round of 16 stage after losing to Tunisia via penalty shootout.
Ghanaian forward Kelvin Yeboah made his debut for Bundesliga side FC Augsburg as a substitute against Borussia Dortmund on Sunday. Borussia Dortmund beat FC Augsburg 4-3 in a thrilling game played at the Signal Iduna Park.
Mats Hummels fouled Ruben Vargas, forcing FC Augsburg to make an early substitution in the chilly winter weather.
Jude Bellingham’s goal from the edge of the box gave the home team the lead in the 29th minute.
At the opposite end, FC Augsburg seized their opportunity to tie the score. Arne Maier was in the area and used the outside of his boot to shot the ball into the net.
Just two minutes later, Dortmund once again took the lead. Julian Brandt’s free kick was met by Nico Schlotterbeck, who headed it into the net.
In injury time, Engels sprinted through midfield and passed in Ermedin Demirovi, who tied the game for Augsburg.
Dortmund took the lead once more in the 75th minute. Substitute Jamie Bynoe-Gittens cut in onto his right foot and found the far corner.
Kelvin Yeboah who is on loan at Augsburg from Genoa came on in the 76th minute to replace Dion Drena Beljo.
Augsburg tied the game at 3-3 as David Colina knocked home a rebound from close range.
Giovanni Reyna, another substitute, scored the game-winning goal in the 89th minute with a dipping effort.
When he was quizzed by a TV3 reporter whether he believes the banking sector will crash, Dr Mark Assibey-Yeboah responded with a definite ‘Yes’ and went ahead to provide reasons for his position.
“Where we are now, this is not the time to massage issues. I don’t want to mention names but do you see the exposures of some banks? Some of them will collapse. Let’s say you are bank and you are exposed to government bonds to the tune of GH₵2billion even at 20%, that is GH₵400million in interest payments for holdings. Do you know what that will mean to your balance sheet?
“Very soon banks are going to lay people off. We haven’t even gotten to the external. Now, all projects for which we contracted loans, the IPCs are not doing anything so very soon you will see the Obestebi Interchange and all those construction works grinding to a halt because the external creditors are saying if you are going to suspend debt repayment then we are not going to advance any further loan,” he said.
On how the situation can be addressed, Dr Mark Assibey-Yeboah urged the government to take some responsibility and not impose everything on the citizens.
According to him, certain flagship programs of government will have to be rationalized along with the need to cut down on expenditure.
“I don’t know if we don’t appreciate the extent of the problem or we are hiding some information from somebody but where we are now there are no easy solutions out there. We have to look at revenue a bit more and close the loopholes. You can’t do all of this if you can’t do serious expenditure rationalization. We have to do expenditure rationalization,” he said.
As part of conditionalities to achieve the IMF bailout, the government has recommended that all benefit due bondholders in 2023 not be paid.
Per the arrangement, the payment of the benefits will resume in 2024 at the rate of 5%.
This arrangement has been widely criticized with critics saying that the government is worsening the situation of already burdened Ghanaians.
The home-based national team of Ghana last week beat Sudan 3-1 to climb to second on the Group C standings of the CHAN tournament.
Today, Ghana would have played against defending Champions Morocco. However, after the failure of the North African giants to travel to Algeria for the tournament, the Black Galaxies have been dashed three points and three goals.
Courtesy of that, Ghana is set to qualify for the knockout stage of the CHAN tournament.
The first-placed team in Group C will face the second-placed team in Group A while the second-placed team will face the first-placed team in Group E.
Despite having three points, the fate of Ghana is not entirely sealed. The result of the final group match between Sudan and Mozambique later today will decide everything for the Black Galaxies to know their next opponent.
While Coach Annor Walker and his team await, they have been training very hard to be better prepared for what lies ahead.
Asante Kotoko midfielder, Enoch Morisson is confident that the club has what it takes to win this season’s MTN FA Cup.
The midfielder was in action for the Porcupine Warriors over the weekend and starred to help the team to beat Benab FC 2-1 in the Round 32 clash of the domestic cup competition.
Speaking in a post-match interview, the midfielder stressed that he believes in the quality of the current Asante Kotoko squad.
According to him, the reds are favourites and can win the MTN FA Cup at the end of the campaign.
“With the quality Asante Kotoko have, it’s very possible we can with the FA Cup. It’s possible, we are working,” Enoch Morisson stressed.
At the end of the contest between Asante Kotoko and Benab FC, Enoch Morisson was adjudged the Man of the Match.
He has vowed to continue working hard to help the club for the remainder of the season.
Ayisha Modi has disclosed that Bobrisky has donated about 50 boxes of water for her coronation which has been scheduled for Saturday, January 29, 2023.
The popular socialite who earlier announced her enstoolment as the development queen mother for Sowutuom, (Sowutuom F333 Noya Manye/Diaspora Noya Manye), said the popular Nigerian crossdresser has shown immense support towards the event so far.
She made these statements while alleging that Ghanaians are so quick to judge and that despite what everyone says, Bobrisky remains one of the most amazing humans she has ever met.
“Even with my coronation, he has given me 50 boxes of water. He has a good heart. I have a reason why I don’t judge people. Because sometimes God can create a man and give him feminine traits and features. It’s not their doing, but God knows why it had to happen that way. That’s why God asked us not to judge.
“He has created all sorts of human beings including those who are born physically challenged. They are God’s creation. Just pray for them from afar. All these gays and lesbians we despise in Ghana when you travel outside the country, they are the billionaires. Their creativity is unmatched. They have their rights over there. They are not judged.
“Sometimes, those we think will end up in hell are the ones who will surprise you in heaven. Maybe they are the ones who are even doing right in the sight of God, so I don’t judge. I love all,” she stated in an interview with Kofi TV.
Ayisha Modi who shares a close relationship with Bobrisky said her comment section went wild after she recently shared a picture of the socialite on her page.
“I will forever love you beautiful spirit of nature. Your heart is so beautiful that I can’t even imagine of how to love you. Loyalty for life. Thank you beautiful soul and I love you more for who you are my dearest beautiful soul,” she wrote as a caption to her post on Instagram.
The head coach of Bristol City FC, Nigel Pearson has commended Black Stars striker Antoine Semenyo for his professionalism in the face of endless transfer speculation linking him to several clubs.
Nigel Pearson stated this after Bristol City’s 1-1 tie with Blackburn Rovers in the English Championship; Bristol City is ranked 17th out of the 24 teams in the league.
Semenyo scored for Bristol against Blackburn, his third goal in three games this year. Nigel Pearson ahead of the game against Blackburn Rovers confirmed the Robins have received bids from Premier League side Bournemouth and Burnley.
Bournemouth’s second bid for the talented striker was rejected by Bristol City.
“He’s done very well with speculations surrounding his future very well. He’s been able to go out there and play at full tilt and I think that’s testament to who he is and what he is, is a good player,” Pearson said.
Antoine Semenyo’s current market value is 3.2 million euros and his contract with Bristol City runs till 30th June 2023.
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 ensure 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 of 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 to 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 work.
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.
Member of Parliament for Nsawam-Adoagyiri and the Majority Chief Whip, Frank Annoh-Dompreh has called for more collaboration between Africa and Europe since both continents come with their unique potential to develop their industries by resorting to the traditional source of energy.
