On Wednesday, President Nana Addo Dankwa Akufo-Addo voiced concern about the operations of the illicit currency market, which have severely weakened the Cedi relative to other trading currencies.
He argued that it was unacceptable for the parallel market to control the supply and rate of foreign exchange transactions and that all efforts should be made to do so in order to stop the currency crisis affecting Cedi.
The meeting, called at the insistence of the President, forms part of the government’s wider consultation with key economic players to find solutions to the current economic challenges.
President Akufo-Addo told the association that it must lend support to every action that the government would be adopting to tame currency speculators who have contributed to driving down the value of the Cedi.
He was emphatic that the black market must be eliminated from the financial space to arrest the pace at which the cedi loses its value against major foreign currencies.
“The initial impulse for the creation of Forex Bureaus in Ghana was that at the time when our economy was opening and liberalizing there was the need to find a mechanism for putting an end to black market operations on the country’s currency.”
“That was the initial impulse, so we will have these forex bureaus regulated by the Bank of Ghana to make access to foreign exchange in a regulated and controlled manner easier.”
“Unfortunately, somehow, this initial motivation for the creation of the forex bureaus has still not materialized…
“As you hear public commentators and commentators of the Bank of Ghana itself say, it is still the black market that is driving both the supply as well as the rate of our foreign exchange transactions.
“That for me is completely unacceptable and we have to find a way to work together to drive the black market out of business,” President Akufo-Addo stated.
The Cedi has since the beginning of the year witnessed a steep fall in value, depreciating against major currencies due to several factors including the rebound of the strength of the US Dollar, investor reaction to credits ratings downgrade of Ghana’s economy, the non-rollover of maturing bonds by non-resident investors, high crude oil prices, loss of access to the external market for borrowing, as well as speculation.
He said the association did not have control on the forex market beyond what the regulator, the bank of Ghana, determined.
“We have been in this business since 1988. We have had turbulences, but this is a bit tough for all of us. We have gone through all that happened, but we tried, and we survived, and I know this too shall pass.
“With the announcement that we were even meeting yesterday, the rate started coming down. It means it is not natural, this has all been done by people’s speculation and trying to make windfall out of the situation that we are in” he said.
Education has been identified as one of the major factors that affect the marital decisions of women. Most women are caught between acquiring higher education and getting married early and they have to decide to choose one or find themselves being forced to be married (Coontz, 2012).
Hence, there used to be a huge trade-off between choosing education and a husband. Three-quarters of the total number of women who graduated from College before 1900 in the United States remained unmarried (Coontz, 2012). This shows that those women have forgone marriage to pursue their educational aspirations Coontz (2012).
Though there is a debate about educated women intentionally choosing to be single, there is also the belief that others do not consciously delay or reject marriage. For this group of women, their achievements including higher educational attainment intimidate men. The educated woman is viewed in some communities as an intimidating figure to men and so unconsciously drives away prospective suitors. This belief or perception is linked to the assumption that the educated woman develops an assertive, independent character that makes it impossible for her to love, honor and “obey” a man as “real” wives should do (Coontz, 2012).
Some people even joke that when they meet a woman with a Ph.D., they need not find out what her area of specialization is. This is because, they assume that Ph.D. means “Putting Hubby Down” (Coontz, 2012). University education is considered a factor associated with later and fewer marriages for most women. Hence, there is the perception that higher education is negatively related to marriages (Raymo, 2013).
These have led some Ph.D. supervisors on African continents to even advise black women pursuing their Ph. Ds to marry before completing their degrees. This is because they feel their chances of finding a suitable suitor decline after completion.
They feel black men feel uncomfortable marrying such women, probably due to ego issues. Other studies also explained the market is slim for such Ph.D. black women as they turn to also marry men in their class with a higher portfolio.
Besides, men with PhDs or Professors would want to marry women who are not in their class. Singh and Samara (1996) argue that the level of education of a woman tends to influence the time and age at which she will commit to marriage.
I have also read numerous studies suggesting that the higher our black women acquired terminal degrees the higher their chances of not getting married. It is interesting how acquiring a terminal degree will affect their chances of getting a suitable spouse as compared to white women who also acquire a terminal degree.
For instance, (Boyd et al. 2020) found unavailability of partners for educated black women as men prefer women of other races with similar education. This leads black women to compromise more to acquire their wants if they have the means to get their wants and deem that it is valuable enough to take a risk.
For highly educated Black women, their negotiation of partner scarcity can directly influence their engagement in or acceptance of compromising behaviors. Given that there is an acknowledgment within the research that educated Black women to perceive a lack of ideal available partners, it is asserted that these women may perceive that they must compromise some aspect of their partner selection criteria and ensuing expectations and beliefs.
As such, these women may be less likely to leave unsatisfying relationships or renegotiate personal values or perceptions of an ideal partner to “fit” what is currently available. This could happen at various stages of the relationship and could directly shape the power dynamics within the couple.
This also has implications for negative outcomes, depending on the degree to which a woman perceives herself as having power in the relationship. Also, research from Yale University suggests that highly educated black women are twice as likely to have never been married by the age of 45 as white women with similar education.
Niambi Carter, 31, has a Ph.D. and is an assistant professor of political science at Purdue University, admits that she has been hard-pressed to find a black mate with a similar level of education. A similar study(Muntari-Sumara, B, 2015) from Ghana also revealed that the majority of educated women prefer marriage to singlehood and cohabitation. Companionship and societal expectations were identified as the major influencers of women’s marital decisions. Also, education was found to affect the marriage preferences of women to some extent. There was a direct relationship between higher educational aspiration and marriage desire.
The Pew Research Center, also reports that College-educated adults are more likely to be married than less-educated adults. Among those who were ages 25 and older in 2014, 65% of those with a bachelor’s degree or more were married, compared with 53% of adults with less education, according to a Pew Research Center analysis.
While the research does not address reasons these marriages last longer, we do know that college-educated adults marry later in life and are more financially secure than less-educated adults.
Though such women struggled to find suitors, research also found that such women who finally marry have lower divorce rates ( McLanahan, Sara. 2004. “Diverging Destinies: How Children Fare Under the Second Demographic Transition.” Demography. 41(4): 607-627.) There are several reasons for this. Less educated individuals typically marry at an earlier age, which is associated with higher divorce rates. Additionally, the lower incomes and greater economic insecurity of those with less education increase stress, affecting divorce.
A previous study found a different association( Casey et al. 2012) and estimate that 78% of college-educated women who married for the first time between 2006 and 2010 could expect their marriages to last at least 20 years. But among women who have a high school education or less, the share is only 40%.
England and Bearak(nd) found that early in the life cycle, those who ultimately get more education are less likely to have married than their less educated counterparts. This is because those staying in school longer also delay getting married longer. But by age 40, the well-educated have caught up with the less educated and even surpassed them in the percentage that has married. The education differences in whether people ever marry are small for whites, but quite large for blacks, owing partly to the very low marriage rates of the most disadvantaged blacks—those without a high school or less.
Living together and Divorce
The Pew Research Center also reports that couples who lived together before getting married had a slightly lower chance of having a long-term marriage than those who did not live together.
Among women who did not live with their spouse before getting married for the first time, 57% can expect to still be married after 20 years. For women who lived with their spouse before marriage, the probability of being married for at least 20 years is somewhat lower – 46%. Whether the couple was engaged when they lived together didn’t make a difference in women’s chances of long-lasting marriages.
For men, the patterns are slightly different. In this case, it matters whether men are engaged to a partner they lived with before getting married. Men who lived with their future spouse without being engaged had a slightly lower chance of having a long-term marriage (49%) than those who were engaged first (57%). Men who didn’t live with their partner before getting married had a 60% chance of celebrating their 20th anniversary.
Marriage longevity by Race
Marriage survival is also dependent on race and ethnicity. Some of these differences could be related to educational differences among adults with different racial or ethnic backgrounds. The Pew Research Center also found that Asian women, who are among the most educated, are more likely than any other racial or ethnic group to have a long-term marriage. “For Asian women who were married for the first time between 2006 and 2010, the chance that they may celebrate their 20th wedding anniversary is nearly 70%. By contrast, about half of Hispanic and white women may see their marriages last that long. And for black women, the chance is 37%.
Among men, Hispanics have the highest likelihood of being in a long-lasting marriage (findings about Asian men are not included because the sample size was too small to be nationally representative). For those who married for the first time between 2006 and 2010, about six-in-ten Hispanic men (62%) could expect their marriages to last at least 20 years, compared with 54% of white men and 53% of black men”.
Take Home
Studies have found that the higher a woman, especially a black educated herself, the less she is to get a suitor. For instance, Frazier et al. (1996) found out that more educated and financially secure women exhibit less desire for marriage. Singh and Samara (1996) found different reasons in their study. Others such as Goldscheider and Whaite, (1986) and Oppenheimer (1988) likewise argue that women who have a college education and have strong work orientation or relatively high income may delay their time of marriage but that does not interfere with their desire for marriage. They also state that this category of women has stronger marriage desirability but may delay marriage because they need to build the capability in helping to reduce some of the economic burdens that are borne primarily by their partners.
Hayward et al. (1995) and Botkin et al. (2000) also found that women with a college education have classless marriage role expectations and this keeps increasing as they further their education because increasing education allows the women more time in searching and choosing their desired marriage partners. The findings of Hayward et al. (1995) and Botkin et al. (2000) have been downplayed by researchers like Gordon (2003).
Gordon (2003) argues that highly educated women’s lower desire for marriage may be highly linked to the perceived lack of high-quality mates desired by these women and not necessarily their educational level. Bledsoe, (1990) also centered on women’s fertility issues and education and found that fertility is somehow lower among educated women in Africa as young women who manage to get more education to tend to avoid pregnancy. Bledsoe (1990) also found out from Brandon’s 1984 survey that educated women in Freetown have the longest marriage delays.
This Might Surprise You. This means that our women pursuing PhDs and other higher education; have limited suitors but when they get married, they have higher chances of lasting marriages according to studies.
He clarified that Ghanaians consume more locally produced goods than they generate, which is vital to the agriculture sector of the economy.
He interprets this to suggest that significantly more foreign exchange revenues are needed to import extra food supply.
On Wednesday, October 26, 2022, the former managing director of Stanbic Bank made the announcement at the 3Business Agribusiness Dialogue.
According to Mr. Alhassan Andani, when the currency rate fluctuates, the food supply is also negatively impacted, which causes problems for Ghanaians.
“This event could not be happening at a better time than now and I hope our panelist will elevate the conversation to the level of state and to the level of global coordination.
“Agriculture is probably one gifted industry to Ghana, to Africa, not all of Africa, Ghana. When the fundamentals are weak the exchange rate will expose you.
“On this one in agriculture, the fundamentals are that we consume more agricultural products in this country than we produce. Therefore, for the surplus that you consume you have to bring from outside.
“What do you need to bring in the surplus? You need foreign exchange and when the foreign exchange is not there the fundamentals will expose you. So, I think today’s Ghana and the world economy has exposed us in terms of the way we are organized in our agricultural sector.” He noted.
A report by Oxford Economics Africa, corroborated by many other reports, says the war in Ukraine, bans on food exports such as palm oil, supply-chain glitches, and a drought curbing the US wheat crop, have sent food prices skyrocketing. This is aptly reflected in Ghana’s high food inflation of 34.4% for August 2022.
“The bag was GH380, now it’s GH420,” a merchant stated.
“First the olanka was 18, now it’s 20, 22. Now because of the increment, you can sell it at any price. Now people are not buying, when you tell the buyer the price and they look at their money they just walk away.”
A third trader appealed for something to be done about the economy to enable them to make profits when they sell.
“Because there’s no money, the person can’t buy so sometimes we consider the buyer and sell if for GH¢17, but you won’t make your profit because of the price at which we bought it.
“We appeal to them to do something about it for us,” the trader said.
Of course! But, is that what you want? Probably not.
Despite what the media depicts, there is a significant percentage of married couples not having sex for a wide range of reasons: emotional, psychological, physical, religious, or other reasons.
A sexless marriage lacks intimacy but before you can figure out how to fix a relationship, you need to look at yourself and your partner.
What do you need and how do you feel about what is happening to the two of you?
Once you figure that out, then you can decide your next steps.
Despite the external pressures on you, the best thing to do if it bothers you is to talk about it.
So…what happened to your marriage? How did it turn into a sexless relationship that lacked intimacy?
The answer can be pretty simple, really. You wanted the dream and then the dream changed — or did you change with it and he didn’t?
You see, when dreams change, values change, you change, and life happens.
How long has it really been since you’ve been intimate with each other? Is it too long to remember?
The bigger question is…how do you feel about yourself and him even though it’s been a while?
Are you feeling distant and awkward? Or simply bored and frustrated?
Do you feel like you’re becoming best friends or roomies without the benefits?
Knowing he’s loyal but wondering how long can this go on. Do you see that you’re each drifting apart and at a loss as to what to do?
“It just sort of happened.”
“It simply stopped.”
A marriage without intimate sex can deteriorate. No matter how you explain it to yourself, you still miss the sex, the fun, and the touching.
What happened to having sex in every room in the house and, afterward, sharing your dreams together while you cuddled in bed?
In the beginning, it was non-stop fun and sex. But, nowadays, you don’t even share the same room together.
Data scientist Seth Stephens-Davidowitz reports that “sexless marriage” is one of the most Googled phrases when it comes to marriage complaints in the United States.
The Austin Institute for the Study of Family and Culture found that 12 percent of married couples hadn’t had sex in the previous 3 months.
