Uruguay head coach Diego Alonsobelieves his Real Madrid star Federico Valverde is best suited as a defensive midfielder, but that the team will need to perform better as a whole to allow him to “shine more”.
Alonso’s comments came after Monday’s disappointing 2-0 loss to Portugal, leaving Uruguay alongside Mexico and Tunisia as the only teams without a goal through two matches.
Following their failure to score in their 0-0 opener against South Korea, Uruguay were well-handled by the Portuguese, controlling only 40 per cent of the possession, although they only narrowly trailed in expected goals 1.33 to 1.27.
Not short on talent, Uruguay fielded a starting XI that included Liverpool’s Darwin Nunez and 135-cap veteran Edinson Cavani up front, while Tottenham’s Rodrigo Betancur partnered Valverde in midfield.
Having played both in central midfield and on the wing for Madrid, Valverde was deployed in the engine room against Portugal, and despite their desperation for goals, Alonso made it clear that is where he feels the 24-year-old is most valuable.
“I think Federico has played full matches with us in the qualifying round,” he said. “He’s played in the same position, even playing higher up.
“I think he played as a defensive midfielder with a second pivot together with Bentancur. It’s the same position that you saw today. He was even playing higher up, or as a wide midfielder.
“I think his main skill is playing through the central lanes. With us, he’s showed a great performance in that position.
“When you talk about shooting, I think he shot once [against Korea], it just missed the top corner. He was unlucky he couldn’t score.
“For us, he’s an important player with many skills. When the team plays better, I’m sure he will shine more.”
Despite their lack of potency going forward, Uruguay still have a chance to advance to the knockout stage if they can defeat Ghana in their final Group H fixture – a rematch from 2010’s quarter-final where Uruguay advanced on penalties.
“We are looking for victory against Ghana, there is no doubt about it,” Alonso said. “If we have to make slight modifications, that is what we’ll do.
“We will provide a team all the weapons we have at hand, so I have full trust in my players. I’m sure the next game will be hard, but we will go all out so that we have a victory and we qualify.
“We are talking about qualifying or not qualifying. It was very important back in [2010], but this is a different situation. It will be a crucial game, but has nothing to do with what happened 12 years ago.
“We need to feel free and move freely as we played during the second half against Korea. We need to gamble more and push forward, playing in between the lines and going for one-on-ones on the sides.
“Sometimes, opponents also play, they stop you, they know which are your main skills and they try to counter your play. But we need to continue trusting our team, our skills, the players we have, and to also give them trust to develop their game.”
Bruno Fernandesscored both goals as Portugal secured a World Cup last-16 place with a 2-0 win over Uruguay at Lusail Stadium.
The Manchester United midfielder broke the deadlock in a scrappy Group H clash when his 54th-minute cross, which was aimed at Cristiano Ronaldo, nestled in the far corner.
He then wrapped up the points with a stoppage-time penalty and almost had a hat-trick as Fernando Santos’ side joined France and Brazil in sealing their passage to the knockout stages with a game to spare.
The win saw Portugal avenge their 2-1 defeat by Uruguay in the last 16 of the 2018 competition in Russia.
Chances did not fall freely during the opening half-hour, with neither side registering a shot on target. William Carvalho’s sweetly struck volley was just too high, while Jose Gimenez sent a looping header narrowly over the crossbar.
The game’s first attempt on target in the 32nd minute almost provided one of the goals of the tournament when Rodrigo Bentancur embarked on a jinking run through the Portugal defence.
But the Uruguay midfielder’s finish let him down, as he shot straight at Diogo Costa when clear on goal.
La Celeste were aiming to become the first nation to record six straight clean sheets in the World Cup group stages, but they were given a warning when Joao Felix hit the side netting in the 51st minute.
Fernandes then opened the scoring three minutes later when his attempted centre, which Ronaldo initially appeared to faintly connect with, evaded Sergio Rochet.
Uruguay looked to respond as Maximiliano Gomez rattled the post and Luis Suarez hit the side netting, but Portugal sealed victory when Fernandes, who was involved in winning the penalty, calmly slotted home from 12 yards after VAR penalised Gimenez for handball.
Fernandes twice went close to completing his hat-trick in the dying moments, Rochet saving his volley before he rattled the woodwork from 20 yards.
What does it mean? Two wins from two for Portugal
For only the third time in their World Cup history, Portugal have won their opening two group games at the finals.
A good omen is that on both previous occasions – 1966 and 2006 – they went on to reach the semi-finals.
Uruguay have failed to score in three consecutive World Cup games for only the second time ever and go into matchday three sitting bottom of the group.
Fernandes at the double
It was a unique brace for Fernandes – FIFA initially credited his first goal to Ronaldo, who insisted he had got a touch – before ruling in the midfielder’s favour.
Fernandes’ double came from a game-high six shots, while his tally of 83 touches was also the highest recorded and no player registered more touches in the opposition box (five) or crosses (five, level with Guillermo Varela) than the United midfielder.
He has been directly involved in eight goals in his last five Portugal appearances (scoring five and assisting three), hitting form at international level at an ideal time.
Quiet Cavani
Edinson Cavani, who netted twice when these nations met in Russia four years ago, was restored to the starting line-up ahead of Luis Suarez.
However, the veteran striker registered just one shot on goal – an early second-half volley he dragged wide – while no starting player had fewer touches than him (21).
Key Opta Stats:
– Portugal have now scored in each of their last eight World Cup games, their best-ever run in the competition.
– Only Brazil (0) and Ecuador (1) have faced fewer opposition shots on target at the 2022 World Cup than Uruguay (3), who conceded with two of the three they faced in this game.
– Portugal tasted victory against a South American side in the World Cup for the first time since 1966 (3-1 v Brazil).
– At 39 years and 275 days old, Portugal defender Pepe became the third-oldest outfield player in World Cup history, behind only Roger Milla (42y, 39d) and Atiba Hutchinson (39y, 292d).
What’s next?
Santos may rest players and rotate his squad for Portugal’s final Group H match against South Korea on Friday. On the same day, Uruguay must beat Ghana to stand any chance of reaching the last 16.
Ghanaian star actor and singer Adomaa has urged corporate businesses to engage more veteran actors for their marketing.
She said this highlighting how powerful nostalgic feelings are in marketing.
Guesting on The Big Show on Class 91.3 FM, Saturday, 26 November 2022, she reacted to the news of Caveman Watches signing movie veteran Fred Amugias a brand ambassador and erecting a billboard for him as he had wished for, in a viral video, in light of his 74th birthday – 5 November.
Adomaa also said categorically she would buy a Caveman watch because of what the company has done to honour Mr Amugi and in so doing his mates on the creative arts scene in Ghana.
Speaking to sit-in host Prince Benjamin (PB), the ‘Dede’ TV series star said she saw Fred Amugi’s good news “on Twitter and I almost cried, such a beautiful moment, really really beautiful. I hope we do more for our veterans. They deserve it. They are the reason some of us are still here. They are the reason some of these artists can fly. If they didn’t walk, we wouldn’t be here, so it’s very important that we give them their due.”
“The thing is, if they hadn’t done the work that they had done, we wouldn’t be here, most of us would not be here,” she stressed and noted: “So inasmuch as we understand why brands go for the newer faces because they are more in vogue and more relevant, it’s also important to evoke nostalgia.”
“You know that’s that feeling like, ‘Oh, I grew up with this person’, it’s important and some of them have really really good brands [reputation] still, so, chale, I feel it’s a thing that should be done,” the music creative added before stating she would purchase a Caveman watch because of the Ghanaian company signing Mr Amugi.
“Big shouts to Caveman,” she said. “In fact, after seeing that billboard [of Fred Amugi modelling for the watch company], and the ad on Twitter, I want to buy a Caveman watch.”
“And I feel a lot of brands who do that would honestly see that their sales would actually skyrocket,” she projected.
On her memories working with Fred Amugi, Adomaa recalled an international moment.
“First of all, I was star-struck – this was a project we went to work on in Nigeria. I got there [and] I didn’t know anybody, I didn’t know who was going to come. I got there and I saw him and I was like, ‘Oh my God!’ He didn’t know me at first. Honestly, that was my first time acting outside [Ghana]. I had done only one movie before that which was ‘Bad Luck Joe’. I hadn’t really come out as an actor. He didn’t know who I was but, he was a very very chill person, and has a lot of wisdom to share, and a phenomenal actor. I learned so much from him. Being on set with him was such an honour. I’ve seen him sometimes in some social settings and it’s always like a reunion [and] I’m really happy.”
Returning to the matter of corporate brands engaging veteran actors, she noted that: “It’s sad that,” Fred Amugi “would have to come,” and ask for such a deal. “I feel like it [such engagements] should be instinctive.”
“I’m glad that he was brave in doing so,” she continued as she reacted to what some have opined on social media is controversial and somewhat beneath the celebrated actor, “and I am glad that after he did some people are actually taking the initiative to [work with him] and I hope it doesn’t just end there. It should cut-across everywhere.”
She nervously laughed when she considered how creatives are sidelined in old age for their juniors. “That’s not encouraging,” the ‘Traffic Jam’ hitmaker bemoaned.
After fighting depression and going on an abrupt hiatus from music, Adomaa has returned with a 7-track tape titled ‘Becoming Adomaa’. The extended play (EP) which details her accidental stardom, struggles with depression, and subsequent recovery and resolve to rise up again, is streaming on all digital platforms now.
The movie and documentary capturing her story and the essence of the new tape will be shown at the Silverbird Cinemas on Saturday, 31 December 2022. Tickets are available on adomaa.com.
Ghanaian music act Tutulapato has indicated that he will be braiding his hair after he graduates from Senior High School.
He made this disclosure guesting on The Big Show on Class 91.3 FM, Saturday, November 26, 2022.
Tutulapatocame to the studio wearing a beenie cap and a hoodie on top of that.
When sit-in host Prince Benjamin (PB) asked why that fashion choice, he answered: “I have a new look now, I’m in secondary school and you know in secondary school, they will demand you to bring your hair cut down and that’s the main reason why I have this [on].” He touched the hoodie on his head.
“I might braid [my hair, after school],” he revealed afterwards.
“Braided and hanging,” he gave a description to the hairstyle he intends to have.
Explaining why musicians like to have unusual hair-do, he said, “It is special to do that.”
Also, “we are in a new generation, and things are changing,” he noted.
Personally, “the kind of songs I’ll be bringing out next, is one of the reasons why [I’ll be braiding my hair],” he shared.
With the biggest chart-topping Gospel song in the country, sensational Gospel music star Piesie Esther is set to lead Kumasi to the throne of worship this Christmas as she announces December 25, 2022, for the Kumasi Edition of the W’aye Me Yie Anniversary Concert.
Dubbed the Adonko Next Level W’aye Me Yie Anniversary Concert, the event which will take place at the Church of Pentecost auditorium at Bantama from 4 pm is a part of activities earmarked for the 20th-anniversary celebration of Piesie Esther Ministries.
Piesie Esther will be joined by ministers including Stella Aba Steal, Joyce Blessing, Minister OJ, Oware Junior, ASP Kofi Sarpong, Brother Sammy, Francis Asumadu, Kofi Peprah, and many others.