Frank Annoh-Dompreh said this when speaking at the 13th Assembly of the Abu Dhabi Renewable Energy Conference in Dubai, UAE.
Speaking at the event, the Majority Chief Whip made three vital points in a bid to making renewable energy better between Africa and Europe.
He said “Firstly, there are concerns about the African situation, I want to suggest that, I mean geographically if you look at Africa as a continent and Europe, the only thing that separates the two continents is the Mediterranean so we are closer to each other and hence, going forward in the contest of the transfer of technology specific to renewable energy I think that there should be more collaboration between Africa and Europe because both continents come with their unique potentials. Europe comes with their relative technology advantage and Africa is also endowed with good potential.”
According to him, “The second one has to do with perception, I say perception because scientifically is not proven. The school taught that the European world or other developed world develop their industries by resorting to the traditional source of energy”.
“So if you talk to our brothers and sisters in Africa, they will tell you, how we also advance in our industry if we are to stick to renewable energy which they believe will not take us to that industrial growth that we desire seeking where the European or developed world has gone far. There is a concern whether the advocacy for renewable energy is really in some conflict with fussy foil.”
Annoh-Dompreh further opted that “I think that going forward we must be clear with the narrative so that we don’t unnecessarily set the two ideas on a collision course. Now, I am hearing that there is what we call blue hydrogen which is also a derivative from fussy foil, if that is the case then both renewable energy and fussy foil will ultimately become a win-win situation and therefore nobody loses in the equation”.
The 13th Assembly of the IRENA Assembly l Closed-door dialogue – Toward a Green Deal, Engaging Narratives and Support for Energy Transitions in Africa saw some important dignitaries from Africa and Europe participating in the event.
Ghana at the forum will use the opportunity to seek strategic private sector partnerships under efforts at scaling up the penetration of renewable energy in its generation mix by 2030.
President, Nana Addo Dankwa Akufo-Addo is expected to deliver a statement relating to energy, technology, and climate change at the ongoing conference.
A 22-year-old commercial motor rider has allegedly stabbed his colleague rider to death over a disagreement on who picks a passenger first.
The incident which occurred on Friday, 20th January 2023, has left residents of Dagbamatey in the Akatsi South Municipality in shock.
The suspect, Agorsor Christian, is alleged to have stabbed his colleague with a screwdriver after the victim was able to pick up the passenger ahead of him.
The deceased, Agbesi Davor, aged 33, died on his way to the Abor Sacred Heart Hospital.
Speaking to Citi News, Assembly member for the Avernorpedo Electoral Area, Rapheal Ahiable said, the suspect is currently in police custody assisting with investigations.
A recent boost in the value of his well-diversified portfolio has helped the South African millionaire, who acquired $125 million in fortune in 2022, get off to a solid start this year, as seen by the $200 million increase in his net worth in just 21 days.
According to data from the Bloomberg Billionaires Index, Oppenheimer has seen his net worth soar from $8.03 billion at the start of the year to $8.23 billion at the time of drafting this report.
The boost in Oppenheimer’s net worth can be attributed to the outstanding performance of his private equity investments, which he manages through Stockdale Street in London and Tana Africa Capital in Johannesburg.
These investments span across Africa, Asia, the United States, and Europe, and have proven to be a sound strategy for the billionaire, allowing him to capitalize on market fluctuations and generate substantial wealth gains.
Oppenheimer has been holding these private equity investments since 2012, when he sold his family’s 40-percent stake in De Beers, the world’s largest diamond producer, to mining conglomerate Anglo-American.
Along with his investments in Stockdale and Tana Africa Capital, a private equity joint venture that he established with Singapore-based investment fund Temasek Holdings.
Oppenheimer also holds investments in 4Di Capital, a South African-focused venture capital firm and Integrated Diagnostics Holdings, a consumer healthcare company with subsidiaries in several countries.
January marks a New Year with new resolutions, and new promises to yourself to fulfill your financial goals. This new year, follow in the famed footsteps of Otedola, newly appointed ambassador for Nigerian fintech start-up Bamboo, and start this year on a high with a stream of global and local investment options using Bamboo.
Remarkably, this isn’t the first time that actress and media personalityTemi Otedola has ventured into the tech world. This ambassadorship announcement comes mere months after the release of Temi Otedola’s latest Nollywood feature film – The Man for the Job – on Amazon Prime Video, in which Otedola embodied the role of an IT genius within Lagos’s colorful and contemporary fintech era.
A film directed by Niyi Akinmolayan, whose passion for fintech encouraged Otedola to dive deep into the tech industry in immersing herself in her character.
“I’m so often inspired by people who are doing big and bold things!” Temi says. “With this Bamboo ambassadorship, I hope to encourage other Nigerian youth to take independence in their investments and lead them to entrepreneurial success.”
Currently available in Nigeria and Ghana, Bamboo is an app dedicated to helping Africans build wealth from the ground up by offering easy, secure, and reliable access to above-inflation returns through investments in publicly listed US companies, a bundle of companies called an ETF, other African companies, mutual funds, and fixed income products from around the world.
Ghanaian media personality Gifty Anti dazzles in a red gown
Ghanaian media personality Gifty Anti looks magnificent in red gown with billowing sleeves. She looked splendid in her natural afro hairstyle decorated with a beaded fascinator.
Gifty Anti wore smooth makeup with well-defined eyebrows and contours.
The Standpoint host served us with unique hair accessory designs for her fifty-third birthday. She wore a see-through lace dress designed with kente fabric. Gifty Anti wore a beautiful jewellery set to complete her looks.
Former Medeama attacker Benjamin Bature will feature for King Faisal after completing a move to the club this window.
The 25-year-old who has been without a club after leaving Tunisian side JSK Kairouan in 2019/20 season joins the Isha Allah club after impressing the technical team at training.
Bature had a four spell with the Yellow and Mauve before his departure for greener pastures in 2019.
He is expected to boost the attack of King Faisal following the departure of Abednego Tetteh last week.
Benjamin Bature was part of the Ghana U20 squad during his time at Medeama.
In the heat of Big Akwes’ attack on his colleague, Frank Naro, the former alleged that the latter and actress Maame Serwaa were lovers some time ago.
Big Akwes angrily stated that Frank Naro should have used his ex-lover, who is alleged to be Maame Serwaa for the supposed money rituals he was trying to use some Kumawood stars like himself for.
Even though Maame Serwaa has been very quiet on this issue ever since it surfaced online, the ‘Abena’ hitmaker in a recent interview with Zionfelix disclosed how she felt about the whole brouhaha.
According to Frank Naro, the allegation greatly affected Maame Serwaa.
He revealed that after Big Akwes raised the allegations, Maame Serwaa called her on phone and throughout the conversation, he realized that she was totally down.
The ‘Koom’ crooner further stated that Maame Serwaa is only his best friend and nothing more and that nothing anyone will say or do, can destroy their kind of friendship.
The management of Ghana National Fire Service (GNFS) has given assurance that by June this year, all obsolete fire tenders in possession of the service would be replaced with some state-of-the-art fire tenders to bolster the activities of fire fighting in the country.
