According to myjoyonline.com, the World Bank’s October 2022 Africa Pulse Report shows that food prices have increased by 122% since January 2022.
In Ghana, food prices have increased quite quickly this year, exceeding the “inflation ceiling of the central bank goal bands for all nations with an explicit nominal anchor,” according to the research.
Food, transportation, and fuel have a significant impact on inflation in Ghana.
According to the Ghana Statistical Service, the country’s current inflation rate stands at an all-time high of 33.9% as of August 2022.
Food inflation alone was 34.4%, higher than the national average.
The drivers of food inflation in Ghana are Oils and Fats (67%); Fish and Other Seafood (42.9%); Water (42%); Cereal products (40%); Milk, Diary Products, and Eggs (39.7%), Fruits and Vegetable Juices (37.7%) and Live Animals and Meat (34.5%). All of the items recorded inflation rates higher than the national average of 33.9%.
Meanwhile, Senegal followed Ghana closely with food price increases of 110%.
Uganda is 2nd with a 107% increase in food prices.
Ranking of Sub-Saharan African countries with the highest price increases in 2022
COUNTRY FOOD PRICE INCREASE (%) RANKING
Ghana 122 1st
Senegal 110 2nd
Uganda 107 3rd
Nigeria 106.5 4th
Kenya 104 5th
South Africa 102 6th
Angola 101.5 7th
Mozambique 101 8th
Zambia 100.5 9th
Congo 100 10th
This occurs following the December 2021 expiration of the transition period for the Minerals and Mining – Local Content and Local Participation Regulations, 2020 (L.I. 2431).
According to this rule, mining companies must list at least 20% of their equity on the Ghana Stock Exchange as part of the localization programs (GSE).
This will happen in accordance with the rules five years after mining operations start.
The Chief Executive Officer (CEO) of the Minerals Commission, Martin Kwaku Ayisi, in a discussion on minerals in the country organised by the Ghana Extractive Industries Transparency Initiative (GHEITI) said the regulator will rigorously implement the local content law to ensure more Ghanaian participation, accordingly retaining value in the country.
“The local content law came into force in December 2020. There was a one-year transition period that ended in December 2021. Now Asante Gold has gone ahead of the curve by listing on the market. The law requires that at least a minimum 20 percent of their equity should be listed on the local stock exchange.
“So, we are going to force all of them to list on the stock market,” the CEO said.
The regulator mentioned that, currently, there are engagements regarding a mining licence for lithium – in which it keenly intends to ensure the localisation programme is adhered to according to the new law.
The regulations say that the minister shall, on recommendation of the Commission and in consultation with the Securities and Exchange Commission (SEC), determine the limits of local equity for capital expenditure when listing on the Accra bourse.
The regulations further state that the holder of a mineral right whose planned capital expenditure exceeds the limits determined under sub-regulation (1) shall list at least twenty percent of that holder’s equity on the GSE within five years after commencement of mining operations.
Currently, there are two mining stocks listed – AngloGold Ashanti Ltd. and Asante Gold Corporation – on the local stock market, whereas NewGold is listed as an Exchange Traded Fund (ETF). Also listed are the Depository Shares of AngloGold Ashanti. In total, this makes up GH¢19.11billion in market capitalisation; about 30 percent of the entire market.
The last company from the sector to be listed on the market was Canadian exploration firm Asante Gold Corporation, which at the end of June this year listed 315 million shares on the main board of the Exchange worth GH¢2.79billion.
In July 2022, Asante Gold Corporation (ASG) completed the first US$100million tranche of a US$140million financing package from strategic financial institutions in Ghana. The initial drawdown of US$100million will be used to cover local operating costs and the company’s near-term broader funding and strategic objectives.
ASG is also in advanced discussions on additional senior secured debt facilities to provide for ongoing sustaining capital, it emerged.
In Ghana’s capital, Ameradohad no room to lay his head until he decided to live with his friend at Pokuase. Life was so hard he had to temporarily abandoned his dream of doing music and left Ghana for the UK in October 2019 where he lived with his auntie.
“It got to a point I didn’t know where my next meal was going to come from. That time, I was very devastated; I almost run into depression. It was very bad,” the musician shared his experience on The Delay Show aired on October 9, 2022.
While in the UK, he contemplated on whether to return to Ghana or stay and make ends meet and eventually settled on the latter in January 2020. Upon his return, he used the little amount of money he had on him to pay his sister’s school fees, bought stuff to put his room in shape, gifted his mother and friend some amount and used the remaining for his upkeep.
At a point, Amerado had no penny on him.
“I became broke,” he said. “If I’d get money for food unless I engaged in sports betting. I discovered casino. I could have 50 pesewas or GHC1 on me and decide to go spin. If I lose, I call my friend for money for survival; if I win, I used the money to buy rice and cook.”
According to Amerado, his producer Azee and Kwao, “got pissed” at a point because he had abandoned music.
“They had to come to Accra without telling me. They asked if I really want to do music because I’ve promised myself that’s the only thing I want to do so why is it that suddenly I don’t even go to the studio to record?
“My motivation to go back and record was my mother and the fanbase I built before leaving Ghana. They were giving me pressure and I couldn’t waste Azee and Kwao’s time for all the years they had been with me,” Amerado said.
After that encounter with Azee and Kwao came Zico, manager of Amerado who assisted the rapper to create ‘Yeete Nsem’, a weekly rap series that touched on trending issues.
This catapulted Amerado to fame as people showed interest in his craft. The rapper has since become a household name, won awards, released an EP and is set to release an album ‘GINA’.
The musician is thankful he is now financially independent.
“God has been wonderful. So far, I can’t complain. I never imagined myself being this boy Amerado who a couple of years ago nearly gave up on my craft. I’m grateful to God,” he said.
Dr. Joseph Obeng, president of the Ghana Union of Traders Association (GUTA), has backed the business owners who have shut their doors in protest against the government in the Ashanti regional capital.
He believed that the Kumasi traders’ current protest was long overdue.
He said that because traders have been experiencing frustration for several months, expressing their displeasure now demonstrates that they require solutions from the government for how to best address the economic situation.
The GUTA President disclosed that other sectors in the trading community will in the coming days join in the demonstration.
Speaking on the demonstration in an interview with GhanaWeb, Dr Joseph Obeng said, “It is well deserved because it is long overdue. You know we were about to embark on a demonstration where the council of state intervened…I told you people were managing frustration but now, frustration is turning into anger. People can no longer wait for excuses apart from solutions to the problems and this is exactly what our people are demanding.”
“They are not the only people. All our members from all sectors are agitating and most of them will follow through with what have started in Kumasi. For now, they told me it [the demonstration] will be three days. They have their legitimate concerns; the exchange rate, VAT issues, interest rate, inflation…all these are the indicators that are hovering negative and these are all affecting us,” he told GhanaWeb’s Ernestina Serwaa Asante.
“We believe government can think outside the box and find some pragmatic solutions to this. It seems nothing is being done about it and the problems are getting out of hand by the day,” Dr Obeng averred.
Some traders in the Ashanti regional capital, Kumasi on Monday, October 10, 2022 locked up their shops in protest of the free fall of the local currency – Cedi, high cost of doing business, collection of exorbitant taxes by government, among others.
According to the traders within the central business district, the demonstration will last for three days.
They explained that the protest also aims at kicking against the decision by the Ghana Revenue Authority (GRA) to station their officers at each shop to record Value Added Tax (VAT) on products they sell.
Barely four months after actor, Don Little warned Nana Agradaa’s church members and the general public about what he said was her new scheme targeted at scamming believers who had fallen victim to her born-again claim, the Ghana Police Service has arrested the preacher for allegedly defrauding some members of the public.
The actor in an interview on Adepa TV predicted doom for members of Mama Pat’s church and reminded them of her schemes that supposedly defrauded persons who visited her shrine.
“She has carried ‘sika gari’, her money doubling scheme to the church. She tells her members to bring money so she can double it for them. Imagine the amount of cash she will get when 10 members bring 300 each, she will just go and invest it.
“Evangelist Mama Pat, let us understand that you are running a savings and loans company. A thief who has deceived people into believing she is a pastor is still a thief and will keep stealing from people. The authorities should have left her in the shrine. They shouldn’t have touched her and told her ‘oh do you work’. If we get three of her personalities in Ghana, I swear they will even rob Trump,” Little said in Twi.
On Sunday, October 9, the Ghana Police in a social media statement announced that the former fetish priestess now known as Evangelist Mama Pat had been arrested adding that she will be assisting with the investigations.
This comes in after some individuals called her out for failing to ‘double’ monies they had given to her.
In a viral video, Mama Pat was captured flaunting huge sums of cedis. She announced that she was going to distribute it to persons who will attend her All Night Service on October 7.
She, however, failed to fulfil her side of the bargain after several persons failed to receive their money claiming she has once again defrauded the public.