Speaking during the launch of the Adonko Next Level W’aye Me Yie Anniversary Concert on Angel 96.1FM in Kumasi, Piesie Esther expressed her delight at bringing the celebrations to Kumasi and promised a fulfilling experience.
She also explained the inspiration behind the song.
A one-time parliamentary aspirant of the New Patriotic Party (NPP) for Kpone Katamanso, Hopeson Adorye, has disclosed that he has officially left the National Security Secretariat.
In a post shared on Facebook, Hopeson Adorye said that he had officially handed over his duties at the secretariat.
Adorye, who was previously the Deputy National Security Coordinator in Charge of Airports, added that he had also been sworn out of office.
“Monday 28th November 2022 around 2 pm, I handed over to my HR at the National Security and sworn out of office. Thank you all. “Nyame nti y3b3 didi,” the post read.
Hopeson Adorye had previously announced on live radio this week that he had been fired from his government job.
He said during a discussion on Oman FM’s Boiling Point programme, on which he is a regular guest; that he had been fired purposefully because of his support for Alan Kyerematen.
Adorye is a vocal supporter of the Trade and Industry Minister in respect of the minister’s rumoured bid to lead the NPP as flagbearer when elections take place next year.
“God will cater for us, we will eat, uncle (referring to the show host), God has got us. How we toiled in opposition for Akufo-Addo to come to power, we will do same for Alan Kwadwo Kyerematen to come.
“I’m not a zombie, uncle, I was told that my support is not towards a particular camp so I should be dismissed, I have been dismissed. ‘Your appointment has been terminated with immediate effect.’ That is why I am stressing that God will cater for us, we will never die,” he stressed.
View Adorye’s post plus his live announcement below:
The father of Ghanaian-American gospelmusician, Britney Boateng, Ernest Boateng, hasclarified circumstances that led to the death of her daughter.
According to him, his daughter was not shot by her sister-in-law or a rival, as has been speculated.
According to him, Britney Boateng was shot by her boyfriend’s aunt, who is now in the custody of the police.
In an interview with US-based Ghanaian journalist Frank Ntiamoah Williams, which was monitored by GhanaWeb, Ernest Boateng said that people should stop spreading rumours about the circumstances surrounding the death of his daughter.
He urged all well-meaning Ghanaians and other nationals to wait for the final investigations of the police.
“They (the police) said the suspect was the boyfriend’s auntie. It is alleged to be the boyfriend’s auntie,” he said.
Ernest Boateng, who was speaking for the first time after the death of his daughter, said that he has been traumatised by her death.
“When l was told about her murder, l sat here in my chairs for some time to be able to understand and break down what l have been told.
“For 3 days straight, l have not had a good sleep. All l see is Britney. I know how long it will take to forget this pain in my heart,” he said.
The Ghanaian female singer based in the United States of America, Britney Boateng, was reportedly shot dead in East Columbus on Friday, November 18, 2022.
22-year-old Britney Boateng was pronounced dead at 1:12 a.m., by the Columbus Division of Police.
A report by 10tv.com said that “officers were called to the 400 block of South Weyant Avenue, just north of East Main Street, around 1 a.m. Police found Britney Boateng with a gunshot wound, who was pronounced dead at 1:12 a.m.”
Award-winning artiste, PeterFameyeh Bozah, popularly known as Fameye, has disclosed that the current economic conditions in Ghana have compelled him to change what he consumes.
Speaking on Luv FM in Kumasi, the musician said he now eats more gari and beans, a local delicacy popularly known as ‘gob3’.
“I didn’t like ‘gob3’ but the state of the economy has now made me join the ‘gob3’ eaters’ association in Ghana.
“Now the prices of rice and even ‘gob3’ are ever-increasing which is why I added all of these in my song to tell my people to believe in God that he has done it already and it shall be well although things are hard in the country,” he said.
Fameye furthermore revealed that although he wasn’t a fan of gari and beans, the Ghanaian food has now become his go-to meal for survival.
He also acknowledged that Ghana appears to be adversely affected by the global economic challenges, despite praying that the government would work to solve the country’s hardships.
The ‘Nothing I Get’ artiste was on the Kumasi show to promote his newest single, ‘Pressure’.
Fameye pleaded with Ghanaians, particularly his fans, to pay attention and find something about the song that will cheer them on.
Nigerian Artiste Manager, Sijuade Adedokun has stated that Sarkodie is too much of a high-profile and respected personality to respond to Nasty C’s trolls against him.
There has been a recent feud between the talented South African rapper (Nasty C) and Sarkodie, leading to the young rapper refusing any form of collaboration with the latter.
This triggered Nasty C to put up a performance on South Africa’s radio station, Metro FM, against Sarkodie.
According to Nasty C, on the duo’s first encounter, Sarkodie rejected his handshake during the early stages of music career, which hurt him. This made the rapper vow never to work with Sarkodie if he rose to fame.
Up until now, the young rapper has had no collaborations with King Sark, despite the fact that he claims the Ghanaian rapper reached out to him on two separate occasions.
Speaking to KMJ on Prime Morning, Friday, the Nigerian talent manager stated that his reason for confidently stating that Sarkodie will not respond to Nasty C, is because of his experience in the music industry.
“Nasty C is human, and he is allowed to express himself, but Sarkodie on the other side will never reply to him. He will not reply to him because, he is too big for that. Shout out to both of them, but Sarkodie has been in the game too long to know what and what not to do,” he said.
According to the Mr. Adedokun, dissing is a big part of the rap game because rappers use it to express themselves and get attention from their fans.
He also emphasized the fact that even though Nasty C is free to express himself because he’s human, it is important to know that there are no permanent enemies in the entertainment industry; hence, he urged artiste to communicate with one another whenever they have a fallout, so that they can resolve the issues amicably.
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.
“The second half was totally different. We had control, possession and opportunities to score but the result at the end is totally unfair,” South Korea’s Costa said after the game.
“Not even a tie would have been fair. We clearly deserved to win. I think we can be very proud of what we did and can count on us in the next match.”
The result leaves South Korea bottom in Group H with only one point following their goalless draw against Uruguay in their World Cup opener.
The founder of Engineers and Planners, Ibrahim Mahama, has been spotted enjoying time alone in a luxury Seabreacher on the Volta River.
The Ghanaian business owner splashed several pictures from the reveling on Instagram, where fans admired him.
Ibrahim Mahama, the brother of former president John Mahama, is known for splurging millions on deluxe whips and living his best life. It is not the first time the businessman has been captured having fun on the Volta River.
In a video on his Instagram account, he is seen having a night ride on a boat with some associates. He sported a white T-shirt over trousers while enjoying time during the boat ride with his two colleagues.
The recent pictures of the businessman spending time in a Seabreacher equipped with a small glass-covered cockpit resembling that of a fighter jet gained reactions from fans.
The 17-year-old grabbed the attention of major eyeballs after a video spotlighting his works gained traction on social media.
In one of the clips, Atimbiri was captured demonstrating how the excavator works to some adults, who were impressed.
Black Stars attacker Jordan Ayew has praised the young players who started and those who came on against South Korea in Ghana’s second group game.
The Crystal Palace player was excellent in the encounter against the Asian giants. He made two key passes, 44 touches, one big chance created, eight ground duels won, three tackles, one interception, and was fouled four times.
The Black Stars of Ghana in the first half battled the South Koreans who put pressure on the back four of Ghana for close to 20 minutes. Before halftime, Ghana broke the deadlock after some interesting play.
Ghana was the first to score through Southampton defender Mohammed Salisu in the 24th minute after a corner by Jordan Ayew. The goal was checked by VAR and the referee whistled for a goal.
Ghana scored again in the 34th minute through Ajax midfielder Mohammed Kudus after receiving a wonderful ball from Jordan Ayew.
After halftime, the South Koreans made a couple of changes and started putting pressure on Ghana. The pressure made off and Gue-sung Cho scored from a pass from Kang-in Lee. They scored a few minutes later through Gue-sung Cho again.
Ghana’s third goal was scored by Mohammed Kudus his second of the game. His goal was assisted by Inaki Williams.
After the game, Jordan Ayew said the senior players in the squad are happy with the overall performance of the young players in the team. He added that they also showed experience and composure in the encounter.
“We have a very young team, very energetic. we the senior players, we try to motivate the younger ones everyday and let them know that its the World Cup. I think the young ones that came on and the ones that started showed the experience, composure and we the senior players are really pleased,”
Jordan Ayew did not complete the game he was substituted in the 78th minute. He was replaced by Rennes attacker Kamaldeen Sulemana.
A British angler who cast his line at a carp fishery in France had his photos go viral after he reeled in a monster 67.4-pound goldfish.
Bluewater Lakes, a carp fishery in Champagne, posted photos to Facebook showing Andy Hackett, 42, posing with his prize catch, a massive goldfish known locally as “The Carrot.”
The fishery said the goldfish was put into the lake 15 years ago to give anglers something interesting to catch, but it wasn’t until last year that the fish was noted to have grown to a size in excess of 60 pounds.
Black Stars attacker Jordan Ayew has stated that South Korea gave Ghana a tough time in their second Group H game at the Education City Stadium on Monday afternoon.
The Crystal Palace player was excellent in the encounter against the Asian giants.
The Black Stars of Ghana in the first half battled the South Koreans who put pressure on the back four of Ghana for close to 20 minutes. Before halftime, Ghana broke the deadlock after some interesting play.
Ghana was the first to score through Southampton defender Mohammed Salisu in the 24th minute after a corner by Jordan Ayew. The goal was checked by VAR and the referee whistled for a goal.
Ghana scored again in the 34th minute through Ajax midfielder Mohammed Kudus after receiving a wonderful ball from Jordan Ayew.
After halftime, the South Koreans made a couple of changes and started putting pressure on Ghana. The pressure made off and Gue-sung Cho scored from a pass from Kang-in Lee. They scored a few minutes later through Gue-sung Cho again.
Ghana’s third goal was scored by Mohammed Kudus his second of the game. His game was assisted by Inaki Williams.
After the game, Jordan Ayew said Ghana did not start the second half well but getting the three points is most important.
“The most important thing is that we got the three points. We scored two goals in the first half. We didn’t start the second half well but we grew into it and managed to score the third goal. We defended well they gave us a tough time,”
Jordan Ayew did not complete the game he was substituted in the 78th minute. He was replaced by Rennes attacker Kamaldeen Sulemana.
The RC Lens midfielder was in action for the Black Stars on Monday afternoon and helped his national team to cruise past the South Koreans with an important 3-2 win at the end of the 90 minutes.
In a post on social media after the game, Abdul Salis Samed has expressed appreciation to Ghanaians for their support at the 2022 FIFA World Cup.
“Until the last second. Thanks for the support,” Abdul Salis Samed posted on Instagram
MTN Ghana will commence the complete disconnection of all SIM cards that have completed Stage 1 (Linkage of Ghana Card ID to SIM Card) but have not completed Stage 2 (Biometric Capture) (“Not fully registered with the Ghana Card”) from December 01, 2022.