The Public Relations Officer (PRO) of GNFS, Assistant Chief Fire Officer Timothy Osafo Affum, gave this assurance while speaking on some of the challenges confronting the service in an interview with the host of the Ghana Yensom morning show, Odeyeeba Kofi Essuman on Accra 100.5 FM on Friday, January 20, 2023.
He said the government over the years has helped to get a partner who has taken all the specifications for the procurement of new fire tenders for the service.
He added that all the needed agreements have been signed for the fire tenders to arrive in the country by June this year.
According to him, the specification had been given to the partner because fire tenders are not sold on the open markets like ordinary cars.
“These are equipment that is country-specific so all these considerations had to be made when it comes to procurement of such equipment,” he explained.
He said the existing tenders in possession of the service are more than 10-years-old which is not supposed to be the case.
“Ideally, a fire tender should not be in use for more than five years,” he added.
He revealed that there are about 209 fire stations across the country with only 200 fire tenders.
He added that the situation is so because some of the tenders have broken down and others are obsolete.
He corrected the notion that the police and military are favoured when it is time to equip the security services.
He added that this notion cannot be the reality because one fire tender can procure several vehicles for the police and military.
“So when tenders numbering about 100 are procured for the fire service it comes with a huge cost because tenders are quite expensive and country-specific.”
He commended the government for the measures it is making to equip the fire service administration to live to the expectations of the general public.
He also entreated them to work at becoming honest people since those virtues are greater than the material pleasures they chase after, a report by graphic.com.gh said.
“Therefore, you must focus on things that matter to the people and not the desire to attain money, expensive cars and massive houses with money cash from dubious sources,” he said.
Togbe Afede XIV also said that it is important for young people to know that earning a university degree is good, but without being hardworking and innovative, it would not be enough to sustain their lives.
He also urged them to eschew greed, stressing that this has become one of the things that has been inhibiting the development of Ghana as a country.
He advised them to make sacrifices and do away with laziness if they want to be able to completely eradicate the mindset of poverty.
“Poverty is created in bed, and you cannot sleep as if you are competing with the dead and expect success to come your way,” he added.
A total of 826 people from the Schools of Allied Sciences, Basic and Biomedical Sciences, Medicine, Nursing and Midwifery, Pharmacy and Fred N. Binka School of Public Health, received certificates on completing their various degree courses.
Eight female students of the Wa Senior High Technical School who were traumatised after a fire gutted the girl’s dormitory block last Sunday night have been hospitalised at the Wa Municipal hospital.
JoyNews understands that the fire started after 8 pm when the girls were at prep. It affected five rooms on the top floor of the two-storey building of the dormitory.
It took an hour for personnel of the Ghana National Fire Service to douse the fire.
The cause of the fire is yet to be known but the fire was detected after one of the students saw the incident on her way to the dormitory.
Valuable items like reading materials, mattresses, food items, school bags and uniforms among others were all destroyed by the fire.
About 200 girls in the school have been displaced due to the inferno.
This is the fourth time in two years that a girl’s dormitory in the Upper West Region has been affected by an inferno.
Public relations officer with the Upper West regional fire service, Iddrisu Mowai said investigations are underway to ascertain the cause of the fire.
This article explores the impact of Value added Tax (VAT) on supply of gold by Large-scale mining companies to the Bank of Ghana or Precious Minerals Marketing Company (PMMC) under the “Gold for Oil Policy” in Ghana. The author emphasised compliance with the VAT Act and made recommendations on the ways forward. In this article, reference to VAT Act means the Value Added Tax Act 2013 (Act 870) as amended.
Background
On 25th November, 2022, the Reuters online news portal reported a news item on Government of Ghana’s policy to use gold in exchange for oil. The report is quoted as saying:
“Ghana’s government is planning a new policy where gold rather than U.S. dollar reserves will be used to buy oil products. The move is meant to tackle dwindling foreign currency reserves coupled with demand for dollars by oil importers, which is weakening the local cedi and increasing living costs”.
The report therefore quoted the Vice President of the Republic as saying:
“Ghana has ordered all Large-scale mining companies to sell 20% of their entire stock of refined gold at their refineries to the Bank of Ghana from Jan. 1, 2023, Vice-President Mahamudu Bawumia said on Facebook on Friday”
Given that this policy is expected to take off on January 1, 2023, there is an intriguing need to look at the crystal ball to see if there are any hidden tax issues that require attention. As said by Oliver Wendell Holmes, Jr in 1927, in his dissenting opinion in the court case of Compania General de Tabacos v. Collector, 275 U.S. 87 (1927), “Taxes are what we pay for a civilized society”. Based on Holmes statement, this author will add that taxes are what we pay to buy civilisation, peace and prosperity.
The following tax types may require attention from government in its pursuit to implement the policy. These are the VAT, Withholding Tax, Company Income Tax and Export duty. For the purpose of this article, the author focuses specifically on the implication of VAT on this policy. The author’s understanding of the policy, as quoted by Reuters is that the Large-scale mining companies will sell at least 20% of their entire stock to the Bank of Ghana.
Literature review from the National Petroleum Authority in Ghana suggests that the Bank of Ghana and the Precious Minerals Marketing Company (PMMC) are directed to coordinate the policy of the Government. In that case, it is anticipated that either the Bank of Ghana or PMMC may play an active role in this policy direction. If this is the case, then the Large-scale Mining Companies are the sellers of the gold on the one part and the Bank of Ghana is the buyer of the gold on the other part.
The scope of the VAT and its implication on the “Gold for Oil Policy”
It is important to avert our minds to the extent to which the VAT applies to this policy. VAT is applicable to all taxable activities in Ghana. This is provided for in section 1 of the VAT Act.
Section 1 of the VAT Act provides that;
“There is imposed by this Act a tax to be known as the value added tax which is to be charged on the supply of goods or services made in the country other than exempt goods or services; and import of goods or import of services other than exempt import.”
It further states in section 1(2)that
“unless otherwise provided in this Act, the tax is charged on the supply of goods or services where the supply is a taxable supply; and made by a taxable person in the course of the taxable activity of that person”.
The question is whether gold is considered as a supply of goods which is liable for taxes under the VAT Act. In this case, reference is made to what constitutes supply under section 20 of the VAT Act. In section 20, the Act provides that:
“Except as otherwise provided in this Act and the Regulations, “supply of goods” means an arrangement under which the owner of goods parts with possession of the goods, by way of sale, barter, lease, transfer, exchange, gift or similar disposition; and “supply of services” means a supply which is not a supply of goods or money, and in the nature of (i)the performance of services for another person; (ii)the making available of a facility or advantage; or (iii)tolerating a situation or refraining from doing an activity. (2)For purposes of subsection (1) (a), supply of goods does not include the supply of money.”
Section 33 of the VAT Act explains what constitutes taxable supply. It states; “except as otherwise provided in this Act or Regulations, a taxable supply is a supply of goods or services made by a taxable person for consideration, other than an exempt supply, in the course of, or as part of taxable activity carried on by that taxable person”
Moreover, section 35 of the Act explains what constitutes exempt supply. It states that exempt supply is a supply of goods and services specified in the First Schedule as an exempt supply and not subject to the tax. A supply of goods or services is not an exempt supply if that supply is subject to tax at the rate of zero percent under section 36 of the VAT Act.
