TIG Post

Author: Chris Kodo

  • NDC’s Chief Biney ‘squares off’ with Deputy Chief of Staff over alleged police infiltration in demo

    During a protest against Vice President Dr. Mahamudu Bawumia, Chief Biney, the Deputy National Organizer of the National Democratic Congress (NDC), and Emmanuel Adumua-Bossman, the Deputy Chief of Staff, got into a fight.

    The altercation started when the Deputy Chief of Staff, who was meeting the protesters to accept their petition on behalf of the vice president, overheard Chief Biney claim that a member of the Ghana Police Service had infiltrated the crowd.

    According to the deputy national organizer of the NDC, the police sheltered the officer rather than placing him under arrest after being informed that he had infiltrated their protest.

    Adumua-Bossman responded to the allegation by saying that Chief Biney’s accusation of the police was unfair.

    “These officers have been here trying to protect life and property and also to ensure that this thing moves on as smoothly as possible. So, to accuse them of something they may not even be aware of is a bit unfair,” he said.

    But this did not sit well with Chief Biney who retorted, “Don’t say I am accusing them unfairly, you were not there… The person infiltrated, the media has a video. He is a police officer”.

    “I reported him. What the police were to do was to arrest him. If the police tells me that if somebody infiltrates it will create a problem and I, as a citizen, I’m able to identify somebody and I report to you and you shepherd him away. What do you want me to do?” he questioned.

    Adumua-Bossman, however, maintained that the police were doing their work the best way, they see it.

    He intimated that the NDC’s deputy national organizer’s accusations were baseless and unnecessary. He then went on to receive that petition and thanked the demonstrators.

    Chief Biney and his cohorts were protesting Dr. Bawumia’s handling of the country’s economy.

    The protest started at Kawukudi Park, through 37 to the Lands Commission junction, and turned right to the DVLA, where the demonstrators presented a petition to the Office of the Vice President.

  • ‘I have not tendered in my resignation’ – Charles Adu-Boahen

    Charles Adu-Boahen, a minister of state in the ministry of finance, has said he will remain in office despite mounting calls for him and Ken Ofori-Atta, the minister of finance, to step down or be fired by President Nana Addo Dankwa Akufo-Addo.

    The minister of state refuted allegations that he had quit, stating that he had never submitted a resignation.

    “No sir!Never.I’ll be quoted. Charles Adu-Boahen was quoted by myjoyonline.com as saying, “I have not given my resignation.

    It will be recalled that North Tongu Member of Parliament, Samuel Okudzeto Ablakwa, in a Twitter post on October 27 suggested that the minister had tendered in resignation but questioned why President Akufo-Addo was refusing to accept it.

    The MP tweeted: “Parliament may have to turn the heat on President Akufo-Addo. Why is he refusing to accept the resignation of the Minister of State at the Ministry of Finance, Charles Adu Boahen? The President continues to downplay the profound economic crisis created by his abysmal leadership”.

    Ablakwa’s comment came two days after over 80 NPP MPs demanded the sack of Ofori-Atta and Charles Adu-Boahen.

    The group said failure by President Akufo-Addo to heed their call will mean they will not pursue government business in Parliament.

    Following this, the president held meetings with the MPs where it is reported that he has appealed to them to allow Ken Ofori-Atta in particular complete the IMF negotiations.

    The Majority Caucus in a statement confirmed that the demands of the MPs will be ‘acted upon’ after the conclusion of IMF negotiations and the presentation of the Budget Statement and Economic Policy in November 2022, and the subsequent passage of the Appropriation Bill.

  • Cedi depreciation to reduce as BoG receives $790 million of cocoa syndicated loan

    Reports have indicated that the Bank of Ghana received the $790 million of the Cocoa Syndicated loan on October 29, 2022.

    According to a myjoyonline.com report, the cedi equivalent will be given to cocoa farmers for the purchase of cocoa beans.

    Ghana in recent times has had to rely on foreign currency to shore up its reserves in a bid to control the cedi’s depreciation.

    The cedi’s depreciation slowed down in the course of the week to sell at GH¢13.10 but has risen to GH¢13.85.

    However, the second tranche of about $340 million, which will be spread over three months will come in between November 2022 and February 2023. Interest to be paid on the facility is 1.75%.

    The Standard Chartered Bank, Coöperatieve Rabobank, Industrial and Commercial Bank of China (ICBC), MUFG Bank Ltd, Natixis, and Ghana International Bank plc were the Initial Mandated Lead Arrangers for the facility.

    The London branch of Bank of China Limited joined the facility as Senior Mandated Lead Arranger, while DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main and the Arab Bank for Economic Development in Africa (“BADEA”) joined as Mandated Lead Arrangers.

    Ecobank joined as Arranger. The OPEC Fund, United Bank for Africa PLC, Ahli United Bank B.S.C., and Federated Hermes Inc joined as Lead Managers, whilst AfrAsia Bank Limited, Citibank N.A, Absa Bank Ghana Limited, and GCB Bank Plc were joined as managers.

     

    Source: Ghanaweb

  • 5th Ghana Business Award

    60 people and organizations have been shortlisted for this year’s awards after applications were scrutinized and reviewed for several weeks by Globe Productions Limited, the event’s organizers.

    This Friday, October 28, 2022, at the Kempinski Gold Coast City Hotel in Accra, the fifth anniversary celebration of the awards will take place.

    Undoubtedly the largest and most important meeting of companies and business owners in Ghana, the event is regarded as a standard of excellence.

    Theme

    Themed “Promoting Investment in Ghana and Africa,” the award is supervised by a team of technical experts (Awarding Board) and independent consultants.

    The criteria for shortlisting successful nominees’ were based on some key performance indicators (KPIs) in the standards of excellence, including information technology, innovation, competitive pricing, and healthy practices.

    Categories

    The award categories are modeled to recognize industry players and businesses that have stood out, and made significant contributions to the business sector and the economy at large.

    Some of the award categories that promise to be the toast of the night are the awards for Company of the Year, Personality of the Year, CEO of the Year, and Entrepreneur of the Year, with the honorary Life Time Achievement and Woman of Excellence awards going to Mr. Ishmael Yamson and Prof Elsie Kaufman respectively.

    The ceremony which is being organized in partnership with the World Leader Summit, the Ministry of Trade and Industry, the Ministry of Tourism, Arts and Culture, the Ghana Investment Promotion Centre and the Institute of Directors (IoD), with support from the Graphic Communications Group Limited and Media General seeks to promote business excellence nationally and internationally, and as well as provide an unparalleled opportunity for networking among industry players.

    It would recognize and reward excellence across all sectors of industry in Ghana and provide a platform for individuals and companies that played significant roles in the growth and development of the business sector.

    The event which is being chaired by Madam Samia Nkrumah and Rev Dr. Joyce Aryee would have the Minister of Tourism, Arts and Culture, Dr. Awal Mohammed as the guest speaker.

    In attendance are the Spanish and United States Ambassadors to Ghana, Mr. Javier Gutiérrez and Madam Virginia E. Palmer, as well as Mr. Charles Abani, the United Nations Resident Coordinator, and Mr. Sugandh Rajaram, the Indian High Commissioner to Ghana.

  • Sarkodie VS Shatta Wale; Who has the most hit songs?

    Without a doubt, Sarkodie and Shatta Wale are Kings of Kings when it comes to the Ghanaian music industry.

    The two Ghanaian acts are both banger-machines as they have churned out monster hit records that they will forever be remembered for. However, when it comes to hit songs, who among them is the King of Kings?

    Sarkodie has been in the Ghanaian music industry for almost two decades now. He is well known for countless popular songs.

    Some of Sarkodie’s hit songs are are:

    1.Baby featuring Mugeez

    2.U Go Kill Me featuring E.L

    3.Azonto Fiesta featuring Appeatus and Kesse

    4.I’m In Love With You Now featuring Efya

    5.Original

    6.M3gye Wo girl featuring Shatta Wale

    7.Adonai featuring Castro

    8.Can’t Let You Go featuring King Promise

    9.Ofeetso featuring Prince Bright

    10.Happy Day featuring Kuami Eugene

    Shatta Wale on the other hand also passed to be described as the most popular contemporary Ghanaian artiste just like Sarkodie.

    He is an old gee in the Ghanaian music industry. Before 2004, he was known as Bandana but he rebranded to be known as Shatta Wale. Ever since his new, it has been hit after hit for Shatta Wale.

    Shatta Wale has explored his creativity in diverse to make music in all kinds of genres. When it comes to the popular music genres in Ghana, Shatta Wale has got at least one-hit in all of them.

    Some of his most popular songs are:

    1.Moko Hoo featuring Tinny

    2.Dancehall King

    3.Everybody Like My Thing

    4.Baby Chop Kiss

    5.Taking over featuring Militants

    6.Melissa

    7.Bullet Proof

    8.My Level

    9.Kakai

    10.Mahama Paper

    With these hit and popular songs, we would leave it here for you to decide who actually has the most hit songs. So between Shatta Wale and Sarkodie, who has the most hit songs? Drop your thoughts in the comment section.

    Source:pulse.com

  • Don’t target domestic creditors in debt restructuring – Ato Forson to government

    Targeting local creditors in a potential debt restructuring, according to Dr. Cassiel Ato Forson, the minority party’s spokesperson on finance, will harm the Ghanaian economy.

    As of July 2022, Ghana had GH 402.4 billion in debt.

    Dr. Forson estimates that more than GH 200 billion in debt relief is required to make Ghana’s current debt manageable.

    The former deputy finance minister warned the administration against using a “mickey mouse” approach to debt restructuring on Thursday, October 27, 2022 at the “Building the Ghana We Want” address at the University of Professional Studies in Accra.

    “One of the biggest dilemmas in solving debt restructuring is the extent to which the burden should be borne by holders of the debt instrument governed by domestic and foreign laws and that’s what people call domestic foreign debt restructuring. Restructuring domestic dent is like surgery, you only do it if you must and you avoid it if it might do more harm than good. It is a dangerous tool,” Dr. Ato Forson stated.

    He added: Restructuring your domestic debt should be thought through well. Imagine the consequences of haircuts. On the face value of your interest on your bond, imagine waking up one early morning only to be told that your GH¢1 million in government bond has suddenly become GH¢700,000 to the extent that the government has taken GH¢300,000 of your money, imagine that! Pension funds will suffer a drop in value.”

