Following a seven-year closure to allow for a significant refurbishment of the domestic airport located in the middle belt, the facility was finally reopened on Wednesday, August 3, 2022.
Phase 1 of the restoration exercise involved extending the Sunyani Airport’s runway from 1,280 meters to 1,400 meters.
The airport can currently accept medium-sized jet flights thanks to the 1,280–1,400 meter extension of the runway.
“In line with Government’s policy to improve air connectivity, boost trade and tourism, the Ministry rehabilitated, commissioned, and operationalised the Sunyani Airport.
The construction of Phase II of the Airport will commence in 2023. The scope of work will include extension of the existing runway, and the existing terminal building will undergo expansion and remodeling,” he said.
The domestic airline, PassionAir, has operated the Accra-Sunyani route since the official inauguration this year. Given the very good load on the route, PassionAir now operates six weekly flights on the Accra-Sunyani-Accra route in response to increased demand.
The airline operates Bombardier Dash 8 Q400 and Bombardier Dash 8 Q300 planes that can transport 78 and 50 passengers respectively.
Brief background of Sunyani Airport
The Sunyani Airport was originally constructed as an Airstrip and later upgraded into an airport in 1969. The airport currently has a total runway length of 1,520 meters made up of 1,400 meters paved and 60 meters unpaved Runway End Safety Area (RESA) at both ends.
It had the capacity to handle and process 100 passengers per hour. Since the commencement of commercial operations, the airport has not had any major renovation works, resulting in the poor state of the airport including cracks and potholes on the runway.
In 2015, the Ghana Airports Company Limited (GACL) and Ghana Civil Aviation Authority (GCAA) shut down the airport as a precautionary measure to forestall
any disaster. Prior to shutting it down, it was serviced by now defunct domestic airline operator, Starbow.
The rehabilitation and expansion of the airport was carried out in phases. A contract was awarded in 2018 for the rehabilitation of the existing runway, minimal renovation of the terminal building, construction of some airport internal roads and other auxiliary facilities.
Rehabilitation works are almost complete and the airport is to be opened to traffic in the next few months.
Addo, who was named coach of the team in April, spent time with the Blacks only in the June and September break before the World Cup in November.
Ghana failed to shine in Qatar, winning just a game as the Black Stars suffered first round elimination.
“The windows we had were June, September and World Cup so there was not much time,” he told the media at a briefing on Saturday,” he said.
“Surely this is normal. If we will have had more time together, we could have developed even better. I saw a lot of processes and I know it is difficult for a lot of people to understand.”
The Borussia Dortmund talent coach resigned after the Black Stars’ defeat to Uruguay last Friday.
Sarfo featured and produced a masterclass performance when his outfit inflicted a 3-1 win over their opponent.
Although, the Ghanaian winger could not last the entire duration but he produced a Man of the Match performance.
The former Malmo FF star was instrumental in the build to his sides opening goal in the 36th minute, as Danny Blus fired the visitors in the lead.
Two minutes later, Brazilian Marquinhos doubled the lead as APOEL went into the break with a commanding lead.
After the break, Nea Salamis pulled one back through Juan Felipe before APOEL restored their two-goal lead in the final minute. Georgi Kostadinov hit the final nail in Salamis’ coffin with a stunning strike.
Sarfo was replaced in the 93rd minute by Murtaz Duashvili as APOEL returned home with three points.
“We keep fighting for the best to come,” wrote Sarfo on social media at the end of the game.
The choice of whether to build a single airport to service both regions or one in each region has gone through several stages.
Ankaful was previously suggested as a potential site for an airport serving the Central Region.
Due to its extensive history and UNESCO World Heritage castles located along the coast, the Central region is a popular tourist destination in the nation but is only reachable by road.
Connecting with the regional capital, Cape Coast, from Accra is hampered by heavy vehicular traffic. It takes about two (2) hours to connect from Accra on a typical weekend when many people usually travel for tourism and social events.
Cape Coast played a crucial role in the success of the Year of Return held in Ghana in 2019. Indeed a total of US$1.9 billion was generated into the economy through activities related to the “Year of Return.”
The Western Region is also one of the country’s most endowed areas and the oil hub. The region also hosts a lot of foreign companies operating in the mining, manufacturing and other sectors.
Presenting the 2023 Budget to Parliament, Finance Minister, Ken Ofori-Atta, gave the clearest indication that one airport will be constructed to serve both regions.
“Mr. Speaker, Phase II of Kumasi Airport Expansion Project is fully completed while Phase III is 89.33 percent complete. Additionally, a draft feasibility report on the Central/Western Region Airport was submitted and is being subjected to stakeholder engagement,” he said.
Commenting on the proposed airport, Sean Mendis, a commercial aviation expert, told AviationGhana exclusively that: “In general though, investment in aviation infrastructure is always a positive thing provided projects also are maintained well. Ghana already has a very robust culture of domestic air travel, and one of the highest number of per capita domestic travellers in sub-Saharan Africa.”
He added that the need for maintenance should be factored into the cost of the projects. “Airports are not build and forget projects unfortunately. They have to be maintained and operated at a professional standard to continue to be operational, so any investment needs to budget for that as well.”
Economic benefits of airports
A study by the International Air Transport Association (IATA) shows that the economic benefits of aviation investment are still large, and provide a strong justification for investment in the aviation industry.
The study found that for developing economies, the annual economic rates of return range from 16% to 28%.
“Developing countries face capital costs, especially for new aircraft, that are similar to those faced by developed countries. As such, though the boost to GDP is higher in proportional terms for developing economies, the capital costs are still high. Nevertheless, the available economic return is still large and provides a strong justification for investment in the aviation industry,” he said.
“There are significant and positive benefits generated by investment in aviation infrastructure and services, particularly in developing economies. By increasing a country’s connections to the global air transport network, investment in aviation can boost its long-term productivity and economic growth.”
“Greater aviation connectivity – and the improvements in productivity and GDP growth it can provide – can also help to boost a country’s competitiveness. By way of illustration, the World Economic Forum (WEF) has developed a Global Competitiveness Index for the travel and tourism sector.”
The WEF’s index incorporates many of the factors necessary to develop connectivity and create wider economic benefits in terms of productivity and economic growth.
There is a clear positive relationship between a country’s connectivity and its performance in the WEF index.
The Botevists playing away started the game very well. Elvis Manu scored the game’s first goal in the 16th minute, but Chris Dobrev equalized immediately after on the counterattack.
Nguyen’s mid-range goal made it 2-1 in the 52nd minute. Hankic stopped a penalty in the 72nd minute, and just before the game ended, Baroan’s score was called back for offside.
Botev’s next game will be against CSKA Sofia, the match will take place on the 11th of February. Botev is currently 10th on the league log with 19 points after 18 games.
Elvis Manu has made 14 appearances in the Bulgarian top flight this season. He has scored seven goals in the Bulgarian league.
The former Ludogorets attacker joined Botev during the summer transfers window on a free transfer from Wisla Krakow.
Watch below Elvis Manu’s goal for Botev against Slavia in Bulgarian Cup:
Ghana is experiencing economic turbulence on a level not seen since the 1980s. Its currency, the cedi, is the worst performing in the world and Ghana’s debt-to-GDP ratio has risen to over 80 per cent.
Consumer prices rose over 40 per cent in October. Food prices in Ghana are now the highest in Africa, and there is a real risk of worsening food shortages in coming months.
Much of the international news coverage surrounding Ghana’s economic crisis has rightly focused on the impacts on Ghanaian businesses and consumers, responses from international investors and the government’s contentious relationship with the International Monetary Fund. Our analysis points out another important dimension of the crisis: changes in Ghana’s politics.
Since June, frustrated Ghanaians have protested the government’s management of the economy. They demand that President Nana Akufo-Addo dismiss Minister of Finance and Economic Planning Ken Ofori-Atta. On social media, critics are using the #KenMustGo hashtag to question Ofori-Atta’s handling of the economic crisis — and accuse him of benefiting personally from Ghana’s debt.
The president’s refusal to dismiss Ofori-Atta prompted an unusual response from Ghana’s parliament: a motion to censure the minister. If the motion passes, it would mark the first time that Ghana’s legislative branch has exercised its constitutional power to remove a minister. While the presidency remains very powerful in Ghanaian politics, we see this as a new chapter in which the parliament will have more leverage to hold the president and the cabinet to account.
Why the president won’t dismiss the finance minister
One of the more puzzling aspects of this controversy is why the president refuses to remove Ofori-Atta. Last month, for instance, British Prime Minister Liz Truss tried to save her government after a series of disastrous economic moves by firing her finance minister. In Ghana, the situation seems to leave the president at risk of the embarrassment of being overpowered by members of parliament (MPs) from both the opposition and his own party.
Our research in Ghana suggests two political reasons the president hasn’t fired his finance minister — a move that might help deflect the criticism of Ghana’s poor economic performance.
First, as Rachel Sigman demonstrates in her forthcoming book “Parties, Political Finance, and Governance in Africa,” ministerial appointments are tied to how African leaders finance their political operations. In Ghana, presidents often select loyal party elite to serve in minister positions, where they can steer contracts and other government business to party-aligned businesses in exchange for financial support to the party.
For Akufo-Addo, dismissing Ofori-Atta would probably jeopardize his ability to raise funds for the New Patriotic Party (NPP) in advance of the 2024 presidential elections. Having long served as the party’s chief financier, Ofori-Atta has deep experience fundraising for the NPP. Akufo-Addo would struggle to find a minister with the requisite technical, political and financial acumen to fill the role.
The difficulty of finding a replacement minister is further complicated by the presence of sharp divisions within the NPP — the subject of George M. Bob-Milliar’s research. The NPP is dominated by two factions: one that is aligned with Akufo-Addo and the other with former president John Kufuor.
Ghana’s term limits mean Akufo-Addo will step down in January 2025 — and the competition between the two factions to determine the next NPP presidential candidate will be fierce. There are rumors that the Kufuor faction is exploiting the #KenMustGo controversy to its advantage. Those aligned with Akufo-Addo, meanwhile, would look for a replacement finance minister that supports his faction’s efforts to maintain power within the party, further limiting the pool of potential appointees.
Will Ghana strengthen legislative oversight?
The president’s refusal to dismiss Ofori-Atta has led to a rare instance in which parliament may use its constitutional authority to remove a minister from office. Legislative oversight of the executive is weak in Ghana, even when compared with less-democratic African countries. Ghana’s presidents have been known to use their appointment powers to shore up their support in parliament, helping them to evade accountability for government actions.
The current events surrounding Ofori-Atta signal a change to this pattern. The censure motion appears to have support from both major parties. At least 98 MPs from the president’s party have indicated their support for Ofori-Atta’s removal. These MPs planned to boycott Ofori-Atta’s presentation of the 2023 budget until a last-minute intervention by party elders appealed to the MPs to attend the presentation. Nevertheless, MPs have sent a strong signal to the president.
The NPP members’ public support for Ofori-Atta’s removal is significant. The MPs appear frustrated that their constituents are suffering. By prioritizing constituent concerns over party loyalty, MPs in Ghana are pushing parliament — and, ultimately, Ghana’s democracy — in a more responsive and accountable direction.