Another issue is whether or not the “Gold for Oil Policy” constitutes a taxable activity in Ghana. Supply of goods is covered by the VAT Act where the taxable activity or part of the taxable activity that gives rise to the supply occurs in Ghana or the place of supply is in Ghana and the person who makes the supply is registrable under the Act.
Taxable activity in this case means an activity which is carried on by a person in the country, or partly in the country, whether or not for a pecuniary profit and involves or is intended to involve, in whole or in part, the supply of goods or services to another person for consideration. The nature of the transaction under the policy requires that the gold is supplied at the point of the refinery. This means that the gold is mined from Ghana, processed from Ghana, transported or shipped to the refinery outside Ghana. The chain of supply therefore points to the fact that part of the taxable activity for the gold transaction occurs in Ghana, thus the mining and processing of the gold. As a result, it is not in doubt that the taxable activity occurs in Ghana and for that matter, the transaction is within the scope of the VAT Act.
Further, section 42(1) of the VAT Act provides that a place of supply of goods is the place where the goods are delivered or made available by the supplier to the buyer. Moreover, where the delivery or making available of the goods to the buyer involves the goods being transported, the place where the goods are when the transportation commences is the place of supply.
In this case, where the policy requires that the gold is to be supplied at the point of refinery, and the supplier does not refine the gold at its own premises but at some other premises, it therefore requires the supplier to transport the gold to the place of refinery before the delivery occurs. As a result, transportation of the gold to the point of refinery outside the premises or the stores of the supplier before the delivery to the buyer is implicit or part of supply arrangement. The two activities should not be delineated.
The place of supply should be interpreted to mean the place where the transportation commences as provided for in section 42 (1) of the VAT Act and referred to above and not where the delivery actually occurs. This becomes more notable when both the buyer and the seller are residents of Ghana. The point of invoicing and payment actually takes place in Ghana. All these define the place and time of supply for the VAT to apply.
Gold as a taxable supply and not an exempt supply under the First Schedule of the VAT Act.
Since gold or other precious minerals are not services but goods, another critical question is whether gold is a taxable supply or exempt supply. For supply to be treated as exempt supplies, such supply must be listed under the First Schedule of the Act. As stated in section 35 of VAT Act and referred to above, supply of goods and services specified in the First Schedule are exempt supply and not subject to the tax under the Act. Therefore, one needs to look into the First Schedule to find out whether supply of gold is listed under the First Schedule to VAT Act.
A reference to the First Schedule reveals that gold is not listed as an exempt supply. As result, gold supplied will not be treated as exempt supply but rather taxable supply. The Large-scale Mining Companies supplying at least their 20% stock to the Bank of Ghana/PMMC under the “Gold for Oil Policy” must be mindful of this aspect of the law.
Is gold sold under the “Gold for Oil Policy” treated as zero rated supply?
Zero-rated supply is a taxable supply that is taxed at a zero rate if the supply is specified in the Second Schedule. It further provides that where a taxable person has applied the rate of zero percent to a supply under this section, the taxable person is required to obtain and retain the documentary proof that is acceptable to the Commissioner-General and that substantiates the person’s entitlement to apply the zero rate to the supply. Also, under the Second Schedule of the VAT Act, supplies which are made for export outside Ghana are generally considered as zero-rated supplies.
In this case, where a Large-scale Mining Company exports gold mined from Ghana, it is expected the tax rate that will apply will be zero percent. Under the “Gold for Oil Policy”, large-scale mining companies may not be required to export at least the 20% of their gold but sell it locally to the Bank of Ghana/PMMC. Therefore, it is in no doubt that when this policy kicks-off as anticipated, the 20% portion of the entire stock of the large-scale mining companies will be deemed as supplied locally to the Bank of Ghana/PMMC and will not be subject to a zero rate, especially where the supply or part of the supply originates or commences from Ghana and supplied by a person resident in Ghana to the buyer resident in Ghana.
The incidence of the VAT on supply of Gold under the “Gold for Oil Policy”
Since the supply of gold locally to the Bank of Ghana is not exempt supply nor a zero rated supply, it therefore means that the mining companies are required to charge the VAT and its accompanying levies whenever a supply is made to the Bank of Ghana or any other agency required to buy the gold in Ghana.
Although large-scale Mining Companies are required to charge the VAT and the Levies, the incidence of the tax lies with the recipient of the supply, in this case, the Bank of Ghana/PMMC. According to the Ghana Chamber of Mines’s 2021 mining industry statistics and data showed a total volume of gold exported from Ghana in 2021 as 79.9 metric tonnes which translated to approximately US$5.193 billion value of gold exported in 2021.
Also, according to Minerals Commission Industry Statistics for production year 2020, total income from gold was US$ 3.59 billion. Using the latest statistics from the Chamber of Mines for 2021, which pegged the total volume of gold exported in 2021 at 79.9 tonnes, this can be projected into 2023 with estimated value of US$ 5.193 billion. This means that 20% of this amount will have to be traded locally to the Bank of Ghana/PMMC. VAT is expected to be on the 20% portion of the total stock with the following VAT implications.
From the table above, the value of incidence of the tax to be borne by the Bank of Ghana/PMMC is expected to be GHS1.921 billion under the policy in its current form.
Recovery of tax from the Mining Companies by the Commissioner-General for failure to charge the VAT
The VAT Act mandates the Commissioner-General to surcharge and recover tax and collect same from a person who fails to charge VAT on taxable goods or services.
Section 55 provides as follows:
“An amount shown on an invoice or sales receipt as tax on a supply of goods or services is recoverable as tax due from the person issuing the invoice or sales receipt, whether the invoice or sales receipt is issued by a taxable person or another person, and whether or not
(a)the invoice is a tax invoice issued under this Act or in accordance with Regulations;
(b)an amount of tax is chargeable on the supply; or
(c)the person issuing the invoice is a taxable person”
So, where a Large-scale Mining Company fails to charge the tax, the Commissioner-General will be required under section 55 of the Act to surcharge and recover such amount from the Mining Company. The Commissioner-General shall also, in addition to the principal tax, recover the tax with interest in accordance with section 71 of the Revenue Administration Act 915.
Section 71 of the Revenue Administration Act, 2016 (Act 915) provides that;
“A person who fails to pay tax by the date on which the tax is payable is liable to pay interest for each month or part of a month for which any part of the tax is outstanding. (2) The interest is calculated as one hundred and twenty-five percent of the statutory rata, compounded monthly, applied to the amount outstanding at the start of the period”.
Can government exempt gold from VAT without Parliamentary approval under the Policy?
Like most countries, in Ghana, the constitutional mandate to impose or waive or vary taxes is a preserve of the legislature. The only body that is mandated to impose or waive or vary a tax is the Parliament of Ghana. This is contained in Article 174 of the 1992 constitution.
Article 174 provides:
“No taxation shall be imposed otherwise than by or under the authority of an Act of Parliament. Where an Act, enacted in accordance with clause (1) of this article, confers power on any person or authority to waive or vary a tax imposed by that Act, the exercise of the power of waiver or variation, in favour of any person or authority, shall be subject to the prior approval of Parliament by resolution”.