As such, it will deactivate the SIM cards of 5,701,149 subscribers on December 01, 2022.
As of November 26, 2022, 22,112,943 MTN Ghana subscribers had successfully linked their Ghana card to their SIM cards (Stage 1), while 16,411,794 had successfully completed the bio-capture phase (Stage 2).
The move is in compliance with the directive from the National Communications Authority (NCA) communicated to all telecom operators in a meeting held on November 17, 2022,
In a statement, it said it had already complied with the first stage of the directive by deactivating the data services of SIM Cards that have not fully registered with the Ghana Card on November 20, 2022, as directed.
“Customers should note that a fully registered SIM card is one that has successfully completed both Stage 1 (Linkage) and Stage 2 (Bio-capture). All deactivated SIM cards can be reactivated within six months from December 01, 2022 (the date of deactivation), by completing the bio-capture process”, it explained.
The telecom giant added that deactivated SIM cards will be recycled if they are not reactivated by the end of May 2023.
MTN, therefore, urged all its customers who are not fully registered to endeavor to do so as soon as possible at any of it service centers.
A Virginia man said he has peer pressure to thank after he bought his first-ever Powerball ticket — and won a $150,000 prize.Danny Johnson, of Hampton, told Virginia Lottery officials he was always skeptical about lottery games and would tell his friends that they’re a waste of time and money.
Johnson said a friend started urging him to buy a Powerball ticket when the jackpot reached historic levels in early November, so he gave in and bought a ticket for the Nov. 5 drawing from the lottery’s website.
“I looked at the winning numbers and said, ‘Hey I’ve got a few of those,’” Johnson recalled. “I didn’t know how much I’d won because I never play.”
Johnson said he has no immediate plans for his winnings, but he is considering a surprise gift for the friend who pressured him into buying his ticket.
The President of the Republic, H.E Nana Addo Dankwa Akufo-Addo has applauded the Black Stars for the top performance in Ghana’s 3-2 win against South Korea.
The President is one of the millions of Ghanaians around the world that watched the Black Stars on Monday afternoon in the second Group H match of the 2022 FIFA World Cup.
At the end of an exciting game that ended 3-2 in favour of Ghana, President Akufo-Addo has taken to his social media to congratulate the Black Stars.
In a post on Twitter, the President said, “Kudos to the Black Stars. Hard fought, but thoroughly well-deserved victory against South Korea. Proud of the entire team and the unalloyed support given to them by all Ghanaians. Now to the final group stage game against Uruguay,” President Akufo-Addo posted on Twitter.
Kudos to the Black Stars. Hard fought, but thoroughly well-deserved victory against South Korea. Proud of the entire team and the unalloyed support given to them by all Ghanaians. Now to the final group stage game against Uruguay. #WeCanDoIt#GoBlackStarsGopic.twitter.com/9ffkgil4pu
Beautiful Ghanaian actress and socialite, Fella Makafui, set tongues wagging after she flaunted an elegant 2020 Chevrolet Corvette in a video and subsequently shared photos of the car on her Instagram page.
The classy car, per checks done by YEN.com.gh, was worth over GH₵800k, which is a fortune in Ghana. Fella captioned the photos of the vehicle she shared on her Instagram page, saying, ” Worth every headache”.
The 2020 Chevrolet Corvette is a powerful sports car. It boasts of a robust engine behind the passenger cabin, just like the best from Porsche, Ferrari, and McLaren, but at many thousands of dollars less.
The elegant luxury vehicle also packs 490 horsepower and 470 lb-ft of torque. It is no surprise Fella said the vehicle was worth the headache, considering the kind of power and beauty it is packed with.
There have been speculations that Fella and Medikal were having some issues, making netizens opine that the vehicle might be a gift from Medikal to make amens.
A zoo in Sweden said officials are searching for a giant owl that escaped alongside another avian two days ago.The Skansen Zoo in Stockholm said two great gray owls, named Percy and Barr, escaped from the facility Monday night when their enclosure was damaged, but the older owl, Percy, was later located on zoo grounds and coaxed back into the hands of zookeepers.
Barr, Percy’s son, remained on the loose Wednesday and officials are still trying to find him.
A zoo spokeswoman said Barr does not pose a threat to the public. She said the owl is used to human contact and is very friendly.
A library in Texas said employees recently found something unexpected in the drop box — a Beatles cassette tape that had been checked out 44 years earlier.
The San Antonio Public Library said the tape, a recording of an interview with Beatles members John Lennon and Paul McCartney, was left anonymously in a book return drop box recently.
“Luckily, we have been fine-free since October 2021, so even if you have an item to return that’s a year late, a decade late, and even four decades late, we will still accept it at NO charge,” the library said in a Facebook post.
Guinness World Records said the cat, named Flossie, was verified as 26 years and 316 days old, roughly the equivalent of 120 years old in humans.The record-keeping organization said Flossie was originally adopted as a stray living near a hospital with her siblings and lived with her first owner until their death about 10 years later. Flossie then lived with her original owner’s sister for 14 years, until that owner also died.
Flossie was taken in by another relative, who was able to care for her for about three years before turning the feline over to charity Cats Protection.
Cats Protection placed Flossie in a new home with owner Vicki Green.
“She sometimes misses her litter box or needs help grooming herself, but I can help with all of that. We’re in this together,” Green told Guinness World Records. “Cats Protection has a lot of mature cats in need of a home and they don’t need to be high maintenance. All they want is a cuddle and somewhere warm to sleep. I’m glad that Cats Protection matched me with Flossie; adopting her has been rewarding for us both.”
Black Stars defender Mohammed Salisu is the first defender to score for Ghana in World Cup history. The Southampton defender played full throttle in Ghana’s dramatic win against South Korea.
He scored Ghana’s first goal in the 24th minute to help Ghana secure all three points at stake.
Salisu began his career in his hometown youth team, Kumasi Barcelona Babies, before joining West African Football Academy in 2013.
Salisu joined Real Valladolid’s youth setup in October 2017.
On 28 January 2018, Salisu made his senior debut with the reserves, starting in a 4-2 Segunda Division B home loss against Coruxo. On April 29, he scored his first senior goal, equalizing in the 82nd minute of a 2-2 away draw against Racing Ferrol.
Salisu was promoted to the senior Valladolid squad on July 16, 2018. On 9 January 2019, he made his professional debut, starting in a 1-0 away loss to Getafe in the Copa del Rey that season.
On August 18, he made his La Liga debut, starting in a 2-1 away win over Real Betis. On October 26, 2019, he scored his first professional goal, the second goal in a 2-0 home win over Eibar.
Salisu signed for Premier League team Southampton for a cost of £10.9 million on August 12, 2020.
The 23-year-old is 191cm tall and prefers to play with his left foot.
Salisu made his Southampton debut six months after joining for the club, on 11 February 2021, playing the full 90 minutes and maintaining a clean sheet in a 2-0 FA Cup away victory over Wolverhampton Wanderers.
Salisu made his Ghana debut on September 23, 2022, as a second-half substitute in a 3-0 friendly loss to Brazil. His current market value according to transfermarkt is 18 million euro
1 – Mohammed Salisu has become the first defender to score for Ghana in World Cup history. New. pic.twitter.com/UutAfwpRXe
The Member of Parliament (MP) for Ningo-Prampram, Sam Nartey George, has alleged that personnel of the Ghana PoliceService deployed to protect the Saglemi Housing project are the ones behind the theft of materials meant for the completion of the project.
According to Sam George, whose constituency hosts the Saglemi Housing Project, some of his constituents caught some policemen transporting materials meant for the project.
Speaking in a Good Morning Ghana interview monitored by GhanaWeb on Thursday (November 26), the MP added that the policemen said they were given orders from above to transport the materials when they were caught.
“By the time they (the current government) took office, almost all the fittings for all the 1520 apartments that were completed were there – toilet bowls and tiles. You know the police people that were put in charge as security, went and stole the things.
“I am saying this on record because my boys arrested them. The police people who were sent there as national security to protect the property stole the tiles, stole the toilet bowls. My own boys in Tsopoli arrested them.
“We took the case to the Tema (Police) Regional Commander. And when we arrested them, they claimed that they were instructed to remove the things from the top,” he said.
He also said that the attempt by the Nana Addo Dankwa Akufo-Addo government to sell the project to private developers is a form of state capture.
He added that the John Dramani Mahama government contracted a loan to build the project which it has fully paid.
The France-based centre-back was a second-half substitute for the Black Stars on Monday afternoon and helped the national team to see off South Korea with a 3-2 win.
Reacting to the win in a social media post, Alexander Djiku says the feeling is amazing.
The Attorney-General and Minister of Justice, Godfred Yeboah Dame, has been cleared of charges pressed against him by the sellers of a property identified by the Republic of Ghana for use as a chancery building in Oslo, Norway.
By a unanimous decision, the Oslo Court of Appeal, Norway composed of three Justices of Appeal (Pal Morten Andreassen, Irene Sogn and Rolf Ytrehus), has in a judgment dated Tuesday, November 22, 2022, dismissed an appeal filed by Messrs. Jongsbru AS, the sellers of a property identified by the Republic of Ghana for use as a chancery building in Oslo, Norway.
The Norway Court of Appeal considered an appeal by the appellant against the judgment of the Oslo District Court (High Court) in December 2021, dismissing its case and awarding damages and procedural costs in favour of Ghana.
After a retrial, the Oslo Appeal Court held Ghana to be “fully acquitted of all liability” and concluded that “a purchase agreement to which Ghana was a party could not be said to have been completed between the parties”. The Court awarded the sum of 1.5 million Norwegian Kroner (approximately 150 000 USD) payable by the appellant to Ghana as procedural costs incurred before the Court of Appeal. It further ordered the appellant to pay to Ghana 1 million Norwegian Kroner (approximately, 100 000 USD) as compensation for procedural costs at the High Court.
Facts of case
In 2018, Ghana decided to establish an embassy in Norway. The acquisition of a chancery building, either by purchase or by a lease, was deemed to be critical to the establishment of the embassy.
A delegation from Ghana identified a number of properties, including Sigyns Gate 3 at Frogner in Oslo, the property the subject matter of the litigation. On 22nd November 2018, Ghana received an offer from Jongsbru to buy the property for 100 million Norwegian Kronner. The offer had a deadline of seven days, i.e. by 29th November, 2018. On 29th November 2018, Ghana’s Charge d’Affaires, Regina Appiah-Sam, responded to Jongsrbu’s offer in these terms:
“On behalf of the Government of Ghana, Ministry of Foreign Affairs, we have the pleasure to accept the Offer with the following conditions:
1. … It is a condition for the acceptance of the Offer and the final contract, that the building is without significant defects and that the renovation work is completed and performed in a satisfactory manner.
2. Before take-over there is a final approval without conditions from relevant authorities for the use of the property as an Embassy.
3. Agreement on a final contract of sale. We accept that the contract shall be based on the Sem & Johnsen standard contract.”
Subsequent to due certification by Ghana’s appointed valuers that the building was without significant defects and that the renovation works on same had been completed and performed in a satisfactory manner, Ghana pulled out of the transaction on various grounds, including a failure on the part of the sellers to satisfy the condition of a final approval from the relevant Municipal authorities in Oslo for the use of the property as an Embassy.
The sellers of the property, Jongsbru AS, sued the Government of Ghana in the Oslo District Court claiming sums totalling about seventy-eight million Norwegian Kroner for breach of contract, loss of profits, interest and costs of litigation.
Original judgment of the District Court (High Court)
On 16th December 2021, the Oslo High Court upheld Ghana’s contention that on the issue of choice of law, the competence or legal capacity of Ghanaian officials to bind the Republic of Ghana must be decided according to Ghana law. Whereas the Government of Ghana had led evidence by the Director of the Legal Directorate of the Ministry of Finance to prove the content of Ghana’s financial and procurement laws, no attempt was made by the plaintiff to rebut same.
The Court found that Ghana’s Minister for Foreign Affairs, in accordance with section 20 of the State Property and Contracts Act of 1960, had the competence to bind Ghana in agreements involving her ministry.
This authority had not been exercised in the transaction in question. Neither the Charge d’Affaires of Ghana at the time, Mrs. Appiah-Sam nor Ghana’s lawyer, Mikkel Visllie had authority to enter into the agreement on behalf of Ghana. There was thus no valid or binding agreement between the sellers of the property and Ghana.
The Court further held that under Ghana law, the Public Procurement Authority must agree on the purchase of the property and the application of funds must also be approved by the Minister for Finance, before the Minister for Foreign Affairs must either personally execute the agreement for the purchase of the property or authorise another competent person by a power of attorney to execute the agreement. On the evidence provided by Ghana’s witnesses, this had not been done.
Regarding the claim against Ghana’s lawyer at the time of the purported sale, the Court found that the lawyer was fully responsible for the positive contractual interest in accordance with the Contracts Act of Norway. The Court was of the view that there is a particular reason for trusting lawyers who act on behalf of clients.
The Court found that the lawyer did not have any reasonable excuse for not ensuring that there was a power of attorney signed by Ghana before purporting to convey acceptance of the offer by Jongsbru. The Court thus ordered lawyer Mikkel Vislie who acted for Ghana and his insurance company, Tryg Forsikring to pay to Jongsbru the sum of thirty-seven million, seven hundred and twelve thousand, nine hundred and four Norwegian Kronner as compensation.
Appeal hearing
The Oslo Court of Appeal heard the appeal over four days – from 25th to 28th October, 2022, taking evidence from the witnesses of all the parties in the matter afresh. The hearing was observed by students of the Oslo Law School as part of their practical advocacy training.
Ghana’s Attorney-General, Mr. Godfred Yeboah Dame, led a team from Ghana for the hearing. Mrs. Jennifer Lartey, Ghana’s ambassador to Norway, Mrs Regina Appiah-Sam, Charge d’Affairs at the time the embassy was opened, Charles Osei-Marfo of the Oslo mission, Ms. Doris Brese, Ministry of Foreign Affairs and Mrs. Mangowa Ghanney, former Director, Legal at the Ministry of Foreign Affairs, testified as witnesses for Ghana.
Judgment of the Oslo Court of Appeal
The Oslo Court of Appeal dismissed the appellant’s case in its entirety as unfounded and ordered to pay to Ghana 1.5 Million Norwegian Kroner (approximately 150 000 USD) as compensation for procedural costs incurred before the Court of Appeal. It further ordered Jongsbru to pay to Ghana 1 Million Norwegian Kroner (approximately 100 000 USD) for procedural costs incurred before the Oslo District Court.
The Court of Appeal observed that a prerequisite for the appellant’s claim was that the company had incurred economic loss as a result of Ghana’s decision not to finalize the sale. The appellant did not incur any such economic loss. On a proper application of the principles of offer and acceptance, Ghana could have withdrawn from the agreement (even if it was binding), as all conditions necessary for the performance of the contract had not been satisfied.
Regarding Ghana’s defence about a lack of approval by the Oslo Municipal authorities for the building to be used for an embassy, the Appeal Court found that based on the evidence presented by Ghana concerning the appellant’s belated attempts to apply for the said permission and the municipality’s responses, it was clearly established that no such permission would have been received by the relevant date for the contract to take effect, and therefore Ghana could have withdrawn from the agreement. The purchase would in no case have materialised, and the appellant would not have received the purchase price from Ghana, for a claim of economic loss to be validly asserted.
The Oslo Appeal Court noted further, that, the condition regarding authorization by the municipal permission to use the property as chancery, was vital to the purchase, and that, only Jongsbru, not Ghana, had any control over whether the condition would be met or not. Further, the consequences of the condition not being met, was set out specifically in the agreement.
The Attorney-General and Minister for Justice expressed satisfaction with the outcome of the appeal and hoped that it would mark the end of the dispute. Mr. Dame explained that, under Norwegian civil procedure rules, any civil judgment of the Court of Appeal may be appealed to the Supreme Court but the hearing of the appeal is not as of right.
A panel of three Supreme Court judges must first determine whether to allow the appeal to be heard by the Norway Supreme Court and explicitly allow same to be heard, before the court will be required to consider or hear it and then proceed to give a judgment on it.
“If the panel does not allow the appeal to be heard, the appeal terminates without any further processes at the Supreme Court. The ground on which the Norwegian Supreme Court will hear an appeal is where a new and major issue of law is raised in the matter and the court feels obligated to give legal clarity on the position. The Norway Supreme Court does not hear an appeal on matters concerning the facts or evidence in a civil matter,” Dame concluded.
While in Germany, the ‘Things Fall Apart’ hitmaker requested a plate of food that embodied the Ghana Flag.
To make his request a reality, the restaurant garnished bell peppers in the colours red, yellow and green. They then put an olive on top to represent the black star.
Captioning the post on his official Instagram page, he stated that he was passionate about the team and was rooting for them. He said,
I’m too passionate about #Ghana #BlackStars! Let us all give our Full Support! #TeamMooove
However, the part of the video that got many people laughing hard was how he explained the situation by speaking hi local dialect, Tarkoradi Fante.
Video of Kofi Kinaata requesting food made in the Ghana flag gets many laughing hard
securenation_ commented:
Asem nu ay3 Kritical
richmondamoh_ said:
Special delicacy ❤️
kwaku_geezy said:
Food support anaa full support
lightqhels remarked:
Ah. Well! Lemme just leave this here
directoroj remarked:
Asey it’s better you eat banku attachey to be safe oo, becaaaaauussseee……..
The finale for the Miss Golden Stool pageant was held on Sunday, November 27, 2022, at the Accra International Conference Center.
The first runner-up, Abigail Duodu collapsed on the stage after the master of ceremony announced the winner.
In a video shared by @slayis_everywhere, Abigail who looked stunning in her African print gown was holding a cheque of five thousand Ghana cedis as the prize while sobbing.
Family members, friends, and supporters were seen shouting and instructing to boycott the event after allegedly being cheated. Abigail collapsed and the organizers rushed to give her first aid.
Social media users have commented on the trending video which captures the sad incident at the Miss Golden Stool finale
cyrillegramme
I”m sure they paid something
itsrae_xo
Why are they so sure their person deserved it? Who did they settle to make it possible? You can only be this agitated if you’ve been assured before hand!
mends_cosmetics
♀️
heelsbyunell
Why was she sick ?
ghana_encyclopedia
Jealous do this one dirty
uppereastfinest_pito
Sad
miss.amoani
It’s well ❤️
Former beauty queen, Miss Excellence 2021 Abrewanana Akosua Adiepena emerged as the winner of the fourth edition of the pageant. Abrewenana represented Mim in the Ahafo Region of Ghana.
Meanwhile, supporters of Abrewanana including Ghana’s Most Beautiful beauty queen Amoani have commented on her post
miss.amoani
My babyyyyyyyy. Congratulations ❤️❤️
emerald.doro.3
Congrats sweetheart . May God bless your reign
nanaboatengpower
You deserve it, you made us all happy last night ❤️
nanaboatengpower
Congratulations Abrewa
missexcellencegh2022
Congratulations our Queen
The chief executive officer and founder of Miss Golden Stool Sally Akua Amoakowaa are yet to comment on the trending video.
The banking sector recorded a profit-after-tax of ¢4.4 billion for the first ten months of 2022.
This represents an increase of 17.2%, compared with 10.0% growth during the same period last year.
According to the Bank of Ghana, the banking sector recorded strong asset growth and improved profitability over the review period, but there are strong signs of emerging spillover effects from the recent macroeconomic challenges.
Net interest income grew by 22.7% to GH¢12.8 billion, higher than the 15.2% growth.
Net fees and commissions also grew by 25.4% to GH¢2.9 billion, compared with 22.9% growth over the same comparative period. Operating income accordingly rose by 27%, higher than the corresponding growth of 14.3% in 2021.
The industry’s operating expenses increased by 28.1% in October 2022, compared with 11.0% for same period in 2021, on the back of the current challenging operating environment. Loan loss provisions also went up significantly, reflecting the pickup in credit growth and elevated credit.
Total assets of banking industry amountedto ¢249.9bn
Total assets of the banking industry amounted to ¢249.9 billion (an annual growth of 43.7%) at the end of October 2022.
Underpinning the growth in assets was sustained growth in deposits and borrowings, as well as the revaluation effect of the foreign currency component of key balance sheet indicators.
Total deposits reached ¢172.1 billion, representing an annual growth of 46.5%, compared with 17.2% during the same period in 2021. Borrowings also increased by 47.6% to ¢30.4 billion from ¢20.6 billion in October 2021.
The industry’s Capital Adequacy Ratio (CAR) was 14.2% as at October 2022, above the prudential minimum of 13.0%, but shows a sharp decline from 19.8% recorded a year earlier.
The reduction in the CAR levels broadly reflects the impact of
ongoing macroeconomic developments, including the currency depreciation and the mark-to-market investment losses by some banks, as well as the continued growth in actual credit on the risk-weighted assets of banks.
The pair have flown to Qatar in style, courtesy of a sponsored paid trip to the Arab nation. The duo was filmed in a Black Stars jersey in an Instagram video. They paired their look with dark shades.
McBrown and her hubby may watch the second match of the Black Stars
The Black Star will face South Korea in the ongoing 2022 Qatar World Cup on Monday, November 28, at 1 pm. The media personality and her significant other are likely to watch the match at the stadium.
The recent footage of the couple on a plane, shared on Nkonkonsa, showed Nana Ama McBrown and her husband drinking juice on-board the flight.
Netizens and fans of the television personality and her husband have reacted to the rare moment of the couple having fun on a plane. Most people who reacted seemed jealous of the pair.
The World Health Organization (WHO) has announced a new preferred name for the monkeypox virus, saying it would refer to it as mpox.
The WHO said it had received complaints the current name was “racist and stigmatizing” and that, after consultations with experts, mpox would be used simultaneously with monkeypox for one year.
Thereafter, monkeypox would be phased out.
The WHO urged other medical organisations and the media to adopt the new name as well.
Award-winning Ghanaian singer, King Promise, is trending on social media after his lookalike was spotted in the media stands at the ongoing FIFA World Cup 2022 in Qatar.
In the photo that is making rounds on social media, The man was spotted holding a camera with a big long lens capturing beautiful memories at the World Cup.
During the Tunisia versus Australia match, he was caught and identified on television by his fans as well as many Ghanaians who thought it was a relative of King Promise or perhaps King Promise himself.
Netizens revealed the young man behind the camera as Pooja, a Nigerian photographer capturing memorable moments at the ongoing World Cup, which is being held in Qatar.
King Promise’s lookalike spotted in Qatar taking pictures at the World Cup sparks reactions
thereal_mimi37 remarked:
Ghanaians can’t be serious. How are you telling me this?
aincs.e opined:
The economy has been hard on everyone
sincerelysamuella opined:
Don’t have a side hustle and see
sirelorm opined:
King Promise. CCTV. You can’t make these things up
xenia.kd remarked:
In this economy you gotta have multiple streams of income
@Nanayaw4545 said:
Is that not king Promise holding the camera at the back of the player?
Actress Efia Odo is inquiring about the relationship status of Ghanaian forwarder, Mohammed Kudus.
This is after he played his heart out to see Ghana’s national team, Black Stars beat South Korea in a slim win match at the Education City Stadium, Qatar on November 28.
Kudus won the hearts of many including actress Efia Odo, who has ‘thrown shots’ at the Ghanaian midfielder who topped social media trends after scoring two goals for the West African side.
Shortly after the game that witnessed Black Stars defeating South Korea by three goals to two, Efia Odo took to Twitter to shower praise on the Ghanaian player whom she argued deserved to be named Man of the Match in Monday’s game.
“Man of the match definitely goes to Kudus. Is he single? I’m asking for my friend. She’s not on social media,” her post read.
Ghana will play their next Group H match with Uruguay on Friday, November 2.
A former National Security Ministry official, Hopeson Adorye, has recounted some key contributions he made for the New Patriotic Party (NPP) following his dismissal from his post at the National Security.
Lamented the circumstances under which he recently lost his job, he maintained his resolved and stated emphatically that he is unperturbed by the turn of events.
He maintained that his contributions to the party, particularly the rise to the presidency of Nana Addo Dankwa Akufo-Addo, is well known.
Speaking for the first time about his dismissal on Oman FM’s Boiling Point programme last week, Adorye disclosed how he purportedly helped secure the Volta Region from vote manipulation by way of Togolese being brought into Ghana to vote for a particular party.
“You can testify that I was not seated behind the fence wall, I was in the thick of affairs. Ghana – Togo border operations,” he told host of the show, before adding: “I did it with four youth organizers in the Volta Region, we did it at the blind side of the regional executives.
“Because if we had informed them, they will claim they had plans to do it,” he added before narrating how it wasn’t until the day of vote in 2016 when he met the regional secretary at Kpando, then the secretary said they had gotten wind of his undisclosed operations.
He stated further that with his operation, the other party that usually brought illegal voters in, failed so to do: “We all saw the results in Volta Region, when they went to recruit voters, it was unsuccessful but this is my reward today?”
On his dismissal, he stressed: “I’m not a zombie, uncle, I was told that my support is not towards a particular camp so I should be dismissed, I have been dismissed. ‘Your appointment has been terminated with immediate effect. That is why I am stressing that God will cater for us, we will never die.
“I have left it all to God, we won’t sleep hungry. I know it is not my minister who will do this, Kan-Dapaah will not do this. But from what I am hearing, I pity those who issued the instruction,” he added.
A technical team member who is part of the Ghanaian team was seen trying to take a photo with South Korea’s star man Son Heung-min after their loss to Ghana.
Son was weeping uncontrollably at the moment but that did not stop the Ghanaian from wanting to catch a glimpse of the world renowned player.
The photo that was shared on the Twitter handle of ESPNFC had 18,000 reactions at the time of this publication, which comes less than one hour after the post was made on the bird app.
How Ghanaians are reacting to Son’s photo
Below were some of the captivating comments social media users piled up under the photo.
@honest_ghanaian, for instance, commented:
The way South Korea cross the ball should be written in the Guinness book of records!
@Alphacino30 indicated:
There is no shame in showing your admiration for a much more popular person. There are people Son will be craving to take pictures with aswell. This is not supposed to be a news but y’all just wanna nail the innocent man for a selfie. Jokers
@freco210 said:
Tbf though I don’t think that’s the right time to take a selfie with him.. Man’s obviously heartbroken right now
A court in Comoros has handed down a life sentence for high treason to former President Ahmed Abdallah Sambi.
He was convicted of selling passports to stateless people living in the Gulf and had been accused of embezzling millions of dollars.
Citing an unfair trial, Sambi, 64, refused to attend the hearings at the State Security Court whose rulings cannot be appealed.
Sambi – who is an arch rival of the Comoros President Azali Assoumani – had already spent four years behind bars before he faced trial.
He pushed through a law in 2008 allowing the sale of passports for the east African island nation for high fees. His lawyer said there was no evidence of missing money.
Shortly after storming social media with a reassurance and appreciation post directed at her husband amidst news of his dismissal, a social media user took to Empress Gifty’s comment section to provoke her.
The netizen incurred the wrath of the gospel singer with a comment meant to mock her current situation.
Earlier, after news of Empress Gifty’s husband’s dismissal went rife on social media, she took to her social media wall with a lovey-dovey post of her and her husband with a sweet caption.
“Nyame Nti Y3 b3 didi”, which translates to “God will provide our daily bread.”
But a critic who believes Empress Gifty’s post was a smart way of concealing insults and trolls went beneath that particular post and said;
“Social media stunts is within you paa de3. Madam ka nokware kakra wai. You are afraid of insults.”
In a sharp rebuttal, Empress Gifty wrote;
“You’re a big fool!”
Meanwhile, some fans have applauded the singer for how she has handled the news of her husband’s dismissal with what they described as the utmost maturity.
Ghana recorded a first win at the 2022 FIFA World Cup on Monday thanks to a brace from youngster Mohammed Kudus that inspired the Black Stars to beat South Korea 3-2.
The West African country today locked horns with the Asians in a second Group H match of this year’s mundial.
Although the South Koreans will dominate the play in the early parts of the game, Ghana managed the pressure and eventually took control of the game.
Doing better in the attacking sequence, the Black Stars took the lead in the 24th minute when defender Mohammed Salisu capitalised on a scramble in the opponent’s box to get the ball in the back of the net.
With that lead, Ghana continued to see more of the possession and made it count 10 minutes later.
This time around, Mohammed Kudus jumped high to head a cross from Jordan Ayew to double the lead for the Black Stars.
While Ghana will take the two-goal lead into the break, South Korea made a strong comeback in the second half as a brace from Gue-sung Cho in the 58th and 61st minutes restored parity to the game.
Despite losing confidence after squandering the comfortable lead, Ghana gradually found its mojo and made it count.
In the 68th minute, poster boy Mohammed Kudus latched onto a pass from Gideon Mensah and smashed a low drive that ended up in the back of the South Korea net.
Despite the late pressure from South Korea, Ghana held on to win 3-2 to bag the maximum three points.
The leadup to Ghana’s budget presentation was filled with political drama and outsized investor expectations.
On Thursday, the 24th of November, the much-anticipated event finally came off, in the shadow of a World Cup fixture between Ghana and Portugal.
The budget, as finally presented, has many twists and turns but on the essentials, it is a bit of a Frankenstein mash-up.
On the one hand, it contains the clearest yet admission by the government that the fiscal situation is dire, in ways that are not predominantly attributable to external factors like the Ukraine conflict and the COVID-19 pandemic, and therefore that significant waste-cutting is warranted.
It is a standard practice of Ghanaian budget speech drafting during economic downturns to frame the domestic crisis against the global picture. Below extract from the 1999 and 2000 budgets, when the Asian Financial Crisis was looming large.
The 2023 budget had its fair share of global scapegoating but not to an extent where all emphasis on domestic triggers of the crisis was totally neglected as has been the case in most policy statements of recent times.
Yet, on the other hand, the bulk of the numbers do not add up anywhere close to the much-speculated austerity package. In fact, this is one of the most expansionary budgets in the history of Ghana, at a time most investors and analysts expected a contractionary policy.
The government’s approach harks back to the failed fiscal consolidation approach in 1999.
Total Ghana government expenditure in 1998 was ¢4.38 trillion or $1.64 billion against nominal GDP of ¢16.59 trillion (or $6.3 billion at the then prevailing exchange rate) yielding an expenditure-to-GDP ratio of ~25%. Faced with domestic and external headwinds, the economic managers of the time decided instead to increase spending to 28% of GDP as evidenced in the extracts below from the 2000 budget statement.
As everyone now knows the 1999-2000 fiscal consolidation effort, not surprisingly, failed completely and the succeeding government was forced to declare HIPC for concessional terms in the restructuring of Ghana’s debt.
A far better lesson for today’s economic managers should come from the crisis budget design of 1995, the Kumepreko year. Against the 1994 outturn, government reversed back-to-back deficits and generated a fiscal surplus by spending 1.15 trillion Cedis/$800 million (from revenues of 1.26 trillion Cedis/$870 million) to result in an expenditure-to-GDP ratio of 16% (i.e. using a GDP figure of $5 billion at the prevailing exchange rate).
Against this historical background, one marvels at the government’s decision to project expenditure to GDP at more than 28% in 2023 (from ~25% in 2021) in the hopes of almost doubling revenue (from a likely outturn of ¢85 billion in 2022 to an expected 143 billion GHS in 2023).
To seek to grow government revenue by more than 68% in one year at a time of collapsing demand, imploding confidence and low economic growth is clearly wishful thinking. That way of thinking is reminiscent of the government’s insistence on raising billions from its highly unpopular e-Levy despite widespread analyst sentiment against such projections. In the event, e-Levy could not even clock 6% of the original target by end of September 2022.
There is no evidence of government learning any lessons from this episode. Massive increases are projected in 2023 for VAT (an expected 65% increase in 2023 over the 2022 outturn), e-Levy (a near 500% increase on the likely 2022 outturn) and COVID-19 Health Levy (an expected doubling of the yield seen in 2022).
It is impossible to fathom why the government expects the COVID-19 levy (initially sold to the country as a temporary revenue measure) to grow at more than twice the rate of NHIL when the base for computing both taxes is the same. In fact, all these levies, under normal circumstances, should grow proportionately as VAT increases.
Such a lack of credible revenue estimation in a critical budget such as this, one which investors and analysts all over the world have been awaiting to use as a gauge of fiscal direction, is most worrying.
Equally bizarre is the decision to project an increase in expenditure from an estimated 137 billion GHS (cash basis) in 2022 to an estimated 227 billion GHS (a 66% increase).
It is evident from this budget design that the government is not keen on contractionary policy at this time. Despite repeated demands from civil society and policy think tanks for it to commission a root and stem independent spending review to assist in jettisoning obligations of dubious value contracted by various government assigns and state-owned enterprises to benefit business cronies, the budget is instead replete with symbolic moves like banning the use of SUVs by Ministers for municipal commuting.
Civil Society Organisations (CSOs) and policy think tanks such as IMANI and ACEP have for many years and months now documented massive leakages in the energy sector and elsewhere amounting to billions of dollars. Yet, unconscionable public sector contracts like the Kelni GVG deal continue to subsist.
Even more alarmingly, the budget itself contains spending proposals that persist in the tradition of prioritising non-essential spending even in a time of serious crisis. Why should a government confronted with such dire fiscal numbers authorise the medium-term spending of ~330 million GHS on a “national cathedral” or for continued consultancy spending on a so-called Petroleum Hub that has failed to attract any significant investor interest?
The price for sustaining the continued spending on non-essentials is the dangerous resort to pro-cyclical measures such as the increase in the broadest-based consumption tax (VAT) by a whopping 2.5% percentage points. One shouldn’t be an uncritical devotee of Arthur Laffer to protest strongly against broad-based tax rises in a time of fast falling confidence in the economy and steadily collapsing demand.
This, in a country where the loss of investor confidence has reversed earlier debt management gains from the lengthening of maturity profiles back to the dark days of overreliance on short-term debt.
At the end of 2021, short-term securities constituted just 14.6% of total domestic debt. Today, the figure has climbed steadily to nearly 50%.
The shift to expensive short-term borrowing is reinforced by a growing reliance on the Central Bank for deficit financing.
The Central Bank’s accommodative stance towards fiscal expansion is now complete. In addition to sweetheart repo deals in the commercial banking sector to prop up artificial demand for government of Ghana domestic debt issuances, the Bank of Ghana has also allowed overdraft financing of the central government to violate every public financial management norm in existence.
Both trends – aggressive central bank financing of the deficit and a shift to expensive short-term debt securities – result from a complete inability to deliver on the promised fiscal contraction. 2022 expenditure has already hit 159 billion GHS on a commitment basis despite claims of cutting “discretionary spending” by 30%. The nominal increase on 2021 spending levels of ¢113 billion is 39%, or 29% in real terms. In simple terms, despite bold promises of a significant reduction in spending (including repeated assertions of a “30% cut in discretionary spending”), fiscal expansion has been galloping at an uncontrollable pace. Meanwhile, the inflationary and exchange rate depreciation spiral is set to continue, deepening the downturn cycle.
The government’s decision to continue budgeting hundreds of millions of GHS for non-essential spending like the cathedral and to support non-strategic defence spending, like the inexplicable decision to keep supporting the construction of some forward-operating bases, such as the one to protect the Bui Dam (well beyond the country’s well-acknowledged need for a shield against spillovers from the deteriorating Sahelian security environment), among others, is ample evidence of a lack of commitment to true crisis budgeting.
Whilst we continue to analyse the 2023 budget for deeper insights into the government’s fiscal prospects in 2023 and the quality of the planned IMF ECF program, our initial assessment is not encouraging. Once again, the lack of meaningful prior consultation, even within the ruling party, has resulted in an underwhelming document unlikely to restore serious confidence in the economy.
Ghana legend, Asamoah Gyan has described Mohammed Kudus as a genius following his scintillating performance against South Korea.
The Black Stars recorded their first win of the 2022 World Cup after losing to Portugal against South Korea at the Education City Stadium on Monday.
Kudus, 22, grabbed a brace in the 34th and 69th minute after Mohammed Salisu had broken the deadlock in the 24th minute.
Speaking after the game, Gyan, who played in 2006, 2010, and 2014 World Cups in Germany, South Africa, and Brazil lauded the Ajax forward.
According to him, the former FC Nordsjaelland forward is a genius player.
“Ghana started the game well and it looked like they get into the box and that goal from Kudus is simply amazing,” he said on SuperSport..
Ghana now has three points following the win. The Black Stars will take on Uruguay in their final group game on Friday at the Al Janoub Stadium with kick-off scheduled at 15:00GMT.
He urged central banks to place more emphasis on “the supply-side variables, rather than being unduly concentrated on the monetary elements” when speaking at the Nobel International Business School (NiBS) graduation ceremony in Accra in 2022.
“This can only be resolved through effective monetary and fiscal policy coordination to resolve the supply-side issues.” Dr Donkor said.
Ghana in October this year recorded inflation of 40.4 per cent, from 37. 2 per cent recorded in the previous month.
Last month, The Bank of Ghana increased the Policy Rate by 250 basis point to 24.5 per cent, the highest policy rate increase since 2017.
“While the monetary policy tweaks are deemed necessary to an extent, it is very important to underline that the cause of inflation is structural and not monetary,” he said.
Dr Donkor said the Russian-Ukraine war had led to a downward revision of the projected growth rate, adding that 2023 “will not fare any better” if the war did not end anytime soon.
“Central banks should be less hawkish in increasing the monetary policy rate, given the overall impact rate hikes have on the cost of funds and growth. Governments should counterbalance rate hikes with supply-side policies to address the incessant inflationary trend,” he proposed.
Dr Donkor urged development finance institutions to deploy some of their resources to finance critical needs such as fertiliser importation programmes to help ease the burden of the populace.
“Financial institutions should look to support governments to develop import-substitution industrialisation programmes, to ease the pressure on the exchange rate,” he said.
A total of 31 students who had successfully completed a three-year Doctor of Business Administration (DBA) at the NiBS graduated at the event.
Professor Kwaku Atuahene-Gima, Founder and President of NiBS, urged the graduating class to take advantage of the current global economic downturn to develop innovative initiatives that would help address the problem and create opportunities.
“You are all leaders of your organisations. If you can improve your innovative capacity, you will be able to do better for your company and the nation,” he said
Former Ghana captain, Asamoah Gyan says the performance of the team is not a fluke adding that they must maintain their performance.
His comments come after Ghana’s win over South Korea in their second Group H game on Monday at the Education City Stadium.
After suffering a defeat against Portugal on Thursday, the Black Stars had to beat the Asian side to maintain their hope alive.
However, a brace from Mohammed Kudus and Mohammed Salisu saw Ghana pick their first win of the tournament despite two quick goals from Cho Gue-sung.
Reacting to the win, the 37-year-old said the performance of the team against Portugal and South Korea is a fluke but cautioned the team to be consistent to prove that they are in to compete.
“Great performance from the Black Stars and this performance is not a fluke,” he said on SuperSport.
“If they can maintain this performance, it will prove that they are in to compete,” Gyan, who is the country’s all-time leading goalscorer with 51 goals added.
Ghana will take on Uruguay in their final group game on Friday at the Al Janoub Stadium with kick-off scheduled at 15:00GMT.
Kudus won the hearts of many including actress Efia Odo, who has ‘thrown shots’ at the Ghanaian midfielder who topped social media trends after scoring two goals for the West African side.
Shortly after the game that witnessed Black Stars defeating South Korea by three goals to two, Efia Odo took to Twitter to shower praise on the Ghanaian player whom she argued deserved to be named Man of the Match in Monday’s game.
“Man of the match definitely goes to Kudus. Is he single? I’m asking for my friend. She’s not on social media,” her post read.
Ghana will play their next Group H match with Uruguay on Friday, November 2.
Check out some tweets below:
Man of the match definitely goes to Kudus. Is he single ? I’m asking for my friend. She’s not on social media 👀
Police in Ecuador have arrested seven gunmen who stormed a hospital in an attempt to kill a teen being treated there.
Gang members took nurses hostage and exchanged fire with police before they were detained.
All hostages were freed and no one was injured, officials said.
The 17-year-old target of the attack, known as “Dirty Face”, is thought to be a rival gang member who is in intensive care recovering from bullet wounds.
The gunmen held five staff members hostage for more than an hour, one employee told local newspaper El Diario.
Video circulating on social media appears to show balaclava-clad men holding guns and briefly shoving a screaming woman through one of the hospital’s exit doors before dragging her back into the building.
Other hospital employees at the hospital in the town of Chone, in western Ecuador, said they had locked themselves in rooms while the gunmen broke down doors in search for the teenager.
“They didn’t know the hospital layout, it seems, and that’s why these delinquents were roaming through the entire hospital,” Homero Andrade, who represents employees at the hospital, told El Diario.
“Thanks to God and to the police we’re still here to tell the tale,” Mr Andrade said.
Ecuador’s President Guillermo Lasso also thanked the police, saying that their intervention had saved lives.
The President shared footage on Twitter showing armed officers poised to enter the building ahead of the arrests.
Debo destacar el notable trabajo de la @PoliciaEcuador en el Hospital Napoleón Dávila de Chone. Su intervención logró detener a los 7 delincuentes, liberar 4 rehenes y salvar vidas. Esas son nuestras fuerzas del orden: listas para defender a la ciudadanía. Situación bajo control. pic.twitter.com/2ASdtxjeKV
Gang violence in Ecuador has grown sharply in recent years, including gruesome tactics such as decapitations, and there has been a series of deadly prison riots.
Analysts think that this spike in violence is partly due to violent Mexican cartels expanding to Ecuador where they recruit local gangs to smuggle cocaine.
President Lasso has declared a state of emergency multiple times since he took office last year, in an attempt to tackle the sharp rise in violence.
Black Stars second group game at the 2022 World Cup ended in victory on Monday afternoon. The game at the Education City Stadium ended 3-2.
The Black Stars of Ghana in the first half battled the South Koreans who put pressure on the back four of Ghana for close to 20 minutes. Before halftime, Ghana broke the deadlock after some interesting play.
Ghana was the first to score through Southampton defender Mohammed Salisu in the 24th minute after a corner by Jordan Ayew. The goal was checked by VAR and the referee whistled for a goal.
Ghana scored again in the 34th minute through Ajax midfielder Mohammed Kudus after receiving a wonderful ball from Jordan Ayew.
After halftime, the South Koreans made a couple of changes and started putting pressure on Ghana. The pressure made off and Gue-sung Cho scored from a pass from Kang-in Lee. They scored a few minutes later through Gue-sung Cho again.
Ghana’s third goal was scored by Mohammed Kudus his second of the game. His game was assisted by Inaki Williams.
The Black Stars will now focus on getting a positive result against Uruguay on 2nd December.
Welcome to the press conference following the 109th Monetary Policy Committee (MPC) sessions, which were held last week. Good morning, Ladies and Gentlemen of the Media.
The Committee discussed recent macroeconomic developments and identified threats to the prospects for inflation and growth.
Below is a summary of the evaluation and significant factors that influenced the Committee’s choice of monetary policy stance:
Global growth slackened in the third quarter of 2022 and is projected to weaken further amid tight financing conditions, rising cost of living and a squeeze on real incomes, alongside recession fears in advanced economies. Furthermore, Purchasing Managers Index releases for manufacturing and services activity point to weakened momentum in the last quarter of the year. The current phase of the business cycle, coupled with elevated macroeconomic, geopolitical and policy uncertainty concerns, has led to downward revisions of global growth projections. The International Monetary Fund has revised significantly downwards, global growth to 3.2 percent in 2022, nearly half of the 6.0 percent growth recorded in 2021.
Global headline inflation remains elevated and has broadened beyond food and energy prices, with several other factors adding to inflationary pressures. These include tighter labour market conditions, the pass-through effects of currency depreciations to inflation, and supply chain cost pressures. The International Monetary Fund projects global inflation to reach 8.8 percent by the end of 2022, before gradually declining to 4.1 percent in 2024. The projected ease in global inflation is conditioned on easing supply chain constraints, slowing global economic growth, declining global food prices, and lower crude oil prices.
Meanwhile, stock prices remained subdued amid rising interest rates and growing uncertainty about near-term global growth prospects. In a similar policy direction, central banks in several Emerging Market and Developing Economies have tightened monetary policy in response to rising inflation and currency pressures.
On the domestic front, inflation has remained elevated, with strong underlying inflationary pressures. Price developments suggest that the upturn of headline inflation in October 2022 was driven largely by food price pressures and to some extent additional pressures from the currency depreciation. Since the last MPC meeting, headline inflation has increased further to 40.4 percent in October 2022, from 37.5 percent in September. Food inflation increased by 4.9 percentage points to 43.7 percent in October 2022 from 38.8 percent in September, while non-food inflation increased by 1.3 percentage points to 37.8 percent from 36.5 percent.
Underlying inflationary pressures have also heightened further. The Bank’s measure of core inflation, defined to exclude energy and utility prices, increased from 36.2 percent in September 2022 to 39.7 percent in October 2022, an indication of broad-based inflationary pressures. At the same time, consumer, business, and financial sector inflation expectations went up.
Domestic economic activity have moderated somewhat. High frequency indicators monitored by the Bank signalled some moderation in economic activity in the third quarter, relative to the first two quarters of the year. The Bank’s Composite Index of Economic Activity (CIEA) contracted by 1.2 percent in September 2022, compared with 11.1 percent growth, a year earlier. The main indicators that dragged down the Index were domestic VAT, ports activity, and cement sales.
The Bank’s survey of Business and Consumer confidence conducted in October 2022 continue to point to softening economic sentiments. Consumer confidence dipped on account of rising inflation and uncertainty about future economic conditions. Business sentiments also deteriorated on concerns about rising operational costs, sharp currency depreciation, and weak consumer demand. These survey findings were aligned with the decline in Ghana’s Purchasing Managers’ Index (PMI), which eased further to 44.0 in October 2022 from 45.6, a month earlier.
The pace of expansion in monetary aggregates accelerated in October 2022, on the back of increased Net Domestic Assets of the depository corporation sector, while Net Foreign Assets declined sharply. Broad money supply, including foreign currency deposits (M2+) grew by 45.2 percent year-on-year in October 2022, compared with 14.5 percent in the same month of 2021. Reserve Money recorded an annual growth of 62.7 percent in October 2022, compared with 25.9 percent, over the same month a year earlier.
The latest credit conditions survey conducted in October 2022 pointed to expected continued tightening of credit stance to corporates and households by the commercial banks over the next six months. This is expected to reflect in a steady increase in average lending rates and marginal decline in credit demand by enterprises and households.
New advances over the first ten months of 2022 amounted to GH¢45.3 billion, reflecting a year-to-date growth of 59.1 percent, compared with GH¢28.5 billion for same period in 2021. As a result, private sector credit grew by 57.3 percent in October 2022, relative to 10.1 percent in the corresponding period in 2021. The observed increase in new advances and private sector credit partly reflected 3 banks’ portfolio rebalancing behaviour and revaluation effects from foreign currency-denominated credit. In real terms, private sector credit increased by 12.0 percent, compared with a 0.8 percent contraction over the same comparative period.
The banking sector recorded strong asset growth and improved profitability over the review period, but there are strong signs of emerging spillover effects from the recent macroeconomic challenges. Total assets of the banking industry amounted to GH¢249.9 billion (an annual growth of 43.7 percent) at the end of October 2022. Underpinning the growth in assets was sustained growth in deposits and borrowings, as well as the revaluation effect of the foreign currency component of key balance sheet indicators. Total deposits reached GH¢172.1 billion, representing an annual growth of 46.5 percent, compared with 17.2 percent during the same period in 2021.
Borrowings also increased by 47.6 percent to GH¢30.4 billion from GH¢20.6 billion in October 2021. Total investments increased by 1.9 percent to GH¢85.0 billion in October 2022, compared with a growth of 25.5 percent during the same period last year. Gross advances, on the other hand, increased sharply by 57.5 percent to GH¢81.2 billion, relative to GH¢51.6 billion in October 2021.
Financial Soundness Indicators remain broadly positive. The industry’s Capital Adequacy Ratio (CAR) was 14.2 percent as at October 2022, above the prudential minimum of 13.0 percent, but shows a sharp decline from 19.8 percent recorded a year earlier. The reduction in the CAR levels broadly reflects the impact of ongoing macroeconomic developments, including the currency depreciation and the mark-to-market investment losses by some banks, as well as the continued growth in actual credit on the risk-weighted assets of banks. However, the NonPerforming Loans (NPL) ratio improved from 16.4 percent in October 2021 to 14.0 percent in October 2022, on account of the higher growth in credit relative to the increase in the NPL stock.
The banking sector remained profitable with profit-after-tax for the first ten months of 2022 at GH¢4.4 billion, representing an increase of 17.2 percent, compared with 10.0 percent growth during the same period last year. Net interest income grew by 22.7 percent to GH¢12.8 billion, higher than the 15.2 percent growth.
Net fees and commissions also grew by 25.4 percent to GH¢2.9 billion, compared with 22.9 percent growth over the same comparative period. Operating income accordingly rose by 27.0 percent, higher than the corresponding growth of 14.3 percent in 2021. The industry’s operating expenses increased by 28.1 percent in October 2022, compared with 11.0 percent for same period in 2021, on the back of the current challenging operating environment. Loan loss provisions also went up significantly, reflecting the pickup in credit growth and elevated credit risks.
Interest rates on the money markets trended upwards across the spectrum of the yield curve, in line with the tightening of monetary policy stance. At the short-end of the market, the 91-day and 182-day Treasury bill rates increased to 31.53 percent and 32.61 percent respectively, in October 2022, from 12.46 percent and 13.16 percent respectively, in the same period of 2021. Similarly, the rate on the 364-day bill increased to 32.32 percent from 16.24 percent over the review period. On the secondary market, rates on all bonds, from 2-year through to 20-years, almost doubled over the one-year review period.
The interbank weighted average rate increased to 23.98 percent in October 2022 from 12.66 percent in October 2021, consistent with the increases in the policy rate and the incremental hikes in the Cash Reserve Ratio from 12 percent in August 2022 to 14 percent in October. In tandem, the average lending rates of banks rose to 31.40 percent in October 2022 from 20.34 percent in the same period of 2021.
Provisional data on fiscal operations for January to September 2022 resulted in an overall budget deficit of GH¢41.7 billion (7.0 percent of GDP), against a programmed deficit target of GH¢36.7 billion (6.2 percent of GDP).
The corresponding primary balance was a deficit of 1.6 percent of GDP, against a deficit target of 1.0 percent of GDP. The higher-than-projected deficit was on account of revenue shortfalls alongside expenditure overruns.
Total Revenue and Grants amounted to GH¢65.4 billion (11.0 percent of GDP), compared with a target of GH¢67.3 billion (11.4 percent of GDP), representing a shortfall of 2.8 percent compared to target and year-on-year growth of 33.2 percent.
Total Expenditure (including arrears clearance and discrepancy) for the period amounted to GH¢109.4 billion (18.5 percent of GDP), above the target of GH¢103.99 billion (17.6 percent of GDP) by 5.2 percent. The resulting overall fiscal deficit of GH¢41.7 billion was financed mainly from domestic sources.
The public debt stock (excluding overdraft, SOEs and SPVs) was GH¢467.4 billion (75.9 percent of GDP) as at end September 2022, compared with GH¢351.8 billion (76.6 percent of GDP) at the end of December 2021. Of the total debt stock, domestic debt was GH¢195.7 billion (31.8 percent of GDP), while the external debt was GH¢271.7 billion (39.9 percent of GDP).
External sector developments show mixed trends in the prices of Ghana’s main export commodities. Brent crude prices eased from the highs of over US$100 per barrel to US$93.6 per barrel in October 2022, recording a year-to-date growth of 25.1 percent. The recent decline in crude prices mainly reflects global recession fears amid weakened growth momentum in China. Gold prices trended downwards to US$1,666.7 per fine ounce in October 2022, representing a drop of 6.9 percent, on the back of a strong US dollar and rising interest rates.
Cocoa prices settled at an average price of US$2,337.71 per tonne in October, down by 5.8 percent year-to-date, owing to expectations of a large crop and mixed grinding data.
Provisional data on the balance of payments show that the current account deficit deteriorated from 2.4 percent of GDP (US$1,860.3 million) in September 2021 to 2.8 percent of GDP (US$1,831.6 million) in September 2022. The higher deficit was on account of higher payment outflows in the services and income accounts, which offset the significant improvement in the trade surplus recorded over the period. The capital and financial account recorded significant outflows amounting to US$1,486.0 million during the review period, compared with inflows of US$3,491.0 million a year earlier.
The outflows were explained by portfolio reversals, reduced FDI inflows, lower private capital inflows, and higher build-up of deposit taking corporations foreign assets. The current account deficit, together with outflows in the capital and financial accounts, resulted in a balance of payments deficit of US$3,410.0 million at the end of September 2022, compared with a balance of payments surplus of US$510.0 million in December 2021, leading to a significant drawdown in international reserves.
At the end of October 2022, the stock of Gross International Reserves position had declined to US$6.7 billion equivalent to 2.9 months of import cover compared with the reserve level of US$9.7 billion (4.3 months of imports) at the end of December 2021. Net International Reserves, which excludes encumbered assets and petroleum funds, was estimated at US$2.8 billion as at October 2022.
The significant decline in reserve buffers arising partly from loss of market access, significant portfolio reversals, rising petroleum product importation bill, market reaction to sovereign downgrades by rating agencies on fiscal concerns, alongside increased foreign exchange demand exerted intense pressures on the local currency. In the year to November 24, 2022, the Ghana Cedi cumulatively depreciated by 54.2 percent, 48.9 percent, and 49.9 percent against the US dollar, the Pound, and Euro, respectively. In comparison with the same period of last year, the Ghana Cedi was much stronger, depreciating by 2.6 percent and 0.2 percent against the US dollar and the Pound, respectively, and appreciated by 6.6 percent against Euro.
Summary and Outlook
Two years since the Covid-19 pandemic and a war in-between, the global economy continues to face severe headwinds coupled with heightened uncertainties. Global growth has slowed, with recession concerns dominating markets in the near term. Global inflation remains high, driven largely by food and energy prices. Central Banks’ resolve to dampen the persistent and broad-based inflation pressures globally has led to aggressive policy tightening in Advanced Economies.
The US Federal Reserve has frontloaded its policy tightening cycle, resulting in tight global financing conditions and a stronger US dollar against major international currencies.
These developments have spilled over into currency pressures and imported inflation, complicated access to external capital markets, and resulted in acute capital outflows, especially in emerging markets and frontier economies.
Risks to the global outlook are firmly on the downside reflecting possibility of policy mistakes amid deteriorating growth and elevated inflation, tighter financing conditions, and stronger US dollar. These external shocks have had severe consequences on the Ghanaian economy, reflected in high and rising inflation from exchange rate pass-through effects, and complicated the policy environment.
The foreign exchange market witnessed increased volatility, with intense pressure on the local currency, especially in September and October. Factors such as tightening global financing conditions, the sovereign downgrades, the de facto closure to the international capital market, portfolio reversals, and increased demand for foreign exchange amid supply constraints, contributed to the significant weakening of the Ghana cedi.
More recently, the sharp depreciation episode has been driven by speculation of a possible debt restructuring which led to portfolio rebalancing in favour of foreign currency holdings as against Ghana cedi denominated assets. Looking ahead, the next few readings of inflation will shed light on the extent of pass-through of the accelerated depreciation of the Ghana cedi in October on inflation dynamics.
Notwithstanding the significant improvement in the trade surplus, largely driven by higher export receipts from increased gold production and higher crude oil prices, relative to imports, the current account deficit widened, reflecting increased cost of imported petroleum products arising from higher crude oil prices.
This underscores the fact that, on average, higher crude oil prices have relatively modest gains on the trade account. The balance of payments swung into a deficit in the first nine months, from a surplus last year due to continuing large current account deficit and, importantly, significant outflows in the capital and financial account.
These developments culminated in significant loss of reserves, resulting in further currency pressures. With no access to the international capital market for financing, reserves build-up has been constrained. Risks to the external sector outlook are therefore on the upside and measures are being taken to gradually rebuild reserves in more sustainable ways to preserve stability, going forward.
The implementation of the 2022 Budget has come under severe stress. Revenue shortfalls, expenditure rigidities, lack of access to the international capital market to fund the budget, uncovered auctions and non-resident portfolio reversals have all acted to create a huge financing gap. With access to external capital market closed and domestic market under performing, there has been severe pressure on the Bank of Ghana’s overdraft facility available to Government for short term cashflow management, without which the Government would have had difficulty in meeting its obligations. The 2023 Budget Statement has committed to reset fiscal policy and firmly place it on the course of fiscal consolidation. New revenue measures and expenditure rationalization measures have been announced.
To guarantee debt sustainability over the medium term, a debt exchange operation is proposed to be undertaken to support the consolidation agenda. The broad expectation is for steadfast implementation of these measures to foster confidence, improve the debt-metrics and complement the current monetary policy stance at tackling current inflationary pressures.
Although domestic growth conditions have been strong in the first half of the year, latest high frequency indicators point to some moderation. The Bank’s CIEA contracted year-on-year in the third quarter, on the back of weakened consumption, trade, and construction activities.
These trends signal that growth may remain below potential levels on account of rising cost of living amid significant uncertainty in the outlook. Both business and consumer sentiments continue to soften and remain at low levels. Despite these trends, private sector credit growth, in real terms, remains relatively strong and provides scope for the real sector to continue on the path of sustaining a positive outlook for economic activity.
On the transmission of monetary policy changes to inflation, the Committee was of the view that there is evidence that the policy rate increases in the past few months have helped dampen the pace of monthly price increases.
Between May and August 2022, the monthly inflation number eased from a peak of 5.1 percent to 1.9 percent. However, this was reversed in September and October on account of additional shocks from upward adjustment in ex-pump petroleum prices, utility tariff adjustments, and transportation fare increases.
In the event, inflation jumped in October 2022 to 40.4 percent and has dragged along with it, core inflation, which is almost at par with headline inflation and indicating significant underlying inflation pressures and upside risks to the inflation outlook.
The inflation forecast shows that in the outlook, inflation will likely peak in the first quarter of 2023 and settle at around 25 percent by the end of 2023. This forecast is conditioned on the continued maintenance of tight monetary policy stance and the deployment of tools to contain excess liquidity in the economy.
There are however some risks to this forecast that would have to be monitored, including additional pressures from the proposed VAT increase, and exchange rate pressures. Continued vigilance to the evolution of these potential price pressures in the outlook will be key.
The Committee is of the view that significant upside risks to the inflation outlook remain. To continue to anchor inflation expectations, the Committee therefore decided to increase the policy rate by 250 basis points to 27.0 percent.
Korean actor Oh Yeong-su has been indicted on sexual misconduct charges, per Variety.
Best known for his Golden Globe-winning performance in the hit Netflix series Squid Game, the 78-year-old actor was charged by Suwon, South Korean prosecutors on Thursday. He has been accused of inappropriately touching a woman in 2017, which the alleged victim first told authorities about in December 2021. The case was closed in April 2022, but it was later reopened following a request from the victim. When questioned about the alleged incident, Oh denied the accusations.
“I just held her hand to guide the way around the lake,” said Oh in a statement provided to Korean broadcaster JTBC. “I apologized because [the person] said she wouldn’t make a fuss about it but it doesn’t mean that I admit the charges.”
A Suwon court official said “everything reported by local media is not factually correct.”
A TV commercial starring Oh from the Korean ministry of culture has been pulled after the news of the indictment was publicly released on Friday.
Alfred Neizer, Head of SME and SoHo at Vodafone Ghana, said during this year’s Association of Rural Banks Annual General Meeting (AGM) and Excellence Awards: “Lockdowns caused banks to move nearly the whole client experience online.
Many banks have kept up this digital customer journey even as their companies recover from the pandemic’s consequences because they personally saw the potential of technology to link them with consumers in meaningful ways.”
He said that technology has proven to be a powerful force in helping the banking sector in challenging times, such as the COVID-19 pandemic. He also added that the effective use of technology is the best way to stay agile and resilient in this economic climate.
“The current economy is difficult, especially for rural banks. However, success is assured for banks that decide to use technology to innovate their offers,” he said.
He further assured rural banks of Vodafone’s continued commitment to supporting them with custom-made, technology-driven solutions. Mr Neizer says that these solutions have led to better operations, more flexible businesses, and stronger businesses.
Mr Neizer also urged rural and commercial banks to take advantage of Vodafone Ghana’s dedicated, cost-effective internet connectivity, Your Business Online (YBOL) service, and other solutions, to become more resilient banks and improve their customer experience.
A Utah man is facing federal chargesafter allegedly assaulting another passenger with a razor blade on a JetBlue flight, NBC News reports.
The incident took place on Tuesday aboard a JetBlue flight that departed from New York’s John F. Kennedy International Airport en route to Salt Lake City International Airport in Utah.
Merrill Fackrell, 41, from Syracuse, Utah, was charged on Tuesday with carrying a weapon on an aircraft and assault with a dangerous weapon in the special aircraft jurisdiction of the United States.
According to authorities, Fackrell was sitting in a window seat next to a married couple, whom he was engaged in a conversation with.
At some point, Fackrell asked the woman to pause her movie. The woman then noticed Fackrell was holding a knife a few inches from her throat. While the woman’s husband left their row to alert flight attendants, the woman lunged for the aisle, and was able to escape.
“He was going to get help because he knew something was really off with Fackrell and had had enough,” the woman NBC affiliate KSL-TV. “(My husband) was only a few steps ahead of me when I lunged into the aisle. He didn’t knowingly leave me to handle a man with a weapon all by myself.”
Fackrell allegedly stood up and began yelling, “She’s going to be OK,” and, “No one needs to worry.”
After flight attendants moved the woman and her husband to a new row at the front of the plane, a passenger confronted Fackrell and got him to put the weapon down.
The object was secured and later identified as a Facon wood-handled straight edge razor with a one-to-two-inch blade.
hana’s current economic mess demands change in how citizens vote. It seems apparent that Ghanaians cannot continue voting for the NPP and NDC and expect different results. If we want our lot changed, there is another way out: vote for a different political party in the next election or a coalition of independent Members of Parliament (MPs) to help check the Executive Branch of Government and minimize the winner-take-all syndrome.
The current NPP government’s response to the economic chaos seems to demonstrate that they have no persuasive plan to develop this country. Apart from denying responsibility for its role in the economic mess, the government seems insensitive to citizens’ concerns. Several calls to replace non-performing ministers and reduce the size of government have almost been treated with contempt. The government appears to lack concrete plans to directly meet the urgency of the economic crisis. After delaying unduly to address Ghanaians about the economic mess, the President, in his recent speech, mentioned amusing stories about money’s intolerance for noise and presented patchy policy actions that almost minimize the gravity of the situation.
The NDC on the other hand has no convincing agenda. They appear angelic only because of the NPP’s abysmal performance. People should remember the stinking corruption under the Mahama Administration: GYEEDA and Bus-branding are only two examples. Mahama’s dead goat syndrome also capped his tenure’s rot. When asked about what he will do differently in a recent Voice of America interview, Mr. Mahama said “…strengthening state-owned institutions; the fight against corruption … and so many other things that create the environment for the economy to thrive.” Respectfully, Sir, these are not necessarily new policy goals; they have the tone of previous campaign manifesto rhetoric. Clearly, if elected again, Mr. Mahama appears to have no persuasive plan to thrust Ghana out of the present chaos. And it is almost impossible for him to do that in four years, even if he could.
Why should Ghanaians continue to vote for these two political parties, given their unattractive track record?
Unfortunately, citizens face a bitter choice between two evils in the next election: maintain the NPP or re-elect the NDC. Voting for either party will be a grand failure to learn from our collective experience in the Fourth Republic.
I urge Ghanaians to vote for a different political party or independent MPs in the next election. If we the people are serious about this country’s future, if we want first-world development, if we are keen to drive our national destiny, then we cannot continue to vote the same way and expect different results. We must reject both the NPP and NDC in the next election.
This alternative sounds impossible because Ghanaians currently have unswerving loyalty to the NPP and NDC. The politicians know that. But Ghanaians can take a cue from Nelson Mandela who once said, “It seems impossible until it’s done.” Every socio-political change seems impossible at first. Ghana’s attainment of independence, overcoming an era of coup d’états, and pursuing multi-party democracy all seemed impossible. Yet, today, they are history. So, change is possible. But it begins with us. We must make a different choice in the next election. That seems the most rational thing to do.
Ghanaians must vote differently to achieve different results. A vote for either party is to endorse the rot and incompetence. A vote for either party is to continue disappointing the country’s suffering youths. A vote for either party is to endorse the blame game and irresponsible leadership. A vote for either party is to stifle Ghana’s enormous potential. If we want change, we must choose differently: Do not vote for the NPP or NDC in the next election. Vote for another party or independent MPs.
The times are ripe for change. The youths must stand up and be counted. They must champion the cause to vote for a different political party or a coalition of independent MPs who are selfless and have bold ambitions to transform Ghana.
Arise Ghana youth for your country
The nation demands your devotion
Let us all unite to uphold her
And make her great and strong
My two cents!
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The author, Alex Osei-Kojo, is a US-based Ghanaian public policy researcher.