    “Tier 2 and Tier 3 pension payout will drop from already low levels. Tier 1 SSNIT reserve will drop in value, SSNIT capacity to pay pensions will certainly suffer, and Insurance companies’ reserves will fall with implication for benefit payment, unfortunately. Local banks, other deposit-taking institutions, savings & loans, and rural banks will all suffer.”

  • BizTech: ‘When the fundamentals are weak, the exchange rate will expose you’ – Economist

    Prof. Godfred Alufar, an economist at the University of Ghana, has reaffirmed Vice President Dr. Mahamudu Bawumia’s position on the bad condition of Ghana’s exchange rate.

    He claims that there are basic issues that need to be addressed that are the cause of the local currency’s decline.

    The Ghana cedi has recently come under a lot of strain, falling more than 50% against the US dollar to trade at an all-time high of GH 16.

    Prof. Bokpin emphasized the need for the government to act quickly to arrest the cedi in this week’s issue of BizTech.

    He also explained that Ghana’s economic crisis cannot be solved by ‘magic’, therefore pragmatic steps must be taken to ensure that the crisis comes to an end.

    On calls for the resignation of the Finance Minister, Prof Bokpin said, “that is not the only change we want. Beyond that, it will not amount to so much just changing the finance minister. We must go a step further and reduce the number of ministers and the government size overall, including the staff at the presidency.”

    He also stated that the government must fast-track its negotiations with the International Monetary Fund in order to secure the expected financial support as soon as possible.

  • Economic crisis: Suspend importation of goods that can be made locally – Government told

    Prof. John Osei Bobbie, a political scientist, has requested that the government impose some trade restrictions as a strategy to lessen the effects of the cedi’s depreciation.

    This proposal comes weeks after Accra’s business owners shut their doors in protest of the state of the economy.

    The shutdown followed a three-day strike call issued by the Ghana Union of Traders Association (GUTA) to all of its members in protest of the nation’s struggling economy.

    The decline of the cedi versus the US dollar has been bemoaned by some traders who spoke to Atinka News at Abbosey Okai, noting that it is making it tough for most traders to stay in business.

    In an interview with the host of Atinka FM’s AM Drive, Kaakyire Ofori Ayim, Prof. John Osei Bobbie, called for the suspension of imported goods that can be produced locally.

    According to the political science analyst, government should see to it that traders import goods that cannot be readily produced in Ghana.

    Citing toilet rolls as an example, Prof. John Osei Bobbie did not see the sense in importing the product when it is already being produced locally.

    “There are some goods that, after being imported, end up at the dam site, despite the fact that we send millions of dollars to import them.” It’s past time to impose trade restrictions on some products imported into the country. These are some of the reasons why MPs want a new Finance Minister. Why should we spend dollars to import toilet rolls into the country when we can produce them locally? The importation of certain goods into the country must be halted,” he added.

  • Mahama calls for legislations to ban collateralisation of statutory fund

    John Dramani Mahama, a former president, has urged lawmakers to enact laws that will forbid governments from using statutory funds as collateral for loans.

    He claimed it had been detrimental to “wanton collateralize” nearly all statutory funds in order to obtain more loans.

    The former President stated Thursday night in a speech on the nation’s struggling economy with the theme, “The Ghana we desire,” that it had constrained the financial ability of the funds established to aid the government in meeting fundamental commitments.

    The situation, he said would inhibit the chances of future governments to run successful administration due to limited access to financial resources.

    “Government should de-securitise these funds and add them onto the public debt as part of the discussions on debt restructuring,” he said.

    Mr Mahama estimated that freeing the funds from the burden of collateralisation and the renegotiation of energy sector Independent Power Producer Payment (IPP) payment could guarantee government access to revenue of about GH¢ 16 billion in 2023 to GH¢ 19.4 billion in 2025.

    “This will significantly ease the cash-crunch, which has crippled many sectors resulting in government’s inability to meet such basic obligations as supplying food to secondary schools and providing textbooks for basic schools, ” he said.

    Mr Mahama called for a moratorium on all non-concessional borrowing, canvassing bilateral partners for more concessional financing and grants and a stop to Central Bank’s financing of government above the five per cent threshold, especially through currency printing.

    He also called on government to leverage its competitive advantage in the energy sector to partner the private sector and mobilise the needed infrastructure and investment to export energy to other west African countries and save foreign exchange due to limited importation.

    “It is regrettable that in the last six years, government has been unable to bring any new oil or gas prospects into operation,” he noted.

    Sack Ofori Atta, reconstitute Economic Management Team – Mahama to Akufo Addo

  • ‘Our economy has ulcer’ – Stephen Amoah

    Dr. Stephen Amoah, a member of parliament for the Nhyiaeso Constituency of the New Patriotic Party (NPP), has revealed a significant secret that, in his opinion, will change Ghana and improve the lives of its people.

    Dr. Stephen Amoah acknowledged that Ghana’s economy is in poor health but expressed optimism that the nation would develop if the correct decisions and policies were put in place. He was speaking on Peace FM’s “kokrokoo” show.

    He said that imports from abroad were ruining the economy.

    The MP was therefore of a strong conviction that Ghana will see great strides only when the nation stops the importation of agricultural produce and other items.

    “People are complaining and they have the right to complain . . . the country has common areas of disturbing [I will say] interest [in quote]. We have basic problems that we have to admit, as a country, that NPP/NDC have all goofed.”

    “Our economy has ulcer from times immemorial till date because we import everything and that has affected employment. It has affected our currency performance. It has affected everything. Not until we get to the stage where any agricultural produce or product, we shouldn’t import. We have no justification,” he stated.

    Dr. Stephen Amoah further noted that the development of Ghana is not contingent on the government alone but is the responsibility of every Ghanaian.

    “We need revolution in our minds. We must change . . . we should be committing ourselves to the cause of this country to benefit everyone along the social stratification, whether poor or rich, young or old, dwarf or giant.”

  • EMT can’t be chaired by someone who obtained third-class in economics – Economist

    In response to the nation’s economic woes, former president John Dramani Mahama suggested that president Nana Akufo-Addo dissolve the Economic Management Team (EMT) and establish a new one with the president as the head. An economist, Daniel Yaw Mordey, has come out against this plan.

    The former president recommended that the president dissolve the EMT led by Vice-President Dr. Mahamadu Bawumia and establish a new one to better manage the economy while delivering a talk at the University of Professional Studies in Accra on the topic of “Building the Ghana We Want.”

    Reacting to this suggestion by the former president on Accra 100.5 FM’s mid-day news on Friday, October 28 2022, Mr Mordey said the president cannot chair the EMT, stemming from his little understanding of economics.

    According to him, the EMT cannot be chaired by a holder of third-class results in economics.

    He said from a look at the economic challenges the country is facing, the EMT needs to be chaired by an individual who attained a first class in economics.

    That person, he mentioned, must be economically savvy.

    He mentioned Dr Osei Akoto, a former Minister of State at the Ministry of Finance during former President John Agyekum Kufour‘s time, as one of such individuals.

    As it stands, we know the president at the university had a third-class result in economics and given the situation Ghana is currently in, the EMT cannot be chaired by a third-class economics student, he argued

  • Kuami Eugene announces his first project under Empire

    Multiple award winning Ghanaian recording artiste and record producer, Kuami Eugene has hinted of dropping a new single.

    Ever since he made his breakthrough onto the music scene, the talented singer and entertainer has been the center of attraction, producing back-to-back hits and also delivering classic verses on songs he features on.

    The Lynx Entertainment signee took to his official social media page to announce that he’s set to bless music lovers with another masterpiece.

    Announcing his upcoming music on the page, he posted;

     

    View this post on Instagram

     

    A post shared by KUAMI EUGENE (@kuamieugene)

    “New Music on the way.” “ #Single.”

    This comes after several days after widespread speculations of exiting Lynx Entertainment.

    Eugene Kwame Marfo, who goes by the stage name Kuami Eugene is a Ghanaian High-life and Afrobeat singer-songwriter. He is signed to Lynx Entertainment, and is known for several songs, including “Angela”, “Wish Me Well”, “Ohemaa” and many others.

    Source:pulse.com

  • What can Ofori-Atta do in 3 weeks if he couldn’t do it in 6 years? – Charles Owusu asks

    Charles Owusu, a former leader of the Forestry Commission’s monitoring unit, has voiced his displeasure with President Nana Akufo-response Addo’s to the Majority Caucus‘ demand that Finance Minister Ken Ofori-Atta be fired.

    The President has been petitioned to remove Charles Adu Boahen, the Finance Minister and the Minister of State in the Finance Ministry, by more than eighty (80) New Patriotic Party lawmakers.

    But in a meeting with the disgruntled MPs, the President advised them to hold off until Mr. Ofori-Atta signed the agreement for Ghana to receive financial aid from the International Monetary Fund (IMF).

    Tackling the issue during Peace FM’s “Kokrokoo” morning show, Charles Owusu took the President’s assurance to the MPs with a pinch of salt.

    According to him, the President’s statement is just “a nice way to tell the Parliamentarians that I have listened to you but I won’t do it”.

    He wondered what Mr. Ofori-Atta can do in three weeks if he couldn’t do it in six years to transform the economy.

    “If the 2024 elections are held and the NPP wins, will Mr. Ken Ofori-Atta continue to be the Finance Minister of Ghana?…Someone who has been in government for six (6) good years, if he couldn’t do everything he must do in 6 years, what can he do in three (3) weeks?…What change will three weeks bring?”, he asked.

    Charles Owusu couldn’t “understand why it should be difficult” for the President to remove Ken Ofori-Atta “when Ghanaians and members of his party are calling for the removal of this man” as he stressed, “this country will still be governed should Akufo-Addo die today”.

    Making reference to a biblical account of the freedom of the people of Israel from Egypt, he cautioned President Akufo-Addo not to harden his heart concerning the calls for removing the Finance Minister.

    “Pharoah hardened his heart not to let the people of God go and his end resulted in death”, he warned the President.