It is therefore clear from the above constitutional provision that; government has no such power to exempt any person from VAT unless Parliament approves such exemption. It therefore follows that government cannot, based on this directive or policy, exempt the Mining Companies from charging VAT for supplies made to the Bank of Ghana/PMMC or any other agency of government under the “Gold for Policy” unless such exemption secures a Parliamentary approval.
Author’s Recommendation
Given the significant impact that the VAT may have on both government or the Mining Companies, it is recommended that government must as matter of urgency seek Parliamentary approval for the policy by submitting a bill to Parliament under Article 106(1) of the 1992 Constitution. Article 106 provides that “the power of Parliament to make laws shall be exercised by bills passed by Parliament and assented to by the President.”
It must be further noted that, in event that government seeks parliamentary exemption from VAT, there may be further VAT implications that the mining companies will be confronted with which needs to be addressed.
Conclusion
It is evident from the foregoing that, the “Gold for Oil Policy” though laudable, the impact of VAT and other levies on this policy may derail it if the necessary steps are not taken to seek Parliamentary approval, especially on the issue of VAT. The mining companies shall be required to pay the tax to the Commissioner-General if they fail to comply with the VAT Act.
Further support
Taxpayers who require further clarification or support or education and want to seek a better approach to comply or deal with VAT and other taxation issues on this Policy or other similar issues that will affect them may contact the author or EM Tax Advisors Ltd.
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The author, Fred Kwashie Awuttey, ESQ. is a Lawyer, a Chartered Accountant, Tax Practitioner and International Tax Advisor. He works with EM Tax Advisors as a Consultant.
DISCLAIMER: Independentghana.com will not be liable for any inaccuracies contained in this article. The views expressed in the article are solely those of the author’s, and do not reflect those of The Independent Ghana
Source: Fred Kwashie Awuttey, ESQ via Myjoyonline.com
Highlife musician Daddy Lumba and gospel singer Isaiah Kwadwo Ampong (Great Ampong) have reignited their 7-year-long feud.
What started as a good working relationship between the two musicians transcended into a rift with ‘money’ being at the center of it.
To date, greed and deceit are the words that Ampong, who is still grappling with bitterness, best describes his nemesis, Daddy Lumba.
It seems, both sides cannot let go of the situation as Daddy Lumba, who has been accused of bolting with funds accrued from their ‘hard earned’ project has also creeped out with indirect attacks and even a diss song.
Here is an article that seeks to give a breakdown of how Ampong and Daddy Lumba’s relationship was destroyed.
How the Hossana album brought the gospel musician and highlife musician together
In 2015, Daddy Lumba and Kwadwo Ampong formed a group called ‘Kojo Kojo’ to release an album titled “Hossana”.
The 8-track album consisted of songs including ‘Hossana’, ‘Father and son’, ‘Jesus is a winner’ ‘Wo din no ye kese’ and many others.
The call to action, however, was by Daddy Lumba who claimed to be an avid follower of Ampong and his songs.
“He called me on phone and told me that he is a fan and that he loves my music so he’d want us to work on a project. He invited me over to his house and we had a discussion about the song. It was all meant to give thanks to God for his life,” Great Ampong maintained in an interview with Delay in 2016.
Ampong reportedly wrote eight out of the ten songs on the album but failed to register them in his name
In an interview with Kasapa FM’s Kojo Preko in 2016, Ampong admitted to not owning the rights to the album although 8 out of the 10 tracks were written by him.
He explained that his busy schedule made it difficult for him to do such, adding that he will do so when he gets ample time.
This was after the host asked why he failed to register the eight songs.
“It’s mine, although I haven’t gotten the time to register them, I still count it as part of my intellectual property. I will register them soon. Unfortunately, our systems are a bit complicated,” he stated.
There was a 60/40 agreement on all the proceeds of the songs
Ampong maintained that even before the launch, he and Daddy Lumba agreed that they would split the proceeds, 40%, and 60% respectively.
Ampong said Daddy Lumba initially suggested a 50/50 equal cut, but he (Ampong) insisted on a 60/40 split because Lumba was the eldest.
This agreement, according to Ampong, was a verbal one. No written contract was formed between both parties\
“We also spoke about the proceeds from the song and he said we will have an equal 50/50 split. I even told him that he is the eldest and that I do not want to share things with him equally, so I proposed a 60/40. It was all a verbal agreement. Also, he wasn’t well at the moment so the idea of signing a written agreement was not on my mind. My idea was totally different. God is the only witness to everything. Including where we had the 60/40 verbal agreement,” he stated in an interview with Delay in 2016.
Ampong introduced Lumba to his pastor, Rev. Badu Kobi, who permitted the album launch in his church
Ampong was said to have introduced Daddy Lumba who was battling some health crises at that time to Rev. Badu Kobi.
This, however, resulted in Lumba being gifted a convertible Mercedes Benz by the man of God who also anointed and prayed for him.
The pastor was said to have also permitted the launch of their album in his church.
“I introduced him to my pastor, Rev. Badu Kobi and he gifted Lumba a convertible Mercedes Benz. Papa prayed for him, prophesied, and anointed him. Lumba at that point even said he will take time off highlife and focus on the gospel till further notice. So papa led us to launch the event at his church and everything went on well,” Ampong told Delay in an interview.
How Daddy Lumba reportedly bolted with all the proceeds from the album launch, CD sales, and cheques
Great Ampong stated that after they successfully launched the album in the church, Daddy Lumba left with the proceeds from the event which he hid in his car boot.
Narrating the interesting circumstance under which he was cheated and tricked, Ampong told Delay:
“After the launch I was interacting and taking pictures with my friends and mates who I haven’t seen in about ten years. My brother-in-law then approached me and told me Lumba just sped off in his car. So, I quickly rushed backstage where they were counting the money and they told me that they had poured the money into a jute bag and Lumba kept it in his car boot.
“I waved at the car and he stopped. The only thing he said was God willing tomorrow. That was the last time I saw him. There was a period in December 2015 when I called him and he kept on tossing me. So, one day I picked up my phone and informed him that I will never call him until Jesus comes.
“When I made the necessary calculations, the money we accrued at the launch amounted to GHC2.2billion. that’s not all, we sold CDs of about 20,000 copies and each CD was sold at GHC7.00. The total cost of the CDs was GHC1.4 billion. So, we made about GHC3.6 billion. Also, people gave out some cheques at the launch but he has cashed everything out. I never had my share. Not even a cedi.”
Great Ampong
Legal involvement
Ampong, who claims to be the victim in the development, ruled out seeking legal redress.
“I haven’t reported the incident to the police. I want to handle this myself. He is a cheat and everywhere I meet him, I’ll take my money. I could grab his clothes and attack him for my money. If I meet him at an event, then that particular show will scatter,” he established in an interview with Delay.
Beef resurfaces in 2022/2023 with the release of diss songs and cryptic messages
Daddy Lumba released a diss track titled ‘Ofon nae di asem fo’ which was accompanied by a stern warning to a detractor.
“That useless individual, I am not done dealing with him,” Daddy Lumba said while unveiling the song on DL FM.