Statistics aside, you can learn how to fix a broken marriage as long as you don’t:
Compare your current marriage to the days when you were a younger couple and in lust.
“Act out” your resentments by bitching, yelling, or nagging at him.
Don’t tell your best friend or mother all the things you need to be telling him.
Don’t start until you’ve decided to make changes for yourself as well. It takes two to tango.
If life is comfortable and there’s no drama that’s a good thing!
Perhaps, you’ve raised the kids and now it’s your time — just for the two of you.
There’s plenty that you share together: traveling, reading, friends, sporting events, and other shared interests.
Remember: Rome wasn’t built in a day.
If you feel comfortable in your marriage and you talk about a lot of things (except the lack of sex), there is a strong foundation that you’ve built upon over the years that will help both of you.
When you decide to explore some options between you to increase the intimacy that seems to be gone, it will draw upon your love, your friendship, and your kindness to one another.
It’s about reaching out to him without blame. It’s the little things that go a long way.
With that said, here are 10 counterintuitive ways to fix your marriage when you’re lacking the intimacy you need:
1. Break the ice
Forget the resentment and the awkwardness. For five minutes, walk up to him with a smile on your face and give him a hug.
You can even say, “Hi, I just needed a hug from my beautiful husband. How are you doing?” This is key to moving forward with positive energy.
2. Create a new routine
Create a new ritual of greeting him with “Good Morning” a “Good Night Sweetheart” and a “Hey, babe, how was your day?”
3. Have no expectations
A peck on the cheek with a strong squishy hug can turn into a kiss on the lips. Who knows? Whatever you do make certain you do it without any expectations.
If you have an agenda that it will be wonderful and he’ll take you in his arms — you might be setting yourself up for disappointment for both of you.
Just keep it simple and positive and friendly. If he acts awkward just keep smiling and smoothly let the awkward moment pass.
4. Make eye contact and smile
Tell him you were thinking positive thoughts for him, knowing he had a big meeting that day.
Let him feel your positive sincerity.
5. Smile more and more
It’s kind of hard to be angry or agitated or rude when his beautiful wife is smiling at him and paying attention to him!
Even if it’s just for a moment focus your attention on him.
6. Minimize using your smartphone
They are wonderful and an integral part of our lives, but do not bode well.
People are texting instead of talking or texting someone else when they need to focus on who is in front of them!
Make his coffee in the morning just the way he likes it. If the coffee machine does it, then bring it to him or have his favorite pastry tomorrow morning heated with butter on it just for him!
8. Give him flowers
Instead of thinking about how he never brings you flowers, why don’t you bring him flowers? Start treating him the way you want him to treat you.
Remember, the gesture has to genuinely come from you to him without any expectations of change from him.
9. Be trustworthy
Think of it as planting seeds into the ground. The farmer cannot go out into his fields and tug and pull on the leaves to make them grow faster.
He just tends to them, weeds around them, waters them, feed them with nutrients, and makes certain they get a lot of sun.
He trusts and believes that his plants will grow and bloom because of the good love energy he infused into each plant.
10. Show your appreciation
If you have a lot of love for yourself and for your spouse, appreciate that.
Be grateful for your kids, your pets, your home, your love, and your health! Appreciate that you have each other.
Is this a lot of work? Only if you think it is. This is a 3-step process towards connecting and creating intimacy!
Step 1: Positive intentions are the positive emotions of wanting the best for each of you.
Step 2: Change your thinking from what you “used to have”, “lack now”, or “wish might happen in the future”.
Start seeing what you have in front of you. Other people would stand in line around the block to have your life!
Step 3: Take action with baby steps one at a time. This is a covert mission to reclaim your power back over the awkwardness and disengagement. Actions tell the Universe you are seriously showing up in this marriage and you’re willing to do your part.
By infusing your marriage with new behaviors, new attitudes, and a new outlook, you are creating new energy in the marriage.
Start taking care of yourself — exercise, do yoga, change your hairstyle, or get a new outfit.
The more joy you reclaim for yourself, it will ripple into the relationship.
This achievement was made possible by the Mobile Money Interoperability (MMI) system, which successfully integrated all payment platforms from banks, fintechs, and telecoms to enable rapid payments for all Ghanaians.
Commenting on the monumental achievement at the ongoing Standard Chartered Bank Digital Banking, Innovation and Fintech Festival in Accra on Wednesday, October 26, 2022, Vice President Bawumia expressed delight that Government’s Digitization agenda, began in 2017 and touching almost every aspect of national life, is beginning to yield the desired results.
“In fact, because of mobile money interoperability, where fintechs, banks and telcos have essentially payment platforms that enable every Ghanaian to access and receive payments, Ghana was the only country to score 100% on financial inclusion in Africa at the ongoing Mobile World Congress Africa 2022 in Kigali, Rwanda. And it just makes you proud in this context that yes, we are doing what is actually quite right.
“You’ve seen mobile money interoperability; you’ve seen the national ID card; you’ve seen digital addresses, you’ve seen the paperless ports, universal QR code, Ghana pay, and so on. All of this is laying a particular foundation in this country that will allow us to fully participate in the Fourth Industrial Revolution.
“It is also comforting to note that even the credit reference agencies are leveraging on these infrastructure, the digital infrastructure that we have put in place, digital addresses, national ID and so on. We are expecting that individual credit scoring by the credit reference agencies will start taking place by the first quarter of next year, which will allow and underpin the development of a real credit system in Ghana which is very, very critical in terms of the development of this country.”
Digital technology has changed the way Africa’s financial service industry offers products and services to consumers, Dr Bawumia pointed out, noting that new financial service business models based on digital technologies are enabling inclusive access to financial services across diverse product types for consumers.
“As a government, we realized it was imperative to adopt digital innovation to transform the economy. It is not a venture without opposition, and there are huge costs associated to get to our destination. However we are unwavering as we are convinced the benefits will outweigh the costs, and these benefits are already beginning to show.
“Thus far, we have introduced some interventions such as mobile money interoperability, digital renewal of National Health Insurance, implementation of the digital address system, the national ID card, paperless port system, QR-Code, among others.
“We are already seeing the impact of these digitisation initiatives including efficient public service delivery by all Ministries, Departments, and Agencies on the Ghana.gov portal, combating corruption by removing the middle man, and also ghost names in many transactions, bringing more Ghanaians into the formal sector and driving domestic revenue mobilization, amongst others.”
To achieve greater success and faster growth, Vice President Bawumia called for more collaboration between all players in the fintech ecosystem – banks, fintechs, telecom companies, governments, regulators and consumers – in order to position Africa as a fintech innovation hub.
“A strong regulatory framework is also necessary across the sub region to drive innovation. Central banks need to be ahead of the market and put in place regulations that are innovation friendly bearing in mind all associated risks.”
Award
The State of Inclusive Instant Payment in Africa Report examines all instant pay rollouts across the continent to identify the areas of commonality with the view to driving adoption to boost financial inclusion on the continent.
This year, the report focused on inclusive instant payment systems in 12 African countries and Ghana was the only country that scored 100% on access to financial inclusion.
The Chief Executive Officer of the Ghana Interbank Payments and Settlements Systems (GhIPSS), Archie Hesse, who was present at the launch of the report in Kigali, said from a humble beginning of integrating three instant payment platforms into what he called the ‘financial inclusion triangle’, GhIPSS has since improved the services by adding other services like Proxy Pay, Internet Gateway Payment, Request to Pay and the Universal QR Code dubbed GHQR, which can be linked to both bank accounts and digital wallets, with affordability as the key driving force.
GhIPSS, in collaboration with the banks, have also come up with a bank-wide wallet called GhanaPay to ensure that the banks also play a role in the mobile money space with the view to bridging the financial inclusion gap, he added.
Daniel Mckorley, the president and chief executive officer of the McDan Group of Companies, has urged business people in the nation to be resolute and make the most of the current macroeconomic circumstances to lay the groundwork for enterprises that can grow beyond national borders by utilizing the Africa Continental Free Trade Area (AfCFTA).
The ability to look beyond the boundaries of this country should be their goal this time around, he claims, just as businesses were able to innovate and adopt technology to survive the shocks of the COVID-19 pandemic in 2020. However, this time around, entrepreneurs must show the same tenacity to survive.
“As I always say, in adversities like these real leaders emerge; stronger and more resilient countries are seen; and able countries take advantage to become the new economic force. And similarly, it is in times of adversities like this that innovative entrepreneurs emerge and become the world’s new game-changers.
It is not all doom and gloom; this is the time when Ghanaian entrepreneurs must take advantage of what is happening and launch products that will penetrate the AfCFTA. This is because it is in times like these that we see stronger businesses, and I believe this is the opportunity for vibrant, strong, young entrepreneurs to get ready and lead the fourth industrial revolution,” he said.
Dr. Mckorley further mentioned that his organisation is committed to promoting trade in the sub-region and has signed a memorandum of understanding (MoU) with the AfCFTA secretariat to provide logistics support for easy mobility of goods and services.
“My company’s partnership with AfCFTA will be a critical contributor to the transformation we want to see on the African continent. The agreement will spearhead industrial transformation and economic development, boost intra-Africa trade, and create employment.
“All businesses looking at exporting cargo should note the McDan Group of companies is here to facilitate that trade and bring growth to the economies of Africa,” he said.
He mentioned that unless the goods are able to move from one country to another, all the boardroom discussions and MoUs signed will be meaningless; hence, entrepreneurs must take advantage of the transportation logistics that his outfit is providing to ensure their goods reach all countries on the continent.
He made these remarks at the Ghana Economic Forum (GEF) 2022 – an annual event organised by the B&FT – on the theme ‘Building a robust and resilient economy through technology, finance, investment, trade and entrepreneurship’.
The AfCFTA secretariat has adopted a special instrument described as the Guided Trade Initiative (GTI), which has set the ball rolling for commercial trading to commence for the first seven countries to have met all requirements and expressed strong readiness.
Ghana is one of the first seven countries to start trading under this arrangement, and the McDan CEO believes that if entrepreneurs are able to think beyond the borders and take advantage of available logistical support they could be lead beneficiaries of the continental trade area.
There have been many debates on whether two minutes of penetrative sex amounts to premature ejaculation in men.
The airwaves further worsen this case for men with sex programs aiming to paint a negative picture that men who ejaculate within two are not men enough. This has led to most men opting for aphrodisiacs and many other concoctions which could have a long-term effect on their health.
There has been anecdotal evidence of some women who publicly insult their men partly because they considered them two minutes men. Harry Fisch, author of the new book The New Naked: The Ultimate Sex Education for Grown-Ups, reports that “an astonishing 45 percent of men finish the sex act too quickly.”
This article examines the scientific perspective of how long men should engage in penetrative sex.
McDermott, R(2018) held the view that women’s perceptions on how long their men should last or Premature ejaculation: may not be coming from their men but how the women choose to prioritize a very limited aspect of their sex life.
For instance, I have also found that sex with a new person is exciting and nerve-racking and a host of other feelings and sensations that might make them orgasm quickly. So most often, when you’ve been with someone for a while and you both become more comfortable and familiar with each other’s bodies and your sexual responses, sex can last longer. But “longer” is a relative term.
McDermott, R(2018) further explained that Premature ejaculation is a difficult thing to diagnose, and is hugely subjective.
For instance, the man himself is the best person to diagnose himself as is based on the man feeling unhappy with how quickly he ejaculates, but this itself is based on the assumption that there’s an ideal amount of time a man should last before ejaculating – and many men overestimate how long other men last.
How long should sex last?
From studies, sex has no time restrictions attached to it. Few studies have explored what experts consider a “normal” sex duration, but no numbers attached.
However, it appears short duration of sex affects men’s self-esteem due to what women tell them. In a piece on Nerve.com, Harry Fisch, author of the new book The New Naked: The Ultimate Sex Education for Grown-Ups, reports that “an astonishing 45 percent of men finish the sex act too quickly.” How quickly? Within two minutes, according to Fisch.
Alfred Kinsey, research in the 1940s and 1950s concluded that three-quarters of men usually ejaculated within two minutes. Another study(Miller and Byers, 2004) interviewed 152 different couples on their “actual and desired duration of foreplay and intercourse.”
Their subjects spanned a wide range of ages—21 to 77 years old—and relationship types—from 6-month to 50-year partnerships. Miller and Byers found that men reported a much longer ideal duration than did their partners.
Though sex researchers such as Fisch also held the view that two minutes is “way too speedy for the average woman to be able to have an orgasm through vaginal penetration alone.”
Others did not find the link. In a 1951 paper in the Journal of Psychology, “Correlates of orgasm adequacy in a group of 556 wives,” psychologist Lewis Terman found no significant correlation between intercourse duration and female “orgasm adequacy.”
Another (Levitt, E.E, 1983) study found young adult male orgasm expectancy to be in the range of 2-3 minutes. Weiss and Brody’s (2009) surveys with 2,360 Czech women, found that women’s chance of having an orgasm was much more highly correlated with the duration of sex than with foreplay.
An old study ( Corty and Guardiani, 2005) examined the opinion of expert sex therapists as to what are “adequate,” “desirable,” “too short,” and “too long” intravaginal ejaculatory latencies. A random sample of members of the Society for Sex Therapy and Research in the United States and Canada was surveyed. They found that the interquartile range for the sex therapists’ opinions regarding an “adequate” length for ejaculatory latency was from 3 to 7 minutes; “desirable” from 7 to 13 minutes; “too short” from 1 to 2 minutes; “too long” from 10 to 30 minutes.
The authors concluded that the average sex therapist believes that intercourse that lasts 3 to 13 minutes is normative and not prima facie worthy of clinical concern.
