Claim: ‘Cedi is 3rd strongest currency in Africa’ – Deputy NPP Communications Director
“A simple google check and referencing the rate at which other currencies are depreciating against the dollar will have shown that the Cedi in terms of value is indeed the third strongest currency in Africa.”
The Deputy Communications Director for the governing New Patriotic Party (NPP) Owusu Bempah stated on Wednesday, October 19, 2022 through a press release that the Ghana Cedi is the third strongest currency in Africa.
According to him, persons who described the Cedi as the worst-performing currency in the world are mere propagandists and therefore challenged them to name any currency in Africa stronger than the Cedi aside from the Tunisian Dinar and Libyan Dinar.
Verification
Data from global financial news, research and data organization, Bloomberg shows that the Cedi is currently the worst-performing currency against the US dollar in the world.
In its latest tracking of 148 currencies across the world, Bloomberg projected the Cedi depreciated by 45 percent this year and on Monday, October 17, 2022 alone, the Cedi depreciated by 3.3 percent to trade at GH¢11.2750 to $1 and currently stands at GH¢13.55 to $1.
According to Bloomberg, this makes the Cedi the worst-performing currency in the world and Africa, overtaking the Sri Lanka Rupee.
Specifically, on the African continent, Bloomberg in August 2022 tracking ranked the Cedi as the worst performing currency among African currencies with the “Worst Spot Returns”
The cedi, at the time, recorded -28.82 percent depreciation to the dollar as of August 8, 2022, to sell at nearly GH¢9 to a dollar.
The reports and tracking by Bloomberg have been corroborated by renowned Ghanaian Economist, Professor Godfred Bokpin in an interview with BBC Pidgin who revealed that the Cedi is even performing worse on the Black market where it is traded at over GH¢12 to $1.
In addition to this, Checks by GhanaWeb Business at some forex bureaus in Accra show that the cedi is currently selling at GH¢13.65 to $1 as of October 20 while the Bank of Ghana is selling at a rate of GH¢11.31 as of October 19.
Professor Steve Hanke, a Professor of Applied Economics at Johns Hopkins University and famous for measuring the global economics and strength of global currencies rated the Cedi as the lowest-performing currency in the world.
Conclusion:
From the above data and figures provided, the GhanaWeb FactCheck team finds Owusu Bempah’s claim that the Cedi is the 3rd strongest currency in Africa inaccurate.
The Cedi is currently the worst-performing currency against the dollar in the world, overtaking the Sri Lanka Rupee as of Monday, October 17, 2022.
Serbian trainer Slavko Matic has admitted there are challenges in African football after landing the Hearts of Oak job.
The Serbian takes over from Coach Samuel Boadu who was sacked by the club for non-performance.
Matic has signed a two-year contract with The Phobians and has been tasked to win the Ghana Premier League title and the FA Cup.
Speaking to the club’s media, the Serbian trainer reiterated his desire to help the club win trophies.
“I want to thank our Chairman (Togbe Afede) and all the management for this opportunity. Africa is a big challenge and coming in a big club, we want to make a big success”
“We want to find the way to play good football and give the chance to all the players. Also, we want to take the trophies. As I say, Africa is a big challenge, I come in a very big club, from today is the best club in the World” he said.
The 46-year-old holds a UEFA Pro Licence and has vast experience having managed clubs in Europe and in the Asia. He will be in charge of Hearts for the next two years.
He became unattached after leaving Bulgarian club Septemvri Sofia few weeks ago after an unpleasant start to the 2022-23 season.
Matic played 29 matches in charge of Septemvri where he claimed 12 wins, drew 7 and lost 10 times since taking over in January 2022.
The former Serbian defender has been in Ghana for negotiations and other familiarities since last Tuesday.
He was introduced to the Hearts team on Wednesday afternoon when the club played a lower-tier club in a test match at their training grounds.
Matic has handled Serbian sides Napredak Krusevac, OFK Beograd, Novi Pavar and FK Sloboda Uzice.
He has also coached in Qatar where he was in charge of Al-Shamal SC and Al Ahli Doha.
Matic previously worked in Saudi Arabia where he was head coach of Al-Nojoom FC in a short-term spell.
During his days in China, he was assistant coach of Nantong Zhiyun FC and Henan Jianye.
The Government views this as crucial, according to Hon. Samuel Abu Jinapor, who spoke at the 5th National Conference of the Ghana Chamber of Mines on Human Resource Management in the Mining Industry. The Minerals and Mining Act (Local Content and Local Participation) Regulations, 2020 (L.I. 2431) was enacted to, among other things, develop local capacities in the mining sector through education, skills transfer, and expertise development, transfer of technology, and development.
He, therefore, charged Mining companies to take the localisation programme very seriously and ensure strict compliance to ensure that we build adequate capacity across the value chain.
The theme for the 2-day conference was “Transforming people management for the sustainable mining industry in Ghana”. This the Minister of Lands and Natural Resources, who is also a Member of Parliament for Damango, said is in sync with the Chamber’s mission statement, to use “resources and capabilities of its members to deliver services to government and community needs to enhance sustainable development.”
He again reminded that the mining industry is associated with many risks; hence motivation and fair treatment is key for the workforce, who he said constitute the backbone of the success of mining companies.
Chamber of mines must play active role in the fight against illegal mining
Hon. Abu Jinapor seized the opportunity to admonish the Chamber of Mines to play a more active role in the fight against illegal mining. He further stated that Government is taking all the necessary measures to come to grips with the menace.
“Apart from its negative environmental impacts, illegal mining also affects your operations and your employees. The occasional clashes between illegal miners and your employees will be a thing of the past if we join hands together to deal with illegal mining and develop our mining communities”.
Chamber of mines takes steps to support human capital dev’t – Dr. Koney
He said the Chamber has handed over 804,000 dollars research grant to 6 faculty members and five postgraduate students at the George Grant University of Mines and Technology at Tarkwa to conduct research into the mining industry.
He said this was the second tranche of support to the University with a total of 1.3 million Ghana cedis grants dedicated to research the mining industry.
Dr. Koney further emphasised that the mining industry can only be productive and sustainable with a conference of research as well as attraction, retention, and nurturing of talents with the right skills.
Radical rethink needed to attract, retain and nurture talents in the mining sector – Eric Asubonteng
The immediate past President of the Ghana Chamber of Mines and the current Managing Director of Anglogold Ashanti, Eric Asubonteng, has called for a radical rethink of the mining sector’s approach to attracting, retaining, and nurturing talents in the industry.
He said the effects of COVID-19 and the Russian- Ukraine war have impacted the mining sector’s supply chain; hence mining sector players need to be proactive in their strategies and strengthen the employee’s value chain proposition.
Citing the EY report on the top 10 risks in 2023 for the mining and metal industries, he said it was identified that the current talent shortage in the industry is the worst as skills and experienced ones retire and resign.
Replacing them, he added, requires a critical rethink on the attraction, retention, and nurturing of talents.
Cardi B exits federal court as proceedings continue in a $5 million copyright infringement lawsuit against her in federal court, Wednesday, Oct. 19, 2022, in Santa Ana, Calif. Kevin Michael Brophy is suing the Grammy-winning musician for allegedly misusing his likeness for her sexually suggestive mixtape cover art in 2016. (AP Photo/Chris Pizzello)
A heated exchange between rapper Cardi B and the lawyer for a man suing her for copyright infringement got so intense Wednesday that the judge briefly stopped the trial.
The Grammy winner delivered pointed answers to several questions by attorney A. Barry Cappello, who is representing a man who claims the rapper misused his likeness on the cover of a 2016 mixtape.
The testy back-and-forth between the Cappello and the star witness prompted U.S. District Judge Cormac Carney to send jurors out of the Santa Ana, California courtroom and tell both sides he was considering a mistrial.
Cardi B exits federal court as proceedings continue in a $5 million copyright infringement lawsuit against her, Wednesday, Oct. 19, 2022, in Santa Ana, Calif. Kevin Michael Brophy is suing the Grammy-winning musician for allegedly misusing his likeness for her sexually suggestive mixtape cover art in 2016. (AP Photo/Chris Pizzello)
After a break, he called the arguing “unprofessional” and “not productive” but allowed questioning to resume – placing new restrictions for both sides.
Kevin Michael Brophy is seeking $5 million from Cardi B over the appearance of some of his distinctive back tattoos on the mixtape’s artwork, which shows a tattooed man from behind with his head between the rapper’s legs.
The rapper said she felt Brophy hadn’t suffered any consequences as a result of the artwork, yet has harassed her legally for five years. At one point she said she missed a special moment with her youngest child, who recently turned one-year-old.
Cardi B, second from right, exits federal court as proceedings continue in a $5 million copyright infringement lawsuit against her, Wednesday, Oct. 19, 2022, in Santa Ana, Calif. Kevin Michael Brophy is suing the Grammy-winning musician for allegedly misusing his likeness for her sexually suggestive mixtape cover art in 2016. (AP Photo/Chris Pizzello)
“I have empathy for people,” she said. “I care about people. I feel like I’m being taken advantage of. I missed my child’s first step by being here.”
Brophy told jurors Tuesday that he felt “humiliated” by the racy artwork.
At one point, Cardi B pointed out that the man’s face cannot be seen in the artwork. Capello asked her to calm down, but she instead barked back at the lawyer’s contention that she knew about photo-editing software used to put Brophy’s tattoos – which have been featured in magazines – on another model’s body.
Cardi B exits federal court as proceedings continue in a $5 million copyright infringement lawsuit against her, Wednesday, Oct. 19, 2022, in Santa Ana, Calif. Kevin Michael Brophy is suing the Grammy-winning musician for allegedly misusing his likeness for her sexually suggestive mixtape cover art in 2016. (AP Photo/Chris Pizzello)
“It’s not your client’s back,” she said about the image, which features a Black model. Brophy is white. The rapper said she posted a photo of the “famous Canadian model” on her social media.
Cardi B, whose real name is Belcalis Almanzar, said an artist used only a “small portion” of the tattoos without her knowledge. She had previously said the cover art – created by Timm Gooden — was transformative fair use of Brophy’s likeness.
Cappello said Gooden was paid $50 to create a design but was then told to find another tattoo after he turned in an initial draft. He said Gooden googled “back tattoos” before he found an image and pasted it on the cover.
Cardi B’s lawyer, Peter Anderson, said Brophy and the mixtape image are unrelated, noting the model did not have neck tattoos, which Brophy does.
“It’s not him,” the rapper said. “To me, it doesn’t look like his back at all. The tattoo was modified, which is protected by the First Amendment.”
She said the image hasn’t hindered Brophy’s employment with a popular surf and skate apparel brand or his ability to travel the world for opportunities.
“He hasn’t gotten fired from his job,” said Cardi B, who implied that the mixtape was not a lucrative one for her. “He hasn’t gotten a divorce. How has he suffered? He’s still in a surf shop at his job. Please tell me how he’s suffered.”
Brophy, a self-described family man, said he sent a cease-and-desist letter to Cardi B’s representatives to remove the image, but he never received a response. The rapper said she hadn’t seen the letter.
At one point, Cardi B said she doesn’t check her mailbox because that’s for “old people” – leading some in the courtroom to chuckle.
When Cardi B left the courthouse, she was swarmed by around 30 high schoolers who were attempting to take selfies with her. As the rapper walked toward her vehicle with security, she smiled and waved before telling them she would be more responsive after the trial.