Analyzing the contents of the song, netizens concluded that it is targeted at Ampong while others thought it was directed at Joy Daddy Bitters CEO who asked Lumba to return a car he gifted the musician. The businessman had in a video alleged that Lumba failed to perform at shows organised by his firm although the musician had taken an amount of money alongside a car from the company.
However, Isaiah Ampong, said that the song was directed at him rather.
Touching on the said song, Ampong said someone from Lumba’s camp, gave him a hint about it in 2018.
Ampong who claims that the battle line has been drawn said he is done ‘cooking’ his diss song and will release it very soon.
“Sometime in 2018, a young man came to me and told me that his boss is recording a diss song for me. He told me that it won’t be long, I’ll hear of it. He said Daddy Lumba was recording a diss song for me and Roland (Roro), my music producer. So I had the hint already and I was looking forward to the diss song and now it’s here. He will hear from me very soon. He will definitely hear from me. This is going to be the beef of the year.
“My mother told me to stop and you can recall that since then, I haven’t even uttered a word. But as he has released a diss song, the battle line has been drawn. After stealing from someone, the thief is angry even when the victim is not. I’m done with the diss song because I don’t suffer to write songs. I am not a coward, I have been through a lot so I am much bolder,” he stated in an interview with Happy FM.
A number of music lovers, through various social media platforms, have indicated their readiness to listen to Ampong’s full song after snippets surfaced online. Some have, however, entreated him to call it quits considering that he is a gospel musician.
He said that this government program will lessen the problem of “change” among passengers and bus drivers.
If you want to ride a trotro, all you have to do is ask the driver for his or her mobile money number, and then you may transfer the money. The rare altercation between passengers and conductors over a few cedis changes will be reduced thanks to this innovation, he said.
Read the full story originally published on 23 January 2018 by Ghananewsagency
Patrons of commercial vehicles “tro-tro,” would pay their transportation fare via digital means after the passage of Payment System and Service Bill is passed by Parliament.
“This innovation will curtail the occasional scuffle between passengers and conductors over few Cedis change”.
Speaking on a topic ‘Innovative Financial Service for Business and SME’s Development’, at a symposium held at the University of Ghana, Dr Afari noted that the regulation would allow most traditional payments to be done digitally and would change payment in Ghana and reduce queues at the banking halls.
”Last year, we organised a stakeholders forum to discuss and review the Electronic Management Guidelines and Payment System Act and consolidated it into one piece of legislation which is now called the Payment System and Services bill. We have met the economic management team to make a case for the passage of the bill,” he mentioned.
The Bill therefore seeks to promote the availability and acceptance of electronic money and other forms of payment services as retail payment medium. It also seeks to create an enabling regulatory environment for convenient, efficient and safe retail payment and funds transfer mechanisms as well as provide the necessary safeguards and controls to mitigate the risks associated with electronic money business and other payment services.
The Deputy Governor said the Bank of Ghana had observed that the public had shown interest and appreciated recent innovative ways using technology to transact business.
He said after the introduction of formal banking in Ghana over 60 years ago, only 11.4 million out of the about 28 million Ghanaians had bank accounts. He noted however that after the institution of electronic money issuance guidelines in 2015, over 23 million people now have mobile money accounts “if we consider that as an account”.
He said penetrating into low-income communities by banks had been hindered by the high cost of building and rentals as well as operational overhead cost. Dr Afari noted that while brick-and-mortar branches were expensive for banks to maintain in rural and deprived communities, the cost of travelling to urban areas was also high for many rural customers.
”The institution of electronic money issuance guidelines, payment system in 2015 which sought to promote and supervise electronic and other payments, will help in funds transfer, clearing and settlement systems and has helped the Telecom’s to collaborate with banks to provide financial service to people especially SMEs.
The high prevalence of mobile phones and other electronic devices have made it convenient to expand access to financial services across the country,” he argued.
Professor of Educational Leadership at the University of Cape Coast, George Oduro has bemoaned the current victimisation some head teachers face when they speak against government.
According to him, senior high schools are facing numerous challenges, particularly shortage of food. However, school authorities are refusing to speak about the situation publicly.
This, in his view, is due to the “the culture of silence” the government has gradually instituted in the educational system.
“I have tried talking to many head teachers who confide in me and when I ask them why they don’t come out and speak about their problems, they will say, ‘Prof, you want me to talk? No please, I want to retire peacefully’.
“So there is a culture of silence. People are zipping their mouths because of what we call instigation,” he said.
Professor Oduro made this observation when he contributed to a discussion on Joy FM’s Super Morning Show on Monday. The topic was; ‘food shortage in SHSs.’
It has been reported that since the term started two weeks ago, it was just this weekend that food was supplied to schools.
This is not the first time food shortage in senior high schools has been in the limelight. Last year, many schools were on the verge of shutting down due to challenges with food supplies.
Students have not been in school for a month and the crisis has reared its head again. Many guardians are worried about the situation.
Meanwhile, the Spokesperson of the Education Ministry, Kwasi Kwarteng, has assured parents that over the weekend, government distributed food supplies to SHSs across the country.
He also urged school authorities to speak up about their challenges for them to be addressed.
Dispelling claims that there is a ‘culture of silence, Mr Kwarteng said “We’re not going to victimise any headmaster who comes out to speak about food shortage.”
The Auditor-General’s report on Covid-19 has disclosed that the Ministry of Health agreed to buy 26 Toyota Hiace Deluxe ambulances for US$4,049,460.12 in December 2021, but the ambulances were never delivered.
The report on expenditures for Covid-19 between March 2020 to June 2022, indicated that a total of US$607,419.02 out of US$4,049,460.12 was paid for the ambulances to be delivered by January 15, 2022.
According to details of the report, as of November 28, 2022, no ambulance had been delivered.
In the report, the Chief Director explained that the supplier for the ambulances applied for an extension of delivery date to meet some technical specifications.
The Auditor-General opined that, “under the current economic difficulties, the supplier could apply for price variation to unduly increase the cost of the contract which could have been avoided if the ambulances had been supplied as scheduled.”
Excerpts from the A-G’s report
The contract has since been extended to March 2023 after a technical inspection by the World Bank and a recommendation for additional specifications.
The Auditor-General has thus recommended that “the Chief Director should ensure that the ambulances are delivered no further than the extended date of March 2023.”
The A-G also reported that $80m worth of vaccines paid for by government has not been delivered.
According to the A-G, government paid over $120m to the United Nations Children’s Fund (UNICEF) and African Vaccine Acquisition Trust (AVAT) but only $38m worth was delivered.
The Auditor-General has thus recommended to the Chief Director of the Health Ministry to renegotiate and recover the outstanding balance.
The Auditor-General, Johnson Akuamoah Asiedu, has directed that the Information Ministry refunds some GH¢151,500 it paid to its own management and staff without approval.
This was revealed in Mr Asiedu’s audit of Covid-19 transactions for the period March 2020 to June 2022.
The development reportedly ensued in 2020 during the lockdown at the height of the coronavirus pandemic in Ghana.
“During our review, we noted that senior management staff and other supporting staff of the Ministry of Information paid themselves a total amount of GH¢151,500.00 as COVID-19 risk allowance for coming to work during the lockdown,” the report stated.