  • Transport fares up by 30% effective October 29 – Concerned Drivers Association

    A 30 percent increase in transportation prices has been reported by the Concerned Drivers Association.

    The increase is effective as of Saturday, October 29, 2022.

    A 19% rise in transportation costs was previously announced by the Ghana Private Road Transport Union (GPRTU), and it is scheduled to go into effect on Saturday, October 29, 2022.

    The union claims that the rise was required by the escalating cost of petroleum-based products.

    Speaking at a Press Conference today, Friday, 28 October 2022, the National Chairman for the Concerned Drivers Association, William Agboado, however, disclosed that, they will be increasing the fare by 30 percent.

    He also gave reasons for the 30 percent increase.

    “From tomorrow, in all the terminals in Ghana, we’re taking 30 percent increment everywhere, we’re taking 30 percent. This is why DVLA charges are up by 15 percent, spare parts are up over 70 percent, fuel; the cost of fuel, when it was increased the other time, it was GHS11.25, but today as we speak fuel, diesel is GHS19.44, petrol is GHS17.54.

    “That’s why we’re asking our members to charge 30 percent at their terminal where they are,” he explained.

    He further gave reasons for the 30 percent increase cost of transportation.

    “The prices of items have gone up in Ghana right now. As we speak, this used to be GH¢15, but now, brake fluid is GH¢30; this is engine oil, it used to be sold for GH¢110, today as I speak it’s GH¢180, that’s how much we buy it. This is spare part, this used to be sold at GH¢150 but today, it’s GH¢300. Sprinter engine used to be GH¢3,500, today, it’s GH¢7,200,” he noted.

    The National Chairman for the Concerned Drivers Association urged all passengers to comply with the new fare increment: “If you go to any terminal and a driver charges you 30 percent increment, you the passenger don’t fight him, this is the reason.”

  • Cut down importation to save the cedi – Mahama tells Akufo-Addo

    Former President John Mahama has advised the current administration to limit imports in order to preserve the value of the Ghana cedi and revive the economy.

    The National Democratic Congress’ (NDC’s) candidate for president in 2020 advised using local replacements and going back to “Operation Feed yourself” as alternatives.

    He believed that when huge sums of money are spent on importing things like rice, sugar, tomato products, frozen fish, meat products, and vegetable cooking oils, among other things, it severely harms the Ghanaian cedi and economy.

    Delivering a lecture at the University of Professional Studies (UPSA) on the theme: “Building the Ghana we want”, he preached the “Operation Feed yourself” gospel of General Acheampong to the ruling NPP government.

    General Acheampong’s “Operation Feed yourself” and “Operation feed your Industries” programmes yielded massive results during the period from 1972 through to 1976″, Mahama said.

    Lamenting that Ghana spends $3 billion yearly on imports, John Mahama said “restriction of importation of some of these products, side-by-side with increased local production, is a realistic proposition that we need to begin to consider.”

    Again Mahama stressed “prioritization and strategic investment in private commercial large-scale production of these commodities. We cannot sustain progress in agricultural production based on only support for small-scale producers.”

    He also called on the government to support large-scale commercial agricultural production to achieve food self-sufficiency with a focus on the entire value chain from production to processing and marketing.

    Bring back ‘Operation Feed Yourself’ – Mahama to Akufo-Addo

  • Times are tough – Akufo-Addo admits, calls for support

    According to President Nana Akufo-Addo, he is aware of the economic challenges.

    The president told reporters at Jubilee House, “I have observed the problems that our currency has been facing.

    He said, “I have witnessed the challenges and the huge rise in price levels, significant increase in the cost of living, and challenges generally in the way the economy is rising.”

    All parties involved, according to the president, must understand their roles in improving the situation.

    In order for us to move forward and, ideally, keep constructing a better economy, “we have to understand that all sectors and actors of the economy, whether on the side of management, labor, or workers, have to find a means of balancing the many considerations.”

    The president will address the nation on Sunday, 30 October 2022, at 8 pm on the economic challenges facing the country.

    The rate of inflation, as of September, was 37.2 per cent.

    Also, the producer price inflation for that month hit 45.5 per cent. The prices of food items on the market keep soaring by the day.

    Fuel prices also keep shooting up.

    Some oil marketing companies are selling petrol and diesel at GHS17-plus and GHS19-plus per litre, respectively.

    The Ghana cedi has lost about 50 per cent of its value since the beginning of the year. A few days ago, one needed as much as GHS15-plus to buy one dollar.

    Traders went on a strike for a couple of days over the depreciation of the cedi.

    The hardships have culminated in a clamour for the resignation of Finance Minister Ken Ofori-Atta, as well as the Minister of State at the Finance Ministry, Mr Charles Adu Boahen.

    The majority caucus joined the chorus recently by threatening to boycott the 2022 budget reading and all other government businesses on the floor of parliament if the president did not boot out his cousin.

    After a meeting with the president at the Jubilee House on Tuesday, 25 October 2022, however, the majority caucus relaxed its stance following a plea by the president for them to allow Mr Ofori-Atta to conclude the ongoing negotiations with the International Monetary Fund for a $3-billion extended credit facility programme.

  • Taadi Loves Him: Takoradi receives Black Sherif in grand style

    Since the release of his debut album, The Villain I Never Was, Black Sherif has visited his fans in many parts of the country, including his native Konongo, Kumasi and Tamale.
    In a recent update, Black Sherif touched down in Takoradi for a grand parade. He was standing in a car as fans surrounded him with flags, screaming at the top of their lungs.
    A video shared by ZionFelix on Instagram captured the rapper surrounded by a large crowd, with security personnel trying to control the excited fans.

     

    View this post on Instagram

     

    A post shared by Zionfelix.com (@zionfelixdotcom)

    Black Sherif was spotted rocking a white t-shirt and the bottom worn by masquerades during Takoradi’s annual carnival.

    Social Media Users React To Video Of Black Sherif’s Parade in Takoradi

     

    gyasi_eduam

    Takoradi dzi active love and genuine show of support nkotsii oo

    phyl_sings

    My people will show you nothing but genuine love❤️❤️❤️

    castyvadon

    The face of Ghana music

    lovel_ace3

    These are the only things that can make people happy in these hard times. It’s better than crowding around thieves who call themselves politicians

    _ysl.roy

    My man keep shining @blacksherif_ ❤️

    theodaaredesilverjnr

    Deep love ❤️❤️

    obaalouisa

    Hmmmm when your time up no matter where u dey, Grace will locate you! This is ur time Blacko, I’m really happy to see you win

    Source:yen.com

  • Sacking Ofori-Atta won’t affect IMF negotiations, budget – Mahama

    John Dramani Mahama, a former president of Ghana, is adamant that dismissing Ken Ofori-Atta as finance minister will not have any bearing on Ghana’s negotiations with the International Monetary Fund (IMF) or the creation of the budget.

    The President met with lawmakers who demanded the dismissal of the Finance Minister and the Minister of State at the Finance Ministry, according to a statement from the majority leader, Osei Kyei Mensah Bonsu.

    He claimed the President appealed to these Members of Parliament to exercise patience for the Finance Minister to finish the IMF negotiations and also the presentation of the country’s budget in November.

    The Majority Group Members of Parliament according to the statement acceded to the President’s appeal.

    But reacting to the statement from the Majority Leader, former President John Dramani Mahama indicated that the absence of Ken Ofori-Atta will in no way affect the preparation of the country’s budget and the current negotiations.

    He argues these things are done in groups and there is no way his absence will even be felt if he’s taken out of office adding that there are surely people with the requisite experience to carry on the work reminding them of their mantra “we have the men”.

  • President, Veep donate GH¢100,000 to Poppy Fund for VAG

    The Poppy Fund was started by the Veterans Administration, Ghana (VAG) to support the welfare of veterans and their widows. President Nana Addo Dankwa Akufo-Addo and his Vice, Dr. Mahamudu Bawumia, have donated GH100,000.

    The money was given in order to finish building the veterans clinic at Amasaman in the Ga West Municipality of the Greater Accra Region.

    In order to help the VAG raise money for its operations, Vice President Bawumia invited all well-meaning Ghanaians to support the Fund and buy the poppy during the Accra launch of the VAG’s 2022 Appeal for Fund.

    The artificial poppy was adopted by the world in 1921, as a symbol of remembrance of the suffering and great sacrifices by soldiers during the First and Second World wars

    The poppy has since become a universal symbol, which reminds the world of the horrors of wars and the importance to support the victims.

    Vice President Bawumia noted that unlike Europe and other parts of the world, where the wearing of the poppy took centre stage at this time of the year, most Ghanaians, especially the young ones, seemed to know very little about it.

    “To strengthen our appreciation of our gallant war veterans and support their welfare through the poppy, I appeal to the Ghana Education Service, National Commission for Civic Education, and the media, to assist VAG to popularise the significance of the poppy”.

    The message should get to the public, particularly pupils and students in government schools, where knowledge of the poppy is almost non-existent, he stated.

    Captain (Rtd) Ben Edmund Duah, the Executive Director, VAG, gave the assurance that the Administration would judiciously utilise the funds for welfare of members.

    He said the construction of VAG’s clinic at Amasaman would be completed by March, next year, to take care of the health needs of members.

    He appealed to the public to give generously to the Poppy Fund to support the welfare of members.

  • Either sack Ofori-Atta or reassign him – Economist to government

    Daniel Anim, an economist, has urged President Akufo-Addo to either fire or transfer Ken Ofori-Atta to another ministry.

    This follows a petition to remove the finance minister from office signed by roughly 80% of the majority caucus.

    According to Daniel Anim, the Finance Minister should either be fired or moved so that others may work to strengthen the economy. Daniel Anim was speaking to UniversNews.

    “I have stated that right from that day where the president had introduced so many ministerial appointments and thereafter. it is about time the president reshuffled the ministers by probably moving the finance minister to another ministry.

    “So we’ve gotten to a stage where it is becoming important where we either reassign the finance minister or say bye-bye to him, and I am of the view that it will serve well for the government”.

    Daniel Anim also said that he believes appointing a new finance minister would introduce new ideas that would help sharpen the economy and reduce the hardships in the country now.