Parliamentary moves to remove Ofori-Atta are bolstered by the unprecedented partisan composition. Since the reintroduction of multiparty democracy in Ghana in 1992, the current eighth parliament is the only one in which the president’s party does not enjoy an absolute majority. The hung parliament presents both opportunities and challenges for Ghana’s legislature.
No matter what happens with the vote to remove Ofori-Atta, these events in Ghana hold implications both within and beyond its borders. Other leaders in Africa face divided legislatures that threaten the primacy of executive power. Perhaps one silver lining of the looming economic turbulence that’s not unique to Ghana is that economic pressures could push legislatures to assert their independence — and strengthen democratic institutions.
*****
George M. Bob-Milliar is an associate professor in the Department of History and Political Studies, Kwame Nkrumah University of Science and Technology, Ghana. His research interests lie in the area of electoral politics, and Ghana’s social and political history.
Rachel Sigman is an assistant professor of democratic governance in the Josef Korbel School of International Studies at the University of Denver. She is the author of Parties Political Finance and Governance in Africa (Cambridge University Press, forthcoming).
Source: George M. Bob-Milliar and Rachel Sigman via The Washington Post
He claims that as the pricing of such resources are mostly set by the importing nations, farmers, participants in the agricultural value chain, and the nation’s economy, gain very little from exporting raw materials.
Therefore, he has urged the government and other agricultural industry participants to work toward giving raw agricultural products more value before exporting them to other markets.
In a speech read on his behalf of the Akwamuhene of Kumasi Traditional Council, Asafo Boakye Agyemang Bonsu, the Asantehene expressed that it would be in the country’s best interest to support farmers to improve the quality of their products before sending them onto the market.
He, however, praised Ghana’s gallant farmers who have always worked hard to provide enough food for the populace.
A total of 20 farmers received various awards at this year’s event with Nana Kwadwo Opoku Bonsu, a farmer at Asante Akyem Agogo emerging as the Region’s best farmer.
Senegal was beaten by England in the knockout stages of the FIFA World Cup in 2022. That leaves Morocco as a contender for the quarter-finals. The team plays Spain on December 6, 2022.
The knock-out phase in Qatar reminds football fans globally of the unmistakable glass ceiling over Africa at football World Cups.
Despite spicing the tournaments with outstanding and iconic moments, African teams have always fallen short of Brazilian football great Pelé’s assertion that an African team would win the World Cup by 2000.
Thomas Ayisah is married, a prominent figure in one of Ghana’s oil firms, the builder of 114 of his own homes out of his own money, and the employer of over 300 Ghanaians.
Sounds like a lifestyle that is wonderful. Perhaps! But he had a fairly difficult beginning, leaving him with lifelong scars.
He was raised in a somewhat impoverished family and was born in the hamlet of Sefwi Wiawso in Ghana’s Western North Region.
He claims it was difficult growing up.
Despite the fact that his father was a cocoa planter, his family was not particularly wealthy.
He managed to do this, to get some money to support his schooling till it was time to progress to the tertiary level. At this point, he was helpless. His father said there was no money and his mother could only help if she borrowed money.
With a dream to attend the Institute of Professional Studies (IPS) what is now the University of Professional Studies (UPSA), he acquired some GH¢500 which was borrowed by his mother for him and set off for the city; Accra.
This was when his struggles as an independent person began.
Speaking to Youtuber, Wode Maya in an interview, he said;
“So I picked that money and went to Nkawkaw to the sawmill, where they make wood and I started business and I enrolled in school.
“Every weekend, I’ll go the sawmill, go and pick products to sell in the market, then my first year in IPS was crazy. I had to perch in my friend’s hostel. When I was going to school, I had only 2 pairs of clothes and one shoe. In my first semester, it was like a curse from God but I survived it till today.
“I started scrap business with a couple of friends,” he said.
In his second year, with links from a friend, things got a bit better, he began working with a bank as a sales officer. It was through this he met and picked success tips from established people in various companies whom he was selling the bank’s products to.
Here, although he was promised better, Thomas was paid less – and during this period, his house and everything he owned got burnt. Life was hard all over again but his friends helped him out and linked him to some people who helped him start over.
“In the process, I visited oil companies etc. I did that till 2013 then I left for an oil company. They said they’ll pay me commission. They said they’ll give me GH¢2,000 but they gave me GH¢1,000 for the first month and after they were paying me GH¢500.
“In 2014, one Sunday, I moved from the house and everything in the house got burnt, everything I own. Even customers’ monies with me at home got burnt.
“My company ceased my car before they gave me money to start up. Through this, I got a contract for the company but on that very day, I got fired.
“I got in touch with a friend who helped me, introduced me to someone who helped me get some products,” he said.
Thomas then explained that with some savings of about GH¢1,500 which was 15 million cedis in the old Ghanaian currency, he decided to get married. Following this decision, his friends decided to gift him some money for his honeymoon. It was this money he used to establish his very first building which was a 6-bedroom house, after consultation with his wife.
“It is that money I used to start my building business. Within 6 months, we built a 5-bedroom house with a boy’s quarters.
“After this I started my own company, picking contracts to supply fuel oil to other factories and from there, my company started growing.
“I was living alone here in the bush so I sat and said why can’t I build a community for people to move in and settle,” Thomas added.
Today, he is the Head of Procurement at Akwaaba Oil Refinery and is the owner of a Real Estate Community; Agazy Homes – with some 114 houses.
Barring a last-minute change to plans, Ghana will formally announce its intent to default on its debt early next week.
This was revealed in high-level meetings between the country’s authorities and top finance and economic sector actors on Friday, the 2nd of December 2022, as the country’s senior men’s football team battled the Uruguayans for World Cup glory.
Regular readers of this site will recall our earlier mention of the authorities’ intent to have a “shallow restructuring” of the country’s debt and our assessment of any such approach being unlikely to make a serious dent in the macrofiscal situation. After hiring four international consulting firms, and crunching the numbers more soberly, the government seems to have come around to the reality that a somewhat deeper restructuring is required.
Driven by a strong compulsion to fast-track its impending IMF program, the government appears also to be backtracking on earlier commitments to design a “market-led” debt treatment strategy. Financial sector actors report that the tone of the authorities during Friday’s initial engagement was not one of delegating the strategy formulation for the proposed “debt exchange” to the Ghana Association of Banks, securities and dealers, and other such industry groupings. The government is determined to drive the process.
The Finance Minister expressed fears of Ghana being shut out of the international capital markets for the next three years. Consequently, the strategy is to aggressively revive relationships with bilateral donors (like the UK, US, Germany, France, China etc.) and multilateral institutions (like the World Bank, African Development Bank, etc.) in order to attract more cheap money in the form of grants and other concessional types of financing. Doing this, he reckons, would require a “stamp of approval” from the IMF.
It is thus the government’s strategy to quicken the tempo of meeting any prior actions the IMF formally imposes once the government submits its Letter of Intent for a Fund program hopefully this month. The seeming haste in powering through the debt restructuring stems from this factor.
The Finance Minister’s Technical Advisors disclosed at a high level results of an internal debt sustainability analysis which confirms long-held views on this site that Ghana’s debt is not sustainable under realistic fiscal conditions over the medium term. In fact, subject to stress testing, even a consistent series of low or zero fiscal deficits may not be able to bring the debt onto a sustainable path in the next 10 years. On both solvency and liquidity grounds, debt treatment (some kind of default) is now unavoidable and inevitable in any scheme to make Ghana’s debt bearable without permanently damaging the economy.
Given that Ghana’s debt carrying capacity is of medium calibre, debt sustainability requires that debt-to-GDP ratio be brought down from the current level of more than 100% to 55%. The debt service ratio (how much of government income is spent on paying interest and repaying principal) must likewise be brought down from over 60% to a more prudential 18% level.
In the view of the Technical Advisors, tackling the fiscal deficit alone will bring down debt-to-GDP to a still high 85% to 90% range, when the prudential target is 55%. It will moreover require an “extreme adjustment” involving successive primary surpluses in a country that has only seen such surpluses 3 times in non-consecutive years in the course of the last 30 odd years. The growth implications of such an extreme fiscal adjustment would be dire in a developing country where government spending is highly stimulative. In short, a complete non-starter.
Faced with these strong constraints, the government is compelled to take difficult decisions on the debt stock. To stay true to a political preference for avoiding “principal haircuts” (i.e. failing to repay part of the debt) in the domestic context, the decision has been taken, as far as the local debt is concerned, to instead have steep coupon discounts. In simple terms, if the government can’t repudiate a part of the domestic debt, then it will heavily reduce the interest it pays on it and how long it takes to pay through various techniques.
The Finance Ministry concedes that using coupon discounts alone will not bring the actual domestic debt stock down, and thus will not enhance solvency. Coupon cuts and tenure extensions are merely “partial support”, but they will nonetheless bring much-needed short-term liquidity relief (reduce the year-to-year stress on the government from having to pay very high interest rates in a time of financial distress). It follows then that some of the “support” for lowering the total debt stock simply has to be found from principal haircuts on the foreign debt (in simple terms, Ghana will not pay back all the external debt it owes). More on that later.
On the domestic front, the government’s plan is to recall all the bonds and other debt securities it has issued, with the exception of treasury bills, and return to investors new bonds with new terms (the technical term is creating “exit bonds”). Because the existing bonds are too “fragmented” (many and diverse), the government will consolidate. After the restructuring, there will be only 4 types of local bonds with different maturity and interest terms.
The maturity profiles (when repayment will be due) of the four bonds will be 2027, 2029, 2032 and 2037, with an average weighted life of 10 years.
The local debt stock will be split among the four exit bonds as follows:
2027 – 17%
2029 – 17%
2032 – 25%
2037 – 41%
That is to say, regardless when the original bonds an investor held were due to mature, they will now be exchanged for new bonds that will mature according to the above timelines.
As part of the trade-off for not cutting the face value of local debt, the government will freeze principal repayments of the local debt but not necessarily that of the external debt. All local bonds due for repayment will simply be rolled over in line with the new maturity terms.
The 2027 bonds will see principal repayments made in two equal instalments in 2026 and 2027. The 2029 bonds will be repaid in two tranches in 2028 and 2029. The 2032 bonds, on the other hand, because of their size, will have a three year repayment schedule starting in 2029. The 2037 bonds will see repayment over a five year period. In all cases, interest payments will fall linearly in proportion to the principal amortisation rate.
The transformation aimed for is one of a constant linear payout rate on local bonds from 2026 onwards, in effect phase-shifting the burden on government away from the present to the post-2026 horizon. The government is of the view that such a model creates predictability to the benefit of the financial sector.
Regarding interest payments, the authorities intend to pay no (zero) interest across all bonds in 2023. In 2024, it intends to pay 5% interest. And in 2025, the interest rate will increase to 10% and stay constant across all bonds till the last bundle matures in 2037. Readers may put this in perspective by comparing the current average weighted interest rate of more than 21% per annum.
To reiterate, these measures are expected to only bring the key solvency indicator, debt-to-GDP, down to 85% from the current 100% plus level (the latest IMANI estimate is 108% without Sinohydro obligations and contingency liabilities emanating from the energy, cocoa and roads sectors).