President Akufo-Addo at the time had announced some incentives for frontline health workers including insurance and tax exemptions for doing their best to curb the virus’ spread.
As of now, some of the healthcare workers are reportedly yet to receive their share of the stipends.
The latest report is questioning the basis for such a remuneration since it was not sanctioned by the Chief of Staff.
According to the document, the deed goes “contrary to the above Presidential directives and without approval from the Office of Chief of Staff.”
The Auditor-General has recommended that the amount be recovered from the beneficiary staff and paid into the Auditor-General’s Recoveries account.
The January 2026 eurobond, for which the country failed to make a coupon payment last week, changed nothing even after S&P Global Ratings reduced the note to default. Next month’s coupon payments for securities with maturities in 2027 and 2035 were slightly lower.
While the government has sweetened its swap proposal for cedi-denominated debt, thus showing a willingness to listen to feedback, it also has raised the possibility that terms offered to other creditors would have to be tougher. The restructuring is needed to unlock an International Monetary Fund bailout.
“I see a positive and a negative side,” said Carlos de Sousa, a money manager at Vontobel Asset Management in Zurich, which holds Ghanaian bonds. “On the positive side, the government is showing flexibility to reach an amicable solution with domestic bondholders instead of imposing a restructuring. On the negative side, if the domestic debt restructuring is too modest, then a larger burden may have to fall on external creditors.”
Officials have now proposed a 5% coupon in 2023 on debt that domestic investors have been asked to exchange for new bonds. That’s a departure from their initial announcement that they won’t pay interest this year.
The average original coupon rate for 54 cedi-denominated sovereign bonds is 19.2%, according to data compiled by Bloomberg. The list excludes Treasury and cocoa bills, Treasury notes and sinkable bonds.
“Maybe this has increased confidence that the domestic restructuring can get done, so the rest of it can get done quicker too,” said Kieran Curtis, director of investment at abrdn in London, which holds some of the nation’s eurobonds.
Still, a smooth process is not guaranteed. Ghanaian banks are holding out for better terms. No bank will make a profit in 2022 if they accept the new bonds offered under the exchange, and some face collapse, according to people familiar with ongoing talks.
Meanwhile, S&P’s downgrade of the 2026 dollar bond came as no surprise to investors who say the bonds already priced it in. The lack of a major selloff may also indicate that they expect eventually a better recovery value than the current prices indicate.
“The news flow on the local debt exchange, which seems stuck, is important to follow over the coming days,” said Philip Fielding, co-head of emerging markets at Mackay Shields. “It seems that getting stakeholders to agree terms to swap local debt is unsurprisingly not easy at all.”
Ghana is restructuring most of its public debt, estimated at 467 billion cedis ($39.2 billion) as at the end of September, to qualify for a $3 billion bailout from the International Monetary Fund. Local bondholders have been asked to voluntarily exchange 137.3 billion cedis of debt for new bonds.
The government has also suspended interest payments on $13 billion of eurobonds, as well as commercial loans and most bilateral obligations. It has further opted in for debt relief under the G20 Common Framework. The Paris Club is working to set up a joint committee of bilateral lenders to start the talks.
Graduates of the University College of Management Studies (UCOMS) have been urged to utilise the knowledge acquired to create jobs.
President of the Wisconsin International University College, Professor Obeng Mireku said it is time graduates create more jobs to reduce the unemployment rates in the country.
“Complement government’s efforts in the realm of employment by striving to become your own employers and you will appreciate the dignity of labour,” he added.
Prof Mireku made the comment as the Guest Speaker at the 12th congregation ceremony of UCOMS held at its Jerusalem campus in Kasoa over the weekend.
It was on the theme: ‘Re-imaging tertiary education in the era of global recession: The role of UCOMS’.
Prof Mireku indicated that, in this era of global recession, “the sky is no longer the limit; do not rest on your oars”
“We are in a tremendous time for opportunity and innovation and I believe fervently that the education and skills you have acquired at UCOMS have equipped you to meet the challenges of this era of global recession where there is no doubt a significant rise in the unemployment rate” he added.
He also encouraged them to exhibit high levels of dedication, accountability, integrity and honesty in all their professional careers to better themselves.
Prof Mireku noted that, life is not as rosy as it appears but with determination and hard work, they can make it.
“As they go out there to face to unknown, may I assure them that with hard work and faith in God, nothing can dismantle their success in life” he opined.
Also, Chairman of the University Council, Prof. Vladimir Antwi-Danso said UCOMS will be introducing new programmes in areas which will benefit the Ghanaian society.
He said due to the quality tuition, their graduates are found in all sectors of the economy competing favourably in the job market both nationally and internationally.
Prof. Antwi-Danso expressed appreciation to their mentor institution, University of Education, Winneba and the Ghana Tertiary Education Commission their ensuring very high standards are maintained in training the young men and women.
Vice Chancellor, University of Education, Winneba, Prof. Mawutor Avoke in a speech read on his behalf charged the graduates to be part of the solution to Ghana’s problems.
He charged them to be agents of change to empower them to improve their immediate environment and beyond.
Prof. Avoke urged the graduands to hold themselves to high ethical standards in their chosen fields.
Consulting Rector of UCOMS, Prof. George Kankam said their curriculum is industry relevant to make their students marketable.
He noted that, given the current socio-economic conditions in the country, they have also introduced flexible payment systems to allow a lot more people have access to university education.
Prof. Kankam added that, plans are far advanced to gain autonomy to make UCOMS a fully-fledged public university.
15 of the graduands had First Class, 80 Second Class Upper, 36 and 4 had Second Class Lower and Third Class respectively.
The graduating students from the faculty of Business Administration with majors in Accounting, Banking and Finance, Human Resource Management, Marketing, Procurement, and Supply Chain Management were awarded Bachelor of Science degrees.
Also students from the faculty of Education, Hospitality and Tourism Management were also presented with BSc degrees.
Charles Darkwah who pursued BSc in Accounting was adjudged the overall best graduating student. He also won the Founder’s Excellence Award.
Mr. Darkwah delivered the valedictory address on behalf of his cohort and expressed profound gratitude to the University community, their parents and loved ones for their sacrifices and pledged their commitment to make the institution proud in all their endeavours.
A recently released Auditor General’s report said the amount spent by government was GH¢10 billion out of the GH¢21,844,189,185.24 mobilised by the State to combat the pandemic.
The report noted that only GH¢11,750,683,059.11 was spent by government to tackle the virus while the remaining amount, according to its records went toward supporting the budget.
“Out of GH¢21,844,189,185.24 mobilised, ¢11,750,683,059.11 was spent on Covid-19 activities and the rest on budget support. On Covid-19 activities, we noted that GH¢8,658,496,124.96 was spent in 2020, GH¢3,084,311,725.45 in 2021, and GH¢7,875,208.70 in 2022 to mitigate the impact of coronavirus (Covid-19) pandemic in Ghana,” portions of the report read.
Meanwhile, the A-G report also uncovered that the Government of Ghana paid during the period of March 2020 and June 2022 paid an amount of $80 million for the purchase of COVID-19 vaccines.
However, the vaccines have since not been delivered to the country.