In this study as well, Sex was considered completed at the point of penile ejaculation and not from the point of the woman reaching orgasm well.
The duration of sex also depends on the partners in question. What partners “should” be doing matters too. For instance, one study(Nakajima et al. 2010) surveyed 300 Japanese married couples and found that female participants wanted penile-vaginal intercourse to last 15 minutes — longer than sex therapists consider typical! They concluded that female subjects may consider a wide variety of intravaginal insertion times to be desirable. Accordingly, married couples need to improve communication regarding the desired duration of intromission and other related issues.
In a recent study(Shaeer et al. 2020) of 230 women, 62 percent said vaginal sex was their most reliable route to orgasm, 48 percent said they relied on external stimulation from a partner, and 37 percent said they got the job done themselves. This means both couples should involve themselves in achieving orgasm.
A previous study(Smith et al. 2012) of 8,656 people, found that those whose sex sessions included a wider variety of activities (intercourse, kissing, cuddling, stroking, andoral sex) reported longer durations of sex. Another study held the view that couples who vibe together improve their sex lives ( Blair and Pukall, 2014). They argued that to better understand the nature of a specific couple’s sexual relationship, it is important to examine not just sexual frequency, but also the amount of time spent on individual sexual encounters.
An earlier study (Schmiedeberg and Schröder, 2016) examined over 2,000 partners and found positive development of sexual satisfaction in the first year of a relationship, followed by a steady decline. They also found that health status, intimacy in couple communication, and conflict style, as expected to affect this. In contrast to past research, however, cohabitation and marriage were not found to play a role in sexual satisfaction in their study.
This means that what constitutes sex is truly subjective and how long it should last is up to you. What’s important is that you ask for and receive the type of sex that you want, not what someone else says is normal.
Men should also note that many factors could affect their sex lives. For instance, (Beutel et al. 2007) study of 2,341 found that people ranging in age from 18 to 93 found libido decreased with age. Men reported more frequent and stronger sexual desires than women. Also, another study(Brody and Weiss, 2010) believed women reaching orgasm depends on the kind of sex education they received growing up and not merely on clitorial orgasm.
Take Home
Some sex therapists say 3 to 7 minutes is an “adequate” amount of time for sex to last, while 7 to 13 minutes is considered “desirable.”
Sex isn’t limited to P-in-V intercourse — it can include a variety of activities and can last as long as you want!
A lot of factors contribute to sex duration, including age, hormone levels, and health conditions.
Location, location! A change of space (or timing) can be key for a quickie.
Foreplay is your friend for marathon sex.
Try orgasm control or the squeeze technique if you want longer sex.
Pregnancy shouldn’t affect your duration of sex, but you might prefer certain positions for comfort.
So inclusion, the fact is that during penetrative sex, on average, most men last between three and eight minutes before ejaculating. This means that the average time a man lasts varies significantly while still being considered average, and that most men aren’t putting in an hour-long performance (and shouldn’t be expected to.). So these misconceptions around the length of times a man “should” last, is wrong. Also, what is considered as “premature ejaculation” depends on many factors.
It has to be based on men’s dissatisfaction with their performance and the impact it has on their life and women should know this. So the tag of two minutes on men by women is akin to diagnosis based on women’s standards, expectations, and enjoyment – not men’s. It’s akin to seeing someone be quiet and low-key and deciding they have depression because you prefer to be more sociable, even though they could be perfectly happy, says McDermott, R(2018).
NB:
Prof. Nyarkotey has strict sourcing guidelines and relies on peer-reviewed studies, academic research institutions, and medical associations to justify his write-ups. My articles are for educational purposes and do not serve as Medical advice for Treatment. I aim to educate the public about evidence-based scientific Naturopathic Therapies.
The writer is a Professor of Naturopathic Healthcare, President, of Nyarkotey College of Holistic Medicine & Technology (NUCHMT)/African Naturopathic Foundation. E-mail: collegeofholisticmedicine@gmail.com.
References
Corty EW, and Guardiani JM. Canadian and American sex therapists’ perceptions of normal and abnormal ejaculatory latencies: How long should intercourse last?
Nakajima K, Nagao K, Tai T, Kobayashi H, Hara H, Miura K, Ishii N. Duration of sexual intercourse related to satisfaction: survey of Japanese married couples. Reprod Med Biol. 2010 Apr 8;9(3):139-144. doi: 10.1007/s12522-010-0049-2. PMID: 29699336; PMCID: PMC5904652.
Shaeer O, Skakke D, Giraldi A, et al. Female Orgasm and Overall Sexual Function and Habits: A Descriptive Study of a Cohort of U.S. Women. J Sex Med 2020;17:1133–1143.
Smith AM, Patrick K, Heywood W, Pitts MK, Richters J, Shelley JM, Simpson JM, Ryall R. Sexual practices and the duration of last heterosexual encounter: findings from the Australian longitudinal study of health and relationships. J Sex Res. 2012;49(5):487-94. doi: 10.1080/00224499.2011.598247. Epub 2011 Jul 28. PMID: 21797717.
Karen L. Blair and Caroline F. Pukall(2014)can less be more? Comparing duration vs. frequency of sexual encounters in same-sex and mixed-sex relationships. The Canadian Journal of Human Sexuality > List of Issues > Vol. 23, No. 2 > DOI: 10.3138/cjhs.2393
Manfred E. Beutel, Yve Stöbel-Richter, Elmar Brähler(2007) Sexual desire and sexual activity of men and women across their lifespans: results from a representative German community survey. https://doi.org/10.1111/j.1464-410X.2007.07204.x
Brody S, and Weiss P(2010). Vaginal orgasm is associated with vaginal (not clitoral) sex education, focusing mental attention on vaginal sensations, intercourse duration, and a preference for a longer penis. Women’s Sexual Health. DOI:https://doi.org/10.1111/j.1743-6109.2009.01469.x
Miller SA, Byers ES. Actual and desired duration of foreplay and intercourse: discordance and misperceptions within heterosexual couples. J Sex Res. 2004 Aug;41(3):301-9. doi: 10.1080/00224490409552237. PMID: 15497058
Weiss P, Brody S. Women’s partnered orgasm consistency is associated with greater duration of penile-vaginal intercourse but not of foreplay. J Sex Med. 2009 Jan;6(1):135-41. doi: 10.1111/j.1743-6109.2008.01041.x. PMID: 19170844.
Levitt EE. Estimating the duration of sexual behavior: a laboratory analog study. Arch Sex Behav. 1983 Aug;12(4):329-35. doi: 10.1007/BF01542193. PMID: 6639328
Commercial transportation companies have started raising transit prices by 19%.
This contradicts a previous report by the Ghana Private Road Transport Union (GPRTU) stating that starting on October 29, 2022, transportation costs will rise.
On the morning of October 27, 2022, commuters discovered operators had already started charging new tickets, which left them shocked and “mad.”
“Why are prices increasing now when they were expected to on Saturday? In our country, we are our own worst adversaries.
Everyone desires to defraud someone “A passenger who was upset informed GhanaWeb.
However, operators say, the increase in the cost of fuel has been the reason for the increase.
Speaking on Accra-based JoyNews on October 26, the GPRTU General Secretary, Godfred Abulbire, said the 19 percent increment comes after members held extensive engagements with President Nana Addo Dankwa Akufo-Addo and other transport operators across the country.
“What we should have been asking adequately should have been around 49 percent. But looking at the economic situation, we had to come down to 25 percent and then even scale down to 20 percent and then yesterday 16 and half percent [from the transport minister],” he stated.
“After listening to the President, he said all that we are demanding were facts and indicated that there is nothing there that he is not aware of. But looking at the situation, the moment fares go up, it [affects] a lot of things,” Godfred Abulbire added.
He continued, “And so, as a father, the President was asking us to reconsider our decision and see if we could take the 16 percent offered by the Minister. But we said that was actually a problem… So, we all agreed that we will take off 1 percent and accept 19 percent and that is how the meeting concluded”.
Godfred Abulbire said an official statement will be issued on October 26, announcing the fare increment, which will take effect on Saturday, October 29, 2022.
According to Vice President Bawumia, the global economic system has undergone significant upheaval in recent years. As a result, Africa, particularly Ghana, must make courageous, challenging, and resolute decisions in order to weather the global economic storm.
On Wednesday, October 26, 2022, Dr. Bawumia said, “The combined effects of Covid, the Russia-Ukraine conflict, and major disruptions in global supply chains have brought untold economic damage across the world, and require new thinking and positioning, especially as the world eases into the Fourth Industrial revolution.” The two-day Standard Chartered Bank Digital Banking, Innovation and Fintech Festival was taking place in Accra at the time.
“In Ghana, for example, if you look at between and 2019 and today we’ve seen about a fivefold increase in the rate of inflation. Go to next door Togo, we’ve seen about a 16 fold increase in the rate of inflation, Cote d’Ivoire has seen about a sevenfold increase in the rate of inflation, and the UK has seen an eightfold increase in the rate of inflation. And this has also been accompanied by a very strong dollar which has seen currencies really fall in value. Yesterday I was told that the Chinese Yuan is at its lowest level since 2007. The new British Prime Minister, Rishi Sunak, was basically described the UK’s economic situation as a profound economic crisis.
“So what we are seeing globally, of course, with the disruption of global supply chains, post COVID, is a major change in what was the status quo before COVID. The global economy as we know it, as it existed, pre-COVID today does not really exist anymore. Emerging market access to the capital markets has been very restricted and may continue to be restricted for the foreseeable future. And more and more we are seeing economies rethinking economic strategies. But there is a clear move towards more self-reliance in economic policy.
“And at the same time this global economic environment is transitioning into the Fourth Industrial Revolution where the digital economy is taking center stage. So as we try to deal with the economic crisis globally, economies also have to re-position themselves to partake in the Fourth Industrial Revolution,” he noted.
Commenting on the recent turmoil in the Ghanaian economy, Vice President Bawumia said Government was considering a number of measures to tackle the challenges and ensure fiscal discipline. President Akufo-Addo would be addressing the nation in the coming days on such measures, he indicated.
“In Ghana specifically, we are dealing with an economic crisis that we have to address in different dimensions. The first and most important, which affects the confidence that we have in the economic system, is to make sure that we have fiscal and debt sustainability. This has been one of the areas where we are having discussions and negotiations with the International Monetary Fund about restoring fiscal and debt sustainability.
“No doubt it is not going to be easy. It will require very bold, difficult, but firm decisions. And I think these are part of the discussions that we’re having with the IMF. And I’m sure once those are concluded, it will be clear that it will not be and it should not be business-as-usual because we have to adjust to the new global and domestic realities,” he added.
President Akufo-Addo has described as unacceptable the role of the black market in determining forex prices.
He has warned that government will not tolerate the unregulated activities of black market operators, which is partly responsible for the depreciation of the cedi against major trading currencies.
Opening a meeting with operators of forex bureau at the Jubilee House, President Akufo-Addo said the Bank of Ghana will continue to clamp down on such illegal activities.
“I have been informed that the activities of these black market operators largely contributed to the currency depreciation. This is unacceptable” he said.
Stressing the need to remove activities of black market operators, President Akufo-Addo pointed out that players in that market deliberately engage in speculative activities to cause instability in the exchange rate market.
This, he said is engineered to allow the illegal operators benefit from the fall of the cedi against major trading currencies like the dollar.
On his part, the Chairman of the Ghana Association of Forex Bureaus, K.T Dadzieassured that his members will work with the Bank of Ghana to help stabilize the cedi against the other trading currencies.
He stated that a recent announcement of new measures and collaboration with members of the association is already bearing fruits as the local currency show signs of stabilization.
“Like I was telling the Governor and co yesterday, with the announcement that we were meeting yesterday, the rate started coming down. It means it’s not natural. It is done by people speculating and trying to make windfall out of the situation that we are in,” he said.
Mr. Dadzie assured that members of the association will continue to obey the rules of the Bank of Ghana to help stabilize the cedi and grow the economy.
“We are a regulated body and do not have much control apart from what our regulators tell us to do. For the past three months, it has not been easy for us, our customers, and the whole nation. I am talking about foreign exchange business,” he said.
“We have been in this business since 1988. We have had turbulences but this is a bit tough for all of us” Mr. Dazie recounted referring to recent sharp depreciation of the cedi.
“But we have gone through all that happened. Sometimes it’s a bit difficult but we tried and we survived and I know this too shall pass. I hope this meeting will help and I can tell you from what happened yesterday till today that, it’s already stabilizing”, he said.
According to Mr. Vincent Oppong Asamoah, the National Democratic Congress (NDC) candidate for Dormaa West, the NPP-Government performs appallingly when there is no financial oversight.
He claimed that after taking office in 2017, the NPP-led administration—and in particular, the Finance Minister—performed better since the nation was subject to an IMF program, which had local representatives in charge of keeping an eye on all economic activity.
Unfortunately, he claimed that the Finance Minister lost focus when Ghana left the IMF program, which led to the country’s current economic condition.
Some members of the Majority Caucus in Parliament have called for the dismissal of the Finance Minister, Mr. Ken Ofori Atta, with immediate effect.
The majority group, led by the Member of Parliament for Asante Akim- North, Andy Appiah Kubi, demanded the removal of the Finance Minister from office at a press conference in Parliament Yesterday.
According to them, the decision is based on issues of lack of confidence and non-performance on the part of Minister Ofori Atta.
Aside from the Finance Minister, the NPP MPs have also called for the removal of the Minister of State at the Finance Ministry, Dr Charles Adu Boahen.
Speaking on Atinka TV’s morning show, Ghana Nie with Ekourba Gyasi Simpremu, Mr Vincent Oppong Asamoah was of the view that the Finance Minister should have resigned or been sacked by the President long ago.