    “Psychologically, if we bring in a new person, it sends some kind of signal to the citizens and the universal community, and you realize that there’s the need for a new brain, manager, so psychologically, you earn the support of the citizens so I am of the view that His Excellency the President should consider the call and I see it to be a very instructive, significant for the first time I started following”.

    Daniel Anim further called on Ghanaians to learn from other advanced economies.

    ”Changing tactics is not a new thing, and it is something that is done by a leader when you get to a point where the people you have on board are running out of ideas and no longer have the solutions to the challenges that you face, bringing new people on board could turn things around some, it will not have any impact on the economy, but it will send a positive signal that we are taking steps to kind of address the kind of difficulties the economy is facing”.

  • Economist urges vendors to reduce profit margin as prices of food increase

    George Kwadwo, an economist, has urged merchants to keep selling their goods while lowering their profit margin in order to counteract the rise in inflation.

    According to Mr. George Kwadwo of Univers Business, this will enable merchants to generate some revenue to support themselves while also retaining their clientele.

    As things are, I think some people would still buy. It is also obvious that people’s incomes have not increased. Since their money is not expanding, they must set priorities.

    “What are the most essential things that I need? And so definitely it would affect sales of some items. So they may have to hold on and also probably reduce their profit margin to entice more people to buy so they have a higher turnover”

    Vendors at the Madina market in the Madina La Nkwantanang district have lamented over the record of low sales as customers are not purchasing items as a result of drastic the increment in prices of goods in the country.

    Speaking to Univers Business on Monday October 24, 2022, the vendors said, customers only ask for the prices of the foodstuff and walk away without buying.

    “The things are now expensive and they’re not buying. We come and sit in the market and go back home. We don’t know what is going home. We have kids at home. Those at home are saying the things are expensive so they don’t even come to the market.

    “They are just increasing prices. We would use our money to go and bring stuff but they would not buy.

    “Right now a sack of pepper is 4million. We would come and sit here on Saturdays but they don’t buy. At first, we thought since Saturdays are market days, people would buy a little but they don’t buy at all” a vendor lamented

    Another vendor, Maame Ama Serwaa also called on the government to come to their aid;

    “The way things are going now, we don’t understand at all. I went and bought oil on Wednesday 600 cedis. They have increased it again to 1000 cedis. Now we don’t even get some to buy. So the government should do something because we don’t even know what to do to ourselves. If he doesn’t do something, something will happen in this Ghana”

    “Garden egg is now 500 cedis. Right now we don’t know what is going on. People are not buying. They just ask for the prices and leave. Since Saturday they’ve both bought anything. We’re suffering in this Ghana. We are suffering” another vendor added

    Prices of food commodities keep increasing; A 2.5 kilograms of rice is reported to have shot up from 195 cedis last year to 390 cedis, a carton of chicken has shot up from 125 cedis per ten 10 kilogram in July, 2022 to 300 cedis and crate of egg has also shot up from 17 cedis to 40 cedis .

  • 2022/23 Ghana Premier League: Week 4 Match Preview – King Faisal v Asante Kotoko

    King Faisal will host Ghana Premier League champions Asante Kotoko in a match week 4 encounter on Monday afternoon at the Baba Yara Stadium in Kumasi.

    Their last two games recorded six goals with King Faisal scoring three and Asante Kotoko scoring three goals. Asante Kotoko have won twice in their four encounters with King Faisal picking only one victory and the other game ending in a draw.

    King Faisal has yet to win a game in the 2022/23 betPawa Premier League and will be hoping to ditch their city rivals on Monday. Asante Kotoko’s last Premier League game in Kumasi ended 2-1 against Nsoatreman FC.

    King Faisal possible starting lineup: Liventius Arthur, Cisse Tijani, Abdul Mubark Kadiri, Raphael Essien, Isaah Nyaabila, Patrick Amartey, Collins Boateng, Isaac Mensah, Mohammed Yahaya, Derrick Gyamfi, Bismark Asare.

     

    Asante Kotoko possible starting lineup: Danlad Ibrahim, Augustine Agyepong, Enoch Morrison, Mubarik Yussif, Sherif Mohammed, John Tedeku, Richard Boadu, Serge Zeze Eric, Stephen Amankona, Steven Mukwala, Isaac Oppong

    Serge Zeze Eric of Asante Kotoko is the player to watch in this encounter.

    Predicted scoreline: 2-0 Asante Kotoko will take all three points. Kotoko is high on confidence after their last win in the leag

    Source: Footballghana

  • Nadia Buari flaunts cleavage in a leather crop top, celebrities react

    Ghanaian actress, Nadia Buari is a talented actress, super mother, and style influencer. The award-winning actress has shut down the internet with a stunning photo of herself in a two-piece leather ensemble.

    The gorgeous actress flaunted her cleavage in an off-shoulder v-shaped corseted top showing her midriff. She paired it with brown leather pants and her signature bohemian hairstyle.

    Nadia gave us a subtle flawless makeup look and brown lipstick for the stunning look. She accessorized with a gold watch and a trendy necklace

     

    Gorgeous ❤️❤️❤️

    rukkysanda

    ccc_nig_ltd

    I can’t love you less Mummy❤️❤️❤️

    portia_aj

    Sexyyyyy❤️

    realnancy_xx

    The most beautiful human since life’s breath❤️❤️

    smalling_menz

    Buhari blood

    king___christopher

    Beautiful Girl

    ghana_interschool_festival

    Wow…yes! To the outfit..❤️

    leeemah_boland

    Beautiful

    In a post sighted by YEN.com.gh on Nadia Buari’s Instagram page, the stylish mother looked stunning in a two-tone dress styled with one of her designer Hermes bags. She wore a blonde hairstyle, big sunglasses, and silver pieces of jewelry.

    Source:yen.com

     

  • ‘Negotiations not going well’ – Adom-Otchere confronts Pianim with IMF statement

    The anchor of the Metro TV program Good Evening Ghana, Paul Adom-Otchere, recently refuted the assertion made by famous economist Kwame Pianim that the government’s talks with the IMF were not progressing well.

    The talks were not progressing well, according to Pianim’s sources in Washington, in part because Finance Minister Ken Ofori-Atta was involved and there was a lack of political confidence, he said in an interview with Accra-based TV3.

    “The negotiations are not going well. I am aware of that. Being a Ghanaian, I have a responsibility to keep my ears open and am concerned with the economy’s progress.
    It isn’t going well, I’m saying because we have friends in Washington,” Pianim said.

    Adom-Otchere is, however, in disagreement with Pianim’s views citing the October 20 IMF statement after the last round of talks between the Ofori-Atta-led delegation that was in Washington weeks back.

    After playing a snippet of Pianim’s interview on the October 27 edition of Good Evening Ghana, Adom-Otchere read out the IMF statement before making his conclusion that the Fund’s position was at variance with Pianim’s claims.

    “We love Mr. Kwame Pianim he is a very distinguished economist but he said a few things that show a bit of deficit.

    “The IMF statement uses words like we made good progress and it was fruitful, so Mr. Kwame Painim’s testimony is not borne out by the IMF statement… Unless of course, he suspects the IMF statement is not honest, I don’t think he suspects that.

    “So, Kwame Pianim’s situation is not borne out,” he stressed. He also disclosed that information the Good Evening Ghana show had was that the IMF was rather keen on revenue mobilization efforts on the part of the government as talks continue.

  • 1 Gad: Stonebwoy storms video premiere of Gidigba in customised car; fans react

    Ghanaian dancehall musician, Stonebwoy, stormed 3Music Networks for the premiere and viewing party for the music video of his Gidigba song in a customised whip.

    The celebrated artiste arrived sporting a hoody and dark shades for the occasion on Friday, October 28. He was spotted in the company of his team members in a video online.

    The visuals for Gidigba, uploaded to YouTube, was written and co-directed by the musician.

    Speaking to media personality Jay Foley on Friday, Stonebwoy explained that he decided to shoot the visuals for Gidigba as a film to accentuate a narrative. He mentioned that the video captures the inspiration he feels from within and spotlights global problems such as child abduction.

     

    View this post on Instagram

     

    A post shared by Sammy Kumah (@sammykaymedia)

    The musician reiterated the tale of a young boy who endured excruciating pain in slums after the murder of his parents.

    The footage of Stonebwoy arriving in a luxury whip for the premiere of his music video garnered reactions.

    Source:yen.com

  • Aliko Dangote’s net worth slumps by $200 million in October – Report

    Aliko Dangote, the richest man in Africa, has seen his net worth decline by $200 million since the beginning of October due to a persistent decline in the value of his cement company, Dangote Cement Plc, which has harmed his net worth after printing billion-dollar gains in the first five months of 2022.

    His net worth had already dropped by $400 million in September due to a market-wide sell-off of shares on the Nigerian Exchange in reaction to the Central Bank of Nigeria’s tightening monetary policy.

    Dangote, Africa’s richest man and the world’s richest Black person, derives the majority of his wealth from his 86-percent stake in Dangote Cement, which is presently worth $8.13 billion.

    An additional $5.15 billion of his wealth is linked to his closely held fertilizer plant, which has the capacity to produce up to 2.8 million tonnes of urea per year.

    With the recent decline in Dangote’s net worth, his year-to-date wealth loss is now estimated to be $611 million, joining a long list of African billionaires such as Johann Rupert, Patrice Motsepe, Strive Masiyiwa, and Mohammed Al-Amoudi, whose wealth has declined noticeably since the start of the year.

    The decline in his net worth since the year began can be attributed to the sustained decline in the shares of Dangote Cement, as investors continued to sell down stakes in the leading cement firm.

    Dangote Cement is Africa’s largest cement manufacturer with a total capacity of 51.55 million tonnes of cement per year across ten countries.

    Its profit fell by more than 10 percent in the first half of 2022, from N191.63 billion ($460.8 million) to N172.1 billion ($413.8 million) due to an increase in selling and distribution costs, as well as an increase in direct production costs driven by energy costs.

    Following a recent ownership tussle between Dangote Industries Limited and the Kogi State government — a state government in Nigeria’s north-central region — its largest cement plant, Obajana Cement Company, was placed under lock and key nearly three weeks ago.

    The Obajana Cement Factory, which opened in 2008 and has a capacity of 16.25 million tonnes per annum across five lines, is the group’s flagship plant. The factory has 647 million tonnes of limestone reserves that are estimated to last 45 years and is supported by a fleet of 2,370 trucks.