Last month, Cardi B pleaded guilty to a criminal case stemming from a pair of brawls at New York City strip clubs that required her to perform 15 days of community service.
Earlier this year, the rapper was awarded $1.25 million in a defamation lawsuit against a celebrity news blogger who posted videos falsely stating she used cocaine, had contracted herpes and engaged in prostitution.
Hearts of Oak new trainer Slavko Matic has stated his intentions of winning trophies with the Phobians.
The Serbian takes over from Coach Samuel Boadu who was sacked by the club for non-performance.
Matic has signed a two-year contract with The Phobians and has been tasked to win the Ghana Premier League title and the FA Cup.
Speaking to the club’s media, the Serbian trainer reiterated his desire to help the club win trophies.
“I want to thank our Chairman (Togbe Afede) and all the management for this opportunity. Africa is a big challenge and coming in a big club, we want to make a big success”
“We want to find the way to play good football and give the chance to all the players. Also, we want to take the trophies. As I say, Africa is a big challenge, I come in a very big club, from today is the best club in the World” he said.
The 46-year-old holds a UEFA Pro Licence and has vast experience having managed clubs in Europe and in the Asia. He will be in charge of Hearts for the next two years.
Matic became unattached after leaving Bulgarian club Septemvri Sofia few weeks ago after an unpleasant start to the 2022-23 season.
Matic played 29 matches in charge of Septemvri where he claimed 12 wins, drew 7 and lost 10 times since taking over in January 2022.
The former Serbian defender has been in Ghana for negotiations and other familiarities since last Tuesday.
He was introduced to the Hearts team on Wednesday afternoon when the club played a lower-tier club in a test match at their training grounds.
Matic has handled Serbian sides Napredak Krusevac, OFK Beograd, Novi Pavar and FK Sloboda Uzice.
He has also coached in Qatar where he was in charge of Al-Shamal SC and Al Ahli Doha.
Matic previously worked in Saudi Arabia where he was head coach of Al-Nojoom FC in a short-term spell.
During his days in China, he was assistant coach of Nantong Zhiyun FC and Henan Jianye.
Minister of Trade and Industry Alan Kyerematen is certain that the adoption of a model under the government’s One-District-One Factory plan will enhance the agricultural value chain, particularly for Farmer-Based Organizations.
The model, referred to as the 1D1F Common User Facility (CUF), calls for the establishment of a farmer-owned agro-industrial processing facility with seed money from the government and its partners.
Trade Minister, Alan Kyerematen, speaking in an interview with GhanaWeb Business in the Ashanti region said the model comes under the Ministry of Trade and Industry (MOTI) under the Rural Enterprises Programme (REP).
“We looked at this model where a group of farmers can organise themselves into Farmer Based Organisations (FBOs) and instead of helping just one investor or individual to establish a 1D1F factory and then government directly supports the farmer groups to own the processing plant to add value their farm produce,” he told GhanaWeb Business.
“In this particular district of Nsuta Kwagyeri in the Ashanti region, we have identified that there is no 1D1F factory here, but the common food commodity coming from this area is maize and the farmers are willing to make more income from the commodity through processing or adding value,” the minister added.
He continued, “…So, our resolve is to bring them together and put some funds to add up their capital and get the support of the African Development Bank to establish this facility which is replicated in the other four regions of the country”.
Alan Kyerematen pointed out that the new model under the 1D1F CUF seeks to ensure that farmers can earn more income from their products as well as dividends from the factory since they have become owners of the facility.
Meanwhile, some 600 farmers in the Nsuta Kwagyeri district have become the first beneficiaries to receive support from government under the 1D1F CUF model following the construction of a factory for the processing of maize.
The factory, which can process 4-5 tonnes of dry maize, and five tonnes of maize grits per day respectively, was established with support from the African Development Bank.
Government is expected to replicate a similar model across key districts within the region and the country.
Sweden-based midfielder Michael Baidoo has been named in Black Stars provisional squad ahead of the 2022 World Cup in Qatar, according local media reports.
The biggest soccer mundial has been scheduled for November and December this year, with 32 countries set to battle it out for the covetous trophy in Qatar.
Ghana will open their World Cup account against Portugal before taking Uruguay and South Korea respectively.
Ahead of the mundial, the 23-year-old who has been in a rich vein of form for Elfsborg in the Swedish top-flight has earned a spot in the provisional list.
The midfielder has been in fine for, scoring 10 goals in 19 games this season.
Baidoo and Salis are the only two new players who have been invited into the squad for assessment in the friendly game with Switzerland.
Meanwhile, Serbia based Samuel Owusu could not make the provisional squad.
Dancehall artiste Shatta Wale believes his colleague Sarkodie should have been a bigger artiste than Wizkidor just as big.
Speaking on Showbiz A-Z, Shatta Wale said that the ‘Pizza and Burger’ rapper failed to take advantage of his relationship with record producer Akon to boost his career.
He said that he has noticed Sarkodie invest so much money into his music and his brand but that has not propelled the rapper’s career as much as he expected to.
This he said is mostly because he is an independent artiste making moves in the industry all by himself with no label to back him like his Nigerian counterpart.
Shatta Wale said he is sometimes hesitant to invest as much as Sarkodie does for his music.
He explained that this is because he has been observing the ‘Highest’ rapper and his “slow progress” is not enough motivation for him and others to do the same.
“Sarkodie is doing it, I am watching him and he is still not making it. He is doing this alone and he is using money to do it,” Shatta Wale said.
But he acknowledged that being an independent artiste is not a walk in the park and thus was grateful to his fans for their patience.
This was announced by the Executive Chairman of eSolutions, Victor Obeng-Adiyiah, at the launch of a new office in Accra on October 14, 2022.
According to him, the move which was secured three months ago will help stimulate the growth of the company as it strives to become one of the best corporate companies in business and IT consultancy.
He further said the establishment of the new building will create employment for over 65 people in the country.
Speaking at the launch of the corporate building in Accra, Victor Obeng-Adiyiah said, “3 months ago, our dear company has now become a Microsoft direct CSP partner. The only company with that level in Ghana and the very few of us in West Africa. The first significant new corporate building is to drive growth of the company.”
“This new building does not only serve our immediate need but has room to engage more employees for business expansion. I must say that the current staff strength is 31 and this company has the capacity to employ over 65 people,” he added.
According to him, politics in the country has been looked at as a career for certain individuals but he believes anyone with the right qualifications can pursue it.
Speaking on Showbiz A-Z, Shatta Wale said contrary to the beliefs of some people, he will not make the decision to represent the people because he has a fanbase whose full support he would need.
However, he believes that it is the message he preaches that inspires people and will eventually propel him when he chooses to become a politician.
“Already some of the people think I feel I am too powerful but I don’t see myself like that. So, If I come out and say I want to be in politics, people might feel like it’s because I have fans who always surround me everywhere I go,” Shatta Wale said.
The ‘My Level’ hitmaker added, “I believe I will go into politics when the time is right just as Samini wants to let us know he wants to go into politics.”
He noted that he will give colleague dancehall act Samini all the support needed when he pursues his political career.
Black Stars assistant coach, George Boateng has landed a big punditry job for the upcoming 2022 FIFA World Cup.
The former Aston Villa U-23 gaffer is expected to serve as a pundit for beIN SPORTS at the mundial following confirmation from the Qatari Sports broadcasting giants.
But it is unknown how the Ghanaian gaffer will combine his assistant coaching role at the Black Stars with the punditry job during the World Cup.
He will join Kaka, Arsene Wenger, David Villa, Gary Neville, John Terry, Lothar Matthaus and other former footballers to cover the World Cup in the Asian country.
George Boateng is one of the assistant coaches of the national team.
The biggest soccer mundial has been scheduled for November and December this year, with 32 countries set to battle it out for the covetous trophy in Qatar.
Ghana will open their World Cup account against Portugal before taking Uruguay and South Korea respectively.
Meanwhile, the Black Stars will take on Switzerland in a friendly before the start of the World Cup.
Former Ghana Sports Minister Elvis Afriyie Ankrah has called on Black Stars players to focus about the success of the national team instead of women at the 2022 World Cup.
The biggest soccer mundial has been scheduled for November and December this year, with 32 countries set to battle it out for the covetous trophy in Qatar.
Ghana will open their World Cup account against Portugal before taking Uruguay and South Korea respectively.
Speaking to Ghana News Agency, Afriyie Ankrah was of the opinion wives and girlfriends can be a distraction for the Black Stars players.
However, he has urged the players to avoid taking along their partners to the tournament in order to have their eyes on glory.
“The team must be focused and dedicated for the World Cup period,” “This is a tournament for just a few weeks. The players should leave their wives and girlfriends for those few weeks. They should focus on bringing glory to Ghana and themselves.
“It is a privilege to don the national colours, and players should not think they are doing us a favour by representing Ghana.”
The Black Stars qualified for the World Cup after beating Nigeria in a two-legged playoff on away goals.
Coach Otto Addo has yet to name his preliminary squad for the tournament. They are set to play a friendly match against Switzerland, which will be the final match before the team departs for Qatar.
The Black Stars have qualified for three FIFA World Cup tournaments; 2006, 2010, 2014 and now 2022.
In 2006, they were the only African side to advance to the second round of the World Cup in Germany and were the sixth nation in a row from Africa to progress beyond the group stages of the World Cup.
Their best World Cup performance was reaching the quarterfinals of the 2010 World Cup hosted in South Africa.
Kanye West seems to be ready to legally settle his divorce from his estranged wife Kim Kardashian after hiring one of the most high-powered attorneys in Hollywood.
According to court documents obtained by Page Six, the “Donda” rapper filed a “declaration of disclosure,” which is usually filed when a divorce case is on the verge of being settled.
The documents also show that the 45-year-old has sent over all of his financial information to the reality star.
While the former couple has agreed on how to split up their multibillion-dollar empire, there’s no indication that they came to an agreement on custody of their four children — North, 9, Saint, 6, Chicago, 4, and Psalm, 3 — which might be an uphill battle for Kardashian.
Kanye West recently hired a new attorney amid his divorce from Kim Kardashian. Keith Griner / MEGA
Despite saying he and Kardashian, who filed for divorce from the rapper in 2021, had been “co-parenting” better, West told Tucker Carlson earlier this month that he isn’t willing to “compromise” when it comes to his kids’ education.
“Right now we’ve come to a compromise — but I’m not finished because I don’t compromise — but we’ve come to a compromise that my kids come to my school after school and they learn choir,” he told Carlson.
The reality star filed for divorce in 2021. PA Images via Getty Images
The “Donda” rapper and reality star have been feuding for months about where to send their kids to school, with the rapper suggesting an “idea” that they split time between their private school and his Donda Academy.
Getty Images for Sean Combs
However, Kardashian has been reluctant to send their kids to West’s mysterious school, which has yet to be accredited by the Western Association of Schools and Colleges.
The Skims founder currently has custody of their children “80 percent” of the time and has reportedly cut off all communication from West amid his social media tirades.
Sources exclusively told Page Six that the beauty guru refuses to talk to West about their kids’ schedules without her assistant.
West has been adamant about sending his children to the Donda Academy. Getty Images For Balenciaga
“They have had zero communication in several weeks, and all communication regarding the kids’ schedules are now coordinated through assistants,” an insider told us.
Although Kardashian is “very upset” about Ye’s behaviour, the reality star knows “everyone is now seeing for themselves” what was the “catalyst for the divorce.”
