Angola’s Attorney-General Helder Pitta Groz has confirmed that his country has issued an arrest warrant for former President Jose Eduardo dos Santos’ daughter, Isabel dos Santos, according to reports on the Angola24Horas website and the Angop website.
Mr Groz said that the Angolan authorities were working with Interpol to find Ms Dos Santos.
She has been charged by Angolan authorities with mismanagement and embezzlement of public funds when she headed the state oil firm, Sonangol.
The government has filed several civil and criminal lawsuits demanding more than $5bn (£4.1bn) from her. Ms Dos Santos has denied the charges.
In an interview with The New York Times she said that she was available for questioning.
President of the Peasant Farmers Association of Ghana, Abdul Rahman Mohammed, speaking at the 2019 annual general meeting of the association in Takoradi, said the local rice farmers have produced enough rice to meet the local demand and even surplus for export.
He, therefore, does not see the need for government to wait till 2022 before implementing the Ban.
Government has announced that it is planning to ban the importation of rice by 2022 to boost local rice production.
Mr. Rahman believes a ban will also address the challenge of post-harvest losses.
In the meantime, he has appealed to government to direct the National Food Buffer Stock Company to mop up the excess rice and encourage rice importers to buy Ghana rice.
Mr. Rahman, enumerating their other challenges mentioned access to funds from banks, lack of warehouses to store their products among several others.
The National Youth Representative of the Association, Mugiss Badigamsi Abdul bemoaned the fact that many of the youth are deserting agriculture due to factors such as fertilizer smuggling, lack of ready market to buy their produce, land availability and access to mechanization services which he wants government to address.
Western Regional Minister Kobina Okyere Darko Mensah in his address said government has initiated a lot of interventions for farmers and is putting up measures to construct more warehouses, silos and pack houses in all districts to control post-harvest losses.
The association which was formed in 2005 with a mission to advocate for pro poor agricultural and trade policies that would lift the small holder farmer out of poverty currently has a membership of over 1,527 and over 50,000 individual registered small-scale farmers in over 70 districts in the country.
The BoG has also projected inflation for 2023 to end at around 25%, a figure contrary to the 18.9% the government projects in its 2023 budget.
“The inflation forecast shows that in the outlook, inflation will likely peak in the first quarter of 2023 and settle at around 25% by the end of 2023,” Dr. Addison told the press.
Ghana’s inflation rate currently stands at 40.4 percent for the month of October 2022. With month-on-month inflation between September and October 2022 being 2.7%. This rate is mainly due to continuous increases in the prices of food, housing, transportation, water, electricity, gas, and other fuels, among others.
Food and non-food inflation rose to hit 43.7 percent and 37.8 percent, respectively.
While inflation for locally produced items was 39.1%, it was 43.7% for imported items.
This announcement by the BoG, however, means that inflation is expected to rise till 1st Quarter of next year.
The Central Bank, however, noted that additional pressures from the proposed increase in VAT and continuous exchange rate increases are possible risks to this forecast.
The Minister for Food and Agriculture, Mr Afriyie Akoto, has come under fire from the ranking member of the Food, Agriculture and Cocoa Affairs Committee of Parliament for giving the false impression that plantain was on the list of crops for the Planting for Food and Jobs initiative (PFJ).
The ranking member said that neither the PFJ budget nor crop list included plantain output.
He remarked, “I was astounded to see the minister praising plantain as PFJ’s success story.
Mr. Eric Opoku took issue with the minister’s purported impression that it was the Planting for Food and Jobs program that led to the glut in plantain production.
“So it is not as a result of the PFJ that there is the availability of plantain on the market,” he added.
The National Democratic Congress (NDC) Member of Parliament (MP) for Asunafo South Constituency in the Bono Region was speaking in an interview with the host of the Ghana Yensom morning show, Emmanuel Quarshie (The Hitman), on Accra 100.5 FM on Monday, November 28, 2022.
He challenged the sector minister to parade the crops produced by the PFJ.
He was quick to say the PFJ has not been able to ensure food security in the country.
“It is important to note that PFJ has failed because the government has cut investment in the country’s agriculture sector,” he said.
He further said the reason imported rice is relatively cheap in the country is because of the investments made in its production in the country of origin.
He said fertilisers, among other inputs from where the rice is imported, are catered for by the government.
“In Ghana, this (NPP) government pays a 15 per cent subsidy on fertiliser for the ordinary farmer to pay 85 per cent,” he complained, and added that in 2016, the NDC government imported tractors from Brazil and subsidised them by 60 per cent for the farmer to pay 40 per cent.
Under the current government, however, farmers are bearing the full-cost, he added.
He said the NPP government has refused to make investments in agriculture, adding that now Ghana imports 730,800 metric tons of fish annually to augment its consumption levels of one million metric tons, all because premix fuel is unavailable.
A UN panel of experts on human rights in South Sudan has called on the government to investigate and prosecute top officials for their alleged role in sexual violence.
It said the government should immediately remove from office and investigate state governors and county commissioners linked to systematic rape.
The panel made the call during the ongoing international conference on preventing sexual violence in conflict being hosted in London.
“Nowhere in the world do you find so many women who experience conflict by being repeatedly gang raped… while the men responsible are promoted and rewarded,” said Yasmin Sooka, the chairperson of the panel.
“This year we have seen the most dehumanising sexual violence in South Sudan for which the government bears responsibility because of its failure over many years to hold individuals accountable,” said Prof Andrew Clapham, another member of the panel.
He singled out Unity state as among the areas most affected.
A delegation from the South Sudan government is also attending the conference. But they have not issued any official statement in response to the panel’s statement.
Ghana now has enough gold in its reserves, according to Deputy Energy Minister Dr. Mohammed Amin Adam, to carry out the exchange agreement for oil products.
He clarified that the action is largely intended to address skyrocketing fuel prices and to relieve pressure on the local currency, which has been steadily eroding.
On November 27, 2022, Dr. Amin Adam said on Joy News in Accra that “gold mobilization and gold purchasing are everyday activity and government has thoroughly looked at the market.”
“The Bank of Ghana is already buying gold and they are able to do 50,000 ounces of gold a month. The PMC [Precious Mining Company] also purchase gold from small-scale miners and they are able to buy 160,00 ounces every month. And what we need is 205,000 a month,” he is quoted by Joy Business.
He further indicated that, through the policy which is set to kick off next year, Ghana stands a great chance of mobilizing the required gold to exchange for oil in the proposed barter trade deal.
“And so, if you look at our oil bill vis-à-vis the worth of the gold we are able to mobilize monthly, there is no doubt that we’ll be able to get the required gold to exchange for the requirement of our petroleum products and so we are very confident that this is a policy we can implement without difficulties,” he said.
The announcement of the policy was first made by Vice President Dr. Mahamudu Bawumia last week who said government was in talks to negotiate the deal as part of efforts to address Ghana’s dwindling foreign exchange reserves and curtail the cedi’s depreciation.
Members of the East Legon Executive Club weren’t left out of the jubilation ‘steeze’ after the Black Stars won their game against South Korea in the ongoing 2022 FIFA World Cup.
Touted as the crème de la crème of society, these affluent men were gathered at an unknown location where they watched the game live on a big screen.
Obviously proud and elated about the outcome of the match, they were seen chanting victory songs amidst loud cheers and applause.
Special Group of Companies CEO, Dr. Ernest Ofori Sarpong, and many other business moguls were captured in a viral video that showcased the jubilatory moments.
Dancehall musician Samini was also seen at the venue, ‘vibing’ with the wealthy businessmen.
Meanwhile, after a fierce battle with the South Koreans that led to a resounding victory for the Black Stars, Ghanaians are still basking in the celebration mood.
The assertion made by a senior Ghanaian official is inaccurate, according to a Bloomberg article.
The statement is “completely false and inaccurate,” an ENOC representative was quoted by Bloomberg as saying. They further said that “there have been no discussions surrounding this subject.”
But the firm has now outrightly denied the said agreement.
Bawumia clarifies the usage of gold instead of dollars to purchase oil products
The Vice President of Ghana, Dr. Mahamudu Bawumia, has stated the usage of gold to purchase oil instead of dollars is not a move against the usage of the US dollar for international transactions.
He explained that the decision came about, due to the persistent depreciation of the Ghana cedi.
Speaking at the AGI Awards night in Accra, Dr. Bawumia said Ghana at the present needs a lot more dollars in its reserves, thus the decision is not to boycott the use of foreign currency.
He said: “To address this fundamental challenge that we all face of depreciation and its impact on fuel and utility prices and food and so on, the government has opted to implement a policy of using our gold to buy oil products.”
“If we implement it as we have envisioned, it will fundamentally change our balance of payment and significantly reduce the persistent deprecation of our currency,” he added.
“This has been misrepresented as Ghana being against the use of the US dollars in international transactions. This is not the case. We are not on any mission against the use of the dollars in international transactions, far from it. In fact, we want to accommodate all US dollars in our reserves. But we have a specific issue to deal with oil imports and the prices of fuel, food, and transport and utilities that’s essentially what we are targeting,” the Vice President explained.
Dr. Bawumia had earlier revealed government is negotiating a new policy that seeks to ensure the country purchases imported oil products with gold rather than foreign exchange.
In a Facebook post on November 24, 2022, the Vice President said the policy is expected to take effect by the end of the first quarter of 2023 and form parts of efforts to address the persistent depreciation of the cedi.