And now to the most controversial part. The government intends for these measures to apply equally to the entire domestic debt stock, except for treasury bills. No discrimination is envisaged for the debt secured through special vehicles like ESLA and Daakye or those issued locally but in USD, or even the so-called “Templeton bonds”. The only nuance involved is that the spreading of these “special” government debt obligations across the four exit bonds will follow a certain order and pattern.
No mention was made of government debt that are not in the form of marketable securities. Supplier/contractor debts, bank loans and various overdrafts were not touched on at all in the deliberations.
To pacify the clearly traumatised audience, the Finance Ministry gurus dangled the benefits of a quick IMF program and accelerated return to stable macrofiscals. They projected a likely drop in inflation (and potentially interest rates) to single digits resulting in positive real returns on the new exit bonds.
The government pledged to double down on liability management, including a fastidious commitment to improved sinking fund management to ensure that come 2026, the government will be in a position to resume servicing debt at an elevated level. Some industry observers are worried of a repeat restructuring as was the case in Jamaica in 2013.
Some vague assurances were given by the government about special measures being introduced to ensure limited or zero negative spillovers into the financial sector as a result of the debt restructuring program. Somewhat more tangibly, the government discussed the prospect of a new liquidity fund that will help financial sector players in dealing with a sudden upsurge in redemption requests (customers trying to pull out their money from the financial system).
The possibility of loosening some prudential ratios related to liquidity, leverage, risk-weighting of assets and capital adequacy was mulled without any concrete commitments. Regulatory forbearance was however affirmed, especially in relation to minimum capital, asset class limits and the standardisation of the accounting treatment of revalued bonds. Pension Funds were consoled with news of upcoming support measures to mitigate against mounting redemption risks.
No information was provided about the moral hazard implications of all this regulatory laxity in the trusteeship process, among others.
As hinted above, the President’s premature commitment to “no principal haircuts” was not tenable when given. The authorities are now trying to manage the fallout by shifting the burden of adjustment to external debt and deepening coupon discounts. Our understanding is that the government will offer external debt holders the following terms: a 30% principal haircut, a 30% coupon haircut and a three-year moratorium (or standstill) on interest payments.
The famous “Debt Laffer Curve” denoting the debt overhang as a result of suboptimisation of liquidity-stock relief Chart: Oshua (2018)
This essay is much too brief to delve into the differential impacts of the different debt exchange models politically available to Ghana and their resulting effects on different classes of investors. The academic, technical, policy and professional literature on that subject is very vast. On the whole, however, it is safe to say that Ghana’s current “opening gambit” proposals tilt enough to the “higher loss” end of the spectrum for a large enough group of investors to trigger some banding-up resistance soon after the announcement.
The literature is awash with studies on how different debt exchange models impact investors. Chart: Jochen Andritzky and
Julian Schumacher (2019)
So where does all this lead to as far as the short-term dynamics of Ghana’s economic crisis are concerned? We have not heard enough to update our previous analysis, though we suspect that the occasion to do some of that will arise in coming days. For now we will reiterate our standing assessments:
Consistent with the government’s posture, “stakeholder consultations” will remain perfunctory. No serious attempt has been made to mobilise major factions of the society behind these plans. Not even the ruling party is fully briefed about the entire strategy set of the authorities.
The Opposition Party in Parliament is not sufficiently primed to play a major role in these developments. The frontbench has not shown any clear signals of pushing any detailed alternative policies. There are some concerns that the leadership is fickle and unsteady. Impending internal primaries have also weakened Opposition Party leaders and distracted some Members of Parliament.
That notwithstanding, the government’s strong inclination to entirely ignore Parliament has serious risks.
Civil Society actors, including the unions, have yet to develop anything remotely like a united front, Still, the complete disinterest in “meaningful engagement” with these groups on the part of the authorities will create negative conditions in the information environment. The lack of an “elite position” on the planned measures will result in a highly discordant public conversation with massive amounts of misinformation being generated without significant counter. The principal religious bodies and others, seen as more sympathetic to this government, for instance, are in no position to credibly calm waters.
We reiterate our earlier position that, next to poor stakeholder mobilisation, the biggest risk to the proposals is litigation, including the possibility of class actions inspired by political opposition actors and unions. Some of the local debt instruments are subject to English law, heightening the prospect of some holdouts being facilitated by the use of the London courts to frustrate the government’s timeline. Some other local debt instruments are overcollateralised by tax revenue and may become the subject of domestic litigation.
We have suggested in the past that a Greece-style law may have been helpful in moderating litigation risks but the government’s preferred timeline for action and disinterest in meaningfully engaging the Opposition has apparently ruled this out for now.
It is important to bear in mind that these are merely the government’s initial proposals. Haste has been the foremost consideration in coming up with them. The rubber however meets the road in the rough and tumble of the democratic process. Some of the risk factors indicated above can only be resolved by strategic backpedaling by the government with perfect timing.
The true quality of the Ghanaian government would be seen in how it sequences and orchestrates its concessions, whilst holding its red lines, as it navigates the process post-announcement.
Whilst the underlying technical appraisals guiding its actions are reasonably thorough, I am afraid I do not have too much confidence in the government’s mastery of the political economy of crisis management.
Lawyer for the NPP Ashanti Regional Chairman, Maurice Ampaw, has asked Ghanaian socialite, Valentina Nana Agyeiwaa known in showbiz as Afia Schwarzenegger to avail herself for the 10-day jail sentence or risk spending her Christmas in jail.
He made the call on Sunday, December 5, 2022, after a court sentenced Afia Schwarzenegger to 10 days in prison for contempt of court.
This is also after Chairman Wontumi, the Ashanti Regional NPP chairman dragged Afia Schwarzenegger and the other contemnors including United Television (UTV) to court after she and the other contemnors decided to run commentary on a case pending before the court during an entertainment show, the United Showbiz, broadcasted on UTV in July this year.
Counsel for applicant, Maurice Ampaw, who led the prosecution, argued that the culprit ought to be penalised to deter others from making such unsubstantiated claims
In the affidavit in support of the motion to commit the respondents to prison for contempt of court, Lawyer Ampaw said on the Saturday,July 9, 2021 edition of the United Showbiz, an entertainment programme aired by the UTV, the station, host and the executive producer offered their platform to other panellists to discussed Afia Schwarzenegger’s alleged romantic affair with Chairman Wontumi, which he said was a subject matter for determination by the court, stressing that it was subjudice, hence the action in court.
At the end of the day, the judge pronounced the defendants guilty.
Lawyer Ampaw, in an interview after the judgment, said they are happy with the outcome, stressing that everyone one involved will learn the hard lesson, especially those who think they can undermine the Judiciary.
The honor honors the company’s remarkable achievements in the communication and digitalization sectors as well as its success, innovation, and unwavering efforts.
Afriwave is permitted to provide a common, independent mechanism for routing and settlement of local and international interconnect traffic for all current and future telecommunications operators in the nation as part of the license granted to the ICH under the Electronic Communications Amendment Act, 2016, Act 910.
Afriwave Telecom has emerged as one of the local leaders in providing telecom solutions and has a track record of utilizing competent skills and expertise to provide a complete range of professional and end to end telecommunication services in the country.
“Currently, the ICH is connected to all the mobile network operators in the country, namely (AirtelTigo, MTN and Vodafone) providing National Interconnect Clearinghouse services.
Additionally, Afriwave Telecom also provides Interconnect Clearinghouse services to locally licensed International Wholesale Carriers.” He said.
He further stated that Afriwave’s Point of Interconnection (POI) locations have been strategically positioned for easy access to existing service provider networks thereby providing clients with efficient and cost-effective options for interconnection.
Speaking about the Regional market, Mr. Poku noted that, Afriwave Telecom is a member of the Smart Africa Alliance. Smart Africa is a bold and innovative commitment from African Heads of State and Government to accelerate sustainable Socio-economic development on the continent ushering Africa into a knowledge economy through affordable access to Broadband and usage of Information and Communications Technologies.
Afriwave is collaborating with Smart Africa Alliance on activities focused on supporting the development of National and Regional Interconnect Clearing house across Africa towards achieving the objectives of One Africa Network Project.
He revealed that Afriwave Telecom will soon launch a platform which would create a single point for all Value-Added Service (VAS) providers to gain access to the Mobile Network Operators (MNOs) from one place.
Mr. Poku expressed his appreciation to the hardworking staff of Afriwave telecom for their immersed contribution to the company’s success.
“I am humbled and appreciative to the hardworking staff who have enabled Afriwave to achieve this remarkable milestone and has been recognized yet again”.
The 4th edition of the National Communications Awards was held at the Labadi Beach Hotel under the theme: “The Digitalized Economy: Innovation for National Development”.
Former President, John Dramani Mahama, has criticized President Akufo-Addo for failing to downsize his government.
According to him, the size of his government is harming the country’s economy.
He urged the President to make fewer appointments in order to minimize government spending and ease the sufferings Ghanaians are experiencing.
He contends that it will be challenging for the government to keep track of the movements of his appointees, therefore the government’s directive on the use of V8s and V6s by appointees is unworkable, in his opinion.
He inquired about the procedures the government will employ to monitor new hires who use V8 vehicles in Accra and the neighbourhood.
“Unfortunately, in this budget, Ghanaians are slapped with stiff additional taxes and no tangible cuts in expenditure. They just say don’t travel with your V8s. If you are travelling outside Accra, you can use your V8, but don’t use it in town. I mean, who’s going to monitor if you use your V8 or not? Expenditure has increased significantly by 80 billion cedis. It appears we have to accept to live with the excessive bloated size of government at the presidency,” the former President said.
He said this when he addressed the 13th Congregation of the Accra Business School over the weekend.
The Finance Minister during the budget presentation said, “Limited budgetary allocation for the purchase of vehicles. For the avoidance of doubt, the purchase of new vehicles shall be restricted to locally assembled vehicles; Only essential official foreign travel across government including SOEs shall be allowed. No official foreign travel shall be allowed for board members. Accordingly, all government institutions should submit a travel plan for the year 2023 by mid-December of all expected travels to the Chief of Staff.
“All MDAs, MMDAs, and SOEs are directed to reduce fuel allocations to Political Appointees and heads of MDAs, MMDAs, and SOEs by 50%. This directive applies to all methods of fuel allocation including coupons, electronic cards, chit systems, and fuel depots. Accordingly, 50% of the previous year’s (2022) budget allocation for fuel shall be earmarked for official business pertaining to MDAs, MMDAs, and SOEs”.
Dissatisfied with the government’s initiative, Mr Mahama charged the Akufo-Addo-led-government to put in proper measures to cut down on expenditure that has crippled the economy.
Otto Addo has disclosed that there were lots of negatives surrounding his appointment as Ghana coach.
The 47-year-old announced on Friday that he would be leaving his role as Ghana coach following the team’s exit from the 2022 World Cup.
He replaced Milovan Rajevac in February, initially as interim boss, and was given a deal until the end of December.
“I would never understand the mentality of those who think against a human to fail, and there are some humans doing this, I would never understand it,” coach Otto Addo said at a press conference after Ghana’s elimination from the World Cup.
“I don’t fear any of your critics, I’m so long in the game and I’m used to this. For me, it is not a problem, I don’t fear anything, just God.”
‘It’s easy when we lose, the first question is why did you do this and that, but when we win no questions come against me.”
Coach Otto Addo won four games during his time with the Black Stars, beating Madagascar and South Korea in competitive games with the other victories coming against Nicaragua and Switzerland in friendlies.
Ghana crashed out of the 2022 FIFA World Cup in Qatar after finishing bottom of Group H with three points.
Black Stars lost two games and won one, amassing three points.
This is a growth of 56% over the 1.512 billion dollars reached in 2019.
The UAE’s ambassador to Ghana, Mr. Amer Al Alawi, said the accomplishment was proof of how quickly the two nations’ bilateral relations had grown during his remarks during the UAE’s 51st National Day Celebration in Accra.
The UAE and Ghana had this year inked five Memoranda of Understanding (MoU) in an effort to strengthen their diplomatic ties and advance economic progress and prosperity, he said.
Both countries agreed to set up a Ghana Investment and Promotion Centre office in the UAE to promote and attract investment to Ghana.
Mr Alawi said the two countries were to have information exchange and technology equipment, geared towards improving investment opportunities.
As part of celebrating five decades of existence, the Arabian country, among other projects launched in Ghana, had built a vocational training centre to empower Ghanaian women with skills, supported with funds, to become entrepreneurs.
Mr William Owuraku-Aidoo, the Deputy Minister of Energy, applauded the remarkable developments of the UAE since 1971, which manifested in a growing relationship and shared objectives with Ghana.
He commended the United Arab Emirates for establishing various health facilities in parts of the country and the rehabilitation of the Trade Fair site.
“More bilateral investments in trade and business are needed as Ghana hosts the African Continental Free Trade Area (AfCFTA),” he said.
Ghana’s total crude oil production from January to September 2022 was 39.15 million barrels, according to the Ministry of Finance.
In the 2023 budget statement and economic policy presented to Parliament, the ministry revealed that the majority of said barrels were produced by Greater Jubilee, with 23.09 million barrels, which represents 58.97 percent of the total output.
Tweneboa Enyenra-Ntomme (TEN) and Sankofa-Gye Nyame (SGN), on the other hand, produced 6.43 million and 9.64 million barrels each. Their production represents 16.41, and 24.62 percent of the total barrels produced.
Regarding petroleum receipts so far, the Finance Ministry, headed by Ken Ofori-Atta, indicated that the total receipts from crude oil liftings only by the
Ghana National Petroleum Corporation (GNPC) from January to September was US$873.25 million, equivalent to GH₵8,346.92 million.
This, the ministry said, comprised the “63rd – 67th Jubilee liftings, 20th and 21st TEN liftings, and the 9th and 10th liftings from the Sankofa Gye-Nyame field.”
Per the budget statement, total petroleum receipts (i.e. proceeds from liftings and other petroleum receipts) received into the Petroleum Holding Fund (PHF) for in the first nine months was US$1,168.99 million, equivalent to GH¢11,173.75 million.
“The January to September 2022 receipt of US$1,168.99 million is higher than the realised receipts of US$618.46 million for the same period in 2021 by US$550.53 million,” a part of the budget stamen revealed.
The ministry explained that the surge in receipts was “mainly because of a higher average achieved crude oil price of US$102.38, compared to US$67.77 for the same period in 2021.”
It was further clarified that the receipt of US$1,168.99 million does not include an amount of US$14.61million petroleum receipts from Corporate Income Tax and PHF income that spilled over from 2021 to 2022.
This brings the total petroleum receipts available for distribution to US$1,183.60 million.
Of the amount of US$1,183.60 million distributed, the ministry revealed that GNPC was allocated a total of US$286.58 million, made up of Equity Financing Cost of US$155.09 million and GNPC’s share of the net Carried and Participating Interest of US$131.49 million.
Section 4 of the Petroleum Revenue Management (Amendment) Act, 2015 (Act 893) requires that not more than 70 percent of the benchmark revenue shall be paid into the Annual Budget Funding Amount (ABFA) and not less than 30 percent shall be paid into the Ghana Petroleum Funds (GPFs).
Out of the amount transferred into the GPFs, the Ghana Heritage Fund (GHF) receives not less than 30 percent, with the rest transferred into the Ghana Stabilisation Fund (GSF).
The ABFA received a total of GH¢2,985.37 (US$378.74 million) to support the budget, while the GPFs received US$518.28 million, which was distributed in the ratio of 70%:30% in line with the PRMA, with the GSF receiving US$362.79 million and the GHF US$155.48 million.
The Black Stars were eliminated after the first round of the tournament following a 2-0 defeat to Uruguay. A game Lamptey missed.
The Brighton and Hove Albion right-back made two appearances at the World Cup, coming on as a second half substitute against Portugal before starting and excelling against South Korea.
Lamptey, who switched nationality to Ghana in June played no part as the Black Stars suffered a 2-0 defeat to Uruguay at the Al Janoub Stadium.
After defeating South Korea in their second group game, the Black Stars needed a draw or win against Uruguay to advance to the last 16 stage.
But the team failed to negotiate for points against their ‘enemies’ Uruguay.
In a post the enterprising right-back asserted their exit from the tournament will motivate them to work harder for future tournaments.
“I thank God for this moment and the opportunity we have been given, we would have liked things to have turned out differently but Godstiming is best. We’ll use this as more motivation and work even harder”
“A big thank you to everyone for all the support, really appreciate it” he t
We will be back stronger this is just the start” he tweeted.
The Black Stars will now focus on the remaining qualifiers for the 2023 Africa Cup of Natio
A new report released by the International Finance Corporation (IFC) and the World Trade Organisation (WTO) indicates that Nigeria, Côte d’Ivoire, Ghana, and Senegal may make up to $26 billion by reducing costs and expanding access to trade finance (WTO).
The report, Trade Finance in West Africa, identified the main barriers to trade finance in the sub-region’s four largest economies.
Even though the four nations have had increased trade flows over time, particularly during the COVID-19 pandemic, they still experience a trade finance shortage of up to $14 billion annually.
“Global trade finance gaps increased during the pandemic. Supply chain pressures, inflation, and the war in Ukraine have only exacerbated the problem,” said Makhtar Diop, managing director, IFC.”
Authors of the report believe that once trade restrictions are lifted and member nations of the Economic Communication of West African States (ECOWAS) are able to trade with other African nations as well as developing nations outside the continent, opportunities will present themselves.
“This study couldn’t be [more timely]. There is enormous potential for an economic boost in West Africa by harnessing intra-Africa trade, but we will need coordinated action from the government. The private sector and the multilateral to build the capacity of local lenders and improve access to SMEs,” the report stated.
While banks have supported consumer products and still do so, industries like agriculture and infrastructure are falling behind.
Additionally, trade finance in the four nations the report investigated has fallen short of expectations.
Only 25% of the merchandise trade in these nations is reportedly supported by trade finance.
Given that, trade financing supports up to 80% of global trade and 40% of imports and exports in Africa.
The limited coverage is a result of exorbitant services and high bank rejection rates, which disproportionately affect small and medium-sized businesses, especially those with female owners.
Traditional banks are making issues worse by identifying a large number of loan applicants as high-risk and lacking in collateral.
The financial institutions are also constrained by a lack of readily available low-cost funding and problems satisfying the requirements of international correspondent banks.
Through initiatives like the IFC’s Africa Trade Recovery Initiative, Nigeria, and the other three nations can seize the opportunity by broadening the pool of companies that have access to trade credit.
In order to implement the African Continental Free Trade Area (AfCFTA), it is also necessary to increase the ability of local bankers and businesses, develop the ties between international correspondent banks, and support decision-making with better data and analytics.
“Trade finance is the indispensable oil for trade, and the WTO is proud to be part of an effort to provide evidence-based solutions to help close the trade finance gap.”
“At the WTO, we are happy to act as a conduit for a dialogue on trade finance, bringing together governments, banks, SMEs, and professional organizations. We look forward to partnering with financial institutions to transfer this knowledge locally,” the WTO Director-General Ngozi Okonjo-Iweala expressed.
In a Facebook post to celebrate farmers, he said this will aid in reviving the economy, particularly when the country is experiencing financial crisis.
“I urge government to prioritise agribusiness and support with favourable financing for farmers and all actors in the agricultural value chain,” he noted.
He argued that, given the downgrades by International Rating Agencies, it is appropriate for the government to fund farmers and agriculture.
“With Ghana’s economy at the brink of collapse, as proven by Rating Agencies through their unending downgrades, and the hardship it has brought to many homes, this is the time for government to begin to take farmers and farming-related businesses seriously. The surest way we can reduce imports, strengthen the struggling cedi, and save Ghana’s economy,” he added.
In a statement issued on Tuesday, Moody’s said that the country’s credit rating has been downgraded by two stages to Ca, the second-lowest rating.
“The Ca rating reflects Moody’s expectation that private creditors will likely incur substantial losses in the restructuring of both local and foreign currencies debts planned by the government as part of its 2023 budget proposed to Parliament on 24 November 2022. Given Ghana’s high government debt burden and the debt structure, it is likely there will be substantial losses on both categories of debt in order for the government to meaningfully improve debt sustainability,” Analysts Lucie Villa and Marie Diron wrote in the statement.
Meanwhile, President Akufo-Addo has pledged to uphold Ghana’s agriculture industry as one of his top priorities.
Speaking at the 2022 National Farmers’ Day celebrations on Friday, December 2, he said his administration has so far made a significant number of investments in the industry to assist him in achieving his objectives.
“Agriculture will continue to remain a top priority of my government. The massive investments made in the sector attest to this fact. The positive narrative about the government’s support to the agriculture sector is that, unlike several other countries.
“Ghana is better prepared, and has demonstrated resilience to the current adversities threatening to destabilise our food systems. This has been possible because of the sound, pragmatic policies and programmes rolled out at the inception of my stewardship,” he added.
On Friday, December 2, all 16 regions participated in the commemoration of National Farmers Daywhich took place in Koforidua, Eastern Region.
Farmers were recognized at the ceremonies with awards for their steadfast efforts over the years in advancing agriculture in the nation.
This occurred on November 24, 2022, roughly a week after he presented the 2023 budget statement to the legislature.
It is anticipated that the government’s projected debt restructuring program’s specifics would be revealed by Finance Minister Ken Ofori-Atta.
Before the presentation, Moody’s Investor Services issued a warning that the government’s anticipated debt restructuring program is likely to cause private creditors and investors to suffer significant losses on their investments.
According to the firm’s latest verdict on Ghana from an earlier Caa2 rating to Ca rating which is a further junk territory, it expects that the debt restructuring programme will impact both local and foreign currency holders.
Meanwhile, the finance minister Ken Ofori-Atta has also come under a lot of backlash and pressure from both within and outside his party, the New Patriotic Party (NPP), to either resign or be sacked by President Nana Addo Dankwa Akufo-Addo over his handling of the economy.
Defending world champions, France are through to the quarter-finals of the 2022 FIFA World Cup.
The European giants on Sunday afternoon locked horns with Poland in the third match of the Round 16 games.
In a game where Poland defended most of the time, France did not score until the 44th minute.
Talented PSG star Kylian Mbappe assisted Olivier Giroud to score to give France a deserved lead to take into the break.
That equalizer has seen Olivier Giroud becoming the all-time top scorer of the defending World Champions after surpassing the great Thierry Henry.
Later in the second half of the match, France doubled their lead in the 74th minute.
This time around, Kylian Mbappe found the back of the net with an assist from Dembélé. In stoppage time, the forward was presented with another chance and scored to make it 3-0 for France.
Mbappe now has five goals in the 2022 FIFA World Cup and is in the race for the golden boot award.
With Robert Lewandowski converting a penalty kick in the dying minutes, Poland pulled one back while succumbing to a 3-1 defeat at full time.
Courtesy of the win, France are through to the last eight stages of the world cup and will face the winner of the tie between England and Senegal.
A letter circulating on social media alleged that the Driver and Vehicle Licensing Authority (DVLA)had been authorised to collect an annual levy imposed on luxury vehicles with high engine capacities.
In response, the GRA has urged the public to disregard the claim, describing its contents as false and stating that no luxury vehicle charges have been authorised.
“The attention of the Ghana Revenue Authority (GRA) has been drawn to a purported letter from the authority being circulated on social media titled ‘Implementation of Luxury Vehicle Levy’.
.“GRA wishes to inform the general public that this publication was not issued by the authority and its contents are completely false No levies have been imposed on luxury vehicles and neither is the DVLA authorised to collect such levies”.
They further cautioned those spreading the false information to desist from doing so.
Meanwhile, investigations are currently being carried out into the source of this misleading information, and the GRA has assured that persons found to have deliberately fabricated and circulated this information “will be sanctioned appropriately.”
The Authority has advised customers and the public to verify information on taxes and levies or any information relating to the authority by contacting them on 0800-900-110, on info@gra.gov.gh, or by WhatsApp on 0552 990 000 and 0200 631 664.
The Ministry of Finance (MOF)stated in a public notice dated July 2018 and distributed by the Public Relations Unit that the Ghanaian Parliament passed a law on the luxury vehicle levy to impose an annual levy on vehicles with large engine capacities.
According to the notice, the law’s implementation began on Wednesday, August 1st, 2018.
Also, an official press release from the Ghana Revenue Authority dated December 1, 2022 noted that the Parliament of the Republic of Ghana has passed the Luxury Vehicle Levy to impose an annual levy on vehicles with high engine capacities and further said the implementation of the law takes effect from Friday, October 21, 2022.
The 2022 edition of Art Basel’s Miami Beach fair was celebrated on Friday with a party at Wayne and Cynthia Boich’s private mansion. The star-studded affair featured a guest list that included A-listers such as Leonardo DiCaprio, Kim Kardashian, Kylie Jenner, and Serena Williams.
As reported by HotNewHipHop, 50 Cent delivered not one but two performances for the packed house. You can thank the Kardashians for 50’s bonus performance.
The hip-hop mogul kicked the night off with a 45-minute set that saw him run through some of his biggest hits, including “Candy Shop,” “Just a Lil Bit,” “P.I.M.P.,” “In Da Club” and “Disco Inferno.” Later on, Fif ran into Kim and Khloé backstage. After visiting with the family, Fif returned to the stage to treat the crowd to another performance.
“50 said he was headed out and [Kim and Khloé] responded, ‘Did we miss your set?,’ prompting the rapper to ask, ‘Do you wanna see it? Good, let’s go,’” a source told Page Six.
50 took to Instagram on Saturday to share photos of him with the Kardashians.
“About last night,” his post read. “This party was so crazy. I was leaving ran into this crew went back on stage and started over. LOL Good times!”
The goal of the initiative run by the African Environment Health and Pollution Management Programme (AEHPMP), a project of the Ministry of Environment, Science, Technology and Innovation and the Environmental Protection Agency (EPA), is to enhance the small-scale miners’ artisanal practices.
Michael Teye Amartey reports that the Africa Environmental Health and Pollution Management Programme is a World Bank sponsored programme aimed at reducing environmental health risks related to harmful chemicals and waste by strengthening institutional partnerships and building capacities in pollution management in some selected African countries including Kenya, Senegal, Tanzania, Zambia and Ghana.
In Ghana it is, being implemented by the Ministry of Environment, Science, Technology and Innovation.
The Eastern Regional Director for Environmental Protection Agency, Mr. Felix Addo- Okyireh urged the miners to stop drinking local gin popularly known as Akpeteshie, milk, soda drinks and eating hot pepper to treat effect of mercury since it has no scientific prove.
The Deputy Executive Director of EPA, Mr. Ebenezer Appah-Sampong disclosed that Artisanal and small-scale gold mining is estimated to be responsible for over 700 tonnes of mercury emissions to the atmosphere annually.
He said mercury exposure and contamination has serious health implications on affected persons including tremors and sleep disorders.
The Eastern Regional Women Coordinator for Small Scale Miners, Madam Susan Dankwa Titi called for more awareness sessions unsafe Mining practices.
The Chief of Bunso, Osabarima Abiam Brakatu said the menace of unregulated use of mercury in small-scale mining in the country is a concern for traditional rulers since such activities find their roots in communities where resources are put in the hands of Chiefs to ensure their development.
He is pleased that Ghana is joining forces with four other countries to address pollution from mercury use in small-scale gold mining and mismanagement of e-waste that are posing serious risks to human health and the environment.
With Avatar: The Way of Water hitting theaters later this month, The Weeknd has teased new music tied to the soundtrack for the sequel to 2009’s Avatar.
The Weeknd took to social media Sunday morning and posted a video with an audio snippet alongside Avatar’s signature logo. The caption shares the date “12.16.22,” which is the release date for the JamesCameron-directed film.
The official Twitter account for the new Avatar movie subsequently confirmed the collaboration, sharing a video in which the account hits the follow button for the Weeknd. “#AvatarTheWayOfWater x @theweeknd,” the captioned read.
Avatar producer Jon Landau followed suit, posting a photo of himself and the Weeknd alongside a caption that read: “As the Na’vi say, ‘Zola’u nìprrte’ soaiane Avatar’… Welcome to the Avatar family.”
Avatar: The Way of Water will star original cast members Sam Worthington as Jake Sully, Zoe Saldaña as Neytiri, Sigourney Weaver as Dr. Grace Augustine, and Stephen Lang as Colonel Miles Quaritch.
Joining the cast are Kate Winslet, Michelle Yeoh, Edie Falco, Vin Diesel, and Oona Chaplin, among others.
The official synopsis is as follows: “Set more than a decade after the events of the first film, Avatar: The Way of Water begins to tell the story of the Sully family (Jake, Neytiri, and their kids), the trouble that follows them, the lengths they go to keep each other safe, the battles they fight to stay alive and the tragedies they endure.”
The Black Stars crashed out of the Qatar tournament on Friday after Ghana lost 2-0 to Uruguay in the final Group H match of the tournament.
In his statement today, Sports Minister Mustapha Ussif has commended Ghanaians for giving massive support to the Black Stars at the World Cup.
“We are also impressed by the united and patriotic manner Ghanaians came together to offer the Black Stars their unflinching support. Football, the World Cup, and the Black Stars, brought the nation together beautifully as one people,” the Minister said in his statement on Sunday.
Read the full statement below:
STATEMENT BY THE MINISTRY OF YOUTH AND SPORTS ON THE PARTICIPATION OF THE BLACK STARS AT THE QATAR 2022 FIFA WORLD CUP
After our spirited performances in our first two group matches of the Qatar 2022 FIFA World Cup, Ghana’s campaign, has unfortunately ended, following the Black Stars’ defeat to Uruguay in our final group match.
Our target, going into the World Cup, was to progress from our group to the next round, and then continue our charge in the knockout stage, to better our impressive record in the World Cup.
Having put in all efforts, including financial, logistical and technical support towards our preparations, we were all confident our young team would be able to realise our national aspiration of going very far in the competition.
Indeed, the Black Stars won the hearts of many Ghanaians, as well as fans across the globe, with their spirited fightback against Portugal, and hard-fought victory over South Korea. Eventhough we fell short at the most crucial stage and bowed out of the competition in disappointment, we take solace in the lessons learnt, and the positives, especially the promising delivery of our young team.
We are also impressed by the united and patriotic manner Ghanaians came together to offer the Black Stars their unflinching support. Football, the World Cup and the Black Stars, brought the nation together beautifully as one people.
In the midst of global economic challenges, which had limitations to our finances, corporate Ghana responded remarkably to the Ministry of Youth and Sports’ fund-raising initiative to support the team, as well as President Akufo-Addo’s personal appeal for financial support. We are grateful to all corporate institutions for their kind and timely support, which contributed immensely not only towards the team’s qualification and preparations, but also made it possible to send a few Ghanaians to cheer on the team.
As a Government, we will not relent in our efforts towards sustainable sports development, to ensure that all our respective national teams, including the Black Stars, reach the height we desire.
For the Black Stars in particular, the Ministry of Youth and Sports will continue its partnership with all stakeholders, including the GFA, for a thorough review of the Black Stars’ World Cup campaign in Qatar, and the way forward.
Once again, we are grateful to all, for your diverse contributions towards the Black Stars’ 2022 World Cup campaign; from the qualifying series, to our last match on Friday, December 2, 2022.
President Akufo-Addo has defended the government’s decision to raise funding for its Free Senior High School (SHS) policy.
Despite the nation’s economic difficulties, the budgetary allocation for the policy’s implementation has increased from GH₵2.3 billion to GH₵2.96 billion, signifying a 28.6 percent increase.
Speaking at the 70th Anniversary of Opoku Ware School in Kumasi last week, President Akufo-Addo argued that the policy has proven to be most effective following the results from the past two West African Senior School Certificate Examination (WASSCE) for the past two years.
“The 2022 WASSCE results of the third batch of Free SHS graduates show 60.39 percent of students recording A1-C6 in English as opposed to 51.6 percent in 2016. 62.5 percent recording A1 to C6 in Integrated Science in 2022 as opposed to 48.35 percent in 2016 with this year’s results being a slight regression from the 2021 pass rate of 65.7 percent”, he said.
He continued touting the efficiency of the policy, stating that “61.39 percent recorded A1 to C6 in Mathematics as compared to 33.12 percent in 2016 and 71.5 percent recorded A1 to C6 in Social Studies as compared to 54.5 percent in 2016.”
“Lest we forget the 2021 batch of students who also obtained very commendable results were the pioneers of the double track system which elicit a lot of vilification and unfounded criticism on its introduction,” the President added.
The government seeks to give full effect to Sustainable Development Goal (SDG) 4, which is to ensure inclusive and equitable quality education and promote lifelong learning opportunities for all, with the Free SHS Policywhich was implemented in 2017.
Goal 4, Target 1 of the SGD also states that “by 2030, all boys and girls complete free equitable and quality primary and secondary education leading to relevant and effective learning outcomes”.
The policy has somehow removed cost barriers through the absorption of fees and the provision of core textbooks.
Currently, the government is working to expand physical school infrastructure and facilities to accommodate the expected increase in enrolment.
According to reports, as of January this year, SHS enrolment has reached more than 1.2 million students since the implementation of the government’s flagship educational policy.
However, in July 2022, Deputy Director-General of the Ghana Education Service (GES), Anthony Boateng, noted that some 22,000 students offered admission to SHS each year are unable to go to school since their parents are not capable of buying them chop boxes, trunks and other basic needs to take up the admission offered them.
“There are people in this country whose daily incomes are less than GH₵30, and under the free SHS, there are 22,000 qualified students who always cannot take up their places at SHS because they cannot buy chop boxes, trunks, and other basic needs for them to go to school. This is how serious the situation can be,” he said.
As Ghana restructures its debt in order to be eligible for a loan from the International Monetary Fund, it is requesting that local bondholders endure interest payment losses.
In the video that was broadcast late Sunday on the Ministry of Information’s page, he stated that the yearly coupon on all of the new bonds will be set at 0% in 2023, 5% in 2024, and 10% from 2025 until maturity.
Semi-annual coupon payments will be made.
“There will be no haircut on the principals of bonds,” he said on the local-debt restructuring. “External debt restructuring parameters will be presented in due course,” Ofori-Atta said.
Ghana is negotiating a $3 billion program with the IMF after being shut out of international debt markets amid a selloff of its dollar bonds that lifted yields to distressed levels. The cedi is the world’s worst-performing currency against the dollar this year, raising the cost of servicing loans.
While the world’s second-biggest cocoa producer has no dollar debt maturing until July 2023, it faces 43.5 billion cedis ($3.1 billion) in domestically-sold local-currency bonds maturing through the end of June, according to data compiled by Bloomberg. On top of that, it has $663 million coupon payments on dollar debt.
The Bank of Ghana and other financial regulators will ensure that impact is “minimized,” Ofori-Atta said. He said that the government is also putting together a financial stability fund with development partners to provide liquidity support to banks, pension funds, insurance companies, fund managers, and collective investment schemes.
Treasury bills will be excluded from the local-debt restructuring to protect small investors and individuals, according to Ofori-Atta.
Ken Ofori-Atta outlines Domestic Debt Exchange programme
Osei-Asare, who also serves as the Akufo-Addo administration’s Deputy Minister of Finance, emphasized the necessity of encouraging the nation’s thronging youth to start farms in order to feed the population and lower unemployment.
At the 38th Farmers’ Day celebration held in the town of Adasawase in the Atiwa East District of Eastern Region, the congresswoman remarked in a speech delivered on her behalf, “The agricultural industry is incredibly beneficial both economically and socially, so I encourage the youth to continue to delve into it.”
The MP also used the occasion to tout the government’s achievements in the agric sector through its flagship programmes assuring Ghanaian farmers of such initiatives and support when the 2023 budget is implemented.
“Through the one district one factory initiative (1D1F), the Government is working hard to add value to our farm produce in order to reduce post-harvest losses and generate more income…The government through the 2023 Budget Statement and Economic Policy will continue to support farmers, especially those who want to venture into commercial farming”, she said.
The occasion was heavily attended by Assemblymen, farmer groups, and officials from the Ministry of Food and Agriculture, traditional leaders, the clergy among others.
Farmers whose efforts were recognized were awarded. The MP for instance donated cutlasses, wellington boots, motorbikes, and cash prizes to the overall best farmer, best youth farmer, and best woman farmer.
Footballs, jerseys, and a cash prize were also given to the best school that ventured into farming.
This year’s Farmers’ Day was held in all 16 regions across Ghana under the theme: “Accelerating Agricultural Development through Value Addition”.
A collaboration between the Ghana Police Service and the Ghana Immigration Service has resulted in the interception of some 981 sacks of compressed substances purported to be marijuana at Liero, near the Burkina Faso border.
According to a statement from the Ghana Immigration Service, a patrol team acting on intelligence raided the home of the suspect.
The statement added that the search conducted discovered that most of the rooms in the house had sacks of the suspected marijuana.
It further stated that the 981 sacks have been handed over to the Hamile Border Post for further interrogation.
“The respective state security agencies would be invited to analyse the exhibits to ascertain the veracity of our deep suspicion about what the substance actually is.
“In the meantime, frantic efforts are being made to apprehend persons connected to the ceased substance to aid in the investigation and appropriate action.”
Meanwhile, the Hamile Border Post Commander, Chief Supt. Owusu Ansah commended the residents who aided in the seizure and urged all and sundry to help the police put an end to the menace.
“Whereas we appreciate the impeccable rapport with the locals, we wish to respectfully inform the few unrepentant ones not to stand in our way. They must either change or we change them, the middle ground is not an option,” he added.
On the other hand, the Narcotics Control Commission (NACOC) has announced that it has uncovered potential narcotics drugs worth US$1.4 million at Accra’s Central Post Office.
A statement, signed by NACOC’s Head of Public Affairs and International Relations Department, revealed that some five brown boxes had the Ghana Post’s logo.
The Commission added that 150 packets of coffee labeled “Café Naijar Classic” were contained in each package, which was designed for the United Arab Emirates.
However, it added that the Ghana Standards Authority has received the samples of the illicit drugs while investigations proceed.
Emancipation producer Joey McFarland issued an apology on Sunday for bringing the original photograph of “Whipped Peter” to the film’s premiere in Los Angeles last week.
“I wholeheartedly apologize to everyone I have offended by bringing a photograph of Peter to the ‘Emancipation’ premiere,” McFarland wrote via Instagram. “My intent was to honor this remarkable man and to remind the general public that his image not only brought about change in 1863 but still resonates and promotes change today.”
In Emancipation, the character Peter (Will Smith) is inspired by “Whipped Peter,” which shows the scarred back of an escaped slave during a medical exam at a Union Army encampment in Louisiana. McFarland explained at the premiere why he brought the photo with him, saying, he “wanted a piece of Peter to be here tonight.”
After uncovering Peter’s origin story with help from diligent historians, I spent the last few years working with the Emancipation creative team in order to bring his story to life so worldwide audiences would have an opportunity to appreciate his heroism,” McFarland wrote. “I hope my actions didn’t distract from the film’s message, Peter’s story and just how much impact he had on the world.”
Following the film’s first screening, Smith said he’s turned down several film roles centered around slavery in the past, but there was something about the story of Peter that made him reconsider his long-standing stance.
“This is a film about the heart of a man—what could be called the first viral image,” Smith explained.
“Cameras had just been created, and the image of whipped Peter went around the world. It was a rallying cry against slavery, and this was a story that exploded and blossomed in my heart that I wanted to be able to deliver to you in a way that only Antoine Fuqua could deliver.”
While cementing his status as the most decorated olympian of all time with 23 goldmedals, Michael Phelps has never shied away from embracing his pothead reputation.
A few months after winning a record eight gold medals at the 2008 Beijing Olympics, Phelps’ love of weed went viral after the swimmer was captured hitting a bong while partying at the University of South Carolina. As a result, Phelps secured his place among the greatest athlete stoners ever.
And so, it’s hardly surprising to learn that Phelps has smoked with one of hip-hop’s legendary stoners, Wiz Khalifa. In a recent appearance on Spotify’s Rap Caviar podcast, the Taylor Gang CEO discussed what it was like to smoke weed with Phelps, as he compared the swimmer’s lungs to Aquaman’s.
“I just smoked with Michael Phelps. That was pretty cool. And he was super chill,” Wiz shared. “He just kept walking up to me like, ‘This weed is amazing.’ He was like, ‘I feel like I’m floating!’ And I wanted to make a swimming joke but I was like, I’m just gonna keep that to myself, bro.”
He added: “That dude’s got like, Aquaman’s lungs, bro. The weed inhale – he’s smoking a joint like in two puffs.”
Today, December 4, 2022, he discussed several actions in relation to, among other things, Treasury Bills, other domestic bonds, etc., during a press briefing.
“T-bills are secure.
The Ghanaian government has completely exempted Treasury Bills from any debt sustainability scheme.
At maturity, you will receive your entire value “said the finance minister.
Under DDE, he explained that domestic debt holders will be asked to exchange their instruments with new ones. Existing domestic bonds as of Dec. 1 will be exchanged with four new bonds maturing in 2027, 2029, 2032 and 2037.
“Government’s commitment in line with International Monetary Fund negotiations is to restore macroeconomic stability in the shortest possible time and enable investors to realise benefit of the DDE,” he added.
Government, he added, was working hard to minimize the impact of debt exchange of investors holding government bonds particularly small investors, individuals and other vulnerable groups.
The following measures were thus announced:
• Treasury Bills are completely exempted and all holders will be paid the full value of their investments on maturity.
• There will be NO haircut on the principal of bonds.
• Individual holders of bonds will not be affected.
President Akufo-Addohas said that his administration will continue to place a high priority on the country’s agricultural sector.
Speaking at the 2022 National Farmers’ Day celebrations on Friday, December 2, he asserted that in order to achieve his goals, his administration has already made numerous investments in the sector.
The National Farmer’s Day celebrates farmers and fishermen for their immense contributions towards nation building.
Per reports, at least 20 to 3o% of the nation’s total revenue is derived from the agricultural sector.
According to the president, in 2016, his outfit acquired maize and rice production levels of 1.7 million metric tonnes and 665,000 metric tonnes, respectively.
“Agriculture will continue to remain a top priority of my government. The massive investments made in the sector attest to this fact. The positive narrative about the government’s support to the agriculture sector is that, unlike several other countries.
“Ghana is better prepared, and has demonstrated resilience to the current adversities threatening to destabilise our food systems. This has been possible because of the sound, pragmatic policies and programmes rolled out at the inception of my stewardship,” he added.
Touching on the Planting for Food and Jobs (PFJ) programme, he stated that the initiative has enabled Ghana to achieve food security, and for that reason, the country is well poised to deal with challenges that may undermine food production.
He lauded farmers, fishers and other value chain participants for embracing the project as well as playing significant roles in making it a success.
“The credit must go to our gallant farmers, fishermen, and value chain actors who embraced the PFJ policy and leveraged the opportunities created by the enabling environment for agricultural development.”
“Our flagship programme, Planting for Food and Jobs (PFJ), with its focus on improving farm productivity, through the use of technology on farms, has succeeded in increasing our food security, and opened up new opportunities for diversifying our agricultural exports by promoting six (6) tree crops for future substantial foreign exchange earnings.”
In order to discourage the price hikes of commodities on the market, the government set up the PFJ Market, which transports goods from agricultural regions and farm gates to the capital city, Accra, for sale at lower costs.
The project consists of five implementation components: food crops, Planting for Export and Rural Development (PERD), greenhouse technology villages, and Raising for Food and Jobs (RFJ).
Treasury bills and individual bond holders will not be subject to investment haircuts, according to the government, as the nation intends to implement a domestic debt exchange program.
Ken Ofori-Atta indicated that domestic bond holders will be required to swap their securities for new ones under the program in a video message published on December 4, 2022.
He also said there will no haircuts on the principal bonds of investors under the domestic debt restructuring programme.
“Existing domestic bonds as of December 1, 2022, will be exchanged for a set of four new bonds maturing in 2017, 2029, 2032 and 2037,” he noted.
“The annual coupon on all of these new bonds will be set at 0% in 2023, 5% in 2024 and 10% in 2025 until maturity. Coupon payments will be semi-annual,” Ken Ofori-Atta explained.
The Finance Minister in the 4-minute address said the move was in line with government’s Debt Sustainability Analysis as contained in the 2023 budget he presented to Parliament on November 24.
Ken Ofori-Atta outlines Domestic Debt Exchange programme
On Sunday, December 4, 2022, in the Greater Accra area, he gave an interview after preaching at the God’s Love Presbyterian Church’s 10th Anniversary celebration in Satellite, Kutunse.
Since the President said that we are in a crisis, we have not been treated as such. When you are in abnormal times, you don’t use regular standards.
“If the President admits that we are in crises, we want to see that . . . now our confidence level is low.
“We have reached a point where we are calling for collective responsiblity, approaches towards a crises,” he said.
“. . with where we have reached now it is not about the NPP is in power, it won’t help, let us listen to every Ghanaian, the crises affects everbody and not only NPP members . . . people are really suffering,” he told UTV in an interview.
“We need a more visible approaches calling for collective response, and humbly I want to say we are not seeing that,” he said.
He said the President should listen to the masses and stop the situation whereby the party in power feels it is the only one that can solve the current economic situation.
“Senchi consensus approach was good, if the current government would use it during this difficult times it would be to the benefit of all of us . . .”
From May 12 – 15, 2014, 140 Ghanaians drawn from organized labour, Ghanaian private sector, professional associations, financial institutions, security services, traditional leaders, political parties, parliamentarians, the clergy, policy think tanks, academia, civil society, and government ministries met in Senchi in the spirit of our shared interest and commitments for Building a National Consensus for Economic and Social Transformation as well as our collective pursuit of inclusive and sustainable development.
God’s Love 10th Anniversary
The God’s Love Presby Church since the launch of its anniversary committes on 7th November, 2021, has undertaken various activities in a year long program which was climaxed today, December 4, 2022.
Some of the activities included: Business Seminar on the 7th January, 2022, a visit on the 8th January, 2022 to the Rhema Orphanage and Rehabilitation Center, championed by the Young People’s Guild (YPG) with sports activities and special donation of various items by the church. Also the YPG organized a vocational training on the said date for the children in handy-crafts.
The church also visited the Dzorwulu Special School on 5th February, 2022 to make presentations of various items.
The Pulpit Ministry for Children’s Service, Evangelism Float, Bible Quiz, Basel Day, Flash Sales and Food Bazaar. Health Screening was organized at the Gatsikope Park by the Congregation in partnership with the M&D Medical Centre.
All of these was to acknowledge God’s Love for humanity.
Present at the celebration was the Chief of Kade and Chairman for the Thanksgiving Service, Nana Osabarima Agyare Tenadu II, Member of Parliament (MP) for Amasaman Constituency, Hon. Akwasi Owusu Afrifa-Mensa, Chief of Kutunse, Nii Noi among other dignitaries.
Farmers across the country who are engaged in cocoa production will, before the end of the 2022/23 crop season, have a pension plan when they retire.
President Akufo-Addo announced this last Friday at Koforidua in the Eastern Region when he attended the 38th National Farmers’ Day celebration.
“I am happy to announce, again, that the CMS is ready, setting in motion the processes of rolling out fully the much-anticipated cocoa farmer’s pension scheme,” the President said.
These farmers, through the Cocoa Management System (CSM), will be provided a decent pension after a minimum of five years of contribution. It is a “mandatory pension scheme,” President Akufo-Addo noted.
The theme for this year’s Farmers’ Day Celebration was “Accelerating Agricultural Development Through Value Addition”.
The CSM, an integrated cocoa farmer database, that includes the development of a software data system, a census of all cocoa farmers in Ghana, as well as mapping of all farms, will ensure the availability of accurate information on land size, geographic locations, population, and the records of cocoa farmers and farms in Ghana.
Meanwhile, President Akufo-Addo has for the umpteenth time charged Ghanaians, particularly farmers, to be committed to the fight against galamsey.
“Fellow Ghanaians, the sustainability of the cocoa sector is contingent on how effectively we are able to fight the devastating effect of the illegal mining menace ‘galamsey.”’
“All of us, farmers and citizens, have a collective responsibility to bring this environmental canker to a halt if we do not want to ruin the inheritance our forefathers bequeathed us,” he added.
The activities of illegal miners are destroying water bodies and forest reserves.
It has emerged that Ghana’s cocoa production is under threat as some farmers have given out their farms to illegal miners in order to earn more money.
Some individuals are pleading with the National Communications Authority (NCA) and the Ministry of Communications and Digitalization for more time to register their SIM cards after having their SIMs disabled.
Members of the Ghana Chamber of Telecommunications, AirtelTigo, MTN and Vodafone, started deactivating some categories of SIM cards from Wednesday November 30.
One affected network user told the media about his experience using a disabled SIM and urged the NCA to give Ghanaians the time and space to register at their own pace.
“We are humans for Christ’s sake, give us time and space so that in our own time we can get this thing registered and nobody will even complain,” he noted.
According to the Chamber, since November 20, 2022, its members have blocked data services for subscribers who have followed the Ministry’s instructions for stage 1 (linkage to the Ghana Card) but not stage 2 (biometric capture) of the SIM registration process.
“Our members are obliged by the directive to completely deactivate all subscriber SIMs which have not completed the biometric capture registration by the close of business today, November 30, 2022.”
“It is imperative that the cherished customers of the networks are not barred from using voice, data, USSD, mobile money services and access to emergency services among others. Subscribers with Ghana cards can avoid this inconvenience by completing the registration process, that is stage 2 (biometric capture).”
“Our members remain committed to supporting the efforts of all stakeholders to ensure that every customer in every part of the country is able to register their SIM card(s) with the Ghana card. We urge all subscribers to note that all network services for those who have done only the first stage registration will be deactivated by close of business today, 30th of November 2022.”
The Ministry of Communications and Digitalization announced in November that subscribers who had linked their Ghana cards and SIM cards but had not completed the biometric data registration would have their SIM blocked after November 30.
Prior to this, on November 22, all data services for such subscribers were deactivated to encourage them to register.
More than 10 million network subscribers have had their SIM cards blocked after the November 30 deadline.
Subscribers whose SIMs would be blocked have up to 6 months to register their SIMs, they risk having their SIMs churned out.
Speaking on Sunday, December 4, 2022, at the God’s Love Presbyterian Church’s 10th Anniversary celebration at Satellite-Kutunse in the Greater Accra area, he urged the church should do more to help its financially’sick’ members.
He claimed that the current financial crisis was not comparable to the COVID situation but might even be worse than the lethal epidemic.
He said people with chronic diseases like hypertension and diabetes and on drugs are unable to afford their medications due to the high cost of these prescriptions.
“Some of these drugs have jumped from GHc 200 to GHc 400 and GHc 100 to GHc200 per month and there is no help coming from anywhere . . . if the church do not come in early they can’t buy them . . .” he told UTV.
“Otherwise, by the time we get out of this crisis, most of our members if not dead would be heavily saddled with high sugar levels and BP,” he said.
He said the economic situation as even admitted by the President is very challenging and the onus lies on the church to assist.
“We have to ask ourselves as a church what we can do to support our members in these difficult times,” he said.
God’s Love Presby 10th Anniversary
10th Anniversary celebration of the church was on the theme; “Celebrating a Decade of Manifesting God’s Love to all people (John 15:12)”.
The God’s Love Presby Church since the launch of its anniversary committes on 7th November, 2021, has undertaken various activities in a year long program which was climaxed today, December 4, 2022.
Some of the activities included: Business Seminar on the 7th January, 2022, a visit on the 8th January, 2022 to the Rhema Orphanage and Rehabilitation Center, championed by the Young People’s Guild (YPG) with sports activities and special donation of various items by the church. Also the YPG organized a vocational training on the said date for the children in handy-crafts.
The church also visited the Dzorwulu Special School on 5th February, 2022 to make presentations of various items.
The Pulpit Ministry for Children’s Service, Evangelism Float, Bible Quiz, Basel Day, Flash Sales and Food Bazaar. Health Screening was organized at the Gatsikope Park by the Congregation in partnership with the M&D Medical Centre.
All of these was to acknowledge God’s Love for humanity.
Present at the celebration was the Chief of Kade and Chairman for the Thanksgiving service, Nana Osabarima Agyare Tenadu II, Member of Parliament(MP) for Amasaman Constituency, Hon. Akwasi Owusu Afrifa-Mensa, Chief of Kutunse, Nii Noi among other dignitaries.
Senegal head coach Aliou Cisse says his side were missing two or three players who could have made a difference including star striker Sadio Mane following their 3-0 defeat to England in the round of 16 of the 2022 World Cup in Qatar on Sunday.
Mane missed the tournament due to an injury he picked prior to the start of the global showpiece.
England opened the scoring through Jordan Henderson before Harry Kan scored his first goal of the tournament to double their advantage. Bukayo Saka put the icing on the cake after converting Phil Foden’s cross in the 57th minute to seal a comfortable win for Gareth Southgate’s side.
“We have worked for years to be the best in Africa but we were facing one of the top five teams in the world and we saw the difference tonight,” said Cisse after the game.
“We have been trying hard to reach this level and we need to continue to ensure that at the next World Cup we can play better against a team of this calibre.”
Parliament will on Wednesday, December 21, adjourn its third meeting this year which began on October 25.
This was revealed by Majority Leader and Leader of Government Business in Parliament, Osei Kyei-Mensah-Bonsu when he presented the business statement for the week ending Friday, December 9.
The House will sit today, to enable the expeditious consideration of the budget estimates and the passage of the Appropriation Bill.
To enable the various ministries to receive the budget allocated to them, Parliament has to first approve the 2023 budget statement and economic policy presented to the House by Finance Minister, Ken Ofori-Atta on November 24.
Prior to returning from recess on Tuesday, October 25, Parliament’s Director of Public Affairs, Kate Addo, announced that 66 bills would be laid before the House.
These bills included the Affirmation Action Bill, 2022, the Minerals and Mining (Amendment) Bill, 2022, the Ghana Housing Authority Bill, 2022, the Small Scale Mining Bill, 2022 and the Petroleum Revenue Management (Amendment) Bill, 2022.
She had also mentioned that a private members’ bill which was referred to the Council of State will also be presented before the House.
Eleven bills are at the committee level, of which seven (7) are public bills and four (4) are private member bills.
They include the Interstate Succession Bill, 2022, which was before the Constitutional, Legal, and Parliamentary Affairs Committee, and the Armed Forces (Amendment) Bill, 2022, before the Committee on Defence and Interior.
The rest are the Promotion of Proper Human Sexual Rights and Ghanaian Family Values Bill, 2021 (Committee on Constitutional, Legal, and Parliamentary Affairs) and the Criminal Offences (Amendment) Bill, 2021 (Committee on Constitutional, Legal and Parliamentary Affairs).
Meanwhile, the maiden Africa Open Parliament Index by the Parliamentary Network Africa (PNAfrica) and the Ghana Parliamentary Monitoring Organisations Network (GPMON) has revealed that Ghana is leading in parliamentary openness in the West African subregion.
The Africa Open Parliament Index (OPI), is a tool that seeks to periodically measure the level of openness of legislative assemblies on the continent.
The OPI uses the three criteria of Open Parliament: Transparency, Civic Participation and Public Accountability, to assess Parliaments across Africa.
This was revealed in a statement issued by the Ghana Registered Nurses and Midwives Association (GRNMA) on Friday, December 2, 2022.