You may recall that the President commended the Finance Minister for performing very well before the covid-19 pandemic and the Russia-Ukraine war, saying he will not blame him for the current economic turmoil.
The MP said, ” Before 2017, the IMF and the World Bank predicted that Ghana’s growth rate would be 7 percent because of the investments made by the previous government.” Before the NDC left, we had solved ‘dumsor’. The major problem the Mahama-Administration had was the energy crisis. But by the time we left, we had been able to fix the energy issue, and we had additional oil fields. The IMF predicted that our growth rate would go to seven percent in 2017. At that time, we were working with the IMF and they were in this country, monitoring everything, even with the disbursement, everyone knows that they were giving Ghana GHC850 million under the IMF Programme, they disbursed only GHC300 Million and they disbursed the greater part when the NPP-government, and the Finance Minister took over.
Dr. John Kwabena Kwakye, director of research at the Institute of Economic Affairs (IEA), has bemoaned the political leaders’ preference for party interests over national interests in the management of the nation.
On October 26, Dr. Kwakye stated in a series of tweets that the nation required a political figure who would suggestively buck the trend in order to foster progress.
Dr. Kwakye cited Singapore’s success story under Lee Kuan Yew to argue that candidates for public employment should be chosen on the basis of their qualifications rather than their connections to or allegiance with political parties.
On specific matters of the economy, the IEA Research Director advocated for the country to look within to find solutions to its challenges.
He further suggested that a move to the International Monetary Fund was not an answer to the current economic downturn facing the country.
“Washington is not the answer to our problems. We must find the solutions to our problems here ourselves. If our leaders cannot do that, then they have no business leading us. #Let’sFindSolutionsToOurProblemsOurselves,” the Economist wrote.
“We should discuss both a short-term plan to stem the current slide in the cedi and a long-term plan to stabilise it on a lasting basis.
“Remember one of Lee Kuan Yew’s secrets for Singapore’s success–MERITOCRACY! It means the leader gives public jobs to competent people and not necessarily to party people, friends or relatives.
“Political capture is killing Ghana. When our leaders get into power, they work to promote their political party interest rather than the national interest. We need a leader who can break this obsession,” Dr John Kwabena Kwakye tweeted.
Ghana’s economy has been experiencing a downturn in recent years. Inflation rates are at a record high level while the Cedi is also on a free fall against the US Dollar.
Amidst the challenges, the government is negotiating with IMF to secure a $3 billion programme to be spread over a three-year period after a series of downgrades of the economy by rating agencies such as Fitch, Standards and Poor and Moody’s.
The Majority Caucus in Parliament has acceded to President Akufo-Addo’s appeal to allow Finance Minister, Ken Ofori-Atta, and Minister of State at the Finance Ministry, Charles Adu Boahen, stay in office till after the IMF negotiation is done.
Per the press statement released by the Majority Leader, Osei Kyei-Mensah-Bonsu, the Minister of Finance will stay “until the conclusion of the round of negotiations with the International Monetary Fund (IMF) and the presentation of the Budget Statement and Economic Policy in November, 2022 and the subsequent passage of the Appropriation Bill after which time the demand will be acted upon.”
This comes after some 80 New Patriotic PartyMPs called for the immediate dismissal of the Finance Minister and the Minister of State at the Finance Ministry.
According to them, the continuous stay of Ken Ofori-Atta in office was delaying the IMF bailout the country is seeking due to the fact that the Minister has lost all credibility.
They had thus petitioned the President to either remove him or face a boycott in Parliament.
“If our request is not responded to positively, we will not be present for the budget hearing, neither will we participate in the debate,” Mr Andy Appiah-Kubi, spokesperson for the Majority caucus and MP for Asante-Akim North Constituency indicated.
Following continued discussions between the government and important stakeholders, the exchange rates have positively responded with an appreciation of the cedi, according to K. T. Dadzie, president of the Ghanaian Forex Bureau Association.
While the preceding three months of forex volatility have not been pleasant for forex operators, their clients, or the country as a whole, he claims that the cedi has strengthened greatly versus the dollar since the government’s active interventions.
According to him, this indicates that the situation in which the rates are out of control is not, in any way, the result of natural processes but rather the intentional actions of “people speculating and trying to make rainfall out of the position that we are in.”
Mr K.T Dadzie made this known when the leadership and members of the association met the President of the Republic, Nana Addo Dankwa Akufo-Addo, in an extended version of continuing engagements between the Association and the Bank of Ghana, to discuss the concerning behaviour and turbulence of the foreign exchange market.
According to President Akufo-Addo, at whose behest the meeting was occasioned, “the state of our currency and the turbulence in our foreign exchange market is a matter of notoriety now in Ghana and it’s a matter of very grave concern.”
He said, “the initial import for the creation of forex bureaux was at the time when the economy was opening up and liberalising. So, we had these forex bureaux, regulated by the Bank of Ghana; but which will make access to foreign exchange in a regulated and controlled manner easier.”
“This was necessary to curb trying to find a mechanism for putting an end to Black-Market operations in our currency,” he added.
“Unfortunately, somehow,” he continued, “these initial motivations for the Forex Bureau have still not materialised. The black market; you will hear public commentators, and the Bank of Ghana itself, that it is still driving both the supply as well as the rate of our foreign exchange transactions.”
The Forex Bureau Association pledged their commitment to support the government towards stabilising the rates and reducing drastically the influence of Black-Market activities within that space.
In order to maintain fiscal restraint and debt sustainability, the Vice President, Dr. Mahamudu Bawumia, has hinted that the government plans to adopt “bold, difficult but resolute decisions” in the coming days.
On Wednesday, October 26, 2022, Dr. Bawumia warned in Accra that countries like Ghana could no longer continue in a business-as-usual mode and had to quickly pivot and become self-sufficient. He also cited growing inflation and disruptions in global supply networks as contributing factors.
The Vice President, who was addressing participants at the 2nd Standard Chartered Bank Digital Banking, Innovation and Fintech Festival said while President Akufo-Addo would provide more detail on the specific measures to be implemented during his upcoming address to the nation, they would be anchored on a number of pillars designed to tackle the present challenges.
“What we are seeing globally, of course, with the disruption of global supply chains, post COVID, is a major change in what was the status quo before COVID. The global economy as we know it, as it existed, pre-COVID today does not really exist anymore. Emerging market access to the capital markets has been very restricted and may continue to be restricted for the foreseeable future. And more and more we are seeing economies rethinking economic strategies. But there is a clear move towards more self-reliance in economic policy.
“In Ghana specifically, we are dealing with an economic crisis that we have to address in different dimensions. The first and most important, which affects the confidence that we have in the economic system, is to make sure that we have fiscal and debt sustainability. This has been one of the areas where we are having discussions and negotiations with the International Monetary Fund about restoring fiscal and debt sustainability.
“No doubt it is not going to be easy. It will require very bold, difficult, but firm decisions. And I think these are part of the discussions that we’re having with the IMF. I’m sure once those are concluded, it will be clear that it will not be and it should not be business-as-usual because we have to adjust to the new global and domestic realities.
“What we are also seeing is that the nature of production needs to change. Why do I say that? You are seeing Ghana consistently over the last five years, having more and more trade surpluses. This is the first time in about 20 years that we’ve had consistently, about five years, of trade surpluses on our balance of payments. At the same time we are having a lot of current account deficits, which means that a lot of the foreign exchange that we are earning from our trade doesn’t stay in Ghana. And one of the areas where we have to address this is to reduce the import dependency that we have as a country.
“There is so much when you look at the broad spectrum, from toothpicks to tomatoes to rice, maize and so on, there is a very high level of dependence. But as the global economy is going to re-align to the new reality with more self-reliance, Ghana cannot be left behind. We also have to look very, very closely at how we enhance domestic production and reduce dependence on imports for commodities that we can very easily produce here in Ghana.”
Another area requiring urgent attention is the foreign exchange regime, which has experienced wild fluctuations in recent weeks, Dr Bawumia emphasized.
“We also have to look very clearly at our foreign exchange regime. It’s very clear that it is quite loose and this is why we are going to be working to see how we can tighten the foreign exchange regime.”
The President, Dr Bawumia indicated, would provide more details on the way forward soon.
“When the President addresses the nation, hopefully by the end of the week, some of these details will be fleshed out in more specifics. But in broad terms, I think you cannot address the current economic crisis without addressing the fiscal and debt sustainability, without addressing the production side, without addressing the foreign exchange regime and what allows us to lose a lot of foreign exchange.
“But more importantly, if we are going to address this, this economy must be digitalized. And that is something we started since 2017 in earnest because no economy can really participate in the Fourth Industrial Revolution without the digitalization of the economy.
The President of the Forex Bureaux Association of Ghana (FBAG), K. T. Dadzie, has confirmed that the recent free fall of the Ghana cedi against the major international currencies is not natural.
He said it was being done by people speculating and trying to make a windfall out of the situation.
He said that manifested greatly last Tuesday when the mere announcement that the Bank of Ghana (BoG) was going to meet the association stabilised the currency and the Ghana cedi started appreciating in value.
Mr Dadzie made the confirmation when the executive of the association called on President Nana Addo Dankwa Akufo-Addo at the Jubilee House in Accra.
The meeting was to discuss issues concerning the forex market and for the government to brief the association on the road map to reverse the current economic challenges, as well as update it on the negotiations with the International Monetary Fund (IMF).
Mr Dadzie expressed the hope that the meeting with the President would help in reversing the trend, noting: “I can tell you from what happened yesterday to today that the cedi is already stabilising.”
He indicated that the association was a regulated body which did not have much control over the rates of depreciation of the cedi but had, in the last three months, witnessed volatility which had not been easy for its members, customers and the nation.
He said last Tuesday’s announcement led to the halt in the increasing rate and resulted in the appreciation of the cedi.
“This means that the depreciation is not natural; it is being done by people speculating and trying to make a windfall out of the situation that we are in,” he said.
President Akufo-Addo described the proliferation of the black market and its drive of both the supply and the rate of foreign exchange transactions in the country as “unacceptable”.
The initial impulse for the creation of the forex bureau market was when the economy was being liberalised, during which the framers of the financial architecture tried and found the mechanism to do away with black market operations in the country.
The President noted that the black market had been in Ghana and it had been driving both the supply and the rate of foreign exchange interactions, which was “completely unacceptable”, saying there was the need to find a way to work together to drive the black market out of business.
Delegation
The government’s team included the Chief of Staff, Akosua Frema Osei-Opare; the Governor of the BoG, Dr Ernest Addison, and the Commissioner General of the Ghana Revenue Authority (GRA), Rev. Dr Ammishaddai Owusu-Amoah.
The rest were the Minister of Finance, Ken Ofori-Atta; the Minister of Trade and Industry, Alan Kyerematen; the Minister of Employment and Labour Relations, Ignatius Baffuor Awuah; the Minister of Food and Agriculture, Dr Owusu Afriyie Akoto, and the Minister of Sanitation and Water Resources, Cecilia Abena Dapaah.
Market Women
The President’s team has also met with the Market Women Association, the Ghana Employers Association, the Private Enterprises Federation and the Trades Union Congress.
The meetings are to enable the government to receive inputs into the IMF discussions, as well as the 2023 Budget and Economic Policy of the government.
The President will hold a Cabinet Retreat from today.
The two West African nations think that joining the project will strengthen the alliance’s efforts to provide better prices and compensation for cocoa growers.
At a meeting of the Côte d’Ivoire-Ghana Cocoa Initiative (CIGCI) Steering Committee in Abidjan, Côte d’Ivoire, the respective representatives of Nigeria and Cameroon made this statement.
The initiative was set up following a declaration by the Presidents of Côte d’Ivoire and Ghana to harmonise the cocoa trading strategies of the two countries to improve the incomes of cocoa farmers in the two countries in the wake of persistently low cocoa prices on the world market.
The initiative has so far instituted the Living Income Differential (LID), the component of the cocoa trading mechanism operated by the two producer countries, which ensures that every tonne of cocoa beans sold attracts an extra $400.00 which is paid to farmers.
Ghana’s Minister for Food and Agriculture and outgoing Chairman of the Steering Committee, Dr Owusu Afriyie Akoto welcomed the move by the two countries and said CIGCI will take the prospective members through the processes laid down to admit new members.
Dr Afriyie Akoto indicated that the need for a better price for cocoa farmers cannot be overemphasized. Hence, any attempt to grow the alliance and strengthen its drive to improve farmer income is welcome.
The two countries joining Ghana and Côte d’Ivoire will create an alliance of countries, whose total cocoa production constitutes 75 per cent of the world’s supply.
The Nigerian delegation was led by Engr. A. H. Abubakar the Director of the Federal Department of Agriculture and Chairman of Nigeria’s Cocoa Management Committee.
Mr. Michael Ndoping the Chief Executive Officer of Cameroon’s National Office of Cocoa and Coffee led the Cameroonian delegation.
For instance, GOIL and TotalEnergies are selling petrol at GH¢13.99 a litre while Petrosol and Engen are selling petrol for GH¢17.45 pesewas per litre and GH¢17.54 pesewas respectively.
For a litre of diesel, Petrosol and Engen are selling at GH¢19.89 pesewas and GH¢19.44 pesewas respectively.
The rather significant hike in the price of petroleum has sparked renewed concerns for consumers. The development has since been attributed to the persistent depreciation of the cedi against the US Dollar.
Also, the move is reported to have forced some OMCs to make price adjustments ahead of the regularly bi-weekly review of the price of petroleum products.