Reacting to the latest development, social media users have reshared a video where Don Little warned the general public of Mama Pat’s dubious schemes.
Don Little is among the many who claim that Nana Agradaa is pretending to be born again. Many have also punched holes in Agradaa’s purported call into Ministry by God and her immediate establishment of a church which followed just a few months after accepting Christ.
Some Ghanaians were unaware that the Ghana Cedi had now reached the GH11 mark to the US$1 mark when they awoke on Monday, October 10, 2022, to read the news or conduct business.
The unexpected turn of events occurs at a time when practically all economic indices in Ghana are ringing alarm bells, prompting Ghana to request financial assistance from the International Monetary Fund.
The sustained depreciation of the cedi versus the US dollar has left the typical Ghanaian struggling to make ends meet while others appear to be in a panicked state due to the country’s ‘falling’ economy.
In plain terms, the cedi’s performance has culminated in rising inflation figures, huge debt costs, credit rating downgrades, policy rate hikes, increasing cost of living, and a general atmosphere of frustration among the average Ghanaian.
This has placed the cedi in a perilous position after it has been ranked as the second worst-performing currency among 150 currencies in the world, according to Bloomberg.
GhanaWeb Business in this article takes a look at the trend of the cedi’s performance against the US Dollar.
Why the cedi is on a free fall
At the beginning of January 2022, the cedi was trading at a rate of GH¢5.9 to the US dollar, according to data from the Bank of Ghana.
But it shortly depreciated to GH¢6.02 at the inter-bank level, indicating a depreciation of nearly 12 percent – a signal which sparked the current performance of the cedi.
The government, in presenting its 2022 budget, had hoped to pass a number of key policies to boost the country’s domestic revenue but that hit a snag as debate over the passage of the E-Levy rocked parliament.
This then sent wrong signals to investors in both domestic and international markets.
Also, demand for forex had overtaken supplies during a period when high debts and low investor confidence made it impossible for Ghana to access the international capital market for borrowing.
Cedi breaks the 8 in March 2022
In March 2022, the Ghana Cedi continued its free fall against the US dollar, crossing the GH¢8 mark and selling at GH¢8.12 as of the 15th of the month.
The local currency at the time was trading against the dollar at a buying price of GH¢7.94, while the British pound was selling at GH¢10.17 and buying at GH¢10.17.
The currency however still went on a free fall despite witnessing some marginal appreciation.
Cedi hits the 10 mark in September
Although the government began to adopt certain measures in hopes of containing the cedi’s depreciation, the local currency’s woes continued as it reached the GH¢10 to $1 mark in September.
This signaled more concerns over the government’s ability to fully address the development, despite adopting a Special Foreign exchange auction for bulk distribution companies and a Gold Purchase Programme.
As of Monday, September 5, 2022, some forex bureaus in Accra were selling $1 for GH¢10.12 and buying it at GH¢9.90.
And as of September 27, the Minister of Finance, Ken Ofori-Atta, said the cedi had lost its value by about 31.7 percent to the US dollar.
The local currency was selling at around GH¢10.50 to the US dollar on the retail market and forex bureaus.
Cedi reaches unprecedented GH¢11 mark in October
Despite the assurance from the government that measures were being adopted to address the cedi’s performance, the dollar hit the unprecedented GH¢11 to $1 mark at some forex bureaus in the country.
As of October 8, 2022, checks by GhanaWeb Business showed that the cedi was selling at GH¢11.2 to $1 dollar. This has now renewed further concerns over the demand and supply of US dollars which now seems to be scarce in circulation.
While Ghana waits to access an IMF-supported programme in 2023 amid ongoing negotations, recent downgrades of the country’s creditworthiness by international rating agencies: Moody’s, Fitch, Standard and Poors’, all paint a rather gloomy picture of the economy.
The Central Bank on October 7 announced a further hike in the monetary policy rate by 250 basis points to 24.5 percent from an earlier 22 percent to stem inflation pressures.
But the Governor of the Bank, Dr. Ernest Addison, is convinced that the outlook of the Ghana cedi will improve, aided by the recent disbursement of a $750 million loan facility from Afreximbank.
He added that the signing of the $1.13 billion COCOBOD syndicated loan and an agreement with gold and oil firms to purchase repatriated foreign exchange earnings will help stabilize the exchange rate.
Mr. Emmanuel Cherry said on the Morning Starr with Francis Abban, the Chief Executive Officer of the Chamber, that the government is destroying the few employment created in the system by failing to pay the bills that are owed to them.
“The contractor has hired artisans, suppliers, and other professionals.
Therefore, try to visualize how many jobs just one contractor has created.
Imagine how many jobs would have been lost if you decided to penalize them by not paying him.
“Today most of our frontline contractors have laid off workers. I know a contractor who has over 900 full-time employees. He has laid off over 500 and he is still going through the list to lay off more. Already we are struggling with unemployment in the country,” Mr. Cherry stated.
He continued: “Now with the contractor who has laid off 500 workers, he may not be able to pay tax for his workers. Which means the government has lost directly. You have lost a lot of revenue from there and the contractor’s withholding tax, service taxes that he is supposed to pay you will also not get it.”
Mr. Cherry added that the local banks are also suffering because contractors are unable to pay their debts owed to these banks.
“There are a lot of debt portfolios in their books. They are chasing contractors here, left right centre. What kind of business is this, is this the kind of governance we elected our leaders for? Let’s change the status quo and look at national development with a national lens,” he stated.
Ghanaian rapper, Derrick Safo Kantanka, popularly known as ‘Amerado,’ has recounted a tough moment in his life where he had to decide between his music career and relocating to the United Kingdom.
Amerado said that at a point in his music career, he wasn’t making money from his craft and it was within the same period he had an opportunity to travel to the UK for the ‘Ghana Party in a Park’ event in 2019.
Amerado said that upon arrival in the UK, he was under pressure to decide whether to come back to Ghana and pursue his ‘unfruitful’ music career, or remain in the UK and find a job to take care of her family without a valid visa.
Stuck in the dilemma, Amerado told Delay in an interview that deciding between these two crucial situations was a determiner of his fate.
“It got to a time where I didn’t know where my next meal was going to come from but I had a chance to got to UK in October 2019. I was fortunate enough that my aunt was there. I had to make a decision whether to come back to Ghana and do the music or remain in the UK. It was very tough and that was the lowest point in my life. It was a deciding moment for me because during that period I was totally devastated. I nearly run into depression. What I saw and experienced over there was very bad. I can’t say it all.
“As a young boy who travelled outside the country for tourism. After the event, my mum thinks because I’ve been able to fly, I have to stay behind and work hard over there. She said I should find a job that will enable me take care of my sister and her. With the type of visa I had, It wasn’t possible to live there for that long. I started thinking as to whether I should go back to Ghana and pursue my music which is not fetching money or find a way of staying in the UK to secure a job,” he stated.
The ‘Abotre’ hitmaker added that he was mentally affected by the entire situation to an extent that he went about the streets asking for people’s opinions.
“Sometimes when I am walking around the train stations, I communicate my thoughts to every black man. I ask the black strangers to tell me what they think,” he added.
Cyril Nii Ayitey, executive director of Yecham Property Consult, has stated that the inaugural cohort of the Green Accelerator Program would consist of about five start-up enterprises.
Cyril Ayitey, who provided updates at the Ghana Green Building Summit in Accra, said the start-ups will go through a rigorous nine-month business coaching exercise to help them scale and be ready for the market.
We are doing this via a Memorandum of Understanding with She Grows It, who is providing the coaching with sponsorship of $45,000 USD.
In order to increase capacity and give young people access to building and design tools through the EDGE app, we have also teamed with IFC to organize a Green Building Challenge, the official said.
“The most exciting aspect of this is the emerging winner from the competition will be allowed to design and construct a green building structure which will serve as model that will be open to the general public to sample the green building experience,” Mr. Ayitey added.
This, he explained, forms part of efforts to boost awareness of green building in the country and reduce the national housing deficit.
Cyril Nii Ayitey further called for the adoption of green technology in Ghana’s construction space, which he believes can be cost-effective and energy efficient.
“To have the desired impact, projects must be designed to maximize energy savings and minimize construction costs by using less energy and water.”
The annual Green Building Summit focuses on engaging stakeholders to deliberate opportunities, challenges, and solutions for Ghana’s green-built environment.
The aim of the summit is to reduce the negative impact of real estate projects on the environment whilst conserving natural resources.
5 start-ups identified to form first cohort of Green Accelerator Programme – Cyril Ayitey
Asante Kotoko have been enlivened by the return of midfielder Justice Blay from a long injury lay-off.
The 30-year-old who joined the Porcupine Warriors before the start of the second half of last season suffered a knee injury at training prior to the sides matchday 24 clash against Hearts of Oak in 2021/22 campaign.