The founder and leader of the Glorious Word Power Ministry International, Rev. Isaac Owusu Bempah, has responded to recent remarks by the Inspector General of the Ghana Police Service (IGP), Dr George Akuffo Dampare.
IGP Dampare, during a Public Accounting Committee 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.
Reacting to his remarks, Owusu Bempah said that the IGP cannot say that people should stop prophesying because it causes fear and panic.
The pastor, who was speaking in an Okay FM interview monitored by GhanaWeb, said that even in the days of Elijah, prophecies of doom were made.
“Since the time of Elijah, we have had fake prophets. But that does not mean that all prophets are fake. We have many good prophets in Ghana.
“… nobody should say that we should not prophesy because they cause fear and panic. I beg the IGP to withdraw the comments he made. Because he can’t direct what God should say and not say.
“And also, there is fear and panic everywhere. If you sit in a vehicle in Accra going to Kumasi, there is fear and panic because some people get to their destination and others don’t. There is fear and panic in everything we do, including eating,” he said in Twi.
Rev. Owusu Bempah reiterated his disagreement with Dr. Dampare and other authorities who argue that 31st Night Prophecies should be discontinued because they cause fear and panic.
He added that prophets who ignore the voice of God and do their own thing will be dealt with by God himself.
Economist Prof. Godfred Bokpin has explained how election-related expenses in 2020 is also to blame for current economic woes the country is facing.
He holds that government took advantage of COVID-19 funds to overspend. hence ballooning the fiscal deficit of Ghana in 2020.
He was responding to issues around the Auditor-General’s report on how COVID funds were expended by government.
In citing some reasons for the damning audit revelations, Prof Bokpin said: “Lack of value for money, COVID vaccines that have been paid for that were not delivered and some COVID related inflows that were rather channelled into general budget support and the rest of them.
“Why was that so, because COVID also happened in the year of elections, so government was abusing public finance in the name of COVID-19,” he stressed.
According to him, government “took advantage of the COVID and overspent and our fiscal deficit… in fact Ghana’s fiscal deficit was the highest in the sub-region.” He explained that whiles neighbours were hovering around sub 8%, Ghana in 2020 did more than 15% of GDP.
“So, the current crisis we have here, you can also trace it to the election-related excesses of 2020 that government blamed on COVID,” he stressed.
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 Preparedness 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.
Out of the objective of GH2415 million, the government succeeded in GH1930 million, according to the results of the most recent Bank of Ghana auction on January 20, 2023.
The 91-day bills, 182-day bills, and 364-day bills produced the biggest amounts of money, totaling GH 1,581.49 million, GH 292.43 million, and GH 56.82 million, respectively.
Interest rates have remained high at 35.8%, nearly the same rate as for last week’s auction, despite the steep fall that can be linked to uncertainty caused by controversies surrounding the debt swap scheme.
Last week’s auction saw an oversubscription of 52% of the target.
The government noted that treasury bills were exempt from the programme, an assurance many attributed the confidence in the securities market to.
Meanwhile, the finance minister after meeting individual bondholders assured that treasury bills will not be affected by the debt exchange programme.
“We can’t afford to touch it. Let me assure you, Treasury bills will forever remain sacrosanct. Treasury bills are exempted completely. We have done the sustainability analysis. We are not including treasury bills. That is how government funds its operations,” he said.
According to him, the administration overspent using COVID-19 funding. Consequently, Ghana’s fiscal deficit will soar in 2020.
He was addressing concerns on the Auditor General’s report on the government’s use of COVID funds.
Prof. Bokpin gave several explanations for the scathing audit findings, including “lack of value for money, COVID vaccines that were paid for but not provided, and some COVID-related inflows that were instead channeled into general budget support, among others.
“Why was that so, because COVID also happened in the year of elections, so government was abusing public finance in the name of COVID-19,” he stressed.
“So, the current crisis we have here, you can also trace it to the election-related excesses of 2020 that government blamed on COVID,” he stressed.
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 Preparedness 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.
The Management of Ghana Water Company Limited has announced rationing of water supply as raw water bodies from various sources deplete due to the cut down of trees.
In a statement, the Ghana Water Company Limited revealed that consumers may encounter erratic flow of water in some parts of the country, especially the Greater Accra, Ashanti, Central Western and Northern regions.
“With the onset of the dry season, the entire country is expected to experience challenges with water supply because of the depletion of raw water from the various water bodies,” the statement said.
Speaking on News Desk on Monday, the Head of Communications, Stanley Martey, said trees giving water bodies cover have been cut down.
“Trees that give our water bodies cover have all been cut away because of farming activities. We are also aware that the pollution in our water bodies has silted most of our water bodies and such rate of evaporation is high and we do not have huge volumes of water in our water bodies,” he said.
The Management has therefore called on consumers to play their role to minimise the impact of the situation as it cannot tell when the erratic supply could end.
“For now, because of the climatic changes as we know, it is a bit difficult to determine whether it will end in a month or two. The Ghana Water Company Limited has put in resilient measures and we also expect that consumers will also play their role so together we can minimise the impact.”
Read the full details of GWCL’s statement below:
DRY SEASON WATER CONSERVATION MEASURES
With the onset of the dry season, the entire country is expected to experience challenges with water supply because of the depletion of raw water from the various water bodies. As a result, consumers may encounter erratic flow of water in some parts of the country, especially the Greater Accra, Ashanti, Central, Western and the Northern Regions.
The Management of the Ghana Water Company Limited wishes to assure the consuming public, that it has put in measures to ameliorate the situation. Management therefore wishes to call on all to be part of the solution, hence, consumers are advised to strictly adhere to the following conservation measures;
Cease indiscriminate watering of lawns with treated water,
Moderate the use of treated water for car washing by resorting to the use of buckets, instead of hosing,
shut all taps when not in use,
Repair all leakages in your homes, like overflowing reservoirs and dripping taps, valves, etc. (the little drops also swell your water bills.)
Report all burst pipes and leakages immediately to the nearest GWCL District offices, Customer Service Centers and Fault Offices.
Report all persons engaged in illegal connections, by-passes, and all malpractices against GWCL.
You can also send google GPS locations, pictures and videos of the burst and leakages on the GWCL WhatsApp lines 0555123393, 0555155524, (WhatsApp information only and not calls)
The public can call GWCL on these numbers; 0207385089, 0207385090. The toll-free line is 0800 40 000 for Vodafone cell and land lines only and 0302 218240 for all other networks.
The GWCL has currently resorted to Water Demand Management to ensure equitable distribution of the water from the various treatment plants. All District Offices have been requested to announce to customers, days on which water will be flowing so customers can store water.
During dry seasons, consumers resort to the use of treated water for keeping lawns green, for commercial washing of vehicles etc. currently the dry season is on and consumers with greater dependence on rainwater have also compounded the problem by taking to treated water use. These practices ease the pressures in the pipelines thereby causing low pressures and no flow in some areas, especially the hilly areas.
Management of GWCL is very much concerned about the impact of the dry season on the raw water sources, which has been compounded by the excessive pollution of the water bodies and wish to assure the public that, the company, together with the Ministry of Sanitation and Water Resources, and allied Ministries, are working assiduously to improve on raw water resources in the Country.
The cooperation of the public is greatly appreciated.
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