The decision comes after the Union held extensive engagements with President Nana Addo Dankwa Akufo-Addo and other transport operators across the country.
Safe to say we are in the era of ‘internet doesn’t forget,’ a reference to how comments or positions held by a person could easily be dug up in the event that they add nuance to current conversations.
Finance Minister Ken Ofori-Atta and Nana Addo Dankwa Akufo-Addo are undoubtedly the most talked about politicians in the last few days.
Ofori-Atta because of a call by some members of his party, the New Patriotic Party calling for his sack and Akufo-Addobecause of his ‘refusal’ to accede to that request – at least immediately.
Akufo-Addo has serially stood by his underfire Finance Minister despite an economic downturn that has seen Ghana run to the International Monetary Fund for a programme.
A video has popped up, of how Akufo-Addo, since Day 1, had spoken highly of his Finance Minister in early 2017 when he was introducing members of his cabinet to the public at the Jubilee House.
A UTV video that has been in circulation on social media shows Akufo-Addo call on Ofori-Atta to join him on a stage as the then new President speaks about his appointee’s academic and professional pursuits as well as experience with the local and global economy.
“He is arguably, one of the most successful bankers not in our country, an American-educated Colombia, Yale and the rest, worked in Wall Street as a youngman, Morgan Stanley and Solomon Brothers and when he returned here to Ghana …combined with his partners, co-found what has become what has become the most successful investment bank in our country, that is Databank,” Akufo-Addo said in his introduction.
In arguing out why the choice of Ofori-Atta, he stated: “We want to get the Ghanaian economy fully back on track and developing so that we can create jobs and raise the living standards of our people.
“We need an economist, we need somebody with finance, who has the range, who has the capacity and has the insight into how to move modern economies.
“I believe that most people who are dealing in the capital markets of our country would acknowledge him as one of the most outstanding figures in it,” he stressed.
Ofori-Atta was subsequently vetted and appointed, serving throughout the first term of Akufo-Addo, he was reappointed in 2021 to continue as Finance Minister, making him the longest-serving Finance Minister in the Fourth Republic.
Breakaway NPP MPs call for Ofori-Atta’s head
The group said it will not do business with government nor support the 2023 Budget if the president fails to heed their call to remove Ofori-Atta and the Minister of State at the Finance Ministry, Charles Adu Boahen.
According to them, the move follows previous concerns sent to the government that have not yielded any positive results.
“We have had occasions to defend allegations of conflicts of interest, lack of confidence, and trust against the leadership of the Finance Ministry.
“The recent development within the economy is of major concern to our caucus and our constituents. We have made our grave concern to our president through the parliamentary leadership and the leadership of the party without and positive response,” Andy Appiah Kubi said.
The MPs believe the move will change the current economic situation in the country.
“We are by this medium communicating our strong desire that the president changes the Minister of Finance and the Minister of State at the Finance Ministry without further delay in order to restore hope to the finance sector and reverse the downward trend in the growth of the economy,” he added.
The Akosombo reservoir elevation has been steadily rising over the past few weeks, according to the Volta River Authority.
Should the current scenario continue, the VRA may be forced to dump the Akosombo and Kpong dams starting on November 1, 2022.
The management believes that a potential controlled spill will contribute in preserving the integrity of the aforementioned dams.
According to a statement from the Chief Executive Officer of the VRA, Emmanuel Antwi-Darkwa, the reservoir elevation of the Akosombo dam was 273.70 feet as of yesterday, October 25, and if the current rate of inflow continues, it will reach the maximum operational level of 276 in the following eleven days.
He said management will continue to monitor the inflow situation and keep the public updated on events via its emergency phase notification forms including its website info@voltaregion.gov.gh and WhatsApp line 0244310422.
Read below the full statement from VRA
Press Statement: Spillage of Water from the Akosombo and Kpong Dams
The Volta River Authority (VRA) wishes to inform the general public that due to consistent rainfall and the consequent rise in the level of the Akosombo Reservoir over the past few weeks, the Authority may commence controlled spillage of water from the Akosombo and Kpong Dams in the next few days.
As of Tuesday, October 25, 2022, the reservoir elevation stood at 273.70 feet and is expected to reach the maximum operating level of 276 feet in the next week or two if the current rate of inflow continues.
In line with the requirement of our Emergency Preparedness Plan (EPP) and Standard Operating Procedures, the Authority has duly notified its key stakeholders of the intended spillage.
The Authority therefore wishes to caution all residents, especially farmers along the Volta River and downstream of our Dams, to be on high alert.
The VRA will continue to monitor the situation, work with our key stakeholders and issue regular updates to ensure a prompt response to any emergency situation that may arise.
Former President John Dramani Mahama will address the nation this evening (October 27) about issues related to the economic crisis the nation is now experiencing.
The event is set to begin at 7 pm in the auditorium of the University of Professional Studies, Accra (UPSA).
It is free and open to the public with the topic “Building the Ghana we want.”
Mahama is anticipated to discuss topics like the rate of inflation, the devaluation of the Cedi, the government’s IMF program, as well as take aim at calls to fire Ken Ofori-Atta as finance minister and give solutions to the country’s economic problems.
“John Mahama speaks on Ghana’s collapsed economy and the unprecedented hardships sweeping across the land and the way forward on Thursday 27th October 2022,” Mahama’s aide Joyce Bawah Mogtari wrote on Facebook.
He is on record to have stressed that with the passing of each day, Ghana’s economic situation was getting worse.
“Distressing! Every passing day makes our economic situation worse. Gov’t must work with greater alacrity to lock in a programme with the Fund in order to create a more predictable economic outlook,” John Mahama tweeted on October 4.
The former president also in an October 19 tweet said the economic hardship confronting the country is the worst in thirty years.
He made the remark while reacting to news that a man had died by electrocution on a high-tension pylon near Kasoa.
“I returned from a trip to the sad news of Kakra who electrocuted himself. Levels of hardship in Ghana are dire; the worst in 3 decades. But suicide is never an answer. Even in the darkest night, there’ll come dawn. The sun will rise again. Let’s be each other’s keeper & keep hope alive,” Mahama tweeted.
The anticipated address by John Mahama will be his second major presentation on the economy in recent times. On May 2, the former president engage with Ghanaians on the topic “Ghana at a Crossroads.”
It’s safe to argue that we live in the “internet doesn’t forget” era, in which a person’s words or opinions could be quickly uncovered in the case that they give context to ongoing dialogues.
Ofori-Atta due to a request from some of his party’s members, the New Patriotic Party due to their call for his dismissal, and Akufo-Addo due to his’refusal’ to comply with that request – at least right now.
Akufo-Addo has serially stood by his under fire Finance Minister despite an economic downturn that has seen Ghana run to the International Monetary Fund for a programme.
A video has popped up, of how Akufo-Addo, since Day 1, had spoken highly of his Finance Minister in early 2017 when he was introducing members of his cabinet to the public at the Jubilee House.
A UTV video that has been in circulation on social media shows Akufo-Addo call on Ofori-Atta to join him on a stage as the then new President speaks about his appointee’s academic and professional pursuits as well as experience with the local and global economy.
“He is arguably, one of the most successful bankers not in our country, an American-educated Colombia, Yale and the rest, worked in Wall Street as a youngman, Morgan Stanley and Solomon Brothers and when he returned here to Ghana …combined with his partners, co-found what has become what has become the most successful investment bank in our country, that is Databank,” Akufo-Addo said in his introduction.
In arguing out why the choice of Ofori-Atta, he stated: “We want to get the Ghanaian economy fully back on track and developing so that we can create jobs and raise the living standards of our people.
“We need an economist, we need somebody with finance, who has the range, who has the capacity and has the insight into how to move modern economies.
“I believe that most people who are dealing in the capital markets of our country would acknowledge him as one of the most outstanding figures in it,” he stressed.
Ofori-Atta was subsequently vetted and appointed, serving throughout the first term of Akufo-Addo, he was reappointed in 2021 to continue as Finance Minister, making him the longest-serving Finance Minister in the Fourth Republic.
The group said it will not do business with government nor support the 2023 Budget if the president fails to heed their call to remove Ofori-Atta and the Minister of State at the Finance Ministry, Charles Adu Boahen.
According to them, the move follows previous concerns sent to the government that have not yielded any positive results.
“We have had occasions to defend allegations of conflicts of interest, lack of confidence, and trust against the leadership of the Finance Ministry.
“The recent development within the economy is of major concern to our caucus and our constituents. We have made our grave concern to our president through the parliamentary leadership and the leadership of the party without and positive response,” Andy Appiah Kubi said.
The MPs believe the move will change the current economic situation in the country.
“We are by this medium communicating our strong desire that the president changes the Minister of Finance and the Minister of State at the Finance Ministry without further delay in order to restore hope to the finance sector and reverse the downward trend in the growth of the economy,” he added.
The Executive Director of the Institute for Energy Security, Nana Amoosi VII, has cautioned the government against using GOIL to influence the market amid further increases in the price of fuel.
While he said some fuel stations were starting to sell petrol at over GH¢17, he said GOIL was not increasing prices.
The analyst expressed concern that this would distort the market.
“Strangely, we find that GOIL is selling something far below what these other marketing companies are putting out, and we are not surprised.”
“You can’t use a state institution or quasi-state institution to manipulate the market. It is a deregulated market. The least you can do is to manage your forex exposure well,” Nana Amoosi VII said on Eyewitness News.
According to Nana Amoasi VII, the government owes GOIL over GH¢80 million.
He warned further that this debt could affect the Bulk Oil Storage Transportation Company.
“BOST owns close to 20 percent of GOIL’s shares, so any losses that GOIL will create, will come back to you and I to pay in the name of BOST.”
Nana Amoasi VII said he expects the challenges with fuel prices to continue because “there is no clarity on how the managers of the economy are seeking to bring down the fast-depreciating cedi, so we may be heading for rougher times.”
As compared to yesterday’s trading of a buying price of 13.0020 and a selling price of 13.0150. At a forex bureau in Accra, the dollar is being bought at a rate of 13.00 and sold at a rate of 13.70.
Against the Pound Sterling, the Cedi is trading at a buying price of 15.0847 and a selling price of 15.1024 as compared to yesterday’s trading at a buying price of 14.6936 and a selling price of 14.7109.
At a forex bureau in Accra, the pound sterling is being bought at a rate of 15.00 and sold at a rate of 15.80.
The Euro is trading at a buying price of 13.0853 and a selling price of 13.0983 as compared to yesterday’s trading at a buying price of 12.8496 and a selling price of 12.8636.
At a forex bureau in Accra, Euro is being bought at a rate of 12.85 and sold at a rate of 13.70.
The South African Rand is trading at a buying price of 0.7247 and a selling price of 0.7254 compared to yesterday’s trading at a buying price of 0.7056 and a selling price of 0.7062.
The Nigerian Naira is trading at a buying price of 33.9522 and a selling price of 33.9783 as compared to yesterday’s trading at a buying price of 33.8625 and a selling price of 33.8802.
At a forex bureau in Accra, Nigerian Naira is being bought at a rate of 16.00 Naira for every 1 Cedi and sold at a rate of 20.00.
According to Fatima Alimohamed, chairperson of the Agribusiness Association of Ghana Industries, the financial sector has been unintentionally impeding the expansion of the agriculture sector with its stringent application and access requirements for donor funding to agribusinesses.
On the topic of “Ensuring food sustainability and security: an analytical overview of the PFJ and implications for economic growth,” Madam Alimohamed said it is unfortunate that when donor agencies release funds through banks, these banks become bureaucratic in the release of said funds to agribusinesses. She was speaking at the plenary session of the 11th Ghana Economic Forum in Accra.
The challenge, she said, is that these banks through their due diligence begin to consider these applicant farmers as typical clients rather than entrepreneurs, adding: “This forces young businesses in the agricultural sector to give up”.
Madam Fatima indicated that the situation is so because the banks have to report to donors on how the funds were disbursed.
Most of these agricultural SMEs, according to Madam Alimohamed, are owned by young women and have already been selected by the donors; however, banks have to apply their procedure for disbursement, which most often disadvantages the applicants.
The GIRSAL, he indicated, has partnered these banks to de-risk agricultural financing and stimulate increased lending to the agricultural sector.
“We have been doing significantly well by supporting the sector as a non-banking financial institution to spur growth in the agricultural industry through sustainable lending and support to farmers and agribusinesses.”
Mr. Korboe however called for focus and determination by players in the agricultural sector to enable an increase in agricultural exports with less concentration on imports.
“There is a need to focus on domestic production to boost exports with less emphasis on imports. That is the only way to reduce food inflation and make life better for Ghanaians,” he added.
Indeed, the GIRSAL has since 2019 guaranteed loans to the tune of GH¢600million through some thirteen financial institutions.
The loans, according to the company’s records, have benefitted some 87 agribusinesses in the country.
The company is seeking to use the credit risk guarantee scheme to catalyse, at least, GH¢2billion worth of loans to the sector by 2027.
Vice President, Dr. Mahamudu Bawumia, has admitted that Ghana’s foreign exchange systems appear to be loose.
This he believes has contributed to the current economic challenges confronting the country.
He maintains that government and key stakeholders have to look at tightening the foreign exchange regime by reconsidering innovative ways of production.
Speaking at the Standard Chartered digital banking Innovation & Fintech Festival in Accra, the Vice President said government will present details of addressing this shortfall of the exchange rate in the coming days.
“It is very clear that our foreign exchange regime is quite loose, and that is why we are going to see how we can tighten our foreign exchange regime. In broad terms, you cannot address the current economic situation without addressing the fiscal and debt sustainability, production and foreign exchange regime.”