Blay was subsequently ruled out of the season, where he underwent surgery to correct his knee injury.
But the former Medeama star has resumed training with the group. His return will be a huge boost for the reigning Ghana Premier League champions in their quest to retain the title.
He made only seven appearances in the 2021-2022 campaign for Asante Kotoko.
On October 10, 2022, some company owners in Kumasi, the capital of the Ashanti region, locked their doors in protest of the free collapse of the Cedi, the high cost of conducting business, and the government’s collection of exorbitant taxes, among other things.
The downtown business district’s vendors claim that the three-day demonstration will take place.
They clarified that the rally also seeks to condemn the Ghana Revenue Authority‘s (GRA) intention to post officers at each business to track Value Added Tax (VAT) on goods sold.
“We want the government to come and dialogue with us. The cost of doing business is high due to tax and the Cedi performance. We have been using our profit margins to pay tax which is not fair,” a trader told TV3.
Most of these traders partaking in the demonstration deal with food commodities, among others.
Music lovers have finally been blessed with the official cover of Shatta Wale’smuch anticipated ‘Gift Of God‘ album set to be released in 7 days’ time.
The album which is to be launched on Monday, October 17, will also mark the African Dancehall King’s 38th birthday celebration.
Ahead of the double celebration, Shatta on Monday dawn published the cover of the GOG album which has been widely shared across social media platforms by his teaming fans and followers.
The album cover pictures the head of Shatta Wale on a gold coin with 7 stars and ‘GIFT OF GOD’ embedded on it. The incoming project took the musician almost 3 years to produce despite several calls for its release.
Shatta also added the first track on the album titled ‘Cash Out’ to his big announcement and urged fans to be patient.
“SHATTA MOVEMENT WAY OUR WAY !!!! Just follow the Journey and let’s move together !! Less talk more work !!! #GOGALBUM22,” read his Facebook post.
On October 10, 2022, several forex bureaus in the nation are selling the currency at a rate of 11 to 1.
The cedi reached a record high of GHS/USD 4.45 this week, according to a tweet from Gabby Asare Otchere-Darko, a prominent member of the New Patriotic party, in June 2015.
While some social media users expressed disbelief over how the local currency has changed dramatically since 2015, others criticized the NPP government for running a “failed economy.”
According to the latest Bloomberg and World Bank report, the Ghana Cedi ranks as the worst-performing currency in Africa.
The World Bank report noted that: “The worst performing currencies in the region since the beginning of the year include those of Ghana (with a depreciation of 60 percent), South Sudan (50.8 percent), Sudan (28.6 percent), Malawi (25.4 percent), and CFA Franc (13.3 percent).”
You were running ur mouth as if you had an expertise in running an economy or administration. https://t.co/jwEfS5Thmi
— KWAME ???????? (@KwameNanaba) October 10, 2022
Wicked and Corrupt government.. you see how tables have turned around .. You see how you’re making Ghana look like rubbish in the sight of others .. Kill us all cos we’re tired ????????♂️????????♂️.. What did Ghanaians do to you and your president ????????♂️.. Can’t you see you’re killing us ???? ???? https://t.co/iwyJJlVYRH
— big_Shedoo (@niimants39) October 10, 2022
It just touched ghc 11.23 https://t.co/4kOACjKv2I
— ឵឵឵ ឵឵឵ Sekunde???????????????? (@Kofi_Phanteboi) October 10, 2022
The cedi touched a record high of GHS/USD 11 this week https://t.co/NcWF6LAr8k
— Kwame Kyei Baffour (@kwamekyeibafour) October 10, 2022
Dr. Joseph Obeng, president of the Ghana Union of Traders Association (GUTA), has backed the business owners who have shut their doors in protest against the government in the Ashanti regional capital.
He believed that the Kumasi traders’ current protest was long overdue.
He said that because traders have been experiencing frustration for several months, expressing their displeasure now demonstrates that they require solutions from the government for how to best address the economic situation.
The GUTA President disclosed that other sectors in the trading community will in the coming days join in the demonstration.
Speaking on the demonstration in an interview with GhanaWeb, Dr Joseph Obeng said, “It is well deserved because it is long overdue. You know we were about to embark on a demonstration where the council of state intervened…I told you people were managing frustration but now, frustration is turning into anger. People can no longer wait for excuses apart from solutions to the problems and this is exactly what our people are demanding.”
“They are not the only people. All our members from all sectors are agitating and most of them will follow through with what have started in Kumasi. For now, they told me it [the demonstration] will be three days. They have their legitimate concerns; the exchange rate, VAT issues, interest rate, inflation…all these are the indicators that are hovering negative and these are all affecting us,” he told GhanaWeb’s Ernestina Serwaa Asante.
“We believe government can think outside the box and find some pragmatic solutions to this. It seems nothing is being done about it and the problems are getting out of hand by the day,” Dr Obeng averred.
Some traders in the Ashanti regional capital, Kumasi on Monday, October 10, 2022 locked up their shops in protest of the free fall of the local currency – Cedi, high cost of doing business, collection of exorbitant taxes by government, among others.
According to the traders within the central business district, the demonstration will last for three days.
They explained that the protest also aims at kicking against the decision by the Ghana Revenue Authority (GRA) to station their officers at each shop to record Value Added Tax (VAT) on products they sell.
A victim of Nana Agradaa’s Heavenway Champion International Ministry at Weija, a suburb of Accra in a 3news report indicated that she travelled from the Northern region to the Greater Accra region just to seek the blessings of the former fetish priestess.
The report further stated that the victim whose account was captured in a viral social media video said she was assured of a financial breakthrough in an advert carried out by Nana Agradaa’s ‘Thunder TV’ hence, her decision to give out her money to the fetish priestess turned Evangelist.
“I came all the way from the North because I wanted a financial breakthrough. I saw her advert on television and decided to come. Now I don’t have any money on me, therefore, I have to walk back home.
“My brother here [pointing to another victim, male] also came from Cote d’Ivoire and has also lost his money,” she said.
She added, “she was playing and singing Shata Wale’s song ‘I dey come like Kakai’ to us.”
Meanwhile, the Police have arrested Nana Agradaa, following allegations of money doubling scam levelled against her by some members of the public.
She is currently assisting in the police investigation.
“Anyone who is a victim of the alleged money doubling scam should report to the Accra Regional Police Command for further action to assist the investigation,” the Police said in a statement on Sunday, October 8.
Rearing for Food and Jobs (RFJ), a government agricultural effort to support the livestock industry, has been called for better implementation by farmers in Pong-Tamale in the Northern Region to guarantee that all poultry producers benefit.
They said that because of how the RFJ was implemented, a small number of local poultry farmers benefited, which had an impact on the operations of other farmers in the sector.
In an interview with the Ghana News Agency, poultry farmer Mr. Emmanuel Tetteh Laryea claimed that those who benefited from the RFJ sold their products for less than the optimal price, making it impossible for other producers who weren’t affected to make a profit or break even.
“The programme benefitted few farmers, who receive subsidies and do not go through the heat of the whole cost of production. They sell their eggs cheaper and that affects the market of those who take up the production cost from scratch to finish,” he said.
He noted that although a crate of eggs was sold at Gh¢35.00 in the area, the RFJ beneficiaries sold theirs for Gh¢30.00, making it difficult for non-beneficiaries to penetrate the market.
Mr Laryea said a tonne of poultry feed cost him Gh¢4,500,00 and selling eggs lower than the market price would earn him no profit.
“Some poultry farmers, who were unable to meet up with the competition, have stopped production,” he added.
Mr Samuel Ampofo, another poultry farmer, said returns from the sales of poultry products did not match the cost of production, the reason he stopped production.
He said the RFJ was a laudable initiative, however, its mode of implementation, which catered for a section of farmers, had negatively impacted individual poultry farmers.
Meanwhile, the GNA has gathered that poultry farmers at Pong-Tamale are unable to meet the demands of customers in terms of supply because many have stopped production.
The RFJ is a five-year (2019 – 2023) government flagship programme under the Planting for Food and Jobs.
The 43-year-old will be assisted by Abdul Aziz Bollel Jawo (Assistant 1), Omar Darboe (Assistant 2), and Lamin Jammeh as the fourth referee while Yameogo Koudougou David from Burkina Faso will work as the Match Commissioner.
Ghana’s Christian Baah will serve as the Covid-19 officer for the clash.
Ibrahim Tanko and his charges will travel to Mozambique for the first leg before the reverse fixture in Kumasi.
The match will take place at the Baba Yara Stadium in Kumasi, on Sunday, October 30 at 3pm.
The winner of both legs will progress to the next round of the qualifiers as search for a ticket to the 2023 U-23 AFCON in Morocco intensifies.
The Black Meteors have failed to qualify for Olympics since 2004 and will hope to make a return to the competition.