Our insider added that Kardashian “felt it was best to end the marriage when she realized she could no longer help someone that didn’t want to be helped.”
The former couple has had no communication over the past couple weeks. NurPhoto via Getty Images
Ye’s shocking decision to move forward with his divorce proceedings comes amid weeks of racist and anti-Semitic remarks from the “Heartless” rapper.
Earlier this week, West claimed George Floyd died from a “fentanyl” overdose rather than the brutal force used by then-Minneapolis police officer Derek Chauvin.
Since the outlandish claims, Floyd’s family has sued the rapper for $250 million for “undermining & diminishing the Floyd family’s fight.”
Friends of the controversial rapper say he is in the midst of a psychiatric episode. @CelebCandidly / MEGA
During the same interview, West made a series of anti-Semitic comments about “the Jewish media” just days after being banned from Instagram and Twitter for making similar comments.
In a since-deleted tweet the rapper wrote in a disturbing post: “I’m a bit sleepy tonight but when I wake up I’m going death con 3 On JEWISH PEOPLE.”
His social media outbursts come after West made headlines for wearing a “White Lives Matter” T-shirt amid what his close friends are calling his worst “psychiatric episode.”
Darmstadt manager Torsten Lieberknecht has eulogized Ghana forward Braydon Manu following his outstanding performance for the club this season.
The 25-year-old has been in a rich vein of form for the German Bundesliga 2 outfit, who currently sit top of the table as they seek to secure promotion to the top-flight.
He was in action last Tuesday when his outfit defeated Bundesliga side Borussia Monchengladbach 2-1 in the DFB Pokal.
“Braydon brings an incredible heart. Sometimes it’s not what the coach says. But sometimes it helps,” he said. The style is known in Halle” he said.
Braydon Manu has featured 12 times this season, scoring 4 goals and providing 3 assists in the process.
Ghana currently has a startling 37.2% inflation rate, and the cedi is still losing value versus the US dollar and other key trading currencies.
Due to negative downgrades by rating agencies, Ghana is unable to obtain credit from the international market, and its debt has also grown to an unsustainable level.
The West African country is currently in talks with the International Monetary Fund to secure financial assistance.
But until the expected GH¢3 billion is secured from the IMF, the country’s woes continue with no end in sight.
Even though the Bank of Ghana has hiked the monetary policy rate to 24.5%, causing the interest rates for treasury bills to go up to about 30/31%, the rates are still lower than the country’s current inflation rate of 37.2%.
Also, Ghana is considering a debt restructuring program to ensure that its debts are sustainable and is able to secure funding from the IMF; however, when this happens, domestic investors may lose some part of their investments.
The question, “What should we do with our money” has become a very common phrase in recent times. Even though it cannot be an assured route to take considering the rate of the economy’s meltdown, here are a few options to choose from.
1. Treasury bills
Treasury bills have been known to be one of the safest forms of investment. Even though its interest rates are relatively lower, its yields are attractive to investors. Normally the rates are higher than inflation rates; therefore, investors have their returns secure.
At the current inflation rate of 37.2%, investing in Treasury bills will result in negative returns because interest rates are pegged below the inflation rate.
However, if you keep your money without any investment, inflation will still affect its value; therefore, investing in treasury bills may result in a loss of about 6 to 7%, whiles keeping your money will result in a 37.2% depreciation or even more.
2.Invest in an asset
Prices of goods and services keep increasing hourly and daily. It is advisable to convert liquid assets to fixed assets. These assets’ value will appreciate with time. With that, you may decide to sell it off and make your money back with a higher value when the economy stabilizes.
3.Keep a portion of your money in hand
Experts have advised that it is somewhat safer to keep a portion of your money in hand instead of keeping them in the bank. They explain that if Ghana’s economic situation persists, banks may be forced to enforce a withdrawal cap on withdrawals, and this may not be good for customers.
4.Buy a foreign currency
Even though increasing demand for foreign currencies is resulting in the constant depreciation of the cedi, you can decide to be “selfish” and buy some dollars or pounds to at least retain the value of your money.
5.Stock up (groceries, food, clothes, dresses, drugs etc)
Food prices especially have more than doubled this year and are expected to continue on the upward spree until some stabilization is achieved.
If you have some money currently, it is advisable to buy food in excess and shop for things that you may need in the next few months, especially essential needs.
6.Invest in a ‘necessity’ business
In the next three months, before the end of the year and the receipt of IMF support, investing in a business that provides a good or service of necessity will keep you afloat. Ensuring that you have a steady and secured source of income will reduce the pressure in the long run.
Ghanaian international Braydon Manu has been ranked as the third best player in the German Bundesliga 2.
The 25-year-old has been in a rich vein of form for Darmstadt, who currently sit top of the table as they seek to secure promotion to the top-flight.
The Ghanaian forward has been rated 2.41 by football performance rating app, kicker score behind Daniel Heuer Fernandes, the goalkeeper of Hamburger SV (2.27) and Paderborn striker Felix Platte (2.36).
Braydon Manu has featured 12 times this season, scoring 4 goals and providing 3 assists in the process.
With his current form, the enterprising attacker will hope to make the Black Stars for the 2022 World Cup to be staged in Qatar.
The premiere in Africa of the much-anticipated sequel to marvel Studios’ Black Panther is expected to be held in Lagos, Nigeria.
The event christened ‘Black Panther: Wakanda Forever’ will be held by the Walt Disney Company, in association with Africa International Film Festival (AFRIFF) and FilmOne Entertainment.
According to a statement by Film One, the premiere will be held in early November ahead of the global release on the 11th day of the same month.
In the statement by Moses Babatope and Kene Okwuosa, Co-founders of FilmOne Entertainment, official distributors of the movie in English West African territories, they noted that, “being instrumental to the release of Black Panther: Wakanda Forever in West Africa is a proud achievement and a milestone for us and the entire FilmOne team, it will be celebrated for a long time.”
The company noted that they are excited to work alongside the Walt Disney Company “to deliver a grand African premiere, even as we channel all our arsenal towards realizing a momentous box-office performance for the title.”
The plot details of the film have largely been kept under wraps but Marvel introduces a new character Namor (who is referred to as “the Feathered Serpent God” by M’Baku) and is seemingly the antagonist in this sequel.
The “Wakanda Forever” cast includes; Lupita Nyong’o as Nakia, Letitia Wright as Shuri, Danai Gurira as Okoye, Florence Kasumba as Ayo, Winston Duke as M’Baku, Angela Bassett as Queen Ramonda and Martin Freeman as Everett Ross, all reprising their roles from the first “Black Panther.”
Director Ryan Coogler introduced series newcomers; Tenoch Huerta, who plays the main antagonist Namor, Mabel Cadena, Alex Livinalli, Dominique Thorne, who will debut as the young power-suited hero Ironheart, and Michaela Coel during Marvel’s Hall H panel at this year’s San Diego Comic-Con in July.
The sequel will be without the star of the first film, Chadwick Boseman, who died in 2020 from colon cancer. Coogler returns to direct, additionally co-writing the screenplay with Joe Robert Cole.
A strong digital economy, according to Richard Okyere-Fosu, director general of the National Information Technology Agency (NITA), depends on the ongoing registration of the Subscriber Identity Module (SIM) card.
The re-registration of SIM cards was crucial to the fight against cybercrime, he said, because a digital economy requires a database and digital ID among other things to survive.
To make society a safer place to live in, Mr. Okyere-Fosu pleaded with everyone to refrain from politicizing the registration process.
Speaking at the launch of a new office of eSolutions consulting in Accra, the Director General of NITA said, “The exercise is important for all of us to note. Let’s not play politics with it because if you register your SIM, we know who you are, if you commit a crime, we know who you are and it’s important.”
“We talk about cybersecurity when people are doing things hiding behind unregistered SIMs or SIMs that are registered in other people’s names and they are committing crimes, we need to know who is committing the crime so SIM registration is very important. It’s just like our national ID card.it’s very important. For our digital economy, we must have an ID payment platform and ID is digital ID, SIM registration and all those things are important,” he added.
She warned vendors to desist from pre-registering and selling SIM cards to customers as the act was an offence which could lead to the imprisonment of culprits for up to 5 years.
Ursula Owusu-Ekuful urged culprits to, as a matter of urgency, delink the SIM cards and work in accordance with the law.
The claim that the government is losing support because of the continued store closures in protest of the Cedi’s depreciation and the high cost of doing business has been refuted by the Abossey Okai Spare Parts Dealers Association.
This comes in response to claims made by the Deputy Minister of Trade and Industry, Michael Okyere Baafi, that the traders association’s move is an attempt to undermine the government.
The Vice President of the Association, Richard Obeng, however, responded to the Deputy Minister’s statement by telling Starr News that their choice to close businesses was unrelated to politics.
He said their action has been taken to ensure the government put in adequate measures to arrest the further depreciation of the Cedi and also reduce the cost of doing business in the country.
“So the Minister is trying to tell us that whatever challenges that we are facing right now he doesn’t see anything wrong? How much do we buy one gallon of petrol, we don’t want to go into politics, we don’t want to politicize this. We are speaking the truth and the truth must be spoken. You will bear me witness, how much petrol do you buy in a week, if it’s not because of Dollar? So we are talking about the way we can measures in place so that at the end of the day, the Dollar will stabilize. If you are claiming that we are trying to make the government unpopular that is not what we are doing,” he said.
He added that, “We all know that Akufo Addo has done well for us the people of Abossey Okai and the importers. He’s done a lot so how can we sabotage him? Whether I belong to NDC or NPP you have no idea. If we go to the fuel station do they ask you whether you are NPP or NDC? No, everybody is being affected, that is what we are speaking about.”
‘Arrest black market dealers’ – Traders as they lock shops in Accra
Ghana’s U-23 side, the Black Meteors have left the shores of the country today, Thursday, October 20, for their CAF Championship qualifier encounter against Mozambique.
Ibrahim Tanko and his charges will be hosted at the Estadio Nacional do Zimpeto on Sunday, October 23, 2022.
The team has been in camp for the past six weeks as part of preparations as they seek to secure a qualification.
In a doubleheader, Ghana will play Mozambique, with the winner going on to play the winner of the match between Algeria and DR Congo.
Morocco will host the fourth edition of the U-23 Africa Cup of Nations in June 2023.
Tanko oversaw the squad that placed fourth in the 2019 competition, won by hosts Egypt won, ensuring that Ghana would not be participating in the 2020 Olympics.
Major marketplaces in the nation, including Kejetia, Makola, and Kaneshie, account for a larger portion of this total.
On Wednesday, October 19, 2022, however, due to the nation’s current economic difficulties, markets and stores in Accra’s Central Business District were closed.
They assert that Ghana’s cost of living has soared as a result of the cedi’s rapid devaluation versus the US dollar and high inflation rates.
As a result of this, buyers have had to turn away as they could not get access to their respective items to purchase.
The traders told in interaction with GhanaWeb Business said the closure will continue until Monday, October 24 to demonstrate to the government the extent to which the economic meltdown is affecting businesses and livelihoods.
The closure will however mean that no sales will be made in the next three to four days, which is significant to the growth of the economy which is now seeking support from the International Monetary Fund.
Makola market, for example, comprises of several merchandises including clothing and textiles, footwear, food, drugs, groceries, raw material, and kitchenware among others.
Four to five days of little to no sales is estimated to cause huge revenue losses to the country as VAT payment and payment of other taxes will be impacted.