“Once those [negotiations with the IMF] are concluded, it will be clear that it will not be, and it should not be business as usual because we have to adjust to the new global and domestic realities,” the Vice President said.
For one, he said the nature of production needs to change because Ghana has more trade surpluses and current count deficits, “which means that a lot of the foreign exchange that we are earning from our trade doesn’t stay in Ghana.”
Vice President Bawumia also said Ghana would be working to reduce import dependency to address Ghana’s forex problems.
Ghana’s global-worst depreciating currency has been noted as one of the main causes of inflation amid the current economic crisis.
Vice President Bawumia said the President would address the nation in the near future, where the government’s plan “will be fleshed out in specifics.”
“More importantly, if we are going to address this, this economy must be digitalized,” the Vice President added.
The Majority Caucus in Parliament has agreed to the President Nana Addo Dankwa Akufo-Addo’s request that Finance Minister Ken Ofori-Atta be permitted to wrap up negotiations with the International Monetary Fund, or IMF.
According to an agreement made by the president and the legislators following a meeting late Tuesday, the embattled Minister will also be permitted to submit the government’s 2023 Budget Statement later this month.
According to a letter dated October 26 and signed by the majority leader and minister for parliamentary affairs, Osei Kyei-Mensah-Bonsu, calls for Ofori-dismissal Atta’s would be considered after these two incidents.
The statement also indicated that beyond the passage of the next budget, MPs will ensure that the attendant appropriation bill is also passed as part of the deal with Akufo-Addo.
Following the Pres Conference held on Tuesday, 25th October, 2022 by some Members of the Majority Caucus in Parliament demanding the removal of Minister of Finance, Mr. Ken Ofori-Atta and the Minister of State at the Ministry of Finance, Mr. Charles Adu Boahen from office, the President engaged Members of the Caucus and requested that the issue be stood down until the conclusion of the round of negotiations with the international Monetary Fund (IMF) and the presentation of the Budget Statement and Economic Policy in November 2022, and the subsequent passage of the Appropriation Bill after which time the demand shall be acted upon.
After deliberations among the Majority Caucus today, Wednesday, 26th October, 2022, it was agreed to accede to the President’s appeal.
The Minority in Parliament has distanced itself from its Deputy Whip’s endorsement of Johnson Asiedu Nketiahin the National Democratic Congress chairmanship race.
In a statement, the Minority said the Deputy Whip, Ahmed Ibrahim’s claim that the NDC caucus in Parliament was supporting Mr. Nketiah was untrue.
It said the leadership of the Caucus never met on the matter “and have not taken any decision on the matter.”
It also said the Caucus has not met and has not taken any decision on any of the candidates contesting any position within the Party.
The Minority added that “the Leadership and the Caucus has no position on any of the candidates vying for the respective positions in the Party.”
The Minority also said Mr. Ibrahim, who is also the Banda MP, has apologised to the NDC Caucus for the comments.
“We accordingly urge our rank and file and the public to disregard the purported statement made during the launch.”
The Minerals Income Investment Fund-led association of affiliated organizations in the extractive and minerals sub-sector includes EOCO as its newest member (MIIF).
The statutory entity known as MIIF administers the Government of Ghana’s ownership stake in significant mining corporations and collects royalties on its behalf.
These profits and royalties are invested by the Fund on behalf of the Ghanaian people.
The Inter-Agency collaboration is born out of a framework to enhance the collection of royalties, expand the royalties net and streamline communication on royalties’ payments; especially from non-gold mining sectors such as salt-mining, sand-winning, limestone and granite quarrying.
Strategic collaboration (Inter-Agency Framework)
The collaboration initiated by MIIF in December 2021 has improved efficiency in the collection of non-gold royalties through collaborative efforts of the Ghana Revenue Authority (GRA), which is responsible for the collection of royalties on behalf of MIIF; the Ghana Standards Authority (GSA) which assesses standards and accurate production measurements of minerals; and the Minerals Commission (MINCOM), regulator of the mining sector. The Inter-Agency committee comprises officials from the Minerals Commission, regulator of the sector; Ghana Standards Authority (GSA); Environmental Protection Authority (EPA); and the Ghana Revenue Authority (GRA).
The Chief Executive Officer of MIIF, Edward Nana Yaw Koranteng, welcomed the inclusion of EOCO to the Inter-Agency Collaboration. “The inclusion of EOCO adds a new dimension to this all-important initiative, and we will leverage on their expertise and infrastructure to help identify and collect royalties from these mineral types.”
Inter-Agency Framework Results so far
“Payment of royalties from quarries since we started this Inter-Agency Collaboration in December 2021 have gone up by over 100%. For the first time in Ghana’s history, sand-winners who had never paid royalties to the state are now making good their commitments and paying royalties.
“The Salt and Limestone sectors are performing above 200% on pre-November 2021 figures. We could end the year at circa GH¢30million – which was lost to the state previously,” said Mr. Koranteng.
The collaboration is also yielding much quicker reconciliation of data, collection of data and information-sharing.
“We are dilating on the same information and adopting a singular multi-faceted strategy, because we are all in one room thinking about solutions and efficiency. This helps us to leverage our experiences for innovation.
“For example, through this inter-agency, the business development unit of MIIF has built a geo-mapping system covering most of the non-gold minerals. We are working together, with the relevant laws and mandates leaving no room for exploitation by those who want to take advantage of the system by deliberately living in the crevasses. This is the true benefit of working together,” emphasised Mr. Koranteng.
EOCO’s Role
The Economic and Organised Crime Office established by the Economic and Organised Crime Office Act, 2010 (Act 804) is a specialised agency to monitor and investigate economic crimes, and on the Attorney-General’s authority prosecute those offences to recover the proceeds of crime and provide for related matters. It has as part of its mission ‘detecting, investigating, preventing and prosecuting all serious economic and organised crimes in Ghana’.
“The non-payment of royalties offends the law,” said Mr. Koranteng. “There are instances when some practices of companies in the mining sector indicate clear attempts to evade their payment obligations through very complex schemes. What EOCO further brings to the Inter- agency is law enforcement muscle, and also the ability to detect and investigate these practices,” Koranteng further opined.
The Executive Director of EOCO, C.O.P Maame Yaa Tiwaa Addo-Danquah, stated that: “EOCO has a mandate to investigate crimes and prevent the occurrence of same. To be able to do this, we need to better understand the mining sector in order to enable a full deployment of our resources, collect and package evidence professionally, and to protect data collected. This is what we bring to the Inter-Agency Framework. We are excited to be part of an all-government collaboration,” C.O.P Maame Yaa Tiwaa Addo-Danquah said.
According to him, this will prove to be a key step in the restructuring of the domestic economy because the strong credit system it will lead to will increase consumption, investments, job creation, and overall prosperity.
He stated this during remarks at the second annual Digital Banking, Innovation and FinTech Festival presented by Standard Chartered Bank, with the theme “Powering Africa’s Digital Economy: Platforms, Players and Policy.”
Highlighting some of the tangible benefits of government’s ongoing digitalisation agenda, he said: “It is comforting to note that even the credit reference agencies are leveraging on these digital infrastructures we have put in place – the digital address system, national ID and so on; and we are expecting that individual credit scoring by the agencies will start taking place by the first quarter of next year. This will allow and underpin the development of a real credit system in Ghana, which is very critical in terms of the country’s development.”
“The costs are high, but we are unwavering because we believe the benefits will outweigh the cost – and they already are,” he said, citing among other things Ghana emerging as the only country to have a 100 percent score for financial inclusion on the back of mobile money interoperability, as captured by the ‘State of Inclusive Instant Payment in Africa’ report launched at the ongoing Mobile World Congress Africa 2022 in Kigali, Rwanda.
Touching on additional benefits of the drive, Dr. Bawumia further disclosed that 1,018 out of the 1,052 government institutions including ministries and metropolitan, municipal and district assemblies (MMDAs) have been successfully migrated onto the digital service and revenue collection platform – ghana.gov.
With the remaining 34 institutions expected to be onboarded in the near term, the Vice President expressed optimism that the estimated more than US$3billion lost to corruption would have been saved – in addition to increased tax revenue and enhanced productivity from persons requiring the services of these bodies.
“We are really seeing the impact of these digitisation initiatives, including efficient public service deliveries – as middlemen, ghost-names, the need to pay bribes and long waiting times will all be eliminated,” he explained.
While reiterating government’s commitment to ensuring a stable socioeconomic environment for further digital investments, and calling for enhanced collaboration and robust regulatory regimes, he commended the scale and depth of the Festival; describing it as “a game-changer which significantly contributes to the efforts government is making in driving growth of the digital economy”.
Customer focus and nimble feet
The banking industry was implored to be agile in the face of the rapidly developing financial technology landscape by the First Deputy Governor of the Bank of Ghana (BoG), Dr. Maxwell Opoku Afari, who warned that failure to do so will see them left behind.
While chronicling how the BoG has pioneered leading innovation and relevant policies to make Ghana a fully-digitised economy – through the development of an effective and efficient retail payment ecosystem that is anchored on robust interbank infrastructure – he said the protection of consumers remains its overarching goal.
“The consumer should be at the centre of our collective efforts. As such, the Bank will not relent in its efforts to protect them. It is in this vein that the Bank of Ghana has developed an artificial intelligence-powered, automated consumer complaint system – a chatbot – known as Akushika. This consumer experience solution is being developed as an additional mechanism to manage complaints and consumer protection,” he said of the tool that is currently in its pilot phase.
Broad scope
Chief Executive Officer at Standard Chartered Bank, Mansa Nettey, said the impact of the Festival’s maiden edition, coupled with the opportunity digitalisation presents for the economy to leapfrog in terms of development, resulted in broadening the scope and scale of discussions to cover Africa’s digital transformation – and touches on the very important theme of gender and inclusiveness.
“We will explore opportunities that exist in using digital technology to unlock Africa’s economic growth and focus on regulations which protect and enhance digital trade, and delve into the future of banking, money and payment systems in solving the complex financial inclusion challenges on our continent,” she explained.
“In a session dedicated to women in technology, we will discuss the urgent need for women-owned businesses to tap into the enormous opportunities offered by technology-adoption and explore investment opportunities to help female-owned businesses scale further and faster,” added Mrs. Nettey, who doubles as president of the Ghana Association of Banks (GAB).
Despite the declining investor sentiment, Professor Peter Quartey, the director of the Institute of Statistical, Social and Economic Research (ISSER), says encouraging confidence and stabilizing the domestic sector are still essential for an economic turnaround.
Following the deterioration of the nation’s public finances, investor confidence has reached record lows, in large part due to recent credit rating downgrades to junk status by all three rating agencies, Moody’s, S&P, and Fitch.
“In building confidence in the economy, fiscal consolidation remains key. A few things we can do is to mobilise taxes and non-tax revenue and look at the imports bill. Now, in the exemption law, 5.1 percent of our total expenditure is on import exemptions, which is very high. We need to work on that,” he said.
“Non-tax revenues, state-owned enterprises, property rates, government fees and charges need to be streamlined and make sure government gets its revenue. We need to reintroduce tolling systems and also an e-pass to avoid congestion, to make it more efficient,” the economist suggested.
On the fiscal front, the Bank of Ghana reports that the budget implementation – using banking sector data – for the first 9-months of 2022 recorded an elevated overall cash deficit of 6.4 percent of GDP, against the revised programmed target of 5 percent of GDP.
Detailing, the BoG noted that total receipts were GH¢51.49billion (8.7 percent of GDP) over the review period, falling short of the projected target of GH¢60.08billion (10.2 percent of GDP) and representing 85.7 percent of the budgeted estimate.
Total payments of GH¢89.04billion (15.0 percent of GDP) were almost on target, representing 99.5 percent of GH¢89.46billion (15.1 percent of GDP). The deficit of GH¢37.56billion, together with net foreign loan repayments of GH¢3.54billion, created a resource gap of GH¢41.1billion, which was financed from domestic sources and use of resources from the Stabilisation Fund.
“So with the fiscal consolidation being experienced, we are likely to crowd out the private sector which is the engine of growth if you’re not careful, if you continue to borrow from the domestic system.
“We need to reduce the size of government, which would send a clear signal to the market that we are serious about fiscal consolidation. It would send a signal to the market that it is a government which wants to address the challenges; otherwise, at the current rate, no matter what you say no one will take you seriously,” he said.
In building investor confidence, Prof. Quartey mentioned that there is a need for government to clearly communicate with the market on its treatment of the country’s unsustainable debt, as this has become a major concern for investors.
The economy’s downgrade has contributed to a prolonged lack of access to Eurobond markets, thereby leading to a significant decline in external liquidity. Access to external financing is expected to remain tight, as Ghana is likely to remain locked out of Eurobond markets – which had become a regular source of external financing for government – until 2025.
The nation faces US$2.75billion of external debt servicing in 2022, including amortisation and interest; and US$2.8billion in 2023.
Government’s high-interest costs and structurally low revenue as a percentage of GDP increases the likelihood that IMF support will necessitate some form of debt treatment. The high-interest burden on local-currency debt also means that a domestic debt treatment cannot be ruled out.
President Nana Addo Dankwa Akufo-Addoand his cabinet will today, Thursday, October 27, 2022 begin a three-day retreat to deliberate on the economy as government’s negotiation with the International Monetary Fund (IMF) nears completion.
The President for the past two days engaged relevant stakeholders on how best torevive the economy.
Speaking at a meeting with the leadership of the Trade Union Congress (TUC), President Akufo-Addo was hopeful the retreat will yield positive outcomes.