Through its enforcement division, the Ghana Revenue Authority has shut down all China Mall locations.
The team claimed that the shop’s failure to improve its electronic VAT collecting system was the reason for the move.
GRA in recent times has locked up shops that have refused to comply with issuing VAT invoices and fixing e-VAT systems which were launched on October 1, 2022, in a bid to reduce tax leakages.
According to myjoyonline.com, the Ghana Revenue Authority (GRA) locked the Chinese retail shop, China Mall, and its warehouses on the Spintex Road and Ashaiman in the Greater Accra region and stated that the exercise will extend to all its branches.
The Accra Area Enforcement Manager of the GRA, Joseph Annan, said: “This is just for them to fix their system for the electronic VAT. We have engaged them on several occasions to get this simple system fixed. The place shall be sealed and locked until they comply with the law.
“This is part of the enforcement exercise which we are doing at all China Mall branches,” he is quoted by myjoyonline.com.
Reports also suggest that before the GRA’s officials got to the premises, the managers of the mall got a hint and closed the shop.
However, the GRA said all branches of the China Mall will be closed until its management takes the necessary actions.
Strong personalities don’t build businesses, Dr. Daniel McKorley, CEO of the McDan Group of Companies, has emphasized; procedures and strategically positioned structures are necessary for long-term corporate growth and development.
Strong personalities do not build a business; rather, systems, structures, and good governance do; and finally, discipline is not just a keyword but also a watchword. Dr. Mckorley made these remarks while delivering the keynote address at the International Advertising Association’s (IAA) Annual Conference – Africa Rising 5.
Speaking on the theme ‘Building and Sustaining Brands through Tough Economic Seasons’, he stated that the theme is very aligned to his recent experience, as he started two major businesses at the pandemic’s peak and in the face of all challenges.
According to him, the first business was in the mining sector. Arguably the largest salt-mining company in the whole of West Africa, Electrochem Ghana Limited farms and produces industrial salt – a natural resource that has the potential to transform industry in Ghana and the continent as a whole.
The second Business is McDan Aviation, which is the first private jet terminal in the country and a local Fixed Base Operator in Ghana. These two businesses are large ones which are in two growth sectors of the country, and running them requires immense drive and a clear sense of direction and purpose.
He maintained that at the pandemic’s peak and beyond borders, he rallied a team of professionals to help bring these ideas into reality. Although it was daunting, he believed it was a possible task. The astute industrialist mentioned that in running his conglomerate he has lived by certain principles which have served as his cardinal point in the business terrain; and he has christened them ‘lessons in maintaining brands so they can be sustained through tough seasons’,
Fourth industrial revolution
Dr. Daniel Mckorley stated that from his perspective the fourth industrial revolution is here, and for him the way forward for African Brands in terms of growth, sustainability and robust capacity is being able to break down all barriers to trade. He took the opportunity to mention his partnership with the African Continental Free Trade Area project (AFCFTA) as it begins to open up the doors of trade in various countries.
In his closing remarks, the chairman and CEO of McDan Group of Companies quoted the famous Charles Darwin: ‘It is not the strongest species that survive, nor the most intelligent, but the most responsive to change’. And he has a strong belief that African business brands with purpose will respond to change and sustain their growth, thus leaving lasting legacies.
The International Advertising Association (IAA) is the world’s most influential network of marketing and marketing communication professionals. It is the only global association that represents all spheres of the marketing and marketing communications industry with presence in most markets, and education affiliates reaching across 56 countries where collective interest of the entire marketing communication profession is shared.
On the ground, IAA has over 4,000 individual and corporate members spanning marketing, advertising, media, IT Communications and academic sectors – all involved in the wide range of brand marketing and marketing communications disciplines.
HE Harriet Thompson, the British High Commissioner to Ghana, has emphasized the significance of giving serious consideration to Ghana’s economic growth prior to energy transformation efforts.
She claims that while Ghana is well-positioned to make the transition, most nations looking to move toward renewable and sustainable energy sources face a common challenge.
“Energy transition is always complicated particularly in a country where we need to look accessibility to energy and sustainable energy have to be factored into the transition plan. There are huge opportunities through sustainable energy to improve accessibility to energy and at the same time, we cannot see this energy transition to sustainable energy sources as being at the expense of economic growth,” she said.
“There is a huge scope for both of those things in parallel and to make an advantage of that shift to renewables in order to create new jobs opportunities and economic development,” she stated.
The annual Ghana Green Building Summit focuses on engaging stakeholders to deliberate opportunities, challenges, and solutions for Ghana’s green-built environment.
The aim of the summit is to reduce the negative impact of real estate projects on the environment whilst conserving natural resources.
Energy transition must not be at the expense of economic growth – Harriet Thompson
He said that while the World Bank provides the nation with funding on an annual basis, that is only one aspect of the answer.
In order to help enhance the business climate, we now provide roughly $500 million yearly to a variety of sectors, including roads, energy, water, health, education, skills, governance, and so on.
According to Mr. Laporte, “but in the end, we are only part of the solution,” myjoyonline.com.
“The solution really lies with Ghana, Ghana, and its people. We will be there with whatever we can do to support the new thinking to contribute to the development and to provide financing,” he added.
He said: “High fiscal deficit and increasing public debt have elevated Ghana’s country risks, limited foreign direct investments in non-commodity sectors, and increased the cost of finance for many private businesses. But despite these challenges, I am convinced that Ghana can sustain its lower middle-income country status to become a fully-fledged middle-income country,” he said.
Meanwhile, since 1957, the World Bank has approved more than 260 projects and disbursed over $10 billion to Ghana.
“The World Bank Group will continue to support that process. I believe the World Bank has played a significant and positive role in Ghana,” he pledged.
Evans Otumfuo, the general secretary of the Ghana Mobile Money Association, claimed that the introduction of the Electronic Transfer Levy (E-Levy) had more negative effects on Ghanaians than positive ones.
He claims that the introduction of the fee has caused great difficulty for Ghanaians, including members of the Ghana Mobile Money Association.
According to Evans Otumfuo, the mobile money industry has seen a fall in revenue, which has forced employers to lay off staff in order to remain in operation.
In order for MoMo business owners and customers to breathe a sigh of relief, he urged the government to abolish the E-Levy.
Speaking on Rainbow radio’s Nyankonton Mu Nsem, the General Secretary of Ghana Mobile Money Association said, “Nobody can deny that the E-Levy has had a negative impact. It has resulted in a significant hardship. Several of our members have had to lay off employees. We are unable to grow. Our profit margins have shrunk. Those of us who are still in business are unable to expand or open new locations. If someone asks if we want it scrapped, we will say yes.”
Ghana international, Daniel-Kofi Kyereh has assured that the Black Stars will put up a top performance at the 2022 FIFA World Cup.
The SC Freiburg man was part of the Ghana squad that cruised past Nigeria at the end of two legs earlier this year in March to qualify for this year’s mundial.
Looking forward to the upcoming tournament in Qatar, Daniel-Kofi Kyereh shared that he believes Ghana will one day win the world cup.
According to him, the Black Stars players that will make the final squad for the tournament will work hard to prove that the team is capable of competing with any side in the world.
“Yes! Ghana will receive the World Cup trophy one day. I anticipate a fun tournament. And I expect us to represent our country to the best of our abilities, demonstrating to the world that we can compete with anyone,” Daniel-Kofi Kyereh told GQ.
At the 2022 FIFA World Cup, Ghana has been pitted in Group H to face Portugal, Uruguay, and South Korea.
The talented forward has been in fantastic form since the start of the 2022/23 football season.
In the summer, Daniel-Kofi Kyereh secured a move from German Bundesliga 2 side FC St. Pauli to sign for Bundesliga side SC Freiburg.
Currently, in top form, there is a lot of attention on the Black Stars asset.
Speaking to GQ in an interview, Daniel-Kofi Kyereh has revealed that he grew up taking up football after falling in love with the magical displays of Ronaldinho.
“Ronaldinho. The joy and energy he brought to the game makes me love to watch football,” the Ghana attacker shared.
Commenting on the upcoming 2022 FIFA World Cup, Daniel-Kofi Kyereh said he is confident the Black Stars will do well.
“Yes! Ghana will receive the World Cup trophy one day. I anticipate a fun tournament. And I expect us to represent our country to the best of our abilities, demonstrating to the world that we can compete with anyone,” Daniel-Kofi Kyereh said.
In his last three matches for SC Freiburg, Daniel-Kofi Kyereh has netted three goals and is now one of the most in-form players at his club.
Evangelist Patricia Asiedua formerly known as Nana Agradaa, who was arrested last weekend over her alleged involvement in a money doubling scam has been denied bail by the Accra Circuit Court.
She was arraigned today, October 10, 2022.
The Founder of Heaven Way Church in Accra has been remanded into police custody and will reappear before the Accra Circuit Court on Thursday, October 13, 2022.