  • Mahama optimistic Ghana’s economy will rebound

    In an effort to aid the nation out of its current economic difficulties, former president John Dramani Mahama advises the government to reduce spending by lowering the number of appointees, disband or realign state entities with identical functions, and halt non-essential projects.

    He questioned the need for the Free SHS Secretariat given that the Ghana Education Service could carry out the policy just as well.

    Speaking at a gathering titled “Building the Nation We Want,” the former president urged the government to take more action to fight corruption.

    Mr. Mahama said the incompetence of the Finance Minister and the entire Akufo-Addo government has caused the depreciation of the Cedi and other economic challenges in the country.

    The former President said it is not acceptable for Mr. Ofori-Atta to continue to be in office supervising the 2023 budget and the completion of Ghana’s negotiations with the International Monetary Fund.

    Mr. Mahama was optimistic that the economy will get better and urged Ghanaians to unite and consume locally produced foods as a way of supporting the economy.

  • Printing of new GH¢100, GH¢200 notes partly to be blamed for high inflation – Finance Lecturer

    According to Seyram Kawor, a senior finance lecturer at the University of Cape Coast (UCC) Business School, inflation rises when more money is issued. This is a fundamental economic tenet.

    He therefore believes that the production of the new GH 100 and GH 200 notes had a limited impact on the cost of goods and contributed to the country’s rising inflation rates.

    “We want to transition to a cash-lite society in which nobody uses currency. Then all of a sudden, you’ve printed new GH100 and GH200 denominations.
    Automatically, some items that may be purchased for GH95 may increase to GH100. It is normal for these things to occur, he said, as reported by myjoyonline.com.

    Ghana’s inflation has reached an all-time high of 37.2% as of September 2022 according to the Ghana Statistical Service.

    The country’s inflation has been attributed to the increasing rate of imports and the cedi’s depreciation.

    “Once you print currency, prices will go up”, he said, adding that “it’s a basic economic issue.”

    He stated that the current economic hardships are a result of the actions the government has taken in the past.

    “Once currencies are printed, we have prices going up. We have no justification for printing larger denominations. That is the price that we are paying for now,” he stressed.

  • How DNA tests exposed young lady’s attempt to ‘force a baby’ on her boyfriend

    Sometime in August 2022, a certain young man named Stephen Opoku stormed the studios of Nhyira FM with strong suspicions that the baby he has with his girlfriend is not his.

    He was on the popular ‘Obra’ show on Nhyira FM with claims of infidelity on the part of her girlfriend whiles seeking help with DNA to ascertain the true identity of the child.

    Producers of the show heeded his request and arranged for the DNA test to be done and the results came out shocking.

    After the results were ready, the couple were invited to receive them and also discuss the outcome which was clearly read to the hearing of the public.

    It turns out that Stephen Opoku’s suspicions were right as the child, whom he has looked after right from the onset of the pregnancy till date, belonged to a Saudi Arabian man based in Ghana.

    “The comparison of the DNA profiles of Stephen Opoku and Sandra Opoku (The baby) shown in the data below, does not support the hypothesis that Stephen Opoku is the biological father of Sandra Opoku. Mismatches were observed between the alleged father and child, when no mismatches are expected between the true biological father and child,” parts of the DNA reports read.

    Per the DNA report, it is 99.9999999% more likely that Sadat Ibrahim is the biological father of the ‘baby in question’.

    “A comparison of the DNA profiles of Sadat Ibrahim and Sandra Opoku(The baby) composed of the DNA markers listed in the technical data shown below, supports the hypothesis that Sadat Ibrahim is the biological father of Sandra Opoku. it is 9.226.955.748.722 more likely that Sadat Ibrahim is the biological father of Sandra Opoku than another unrelated man from the same position.”

    Following the announcement of the results, an unperturbed Cecilia (the woman at the center of the issue), refused to either comment or apologize.

    On his part, ‘the victim’, Stephen Opoku, raised his hands in excitement whiles indicating that he has been vindicated.

    According to Stephen, he has been encountering attacks from the other man over the baby and this result will guarantee him some peace of mind.

    Source:ghanaweb.com

  • NPP performs well in government; unfortunate to often be hit with external shocks – MP

    Former President John Dramani Mahama’s October 27 lecture has been criticized by Effutu Member of Parliament Alexander Kwamena Afenyo-Markin as being opportunistic.

    He claimed that the former president was attempting to position himself as a potential option to be in charge of affairs, but he firmly asserted that “he is not an alternative.”

    In an interview with Citi TV in Accra, Afenyo-Markin said Mahama had a number of “lesser issues” than the NPP government was dealing with, but he was nonetheless “suffocated” by them.

    He stated that the NPP has a track record of being better managers of the economy however it was unfortunate to be hit by external shocks whenever it was in government.

    The Effutu MP said Mahama can continue making political statements to sway the minds of Ghanaians but suggested that the former president and the NDC have not prudently managed the economy when they had the opportunity to do so.

    “He is not making these calls in good faith. He is making these calls in an opportunistic context as though he is an alternative. But I want to underscore the point and make it clear that he is not an alternative.

    “My reason? He was there. When he faced challenges, how did he react to them? How did he respond to Ghanaians? Not in an escalating situation as we find ourselves today.

    “Perhaps maybe I will say that NPP, whenever we get the opportunity to come into government we do so well but often get external shocks hitting us hard,” Afenyo-Markin said.

    “He is making political statements. Let’s leave him to his political statements. We are in political competition. So anything to say to sway the minds of people would be what he will definitely attempt to do. But we must also face reality and let him and let his party know that they faced lesser challenges yet they were suffocated,” he added further.

    Former President John Dramani Mahama’s October 27 lecture titled “Building The Ghana We Want” highlighted the economic challenges confronting the country while proffering some solutions.

    He asked the government to reduce the size of its ministers as well as merge a number of government agencies amid tight economic conditions.

  • Blending Twi, English makes my music accessible to everyone – Diana Hamilton

    Gospel hitmaker Diana Hamilton has said singing in Twi and English combined has helped her a lot and made her music accessible to a lot of people.

    “I think it’s helped so much,” she said and recounted a recent interview with the British Broadcasting Corporation’s (BBC) Bola Mosuro.

    Singing in Twi and English combined has “helped because I just recently went on the BBC, on an interview, and I had a chat with Bola, the lady that interviewed me. She said, ‘Your blend makes your craft very relatable and understandable by all’.”

    She added Bola informed her that: “For me, even if I don’t read the subtitles, I’m able to know what you’re talking about.”

    “So it’s helped and why change a winning [strategy]?” she beamed.

    The 2021 Vodafone Ghana Music Awards (VGMAs) Artiste of the Year agreed with her host, Kwame Dadzie of Ghanaweekend.com, that since what she is doing through music is evangelism: telling people about the life and significance of the founder of the Christian religion, Jesus Christ, the language should be able to reach as many people as possible.

    “People should be able to understand what you’re saying and it’s [combining Twi and English] helped,” she concluded.

    Twi is a dialect of the Akan language of Ghana.

    Source:ghanaweb.com

  • Ghana’s Joseph Paintsil scores and grabs assist for Genk against KV Mechelen

    On Friday evening, Joseph Paintsil scored for his club KRC Genk in a victory over KV Mechelen at the Cegeka Arena.

    The former Tema Youth player also assisted in his team’s 3-1 home victory in the Belgium Jupiler Pro League, which extended their league lead.

    Daniel Munoz scored the game’s first goal after only nine minutes.

    The visitors equalized in the 15th minute with a goal from Rob Schoof, who made it 1-1 before halftime.

     

    Paintsil set up Gerardo Ateada 12 minutes after halftime to restore the hosts’ one-goal lead, making it 2-1.

    Genk’s Bilal El Khannouss who was on a yellow card was sent off in the 64th minute after receiving a second yellow for an argument.

    The Ghanaian attacker scored the third goal of the game for the home team one minute into added time, making the final score 3-1.

    This season, the 24-year-old Ghanaian attacker has six goals and four assists in 12 Belgium Jupiler Pro League games.

    Source: Footballghana

  • Subsidizing petroleum products continuously is killing- Industry players cry

    Industry participants in the downstream petroleum sector claim that subsidizing petroleum product prices to give consumers value for money is straining their budgets.

    They blame the steadily rising prices on the soaring dollar-to-cedi exchange rate and the Bank of Ghana’s inability to issue foreign exchange for Bulk Distributing Companies, or BDCs, to buy petroleum supplies.

    In order to enable marketers and importers of petroleum products to directly determine their own pricing based on import parity costs, taxes, and margins, the government introduced the price deregulation policy in 2015.

    It brought an end to government subsidies on these products, which arises from exchange rate losses and consumer subsidies.

    After six years of operating the deregulation policy, it has not been reviewed to determine its positive or negative effect on the downstream petroleum industry and the economy as a whole.

    These concerns raised by the energy sector CSOs and stakeholders have necessitated a policy review by the National Petroleum Authority.

    A 12-member committee with representatives from the Ministry of Energy, the Chamber of Bulk Oil Distributors, CBOD, the Association of Oil Marketing Companies, the LPG Marketing Companies, and the NPA was set to proffer the review.

    During a Price Deregulation Policy Review Stakeholder Forum in Accra, Board Chairperson, CBOD Ivy Apea said under the current structure, BDCs are subsidizing heavily for consumers thus the need for the review of the policy.

    “The subsidies are killing. We currently have a situation, for example you sit here today you sold something and collected 10 million Cedis. You are supposed to change that 10 million Cedis when the rate was 10 Cedis.

    “The rate now is 16 Cedis. You’ve already collected the money, it is not like somebody owes you. Now that you are ready to pay the money, you are no longer going to get the dollars you need to be able to settle the bill.

    “How do we solve that problem and most importantly is there a way government can subsidize the loss, given a particular period of time.” Mrs. Apea added.

    Chief Executive of the Association of Oil Marketing Companies, Kweku Agyemang-Duah said the pressure from the galloping dollar has forced some OMCs to no longer wait for the next pricing which is 30 October to increase the prices at the pumps.