He explained that once the policy is implemented, “it will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency with its associated increases in fuel, electricity, water, transport, and food prices”
“This is because the exchange rate (spot or forward) will no longer directly enter the formula for the determination of fuel or utility prices since all the domestic sellers of fuel will no longer need foreign exchange to import oil products,” the Vice president said.
“The barter of gold for oil represents a major structural change. My thanks to the Ministers for Lands and Natural Resources, Energy, and Finance, Precious Minerals Marketing Company, and the Governor of the Bank of Ghana for their supportive work on this new policy. We expect this new framework to be fully operational by the end of the first quarter of 2023. God bless our homeland Ghana,” Dr. Bawumia earlier wrote on Facebook.
Lydia Forson has failed to understand why the government decided to impose more taxes on citizens at a time when many are suffering in poverty amid a high inflation rate.
According to Lydia who believes that times are hard, several Ghanaians are battling depression due to the bad economy coupled with the high cost of living.
“When you think about how hard things are in this country, it can easily send you into depression. In fact I’m almost certain a majority of us are battling depression; we just force ourselves through it each day. Worse is that we’re being led by people who don’t care,” she tweeted on November 28.
In a separate post that also highlighted the plight of Ghanaians, the actress who has been vocal about issues that affect citizens listed a number of things that continue to drain the pocket of many.
“A lot of people are unemployed, those who aren’t, barely make enough to survive each month. Between transportation, accommodation and food, you barely have enough for anything else. But your leaders believe, let’s TAX them some more,” said.
As earlier reported by GhanaWeb Finance Minister, Ken Ofori-Atta at the 2023 Budget Reading announced that government has reviewed upwards the Value Added Tax (VAT) by 2.5 percent.
Speaking in Parliament on November 24, Mr Ofori-Atta said: “Mr Speaker, the demand for roads has become the cry of many communities in the country. Unfortunately, with the current economic difficulties and the absence of a dedicated source of funding for road construction, it is difficult to meet these demands. In that regard, we are proposing the implementation of new revenue measures. The major one is an increase in the VAT rate by 2.5 percentage points. This will be complemented by a major compliance programme to ensure that we derive the maximum yields from existing revenue handles.”
Check out the tweets below:
When you think about how hard things are in this country, it can easily send you into depression.
In fact I’m almost certain a majority of us are battling depression; we just force ourselves through it each day.
Worse is that we’re being led by people who don’t care.
She called Ghana’s small-scale mining infrastructure “one of the best on the continent” and announced that a group from South Africa’s mining sector would be officially visiting from December 4 to December 9, 2022.
The group was welcomed by the Minister for Lands and Natural Resources, Hon. Samuel Abu Jinapor, who said that South Africa is a significant partner in Ghana and that it is in the interests of both nations to promote positive relations.
He said the cordial relations that exist between the President of the Republic H. E Nana Addo Dankwa Akufo-Addo and his South African counterpart President H.E Cyril Ramaphosa must be maintained and should also propel the two countries to boost trade and investment.
Abu Jinapor on his part indicated that “South Africa is a major partner for our country and they have a lot of investments here, it is in our interest as well that of South African companies are treated well” he concluded.
The meeting was also attended by the South African Deputy High Commissioner Mr. Thando Dalmba, the CEO of Minerals Commission, Mr. Martin Ayisi and the Technical Director, Mines at the Ministry, Mr. Peter Awuah.
According to reports, the administration has started talking to foreign investors about potential debt restructuring plans as the nation’s negotiations with the IMF continue.
Lazard Investment Bank, Hogan Lovells, Global Sovereign Advisory, and Lion’s Head Global Partners are the four companies. Lazard is an investment bank. Hogan Lovells is a legal company.
The report however added that no mandates have been formalized yet.
“Boston-based Fidelity holds $94.5 million of Ghana’s dollar bonds, followed by Goldman Sachs Group Inc. at $72.2 million and Pimco with $68.5 million,” the report said.
Meanwhile, analysts have suggested Ghana needs to make a crucial decision to address its current debt issues as it moves to adopt a debt restructuring that will cushion debt holders.
Carlos de Sousa, a Portfolio Manager at Vontobel Asset Management in Zurich, which holds Ghana debt told Bloomberg that a “Harsh restructuring can only be accepted if there’s also a credible and strict fiscal adjustment.”
“If the government proposes a harsh restructuring but a soft fiscal adjustment that will be perceived as putting the burden on creditors,” he added.
He added, “it built up debt due to excessively large deficits — budget and current account — for many years, and avoiding this would have required stringent austerity in 2021 and an IMF deal then.”
After rumors of their alleged secret wedding went rife on social media, Nigerian singer, Davido, and his fiancée, Chioma, have been spotted in a couple of viral pictures wearing wedding rings.
This was when the couple made their first official public appearance, after they lost their son, at Davido’s uncle, Ademola Adeleke’s inauguration as governor for Osun State.
Asides from the fact that fans were excited to see their favorite singer make his first appearance after the painful demise of his son, one of the things that went unnoticed is that they were both spotted wearing wedding rings.
Chioma was seen wearing double diamond rings while Davido also had a ring on his ring finger.
Prior to this development, there were rumours that the two, who have since been camped at Davido’s father’s house in Lagos, following their son’s demise, had a wedding which was witnessed by close family members and friends.
Others who doubted the rumours said it would be an inappropriate move to get married, especially at a time they are still mourning their son.
He claimed that doing this was the only way to prevent the economy of the nation’s from collapsing as it was about to.
If the economy collapses while you are in opposition and you are satisfied with the current situation, there will be no country for you to inherit even if you win the election in 2024, he said. “Let us all hold hands together as Ghanaians beyond political and family considerations to make sure that we recover this economy,” he said.
The Former President made the observation at Wa on Sunday during the final Islamic funeral rites (Adua) of the late Alhaji Mumuni Mankaama, a former regional executive of the National Democratic Congress (NDC) party who died and was buried on November 7.
The late Alhaji Mankaama who left behind five wives and fifteen children was a former youth organizer and later, a regional executive and contributed to the gains of the party in the region.
Former President Mahama claimed that even though the hardship and economic setback the country was experiencing were as a result of mismanagement by President Nana Addo Dankwa Akufo-Addo and his government, as patriotic citizens, Ghanaians must do the little they could to help restore the fortunes of the state.
The former President described the deceased as a “kind and God fearing man” of integrity, who rendered his sincere services to humanity and the nation without a shred of malice.
“The late Alhaji Mumuni Mankaama was a great listener, adviser, a teacher and apolitician who cared so much about his subjects, I pray he fine peace with his marker “, he said.
He extended a word of advise to the mourners to learn from the exemplary life of the deceased particularly, candidates who failed to acquire the nod to continue in the next administration as party executives in the just ended regional elections of the party.
“Those who have lost, I wish to tell you that is not the end of your life, I have lost some battles and I am still here so don’t give up, join hands with those who won and let’s work together for the NDC to win the elections”, he charged.
Mansura Mumuni Mankaama, daughter of the deceased in a tribute, described her father as a strict disciplinarian who played the role of a father and a companion, saying he exhibited the qualities every child would want in a father and pushed for unity amongst the siblings.
Hundreds of people across the region and beyond attended the Adua of the late Alhaji Mankaama at the forecourt of Dondoli park to mourn with the bereaved family.
According to reports, the government was able to finance the maturities of its 5-year bonds thanks to assistance from the Bank of Ghana in the amount of GH2.83 billion.
This is due to investors’ lack of interest in rollovers, according to a report by Joy Business.
The results showed that the GH¢2,066.12 million bids were accepted from the 91-day treasury bill, GH¢223.55 was accepted from the 182-day bill, and GH¢101.71 for the 365-day bill.
The target for the auction however was GH¢2,176 million but GH¢2,392.27.
The increase in this week’s subscription may be an indication of increasing investor confidence as last week’s bills were also over-subscribed.
According to Anita, a renowned speaker and advocate for women and girls, it becomes unhealthy when one shares every update of their life on social media.
“Social media is an open invitation to your soul. Be selective about what you put on it, say with it, and do with it. By God’s grace, you’re on a mission. And not everyone is invited to be a part of it! #HappyTuesday!” Anita Erskine admonished in a tweet dated November 29.
Anita has lived up to her word by keeping her family life private and away from social media.
She states it is important to be ‘selective’ about the information one publishes online.
Instead, the award-winning media personality emphasizes her work on social media, including her mentorship classes and master of ceremonies duties, which she performs with zeal.
Check out the tweet below:
Social media is an open invitation to your soul. Be selective about what you put on it, say with it and do with it. By God’s grace, you’re on a mission. And not everyone is invited to be a part of it! #HappyTuesday!
Instead, it urged the government to take steps to support the local currency, which had fallen 50% versus the US dollar this year.
The call was placed by Mr. Mensah Thompson, Executive Director of ASEPA, who said that bartering oil for gold would destroy the nation’s forest reserve.
He made this statement on Monday in Accra while speaking at a press conference about the government’s economic policy and budget statement for 2023.
Official data also shows that Ghana’s gross international reserves have fallen from $9.7 billion at the end of 2021 to around $6.6 billion at the end of September 2022.
Mr Thompson explained that gold was a commodity which had an extremely high price volatility on the world market and indicated that should the value of the commodity (gold) decline on the world market, government would require more gold to make the purchase.
“The sad situation about this is that Ghana has an oil refinery which has been abandoned since 2017.”
He added: “The volatility of gold prices set another stage for the fast depletion of the mineral resources the country has if the prices of the commodity fall.”
Mr Mensah Thompson also urged the government to revise the 2.5 per cent VAT rate as maintaining the current rate would worsen the already precarious economic situation of Ghanaians.
He said: “Inflation is currently at 40.4 per cent, Producer Price Index sits at 61.7 per cent, the 2.5 per cent increase in VAT would skyrocket prices even further in such a precarious situation which would fuel inflation to unprecedented levels.”
“In response to the skyrocketed inflation in 2023, the Central Bank would automatically increase the Policy Rate to curb inflation, this would worsen cost of borrowing in 2023, people would not be able to borrow due to the high interest costs, those who would be able to borrow risk falling into a debt trap, NPL sitting on the books of banks would skyrocket leading this country into a recession.”
The government, among other things, froze recruitment, purchasing vehicles and printing calendars to cut down on its expenditure.
A few days ago, Vice President Mahamudu Bawumia said Ghana’s intention to use gold to buy oil should not be misinterpreted as being against the use of the US dollar.
He said it is just a measure to help strengthen the cedi.
At the AGI Awards night in Accra, Dr Bawumia explained: “To address this fundamental challenge that we all face of depreciation and its impact on fuel and utility prices and food and so on, the government has opted to implement a policy of using our gold to buy oil products”
“If we implement it as we have envisioned, it will fundamentally change our balance of payment and significantly reduce the persistent deprecation of our currency,” he added.
“This has been misrepresented as Ghana being against the use of the US dollars in International transactions. This is not the case. We are not on any mission against the use of the dollars in international transactions, far from it. In fact, we want to accommodate all US dollars in our reserves. But we have a specific issue to deal with oil imports and the prices of fuel, food and transport and utilities that’s essentially what we are targeting,” Dr Bwumia notedhe.
The vice president recently announced the gold-for-oil via Facebook.
“As part of measures to operationalise the government’s use of gold to purchase oil products, the Minister of Lands and Natural Resources, Mr Samuel A. Jinapor has just issued the following directives”, wrote theh Vice President.
The directives include:
1. Effective 1 January 2023, all large-scale mining companies (as agreed with the Bank of Ghana) shall sell twenty per cent (20%) of all refined gold at their refineries to the Bank of Ghana (in Ghana cedis) before the export of the gold. The Bank of Ghana and the Precious Minerals Marketing Company (PMMC) will coordinate with the large-scale mining companies to ensure compliance with this directive.
2. Effective 1 January 2023, all Community Mining Schemes (CMS) shall sell their gold outputs to the government through PMMC. All mining licences for CMS shall include a clause mandating licencees to sell their gold output to the government.
3. Effective 1 January 2023, all licensed small-scale gold miners shall sell their gold to the government through PMMC. All small-scale gold mining licences shall include a clause mandating licencees to sell their gold to the government.
4. The gold to be purchased by the Bank of Ghana and the PMMC will be in cedis at a spot price with no discounts.
The directives, according to the Vice President, would also help local gold refineries obtain gold supplies from PMMC to support their operations, as they work toward obtaining the required London Bullion Market (LBMA) certification.
The cedi has, so far, lost 53.8% in value since the beginning of the year 2022, Finance Minister Ken Ofori-Atta told parliament when he read the 2023 budget on Thursday, 24 November 2022.
“The demand for foreign exchange to support our unbridled demand for imports undermines and weakens the value of the cedi”, he told the house.
“This contributed to the depreciation of the cedi which has lost about 53.8% of its value since the beginning of this year, compared to the average 7% annual depreciation of the cedi between 2017 and 2021”, Mr Ofori-Atta noted.
The minister also said external sector performance in the outlook will “depend largely on the quick resolution of the Russia–Ukraine war and the outcome of recession fears in advanced economies”.
“The thrust of the external sector will focus on rebuilding external buffers enough to cover, at least, three-and-a-half months of imports of goods and services to cushion the economy against adverse external shocks”.
“This will be underpinned by, among others, bilateral support, and strong remittance inflows”, he noted.
The finance minister also revealed that Ghana’s debt stock shot up by GH¢93 billion this year as a result of the depreciation of the cedi.
“Mr. Speaker, provisional debt data as at the end of September 2022 shows a significant increase in Ghana’s public debt largely due to exogenous factors”.
“The end–September 2022 provisional figures indicate that total gross public debt stood at GH¢467,371.31 million (US$48,871.34 million), representing approximately 75.9 percent of GDP.”
“The domestic debt component is GH¢195,657.60 million, which is 31.79 percent of GDP, whilst external debt is GH¢271,713.71 million, representing 44.15 percent of GDP”. “The increase in the domestic debt is largely on account of rising interest costs”.
“Domestic debt as a share of total public debt reduced from 51.6 percent in 2021 to 41.9 percent as at end of September 2022”.
“Mr. Speaker, the external debt as a percentage of the total debt stock is 58.1 per cent as at end of September 2022”.
“The sharp growth in the external debt stock is largely driven by the depreciation of the local currency”. “The depreciation of the Ghana cedi added GH¢93,855.15 million to the external debt stock.”
In order to restore macroeconomic stability and other issues, Ghana is now negotiating with the International Monetary Fund for an economic support program.
As negotiations draw to a close, Speaker Bagbin stated that the government must do well to make sure that public support its commitment to addressing the present economic issues.
Addressing journalists in Ho-Volta region over the weekend, Alban Bagbin called on the Finance Ministry in particular to demonstrate transparency in all its activities and dealings.
“The absence of openness and transparency can lead to suspicion and a profound sense of despair and hopelessness. It is in this regard that I call on the Minister of Finance to muster the courage to be candid, open and to speak truth to power,” he said.
“Don’t come and repeat what we have been told already, we know it. Give us policy alternatives,” Alban Bagbin added.
Meanwhile, the Finance Minister, Ken Ofori-Atta, has 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.
Ghana is however hoping to secure some US$3 billion under an Extended Credit Facility from the IMF once an agreement can be reached.
Stakeholders from the financial sector have gathered in Accra for a Public Private Dialogue to examine doable solutions to increase the country’s Small and Medium Enterprises’ (SMEs) access to trade credit.
The African Continental Free Trade Agreement (AfCFTA) is now operational, so the Public-Private Dialogue (PPD), which was organized by CUTS International Accra, a renowned research and public policy think tank, with assistance from GIZ Ghana, aimed to involve relevant stakeholders on how to practically improve businesses’ and SMEs’ access to trade finance.
In his welcoming remarks, the West African Regional Director of CUTS International, Mr Appiah Kusi Adomako explained that with the commencement of Trading under AfCFTA in January 2021, government and banks in the country must retool their trade finance packages to support SMEs in Ghana to make them competitive and improve their businesses and service.
“Businesses and SMEs, require finance to be able to increase their business and improve their services to fulfill the demands of the growing market and AfCFTA. However, most of these SMEs in Ghana, similar to other African countries, face obstacles when trying to get trade financing, hence the call on government and financial institutions to support SMEs,” Mr Adomako explained.
He added that access to trade finance is listed as one of the biggest problems that SMEs in Ghana must deal with.
Mr Adomako explained that “the AfCFTA presents a rare opportunity for businesses across the continent to be able to export goods, largely quota-free and duty-free. On the parallel side also, member countries can equally import from one country to the other without any quantitative restriction. Even if an SME is not willing to export under the AfCFTA agreement, it must ensure that it is competitive at the local market as it can face competition from other African imports.”
While I commend the government for this great initiative, there is the need to create a good and friendly business environment and tailor-make policies and initiatives for the private sector, to guarantee SMEs have access to trade financing to support the growth and expansion of their business to other countries.”
In addition, Mr Adomako explained there is the need to also create a good and friendly business environment and tailored-made policies and initiatives for the private sector, to guarantee SMEs have access to trade financing to support the growth and expansion of their business to other countries”.
An Economist with the Bank of Ghana, Mr Kwasi Acheampong also emphasized that the Bank of Ghana is putting in measures to cushion businesses and support SME development. He said although the country is going through some economic difficulties, the Bank of Ghana is committed and is rolling out strategies and measures to address the current economic state of play.
On his path, the Technical Advisor at the GIZ Trade Hub, Mr James Amisssah Hammond underscored the critical role SMEs play in the success of the AfCFTA and their contribution to Ghana’s GDP and trade.
He explained that GIZ has conducted several training programs on the AfCFTA, and rules of Origin to build the capacity of the SMEs and improve their knowledge and awareness of the Agreement. He emphasized GIZ’s commitment to supporting SME development to unlock their potential to position them to benefit the AfCFTA.
In attendance were representatives from the Bank of Ghana, US Embassy, European Union, Zenith Bank, Ghana National Chamber of Commerce and Industry, Ministry of Foreign Affairs and Regional Integration, Absa Bank, Association of Bankers, Chartered Institute of Bankers,
KPMG, Ghana Revenue Authority, Ghana Enterprise Agency, Ministry of Trade and Industry, Cal Bank, ARB Apex Bank, Prudential Bank, Economics Department of the University of Ghana, Ghana Investment Promotion Centre (GIPC), GT Bank, GBC Bank Plc, FBN Bank among others, Private Enterprise Federation, the media and SMEs in Accra.
Posts from both parties fan to flame speculations of a breakup and after a long silence, the couple finally made a public appearance together to confirm that their ship hasn’t sunk; their love has grown stronger.
On the occasion of singer Elsie Duncan-Williams’ birthday party which was organized in one of Shatta Wale’s mansions in Accra, the celebrity couple graced the occasion and were spotted in each other’s embrace.
Bloggers captured Fella and Medikal’s public display of affection and little kissing that flowed every time their eyes met.
The Frimpongs tied the knot two years ago and have been blessed with a daughter, Island Frimpong.
Watch the video shared by Flavour Tips below:
Fella Makafui and Medikal spotted together inside Shatta Wale’s mansion
Leading research and public policy organization CUTS International, Accra, is urging the government and various financial institutions to support Ghanaian SMEs with trade finance in order to help them boost their capacity for production, improve innovation, meet certification standards, conduct research and development on new products, and take advantage of the AfCFTA.
The West African Regional Director for CUTS International, Mr. Appiah Kusi Adomako, stated at the 3rd CUTS-GIZ Public Private Dialogue on the theme “Creating SME Competitive Advantage for AfCFTA; The Strategic Role of Trade Finance”, organized by CUTS with Support from GIZ, that with the start of trading under AfCFTA in January 2021, there is a need to make Ghanaian SMEs competitive through specially designed trade finance schemes.
“Businesses and SMEs require finances to be able to improve their service delivery to fulfil the demands of the growing market and AfCFTA. However, most of these SMEs in Ghana, similar to other African countries, face obstacles when trying to get trade financing, hence the call on government and financial institutions to support SMEs,” Mr Adomako opined.
He added that access to trade finance is listed as one of the biggest problems that SMEs in Ghana must deal with. while firms in South Africa, Tunisia, Egypt, Morocco, and Mauritius are borrowing under 10% per annum, SMEs in Ghana are borrowing above 35% which means that Ghanaian exports under the AfCFTA will not be competitive.
Mr Adomako explained that “the AfCFTA presents a rare opportunity for businesses across the continent to be able to export goods, largely quota-free and duty-free. On the parallel side also, member countries can equally import from one country to the other without any quantitative restriction. Even if an SME is unwilling to export under the AfCFTA agreement, it must ensure that it is competitive at the local market as it can face competition from other African imports.”
Mr Adomako emphasized that “the establishment of the Development Bank Ghana (DBG) by the Government of Ghana, aimed at providing long-term and competitively priced loans to SMEs who have long struggled with the problem of access to finance to ensure that SMEs are better financed in critical sectors of the economy.
While I commend the government for this great initiative, there is a need to create a good and friendly business environment and tailor-make policies and initiatives for the private sector, to guarantee SMEs have access to trade financing to support the growth and expansion of their business to other countries”.
On his path, the Technical Advisor at the GIZ Trade Hub, Mr James Amisssah Hammond underscored the critical role SMEs play in the success of the AfCFTA and their contribution to Ghana’s GDP and trade.
He explained that GIZ has conducted several training programs on the AfCFTA, rules of Origin to build the capacity of the SMEs and improve their knowledge and awareness of the Agreement.
He emphasized GIZ’s commitment to supporting SME development to unlock their potential to position them to benefit the AfCFTA.
Senyo Hosi, a financial and economic policy analyst, has advised the government to enact a “Rice Development Levy” in an effort to boost the nation’s rice production.
Trade unions and stakeholders, meanwhile, have criticized the Central Bank’s action.
They claim that if the BoG discontinues the support, importers may find other ways to import these necessary goods, which would raise the price of the impacted products.
But Senyo Hosi is of the view that if Ghana moves to support local production, dependence on rice importation will be curtailed.
“Rather than withdrawing FX support from importers, the Government could have created the Rice Development Levy or Tax, and monies gotten from this levy will come with a clear structured framework from seed production to land tenure management, irrigation to paddy production and milling and all the banks will follow with capital to support it,” he is quoted by norvanreports.com
The Central Bank earlier this month, announced the withdrawal of FX support for importers of rice, chicken, cooking oil, ceramic, bottled water, fruit juice, and other goods.
A message from the Central Bank to Commercial Banks said “In accordance with the President [Akufo-Addo] directive issued at his recent address to the nation on the Ghanaian economy, on Sunday 30th October 2022, the Bank of Ghana will no longer provide FX support for the imports of rice, poultry, vegetable oils, toothpicks, pasta, fruit juice, bottled water, ceramic tiles and other non-critical goods”.
“The government will, in May 2023, that is six (6) months from now, review the situation. We must, as a matter of urgent national security, reduce our dependence on imported goods, and enhance our self-reliance, as demanded by our overarching goal of creating a Ghana Beyond Aid.
“Much as we believe in free trade, we must work to ensure that the majority of goods in our shops and marketplaces are those we produce and grow here in Ghana.
“That is why we have to support our farmers and domestic industries, including those created under the 1-District-1-Factory initiative, to help reduce our dependence on imports, and allow us the opportunity to export more and more of our products and guarantee a stable currency that will present a high level of predictability for citizens and the business community,” the notice read.
The former European champions secured their place in the last 16 with the victory at Lusail Stadium.
After a goalless first half, Bruno Fernandes broke the deadlock in the 54th minute before tucking away the spot kick in the dying embers of the game to seal a comfortable for Fernando Santos’ side.
“We started to get very high, it’s better to be calm”, he said after the game.
“It was a well-deserved victory, the team did what we asked for. We’re through now. We’re going to keep working to improve what there is to improve. What’s important is that we were a solid team, we showed a very strong unit.
“That’s how we’re going to achieve it do positive things. We will always work like this. We want to speak joy to the Portuguese and to ourselves.”
Popular Nigerian singer, Davido and his partner, Chioma, are in the news again for good reasons.
The celebrity couple recently made their first public appearance at the singer’s uncle, Ademola Adeleke’s inauguration as Osun state governor, after the demise of their son, Ifeanyi.
New official photos from the event were shared online and fans were quick to notice the wedding rings on Davido and Chioma’s fingers.
Explaining this, the Executive Director of ASEPA, Mensah Thompson, noted that gold is a commodity with exceptionally high price volatility on the global market, which meant that if the commodity price dropped, the government would require more gold to buy oil.
In such situations, he says, there will be a mad rush for gold, thus exposing forest reserves to further depletion.
Meanwhile, the rationale behind trading gold for oil, according to the Vice President, Dr Mahamudu Bawumia, is meant to tackle dwindling foreign currency reserves, which are weakening the cedi.
If implemented as planned for the first quarter of 2023, the new policy “will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency,” Bawumia said.
Adamant about the government’s intention to resolve the depreciation of the local currency, Mr Thompson described the barter trade as unfortunate and called on the government to rescind its decision.
He said, “the sad situation about this is that Ghana has an oil refinery that has been abandoned since 2017.”
For him, buying oil with gold is not the best option to strengthen the local currency.
Most of the time, love is not something that is easily won, and when it is obtained, it is even more difficult to keep it.
Budding Highlife and Afrobeats artiste, Kelvin Tutu has dropped his single for the year ‘Fa Ky3’ which speaks on this topic.
The music expresses regret, accountability and maturity in this song as he sings to his supposed lover.
He admits to wrongdoing and asks for forgiveness from her.
Tutu’s highlife influence is evident in his voice.
The song is a blend of the native Ghanaian Highlife sound with and Afrobeats elements which makes it appealing to both older and younger generations of music lovers.
‘Fa Ky3’ is produced by Zena and features versatile Ghanaian artiste, Young 101.
It is currently out on all platforms for your listening pleasure.
Ghana coach, Otto Addo has insisted that they will approach their final group game against Uruguay with a careful plan.
The Black Stars will face the two-time world champions at the Al Janoub Stadium with kick-off scheduled at 15:00GMT.
After securing an all-important win against South Korea in their second group game on Monday, Ghana will need to draw or win against the South American side to qualify for the next last 16.
Addo, after the win against Korea, shared that they will analyze the game to be able to map a strategy against Uruguay.
According to him, they approach the game with a careful plan.
“We will analyze the game against South Korea again before we think about Uruguay,” he said.
“We will approach the Uruguay game with a carefully worked strategy,” he added.
Meanwhile, Uruguay are with just a point after suffering a 2-0 defeat against Portugal in their second group game played on Monday.
Portugal coach Fernando Santos has urged cool heads despite his sides qualification to the knockout phase at the 2022 World Cup.
With a game at hand, the 2016 European champions has booked a place in the Round of 16 ahead of group opponents, Ghana, South Korea and Uruguay.
The Selecao inflicted a 2-0 win over Uruguay on Monday night to secure qualification, courtesy Bruno Fernandes brace.
The Black Stars must avoid defeat to progress alongside Portugal from Group H at the biggest soccer mundial.
Speaking after his side victory, the trainer decided not to get euphoric and has therefore asked for calm as the intensity as the tournament continue to increase.
“We started to get very high, it’s better to take it easy”, he said in the flash interview that followed the match, explaining the gesture he made after the final whistle.
“It was a well-deserved victory; the team did what we asked for. We are already through. We will continue to work to improve what there is to improve”
“What is important is that we were a solid team, we showed a very strong unit. This is how we are going to achieve it do positive things”
“We will always work like this. We want to speak joy to the Portuguese and to ourselves”, he continued afterwards, analyzing the game.
The Portuguese coach didn’t want to talk about the round of 16 yet, nor the possibility of resting some players in the third game, against South Korea: “I didn’t even think about it. The game is over, we’re qualified. Tomorrow, calmly, we’ll think about it in all these things”.
Santos still had time to talk about the injured. “I am not the one who monitors these situations. The clinical department will carry out its analysis, we will try to recover the players. Let’s see Nuno Mendes. Nuno trained yesterday, he was announced as available yesterday. It’s football. As for Otávio…. I don’t know,” he said.
Before choosing, names including Akwaaba Airlines, Black Star Airlines, and Kente Airlines were suggested in an effort to choose a name that would be appropriate, reflect Ghana’s culture, and benefit the company.
But when presenting the 2023 budget to the legislature on November 24, 2022, Finance Minister Ken Ofori-Atta announced, “Mr. Speaker, Shareholders and Partnership Agreements were signed with the selected Strategic Partner for the Home-Based Carrier which would be known as “GhanaAirlines.”
“The airline is expected to be operationalised in 2023,” Ken Ofori-Atta added.
Although the finance minister did not provide further details about the potential partners and shareholders, it has been reported that Ashanti Airlines has been selected as the preferred choice to partner government for its new home-based carrier.
At the moment, Ashanti Airlines has secured its Air Carrier License (ACL) and is seeking to complete the issuance of its Air Operator Certificate (AOC) which authorizes an operator to undertake specified commercial air transport operations.
Since the collapse of Ghana Airways in 2004 and the subsequent collapse of Ghana International Airlines in 2010, Ghana has been without a national airline for international flight operations.
Despite the signing of several MoUs with Ethiopian Airlines and EgyptAir, moves to re-establish a national carrier hit a snag and this led to the establishment of a new committee to vet all proposals under the former Aviation Ministry, which is now being run by the Ministry of Transport.
Ghana’s defender, Gideon Mensah says Ghanaians should expect another spectacular performance from the Black Stars, when they face Uruguay in the final Group H match on Friday.
A spirited display from the Black Stars ensured Ghana beat Korea 3-2 to bag her first three points in a must-win game played at the Education City Stadium in Doha on Monday evening.
A goal from Mohammed Salisu and a brace from Kudus Mohammed was all the West African side needed to pick the much-needed points to brighten Ghana’s chances of progressing to the next stage.
Mensah, who played 88 minutes in the keenly contested fixture told the GNA Sports after the game that “Ghanaians should expect this and more from us. The Uruguay game is very important.
“Beating South Korea is going to help us obviously, but then if we lose against Uruguay, it would be a bit worrying so we would do more to win.”
The French Ligue 1 player attributed the team’s impressive performance to the Head Coach Otto Addo who guided the senior national team to pick the vital points against the Tigers of Asia.
Ghana lies in the second position in Group H ahead of Uruguay and Korea and would need the maximum points against Uruguay to cruise to the last 16 stages.
Ghana would face two-time Champions Uruguay at the Al Janoub Stadium on Friday.
Ghana is the third country in Africa after Senegal and Morocco to pick a win in the second round of matches in the FIFA World Cup.
The proposed 2.5 percent increase in the Value Added Tax (VAT) rate has been criticized by the Alliance for Social Equity and Public Accountability (ASEPA) as being in opposition to measures taken to fight inflation, particularly the central bank’s monetary policy interventions.
The Value Added Tax rate would increase by 2.5 percent from 12.5 percent to 15 percent, according to Ken Ofori-Atta, Minister of Finance, who made the announcement last Thursday when presenting the 2023 Budget Statement and Economic Policy on the floor of parliament.
The Executive Director of ASEPA, Thompson Mensah, stated that this will not only cause difficulties for consumers but also perhaps plunge the nation into a recession during a press conference on the 2023 budget in Accra.
“As part of the 2023 budget, government wants to increase VAT by 2.5 percent – taking the total VAT value to 21.90 percent. Inflation is currently at 40.4 percent, Producer Price Index sits at 61.7 percent. The 2.5 percent, increase in VAT will skyrocket prices even further in such a precarious situation, which will fuel inflation to unprecedented levels,” he said.
“In response to the skyrocketed inflation in 2023, the central bank will automatically increase the policy rate to curb inflation. This will worsen the cost of borrowing in 2023. People will not be able to borrow due to the high-interest costs; those who will be able to borrow risk falling into a debt trap; and nonperforming loans (NPL) sitting on the books of banks will skyrocket, leading this country into a recession.
“Every economist wonders why at this very stage of a national crisis, wherein inflation is over the roof, government’s response is to increase a consumption tax like VAT. But the contradiction is that while the central bank is working hard using monetary policy tools like the policy rate to curb inflation, the finance ministry is on the other hand fuelling inflation,” he said.
He suggested that instead of increasing VAT, which will pose more difficulties to the citizenry, government must maintain the old rate and channel its efforts to reducing the hardship.
He added that government should be circumspect about its policy decision and not retrogress efforts that are already in place to rescue the country.
“Now the Ministry of Finance’s own policy is contradicting and undermining the central bank’s monetary policy efforts,” he said.
After two rounds of games, Africa’s five World Cup representatives now know what they need to qualify for the last 16 in Qatar.
Three sides from the continent have their destiny in their own hands going into the final round of group games, but two others need to win and then hope other results go their way.
If two sides finish level on points, final group standings will be decided by goal difference, then goals scored before head-to-head results and fair play records come in.
If records are still identical, lots will be drawn – and if the latter sounds far-fetched, do not forget that Senegal became the first side to be eliminated on fair play in Russia four years ago.
Ghana – Uruguay revenge can seal progress
Ghana held their nerve to beat South Korea 3-2 on Monday and secure a vital three points after a defeat by the same scoreline to Portugal in their opener.
Monday’s win keeps the Black Stars’ fate in their own hands, and while a draw could be enough if Portugal beat South Korea, the West Africans know that victory over Uruguay in their final match on Friday (15:00 GMT) will see them through.
The prospect of knocking out Uruguay at the same time adds further spice to a tie already smothered in it since the game is a rematch of the 2010 quarter-final, which saw Ghana narrowly miss out on becoming the first African side to reach the semi-finals.
In an unforgettable clash, Uruguay’s Luis Suarez was sent off deep into extra-time for a handball on the goalline to stop a certain goal – prior to Asamoah Gyan missing the resulting penalty, and the South Americans going on to win via a shoot-out.
Suarez could again feature as one of three survivors from the Uruguay starting XI from that match in Johannesburg, while Andre Ayew is the only member of Ghana’s 2010 squad in Qatar – even if he did not feature in the last eight matches in South Africa.
“It will be very difficult but I’m not a guy that thinks much of revenge,” coach Otto Addo said.
“It was a really, really long time ago. I am a strong believer if you don’t seek too much revenge on these kind of things, sometimes you get the blessings.”
Ghana scored three goals in a World Cup match for the first time
Senegal – Win needed, but draw could do
The equation is fairly simple for the African champions – the Teranga Lions must beat Ecuador on Tuesday (15:00 GMT) to be sure of progressing from Group A, while the South Americans need just a point to go through themselves.
Senegal could go through with a draw but only if the Netherlands lose to Qatar, which seems unlikely, by a margin of three goals – or a margin of two goals and Senegal outscore the Dutch by a goal.
Given the hosts have lost both their games so far, Aliou Cisse should not count on such a favour and has promised “not to overthink the game” against Ecuador.
“We understand that winning will allow us to continue the adventure and that’s what we want to do,” Cisse said. “We are OK, we are dealing with pressure and stress. For me, it is good stress.”
Senegal knocked Qatar out of their own World Cup last time out
Tunisia – Three points may not be enough
Tunisia are up against it as the Carthage Eagles sit bottom of Group D after a goalless draw with Denmark preceded a 1-0 defeat by Australia.
The North Africans have to beat defending champions France, who are already assured of a last-16 place and must score their first goal in Qatar on Wednesday (15:00 GMT) to have any chance of doing so.
Even then, that will not be enough if Australia beat Denmark.
Tunisia will progress on goal difference if they win and Australia-Denmark ends in a draw, but a win for Denmark would see it come down to goal difference, goals scored or even, possibly, the fair play record.
Tunisia were the first African country to win a game at the World Cup when they beat Mexico 3-1 in Argentina in 1978, but they once again look set to fail to reach the knock-out stages – for the sixth time out of six.
Tunisian fans have backed their team in great number but have yet to see them score a goal
Morocco – One point will do
Sunday’s stunning 2-0 victory over Belgium leaves Morocco in a strong position in Group F, with four points from two games.
A draw in their final match against Canada on Thursday (15:00 GMT) will be enough to reach the knock-out stages for just the second time, and first since topping their group in 1986.
Morocco could win the group if they win and Belgium beat Croatia in the other match – or if the Atlas Lions and Croatia are both victorious and the North Africans better Croatia’s margin of victory by two goals.
“We’ve matched two of the best teams in the world,” coach Walid Regragui said. “Of course it will be tougher if we get to the knockout stage but that’s the level I want to get to.
“With these fans, with these players and this spirit we can do anything. The competition is not over, we have to recover quickly for the game against Canada.”
Morocco celebrate their stunning win, their first at the World Cup since 1986, over Belgium
Cameroon – Win and … hope for the best
The Indomitable Lions seemed to be crashing out early when trailing Serbia 3-1 with half an hour left in their second group game, but a Vincent Aboubakar-inspired comeback saw the Central Africans draw 3-3 and live to fight another day.
Similar to Tunisia, Cameroon need a victory against one of the heavyweights of world football – in this instance, five-time World Cup winners Brazil themselves – in their final game on Friday (19:00 GMT).
The Brazilians are already through to the last 16 but for Cameroon, like the North Africans, a win may not be enough depending on the result of the Serbia-Switzerland game.
“It is possible to beat Brazil,” coach Rigobert Song said. “We believe in ourselves, we did not come here to just go through the motions. Cameroon still has a contribution to make to this tournament.”
After trailing by two goals, Cameroon produced a stunning comeback to draw 3-3 with Serbia on Monday
He claims that an equity study is now being conducted, and that its implementation will result in government action to enlist a strategic investor to help some SOEs remain viable.
“…Also, this study will determine SOEs that will need to be disposed of completely because their market potential may not exist or the private sector can better handle them, or for any other reason that their assets or enterprises as a whole should be disposed of off to enable private sector manage them efficiently,” he told GhanaWeb Business.
The minister further added that the Equity Study has been granted expression along with ongoing work ongoing a cabinet memo for the asset disposal policy.
“So far, we have gone to cabinet for a start and it has directed that we provide more comprehensive information on the Equity Study and the implementation of the assent disposal policy,” Joseph Cudjoe said.
To ensure SOEs remain profitable and efficient, the minister said the State Interests and Governance Authority (SIGA) is handling the rollout of the Performance Management Framework.
He said the document is currently undergoing stakeholder review in order to make it efficient for use.
Last Saturday, November 26, the Kokroko park at Mallam-Gbawe was active with gobsmacking performances from many Ghanaian artistes who brought their good vibes as it hosted the second edition of Mr Drew’s annual Seleey concert.
The Seleey concert seeks to bring premium entertainment to the doorstep of the people of Mallam-Gbawe.
The ‘S3k3’, ‘Mood’ and ‘This year’ hitmaker decided on Mallam-Gbawe as the place to host the concert because he spent his childhood and adolescent development years there.
With an estimated 5000 patrons in attendance, artistes took turns to thrill the audience with electrifying performances in the form of music and dance.
Upcoming artistes were given the chance to open the show by taking turns to perform their songs.
Priority was given to the talents from the Mallam-Gbawe neighbourhood in a mini talent show dubbed “Mallam’s Got Talent.”
After that, Mr Drew mounted the stage to perform his hit songs laced with enthralling dance moves with his dancers.
Other artistes including KiDi, Kuami Eugene, Sista Afia, Kelvynboy, Fameye, Laruso, King Maaga, Legendary FBS, Keche, Scott Evans and many others joined him on stage to make the night more memorable for patrons.
These top acts joined Mr Drew to perform songs they collaborated on and some of their own hit songs.
The event was produced by Deeplive Africa (Management of Mr Drew) and powered by Twitch house marketing and was telecast live on HD Plus Channel.
As a brand influencer for Malta Guinness Ghana, Mr Drew partnered with them as part of their national plastic cleanup and awareness campaign to rid Mallam-Gbawe of plastic waste.
Speaking to the press after the clean-up exercise, Mr Drew said he had been working with Malta Guinness for a while and he wanted to do something different with the Seleey Concert this year hence the partnership.
He further reiterated the plastics that were collected will be recycled as a way of keeping the environment clean.
Residents who participated in the clean-up exercise were put in groups to embark on the plastic collection in the neighbourhood.
The group that returned with the most plastics which was adjudged by weighing were declared the winner and were rewarded accordingly.
Volunteers were treated to refreshments with Malta Guinness while they engaged, danced and took pictures with Mr Drew. They were hosted at the palace of the Chief of Gbawe.
The African Development Fund’s Board of Directors has approved a grant of $6.12 million to support the improvement of public finance governance in low-income African nations.
The following is how the grant, which was formally approved on November 3, 2022, will be given out:
Through funding for ATAF, $3.90 million will be used to promote tax administration changes on the continent and domestic resource mobilization initiatives, while $2.22 million will be used by CABRI to support budget reforms and improve public finance management.
This project is a follow on to a first phase approved by the African Development Bank in 2016 and successfully closed in September 2021 with both institutions (ATAF and CABRI).
The project’s overall objective is to improve domestic resource mobilisation and public financial management in recipient countries, and help strengthen their efforts towards sustainable, inclusive growth and development.
More specifically, it aims to improve African tax systems through technical capacity building, strengthening public financial management capacities and the integration of gender and climate change into taxation and public financial management.
The project will also help countries build a common position and a stronger voice for the continent on regional and global platforms.
Abdoulaye Coulibaly, Director of the Governance and Public Financial Management Coordination Office at the African Development Bank, said that in addition to development results, the project also aimed to strengthen the resilience of national systems to various shocks, improve disaster preparedness and encourage the transition to low-carbon economies, through climate-smart budgeting and fiscal policies.
“The project will contribute to strengthening the actions of the Public Financial Management Academy, a virtual capacity-building platform for African countries across the cycle and ecosystem of public financial management created in August 2022 by the Bank”, said Coulibaly said.
The project will help the countries of the African Development Fund who are members of the two implementing organisations.
Their tax administrations as well as officials from ministries of finance will benefit from capacity building.
The project will contribute to the development outcomes of the African continent and the achievement of various commitments, including financing for development, Agenda 2063 and Sustainable Development Goals.
it will be implemented over a three-year period.
About the African Tax Administration Forum (ATAF)
The African Tax Administration Forum is an intergovernmental organisation composed of 40 African member states.
Founded in 2009, its aim is to strengthen more effective and efficient tax systems in Africa, in order to reduce aid dependency, improve fiscal governance, reduce poverty and improve the daily lives of African citizens.
In more than a decade of existence, it has been recognised globally and regionally as an expert institution, technical leader and authoritative voice on tax matters. Its secretariat is based in Pretoria, South Africa.
About the Collaborative Africa Budget Reform Initiative (CABRI)
Established in 2009, the Collaborative African Initiative on Budget Reform is an intergovernmental organisation that includes 17 African countries. Its mission is to strengthen the capacity of civil servants to implement reforms that ensure that public financial resources are managed with integrity, transparency and accountability.
It serves as a learning and exchange platform for African Ministries of Finance, Budget and Planning.
It currently works with more than 35 countries. The CABRI secretariat is also based in Pretoria, South Africa.
The Minister of Trade and Industry, Alan Kyerematen, has congratulated the Black Stars of Ghana on their victory over their South Korean counterparts in the ongoing 2022 FIFA World Cup in Qatar.
The New Patriotic Party (NPP) stalwart took to social media to show his love for Ghana and the senior national team.
A brace from the hugely talented Mohammed Kudus added to an opener from Mohammed Salisu to send the Black Stars on their way.
Moments after that priceless 3-2 triumph over their Asian opposition, Alan Kyerematen took to his official media handles to heap praises on the gallant Black Stars for raising high the flag of Africa.
“Congratulations to the Black Stars on their impressive 3-2 victory over South Korea today in the ongoing 2022 FIFA World Cup in Qatar.
“The players exhibited a sense of discipline, resilience and determination to fight till the last whistle,” he wrote.
He also assured the boys of the support of the entire country as they continue their campaign in the World Cup.
“All of Ghana is behind you. March on gallantly as you do battle in the next matches and bring glory to our motherland.
“Go Black Stars ????????
Go for Gold.
“God bless our homeland Ghana! #Believe #Qatar2022,” he added.
The Black Stars will book a place in the last 16 if they emerge winner against South American giants, Uruguay, in their last group stage match of the campaign.
A second place finish could set up a Ghana versus Brazil clash at the ongoing football festival depending on how the Samba Boys perform in their last two matches.
Mobile money users are protected, according to Dr. Ernest Addison, Governor of the Bank of Ghana, because the Central Bank will not disclose their personal information to any outside parties.
“The central bank will make sure that the proper things are done by the various stakeholders in the industry, as it is the only regulator of the Mobile Money sector,” he said.
We’ll keep controlling and observing what happens there and making sure everyone follows the rules.
The Bank of Ghana has a key responsibility to safeguard the financial system’s integrity to underscore the trust that is central to financial deepening and development. It is therefore critical to ensure the confidentiality of transactions, privacy of data collected by operators in this space (including personal and financial data), the security of transactions, and smooth operations of all stakeholders and regulators providing complementary services in this space,’’ he added.
Read the full story originally published on November 28, 2018, by thebftonline
The central bank will not disclose details of customers’ mobile money transactions to any other party, its Governor Dr. Ernest Addison has said – affirming that customers’ privacy remains a fundamental right that must be protected.
Speaking at the launch of the second phase of the mobile money interoperability project, Dr. Addison said the Bank of Ghana remains sole regulator of the mobile money industry and as such will not volunteer details of customers’ transactions – as this would constitute a breach of privacy.
The Ministry of Communications, which has the telecoms regulator NCA under its supervision, gave an ultimatum to the mobile money companies (MTN Mobile Money, AirtelTIgo and Vodafone Cash) to allow their systems to be connected to by KelniGVG which manages the Common Monitoring Platform.
However, the latest remarks by the Governor not only reaffirm the Bank’s position as regulator of the mobile money industry but also shreds assertions made by the Communications Ministry to the effect that the mobile money industry comes under the NCA.
“As sole regulator of the Mobile Money sector, the central bank will ensure that right things are done by the various players in the sector. We will continue to regulate and monitor activities within the space, and ensure that all participants play by the rules,” the Governor said.
The Bank of Ghana has a key responsibility to safeguard the financial system’s integrity to underscore the trust that is central to financial deepening and development. It is therefore critical to ensure the confidentiality of transactions, privacy of data collected by operators in this space (including personal and financial data), the security of transactions, and smooth operations of all stakeholders and regulators providing complementary services in this space,’’ the Governor said.
Second phase
The first phase of the mobile money interoperability was launched in May this year, allowing mobile money transactions to be completed across different networks.
The second phase, which was launched yesterday by Vice-President Dr. Mahamud Bawumia, will enable interconnection between Mobile Money and the e-zwich Payment Systems.
Speaking at the launch, the Vice-President said interconnection of mobile money and e-zwich platforms to the gh-link platform means customers can conveniently move funds across all three platforms – bank accounts, Mobile Money wallets and the e-zwich payment systems.
“This is the universal interoperability that we call a Financial Inclusion Triangle, because it interconnects three payment platforms: mobile money, bank accounts and e-zwich…
“This should make us more efficient and enable us to accomplish more within the time available to us. All of these important initiatives are in sync with other programmes by President Nana Addo Dankwa Akufo-Addo’s government to quicken the digitisation of the economy,” the Vice-President said.
According to Dr. Bawumia, it has become necessary for industry players to take a second look at the ceiling placed on the amount of money that can be transferred daily via mobile money – in a way that ensures the security of the system is not compromised.
The Vice-President also proposed that the Ghana Interbank Payment and Settlement Systems (GhIPSS) should consider deploying a third phase of the project, which would ensure mobile money operator/agent/or merchant interoperability.
“By this, I mean that it should be possible for an operator, agent or merchant with one phone and SIM to be able to load electronic funds onto the wallet of the customer regardless of the network. I know the capability of GhIPSS, the Telcos, Bank of Ghana, fintechs, and the Financial Institutions, and I have no doubt that this Phase-3 request will equally be executed with excellence,” he argued.
The interoperability platform’s performance has been impressive, based on the key pillars of convenience, accessibility, and value for money.
Total transaction value and volume have increased from GH¢8.3million and 96,907 respectively in May 2018 to GH¢32.6million and 319,094 respectively in September 2018, representing 292.8 percent and 229.3 percent growth in value and volume respectively.
This growth trend is expected to increase further when the second phase becomes fully operational, and other innovative products and services become available.
Afrobeat and hi-life singer, Philip Kay Kissi, popularly known as Kay 9ice, has claimed that Afropop musician, Camidohcopied his hairstyle.
In an interview with Roselyn Felli on Prime Morning on Friday, he stated that having green hair has been his style since he started churning out music.
According to him, social media critics insinuated that he copied Camidoh’s style, but that is not the case.
“I was using this hairstyle way back, and it’s always been green. This is how everybody knows Kay 9ice. Camidoh also has green hair, but mine is different. I heard people talking about me copying Camidoh and all that, but that’s not true. I think Camidoh copied my hairstyle,” Kay 9ice claimed.
Despite all the criticisms by fans, Kay 9ice revealed that Camidoh is his best friend, adding that the “Sugarcane” hitmaker advises him sometimes.
Meanwhile, the “No Time” hitmaker is out with a new single titled “Fakye,” which according to him is inspired by the misunderstandings he had with his family during his childhood.
“The story is about my parents. They divorced a long time ago. I was still young when my dad came back to apologise to my mom. By then, I started hearing certain words that I did not understand as a child, but as time went on, I understood those words,” he narrated.
He further revealed that he is still not on good terms with his dad due to some situations he put his mother through. This, according to him, motivated him to produce “Fakye.”
The new single features Ghanaian-South African female singer, Adina.
Former Ghana and Inter Milan midfielder Sulley Muntari has announced his retirement from professional football at the age of 38.
Muntari, who earned 80 caps for the Black Stars and scored 20 goals, has been without a club since leaving Ghana Premier League side, Hearts of Oak in the summer.
He began his career at local side, Liberty Professionals before joining Serie A club, Udinese where he played for five years.
The 2010 Champions league winner also had stints with AC Milan, Inter Milan and English Premier League sides, Portsmouth and Sunderland.
“I just did a few months with the local side [Hearts of Oak]. My son wanted me to play. I didn’t play for almost three years, then my son decided to ask me to go and play. I did that, but now I’m done,” Muntari said to Sky Sports on Monday.
Muntari featured for Ghana between 2002 to 2014 and was key to the country’s qualification for the World Cup in Germany (2006), South Africa (2010) and Brazil (2014)
It is unclear what the former Sunderland man will do after hanging his boots. He is currently in the camp of the Black Stars at the ongoing 2022 World Cup in Qatar
It’s a double celebration for Black Stars keeper, Lawrence Ati-Zigi, as he marks his birthday a day after Black Stars beat South Korea by three goals to two.
He was born on November 29, 1996.
Taking to twitter the Black Stars wished him a “good one.”
Lawrence Ati-Zigi’s is a Ghanaian professional footballer who plays as a goalkeeper for FC St. Gallen and the Ghana national team.
His performance in Ghana’s game against South Korea has been described by many as one of the best since the world cup began. He jealously defended the goal post of the Black Stars and pointed out many shots from their opponents, which otherwise would have been a goal.
In January 2015, Ati-Zigi joined FC Liefering from Ghanaian feeder club Red Bull Ghana. He made his league debut for Liefering on 17 April 2015, when his club beat TSV Hartberg 4–1 at Untersberg-Arena.
Also, on August 23, 2017, Ati-Zigi received his first call-up to the Ghana senior national team for the 2018 FIFA World Cup qualification games against Congo on 1 and 5 September 2017.
On 7 June 2018, Ati-Zigi made his senior national team debut for Ghana, starting and playing 90 minutes in a friendly match against Iceland that ended in a 2–2 draw. He was also part of the Ghanaian team in the 2021 Africa Cup of Nations that was eliminated at the group stage of the competition.
On 14 November 2022, Ati-Zigi was named in the 26-man squad for the 2022 FIFA World Cup. Following injuries to Ghana’s first and second choice goalkeepers, Joe Wollocatt and Richard Ofori, with both missing out on the competition, he was set to be the first choice goalkeeper for the Black Stars. On 17 November, he manned the post for the Black Stars and kept a clean sheet in their 2–0 pre-world cup friendly match against Switzerland. This was his first start in over a year.
On 24 November 2022, he started in Ghana’s opening group match of World Cup against Portugal which ended in a 3–2 loss to Ghana. In the season group game against South Korea, Ati-Zigi played the full time of the match and made several crucial saves which secured Ghana’s first win at the 2022 World Cup by winning 3–2. His performance earned him positive reviews, ratings and commendations from football fans across the world.
At DJ Khaled’s 47th birthday party, Diddy paid tribute to his friend and fellow hip-hop mogul in an emotional speech.
On a stage in what appeared to be Khaled’s backyard, Diddy delivered the speech to a small crowd in a clip that’s interspersed with the God Did artist dancing and getting smothered in champagne. “For real Khaled, I was trying to think about what I was going to say when I was giving you a toast and I was just like you’re one of the best friends a person can have,” Diddysaid. “Your level of loyalty, your level of light, your fearlessness, your positive energy.”
Diddy described Khaled as “so lovable,” and made it clear how much he appreciates their friendship. “I appreciate you loving me as a friend. You was king down here in Miami and look at you now. God did,” Diddy continued. “Khaled means immortal and I have to say the only thing to survive is the songs. The songs will survive. Your songs, your hits, and your talent will live on forever. Happy Birthday DJ Khaled make some noise!”
Diddy isn’t the only one of Khaled’s friends to make headlines in celebration of his 47th birthday. Drake blessed him with four luxury Toto toilets, which Khaled said is potentially one of the “best gifts” he’s ever received.
“Everybody knows, when you sit down and do the theory, that’s when you meditate and reflect on life,” he said.
“So when you sit down and do the theory, ideas be coming. Some of my best ideas come from me taking a theory.
Minnesota Timberwolves big man Karl-Anthony Towns was initially diagnosed with a right calf strain after leaving Monday’s 142-127 loss to the Washington Wizards in the third quarter.
Towns’ injury appeared serious when he went down in a non-contact situation, needing to be helped back to the locker room.
Fortunately, according to ESPN’s Adrian Wojnarowski, the Timberwolves have “early optimism” that he has avoided a “substantial injury to his lower right leg”.
Towns, 27, was the 2016 Rookie of the Year and has gone on to make three All-Star games in 2018, 2019 and 2022, and is the only center to ever win the Three-Point Contest during All-Star Weekend.
The self-proclaimed “best big-man shooter ever” is averaging 21.4 points per game, which is his lowest figure since the 2017-18 season, as well as a career-low 8.5 rebounds and a career-low 0.7 blocks.
Minnesota Timberwolves star Karl-Anthony Towns will undergo an MRI on Tuesday, but there’s some early optimism that he may have avoided a substantial injury to his lower right leg, sources tell ESPN.
After trading four first-round draft picks to the Utah Jazz for Rudy Gobert in a win-now move, the Timberwolves are just 10-11 through their first 21 games as they tick past the quarter-mark of the season.
Towns’ absence will allow the Timberwolves to play a more traditional line-up with Gobert as the only center on the floor, and will place an increased offensive responsibility on fellow former Rookie of the Year Anthony Edwards.
Kevin Durantproduced his best scoring performance of the season to carry the Brooklyn Nets to a 109-102 victory against the Orlando Magic on Monday.
In a remarkably efficient outing, Durant hit 19-of-24 from the field, three-of-five from deep and all four of his free throws for 45 points in 39 minutes. He added seven rebounds, five assists, two steals and two blocks.
One of the greatest offensive players in league history, Durant has rediscovered his ability to protect the rim defensively this season, with his 1.8 blocks per game placing him eighth in the league while tying his career-high.
Durant was supported well by Kyrie Irving with 20 points on nine-of-17 shooting, but they had to see out the second half without Ben Simmons after the Australian left the game in the second quarter due to left knee soreness.
Starting center Nic Claxton picked up the slack with 17 points (seven-of-10 shooting), 13 rebounds and three blocks, while Joe Harris chipped in 17 points off the bench.
For Orlando, heavy favourite for Rookie of the Year and top overall pick from this year’s draft Paolo Banchero continued to display his All-NBA upside, scoring an equal team-high 24 points on nine-of-17 shooting with five assists, four rebounds and two steals.
With the result, the Nets have now won five of their past seven games, and have pulled their record even at 11-11.
Siakam’s return ignites Raptors
Pascal Siakam returned to the Toronto Raptors starting line-up and looked right at home with 18 points, 11 rebounds and five assists in a 100-88 win over the Cleveland Cavaliers.
Siakam had missed the past 10 games due to a strained adductor, but mustered 30 minutes in his first game back.
O.G. Anunoby top scored for the Raptors with 20 points on eight-of-13 shooting, while in an interesting coaching decision, Nick Nurse opted to start Juancho Hernangomez and bring reigning Rookie of the Year Scottie Barnes off the bench.
After starting the season with Siakam as the biggest player in the Raptors’ starting line-up, Nurse pivoted to a larger group in his return, with Gary Trent Jr also relegated to the bench in favour of Thaddeus Young.
With C.J. McCollum and Brandon Ingram both missing through injuries, Zion Williamson assumed the role of lead initiator in the New Orleans Pelicans’ 105-101 triumph against the Oklahoma City Thunder.
Williamson, who largely operated as the lead ball-handler during the second half of his breakout 2020-21 campaign, dished a season-high eight assists to go with his 23 points (11-of-18 shooting) and eight rebounds.
He did it on both ends, as his three blocks nearly matched his total for the season, having only tallied a combined four from his first 14 games
Black Stars took a 2-0 lead courtesy of goals from Mohammed Salisu and Kudus but two stunning headers in three minutes from Cho Gue-sung levelled the game after 61 minutes.
Kudus added a final twist when he thumped in a third for Ghana to break South Korea’s hearts.
“I am satisfied with the result of getting three points. In the beginning of the game, Korea put pressure on us, but we took the lead with a good free kick,” the 47-year-old said after the game.
“The opponent changed tactics after the first half, but we struggled because we couldn’t block Korea’s cross. However, our spirit was strong, so we scored the third goal. I wish we had scored the fourth goal, but in the end we won. I did. I am satisfied.”
Black Stars are currently second in Group H and will need a win or draw their final group game against Uruguay to process to the round of 16 stage.
South Korea coach Paulo Bento is not happy his side lost 3-2 to Ghana in their second group game at the 2022 World Cup in Qatar.
Black Stars took a 2-0 lead courtesy of goals from Mohammed Salisu and Kudus but two stunning headers in three minutes from Cho Gue-sung levelled the game after 61 minutes.
Kudus added a final twist when he thumped in a third for Ghana to break South Korea’s hearts.
“I am dissatisfied with the result, but satisfied with the content,” said Paulo Bento who was sent off after the game by Anthony Taylor for arguing with the English referee for not allowing a corner to be taken despite the 10 minutes having elapsed.
“I will prepare to produce the best results.”
The defeat leaves South Korea 3rd in Group H and must beat Portugal to stand any chance of progressing to the round of 16.
Coach Paulo Bento will miss the Portugal clash on Friday due to the red card he received.
Otto Addo was a happy man after Ghana achieved their first win at the in Qatar with a 3-2 victory over South Korea on Monday.
Black Stars took a 2-0 lead courtesy of goals from Mohammed Salisu and Kudus but two stunning headers in three minutes from Cho Gue-sung levelled the game after 61 minutes.
Kudus added a final twist when he thumped in a third for Ghana to break South Korea’s hearts.
“I had bad luck in the first match against Portugal, but today was good,” the 47-year-old said after the game.
“Korea pushed and tested us in the first 10 minutes, creating a lot of corners and chances. After that, we regained control and took the lead with a good free kick.”
“I couldn’t control Korea’s cross, so I tried to press it to stop it.”
On Mohammed Kudus performance against South Korea, he added, “He has a great personality and character, and he is well on his way to becoming a great player.”
Black Stars are currently second in Group H and will need a win or draw their final group game against Uruguay to process to the round of 16 stage.
Tiger Woods’ return to competitive golf has been delayed after he announced on Monday that he has withdrawn from this week’s Hero World Challenge in the Bahamas.
Woods, 46, is also the host of the highly anticipated event, which features a small field consisting of 20 elite players, including world No2 Scottie Scheffler, as well as major champions Justin Thomas and Jordan Spieth.
Arguably the greatest golfer of all time, Woods was scheduled to take part in three events in December, but the announcement of his foot injury on social media has put all three in jeopardy.
His statement says: “In my preparation and practice for this week’s Hero World Challenge, I’ve developed plantar fasciitis in my right foot, which is making it difficult to walk.
“After consulting with my doctors and trainers, I have decided to withdraw this week and focus on my hosting duties.
“My plan is to still compete in The Match and PNC Championship.”
Woods, who has not played competitively since failing to make the cut at The Masters in July, will not have long to recover.
He is scheduled to partner up with Rory McIlroy to take on the pair of Thomas and Spieth on December 10 for The Match, and just five days later he hopes to team up with his son, Charlie, in the PNC Championship.
With his withdrawal from the Hero World Challenge, Austria’s Sepp Straka will take his place.
After sustaining an ankle injury in the Selecao’s opening Group G match, the Paris Saint-Germain attacker was forced to watch his team’s second match from their hotel.
In a cagey encounter, it was the Manchester United midfielder’s late strike that earned Brazil a 1-0 win, and Neymar was succinctly effusive in his praise for his team-mate after the final whistle.
“Casemiro has been the best midfielder in the world for a long time,” the forward simply wrote on Twitter after the match.
Having left it late to seal victory – his 83rd-minute goal was the second-latest winner for Brazil in a World Cup match, after beating Costa Rica in 2018 – Casemiro’s intervention proved crucial for Tite’s side.
Casemiro é o melhor volante do mundo há muito tempo
When asked by Stats Perform in his post-match press conference on whether he agreed with Neymar, Tite replied: “As a habit, I always respect opinions, but do not comment on them.
“But I will allow myself to do so today. I agree.”
Explaining why he elected to play the 30-year-old in a deeper position, he added: “Casemiro is a second midfielder, that’s what we saw happen.
“He works as a central player, he’s a surprise element from the back. If Casemiro is already high, it’s easy to be marked, but when he comes from the back he can be a surprise.”
Brazil wrap up their Group G campaign against Cameroon on December 2.
Beale, 42, leaves his role as QPR boss to return to Ibrox, where he was previously assistant to Steven Gerrard, to succeed the sacked Giovanni van Bronckhorst.
Alongside Liverpool legend Gerrard, the duo won the Scottish Premiership in 2020-21 before making the journey to Premier League side Aston Villa.
Beale left Villa Park to take charge of QPR at the start of the season, where he recorded nine wins, four draws and eight losses in 21 matches, leading them to seventh in the Championship.
Speaking to the official Rangers website, he said: “It is fantastic to be back and to see everybody this morning, there are some new faces but some people that I know really well so it is great to see everyone.
“I am hugely proud, it is a wonderful, wonderful football club, it is an institution.
“For everyone that works here it is a huge privilege, but to be the manager of this football club, that is extremely special.
“Some wonderful people have sat in this chair prior to me and I am hugely proud to be the person sat here now.”
The Bianconeri will see a major shakeup in management after confirmation that a shareholders’ meeting scheduled for last week has been postponed to next month.
Alongside Agnelli, who has been in charge of the club since 2010, vice-president Pavel Nedved and managing director Maurizio Arrivabene are also among those who have quit.
Arrivabene will remain as the club’s chief executive officer to oversee the introduction of a new board, which will be confirmed in January.
The collective resignation comes after Juventus’ financial statementsunderwent scrutiny by prosecutors and Italian market regulator Consob in recent months for alleged false accounting and market manipulation. They have denied any wrongdoing.
In a statement from the club, Juventus confirmed the board’s decision to resign had come in the wake of advice following the issues raised by Consob, and auditor Deloitte.
“The members of the Board of Directors, considering the centrality and relevance of the pending legal and technical-accounting issues, have deemed it in the best social interest to recommend that Juventus adopt a new Board of Directors to address these issues,” it read.
“To this end, on the proposal of the chairman Andrea Agnelli… all the members of the Board of Directors present at the meeting declared that they resigned from their office.
“The Board has requested Maurizio Arrivabene to maintain the position of Chief Executive Officer.”
The announcement seemingly ends a decades-long relationship with the club for Agnelli, who was the fourth member of his family to serve as chairman.
Juventus are currently third in Serie A, but missed out on progressing to the knockout round of the Champions League, instead dropping into the Europa League this season.