‘Nana Agradaa’ was arrested on Sunday, October 9, following allegations of scam, among others, levelled against her by some members of her church and the public.
The Police in a statement said, “Anyone who is a victim of the alleged money doubling scam should report to the Accra Regional Police Commandfor further action and to assist in the investigation.”
Accusations
Some members of the Heaven Way Church in Weija accused their leader of cleverly deceiving them and running away with their monies.
According to the aggrieved congregants, Nana Agradaa promised to double their monies through her special spiritual endowments.
Based on this assurance, the affected worshippers said they were convinced to give her various sums, in expectation of multiplied outcomes.
But in a series of viral videos on social media on Saturday, the church members who reposed confidence in the recently converted fetish priestess said their monies have not been doubled, but ‘Nana Agradaa’ was nowhere to be found.
I am innocent
Meanwhile, ‘Nana Agradaa’ has denied allegations of defrauding some members of her church.
She said those allegations are untrue.
The self-styled pastor said she only shared money with her church members to help boost their businesses.
According to her, on the night [Saturday, October 8] that she shared the money, others gave offerings, as is done in all churches in the country.
She explained that allowing them (church members) to give an offering in church does not amount to defrauding them.
Police statement announcing her arrest
“Reverend Mama pat, I came out to tell Ghanaians that I will be gifting cash to my church members for them to use for work.
“So whoever that wanted to get some, should come and accept Jesus as your Saviour and also write your name to become a church member, and then you start coming to church.
“So if I have done my all night and shared my money to my church members and those of you that wrote your names late, you didn’t get some, I have not offended you or defrauded you. So I have not defrauded anyone.,” she said in a short video on Sunday, October 9, before her arrest.
The enforcement team of the Ghana Revenue Authority (GRA) has locked the Chinese retail shop, China Mall, and its warehouses on the Spintex Road and Ashaiman in the Greater Accra region.
The action, follows the inability of the company to fix its electronic tax collection system to enable the GRA access the data.
The GRA on October 1, 2022, started the Electronic VAT system to block leakages in revenue collection as well as ascertain the actual income of businesses.
According to the Accra Area Enforcement Manager, Joseph Annan, the action has become necessary after many attempts to get the company to comply with the law failed.
“This is just for them to fix their system for the electronic VAT. We have engaged them on several occasions to get this simple system fixed. The place shall be sealed and locked until they comply with the law”.
“This is part of the enforcement exercise which we are doing at all China Mall branches”, he told Joy Business.
Meanwhile, managers of the mall got a wind of the action and closed the shopping centre even before the enforcement team arrived at the premises.
Again, workers at the warehouse were protesting during the action.
Mr. Annan stated that the GRA will extend the exercise to all branches of China Mal in the country.
The Ghana Premier League club is currently without a head coach after parting ways with Ghanaian tactician Samuel Boadu last month.
Subsequently, the capital-based club appointed Coach Dickson David Ocloo as its assistant coach and indicated that a new head coach will be appointed soon.
As the hunt for a new head coach continues, Hearts of Oak are reportedly now receiving applications for the vacant coaching job.
Reports indicate that former Zambian national team gaffer George ‘Chicken’ Lwandamina has applied for the available job in hopes that he will be considered.
The experienced tactician in the past has coached top clubs on the continent including Zesco United, Azam FC, and Young Africans
Checks indicate that Hearts of Oak are considering the application while discussions on a few other coaches are also being done.
Jordan Ayew started for Crystal Palace in the clash against Leeds United in the English Premier League.
He was substituted in the second half as Crystal Palace climbed from behind to secure a 2-1 victory.
From the information gathered from sources, the striker felt severe pain having started the game with as many as six stitches.
Elsewhere in Italy, talented teenager, Felix Afena-Gyan was also in action for Cremonese in the game against SSC Napoli.
In the 62nd minute, the forward had an injury as he went down in pain and signaled to be substituted.
The injuries to the two players have now become a worry to the technical team of the Black Stars who deem the strikers important players of the national team.
While the extent of the injuries to the two players is unknown, Coach Otto Addo and his assistants will be hoping it is nothing major as they will be needed for the 2022 FIFA World Cup in Qatar.
Ghana’s local currency continues to fall in value against major world trading currencies, particularly the United States dollar.
Currently, the dollar, which is seeing a consistent rise in its value in countries such as the United Kingdom, China, and South Korea, is trading at GH¢11 in some forex bureaus in Accra.
According to Afriswap Bureau De Change, a forex bureau in Accra, the Ghana Cedi’s performance against the Pound and Euro is worsening as it goes for GH¢12.5 and GH¢10.57 respectively.
On Friday, October 7, 2022, the Bank of Ghana quoted the dollar at GH¢9.64 (selling) on the interbank market. The Pound and Euro went for GH¢10.70 and GH¢9.42.
This comes in the wake of a report by the Bank of Ghana that the local currency has depreciated by 37.5% against the United States Dollar since the beginning of 2022. “In the year to September 2022, the Ghana Cedi has depreciated by 37.5 percent, 24.1 percent, and 27.5 percent against the US dollar, the pound, and Euro, respectively,” the central bank disclosed in its October 2022 Monetary Policy Report.
However, Bloomberg reports that the value of the Ghana Cedi has plummeted by a devastating 40.05% to the US dollar in the first nine months of 2022.
Many major currencies this year slipped in value against the dollar following the Federal Reserve’s decision to raise interest rates to fight inflation.
The U.S. central bank raised rates by 0.75 percentage points to curtail an 8.5% inflation rate.
The Ghanaian government has also taken some action to combat he depreciation of the cedi.
A $1.13 billion cocoa syndicated loan has been secured, which will help improve supply of the dollar. In an effort to strengthen the cedi without raising inflation, the Bank of Ghana has also started a bulk purchase programme to buy gold locally and increase the gold component of its reserves.
The central bank is also going after entities charging dollars or any other foreign currency for the services they render without permission.
Meanwhile, in combating inflation in Ghana, the Bank of Ghana’s Monetary Policy Committee has increased the Policy Rate by 250 basis point to 24.5%, the highest since 2017.
“Inflation remains elevated and the balance of risks is on the upside. Although the forecasts are for monthly inflation to continue to slow down, the risks are on the upside, emanating largely from pass-through effects of the currency depreciation, the recent upward adjustment in utility tariffs, and rising inflation expectations,” Governor of BoG, Dr Ernest Addison explained as reason for the upward adjustment. As of August 2022, Ghana’s inflation stood at 33.9%. This is the fourth time the monetary policy rate has been reviewed this year.
In March, the rate was increased from 14.5 per cent in January to 17 per cent. In May, the policy rate was elevated to 19 per cent and later by 3 per cent in August to 22 per cent.
The Central Bank increased the policy rate by 2.5% on March 25, 2022, to 17%, and subsequently increased it on May 23, 2022, to 19%. It again adjusted it upwards by 300 basis points to 22% in August 2022.
AMemorandum of Understanding (MoU) has been signed by Wamkele Mene, Secretary General of the Africa Continental Free Commerce Agreement (AfCFTA) Secretariat, and Daniel McKoley, Chief Executive Officer of the McDan Group, to establish a collaboration to promote trade among African nations.
On Friday, October 7, 2022, at the McDan Private Jet Terminal in Accra, the agreement was signed. It was signed on the occasion of the 2nd anniversary of the AfCFTA Agreement and the introduction of the AfCFTA Guided Trade Initiative.
McDan Shipping will now have the ability to load and ship products between AfCFTA members. Following this agreement, McDan Aviation bought seagoing commerce ships and cargo planes to serve the AfCFTA.
Minister of Trade and Industry, Alan Kyerementeng, hailed Daniel McKorley’s efforts and said that his plan will significantly contribute to the success of the AfCFTA.
In order to commemorate the McDan Group, he urged Africans to do so and urged other African businessmen to do the same.
The minister also mentioned that the event signifies that AfCFTA is not only on paper but in action.
He continued by saying that the initiative’s introduction also represents the governments of Africa’s commitment to helping the private sector flourish. Meanwhile, the Deputy Minister of Trade and Industry, Herbert Krapa, has announced that Ghana will soon commence free importation and exportation of goods and services with some seven African countries.
Cameroon, Egypt, Kenya, Mauritius, Rwanda, Tanzania and Tunisia will be trading with Ghana under the African Continental Free Trade Area (AfCFTA) agreement, Mr Krapa noted.
The continental free trade expected to operate within the framework of the African Union Agenda 2063 will provide new export opportunities for African countries to trade with one another without tariffs or other hindrances, with the aim of ensuring sustainable economic growth on the continent.
Former Ghana international, Baffour Gyan has called on his junior brother, Asamoah Gyan to work more on himself as he set sights on a return to active football.
Gyan, 37, in an interview with Kumasi-based Wontumi FM disclosed his ultimate target at the moment is to return to field.