    “I don’t think it will be prudent to be sitting down waiting for another two weeks to change the figures, it is not going to work. If we continue like this, I bet you, we will not see December.

    Mr. Agyemang-Duah hinted that some of the OMCs may fold up if nothing is done immediately about the current situation.

    “A lot of us will have to close down because it’s pretty difficult. I heard some of the OMCs have responded to the call, the call to react to the FX. I know drivers will not be happy,” he lamented.

    Head of Pricing at NPA Abass Tasunti said the Price Deregulation Policy review will address the current challenges in the downstream Petroleum sector.

    “Times have changed and it is important to amend the policy to serve the purpose. I think we need to reiterate the point that the purpose of the committee was not to reverse the Price Deregulation Policy. Everyone on the Committee agrees that the price deregulation policy is a good one. We only need to make it better to serve the industry better.” Mr. Tasunti explains.

    Efficient transparent market, how to deal with the consistent increase in prices at the pumps due to the galloping dollar and the review of some aspects of the Price Deregulation Policy were some recommendations made by CSOs and Stakeholders during the forum.

  • Tenerife interested in signing attacker Dauda Mohammed permanently

    Tenerife is interested in permanently signing attacker Dauda Mohammed when his loan arrangement ends at the conclusion of the season.

    The former Asante Kotoko attacker joined the Spanish club on loan from Anderlecht, with a purchase option. Tenerife has been impressed with Dauda and has chosen to make the transfer permanent; however, this is subject to their league position at the end of the season.

    If they survive relegation, they will sign him to a three-year deal; however, if they are demoted, Dauda Mohammed will return to the Belgian club, where his contract would end in June 2023.

    Mohammed played for Cartagena in the 2021/22 season on loan from Anderlecht. He made 35 appearances and scored nine goals.

    On 22 July 2022, Anderlecht announced that they had loaned Dauda to Spanish Segunda División side CD Tenerife for the 2022-23 season.

    According to Transfermarkt, the attacker’s market value is 1.2 million euros. The 24-year-old has one goal and one assist in eight appearances this season for Tenerife in the Segunda División.

    Source: Footballghana

  • Hassan Ayariga blames traders for continuous increase in food prices

    The Founder and Leader of the All People’s Congress (APC) Dr. Hassan Ayariga has blamed the trading community for irregular price variability in Ghana.

    He has condemned the way and manner prices of commodities have been arbitrarily manipulated by traders making life awful for the masses.

    The prices of some key commodities in the country have been on the rise and the cost of food has increased astronomically.

    The traders have blamed it on international market prices, hikes on petroleum products and the level of the Cedi depreciation to foreign currencies.

    Already, Ghanaians are bearing the brunt of the tensions on the price of fuel which in turn had had a huge impact on people’s livelihood.

    Hassan Ayariga speaking in an interview with Onua TV on Thursday, October 27, 2022 took a swipe at business people and traders for hoarding and stocking their wares to sell at high prices whenever there is a fuel hike.

    He stressed that even though the government has failed, he believes the citizens are also taking advantage of the economic situation to enrich themselves at the expense of the poor.

    “If you look at the economic situation, the prices of goods and services in the market, the rate at which the vendors and traders are manipulating the prices of goods and services is alarming.

    “People are taking advantage of the failure of the government to increase prices of goods and services which are not even proportionate to the dollar.

    “Go to the market and you will be shocked at the rate at which people have increased the prices of their goods, and when you ask them they say the dollar but it is not everything that we use the dollar to buy,” he observed.

    The founder of APC insisted it is the citizenry that are destroying the country not the government as perceived by many stressing the need for the business community to be careful about price volatility.

    He has urged the government to initiate a price guarantee system to help control the price of goods and services in the market as well as to bar people from outrageously increasing prices of commodities.

    Mr. Hassan Ayariga equally lauded the majority side in Parliament for demanding the removal of the Finance minister, Ken Ofori-Atta and Charles Adu-Boahen.

    He maintained the economic team has failed hence the need for President Akufo-Addo to relieve them of their duties with immediate effect.

  • Samini swims against the economic tide with a new sunny, balmy tune

    Reggae/dancehall legend Samini Dagaati has released a new tune titled ‘Be Alright’. The song comes during a time of harsh economic conditions in Ghana.

    Before its release on Tuesday, 25 October 2022, the Ghanaian musician and entrepreneur referenced it in a Facebook post written in the form of a letter and addressed to President Nana Addo Dankwa Akufo-Addo.

    In the Sunday, October 23 letter, the artiste born Emmanuel Andrews Samini expressed worry and regret supporting Nana Akufo-Addo to win the 2016 presidential election.

    “Dear @NAkufoAddo [Nana Addo Dankwa Akufo-Addo] I supported you to bring change and stability. I believed in the vision and your concept of change! But with 2 [more] years to go, my soul bleeds,” Samini bemoaned.

    He added: “Our investments wash away daily as the dollar openly whips our cedi. Your people are crying. We cannot pretend all is well.”

    Before reminding president Akufo-Addo that he begged Ghanaian voters to be given the mandate Mr Samini who is currently the Student Representative Council (SRC) president at the Ghana Institute of Management and Public Administration (GIMPA) noted, in hope, that: “God has blessed Ghana with” the “ability to stare difficulty right in the face and say, it will ‘Be Alright’ [prayer emojis].”

    “Ghana must work again!” he strongly stated and bemoaned: “The indiscipline in high and low places of government must be checked.”

    “We go keep hope alive and continue to soldier on,” he encouraged his 1.2 million Facebook fans. “What’s a man without hope? We can only continue to pray for a better tomorrow. To all my high graders out there, I say it again: We will ‘Be Alright!!!’ [fire emojis].”

    He attached the cover art for the song to the post.

    On Thursday, 27 October 2022, the multiple award-winning singer shared the official music video for ‘Be Alright’ with fans on YouTube. It displays happy times at sea on a speed boat with a cosmopolitan group, as the artiste waves the flag of Ghana. There are other scenes of children playing football in the sand and in yet another scene, he spends time with a woman who plays his lover in the video.

    It’s a feel-good reggae song that opens with the words: “I’ve got life so I know I’m blessed. I step into my day with minimum stress. Give thanks for life because today is a gift and tomorrow is a wish; no man can predict.”

    In the 3-minute and 31-second song, the High-Grade Family boss also noted the harsh times being experienced by Ghanaians and people around the world: “These days not so easy…” but stressed in the chorus: “I know everything’s gonna be alright. We gonna be alright.”

    The official statement from Samini who is also, by the power of the Wa paramount chief, the Pibilii Naa (King of the Rocks) reads: “’Be Alright’ is the first single from my ‘Sticks n Locs’ EP. I wrote this song to promote gratitude and good vibes and to tell anyone who listens that there is always light at the end of the tunnel. Every situation or struggle that you find yourself in is usually only as bad as you think it is. Faith and love always, Samini.”

    Source:ghanaweb.com

  • Cedi depreciation: Come and tell us your policies – Kennedy Agyapong to BoG

    Kennedy Agyapong, the member of parliament for Assin Central, has requested that the Bank of Ghana inform Ghanaians of its short- and long-term economic plans.

    He claims that the cause for the continuous devaluation of the cedi against the dollar is a lack of faith in the economy.

    He pointed out that the nation’s financial managers must effectively convey the efforts they are doing to revive the economy in order to foster that confidence.

    Speaking on Dowona TV on October 26, 2022, Kennedy Agyapong said “as a government, we have to do something to build the confidence of Ghanaians, we are pleading with the Governor to come out and tell us its monetary policies which are short-term policies. With what is going on, we need confidence from the government to say look take your time, this is how we are going to solve the problem, it will take a while but please don’t panic.”

    He further bemoaned the fact that the government does not seem to be communicating with Ghanaians on its steps to save the economy from the current economic hardships.

    The Assin Central MP noted that this is the time to be innovative and find new ways to do business.

    “Somebody has to speak to Ghanaians, but nobody seems to be talking. That is the biggest challenge that is making the cedi fall further. Situations like this are what bring about innovations and new ways of doing business and where we are today shows us that we have to be innovative and change our old styles,” he added.

    Ghana’s current economic crisis has been characterized by an increasing fall of the cedi against the dollar amid the high cost of goods and services.

    Business owners have lamented the constant depreciation of the cedi and its effects on their working capital.

  • 2022/23 Ghana Premier League matchday 4: Samartex FC v Great Olympics preview

    The 2022/23 Ghana Premier League season is resuming this weekend with several exciting fixtures.

    The Ghanaian top-flight league has been on hold for the last three weeks due to an injunction filed against the Ghana Football Association (GFA) by Ashanti Gold SC.

    Following a dismissal of the injunction by Court last Tuesday, the Premier League finally gets to resume this weekend.

    While no game was played on Friday, matches will be played on Saturday, Sunday, and Monday.

    One of the three matches to be played on Monday will be the encounter between Samartex FC and Great Olympics.

    The newly-promoted club is undefeated in the first three matches in the Premier League but is also without a win.

    After drawing all three games this season, Samartex FC have three points and occupies the 12th spot on the league standings.

    The team will play host to a Great Olympics side that is also undefeated since the start of the season.

    The difference is that the team from Accra has two wins and one draw, leaving them second on the league table.

    Predicted scoreline:

    While Samartex has proven that the team will not be pushovers in the league, the strength and quality of Great Olympics should see the visitors bag the maximum points.

    Samartex FC 1-2 Great Olympics.

    Probable starting eleven – Samartex FC

    Richard Baidoo (G), Ebenezer Acquah, Emmanuel Siaw, Godwin Abusah, James Sewornu, Gabriel Appiah, Ibrahim Giyas, Emmanuel Keyekeh, Seidu Abubakari, Yusif Dauda Seidu, Gabriel Bonah.

    Probable starting eleven – Great Olympics

    Benjamin Siaw (G), Razak Kasim ©, Samuel Ashie Quaye, Agyemang Badu, Emmanuel Akesseh, Oko Grippman, Bashiru Abdul, Solomon Adomako, Yusif Abdul-Razak, Ebenezer Sekyere, Emmanuel Mensah.

    Match details:

    The match between Samartex FC and Great Olympics will be played on Monday, October 31, 2022.

    The game will kick off at 3 pm at the Akoon Park.

    Source: Footballghana

  • Stay calm; no cause for alarm – Assibey-Yeboah to investors

    Dr. Mark Assibey-Yeboah, a former representative for New Juaben South, has urged local investors to maintain their composure.

    The economist and former chair of the finance committee asserts that short-term investors’ investments are safeguarded by law, negating the need for investors to hastily sell their bonds.

    The unpredictability of Ghana’s economic recovery has recently hurt the Treasury Bills Market. The planned debt restructuring process is mostly to blame for the market’s unease.

    The mad rush for cash is having a toll on banks, affecting their balance sheets and capital adequacy requirements.

    There is the fear that the intended debt restructuring will lead to Ghanaians not subscribing to government bonds in the future.

    But Dr. Assibey-Yeboah in a tweet assured short-term investors that they are protected by law, and will not suffer under any debt restructuring exercise.

    “Your short-term government bill (91-day, 182-day, etc) cannot be touched in a debt restructuring as per international law. Rest easy.” He stated.

    The government of Ghana is currently engaged in negotiations with the International Monetary Fund, (IMF) for a program that could see the country receive about $3 billion from the fund under a 3-year program.

    The government is hopeful of clinching a deal before the end of 2022 to restore investor confidence in the economy.

  • Reconstitute Economic Management Team – Dr. John Kwakye to Akufo-Addo

    Dr. John Kwakye, director of research at the Institute of Economic Affairs (IEA), has lent his support to calls for President Akufo-Addo to reassemble his Economic Management Team in order to give it new vitality and perspective.

    He asserted that, in light of the current challenges, the President ought to think about assembling a fresh group of specialists and pros to save the nation’s economy.

    Dr. Kwakye tweeted, “One of the needed confidence-building measures would be reconstituting the Economic Management Team and bringing in experts and professionals.”

    Although Cabinet has commenced a meeting in earnest to find solutions to the challenges, it is not clear if President Akufo-Addo will heed calls to bring in fresh limbs to save the precarious situation.

    Meanwhile, President Akufo Addo is expected to address the nation on the economy on Sunday, October 30.

    Mr. Akufo-Addo, meeting with a couple of groups at the Presidency, said he is fully aware of the problematic times Ghanaians are going through.

    Mr. Akufo-Addo admitted that times are hard. The local currency is not doing well against the dollar, and prices of goods and services, including sachet water, are rising.

    The President indicated that he needs the support of everyone to deal with the issues.

    “I have seen the difficulties that our currency has been having. I have seen the difficulties and dramatic rise of price levels, significant rise in the cost of living and difficulties generally, in the manner the economy is rising,” he told journalists at the Jubilee House, on Thursday, October 27, 2022.

    Mr. Akufo-Addo added, “We have to understand that all sectors and actors of the economy, either on the side of management, labour and workers, have to find a way of balancing the various considerations so that we can all progress and continue, hopefully, in building a stronger economy.”

  • 2022 World Cup: Tunisia risk possible ban from finals in Qatar

    Tunisia could be excluded from next month’s World Cup in Qatar if the country’s government interferes in footballing matters, world governing body Fifa has warned.

    Fifa’s member federations must be free from legal and political interference.

    The warning comes after repeated comments from Tunisia’s Youth and Sports Minister, Kamel Deguiche, about the possibility of “dissolving federal bureaux”.

    Fifa considers his statement an attempt to meddle in the running of the country’s football federation (FTF), and has asked the latter for clarification about attempts to interfere in its internal affairs and threats to dissolve its office.

    The Zurich-based organisation has also reminded the FTF that member associations are “legally obligated to conduct their affairs independently and without undue influence from third parties”.

    “Any failure to comply with these obligations may result in the imposition of penalties under the Fifa laws, including suspension of the relevant association,” said a letter from Kenny Jean-Marie, Fifa’s director of member associations, to FTF general secretary Wajdi Aouadi.

    A possible Fifa ban would mean no Tunisian club or national sides can play in either continental or international competitions.

    Next month, the 2004 African champions are set to face World Cup holders France, Denmark and Australia in Group D in Qatar.

    The Carthage Eagles have never gone past the group stage in five previous World Cup finals appearances, and will open their campaign against the Danes on 22 November.

    Fifa has given the FTF no later than Friday to reply regarding its position following the minister’s comments.

    Serious accusations have been levelled at the FTF in recent times, with one club side, Chebba, accusing the body and its president, Wadie Jary, of knowingly misleading the Court of Arbitration for Sport in April 2021 – prior to sport’s highest legal body ruling in the club’s favour later that year.

    Fifa has already acted this year over other instances of governmental interference in football, with African pair Kenya and Zimbabwe currently serving suspensions.

    India were also banned in August because of “undue influence from third parties”, throwing the country’s hosting of this month’s Under-17 Women’s World Cup into doubt, but Fifa lifted its suspension of India later the same month.

    Source: BBC Africa

  • ‘I don’t want baby mamas in your life’ – Falz’s mum’s birthday wish for him

    Popular Nigerian rapper and actor, Folarin Falana, known in the entertainment industry as Falz,  is a year older.

    Falz turned 32 on Thursday, October 27, 2022.

    Joining scores of fans and well-wishers from far and near to commemorate the day was his darling mother.

    The rapper took to his Instagram page to share a video in which his mum, who could not hide her joy over the milestone sang a birthday song and wished him well.

     

    View this post on Instagram

     

    A post shared by Falz TheBahdGuy (@falzthebahdguy)

    In a prayer which has warmed many hearts on social media, the evergreen Nigerian legal practitioner asked for a good wife from God for her son.

    Falz’s declared that she does not want baby mamas in her son’s life but a real wife. To this wish, Falz burst into laughter.

    Many, who sighted the adorable video, have taken to the comment section to reply ‘Amen’ amid more prayers for the rapper.

    Posting the video, Falz wrote: Come through with the prayersss momma.

    Source:myjoyonline.com

  • Come and tell us your policies – Kennedy Agyapong to BOG

    Kennedy Agyapong, the member of parliament for Assin Central, has requested that the Bank of Ghana inform Ghanaians of its short- and long-term economic plans.

    He claims that the cause for the continuous devaluation of the cedi against the dollar is a lack of faith in the economy.

    He pointed out that the nation’s financial managers must effectively convey the efforts they are doing to revive the economy in order to foster that confidence.

    Speaking on Dowona TV on October 26, 2022, Kennedy Agyapong said “as a government, we have to do something to build the confidence of Ghanaians, we are pleading with the Governor to come out and tell us its monetary policies which are short-term policies. With what is going on, we need confidence from the government to say look take your time, this is how we are going to solve the problem, it will take a while but please don’t panic.”

    He further bemoaned the fact that the government does not seem to be communicating with Ghanaians on its steps to save the economy from the current economic hardships.

    The Assin Central MP noted that this is the time to be innovative and find new ways to do business.

    “Somebody has to speak to Ghanaians, but nobody seems to be talking. That is the biggest challenge that is making the cedi fall further. Situations like this are what bring about innovations and new ways of doing business and where we are today shows us that we have to be innovative and change our old styles,” he added.

    Ghana’s current economic crisis has been characterized by an increasing fall of the cedi against the dollar amid the high cost of goods and services.

    Business owners have lamented the constant depreciation of the cedi and its effects on their working capital.

  • 2022/23 Ghana Premier League: Week 4 Match Preview – Tamale City v RTU

    Tamale City will host Real Tamale United in a match week 4 encounter on Monday afternoon at Aliu Mahama Sports Stadium in Tamale.

    Real Tamale United has recorded only one draw so far in the league – having lost 3-2 to Medeama SC and Legon Cities (1-0). Whiles Tamale City is winless and also yet to score in three matches. Both teams are chasing their first win of the season.

    Tamale City possible starting lineup: Liventius Arthur, Cisse Tijani, Abdul Mubark Kadiri, Raphael Essien, Isaah Nyaabila, Patrick Amartey, Collins Boateng, Isaac Mensah, Mohammed Yahaya, Derrick Gyamfi, Bismark Asare.

     

    Real Tamale United possible starting lineup: Yaw Osei, Yussif Nurudeen, Mohammed Hardi, Abdul Fatawu Sayibu, Hafiz Adams, Umar Abdul Manaf, David Sandan Abagna, Listowel Amankona, Iddrisu Gadafi, Ronald Frimpong, Issah Kuka

    Ronald Frimpong of Real Tamale United is the player to watch in this encounter.

    Predicted scoreline: 2-1 Real Tamale United will take all three points. Tamale United’s resilient defense won’t stop RTU from claiming the three points.

    Source:Footballghana

  • Debt restructuring must cover both domestic and external debt – John Mahama

    John Dramani Mahama, a former president of Ghana, has issued a warning that the country’s internal debt cannot bear the whole weight of any future debt restructuring in Ghana.

    According to the Bank of Ghana, Ghana’s public stock debt stock reached GH402.4 billion in July 2022, or 68 percent of GDP.

    John Mahama is of the opinion that the government must approach the debt restructuring process in a way that addresses both domestic and external debt components, even if the World Bank has predicted that the percentage will reach 104 percent by the end of 2022.

    Although the figure has been projected by the World Bank to reach 104 percent by end the of 2022, John Mahama believes government must conduct the debt restructuring exercise in a manner that covers both domestic and external debt components.

    Speaking at a public lecture on Ghana’s economy on October 27, the former president said the current economic conditions have since left many Ghanaians suffering with severe erosion of indigenous capital.

    “For us in the NDC, our position is that any debt restructuring must not place the absolute burden on only the domestic debt. Restructuring of our debt must cover both domestic and external debt,” he stated.

    He further pointed out the impacts of the banking sector clean-up exercise which he believes has resulted in job losses and erosion of capital for many Ghanaian businesses and families.

    It is for this reason, John Mahama wants government to conduct a proper debt restructuring exercise amid ongoing negotiations with the International Monetary Fund for a bailout.

    “Any debt restructuring restricted to cover only domestic creditors would lead to a further erosion of local savings and capital and would also severely weaken the Ghanaian banking sector,” John Mahama stressed.

    Meanwhile, Global investment bank and financial services firm, JP Morgan has warned Ghana’s potential debt restructuring exercise could further weaken the position of the local currency.