At a time when the government is finding it difficult to generate revenue, it is a bad omen for economic activity to somewhat shut down.
Some traders speaking with GhanaWeb’s Stella Dziedzorm Sogli said the activities of the black market have been the main reason for the increase in the exchange rates.
One of the traders, Abigail said: We are pleading with the government to arrest those in the black market. They are the main reason the dollar and CFA keep increasing. The dollar rates are changing too rapidly. In a day, the dollar can rise about three times within three hours.”
She continued, “It is unbearable,” she added.
Shaima, who retails socks and other clothing items recounted that “the black-market folks have hoarded the dollars. They are the reason the rates have gone up. What we know is that exchange is done in either bureaus or the bank, but now these black-market people have taken over.”
Last week, traders in Adum embarked on a similar protest to drive home concerns about the high cost of living in Ghana.
The persistent depreciation of the cedi has now reached alarming levels as the currency is now selling at GH¢13.65 at some forex bureaus in the country while the CFA is selling at GH¢17.50, as of October 20.
Musician Stephanie Benson has opened up on her battle with cancer and other ailments that have left scars on parts of her body.
The singer revealed to her fans that her body is not perfect, urging all women to love themselves and be confident in their own bodies.
Rather than the sexy woman her fans know her for, Stephanie Benson disclosed that she is full of scars from the top part of her body to her knees.
Some of the scars, she revealed, are a result of her struggles with cancer in her breast and reproductive organs.
According to her, she has scars on her stomach from childbirth and hysterectomy; a procedure to remove her womb as well as two scars on both breasts from a double mastectomy procedure.
Due to the severity of her breast cancer, she indicated she has lost her nipples, but she is happy to be alive.
Aside from the cancer-induced scars, Stephanie Benson added that she has scars on her ribs from hormone infusions which she requires to make her act normally.
Others are also evident on her knees and face from falling off a motorbike. She made the revelations while preaching on the need for body positivity and cancer screening to commemorate the October breast cancer awareness month.
“Love yourself; you are all you have and nobody will love you as much as you love yourself,” she urged in a video she shared on Instagram. See video below:
A heavy lift ship named MV Fair Partner from Dubai has brought two ship loaders and an eco-hopper to the port of Takoradi.
The ship loader and the eco-hopper are the last parts needed for the newly built Dry Bulk Terminal Conveyor System at the port to be fully installed and automated.
The completion of the conveyer system automation at the Port of Takoradi is intended to significantly improve the handling operations for dry bulk cargo (manganese, bauxite, and clinker) at Ghana’s top commercial sea port.
Dr. Kingsley Antwi-Boasiako, Marketing and Public Affairs Manager at the Port of Takoradi, explained to the B&FT that the significance of the two ship loaders and eco hopper is that, with a discharge capacity of 2500 metric tonnes per hour (MT/hour), the new conveyer system at Port of Takoradi Dry Bulk Terminal can load a total of up to 120,000 tonnes of bauxite and manganese in 48 hours.
This, he noted, is a remarkable improvement over the current manual grab system, with loading rate of approximately 8000 MT/24hrs.
The installation of the eco-hopper, according to him, will also reduce dust and other pollutant emissions, making operations at the port environmentally-friendly.
Capt. Richmond James Quayson, Harbour Master at the Port of Takoradi, who supervised the berthing of the vessel carrying the equipment, stated that the automation of the conveyer system positions the 16m deep and 800m long dry bulk terminal to receive capsize vessels.
He mentioned that the improved turnaround time for operations will enhance ship turnaround time at the quay as well as reduce ship waiting time at anchorage.
Capt. Ebenezer Afadzi, Director of Port, Takoradi, lauded the shareholders, management and staff of GPHA for the feat chalked.
He gave the assurance that Port of Takoradi will efficiently run the newly installed equipment at the Dry Bulk Terminal for the benefit of GPHA in general, and Ghana as a whole.
About the dry bulk
The construction of the dry bulk conveyor system and installation of the ship loaders and eco hopper are part of the second phase of the Dry Bulk Terminal Project, solely owned and operated by GPHA.
Other aspects of the second phase include an administrative block, a workshop, switching station, substations, complete pavement of the terminal, and access road to the terminal. In the first phase, an 800m quay wall was constructed with berth pockets dredged to minus 16meters chart datum ‘16 metres deep’.
The off-loading of the two ship loaders and the eco hopper will take up to four days while their installation and testing after that will take up to four weeks.
In the Kumasi Metropolitan Assembly, Oforikrom, and Asokore Mampong Municipalities of the Ashanti Region, the Ghana Export Promotion Authority (GEPA) hosted a one-day workshop to educate exporters and Small and Medium-Sized Enterprises (SME) about the National Export Development Strategy (NEDS).
The goal of the workshop was to update district-level firms and exporters on the GEPA’s strategy for ensuring that the nation’s Non-Traditional Exports (NTEs) meet demands from the global market, especially the African Continental Free Trade Area (AfCFTA).
The Eastern Regional Director for GEPA, George Adomako noted that, NEDS being the roadmap, is to revitalise and strengthen the economy of Ghana permanently by transforming it from a raw material export to value-added manufacturing economy.
In view of this, Mr. Adomako noted that 17 products -cashew, horticultural products, oil seeds, processed cocoa, textiles, garments and apparels, fish and fishery products among others – have been pulled out from the lot, which much attention will be given to, in a quest to boost the export industry.
Speaking to journalists on the sidelines of the event, Deputy Ashanti Regional Manager for GEPA, Francis Fosu Kwakye, explained the rationale behind the sensitisation.
“Government has developed a strategy that is being used to achieve substantial increasing non-traditional export value. It is a 10-year strategy, 2020 to 2029 – where the government wants to achieve about US$25.3billion and it involves everybody in this country.
We are doing this sensitisation to create awareness at the district level and among the businesses. Last year, we did the regional sensitisation to create awareness among the regional people but now we have decided to go to the district level to reach the people and make them aware of the strategy and their contribution.
It is also to sensitise businesses to add value to whatever thing that they are producing so that it can help the country to achieve much in terms of Non-Traditional Exports (NTEs),” he emphasised.
Senior Programmes Officer, Capacity Building, National AfCFTA Coordination Office, Grace Mimi Antwi-Asante explained to participants the need to add value to their product to make it more Ghanaian in order to compete in the AfCFTA.
She added that the National AfCFTA Policy Framework and Action Plan has been established to boost Ghana’s trading prospects with the 43 member-countries of the bloc.
The framework, which is geared toward the harmonisation of relevant policies, programmes, laws and regulations to boost the productive capacities of the private sector in Ghana, particularly the MSMEs, is to harness the full benefits of the continental trade area agreement.
Ghana international Daniel Kofi-Kyereh made his return from injury in Freiburg’s win over St Pauli in the DFB Pokal on Wednesday night.
The 26-year-old who missed his outfit game against Bayern Munich in the Bundesliga returned when Freiburg defeated his former club 2-1 after extra time.
The midfielder was a second half substitute, coming on the 46th minute mark as Freiburg cruised to victory over the Bundesliga 2 club.
The visitors, St Pauli opened the scoring in the 42nd minute through Lukas Daschner before Matthias Ginter force the game to extra time after grabbing the equalizer in the dying embers of the game.
Forward Michael Gregoritsch grabbed the match-winner in the 119th minute to send Freiburg to the next stage of the DFB Pokal.
Kofi-Kyereh’s return come as a huge boost for Ghana as Otto Addo prepares to name his provisional squad.
The development comes almost a week after Chancellor of the Exchequer, Kwasi Kwarteng was relieved from his post amid fallouts from the mini-budget presented before the UK parliament.
The budget which has since sparked financial turmoil in the markets also caused a revolt among Conservative lawmakers in the UK.
Truss’ resignation comes after just 45 days in office, making her the shortest-serving PM in British history.
Speaking at a press conference at No 10 Downing Street on Thursday afternoon, Truss said she came into office at a time of “great economic and international instability”.
“I recognise…given the situation I cannot deliver the mandate on which I was elected by the Conservative Party,” she noted.
As the leader of the Akufo-Addo government’s economic management team, Vice President Mahamadu Bawumia has failed to stabilize the cedi, hence Mr. Henry Osei Akoto, a National Organiser candidate for the National Democratic Congress (NDC), has encouraged him to give up on his presidential aspirations.
Dr. Bawumia, who previously said: “If the fundamentals are poor, the exchange rate will expose you,” has allegedly been severely undermined by the cedi, according to Mr. Akoto.
On Thursday, October 20, 2022, during Ghana Yensom, a segment of Accra100.5FM’s morning program, Mr. Akoto gave the guidance to Emmanuel Quarshie (The Hitman).
He said the cedi depreciation had made nonsense of the presidential ambition of Dr Bawumia.
“The Vice President has, over the years, been touted as the economic wiz kid of the governing New Patriotic Party (NPP), [however], the current depreciation of the cedi has badly exposed his economic prowess,” Mr Akoto said.
President Nana Addo Dankwa Akufo-Addo has been urged by the Sachet and Packaged Water Producers’ Association to act to stop the cedi’s sharp devaluation.
They contend that because the packaged water sector is strongly reliant on imports, the ongoing depreciation of the cedi has a direct impact on their capacity to turn a profit.
They said that the recent increase in the commodity’s price does not even cover their expenses.
“Obviously, the last price announced in September is nothing to even meet the break-even cost of the packaged water industry. As a result, the industry is accumulating debt in its operations to levels that are no more sustainable,” a release on October 20, 2022, noted.
1. Reduce taxes on the packaging materials for the industry.
2. Review the import and customs duty formula for the raw materials imported for the packaged water industry.
3. Freeze payment of VAT, Excise tax, and other taxes on the packaged water industry.
4. Freeze government charges and fees for the packaged water industry and if possible, subsidize the Electricity and water bills of the industry.
5. Remove completely all taxes on reusable jar bottles used for the dispensing machines.
6. Call on the bank of Ghana to be circumspect in the adjustment of the policy rate which is increasing the cost of borrowing from the banks to the businesses.
Read the full release below
DISTRESS CALL!!
PRESS RELEASE BY THE PACKAGED WATER PRODUCERS
THE NATIONAL EXECUTIVE COMMITTEE OF THE NATIONAL ASSOCIATION OF SACHET AND PACKAGED WATER PRODUCERS (NASPAWAP) WISHES TO SEND A DISTRESS CALL TO THE GOVERNMENT ON THE EFFECTS OF THE FALL OF THE GHANA CEDIS TO ALL MAJOR TRADING CURRENCIES ON THE PACKAGED WATER INDUSTRY AND THE NEED FOR GOVERNMENT TO ACT FAST TO AVERT THE TOTAL COLLAPSE OF THE INDUSTRY.
This press statement is a distress call to the government to as a matter of urgency to take strategic steps to stabilize the exchange rate between the Ghana Cedi and the major foreign trading currencies.
The packaged water industry relies heavily on imported plastic pallets/granules used in the manufacture of Polythene films and pet bottle preforms, which are used to package the treated water for consumers.
It is important to note that Packaging alone forms about 60% of the production cost for sachet and bottled water. Diesel fuel used for distributing the packaged water to market centers for consumers was around 15% of the product cost as of the third quarter of last year. Due to the high increase in Diesel and other petroleum products, Diesel fuel for distributing packaged water to consumer centers now exceeds 25% of the product price. Electricity cost which used to be around 15% of the product price has increased to 20% of the product price as a result of the recent increase in utility tariffs.
All the above sums up beyond 95% per the last packaged water new prices announced in September 2022 without considering the cost of capital, Salaries and wages, taxes, bank charges, regulatory fees, machine and equipment cost/depreciation/parts replacement, distribution vehicles and its maintenance costs and other overheads.
Obviously, the last price announced in September is nothing to even meet the break-even cost of the packaged water industry. As a result, the industry is accumulating debt in its operations to levels that are no more sustainable.
In practical terms a year ago in October 2021, 1kg of Slf plastic roll was selling at 14.5 Ghc (Including Excise tax, VAT, NHIS, Get fund, etc). A Year on, the same 1Kg of Slf plastic roll is now selling at 29ghc Ghc (Including all taxes, ).
The Slf roll is the film that is used to package sachet water, also known as sachet rubber. The outer bag was sold on average at 22GhP for printed bags last year in October 2021. A year on this October. 2022 each printed bag is selling at 45GHp.
The PET preforms for producing bottles were sold at 17GHp for the 13 grams last year in October 2021. In October 2022, the same preform is selling at 35GHp.
The reverse osmosis Membranes, used as the filtering medium, were selling last year in October 2021 at 2500 Ghc on the average for the 80/40 type.
In October 2022 it is selling at 5500ghc. One could deduce from the analysis that the packaged water industry’s producer price inflation is over 80%.
The cost of Diesel and the continuous fall of the Ghana cedi against its major trading currency is taking a toll on the packaged water industry and we are calling on the government to take urgent steps to ;
1. Reduce taxes on the packaging materials for the industry.
2. Review the import and customs duty formula for the raw materials imported for the packaged water industry.
3. Freeze payment of VAT, Excise tax, and other taxes on the packaged water industry.
4. Freeze government charges and fees for the packaged water industry and if possible, subsidize the Electricity and water bills of the industry.
5. Remove completely all taxes on reusable jar bottles used for the dispensing machines.
6. Call on the bank of Ghana to be circumspect in the adjustment of the policy rate which is increasing the cost of borrowing from the banks to the businesses.
The packaged water industry was at the forefront during the covid 19 outbreak, potable water is an essential product, and the industry goes to all lengths to ensure that it provides premium products to the public it is important that as we are in distress, the government comes in to provide the needed support to ensure good health of the citizens.
We wish to call on the public to take a keen interest in all the analyses expressed above.
Calling on the packaged water producers across the country to shut down production and distribution for a couple of days to press home our demands may have been the obvious thing to do but as an essential product provider, we are mindful of the repercussion of such action and the health hazards, it can pose to the citizens, more especially as most of the river bodies are highly polluted and most households depend on packaged water as the main drinking source, reported by the Ghana Statistical Service.
It is important that the public, CSOs, the Head of faith-based organizations, NGOs, the Parliament of Ghana, Diplomatic missions, and Others, support the packaged water industry by calling on the government to heed the plight of the industry.
The leadership of the packaged water industry will continue to update the public on the challenges, and if the government did not attend to the call by a week from today, we will have no option but to pass on the cost to the public and possible shutdown of production and distribution for a week across the country.
A report by Databank Research noted that investors want higher yields on treasury bills as inflation continues to rise.
The interest rates on Treasury bills are currently high but lower than the current inflation rate. This means that despite the high rates, the yields are lower, posing a high risk to investments.
Inflation currently stands at 37.20% while interest rates for the 91-day and 182-day treasury bill stands at 30% or 31%.
“Headline inflation came in at 37.20%, fueled by housing and utilities, household furnishings, and transport. We expect investors to continue demanding higher yields to compensate for the rising inflation,” the report is quoted by myjoyonline.com.
The report also noted that despite the risks, investors’ interest in t-bills is maintained “for re-pricing benefits while focusing on the near to medium-term maturities in the secondary market.”
President Nana Addo Dankwa Akufo-Addo has for the first time taken the blame for government’s decision to resort to the International Monetary Fund for financial support.
This comes after government had occasionally insisted that it would not turn to the Bretton Woods institution for support as it believes in its homegrown solutions until government backed down on its stance on July 1, 2022.
Speaking on Kumasi-based OTEC FM during a tour of the Ashanti Region, President Akufo-Addo on October 18 said the decision to turn to the IMF had become necessary in the face of economic headwinds.
“I take full responsibility for it. But I’m hoping very strongly that by the middle of November, a month from now, these negotiations will be over. We are going to come to a budget for the country in the middle of November,” he explained.
“I’m hoping that the IMF negotiations will be over at least substantially so we will have a clear idea of the elements of the agreement with the Fund, which hopefully will be able to feed into the budget and have that drive our budgetary projection for next year and the year ahead,” the president said.
“For me, my hope is that we will have a programme of fiscal adjustment. It will take us through most of the immediate budget but then will put us in a position in 2024 to begin the recovery and the growth,” he added.
Officials from Ghana and IMF have been engaged in the second round of negotiations in the United States of America toward reaching an agreement with the Fund.
Ghana is targeting an amount of $3 billion from the Fund once an agreement can be reached with funds likely to be accessed in 2023.
Ghana international Jonathan Mensah has opened up on the Black Stars chances ahead of the 2022 FIFA World Cup to be staged in Qatar.
The West African powerhouse are returning to the global showpiece after missing out in Russia 2018, where France emerged as winners.
The Black Stars has been paired in Group H against European giants Portugal, two-time World Cup winners, Uruguay and Asian giants, South Korea at the mundial.
In an interview, the Columbus Crew captain botched to predict the Black Stars chances but said the four-time African champions are unpredictable at World Cup.
“Ghana is one of the unpredicted teams in the World because the Black Stars has been underrated in the previous World Cup tournament that we have participated in considering the groups we have been paired”
“We are one of the most underrated teams but then, we have been doing well at the World Cup. so I cannot predict going into the 2022 edition”
The 2022 World Cup tournament has been scheduled for November and December this year with 32 countries set to battle it out for the covetous trophy in the Asian country.
Ghana will open their World Cup account against Portugal before taking Uruguay and South Korea respectively.
Sweden‘s new foreign minister has ditched its pioneering “feminist foreign policy”, saying the label has become more important than its content.
But Tobias Billstrom said “we will always stand for gender equality”.
The previous left-wing government launched the policy in 2014, becoming the first in the world to put gender equality at the heart of its dealings with other nations.
The self-labelled “feminist government” had ruffled feathers globally.
“Gender equality is a core value for Sweden and this government, but we will not conduct a feminist foreign policy,” he said.
“Because labels on things have a tendency to cover up the content”, he said.
The online web page for the government’s former policy was no longer available.
A former foreign minister, Margot Wallstrom, launched the policy emphasising the importance of the three ‘R’s: “rights, representation and resources”.
Rights to political participation in civil society, economic emancipation and sexual and reproductive rights were just some of the flagship points of the foreign policy.
But the Swedish Gender Equality Minister Paulina Brandberg, from the Liberal party which has previously supported a “feminist foreign policy”, said that “so long” as she remains in post she will “make sure the government’s policies are feminist”.
The radical foreign policy has resulted in diplomatic disputes around the world.
In 2015, Ms Wallstrom’s, remarks about Saudi Arabia’s record on women’s right and democracy led to the Kingdom to recall its ambassador to Stockholm.
Sweden then swiftly ended a longstanding weapons deal with Saudi Arabia after it blocked a speech by the former foreign minister. Saudi Arabia called the remarks “offensive” and a “blatant interference in its internal affairs”.
During Sweden’s time on the UN security council in 2017, it worked to include a resolution that sexual and gender-based violence could be grounds for sanctions.
Swedish membership also encouraged women’s rights advocates from Somalia and Nigeria to speak at the council.
Sweden also claimed that it helped to contribute to new policies on female political representation in Moldova and Somalia, the inclusion of gender equality issues in Colombia’s 2016 peace deal, and also contributed to new legislation in some 20 countries, often related to gender-based violence, female genital mutilation and child marriage.
However the policy was not without its critics. Swedish civil society organisation criticised the former government’s arms exports to authoritarian regimes with a record of human rights abuses.
The new government, backed by a far-right party, also named a 26-year-old climate minister, in the home country of teenage climate activist Greta Thunberg.
The new appointments come more than a month after Swedes headed to the polls.
On Friday, the country’s minority coalition government was announced after Mr Kristersson reached a deal with two smaller parties, the Christian Democrats and the Liberals, despite the Social Democrats (SD)gaining the largest share of votes. However, the left-wing coalition the SD formed with other parties was three seats smaller than the right’s.
The biggest winners in the 11 September election were the far-right Sweden Democrats who emerged as the second-largest party behind the Social Democrats – who have dominated Swedish politics since the 1930s – taking around one-in-five votes. Born out of a neo-Nazi movement at the end of the 1980s, the anti-immigration party entered parliament with 5.7% of the vote in 2010, increasing this to 17.5% in 2018.
While the Sweden Democrats will remain outside the government, they have pledged to back it in parliament to give it a majority in exchange for policy commitments, notably on immigration and crime.
Former Black Stars forward, Nii Odartey Lamptey says the feud between Abedi Pele and Odartey Lamptey was the major reason why as the cause of Ghana’s botched campaign in Senegal.
Ghana paraded a strong squad for the tournament but unfortunately lost to Ivory Coast on penalty shootouts.
According to Lamptey, if things had things been smooth between the two players, Ghana would have won the trophy.
He further added that he did not pick a side in the power battle despite Tony Yeboah being his roommate.
“I was with Tony who was my roommate because I was an Ashanti boy,” he told the Ernest Bruce Smith Show.
“When it comes to professional, I was in Europe with Abedi others. The problem was that everybody wanted to be a leader and that caused us the tournament.
“That thing caused our downfall. If Abedi was in the final, we would have won it. On the pitch they were cool but off the pitch, it was different,” he added.
Ghana despite winning the AFCON trophy four times have struggled to win in recent times missing out on 2010 and 2015 to Egypt and Ivory Coast respectively.
Millions of households could fall into fuel poverty next year as a result of the axing of the energy price guarantee, campaigners have warned.
The End Fuel Poverty Coalition says the number of households in fuel poverty will rise from seven million to 10.7 million after the government lifts its guarantee limiting the average household energy bill to £2,500 from April.
It will then fall slightly – but will still leave 10.1 million households in fuel poverty in the winter of 2023-24, the group adds.
It describes the outlook as “frankly terrifying” and is urging the government to focus on a new package of support and energy market reforms, alongside investment in home insulation and renewables.
“The new chancellor must work quickly, and with consumer groups and charities, to design a new package of support and energy market reforms that will help those in fuel poverty now and post-April,” says Simon Francis, co-ordinator at the coalition.
“But while the political focus on energy bills may now have shifted to next April, millions of the most vulnerable will be living in cold and damp homes this winter and will need further financial and non-financial support.”
Ghana international Bernard Tekpetey secured his legendary status with Bulgarian side Ludogorets following his brace against Beroe last Monday.
Tekpetey scored twice as Ludogorets dominated Beroe away from home. His goals helped Ludogorets to win 4-0 and move closer to the top spot.
With 19 goals since joining the club, the in-form Ghana striker has entered the history books of the club.
Tekpetey now found himself among the top ten highest scorers for the club in history.
He is tied on 19 goals with Emil Gurgorov and Pieros Sotiriu.
The 25-year-old is having a good season but has been overlooked by the Black Stars. He was not invited last month for the pre-World Cup friendlies against Brazil and Nicaragua.
He has seven league goals in 10 appearances, which is more than any other Ghanaian striker in Europe.
Tekpetey won the league last season with 10 goals in 24 games, and he looks set to improve on that total this season.
The former Schalke 04 man is hoping to be included in Ghana’s squad for the upcoming World Cup in Qatar.
Below is the top ten all-time tops scorers for Ludogorets:
Campaigners are calling on the government to raise benefits in line with inflation and not to wait until next April to to ensure the poorest families do not go cold or hungry this winter.
Figures released today show that inflation is now at 10.1%. This reading is important for the Treasury as the figure is usually used as the benchmark to raise benefits and the state pension.
If the government decides to uprate benefits by inflation, 10.1% is the percentage they will be increased by and this will come into effect from next April.
But campaigners say Chancellor Jeremy Hunt should confirm today if benefits will be uprated in line with inflation – and is calling for the rises to be brought forward.
“It is morally indefensible that the government should still be considering leaving people with even less ability to pay for what they need, when their own party pledged to make sure the value of benefits keeps up with prices only months ago,” says Rebecca McDonald, chief economist at the Joseph Rowntree Foundation.
Becca Lyon, head of child poverty at Save the Children, adds: “[The government] cannot wait until April – targeted support for low-income families is needed now to ensure children do not go hungry or cold this winter.”
The fast depreciation of the Ghana cedicontinues with no end in sight as the local currency nears ¢13 to a dollar.
This is more than 6% depreciation in only three days of the week (October 17-19).
It may hit ¢13 by the close of the day, based on how trading is going in the retail market.
According to the rate from the forex bureaus, most of the operators are selling the local currencybetween ¢12.50 and ¢12.95.
Few are, however, selling the cedi at approximately ¢13 to the American ‘greenback’.
Again, some banks are struggling to get the dollar to undertake transfer and trade transcations.
The free fall of the cedi has already triggered protests by some traders who claim their cost of doing business has been surging week-on-week.
Also, the cedi lost more ground against the pound and the euro. It is thus going for ¢13.70 to the pound and ¢12 to the euro.
Some forex operators who spoke to Joy Business on condition of anonymity said they do not know when the rate of depreciation of the cedi will slow down.
To them, the amount of dollars in circulation is inadequate, fuelling the growing demand for the dollars.
Director of Research at the Institute of Economic Affairs and a former member of the Monetary Policy Committee, Dr John Kwakye in a tweet urged President Akufo-Addoto summon the Economic Management Team to address the current economic crisis and reassure Ghanaians.
Cedi lost 9% value to dollar in only a week
The Ghana cedi lost 9.03% in value to the US dollar last week (October 10-October 14, 2022).
This came after the investment market reacted to the September 2022 inflation (37.2%).
The cedi also lost 5.15% and 6.87% in value to the pound and the euro respectively.
1 dollar now goes for ¢12.45
The cedi sold at ¢12.45 to the US dollar at the forex bureaus or the retail market on Monday October 17, 2022.
This translated into 2.8% depreciation of the local currency to the world’s most powerful currency, just in a single day. It has since been losing value rapidly to the dollar.
At the same time, the other major foreign currencies – the pound and the euro also appreciated in value to the cedi.
Ghana’s Gross International Reserves declined to 2.9 months of import cover
The stock of Ghana’s Gross International Reserves declined to $6.6 billion, equivalent to
2.9 months of import cover for goods and services in September 2022.
This is compared with the December 2021 position of $9.7 billion, equivalent to 4.3 months of import
cover.
Net International Reserves, which excluded encumbered assets and petroleum funds, was estimated at US$2.7 billion as at September 2022.
Goalscoring hero Veronica Mapunda believes women’s football can lead the way in Tanzania after Tuesday’s 1-1 draw against Canada sealed the country’s historic place in the Under-17 Women’s World Cup quarter-finals.
Needing just a point from their final Group D match to reach the last eight, the Serengeti Girls fell behind when Canada took the lead through Amanda Allen’s 14th-minute penalty.
Yet the Tanzanians remained composed and in the 35th minute, Mapunda equalised after neat build-up to score one of the most important goals in the east African country’s history.
“At that particular moment, I felt great,” Mapunda told BBC Sport Africa.
“This is an opportunity we had been hoping for and it feels good to be part of making this dream come true.
“I am excited. I am proud of myself and my country because my goal made history.”
The result will reverberate back home as Tanzania – playing at their first World Cup at any level – leave a mark on the global stage for the first time in history.
Last year, the senior national team, invited as guests, claimed the Cosafa Women’s Championship, reflecting the growth of the women’s game in Tanzania.
Given her team’s achievements, Mapunda thinks women’s football can now incentivise the country’s men’s teams as well.
“The Under-20 team and the senior team will see this achievement as an opportunity to strive hard, but not just the female teams – the men’s that have not yet qualified for any World Cup as well,” said the Mlandizi Queens player.
Coach Bakari Shime has a similar outlook on what this maiden campaign can do for football, particularly the women’s game, in Tanzania.
“I hope this achievement will maybe stimulate women’s football in our country – it will change it a lot,” he told BBC Sport Africa.
“Every girl in Tanzania needs to play football and needs to play for the national team. I hope this a turning point in our country, and the same for (Central African region) Cecafa and Africa in general.”
Aiming high
The Serengeti Girls celebrate their qualification for the Under-17 Women’s World Cup group stage
In the quarter-finals on Saturday, Tanzania will face Colombia, who topped Group C ahead of Spain on goal difference after wins against both China and Mexico.
While coach Shime has said that the knockout phase is a “bonus” with “no pressure” for his team, Mapunda dreams of more, knowing that the winning team will meet the United States or Nigeria in the last four.
“This was the first big step for us, and we are here to listen to our coach. We are looking to go further and even [reach] the final and make the country proud.”
The Tanzanians had been underdogs coming into their first-ever global tournament, but following a 4-0 defeat against Japan, they bounced back to stun former champions France 2-1 in their second game.
Shime’s team then built on that performance to get a result against the North Americans.
“First of all, we are happy according to what our girls did in this game – they fought hard,” said Shime.
“They press high all of the time, so all of us managed to prevent them from scoring [again]. I give credit to my girls for what they did. The girls have huge determination, they follow instructions.”
The world has been watching the political and economic upheaval in the UK over the past few weeks.
The havoc caused by Prime Minister Liz Truss’s tax-cutting plan, followed by its withdrawal this week, made headlines around the globe.
Even US President Joe Biden waded in, breaking diplomatic norms in doing so.
But what impact has it really had outside the UK? BBC reporters from Berlin to Washington explain how it’s being viewed where they are and what’s changed.
Britain’s political troubles have raised eyebrows in Germany but few are shocked, says the BBC’s Jenny Hill in Berlin.
For many in Berlin, the drama in Westminster is viewed – with some sadness – as just the latest episode in the political and economic upheaval which many Germans suspected would be the inevitable consequence of Brexit.
Neither Chancellor Olaf Scholz nor his ministers have commented publicly on the mini-budget or its repercussions.
But columnists have been scathing in their assessment; the selection of Liz Truss, said one, was a “fatal choice” made by the Conservatives who ignored warnings about her policy.
Another expressed incredulity that MPs were plotting to replace the beleaguered prime minister without a general election, warning that such a “coup” risked turning Britain into a “Banana Republic”.
There was a time when some German politicians would tell me of their admiration for British politics, for the cut and thrust of a system which seemed far more exciting than the compromise-driven, coalition-based German model. It’s an opinion few hold now.
With Japan’s own currency trading at a low, Tokyo is paying attention to the British pound, writes Mariko Oi.
Japan was once known for its own revolving door of prime ministers so the current political turmoil in the UK doesn’t feel unique to many.
Some in local media have labelled her “fake Thatcher” and say she has tried to gamble with the government’s finances. Others are asking how this may affect the UK’s policy towards Asia – most notably its tough stance against China.
In the financial markets, traders have been closely paying attention to the pound as Japan’s own currency is also trading at its 32-year low.
On social media, some people have been comparing her approval rating to Japan’s Prime Minister Fumio Kishida, saying that he’s still got some room to grow, while others are amused by the British sense of humour behind the “can Liz Truss outlast a lettuce” live stream.
Posting a photo of the stream, one user wrote: “There is not enough humour in Japanese media”.
The bar that foreign news has to clear to penetrate into the American consciousness is quite high.
Special relationship notwithstanding, the British turmoil has garnered scant attention in the US, aside from a tinge of satisfaction from those travelling to the UK upon realising how much the American dollar can purchase these days.
One American who was giving Liz Truss’s predicament some consideration, however, was President Joe Biden who called her tax-cutting plan a “mistake”.
American presidents typically avoid getting too involved in the domestic disputes of other countries. This one, however, took that plunge – even if he seemed to acknowledge he shouldn’t have.
“I think that the idea of cutting taxes on the super wealthy at a time when,” he said, before cutting himself off. “Anyway, I just think – I disagreed with the policy, but that’s up to Great Britain to make that judgment, not me.”
Of course, Mr Biden has his own political challenges to face, with the midterm elections just a few weeks away, Republicans threatening to win majorities in Congress and Americans facing many of the same economic troubles currently bedevilling the British.
The focus in India is on its own economy, writes Rajini Vaidyanathan in Delhi.
News of the turmoil in the UK has barely made the front pages here in India – a sign of how officials in Delhi no longer look to Britain in the way they once did.
Seventy-five years since India gained independence, the focus is on how the economy here is growing, rather than the financial woes of its former coloniser.
The big news of Jeremy Hunt’s reversal of the tax cuts made it to page 12 and 15 in two of the country’s most read papers on the day after, though only as stories in the global sections. “PM Truss humiliated” was the headline which accompanied one of the write-ups.
That’s not to say there’s no interest in Conservative politics or politicians. When British Home Secretary Suella Braverman said Indians were the largest group who overstayed their visas, she sparked an angry reaction, as well as speculation her comments could derail a UK-India trade agreement.
And the real fascination in the summer came when Rishi Sunak entered the final phase of the Conservative leadership contest.
Many in the country wondered whether Mr Sunak – the son-in-law of Narayana Murthy, one of India’s wealthiest and best- known businessmen – would take charge at Number 10.
It didn’t happen then but could it now, ask some of the latest headlines. “Is a Rishi Sunak comeback imminent?” said one.
The commander of Russian forces in Ukraine says the situation in the southern city of Kherson is “difficult” and residents are to be evacuated.
General Sergei Surovikin said Ukrainian troops using Himars rockets were hitting the city’s infrastructure and housing. He spoke on Russian state TV.
“The Russian army will above all ensure the safe evacuation of the population” of Kherson, he said.
His rare admission of big problems was echoed by a top local official.
Russian-installed regional official Kirill Stremousov warned Kherson residents that “in the very near future” Ukrainian troops would launch an assault on the city.
“Please take my words seriously – I’m talking about evacuating as quickly as possible,” he said on the Telegram messaging service. He added that people on the River Dnieper’s west bank (called Dnipro in Ukraine) were most at risk.
This was confirmed by regional governor Vladimir Saldo, who was also appointed by Russia. Four towns on or near the west bank were to be evacuated in what he called an “organised, gradual displacement” of civilians.
Kherson was the first big city to fall to the Russians, back in February.
Ukrainian forces have been steadily retaking nearby territory for the past few weeks. They have pushed as far as 30km (19 miles) south along the Dnieper, threatening to trap Russian troops.
“As a whole the situation in the special military operation zone can be described as tense,” Gen Surovikin said.
Kherson is the only Ukrainian regional capital to have been captured by the Russians in their invasion. The Kremlin now claims Kherson and three other Ukrainian regions to be part of Russia – a claim rejected internationally.
Infrastructure damage
Gen Surovikin, who has a reputation for harsh methods, said Ukraine’s volley of rockets had damaged Kherson’s Antonivsky Bridge and the Kakhovka hydroelectric dam, blocking traffic along those key arteries.
That had created supply problems for essential services, namely food deliveries, water and electricity, he said.
Vladimir Saldo accused Ukrainian forces of building up for a large-scale offensive and planning to destroy the Kakhovka dam, flooding the area.
There is no evidence of that and the BBC has been unable to verify the level of hardship in Kherson.
The general also said the Ukrainians were launching constant attacks across a wide front – in the areas of Kupiansk and Lyman in the east and, in the south, on the Mykolaiv-Krivyi Rih front.
Mr Saldo said on Wednesday that the evacuation would involve some 50-60,000 civilians over a six-day period, Tass news agency reported. If Russia forces people to leave their homes it could constitute a war crime, under the UN’s definition.
Image source, AFP/ Image caption, Kherson is a major economic hub, with port facilities and various industries
In March, Ukraine said Russia illegally deported thousands of people to its territory from Mariupol, a city devastated by Russian shelling.
Under its definition of war crimes the UN includes: “The transfer, directly or indirectly, by the occupying power of parts of its own civilian population into the territory it occupies, or the deportation or transfer of all or parts of the population of the occupied territory”.
The Russian State Duma – the lower house of parliament – discussed plans on Tuesday for transferring Kherson residents to Russia. Deputy Prime Minister Marat Khusnullin said they would be offered new homes anywhere in Russia, and the government would provide financial assistance.
According to Russia’s Vremya TV news, each family member will get 100,000 roubles (£1,433; $1,626) to replace household goods they were forced to abandon.
Kherson’s pre-war population was nearly 300,000, but Ukrainian officials estimate that about half that number have fled the city.
Gen Surovikin is the new commander of Russia’s war in Ukraine – what the Kremlin calls a “special military operation”.
He is nicknamed General Armageddon and is a veteran of Russia’s wars. In Syria he oversaw Russian bombing raids that killed many civilians. He has also commanded troops accused of human rights abuses in Chechnya.
Gen Surovikin was speaking on a day of further Russian drone and missile strikes on Kyiv and other Ukrainian cities, many of them targeting Ukraine’s electricity supply. Parts of Kyiv now have no power or running water.
Ukraine’s President Volodymyr Zelensky said that 30% of his country’s power stations had been destroyed in the past eight days.
Supreme Court judge nominee, Justice Barbara Frances Ackah-Yensu, has acknowledged that some Ghanaians have lost trust in the country’s justice delivery system.
Speaking during her vetting at Parliament on Tuesday, October 18, Justice Ackah-Yensu, who is currently an Appeals Court judge, however, noted that, the situation is not as bad as some persons are asserting.
The Supreme Court judge nominee made these remarks while answering a question on ex-President John Dramani Mahama’s view that Ghanaians have lost trust in the judiciary.
Ex-President Mahama, at a forum held for lawyers of the National Democratic Congress on August 28, lamented that the judiciary has a ‘broken image under the leadership of the current Chief Justice.
He said that Ghanaians have lost trust in the judiciary, owing to some of its unanimous decisions, a situation he explains as dangerous to the country’s democracy.
He stated that it would only take a new Chief Justice to chart a path to regaining public trust in the judiciary.
“There is therefore an urgent need for the Ghanaian judiciary to work to win the trust and confidence of the citizenry and erase the widely held perception of hostility and political bias in legal proceedings at the highest courts of the land.
“Unfortunately, we have no hope that the current leadership of our judiciary can lead such a process of change. We can only hope that a new Chief Justice will lead a process to repair the broken image that our judiciary has acquired over the last few years,” Mahama said.
But, Justice Barbara Frances Ackah-Yensu intimates that the former president’s view is wrong.
“I am aware of some loss in trust and confidence but from where I am sitting as a judicial officer, I can confidently say that it is not true, with all due respect, that generally, the populace is losing trust,” she said.
Two people are in critical condition following an alleged clash between illegal minersand a security team manning the concession of Anglogold Ashanti in the Obuasi East district.
A leader of the Obuasi Small Scale Miners, Nana Anima Awere II, who is also the Dunkwa Nfuom Adontenhene, says the clash follows the quest for the release of some illegal miners who got trapped sneaking into AGA’s mining site and got trapped.
Adom News correspondent, Isaac Normanyo, reports that the miners were said to have been trapped after sneaking into an underground through an entry called ‘Cut door’ or ‘Ramp’.
According to sources, the leadership of the Obuasi small-scale miners attempted to intervene through a dialogue with AGA for the release of those that were trapped.
Nana Anima Awere, however, says a violent confrontation ensued when some galamseyers who were not part of the entourage arrived and shot at one of the AGA’s water tankers.
He says three galamseyerswere shot in the process. Nana Anima Awere added that two of them are in critical condition at Komfo Anokye Teaching Hospital (KATH).
Both of them were shot in the abdomen while the other sustained gun wounds in the leg.
Meanwhile, the Kyeamehene of Ahansonyewodea, Nana Kofi Badu, has called for calm.
He says the traditional authority is working to ensure the restoration of law and order.
A flagship UN poverty study released on Monday, the International Day for the Eradication of Poverty, finds that significant poverty reduction is possible, and new ways of calculating the problem can help humanitarians and governments better target aid.
The Multidimensional Poverty Index (MPI), a joint analysis from the UN Development Programme (UNDP) and the Oxford Poverty and Human Development Initiative (OPHI) at the University of Oxford, goes beyond measuring poverty as a measurement of poverty, and looks at other indicators, from access to education and health, to living standards such as housing, drinking water, sanitation and electricity.
Using this way of calculating the issue, the study shows that, even before the COVID-19 pandemic and the current cost-of-living crisis are accounted for, some 1.2 billion people in 111 developing countries are living in acute multidimensional poverty – nearly double the number who are seen as poor when poverty is defined as living on less than $1.90 per day.
Joined up thinking
Because there are different aspects of poverty in different regions, the study calls for the development of strategies that tackle the issue to be tailored to specific countries and regions.
It also identifies recurring patterns of poverty (“deprivation bundles”), that commonly affect those at risk. For example, more than half of those living in poverty lack both electricity and clean cooking fuel, whilst a third are deprived of nutrition, cooking fuel, sanitation and housing at the same time.
The experience of families in Lao PDR, for example, shows the interconnected nature of living in poverty, and the complexity of reducing it.
Children are sent to collect firewood because of a lack of cooking fuel, so they can’t go to school. Simply providing funds to build a school would, therefore, make no sense, without first fixing the fuel problem.
Historic improvement
Despite the scale of the challenge, significant improvements have been made in reducing poverty.
In India, some 415 million people left multidimensional poverty in a 15-year period – a historic change – and data gathered before the COVID-19 pandemic show that 72 countries had significantly reduced poverty over recent years.
The report showcases success stories from countries that have used integrated poverty reduction strategies: Nepal’s investment in sanitation, for example, has improved access to drinking water, child nutrition, and, through a reduction in diarrhoea and child mortality.
Reacting to the findings, Achim Steiner, the head of UNDP, said that, at a time when government budgets are being squeezed, cutting-edge data and analytics can pinpoint the areas where spending will have the most impact.
For example, the report shows, he said, “that decarbonization and expanding access to clean energies will advance climate action, and is also critical for nearly 600 million multidimensionally poor people who still lack access to electricity and clean cooking fuel.”
The study, he continued, will be “vital to inform UNDP’s efforts across the globe as we work with our partners from the United Nations and beyond to reach our bold objective of helping lift 100 million people out of multidimensional poverty by the year 2025”.
In India, five out of six people in multidimensional poverty were from lower tribes or castes.
‘The world is moving backwards: UN chief
In his message marking the Day, the UN Secretary-General, António Guterres, warned that the goal of eradicating poverty is being undermined, and “the world is moving backwards”.
The UN chief declared that the COVID-19 pandemic set back more than four years of progress, and also cited widening inequality, the “gathering shadow” of a global recession, and the climate crisis as reasons for the faltering efforts.
Mr. Guterres said that the theme for this year’s Day – “Dignity for all in practice” – must be a rallying cry for urgent global action, to finally “consign poverty to the pages of history”.
A breast cancer survivor has shared the challenges she suffered to treat the disease.
Eugenia Asare recounted in an interview on Prime Morning that she was compelled to beg her fellow church members and schoolmates to raise enough funds to cater for the hospital charges.
“It got to a time there was no money. I went to some of the NPP and NDC individuals to beg. I went to individuals… I begged them,” she said.
She was required to raise an amount of ¢3,000 to cover her medical billsfor each of the treatment sections.
The stage two breast cancer survivor, who is also a caterer, shared that she was being stigmatised by friends and some colleagues at work.
She disclosed how her mother supported her spiritually even though she was not financially strong enough to pay the bills.
“My sister has been so helpful. My mother, my prayer warrior, I don’t pray when I’m sleeping because I’m always in pain. So I only tell God to listen to my mother’s prayer before I sleep.
“Please, all those who have grudges with their families should go and make amends because without family and money, and you’re sick at the hospital, you’ll die,” she urged.
Eugenia Asare has lost hope of getting married and giving birth because “I feel uncomfortable to naked myself in front of a man.”
Being the most common cancer across the world, breast cancer is becoming a great public health challenge among women in Ghana, with about 2,900 incident cases occurring annually, and one-eighth of them dying from it.
The President during a tour of the Ashanti Region lauded the roads minister, Kwasi Amoako Atta, saying the work rate and kilometers of roads constructed showed Amoako-Atta has no rival in the road sector.
“I do not think there is a minister who has a record like Kwasi Amoako Atta. There is nobody,” the President boasted.
President Akufo-Addo placed Amoako-Atta above the likes of Richard Anane, Joe Gidisu, Inusah Fuseini among others.
Mr. Amoako-Atta is who is a cousin of President Akufo-Addo during the tour joined the President to inaugurate the proposed 4-tier Suame Interchange which include 4 different overpasses at Abrepo, Suame, Maakro area and Krofrom as part of a US$750Million facility from the Afreximbank.
In the Ashanti region alone, Akufo-Addo explained that his government has completed 86 road projects covering 1,850 kilometres while 310 projects have been also been awarded on contract and currently being executed.
The president acknowledged that owing to Ghana’s budget constraints, all roads cannot be worked on simultaneously but gradually, a lot of roads will be covered in due course.
After praising his road minister, the President took a dig at his archrival former President John Mahama describing him and untruthful.
“When I took over the reins of government from John Mahama, he made an assertion that infrastructure development in his time was unprecedented. Soon after I took over, I embarked on a national tour and everywhere I went, Ghanaians told me of the bad nature of their roads. So it became obvious to me that the unprecedented infrastructure assertions by John Mahama were untrue”, the president stated.
Nigeria football legend, Jay-Jay Okocha has insisted that all the five African representatives at the 2022 World Cup in Qatar will fail at the tournament.
Ghana, Senegal, Morocco, Tunisia, and Cameroon will represent Africa at the 22nd edition of the global showpiece in Qatar.
Africa’s best achievement in the history of the World Cup has been at the quarter-finals where only three countries Cameroon, Senegal, and Ghana chalked the feat in 1990, 2002, and 2010 respectively.
The continent aims at breaking the jinx at next month’s World Cup by reaching the semi-finals but Nigeria’s great Okocha thinks otherwise.
“It is the first time I’m not confident about Africa’s chances in the World Cup,” Jay Jay Okocha said as quoted by Cartonsport.com
“If you look at Asia and North America, they seem stronger and more advanced than us. We were already 50 paces behind South America and Europe, and now North America and Asia seem to be ahead of us.
“We have hopes in Senegal and Morocco, they seem the strongest. Tunisia, Ghana, and Cameroon seem to be stepping stone for other teams to reach the knockout stages.
Okocha made an appearance at the World Cup three times with Nigeria in 1994, 1998, and 2002 editions.
Ghana, who make a return to the tournament after missing out on the 2018 edition in Russia take on Portugal in their opening game in Group H on November 24.
The Black Stars will then play South Korea and Uruguay on November 28 and December 2 respectively in the other group games.
The Mundial has been scheduled to kick off from November 20 to December 18.
Plastics are used extensively in agriculture, from plastic-coated seeds to protective wraps used to modify soil temperature and prevent weed growth over crops.
These synthetic materials also added intentionally to biosolid fertilizer, which is spread on fields, and are used in irrigation tubes, sacks and bottles.
Plastic covered seedlings.
Biodiversity, health impacts
While all these products have helped increase crop yields, there is growing evidence that degraded plastics are contaminating the soil and impacting biodiversity and soil health, the report warns.
Moreover, microplastics, such as the one used in some fertilizers, are also impacting human health when transferred to people through the food chain.
“There is only a finite amount of agricultural land available,” said report’s co-author Professor Elaine Baker from the University of Sydney. “We are starting to understand that the build-up of plastic can have wide-ranging impacts on soil health, biodiversity and productivity, all of which are vital for food security”.
Microplastics come in a large variety of sizes, colours and chemical compositions, and include fibres, fragments, pellets, flakes, sheets or foams.
Everything’s affected by plastic
UNEP’s experts explain that over time, big pieces of plastic can break into shards less than 5 mm long and seep into the soil.
These microplastics can change the physical structure of the earth underfoot and limit its capacity to hold water. They also can affect plants by reducing root growth and nutrient uptake.
Currently the single-biggest source of microplastic pollution in soil, is fertilizers produced from organic matter such as manure.
Although these can be cheaper and better for the environment that manufactured fertilizers, the manure is mixed with the same plastic microspheres that are known to be commonly used in certain soaps, shampoos, and makeup products.
While some countries have banned these microspheres, other microplastics continue to enter our water systems via discarded cigarette filters, tire components, and synthetic clothing fibres.
A girl runs through deserted farmland in Mynmar’s Sagaing region.
What to do?
The report highlights that progress is being made to improve the biodegradability of polymers used in agricultural products.
However, some protective films – used to prevent moisture loss – are now being marketed as fully biodegradable and compostable, which is not always the case.
Bio-based polymers are not necessarily biodegradable, some may be as toxic as fossil fuel-based polymers, and their price is still an issue.
A solution proposed by the report authors are the so-called ‘cover crops’, which shield the soil and are not meant to be harvested.
These nature-based solutions can suppress weeds, counter soil diseases and improve soil fertility, but there are concerns they could reduce yields and increase costs, UNEP warns.
“None of these solutions are a magic bullet. Plastic is inexpensive and easy to work with, which makes trying to introduce alternatives a hard sell”, Ms. Baker explained.
However, the expert recommends governments to disincentivize” the use of agricultural plastics, following the path of the European Union, which earlier this year restricted certain types of polymers from being used in fertilizer.
“Now is the time to adopt the precautionary principle and develop targeted solutions for stopping the flow of plastic from the source and into the environment”, the Australian scientist underscored.
Hundreds of buildings within the Sakumo Ramsar Site in Tema will go down today in a demolition exercise meant to free the site of encroachment.
The exercise will be carried out by the National Security, in collaboration with the Ministry of Lands and Natural Resources and the Greater Accra Regional Security Council (REGSEC), within the buffer zone of the Ramsar site, in accordance with Section 97 of the Local Governance Act, 2016 (Act 936).
Section 97 of Act 936 empowers the local assembly to ensure enforcement against unauthorised development of community right of space.
The Greater Accra Regional Minister, Henry Quartey, who made this known yesterday[October 18, 2022], said the demolition exercise was part of an ongoing exercise to reclaim encroached state lands and also protect Ramsar sites from destruction.
He said the illegal occupants of the Ramsar site had been given more than 70 days’ notice but they remained recalcitrant, so the only way out was to pull down the structures.
“Anytime we speak, they go ahead and build with impunity, and that cannot continue. We are going all out to ensure that buildings that are sited in the core part of the Ramsar site are removed,” he stressed.
Crunch meeting
He said this at a crunch stakeholders’ meeting ahead of the demolition exercise. The meeting was meant to court the support of traditional authorities from the Tema and the Nungua Traditional councils for the exercise.
The Deputy Minister of Lands and Natural Resources in charge of Forestry, Benito Owusu-Bio, was at the meeting, which was also attended by officials from the metropolitan, municipal and district assemblies (MMDAs) within the Tema enclave, officials of the Tema Development Corporation (TDC), as well as the Greater Accra REGSEC and the Tema West Municipal Security Council (MUSEC).
No permits granted
Officials of the TDC, led by its Chief Executive Officer (CEO), Abena Ofori-Atta, said the corporation had not given out any land within the Ramsar site to anyone to build.
Similarly, officials of the Tema West Municipal Assembly denied ever issuing building permits to anyone to put up structures within the site.
The traditional authorities also said they had not signed any land documents for anyone in respect of the area.
Investigations
Against that backdrop, Mr Quartey asked the National Investigations Bureau (NIB) and the Ghana Police Service to carry out full-scale investigations into all permits that had been issued for the development of properties within the Ramsar site.
Working with a three-week ultimatum, the security agencies are required to ascertain the complicity or otherwise of the Forestry Commission, the TDC and the Tema West Municipal Assembly in the issuance of permits for such developments.
“If there has to be forensic investigations to ascertain the authenticity of the documents that people claim to have from the TDC, the TMA and the Forestry Commission, it must be done. Anyone found culpable in this matter will be sent to court and made to face the law,” he stressed.
Value of ramsar sites
For his part, Mr Owusu-Bio said Ramsar sites played a crucial role as internationally recognised habitats for migratory birds and also helped to collect rainwater to prevent flooding.
He said it was important to demolish the unauthorised buildings because the country had signed the Ramsar Convention, making it mandatory to protect all Ramsar sites from destruction.
“We do not want what happened at Weija, where flooding destroyed a lot of properties, to happen here. We have engaged the people enough, so we can no longer allow the encroachment to continue,” he said.
Mr Owusu-Bio said after the demolition exercise, a stakeholders’ engagement would be carried out again on how to regularise portions of lands that were outside the buffer zone.
Chief’s support
The Nungua Mantse, Prof. Nii Odai Wolentsi III, said the chiefs within the Tema enclave were in full support of the government’s efforts to protect the Ramsar site.
He said to the extent that the land would be protected to serve the purpose for which the government acquired it, the chiefs had nothing to worry about.
“If the land will be used as a Ramsar site, we have no problem; but if it is used for any other purpose, we will negotiate for it,” he said.
Background
A Ramsar site is a wetland site designated to be of international importance under the Ramsar Convention.
It provides for national action and international cooperation regarding the conservation of wetlands and wise sustainable use of their resources.
The government recently declared five coastal wetlands as Ramsar sites — Muni-Pomadze, Densu Delta, Sakumo, Songor and Keta — with a total area of 176,134 hectares.
The Sakumo Ramsar site, also known as the Sakumo Lagoon, is a wetland of international importance.
It is the only wetland meant to protect Sakumono, Tema and their environs against flooding and pollution.
Situated along the coastal road between Accra and Tema in the Greater Accra Region, it covers an area of 1,364 hectares (3,500 acres).
The site also covers part of Tema communities Three, Five, Six, 11 and 12 through to the Sakumono village, Old Lashibi and Klagon.
The site is also the relaxation and feeding ground for over 70 waterbrain species and also serves as breeding ground for about three marine turtle species.
The Ramsar site, which used to be a habitat for fishes and other water creatures and a stopover for migrating birds, has been massively encroached upon by individuals and estate developers.
Micro, small, and medium enterprises (MSMEs) could save close to half of their utility costs if they use energy-efficient appliances, according to an audit commissioned by the United Nations Development Programme (UNDP).
This was revealed during a presentation on the key findings of the audit at a training for MSMEs on energy and resource efficiency across six districts in Ghana. The audit approach involved a walk-through and patterns analyses of utility usage and waste generation by 15 selected businesses including manufacturing MSMEs and hotels across six selected districts.
The recommendations for the MSMEs include the need to install photo sensors to control compound lights, as almost all facilities audited have manually operated compound or outside lights which are kept on for several hours. Use of efficient water closet (WC) systems will also help the MSMEs reduce water utility costs.
For instance, the audit recommendations suggest the use of a WC system with at least six cisterns capacity. This is because, it was noted that most of the facilities use high water volume WC systems with high litre cistern capacities ranging from 22, 18, 16 to 12.
The energy and resource efficiency training falls under UNDP’s inclusive integrated MSMEs support programme for six districts, seeking to support the Government of Ghana’s Covid-19 recovery efforts. The programme, which is building on previous MSMEs interventions in the districts, is providing support in three specific areas. These involve business development services including good corporate governance, mentorship, and access to finance; increased citizens’ engagements to prevent radicalization; and the energy and resource efficiency capacity enhancement.
Speaking at the energy and resource efficiency training, Head of Environment and Climate at UNDP, Stephen Kansuk emphasised the importance of the integrated MSMEs support programme.
“The interventions are expected to facilitate skills upgrading, encourage innovation and targeted investments to create jobs, decent employment, and income. This is to unleash the potential of women and youth-led MSMEs to drive a sustained economic recovery that is greener and more inclusive”, noted Mr. Kansuk.
Mr Oscar Amonoo-Neizer, the Executive Secretary of the Energy Commission of Ghana encouraged MSMEs to ensure the prudent use of energy and resources in their establishments. He urged them to serve as energy and resource managers to conduct walk-through energy and resource audits on regular basis to conserve energy and save costs.
“Most small businesses and hotels for example spend about 60-70 percent of their operating costs on energy and resources. They need to adopt best energy and resource use practices to reduce costs, increase revenue generation, and the capacity to withstand future challenges,” he noted.
About 600 participants are benefiting from the energy and resource efficiency training. These are selected from the six targeted districts including Kumasi Metropolitan Assembly, Ketu South Municipal Assembly, Sefwi Wiawso Municipal Assembly, Jomoro Municipal Assembly, Sagnarigu District Assembly and Kassena–Nankana West District Assembly. The training is also being supported by the Environmental Protection Agency (EPA) in Ghana.
“I didn’t know that I can reduce the amount of energy I use in my business but now I know. I will invest in energy-efficient appliances that will help me minimize my production cost”, noted Voicelyn Deladem Quao, CEO of Refined Reveal Enterprise, producers of cosmetic products in the Volta Region.