“At the moment, my main target is to return to the field and enjoy myself. I am not so keen about a return to the Black Stars but if I am still playing and the opportunity comes, I will accept to play” he told Wontumi FM.
But according to Baffour Gyan who believes the former Sunderland star is not ready to play active football at the moment has called on him to work more on himself.
“He knows much about football and you can’t just get out from your house to go to the field to play football. If you decide to play when you are not ready the game will teach you a lesson, for me, he is not ready and he need to work more on himself” he said when asked about Asamoah Gyan’s quest to return to the field.
The all-time top scorer for Ghana has been out of action since leaving Ghana Premier League side Legon Cities.
FanMilk PLC, a Danone Company, has launched three green initiatives at its North Industrial Area Plant in Accra on Saturday, October 8, 2022, as part of global efforts to accelerate the transition to net-zero carbon emissions.
The projects, a wastewater treatment plant, a biomass boiler, and a solar power installation, which cost a total of €7 million, are a demonstration of Danone’s ‘One Planet One Health’ goal and reaffirmthecompany’sleadership in sustainability across the globe.
Danone’s Africa, Asia, and Middle East President Christian Stammkoetter, speaking at the launch of the Green Projects, said: “we are all witnessing the unprecedented effects of climate change all over the globe.
“It has become critical for us all in the world to join hands and protect planet earth and achieve sustainability through the right policies and technological innovations, both in the private and public sector.
“At Danone, we believe that we can have a collective impact by working together to ensure that any economic rebound after the pandemic is both planet- friendly and socially inclusive; and by encouraging everyone to contribute to sustainable performance and impact. These green projects we unveil today are our contribution to protecting the environment and the planet.”
The Environmental Minister Dr Kwaky Afriyie launching the Green Projects said “FanMilk Ghana has lived up to its promise of providing improved lives for the people of Ghana by not only producing nutritional products for Ghanaians but also, directly and indirectly, employing thousands of Ghanaians and helping to alleviate unemployment in this country.
“Government is pleased with your effort in this regard, and we are hopeful that by the establishment of these new sustainable environment projects, you will continue to do even more in the area of environment and technology for the country at large.”
He ended by commending FanMilk and encouraging other organizations to follow FanMilk’s good example.
The investments are in line with Danone’s expansion drive and the company’s One Planet, One Health vision.
The wastewater treatment facility will ensure that only clean manufacturing water is discharged into the environment.
The ultimate discharge quality will hasten the regeneration and sustenance of the Odaw River, promoting different types of life for river bodies.
Furthermore, the plant’s solid waste can be employed as manure, benefiting the agricultural ecosystem and contributing to the larger goal of supporting regenerative agriculture.
Danone’s stringent clean water criteria will also be met by the discharge effluents.
The Solar Power Installation in the Industrial Area Factory, Offices, and Regional Distribution Centres is in line with the company’s global objective of reducing reliance on traditional energy sources and increasing usage of renewable energy.
Thanks to the new biomass boiler, FanMilk will now use a multi- fuel system that uses palm kernel shells or hardwood chips to meet the factory’s steaming needs of 1,800kg/h.
The corporation is taking important steps to conserve the environment by converting garbage into an effective fuel for the biomass boiler with this move. Ziobeieton Yeo, General Manager of FanMilk West Africa, stated at the ceremony, “For more than 60 years, our company has been led by our belief in this twin mission that economic success and social progress go hand in hand.”
“As a purpose-led organization, we champion a more emotionally balanced, healthier, socially progressive society, while protecting the environment. “Today’s commissioning is a demonstration of our deep level of commitment to the cause of saving the earth while creating jobs through our unique business model. All of these Green Projects will go a long way to help our pursuit.”
This is not the first time FanMilk Danone has invested in the country In June 2021, the company will open a new multipurpose headquarters in Accra’s Industrial Area.
Earlier this year, the company invested in trucks and logistics for its trade partners, as well as initiating the 2022 edition of the iconic FanMilk school caravan, an educational initiative that teaches school children about hygiene and healthy dining.
Ghana Premier League giants, Hearts of Oak are starting preparations for the second leg clash of the tie against AS Real Bamako this afternoon.
The Phobians over the weekend lost 3-0 to the Mali Premier League opponent at the end of the first-leg meeting.
Subsequently, after the game played on Saturday, Hearts of Oak on Sunday made the trip back to Ghana.
Today, the playing body and the technical team are returning to the training grounds to begin preparation for the tough task that lies ahead.
“Team returns to training 🏋️♂️ this afternoon at the Pobiman Sports Complex ahead of the return leg of the CAF Confederations Cup match against Real Bamako of Mali.
“Let your support count, together we can make it,” an official Hearts of Oak statement on Twitter said on Monday morning.
The second leg meeting which will present a herculean task has been scheduled to be played on Sunday, October 16, 2022.
Volta Region’s Xornamaims to tackle medical emergencies in deprived areas such as Torvie, Tublukope and Ziume through a mobile hospital.
With her crown, Xornam will bring primary health care to these areas lacking basic medical supplies. X’Ospital on Wheels will access these deprived areas to provide and care for the people in need of professional healthcare personnel.
Volta region’s Xornam talks about her project “X’Ospital on Wheels,” which focuses on providing primary health care to people in deprived communities.
Mobile money transactions are beginning to see commendable growth, just as they did prior to the implementation of the Electronic Transaction Levy (E-Levy), according to data from the Bank of Ghana.
The central bank reported that the total value of mobile money transactions as of August 2022 was GH87.08 billion, an increase of 12.8% from GH¢77.2 billion in July, in its most recent Summary of Financial and Economic Data.
Before the e-levy went into effect, mobile money transactions had a value of GH¢76.2 billion in January 2022, GH¢76.8 billion in February, GH¢90.5 billion in March, and GH¢87.7 billion as of April 2022.
The first few months following the e-levy’s enrolment in May 2022 saw a decline in mobile money transactions across all networks because many Ghanaians opposed its implementation.
The total value of MoMo transactions in May drastically FanMilk PLC, a Danone Company, has launched three green initiatives at its North Industrial Area Plant in Accra on Saturday, October 8, 2022, as part of global efforts to accelerate the transition to net-zero carbon emissions.
The projects, a wastewater treatment plant, a biomass boiler, and a solar power installation, which cost a total of €7 million, are a demonstration of Danone’s ‘One Planet One Health’ goal and reaffirm the company’s leadership in sustainability across the globe.
Danone’s Africa, Asia, and Middle East President Christian Stammkoetter, speaking at the launch of the Green Projects, said: “we are all witnessing the unprecedented effects of climate dropped from GH¢87.7 billion to GH¢71.4 billion, a decrease of about 18.6%.
People who stopped using MoMo due to the e-levy seemed to have realized their need for it and signed back on. This is because by June 2022, the value of mobile money transactions had increased to GH¢77.4 billion.
There was a shortfall of GH¢2 million from June to July. Compared to the sharp decline in May, the reduction in July was minimal.
The significant increase of GH¢9.88 billion from July to August due to 477 million transactions makes a compelling argument that the levy is beginning to integrate well into society.
As of August 2022, there were 52 million registered mobile money accounts and 20 million active mobile money accounts. Registered MoMo agents also stood at 642,000, with 472,000 being active.
E-levy not generating enough revenue
The government has disclosed that the E-levy is not raking in enough revenue as expected.
According to relevant stakeholders, about 10 percent of the projected value of GH600 million every month has been raised. Government has announced that the revenue generated from the
levy would be used to build more roads and ensure infrastructural development.
Meanwhile, reports have it that the government will review the e-levy to ensure tax compliance. Prior to its implementation, some Ghanaians recommended a rate of one per cent or less.
The October 2022 Bank of Ghana (BoG)Summary of Economic and Financial Data has revealed that Ghana’s public debt stock is now at ¢402.4 billion as of July 2022.
This, according to the central bank, is equivalent to 68% of the Gross Domestic Product and is in sharp contrast to the projected 104.6% of debt to GDP ratio in 2022 by the World Bank.
In dollar terms, the country’s debt dropped marginally to $53.2 billion in July 2022, from $54.4 billion in June 2022.
Based on the data, the nation did not borrow fresh funds from the international market during the period. However, the debt level will go up going forward, follow- ing the $750 million Afrieximbank loan that came in August 2022.
According to the data, the external debt remained largely unchanged at $28 billion, equivalent to 35.8% of GDP.
The domestic debt however has been going up since January 2022 because of the significant bor- rowing by the government in the domestic financial market.
The domestic debt stood at ¢190.3 billion in July 2022, from ¢190.1 billion in June 2022.
Data available shows that the domestic debt began the year at ¢181.9 billion in January 2022 and then went up to ¢185.4 billion in February 2022 and ¢190.1 billion in March 2022. It subse- quently shot up to ¢189.2 in April 2022 and ¢188.5 billion in May 2022.