    According to the US-based firm, the development could be significant even if Ghana’s central bank increases or reverses its foreign exchange (FX) purchase policy results in the short-term to shore up the cedi.

    JP Morgan in a recent Emerging Market Quick Take touching on the recent performance of the Ghana Cedi, it attributed the decline to the Bank of Ghana’s decision to purchase dollars from mining and oil companies, inadvertently reducing forex availability within the inter-bank market.

    The global investment bank further attributed the loss of confidence in the domestic economy, which it believes has drained FX reserves and resulted in volatility.

     

  • 2022/23 Ghana Premier League matchday 4: Dreams FC v Accra Lions preview

    The 2022/23 Ghana Premier League season is resuming this weekend with several exciting fixtures.

    The Ghanaian top-flight league has been on hold for the last three weeks due to an injunction filed against the Ghana Football Association (GFA) by Ashanti Gold SC.

    Following a dismissal of the injunction by Court last Tuesday, the Premier League finally gets to resume this weekend.

    While no game was played on Friday, matches will be played on Saturday, Sunday, and Monday.

    On Sunday, Dreams FC will host Accra Lions in a number of games scheduled to come off.

    The Dawu-based club goes into the matchday with two wins and one defeat from the first three matches of the season which has left the team 8th on the league table.

    Coach Ignatius Osei-Fosu and his lads have trained very well during the week and are eager to bag the maximum points.

    The opponent, Accra Lions FC goes into the game with a similar form. The team from Accra sits 6th on the Ghana Premier League table having won two games and lost one before the league was suspended.

    Unfortunately, for the visitors, their head coach, Ibrahim Tanko is currently busy with the Black Meteors of Ghana in Kumasi and will not be in the dugout.

    Nonetheless, the team has prepared well under the assistants and belief a win against Dreams FC is possible.

    Predicted scoreline:

    Dreams FC go into this fixture as the favourites. With Accra Lions missing the expertise of coach Ibrahim Tanko, the team is likely to suffer for it.

    Dreams FC 2-1 Accra Lions.

    Probable starting eleven – Dreams FC

    Bawa (G), M. Ofori, A. Jalilu, E. Danso, I. Dede, D. Blessing, Ali Hufaz, S. Simba, M. Arthur, A. Boateng, S. Arthur.

    Probable starting eleven – Accra Lions FC

    Votere (G), Apiiga, Mensah, Gyimah, Boateng, Mohammed, Nsobila, Frimpong, Awuni, Frimpong, Okyere, Simpara.

    Match details:

    The encounter between Dreams FC and Accra Lions FC will be played on Sunday, October 30, 2022.

    The game will kick off at 3pm at the Theatre of Dreams.

    Source: Footballghana

  • You have the support of parliament; aim for the trophy at the World Cup – Alban Bagbin charges Black Stars

    The Speaker of Ghana’s Parliament, Rt. Hon. Alban Bagbin has charged the Black Stars to go for the ultimate prize at the 2022 FIFA World Cup.

    The Ghana national team will be one of five from Africa that will represent the continent at the mundial in Qatar next month.

    Ahead of the tournament, Parliament is already soliciting support for the Black Stars.

    Addressing parliament this week, Speaker Alban Bagbin assured the national team that it has the entire support of the house.

    He encouraged the team to be confident as he admonished the team to target winning the trophy.

    “I want to assure the Black Stars, this parliament is solidly behind them, and they should confidently go for gold and the cup,” Speaker Alban Bagbin said on the floor of parliament.

    At the 2022 FIFA World Cup, Ghana has been drawn into Group H. The Black Stars will face off with their counterparts from Portugal, Uruguay, and South Korea.

    Source: Footballghana

  • FLASHBACK: We can’t stop borrowing – Economist

    According to economist Gideon Amissah, Ghana could not stop borrowing because of the COVID-19 pandemic‘s severe impact.

    By the end of March 2020, Ghana’s public debt was 236 billion dollars.

    The economist admitted that it might be difficult for us to refrain from borrowing in the COVID-19 competition that we are considering.

    He stated, “At the moment, we have a 51% foreign debt load compared to a 49% domestic debt load, and it occasionally depends on the currency we borrow.”

    Managers of Ghana’s economy cannot run away from borrowing due to the economic impact of the COVID-19 pandemic, Economist with the Institute of Chartered Economists Gideon Amissah has indicated.

    In 2018, the national debt of Ghana amounted to approximately 59.29 percent of the GDP. A figure that currently stands at over 65%.

    Finance Minister Ken Ofori-Atta on Wednesday requested parliament to approve an amount of ¢27,434,180,520 as expenditure in advance for the first quarter of 2021.

    The move has seen backlash from the minority who claim the minister did not give detailed expenditure for 2020 coupled with what they called excessive borrowing.

    But Mr. Amissah contends that due to the pandemic, Ghana cannot do without borrowing even as the country’s debt stock hits ¢236bilion.

    Managers of Ghana’s economy cannot run away from borrowing due to the economic impact of the Covid-19 pandemic, Economist with the Institute of Chartered Economists Gideon Amissah has indicated.

    In 2018, the national debt of Ghana amounted to approximately 59.29 percent of the GDP. A figure that currently stands at over 65%.

    Finance minister Ken Ofori-Atta on Wednesday requested parliament to approve an amount of ¢27,434,180,520 as expenditure in advance for the first quarter of 2021.

    The move has seen backlash from the minority who claim the minister did not give detailed expenditure for 2020 coupled with what they called excessive borrowing.

    But Mr. Amissah contends that due to the pandemic, Ghana cannot do without borrowing even as the country’s debt stock hits about ¢236bilion ending March this year.

    Speaking on the Morning Starr in response to the Finance Minister’s speech, Mr. Amissah said: “I may have to say that within the contest we are looking at this, that’s COVID-19, it will be difficult for us not to borrow.”

    He noted, “currently, we are doing 51% external debt as against 49% internal debt, and sometimes it has to do with the currency we borrow.”

    He described the situation as “more or less like a rat race because you have to pay the debt you owe and since you don’t have money to pay, you have to go and borrow and also finance our deficit.”

    “The call must still be the appropriate way where the money will not land in the few people’s pockets but will land in the economy and reflect in the lives of the people,” he added.

    236 billion ending March this year

    Speaking on the Morning Starr in response to the Finance Minister’s speech, Mr. Amissah said: “I may have to say that within the contest we are looking at this, that’s COVID-19, it will be difficult for us not to borrow.”

    He noted, “Currently, we are doing 51% external debt as against 49% internal debt, and sometimes it has to do with the currency we borrow.”

    He described the situation as “more or less like a rat race because you have to pay the debt you owe, and since you don’t have money to pay, you have to go and borrow and also finance our deficit.”

    “The call must still be the appropriate way where the money will not land in the few people’s pockets but will land in the economy and reflect in the lives of the people,” he added.

  • FLASHBACK: How this Ghanaian American inked 6-figure deal for natural hair hoodie line

    According to CNBC, the founder of Kin Apparel, Philomina Kane, a 26-year-old Ghanaian American, received a $200,000 offer for a 30% share in the company from Shark Lori Grenier and guest Shark Emma Grede.

    After deciding to start her hair journey after cutting her hair, Philomina began creating satin hoodies. She added that the roots of her family are honored by Kin Apparel.

    She claimed that for the first five years of her life, her grandmother in Ghana raised her. The Ghanaian-American founder told ABC News, “She taught me about my Ghanian culture, which I’ve grown to love so much.

    Philomina Kane, 26, is the founder of Kin Apparel, a firm she founded with only $500. The journey began for Kane when she was an undergraduate student at Princeton University majoring in biology. She was a member of the University’s rugby team and often found her hair falling out during games because she couldn’t take care of it.

    To deal with it, she decided to cut her hair but as her hair regrew, she noticed it needed more protection. She found herself putting on a scarf before putting on a hoodie. One day, she decided she was going to make satin-lined hoodies to protect her hair.

    The Bronx native started Kin Apparel last year with $500 and the business has since generated $350,000 in sales. Kin Apparel, which stands for “keep it naturally,” makes satin-lined hoods designed to prevent frizz, retain moisture and fit a variety of hairstyles. It also makes pillowcases, beanies, bucket hats and bonnets with the same satin lining.

    According to Kane, Kin Apparel also honors her family’s roots. She told ABC News that she was raised by her grandmother in Ghana for the first five years of her life.

    “She taught me about my Ghanian culture, which I’ve grown to love so much,” the Ghanaian-American founder told ABC News.

    Kane has even incorporated traditional designs into her sweatshirts. “Traditional hoodies are made with cotton and cotton absorbs the moisture in your hair, leaving it dry, frizzy,” said Kane. “So, what we do is we line the hoods with satin. That does not strip your hair of moisture.”

    Her business recently got a major boost when she landed $200,000 from Shark Lori Grenier and guest Shark Emma Grede in exchange for a 30% stake in the business, according to CNBC.

    Grede is the founding partner of Kim Kardashian’s shapewear-apparel line SKIM and also the founder and CEO of denim-brand Good American. She said, “retailers are looking for Black female founders,” adding that Kin Apparel’s broad, diverse audience “has a huge window of opportunity.”

    Aside from getting a monetary boost from ‘Shark Tank,’ Kane’s popularity has also grown on social media. She has over 200,000 subscribers on her YouTube channel where she has documented her journey. She also shares tips on how Black girls can maintain their natural hair.

  • Korsah returns to music with new song, ‘Hater’

    The song titled “Hater” was released on October 28, 2022, and perfectly complements Korsah’s storytelling and songwriting abilities.

    Korsah returns to music with new song, 'Hater'

    The artiste ios already known for tracks such as ‘Snapchat,’ ‘Show Something,’ and “Fa Ma Me,”

    “Hater” has a mid-tempo beat highlighting Korsah’s vocals and soft rap. With the release of “Hater,” Korsah proves to be a versatile artist after previously

    dabbling in genres such as R&B, Afro-trap, Drill, Afropop, and many more.

    The 610Music signee also released a music video which features the 610Music boss Kofi Sonny and fellow labelmate American rapper Rich Flow.

    Check the song out here and the music video.

    Source:myjoyonline.com