“Government is going on a three-day retreat to tackle this problem of the negotiation with the IMF and the making of the economic policies for the country for 2023 to present the budget for the nation to Parliament.”
The free fall of the cedi, high inflation, huge debt stock, unbearable cost of living, fuel price hikes among others have come to the fore with many calling on the President to act to salvage the situation.
“The Economic Management Team is also meeting to appraise itself on some of the recommendations as we get closer to the end of the year. On Thursday, Cabinet itself will be meeting to receive what has gone through the EMT and updates from the IMF negotiation so that some decisions will be made and then update the country on the next step forward”, Information Minister, Kojo Oppong Nkrumah had said.
Already, the Association of Ghana Industries (AGI) has pledged its resolve to help the government find solutions to the current economic challenges.
At a meeting at the Jubilee House, the President of the Association, Dr. Humphrey Kwesi Ayim-Darke, said “we pledge our support that together we shall resolve the intended difficulties as we so find them.”
Responding to the association, President Akufo-Addo expressed hope that the government’s pursuit of support from the International Monetary Fund will take shape.
“We are talking and hopefully concluding soon these important negotiations, which are going to have an important impact on the way forward for the Ghanaian economy in the months and immediate years ahead.”
As part of the stakeholder engagements, the President has been meeting the Ghana Private Road Transport Union(GPRTU) and transport operators over increases in transport fares.
The Governor of the Central Bank, Dr. Ernest Addison also met all CEOs of commercial banks and forex bureaus earlier on Tuesday to address the continuous depreciation of the Ghana cedi.
Fuel prices have shot up significantly by about 10 percent even before the fortnight review of petroleum products on Sunday, October 30, 2022 by the Oil Marketing Companies (OMCs).
This is coming despite a stable price of crude oil on the world market.
Checks by Joy Business indicate some market leaders such as GOIL and TotalEnergies are selling petrol at ¢13.99 a liter while Petrosol and Engen, have increased prices for both petrol and diesel astronomically.
Whilst Petrosol is now selling petrol for ¢17.45 per liter, Engen is selling a liter of petrol for ¢17.54.
The two OMCs are also now selling a liter of diesel for ¢19. 89 pesewas and ¢19.44 pesewas respectively.
An industry analyst told Joy Business that the OMCs can no longer wait for the bi-weekly review of prices of petroleum products because the Bulk Oil Distribution Companies have been selling to them at the current market rate.
Already, the Ghana Private Road Transport Union (GPRTU) has indicated its intention of increasing transport fares, effective Saturday, October 29, 2022 by 19%.
The increasing fuel prices will push inflation up. This will subsequently influence interest rates and the cost of borrowing.
Fuel prices went up between 7% and 12% on October 16, 2022
Fuel prices went up between 7% and 12% in the last price review on October 16, 2022.
According to the Institute for Energy Security (IES), this ws due to the increases in price of the products on the international market, and the significant decline in the value of the local currency against the American greenback or US dollar.
Celebrated Ghanaian sportscaster, Benjamin Willie Graham has been given an appointment by FIFA ahead of the 2022 FIFA World Cup.
The journalists who currently works with GBC has been appointed by FIFA to work as Team Announcer at match venues during the upcoming mundial.
According to an official statement from the Ghana FA, The astute international football commentator will work with the FIFA Infotainment team, including Pitch-Side Presenters, MCs, and DJs to create an atmosphere in the stadiums during the World Cup.
Currently, Benjamin Willie Graham works as a Marketing Manager at the Ghana Football Association.
He is well-known not only in Ghana but across the African continent having commentated at various CAF tournaments as a commentator for SuperSports.
He has also covered tournaments organsied by StarTimes, Fox Sports Africa, ESPN, Lagardere, and CAF as a lead football commentator in the Ghana Premier League, Africa Cup of Nations/World cup qualifiers, CHAN, WAFU, CAF Men and Women’s AFCON tournaments and other major sports events.
Nicki Minaj’s sonturned two at the end of September. The world-renowned rapper threw a huge party for her bundle of joy in celebration of his birthday.
The superstar invited her celeb friends and rich neighbours to her house when Papa Bear enjoyed another trip around the sun.
Taking to her official Instagram account, Nicki shared ten stunning pics and videos of the party. She captioned her first post:
“On 9/30/22 you turned 2. #PapaBear, your Dad & I love you so much. You make us so happy. You’re perfect. Thank you for giving mama new meaning to life. God cover you. Always.”
The stunning We Go Up hitmaker also posted another set of videos filmed at the party. She captioned the snap and three videos.
Prosper Harrison Addo has thanked all the stakeholders for their encouragement and patience after a court dismissed Ashantigold’s injunction.
The Accra Human Rights Court on Tuesday, October 25 dismissed the court injunction filed against the Ghana Football Association by Ashantigold.
The Ghana Premier League will resume this weekend so that there will be no further losses to stakeholders GFA said in a statement yesterday.
“First and foremost I will use this opportunity to thank everyone. When the case started we received some tremendous support from especially teams, players, sponsors, stakeholders, media everybody we ask that we remain calm as we go through the court process. It was wonderful everyone remained calm and followed the process very well,” he said on Peace FM as monitored by footballghana.com
Yesterday the injunction part of the court process was dismissed. So immediately from court ExCo held a meeting and the decision that came was that we should resume immediately. I spoke to the clubs and competitions department and we all agreed that the weekend we will resume with match day four at all the centers,”
The Volta River Authority (VRA) has served notice of a possible spillage of the Akosombo and Kpong dams in the coming days.
In a statement released by the company, there is a consistent high rise in the dams, which would require a spillage in order to maintain their integrity.
“We have observed a consistent high rise in the Akosombo reservoir elevation over the past few weeks. If the current situation persists, it may result in the possible controlled spilling from the Akosombo and Kpong dams from November 1, 2022, to maintain the integrity of the Dam”, portions of the release read.
Management however indicates that it would continue to monitor the situation and would publicize the next line of action.
“The reservoir elevation on October 25, 2022, is 273.70 feet and is expected to reach the maximum operational level of 276 feet in the next 11 days if the rate of inflow continues”, the statement further added.
Kanye West’s Yeezy collaboration with Adidas has been one of the most successful in the brand’s history.
But that’s now over, as the clothing giant has dropped the rapper – known as Ye – over anti-Semitic comments.
Cutting the partnership means Adidas will make a net loss of £217m in 2022, with many other brands also ending their relationships with him.
For fans of the fashion and music, and the wider sneaker world, the big question is what comes next?
“I was a fan of him,” James Drury tells BBC Newsbeat. “He is a genius in the fashion industry and in the music industry.”
But the 28-year-old is no longer a fan and says he can’t stand by Ye after anti-Semitic comments.
“It does feel like he’s almost attention seeking to stay relevant,” he says. “And he’s just a little bit too far out there with me now.
“There’s certain things that you just can’t agree with.”
‘A separate brand’
James, from Shropshire, has been collecting Yeezys since 2016,when he first got into the range.
“It was more so the rarity,” he says. “Seeing images of various celebrities wearing them, it instantly pulls you in.”
But when it comes to being a Yeezy collector, he will continue despite Ye’s comments.
“I almost see Yeezy as a brand separately from Kanye West. Obviously, he controls much of it, but for some reason I see Yeezy as separate. So I will continue with it.”
Image source, James DruryImage caption, James has been collecting shoes since 2016
James says he’s not in it for the money though.
“I’m personally not in it for selling them, I collect because of the rarity rather than the money,” he says.
“I have huge stories behind [certain shoes that I’ve got].”
Emily Atkins from The Sole Supplier, a specialist trainer website, labels it “the biggest story in the sneaker world”.
And while cutting the partnership has cost Adidas money, Emily is interested to see the wider impact.
“We’ve been seeing that people have rebelled and boycotted Adidas because of Kanye’s comments,” the shoe expert says. “And I think his influence is on the whole brand.”
Emily, 25, says Adidas can recover from the backlash, and they can learn a big lesson on not putting “so much reliance on one influencer for their campaigns”.
“I think he started damaging his reputation a long while ago.”
But she recognises the need to keep in mind Ye’s mention of his mental health, as he has been diagnosed with bipolar disorder.
Image source, EmilyImage caption, Emily feels Ye’s departure from Nike didn’t have a big impact, so the same might be possible for Adidas
She adds there are other options for Adidas going forward, too.
“It’s dangerous for any brand to rely so heavily on one influencer to drive such a huge portion of their sales,” she says.
“But on the other hand, they do have other products, some very iconic silhouettes which have always been around pre-Kanye.”
The future for Ye?
As for Ye, he’s lost his position in Forbes magazine’s list of billionaires. It estimates that the loss of the Adidas partnership cuts Ye’s net worth from $1.5bn to $400m (£1.3bn to £349m).
In the world of fashion, Emily feels the rapper no longer has “the positive inputs he had all those years ago”.
“It’ll be interesting to see his next move. And which brands are brave enough to take him under their wing.”
As for his music, James says while he’s not yet at the stage where he’ll be pressing skip on his tunes, but “it’s getting very close”.
“I do think a lot of people will turn off his music now, will skip him and put [his comments] before the music.”
Majority Leader, Osei Kyei-Mensah-Bonsu, has taken strong exceptions to the Speaker of Parliament’s decision to direct the plenary to debate the fate of Dome Kwabenya Member of Parliament (MP), Sarah Adwoa Safo and two other legislators over absenteeism.
Kyei-Mensah-Bonsu maintains that the Speaker erred in referring the matter back to the house, explaining that the ruling flies in the face of the constitution and threatened to challenge the decision.
“I totally disagree with the ruling. It doesn’t sit with the constitution and I must express my discomfort with this unfortunate ruling that has been made because it is very inconsistent. We will come back with a substantive motion to challenge the ruling”, Kyei-Mensah-Bonsu said on the floor of the House right after the ruling.
The Speaker of Parliament, Alban Bagbin, on Wednesday, October 26, 2022, gave clearance for a report from the Privileges Committee on three absentee Members of Parliament to be tabled and debated in the House.
Mr. Bagbin dismissed attempts for him to declare some of the seats vacant without a formal debate of the Privileges Committee’s report.
In his ruling, Rt. Hon. Alban Bagbinsaid, “the preliminary objection for the admissibility of the report is hereby dismissed in limine.”
But at a press briefing shortly after the ruling, Osei Kyei-Mensah-Bonsu registered his disagreements, adding that the decision is detrimental to parliamentary business.
He argued that, the ruling of the Speaker should have been based on the reports of the Privileges Committee.
“I am insisting that the Speaker is totally wrong in his understanding of the Constitution. He has taken us on an obsequious journey that is not helpful to the growth of Parliament. The matter doesn’t rest with plenary.”
I wish I could say honestly that paying my taxes was one of the happiest things I enjoy doing in my life. I can say, for example, without any hesitation that I enjoy singing, I enjoy driving, I enjoy reading, I enjoy talking, I enjoy arguing, I enjoy listening to the radio.
I would say I used to enjoy writing a lot because it came to me effortlessly, but I don’t enjoy it quite as much any longer because it now takes me a long time and I struggle to write these days.
There are things I do that I can’t say I enjoy, but I know they have to be done whether you enjoy doing them or not.
For the greater part of my life, I cooked, but I can say that it wasn’t something I enjoyed. The kitchen is not my favourite room in the house, I cooked because it was part of growing up and my mother would have been horrified to have a daughter that didn’t know how to cook.
I discovered it was a useful skill to have and I didn’t need to enjoy doing it to be passably okay at it.
I am not quite sure where paying taxes fits in this range of things that I do because they have to be done and things I enjoy doing.
There are things I do that I must confess I do only because I am obliged by the law. For example, I insure my car only because the law says I should. If there weren’t a law that says all vehicles on the roads have to be insured, I would not bother to insure my car.
So I can safely say that taking an insurance policy on my car and renewing the policy is not something I enjoy doing. I do not believe in the whole business of insurance, I am convinced they rip me off and I can never win in any dispute with an insurance company. But I make sure I insure my car because it is the law.
So there are things I do that I do not like, never mind, enjoy, but I do them because I would much rather be on the right side of the law.
Paying taxes does not fall in this category either.
I happen to believe in the paying of taxes. I happen to believe in the common good and until the experts come up with some other mechanism that will bring revenue to the State, taxes would have to be the way to keep the State running.
The law obliges me to pay taxes, I do not dislike paying my taxes, but I suspect that part of the unstated reason I don’t mind paying taxes comes from the expectation that this is something all of us must do.
I have been watching the current events surrounding the GRA with keen interest.
If restaurant owners and shopkeepers collect VAT from us customers, what they collect cannot fall into the category of the taxes that the restaurant owners and shopkeepers have to pay.
It is not money that they have to struggle with their conscience or ideology to decide whether to pay or not. It is not part of their profit or investment or operating capital.
By the time the VAT is collected, all the arguments, questions and hesitations about whether to pay taxes or not would have been concluded.
I do not understand how it came about that the GRA should be so lax that monies collected for them by shopkeepers and restaurant owners would become subjects over which major operations have to be planned.
I am hearing stories of shops who regularly make VAT returns of about GH¢30,000 a month, suddenly turning in GH¢1,000,000 once the “invigilation” and “E-VAT” torch is turned on their operations.
I refuse to believe that such a state of affairs could exist without the active connivance of GRA officials.
This is money we customers have already factored into our hike in cost of living lamentations; it is money for which we have already cursed the authorities and paid with reluctant smiles.
In my book, keeping such monies sounds like stealing to me and not the fancy words the GRA is giving it.
The Majority Leader in Ghana’s Parliament, Osei Kyei-Mensah-Bonsu is worried that removing Finance Minister, Ken Ofori-Atta, while the International Monetary Fund (IMF) negotiations are ongoing, may not be in the best interest of the country.
His comment follows calls by some New Patriotic Party (NPP) MPs for the dismissal of Mr. Ofori-Atta and Minister of State at the Finance Ministry, Charles Adu Boahen.
The MPs contend that the two ministers have failed to properly manage the economy.
In an interview on the Citi Breakfast Show, Mr. Kyei-Mensah-Bonsu confirmed that the Majority MPs had earlier brought their grievances before him, but he tried talking them out of it.
“I have listened to their concerns, about the fact that if the Finance Minister is removed it might help us in our recovery. I told them I appreciate their concerns. My only concern was the timing. Considering our negotiations with the IMF and how far it has come, and how it may affect the progress we have made so far.”
“I appealed to them to hold their horses, that was on Sunday, and I even revealed some discussions I had earlier with the President, and I thought that was going to calm their nerves a bit. But at the end of the day, I was unable to dissuade them.”
Meanwhile, President Nana Addo Akufo-Addo has also asked Majority MPs demanding the resignation of Ofori-Atta to hold on.
He is pleading with the legislators to exercise restraints until Ghana concludes negotiations with the International Monetary Fund (IMF).
The President said, terminating the appointment of Ken Ofori-Atta will disrupt the programme.
At a meeting with the aggrieved MPs at the Jubilee House, Nana Akufo-Addo appealed for calm.
Maverick TV personality and host of Standpoint, Gifty Anti has dispelled the notion that successful women are rude.
Speaking on Onua FM’s Anigye Mmre recently, the outspoken journalist who has carved a niche for herself in the literary world by authoring the books Fifty Nuggets, The Best of You and A Bit of Me said people have a negative label for successful and confident women.
“There’s this perception that powerful, successful and confident women are rude. Listen, that is a character and everyone has a character they possess so if someone is rude and doesn’t show it, probably poverty has humbled the person.
“We have even seen political leaders who are so humble when campaigning but immediately change when they win power. This means that it cuts across both men and women but there are people that situations don’t change them,” she said.
Gifty Anti began her media career as an intern at media houses such as Ghana News Agency, Ghana Broadcasting Corporation (GBC) and Ghanaian Times.
After her internship, she did her National Service at GBC where she worked for several years afterwards.
She is currently the CEO of GDAConcepts which produces The Standpoint.
The mother of one has won many awards and honours including National Malaria Advocate by Ghana Health Service (2022), Most Inspiring Woman In Media at Ghana’s Most Inspiring Women (2021), Tell It Moms Exemplary Resilience Feminist Honour (2019) and Most Influential Woman at Ghana Actors And Entertainers Awards (2019).
According to her, most people are afraid of powerful women.
“Everybody is afraid of a powerful woman. They keep saying they support this style, but when they see you climbing higher and higher and becoming more assertive, things change,” she stated.
Former President John Mahama has urged Ghanaians to support the Black Stars ahead of the upcoming 2022 World Cup which will be held in Qatar.
Ghana will play a friendly game against Switzerland before flying to Doha, Qatar.
The Black Stars of Ghana is in Group H with South Korea, Portugal, and Uruguay. Ghana will start its World Cup campaign against Portugal on 24th November.
The former President speaking after Ghana FA presented Black Stars jerseys to him said football unites the country and we should all encourage the players to give their best on the world stage.
“I urge that all Ghanaians should rally behind the Black Stars. The Black Stars in the past united us and anytime the Stars were playing, there was no political affiliation or ethnic orientation as we all supported them,” he told GFA’s delegation.
“Recently, it doesn’t seem to be the same and I urge that we put all political considerations aside and know that, that is our best national team and for the boys to have the kind of encouragement to give their best on the world stage,”
Eric Weinberg, who was an executive producer and writer on hit US comedy series Scrubs, has pleaded not guilty to multiple counts of sexual assault.
The 62-year-old was denied bail by a judge after appearing in court in Los Angeles on Tuesday.
He has been charged with 18 counts of sexual assault, all of which he denies.
Mr Weinberg is said to have “relied on his Hollywood credentials” to lure young women to photo shoots where he allegedly assaulted them.
The charges against him include six counts of sexual penetration by use of force and three counts of forcible rape.
They stem from alleged incidents involving five women between 2014 and 2019.
Image source, Getty ImagesImage caption, Scrubs was a popular US hospital-based sitcom
Set in a US hospital and starring Zach Braff, Donald Faison and Sarah Chalke, Scrubs ran from 2001 to 2010, winning two primetime Emmy Awards.
Mr Weinberg’s other TV work includes the US series Californication and Anger Management.
According to the Los Angeles County District Attorney’s office, he approached two separate women at public locations in 2014 and told them he was a photographer. He is accused of sexually assaulting them back at his house later.
The defendant is alleged to have brought another woman back to his home in 2017 where he is accused of sexually assaulting her.
Mr Weinberg is also accused of sexually assaulting two women in separate incidents in 2018 and 2019.
He is due to appear in court again on 15 November.
Ghana’s quest to attain sustainable food production systems requires a multi-dimensional approach.
It must involve policy measures that are gender-sensitive, with integrated methodology at all the stages – from production, transportation, storage, processing, wholesaling, retail and consumption.
Dr Ruth Prempeh, a Researcher at the Crops Research Institute (CRI) of the Council for Scientific and Industrial Research (CSIR), who stated these, said achieving sustainable food systems depended on the strong partnerships among state and non-state actors.
Speaking at a Women in Agribusiness stakeholder engagement in Kumasi, she said multi stakeholder partnership in food production system was the surest way to achieve the target of the Sustainable Development Goal Two – end hunger, achieve food security and improved nutrition and promote sustainable agriculture.
Dr Prempeh stressed the need for Ghana to align itself with principles of the efficiency of resource use in land, water, fisheries and forests, protect and enhance natural resources’ sustainability as well as reducing environmental externalities of agriculture.
This, she said would enhance peoples, communities and ecosystems resilience, while ensuring responsible and effective governance system, particularly, with respect to the use and the protection of natural resources.
The workshop held on the theme: “Revitalising Partnerships for Sustainable Agribusiness Development”, was put together by Guzakuza, an organization established to provide technical support to women in agriculture.
Dr Prempeh observed that the food system was an important part of the people lives, explaining that “we are what we eat, and it is one of the biggest drivers of health and well-being”.
She called on stakeholders to implement a holistic and inclusive approach to Africa’s food systems to better tackle hunger, poverty and improve nutrition, while conserving natural resources.
Madam Fortune Kyei, Project Lead of Guzakuza, said the organisation had tailored programmes to ignite the interest of women, particularly intellectuals, train them to acquire requisite skills in agribusiness in rural communities.
She pointed out that funding and acquisition of farmlands, which had been the main challenges of women in agriculture, could be solved through the intervention of traditional leaders.
She used the occasion to plead with traditional authorities, land owners and stakeholders to always assist women in that regard and make lands and funds more accessible to women in agribusiness.
Nana Afia Abrafi, Queen mother of Bomso, advised women in agribusiness to acquire farmlands from the rightful owners to avoid litigation.
The Bulgarian company e-Velox received a certificate issued under the Investment Promotion Act for an electric bicycle project, the Innovation and Growth Ministry said in a press release here on Tuesday.
The certificate was presented to the company by caretaker Innovation and Growth Minister Alexander Pulev.
The company plans to build a new electric bicycle factory in the Kuklen zone, part of Trakia Economic Zone near Plovdiv (South Central Bulgaria). The investment envisaged under the project is BGN 28,277,000. The company said that a total of BGN 50 million will be invested in the factory, which will have a capacity to produce some 300,000 e-bikes per year, creating 330 new jobs.
Minister Pulev said that four more investment projects in Plovdiv and the region are in the process of certification by the InvestBulgaria Agency, with a total value of BGN 42.5 million and the potential to create 224 new jobs. “The investments are in manufacturing and the companies are from Turkiye, Sweden, the Netherlands and Austria,” he stressed.
Since the beginning of 2022, the InvestBulgaria Agency has issued positive opinions and the Ministry of Innovation and Growth has certified 6 projects in Plovdiv and the region with a total value of more than BGN 229 million, which will create more than 1500 new jobs. Five of the projects are in manufacturing and the sixth one is in warehousing and logistics.
Currently, 48 investment projects in Bulgaria worth nearly BGN 2 billion are in the process of certification by the InvestBulgaria Agency, and they are expected to create over 3 600 new jobs in the next 2 to 3 years. The projects are primarily in the manufacturing and warehousing industries.
Ghanaian youngster Keenan Appiah-Forson believes solidarity, togetherness and a fighting spirit will help West Ham United U21s return to winning ways in Premier League 2.
The Hammer’s youth side are yet to win a game this season in the league football.
West Ham U21 side lost 3-2 against Brighton and Hove Albion on Saturday.
Appiah-Forson has urged his teammates to keep fighting, stick together and play for each other as a win is not far away.
“We know the first half against Brighton was unacceptable, in terms of our level of performance,” the midfielder told whufc.com. “We stepped up the tempo in the second half and gave it a good go. We were just struggling to find the goal. We gave a better account of ourselves though, played better, and next time we have to do that throughout the whole game.
“It’s another tough loss to take. We’re all obviously so disappointed with the result and, right now, we’re struggling to get a win in the league. We need to keep fighting, stick together and keep playing for each other. We need to demand more from each other and I’m sure, if we do that, we’ll find our way very soon.
“There are no easy games in this division. Every team brings different qualities, but we’ve seen first-hand this season just how tough the level of competition is. We need to stop letting sides take points from us. We are desperate to get a win in the next game and show our quality.”
“We’ve had a good few matches. We beat Cheltenham Town and we came back against Blackburn Rovers too, so our recent performances have been okay. There were a lot of positives to take from those games but it just didn’t happen against Brighton.
“We won’t let that match know us down though. We’ll pick ourselves back up and go again against Liverpool on Saturday.”
The 21-year-old has made 10 appearances in the Premier League 2 this season for the club.
Maintaining good health in Ghana has become increasingly expensive as commodity and service prices continue to rise.
Since all sectors of the economy are interrelated, challenges in one sector can simultaneously affect the other.
It has emerged that fuel hikes and cedi depreciation has had a negative effect on the cost of medicine at various pharmacies nationwide.
How so? Since majority of the medicine are imported into the country, pharmaceutical companies tend to purchase these drugs with huge sums of money following the rate of the depreciating cedi.
As a result, some pharmaceutical companies have lamented about the price increment witnessed in less than a week.
Speaking to The Independent Ghana, the owner of a pharmacy at Dome decrying the economic situation, revealed that the prices of medication have more than doubled. Madam Florence revealed that the price of Forxiga, a medicine used to treat type 2 diabetes, heart failure and chronic kidney disease has seen an astronomical hike in less than a week.
The medicine which was sold at GH470 on Friday, October 21 is currently selling at GH903 as of October 24, 2022.
Galvus Met, a medication used to improve glycaemic control in adults with type 2 diabetes, which was sold at GH360 has increased to GH 528.
For medicines suitable to manage epilepsy, Madam Florence stated that an individual needs not less thanGH100topurchaseepileptic drugs.
She noted for instance that a strip of Tegretol which was sold at GH11 is now selling at GH25. Medications used to treat high blood pressure, Lowering high blood pressure, stroke prevention, heart attacks, and kidney problems have more than tripled.
Atacand which was sold at GH240 is currently selling at GH517. Norvasc 10 is also selling at GH168 per strip.
This means that a middle-class earner whose survival depends on this medication, may not be able to purchase these drugs due to the astronomical hikes in prices.
The price increment has also affected condoms. A pack of condom, Durex, which previously sold at GH12 is now selling at GH23.
The Pharmacist noted that the impending crisis is capable of affecting lives adding that the pharmaceutical industry is on the verge of collapsing.
In her local parlance, she said“ if things are not put in place, we won’t be able to sell medicines, our businesses are collapsing, this should not be a political talk, we need help.”
An epileptic patient sharing his ordeal amidst the current economic hardship stated that in a week, he spends GH 70 on his medication.
The astronomical hikes in prices of medicines, he says, will affect his ability to procure more drugs.
“Because I am a student, I sometimes find it difficult in finding money to buy my medication. If I don’t take my medication, I have an episode.”
Okra Tom Dawidi, one of Ghana’s all-time best rapper’s, is plotting a sensational comeback with a series of exciting musical projects.
Okra, who is often referred to as the “Kasaharilist”, is set to release the music video for his timeless hit single “You Know Get Money”, which features Hiplife legend Reggie Rockstone.
The video for the song, which made waves years ago, has finally been shot, with some interesting characters making an appearance in the well-curated masterpiece.
Okra, who is a philanthropist and a businessman, is poised to thrill music lovers with some good music.
“I am delighted to shoot a video for this hit single and am grateful to everyone who has supported me over the years. Fans should watch out for this because it is going to be a blockbuster,” Okra said in an interview.
In the coming months, the Ghanaian rap music icon is also expected to release singles featuring Stonebwoy, Sarkodie, and a new crop of artistes.
Okra’s most recent single, “Fitem,” was released in 2018 and featured Sarkodie, who described Okra as one of the best lyricists and someone who inspired young rappers in a social media post a few years ago.
The rapper was one of Ghana’s topmost rappers in the early 2000s with back-to-back hits from the camp of Hammer of the Last Two.
Okra’s “Ayekoo” single featuring Obrafour and Tinny, released in the early 2000s, remains one of the best music collaborations in the annals of Ghanaian music.