The Ghana Registered Nurses and Midwives Association (GRNMA) at the hospital had declared a strike last week in response to the Ashanti Regional Director of the National Service Secretariat, Mr Alex Opoku Mensah’s (NSS) verbal attack on one of its members.
However, the GRNMA, even before the strike could materialise, announced its decision to call off the strike.
According to GRNMA, this is to give the committee appointed by the National Service Secretariat enough time to examine Mr Alex Opoku Mensah’s actions.
A 72-hour ultimatum was given to the government to dismiss Mr Opoku Mensah after he was heard in a viral audio exchanging harsh words with a lady who is reportedly a nurse at the Manhyia District Hospital, where his daughter is also undergoing horsemanship training.
It is alleged that the house officer needed to update a patient’s prescription order by logging into the e-health system.
For that reason, the nurse asked the house officer to rectify the error, but that did not sit well with Mr Opoku and his daughter.
Following the incident, the leadership of the Ghana Registered Nurses and Midwives Association asked nurses at the hospital to lay down their tools from Friday, 2nd December 2022 if the NSS boss is not sacked.
The one-day strike halted operations at the hospital, per reports, some patients were freed to continue their care at home while others were transferred to other hospitals.
Mr. Bentil brought out the gap between employees on the single-spine compensation structure and officeholders under Article 71 when speaking on the Joy Newsfile show.
He continued by saying that the nation’s political elite has consistently failed to address the issue of public sector wages.
“So if you take the civil and public servants, the government workers, whatever we’re paying them, if they were producing well enough, it will not be a net loss to you, it won’t be a problem, it will be a fraction of what they’re making,” he added.
Kofi Bentil further emphasized that the political leadership must again be blamed for the low productivity in the public sector.
“It’s because of the leadership and the political messing up of that space. It’s because people are appointing political misfits into office. It is simply because the leadership there is poor at every level.”
There is a deadlock between government and the labour unions who are demanding over 60% increment in the base pay of civil and public servants.
A proposal by government to increase salaries by 18% has flatly been rejected by Organised Labour.
According to the labour unions, their demand is influenced by the current economic crisis and the depleting purchasing power of their current salaries.
Ghana, Cameroon and Tunisia failed to progress from the group stages while the African champions lost 3-0 to England on Sunday in the round of 16 stage on Sunday.
Morocco are the only African country left at the tournament and they take on tournament favourites Spain on Tuesday as they look to far in the competition.
“It is not easy to become world champions but in Africa infrastructure is improving,” he said after the game.
“We need more technical directors, we need to work on refereeing as well. You need all those things in place.
“We’ve made mistakes in the past. You can’t just do it overnight. In all countries in Africa there is a real sports policy in place. We have to keep that up if we want to win these tournaments.
In a 4-minute speech, he claimed that the declaration was consistent with the government’s Debt Sustainability Analysis, which was included in the 2023 budget he had earlier on November 24 presented to Parliament.
Among other things, the Minister outlined the replacement of four domestic bonds with existing ones, along with details on their maturities and coupon payment schedules.
In the Budget Statement presented to Parliament on November 24th, I announced that government will undertake a debt operation programme.
The broad contours of the Debt Sustainability Analysis has been concluded and I am here this evening to provide some details on Ghana’s Domestic Debt Exchange which will be launched tomorrow. External debt restructuring parameters will be presented in due course.
Under the Programme, domestic bondholders will be asked to exchange their instruments for new ones. Existing domestic bonds as of 1st December, 2022 will be exchanged for a set of four new bonds maturing in 2027, 2029, 2032 and 2037.
The annual coupon on all of these new bonds will be set at 0% in 2023, 5% in 2024 and 10% from 2025 until maturity. Coupon payments will be semi-annual.
Our commitment to Ghanaians and the investor community, in line with negotiations with the IMF, is to restore macroeconomic stability in the shortest possible time and enable investors to realize the benefits of this Debt Exchange.
The Government of Ghana has been working hard to minimize the impact of the domestic debt exchange on investors holding government bonds, particularly small investors, individuals, and other vulnerable groups.
In line with this:
• Treasury Bills are completely exempted and all holders will be paid the full value of their investments on maturity.
• There will be NO haircut on the principal of bonds.
• Individual holders of bonds will not be affected.
The Government recognizes that our financial institutions hold a substantial proportion of these bonds. As such, the potential impact of this exchange on
the financial sector has been assessed by their respective regulators.
Working together, these regulators have put in place appropriate measures and safeguards to minimize the potential impact on the financial sector and
to ensure that financial stability is preserved.
Specifically:
– The Bank of Ghana, the Securities & Exchange Commission, the National Insurance Commission, and the National Pensions Regulatory Authority will ensure that the impact of the debt operation on your financial institution is minimized, using all regulatory tools available to them.
– A Financial Stability Fund (FSF) is being established by Government with the help of development partners to provide liquidity support to banks, pension funds, insurance companies, fund managers, and collective investment schemes to ensure that they are able to meet their obligations to their clients as they fall due.
These are difficult times and we count on the support of all Ghanaians and the investor community to make the exercise successful.
We are confident that these measures will contribute to restoring macroeconomic stability. With your understanding and support and that of the entire investor community, we shall overcome our current difficulties, and with the help of God, put our economy back on the path of renewed and robust growth.
As 1st Samuel 30:19 says, nothing was missing, small or great. I say to you, nothing will be lost, nothing will be missing, and nothing will be broken. We will, together, recover all.
But reacting to that particular tweet, Economist and Political Risk Analyst, Dr. Theo Acheampong, explained that the view of Gabby and the Minister was misleading.
Quoting Gabby’s tweet that read: “There will be no haircut on the principal of your domestic bonds,” Mr. Acheampong clarified: “That’s NOT TRUE, boss.
“The Fin Min said treasury bills are protected (full redemption) but other local debt instruments (e.g. fixed dep., bank debt holdings) are to to be exchanged for 4 instruments with different maturity dates & coupon payments. So there are implicit haircuts!”
The other two key points in Ofori-Atta’s announcement relative to domestic bonds were: “Treasury Bills are completely exempted and all holders will be paid the full value of their investments on maturity,” and “Individual holders of bonds will not be affected.”
What Ofori-Atta said:
The Minister of Finance announced a number of measures under government’s Domestic Debt Exchange (DDE) programme late Sunday.
He stated in a 4-minute address that the announcement was in line with government’s Debt Sustainability Analysis as contained in the 2023 budget he presented to Parliament on November 24.
The Minister laid out among others the exchange of existing domestic bonds with four new ones as well as their maturity dates and terms of coupon payments.
He also addressed the overarching goal of the government relative to its engagements with the International Monetary Fund as well as measures to minimize impact of domestic bond exchange on different stakeholders.
“The Government of Ghana has been working hard to minimize the impact of the domestic debt exchange on investors holding government bonds, particularly small investors, individuals, and other vulnerable groups,” he said before outlining three main measures:
• Treasury Bills are completely exempted and all holders will be paid the full value of their investments on maturity.
• There will be NO haircut on the principal of bonds.
• Individual holders of bonds will not be affected.
Despite the praises Ajax midfielder, Mohammed Kudushas received for his performance for the Black Stars at the 2022 Fifa World Cup in Qatar, Frank Naro has decided to play the devil’s advocate.
The star caught the attention of many worldwide for mostly carrying the team in the times of difficulty, ultimately scoring 2 goals against South Korea.
Despite the praises Ajax midfielder, Mohammed Kudus has received for his performance for the Black Stars at the 2022 Fifa World Cup in Qatar, Frank Naro has decided to play the devil’s advocate.
The star caught the attention of many worldwide for mostly carrying the team in the times of difficulty, ultimately scoring 2 goals against South Korea.
But actor and musician, Frank Naro claims that wasn’t enough claiming the Black Stars and Ajax talent is a selfish player.
On a video call with blogger Zion Felix, Frank Naro admitted that Kudus is a good footballer but he was playing for himself and not the team.
He made it clear that he loves the young player and he will advise that he plays more for the team when he gets the ball instead of himself.
In addition to enabling anticipated expansion in the production sector, he claimed that the action will also ensure that the government increased revenue through production taxation where there is value addition.
“I think the budget as it is now has given us direction.
What connection exists between aggressive revenue mobilization and capacity building as we work to reach capacity?
At AGI, we think that when we reach this level, there must be pain before gain since it is a chicken-and-egg scenario.
“We believe to promote the industrialisation agenda that will go all the way back to correct the wrongs and informalities in the SMEs and create a saving culture and related matter, you might need to move from pre-production taxation to post-production taxation,” he said, speaking at the KPMG 2023 post-budget forum in Accra.
He explained that given the fact that most of the raw materials are not found in this country, the removal of pre-production taxes will give some leverage to the production sector.
“In the pre-production stage, currently you might not get all the raw materials you need in Ghana so they get imported; and one might have to pay all levies on the raw materials. However, if you excuse us from that tax and we pay it at the post-production after value-added stage, the revenue there will be higher than the primary stage.
“But government must deploy IT systems that can track everybody in the value chain who benefitted from the pre-production taxation,” he said.
“You might deliberately and consciously work with the productive sector so that you do not kill the sector that will lay eggs beyond the three-year IMF strategies. Also, working in parallel and reducing a bit of the pre-production taxation is key.
“If we do not consciously industrialise to pick up the structures of this economy and improve on them, the status quo will be the same,” he said.
For her part, Senior Lecturer at the Department of Economics-University of Ghana, Dr. Priscilla Twumasi Baffour, reiterated that there is a need to tackle the structural issues and challenges of local production which need to be catered for to be able to take up import substitution industrialisation.
She added that while many have touted how the IMF programme will help put the economy on a good pedestal, the country must own its game after the programme to prevent the cyclical pattern of bouncing back to challenging times.
“Hopefully, once we go under this programme and come out of it, we’ll be able to manage ourselves well so that we don’t repeat this cyclical pattern of every time the country does well under a fund-assisted programme, the moment we come out you find we are suffering because we do not tackle the structural issues. The challenges of local production needs to be catered for to be able to take up import substitution industrialisation,” she said.
The Narcotics Control Commission (NACOC) on Tuesday, November 29, reportedly discovered some suspected narcotics drugs worth US$1.4 million at Accra’s Central Post Office.
NACOC officials are said to have found the drugs in some five brown boxes with the logo “Ghana Post” at the post office, where each contained 150 packets of coffee marked “Café Naijar Classic,” intended for the United Arab Emirates.
According to a statement signed by NACOC’s Head of Public Affairs and International Relations Department, there were 93,600 tablets in 150 packets with an estimated street value of US$ 1.4 million.
It claimed that the tablets had tested positive for the narcotic substance amphetamine in a field test.
Meanwhile, samples of the exhibits have been sent to the Ghana Standards Authority for analytical review, and investigations are ongoing, according to the statement.
It gave the public advice to abstain from drug trafficking, which was illegal in accordance with Section 37 of the Narcotics Control Commission Act 2020. (Act 1019).
Essentially, it recommended people inspect the contents of packages before accepting custody, particularly around and before Christmas.
The Narcotics Control Commissionis mandated to reduce the availability of narcotic drugs in society at large by arresting and prosecuting cultivators, traffickers, peddlers, and users.