On the other hand, the financial sector resolution bond fell by ¢100 million to ¢14.4 billion in July 2022. This is equivalent to 2.4% of GDP.
The total public debt stock of the country dropped to ¢388.1 billion in April 2022, from ¢392.1 billion in March 2022. It later went up marginally to ¢389.2 billion in May 2022 and subsequently to ¢393.4 billion in June 2022.
Meanwhile, the World Bankin its latest Africa Pulse Report classi- fied Ghana as a high debt distress country as it projects the nation’s debt to Gross Domestic Product (GDP) of 104.6% by the end of 2022.
According to the report, debt is expected to jump significantly, from 76.6% a year earlier, amid a widened government deficit, mas- sive weakening of the cedi, and rising debt service costs.
The Trades Union Congress (TUC) of Ghana’s Teachers and Educational Workers Union (TEWU) has urged the government to cover the cost of breast cancer treatment for all patients.
According to Madam Rebecca Yankson, Chairperson of TEWU’s National Women’s Committee, this will empower all affected individuals to have access to therapy.
She asserted that although TEWU has taken action to raise awareness of the illness and promote routine examinations, it was necessary for the government to intervene in order for individuals to receive treatment.
“A healthy body depicts a healthy mind, which translates to high productivity at work,” she added.
The National Women’s Committee, Chairperson of TEWU, made this call at a breast cancer awareness workshop held by TEWU for its members in Tamale last Thursday.
The session was attended by women from the Northern, Savannah, North East, Upper East, and Upper East Regions, where they were examined for breast cancer as well as educated on breast cancer.
The Ministry of Healthreports that breast screening with mammography is very costly and is feasible only in countries with good health infrastructure that can afford a long-term programme.
“The majority of women who die from breast cancer (324 000) live in low- and middle-income countries, where most women are diagnosed in late stages due to a variety of factors. These include limited awareness on the part of the public and healthcare providers, and the lack of access to timely, affordable and effective diagnosis and treatment,” the Ministry added.
National Gender and Youth Coordinator for TEWU, Madam Theodora Dede Amanor, stated that the union began promoting breast cancer awareness in 2020 and revealed that five women have already been diagnosed with the disease as a result of its screenings.
“People do the screening but sometimes when they are detected and go to hospitals, they may not be financially ready for treatment. The only option is to go back home and die eventually,” she added.
Breast Cancer Awareness Month is commemorated in October annually to raise awareness of the impact of breast cancer.
Known best for its pink theme colour, the celebration encourages individuals, both women and men, to get screened in order to prevent the disease.
According to reports, breast cancer is the most common cancer in women worldwide.
The Ministry of Health states that there are about 1.7 million new cases and 522,000 deaths from breast cancer each year.
Mr Spencer Doku, Director of Research, Monitoring and Evaluation at Ghana Tourism Authority (GTA) has urged traditional leaders and District Chief Executives to help in the development and promotion of tourism sites in their regions.
He said tourism was one of the mechanisms that could be used to fight poverty in the regions.
Mr Doku made the call during an orientation and training workshop on Ghana Tourism Development Project (GTDP) funded by the World Bank to regulate tourist sites.
The event, organised by the GTA in Tamale, was to create a working and knowledge sharing database platform with the stakeholders to improve the standards, facilities, and services at tourist sites.
Mr Doku encouraged traditional leaders to use their rich culture and heritage to boost tourism in the country.
Mr Tanko Zakaria, Communication Specialist at GTDP advised Management of tourist sites to focus on customer care service, which was one of the keys to promote tourism.
Mr Zakaria said “Customer service helps to build a loyal customer base and boosts strong relationships with customers.”
Mr Isaac Opirah, Savannah Regional Director of GTA called on the stakeholders to market tourist sites globally by generating brand awareness to attract customers to visit the sites.
He encouraged the stakeholders to use the internet as one of the modern tourism marketing strategies to promote tourism and locally made products.
Mr Gameli Dzordzorme, Project Focal Person of GTDP at GTA, said the project was being implemented by the government through the Ministry of Tourism, Arts and Culture and funded by the World Bank to improve the performance of tourism in targeted destinations in the country.
He added that the project would strengthen the tourism-enabling environment, tourism skills development and the tourism branding and marketing, and support tourism enterprises to enhance their businesses.
The Most Reverend Dr. Paul Kwabena Boafo, the Presiding Bishop of the Methodist Church, says the church remains an agent of transformation turning many souls for the Lord Jesus.
He has therefore entreated believers to live transformed Lives after accepting Jesus adding, “and once you encounter Jesus Christ, you do away with the old life, the old things and then take on new things”.
This he noted was the “vision and mission of bringing people to saving knowledge of Jesus Christ…that is the transformation and I believe that the church, not just the Methodist church, must do exactly what God has charged us to do”.
The Presiding Bishop told the Ghana News Agency during the induction service for the Right Reverend Emmanuel K. Ansah as the new Bishop of the Sekondi Diocese.
He added that the transformation in the individual should translate into the society…”So the transformation issue affects the society in its totality, Whether you are in the marketplace or in the civil service, or in governance or as a traditional ruler, wherever you find yourself as a teacher, as miners, wherever you should also translate the new life that you have found in Jesus into that society so that society will be a better place”.
He urged the new Bishop to also be a faithful leader who would not discriminate against other Christian sects but demonstrate true love for all, adding that the new Bishop must trust in God and give good pastoral oversight for the people in the Western Region.
He said transformed Lives would give no room to fraudulent pastors who were around and taking advantage of people’s vulnerability to do all kinds of injustice to them, …God abhors that.
Rev. Dr Boafo said Christians and Ghanaians must open their eyes very wide and read the Bible themselves…For Methodists, we say that you do not need anybody to read the Bible for you, you do not need anybody to pray for you. You can pray to God directly. If we all begin to do these things, there will be no room for any pastor to abuse them.
The Presiding Bishop also called on the law makers of the land to crack the whip at these fraudulent individuals parading as apostles of God.
The Most Reverend Dr. Robert Aboagye-Mensah, past Presiding Bishop encouraged the new Bishop to keep the charge, and work in honesty to inherit God’s blessings.
He called on Christians to love righteous living and eschew wrong to avert the wrath of God.
The Right Reverend Emmanuel K. Ansah, the new Bishop of Sekondi was born on July 23, 1961, to a humble Christian family.
He had his early and secondary education at Methodist Primary and Middle schools at Dunkwa-on Offin.
He later joined the preaching band in Wesley College and had been in that kingdom business until his elevation to the position of Diocesan Bishop.
The Oti Regional Minister, Joshua Gmayenaam Makubu, has disclosed that over 5,731 teachers in the region have benefited from the one teacher, one laptop initiative introduced by the Akufo-Addo-led administration.
Speaking during a press brief organized by the Information Ministry, on Sunday, October 9, 2022, he noted that the region has seen significant improvement in the educational sector since the inception of the Akufo-Addo led administration.
He noted that with the implementation of various initiatives introduced by the Akufo- Addo led administration, including the free Senior High School (free SHS) programme, enrolment figures have increased drastically “from 15,285 in 2016 to 25,483 in 2022 representing 66.72% change thereby bridging the accessibility gap at the SHS level.”
“And what is so fascinating about the whole thing is that the teaching staff in the Senior High School, from 2016 till this time has gone up by more than 100% and that is what we talk about,” he added.
The Oti Region was part of the newly created regions in 2018.
Delivering the State of Oti Report during the press brief, he touted the achievements of the region since the inception of the Akufo-Addo-led administration.
Road infrastructure
According to him, road infrastructure has significantly improved in the region.
“Today as I speak to you I’m glad to tell you that under the leadership of President Akufo-Addo, and the agenda of year of roads, it can take you now a maximum of 15 minutes to move from Hohoe to Jasikan and I think that is one of the major hallmarks as far as road infrastructure is concerned [in the Oti Region].
Security
Additionally, security in the region has been beefed. Highlighting this, he mentioned that “from 2019 to 2022 the police force alone has increased by about 66%.”
Tourism
“Oti Region, in terms of tourism, I think we are going to be a super region. We can face any other region in Ghana in terms of our tourism set-up. We have the natural environment, the hanging village in the Nkwanta South, the Chabubo National Park, the Breast Mountain and a lot of waterfronts.
He, thus, called on investors to patronise tourist sites in the region and also the media to project some of these sites.
“Oti is also very good for aquaculture. Come to Oti, put your money and Catfish and Tilapia can be produced within 3 months.
“We are doing a lot and I want to also come in and invest,” he said.
Former Ghana international Dan Owusu has explained why it is important to replace Black Stars coach, Otto Addo ahead of the World Cup.
The Black Stars has been paired against Portugal, Uruguay and South Korea in Group H.
The biggest soccer mundial will be staged in Qatar between November and December with 32 countries set to battle it out for the ultimate.
The Black Stars will tackle Portugal in the opening game of the Group before facing Asian and South American giants South Korea and Uruguay respectively.
Ghanaians has criticized Otto Addo over his tactics and selection after the Black Stars international friendlies against Brazil and Nicaragua and has therefore called for the replacement of Otto Addo but Dan Owusu thinks otherwise.
Speaking to Koforidua-based Bryt FM, the three-time Ghana Premier League goal king winner said, “It is too late to replace Otto Addo, we have few days to the World Cup, so it will not be prudent to change the technical team led by Otto Addo, and once he has been given the job, we should try him”
“We are all coaches and I will advise Otto to take a critical look on his substitutions. His substitutions came late and this are some of things he should check going into the World Cup. He must know the time to make substitution and all that” he said.
Reigning queen Benedicta Sarfoa Asamoah gives her farewell speech as she has a few minutes to hand over the crown she won from Greater Accra Region’s Naa Dedei Botchwey to another.
Judge Dzigbordi Kwaku-Dosoo congratulates all the ladies for getting this far in the competition.
She wants Xornam to have spread her point on the impact of social media and not only dwell on depression.
“Whether it is one side or the other side, you succeeded in creating a debate,” she commends Teiya.
She also commended “late bloomer” Asiedua and asked her to keep her performance up.
She commended Amoani on her answer and suggested that she adds more research to her presentation.
“I like the fact that you took it to two decisions that were made to Rwanda and I have educated myself on that,” she says about Aiko’s answer.
Veteran judge Linda Ampah begins with Aiko and commended her for the “lot of information” and lost her listeners.
She said Amoani was making a good point on comprehensive sexuality education but disagreed with the age the Eastern Region rep mentioned.
“Teiya, yours was straight to the point, which was good,” she said.
Judge Janet Sunkwa-Mills disagreed with Xornam on the regulation of social media by the state.She said Amoani’s answer was “pedestrian”.
“Aiko, well done, I think I don’t have a comment,” she says.
Xornam, representing Volta Region, answers the final question.
Should social media be regulated by the state? That’s the question she has to answer.
Xornam outlines the pros and cons of social media. On the pros, she said it has enhanced businesses and healthcare.
But chief among the cons, she mentions, is the high rate of depression among teenagers.
“I believe that it is paramount that the state considers this, controlling actions on social media,” she says.
Northern Region’s Teiya picks question 5. She is asked her opinion on stringent punitive measures for rape perpetrators in Ghana.
She goes the tangent of humanity, condemning suggestions of castration of rapists. She said other women also rape women and wondered what becomes of them too?
She said a jail term for such criminals is enough and they can work in hard labour on state farms to promote trade and tourism.
The next to answer a question is Eastern Region’s Amoani. She is asked at what age parents can talk about sex and sexuality with their children.
She says the best time to engage children in sex education is the formative years. She said talks about sex with children is not a one-off event but evolving.
She said if parents find it difficult to teach their children, they can adopt nicknames for some body parts. For example, she used ‘Vajayjay’ and ‘Pee Pee’ for ‘vagina’ and ‘penis’ respectively.
“In my best view, the formative stage of the children, that is 3 to 4 years is the best stage to discuss sexual education with [them],” she concludes.
Central Region’s Asiedua is next. She is to answer a question on chieftaincy and its importance in the scheme of governance in the current dispensation.
She quoted Section 49 of the Chieftaincy Act, saying traditional rulership rests with chiefs, who are also custodians of lands and stools.
She said if the institution is anachronistic, festivals would not be celebrated.
“I do not believe they are outmoded. I believe chieftaincy will move us forward,” she sums up.
Aiko’s question is about whether or not there is disappointment with efforts to empower women – affirmative action.
The Oti Region representative condemned the incidence of child marriages, for instance, and asked for more to be done to ensure women empowerment. She cited the case of Rwanda as an example to be emulated.
“We need a reform from the ground up and we also need exemplary leadership,” she concludes.
Again, Aiko is the first to have a question put to. She picks Number 1.
The questions are numbered and each number picked from a bowl corresponds with a question to be asked by the co-hosts.
It is Round 2 and question time!
The intelligence of the five finalists will be tested by how they answer spontaneous questions to be put to them on stage.
The Minister of Trade and Industry, Mr Alan Kyerematen, has engaged with textiles wholesalers and retailers on the implementation of the Textiles Tax Stamps Policy.
The engagement forms part of a public education campaign towards the launch and implementation of the policy before the close of the year.
It follows an earlier engagement with importers in May 2022.
The Minister, at the engagement, said the education and sensitisation exercise showed Government’s commitment to addressing the challenges of the textiles industry, developing and harnessing the significant potentials the sector offered.
He noted that the local demand for African prints was about 120 million yards per annum-about 65 per cent imported.
Mr Kyerematen recalled the vibrancy of the Ghanaian textiles industry some three decades ago, which had been dampened by the influx of pirated designs and infringements on trademarks of local textile manufacturers.
He said the Government, since 2018 had taken strategic steps and implemented policies to give lasting solutions to the challenges and make the local textile industry thrive under the Industrial Transformation Agenda.
The measures were also to strengthen the textiles sector and position it to create millions of well-paid jobs for Ghanaians.
The measures include the introduction and implementation of textiles tax stamps; import management systems; and the introduction of Designated Entry Corridors (Tema Port and Aflao Border for textile imports).
Others include the provision of incentive packages for local manufacturers to make them competitive; attracting foreign textile manufacturers to set up or relocate their plants to Ghana; and the reconstitution of the task force to embark on effective market monitoring and surveillance.
The Minister was optimistic that the policy measures would lead to the development of local textile firms and reduction in the importation of pirated textiles by promoting local manufacturing.
He was hopeful that the policies would also help to streamline the importation of textiles and further ensure that all the players involved in the textiles industry benefited.
The roll-out of the textiles tax stamps is expected to begin on November 1, 2022.
The implementation modalities will include having textiles stamps affixed on all textile prints traded in Ghana.
The wholesalers and retailers engaged the sector Ministry, Ministry of Finance, Ghana Revenue Authority-Domestic Tax Revenue Division, Intellectual Property Office and Ghana Standards Authority on other issues in the sector.
Ghana international Frank Acheampong produced a masterclass performance when his side Shenzhen FC shared the spoils with Shanghai Shenhua in the Chinese Super League.
The Ghana international started and lasted the entire duration in his sides goalless draw on Sunday at the Wuyuan River Stadium.
The enterprising winger played in a makeshift role after starting the game as a striker.
Shenzen will count the draw as a valuable point following battle with one of the league contenders.
Acheampong has scored six goals in 13 games for the Super League side this season.
Minister of Trade and Industry, Mr Alan Kyerematen, has called on African countries to put up institutional and logistical frameworks to optimise benefits of implementing the African Continental Free Trade Area agreement (AfCFTA).
He said having institutional structures and a programme of action for boosting intra African trade would enable entrepreneurs to take advantage of the huge market provided by the agreement.
“We must ensure that we have the logistical support to ensure that we are able to move the goods from one country to another, ” he said.
Speaking at the launch of the Africa Guided Trade Initiative in Accra, the Minister said, “… AfCFTA is not just on paper but a reality. And we are moving from talk and negotiations to action. ”
The initiative was launched for seven member countries.
The countries, which have signaled their readiness to start trading under AFCFTA, are Tanzania, Mauritania, Kenya, Egypt, Cameroon, Rwanda, and Ghana.
Mr Wamkele Mene, Secretary-General of the AfCFTA Secretariat, said there would be more than 96 different products from the seven countries that would be freely traded duty-free and quota-free, under the rules of AfCFTA.
These approved products include horticultural products, pharmaceuticals, rubber, aluminum kitchenware, sugar, steel, and wooden products.
“This is the moment the founding mothers and fathers of the Organization of African Unity have longed for. We have finally honoured and made reality the vision of those who liberated our continent,” said Mr Mene.
He added that, “we are connecting East Africa to West Africa, North Africa to Southern Africa. Trade will be the driver of inclusivity, creating opportunities for young Africans. So we have taken the first journey today, and I hope in 15 years, we will have succeeded in lifting millions and millions of Africans out of poverty.”
The Ghana Football Association has confirmed that it has made full payment of merit awards to winners of the various competitions in the 2021/22 football season.
These merit awards include Prize money for the winner of the betPawa Premier League, as well as the 1st and 2nd runner up, winner of the MTN FA Cup, the Malta Guinness Women’s Premier League, Women’s FA Cup, Division One League Super Cup, Women’s League Super Cup and the Beach Soccer FA Cup.
Others include prize money for winners of each of the three zones in the Access Bank Division One League and the three clubs that finished second in zone One, two and three.Here is the breakdown of the respective Merit Awards:
