The Electricity Company of Ghana has been ordered by the Public Utilities Regulatory Commission to compensate customers who were severely harmed by a recent bug in its prepaid vending system.
Following numerous ECG customers’ complaints that the prolonged power supply issue has negatively impacted their way of life and businesses, they are now demanding compensation.
The Commission stated that the direction is “in line with the law and a demonstration of good customer service” in a letter addressed to the Managing Director of ECG.
“In light of the breach of ECG’s statutory obligations specifically sections 11 and 12(1) and (2) of the Public Utilities Act, 1997, (Act 538) and Regulations 41 and 45 of the Public Utilities Regulatory Commission (Consumer Service) Regulations, 2022 (LI 2413), the Commission hereby orders ECG to pay compensation to the affected customers,” the October 4 statement signed by the PURC Executive Secretary, Dr. Ismael Ackah read.
In the past week, scores of ECG customers across the country were unable to purchase pre-paid power from their various vending points.
Ken Ofori-Atta has been declared a failure in his position as the nation’s finance minister, according to Prince Kofi Amoabeng, the chief executive officer of the collapsed UT Bank.
He claims that the administration has not developed a rescue strategy for addressing the nation’s current problems.
Amoabeng according to 3news reports, intimated that the government must take the necessary steps to control the local factors that are causing the economic challenges the country currently faces.
“You must do what you can locally, for the external factors you can’t do much, what are you doing locally to reduce the effect? We are not doing anything. The government hasn’t come out to say we coming down on certain things,” he is quoted by 3news.com.
Adding on Amoabeng said, “of course if you fail with the planning and management of the Finances of the country you have failed.
“So yes [the Finance Minister] has failed, there are no two ways about it.”
“The president has failed first, so if you ask me, it is the president who has failed, everything starts with leadership, he appoints everyone and so if you appoint the wrong people, you must take responsibility for it. You can delegate authority, not responsibility,” he added.
The prices of ticket at the 2022 FIFA World Cup in Qatar has been revealed with Ghana one of five African nations who will represent the continent at the global showpiece.
So far, there have been two random lottery drawings of ticket requests and a first-come, first-served sale period.
Two more sale periods remain on a first come first served basis.
There are four categories of tickets, Category 1 being the most expensive and Category 4 being the cheapest and reserved for Qatari residents only.
Here are the single ticket price ranges for each round:
opening match: $54.85 and $301.68
group games: $10.97 and $219.40
16. round of: $19.20 and $274.26
quarter final: $82.28 and $425.10
semi final: $137.13 and $954.41
match for third place: $82.28 and $425,10
The most lucrative ticket in the tournament will be for the final to be held at Lusail Stadium on 18 December.
A Category 4 ticket to the final costs $205.69, while the cheapest ticket for a Qatari non-resident costs $603.36. Category 1 tickets are $1,604.39 each. For comparison, ticket prices for the 2018 World Cup final ranged from $455 to $1,100.
This will be Ghana’s fourth appearance at the World Cup. They made their tournament debut back in 2006 and famously reached the quarter-final stage in 2010.
Dr. Godwin Acquaye, the Chief Executive Officer (CEO) of the Business and Financial Times (B&FT), has urged an acceleration of investments in technology, ideas, laws, and regulations to hasten Africa’s transition to renewable energy.
The importance of initiatives and strategies to use regional trade integration to strengthen the energy sector and improve utilization of the regions abundant renewable energy resources to meet the enormous demand is becoming increasingly recognized, he said, as the world rushes to meet the Sustainable Development Goals (SDGs) by 2030.
“Our collective aspiration must be high and we should drive for universal access to energy in Africa by 2030 as the World Bank projects. For this to happen, countries will need to scale up on-going efforts in the energy sector, institute a stronger political will and we as partners must work,” Dr. Acquaye added during his welcome address at the ongoing Africa Energy Conference 2022.
Citing a February 2015 report by McKinsey & Company, Dr. Acquaye said Africa has an extraordinary reserve of untapped energy potential, including an estimated 10 terawatts of potential solar energy, 350 gigawatts of hydroelectric power, 110 gigawatts of wind power, and an additional 15 gigawatts of geothermal energy.
With these immense resources, “Africa should accelerate investments in technology, innovations, policies and regulations to speed up a renewables revolution. Africa cannot power its homes or businesses with potential. Africa must utilize its huge renewable energy potential and combine this with conventional energy to light up and power Africa,” he declared.
The maiden edition focuses on highlighting the infrastructure gap, financing options and energy transition opportunities in the Africa energy sector and will be held under the theme, Africa’s energy future – achieving an all-round competitiveness and sustainability to support the continent’s development ambitions.
The Africa Energy Conference is a strategic platform powered by the Business & Financial Times Limited (B&FT) and supported by GCB Bank, Sethi Brothers Ghana Limited, Bulk Oil Storage and Transportation Company Limited (BOST), Volta River Authority (VRA), Arthur Energy Partners and Nuclear Power Ghana.
European Union Ambassadorto Ghana, Irchad Razaarly,has assuaged the fears of Ghana over being banned from exporting cocoa beans on the international markets.
Earlier, the Minister for Information, Kojo Oppong-Nkrumah, in a Facebook post, contended that the European Union, through a legislative instrument, intends on banning cocoa from Ghana and some other African countries.
The EU’s legislative proposal aims at curbing deforestation and forest degradation driven by the expansion of agricultural land used to produce specific commodities, namely cattle, cocoa, coffee, palm oil, soya and wood, as part of its efforts to reduce the emission of greenhouse gases.
With the current land degradation through illegal mining and the use of chemical residue that leaches into cocoa, state officials fear Ghana may not meet the requirement of exporting cocoa if the EU’s proposed regulation is implemented.
Contrary to reports of a possible ban on the export of Ghana’s cocoa to the international market, the EU Ambassador to Ghana, Irchad Razaarly, stated that the move must not be seen as a threat to Ghana’s cocoa sector.
Speaking at the second edition of Orange Cocoa Day 2022 in Accra, he said Ghana’s cocoa beans are a much preferred commodity amongst other cocoa producers in Africa.
Mr Razaarly disclosed that the call for more sustainable cocoa production is to “ensure that cocoa and other commodities are produced in a socially environmental sustainable way. This explains EU’s legislation on afforestation and forest degradation and must not be seen as a threat to Ghana’s cocoa.”
“There is no ban on Ghana’s cocoa. On the contrary, we want more of Ghana’s cocoa, and we are insupport of Ghana and Côte d’Ivoire amongst all of the producers who meet these requirements,” he stated.
On his part, the Minister for Lands and Natural Resources, Samuel Abu Jinapor, mentioned that the government, together with the Ghana Cocoa Board, is working to implement feasible policies to combat the degradation of Ghana’s forest reserves.
“We are also implementing the joint frame for action. Which was signed in 2017 with 36 cocoa and chocolate producing companies under the cocoa and forest initiative to halt deforestation and forest degradation in the cocoa value chain.”
He said that under this programme, the “signatory cocoa and chocolate producing companies have committed to sorting cocoa from forest reserves. To support this, the Ghana cocoa board has developed a data management and operational platform consisting of socio-economic data of all cocoa farmers and other key stakeholders in the value chain for the entire cocoa landscape in Ghana.”
Former Ghana international, Tony Baffoe has insisted he has absolute belief in the technical team of the Black Stars led by Otto Addo.
The technical team has come under intense pressure after the games against Brazil and Nicaragua in the friendlies last month.
The Black Stars suffered a defeat against the five times champions before recording a 1-0 win over the 139th-ranked Central American side.
Several Ghanaians have called for the sacking of Otto Addo ahead of the 2022 World Cup in Qatar,.
However, Baffoe, who is a former CAF Deputy General Secretary says the technical team headed by Otto Addo will perform in Qatar later this year.
“I believe in the technical team led by Otto Addo, Chris Hughton, George Boateng, and Didi Dramani,” he said in an interview.
“It getting bigger and bigger and the team behind the technical team.
“I remember in 2014 in Brazil Germany went to the World Cup with over 50 technical team members and they won the trophy.
“I am very happy the Ghana Football Association [GFA] have allowed Otto Addo to operate and I am happy with the work done so far and I believe in them,” he added.
Ghana, who have been housed in Group H will open their campaign against Portugal on November 24 at Stadium 974 in Doha.
Four days later, the Black Stars return to action with a clash with South Korea at the Education City Stadium in Al Rayyan.
Ghana will wrap up their group stage adventure with their much-anticipated encounter with Uruguay at Al Janoub Stadium in Al Wakrah.
It was clear from this that the government had issued more T-bills than its intended objective of GH7.36 billion.
According to myjoyonline.com, the 91-day, 182-day, and 364-day tenors cleared at 30.45% (+184 basis points), 31.57% (+163 basis points), and 31.55% (+202 basis points).
The Treasury raised GH 999.86 million at the T-bill auction, which represents a 10.48% gain over the auction objective of GH 905.00.
91-day bills are selling at an interest of 30.45% and the 182-day bill is going for 31.57%.
The 364-day bill was however at 31.55%.
However, the government is expecting to raise GH¢1.176 billion across the 91-day and 182-day bills to aid the refinancing of matured T-bills worth GH¢1.092 billion.
He acknowledged that the power distribution business had not “upped their game” to give its clients a dependable supply of electricity.
Mr. Mahama added that, in spite of the technical issues that threatened ECG last week, the issue has been fixed.
Customers can now purchase power locally, according to him.
Speaking at a press conference in Accra on Monday, October 3, 2022, the managing director of ECG said, “That was our fault that we were not on top of our game to deliver a service. Let us not forget that in such a business the customer is the one that always gets hurt when you don’t deliver on your promise. So when I said I admit my fault I admit my fault in not being able to deliver the service that we promised to deliver.”
“I will like to apologize to all customers of the Electricity Company of Ghana who attempted to purchase power and they were not able to purchase power, the company admits its fault, the company admits that it was not able to deliver on the service. But the company will like all its customers to also know that most vending stations are up and running. I used most because we still have a few challenges in the Ashanti region that we are working on. Hopefully, by close of day today, it will be resolved,” he added.
ECG customers were unable to buy power credit on prepaid metres for more than three days.
The technical challenge affected customers in 10 operational regional areas of the ECG in Volta, Kumasi, Accra, Takoradi, Tema, Cape Coast, Kasoa, Winneba, Swedru, Koforidua, Nkawkaw, and Tafo.
Meanwhile, the ECG has assured customers of working assiduously to improve its service, as well as, restore the power App for smooth service provision.
He asserts that the Plan will act as a guide for Ghana’s journey to achieve net zero carbon emissions.
The deputy energy minister reaffirmed that Ghana will move toward transition at a relatively slow pace while taking into consideration not stranding its existing energy assets on October 4, 2022 at the first edition of the Africa Energy Conference organized by the Business and Financial Times Newspaper.
“Ghana has seen the need to develop a National Energy Transition Plan to guide its journey towards attaining net zero status at a pace realistic to the country’s peculiar circumstances.”
“Ghana’s plan is informed by both available and prospective energy sources, accessing financing measures and other factors. I am glad to hint to you that by the end of this month, the National Energy Transition Plan will be outdoored,” the Minister said.
“Local technical capacity must be speedily enhanced to reduced reliance on Western support energy-related and cross border collaboration amongst African nations must be encouraged”
He explained that this will ultimately ensure than African nations derive maximum value for their oil and gas resources which must be left to waste.
Through National Energy Transition Plan, Ghana plans to accelerate and focus on the promotion of sustainable energy through low carbon power generation with a target of 10 percent of renewable penetration by 2030.
However, achieving this will require an unprecedented shift away from fossil fuels to renewable energy sources like wind and solar as well as the provision of clean, affordable and reliable energy for consumers.
National Energy Transition Plan to be outdoored in October – Egyapa Mercer
This year’s BET Hip Hop Awards witnessed rapper Kendrick Lamar sweep six awards, followed by Drake, who won three.
This year’s BET Hip Hop Awards, which celebrates black culture, went down in Atlanta and was hosted by American rapper, Fat Joe.
Rapper Benjamin Epp, from France, emerged winner of the Best International Flow category, beating the likes of Black Sherif from Ghana, Blxckie, Central Cee, Haviah Mighty, Knucks, Le Juiice, Nadia Nakai, Tasha & Tracie.
Best Collaboration went to Future’s “Wait for You,” which features Drake and Tems.
The cost of receiving mental health care in Ghana has risen to exorbitant levels, according to a state agency’s recent investigation into the subject.
The Accra Psychiatric Hospitalis one of several mental health care facilities that have revised their service fees.
The upward adjustment, according to the research, is to ensure that these facilities continue operations amidst financial constraints due to declining donor support.
The cost of consultation and hospital cards at the Accra Psychiatric Hospital, for instance, is reported to have increased from GH¢60 to GH¢100, representing a 66.7% increment. Their one-month admission fee has also increased from GH¢1,500 to GH¢2,500.
When the Ghana News Agency visited the facility on September 30, 2022, a one-month admission now cost GH¢2,500. It initially cost GH¢1,500, indicating a 66.7% increment.
Ghana, in 2012, passed the Mental Health Act to create a new system where mental healthcare is free.
Section 88(2) of the Act states: “A person suffering from a mental disorder with a physical condition is entitled to free health care under the National Health Insurance Scheme (NHIS) card.”
However, the Accra Psychiatric Hospital has refused to accept the NHIS card, the research added.
This implies that the cost of all other tests, including blood and sugar levels, was to be taken care of by patients.
“Things have changed, and we are suffering. My brother is not well but I can’t bring him here regularly because now, the services are very expensive. We can’t afford it…,” a source at the hospital is quoted to have disclosed.
This revelation comes at a time when the Mental Health Authority (MHA), which is mandated to promote mental health, prevent mental illness and provide quality mental health services in the country, has revealed that it is unable to operate efficiently owing to financial constraints.
The MHA operates with money in the Mental Health Fund due to voluntary contributions from individuals, organizations, and the private sector; money approved by Parliament, grants from bilateral and multilateral sources; donations and gifts; and any other sources approved by the Minister responsible for Finance.
According to the Chief Executive Officer of the MHA, Dr Akwasi Osei, the Authority is to primarily generate its funds through the Mental Health Levy, which is yet to be implemented by the Ministry of Finance.
“The levy has to be established by the Ministry of Finance and not Parliament. We approached parliamentarians, and they said we had done our part, that is to pass the law which says the levy should be established. The rest is for the Ministry of Finance. This is a levy with a difference. It could be such that you would not feel it much,” he said.
Cost of mental health care on the rise.
He proposed that 50 pesewas be taken from the salaries of workers during the implementation of the Mental Health Levy, as such an amount would not have a huge impact on the net salary workers receive.
Assessing other alternatives, Dr Akwasi Osei stated that the government could also establish a levy where it could take 0.5% from the revenue generated from existing levies such as the Value Added Tax (VAT), the Electronic Transaction Levy, also known as E-levy, among others.
“The reality is that we need that tax. The point is that it does not look like a time will come when the government will have enough money to give to mental healthcare,” he emphasized.
2019 and the years that followed were challenging. The COVID-19 reimagined how we should live and prosper in terms of both our financial security and, most importantly, our physical well-being.
Richmond Kwame Frimpong, an award-winning financial advise consultant, has suggested a clever, straightforward instruction manual on how to survive the current economic difficulties for everyone (Country, Corporates, and Citizenry).
He explains how to be financially independent regardless of the times in his most recent book, Good Money Habits in Bad Economic Times.
He argues that economic crises are significant deterioration of economies over a long period outside the acceptable indicators of change. During global economic crises, the economic performance of countries sees a decline in production and demand, rising unemployment, and bankruptcy of businesses.
This results in increased poverty levels globally. When an economic crisis is devastating and prolonged, there is a depression. When it is devastating, but not prolonged, it is a recession. Recessions and depressions are similar. In both cases, the economy declines, and unemployment rises. However, depression is more severe and usually longer lasting.
The current global economic crises are a result of the lingering impacts of COVID-19 economic downturns and supply chain disruptions, the Russia-Ukraine war, inflation, global food and energy shortages, debt crises in developing countries, unwinding asset bubbles in the Americas, Europe, and Asian.
Scanning through economic history, this is comparable to the great depression of 1929-1939 which is considered the worst economic and financial disaster of the 20th century caused by the wall street crash. Next is the OPEC oil price shock of 1973.
Then, the Asian crisis of 1997 which is also known as the Asian flu began in Thailand spreading to east Asia and its trading partner, and the most recent 2008 financial crisis can be considered a dominant example.
The difference between the COVID-19-induced global economic crises and the ones cited above from 1973 to 2008 is that COVID-19 resulted in a global triple shock; simultaneously covering demand, supply, and financial disruptions.
Ironically, before COVID-19, the world was facing growth uncertainty and there was a tendency for a reduction in the global output.
This uncertainty created conflict among different global economic giants and these conflicts negatively affected the world macro-economic indicators and shrank global growth and trade volume.
The International Monetary Fund (IMF) for instance warned the “US-China trade war will cut the global growth slowest pace since 2008-2009 financial crisis”. Additionally, in November 2019 financial times highlighted that “because of trade tensions global trade balance shrank 1.2 percent”.
In 2020 the global economy is estimated to have shrunk by about 5.2% representing the deepest recession since the second world war with the largest fraction of economies experiencing declines in per capita output since 1870. Additionally, economic activity among advanced economies dipped by about 7% in 2020 as domestic demand and supply, trade, and finance were severely disrupted.
Emerging market and developing economies (EMDEs) like the African continent equally experienced their first contraction in at least sixty years. Per capita incomes declined in excess of 3.6% dragging millions of people into extreme poverty.
Unlike a financial crisis which is limited to one sector, an economic crisis affects the whole economy. Unemployment rises, and GDP (which is the sum of everything a country produces over a specific period) stops growing or shrinks.
This dries up liquidity and in the case of covid-19 plus the Russian-Ukraine war, it resulted in global food and energy shortages, debt crises in developing countries hyperinflation.
The effect is that many get poorer, and the only way out is financial prudence and frugality through the application of “Good Money Habits”.
So, what do we do in these difficult economic times to avoid a financial crisis?
First, analyze your current financial reality by taking the two-level money habit diagnostic tests to determine your present situation.
Secondly, practice the 21 new money habits in the book – Good Money Habits in Bad Economic Times, based on your diagnostic test outcome.
Finally, sign up for the 21-day new money habits worksheet he provides to keep you in motion with your daily routine to help you stick to your good new money goals and act daily towards improvement.
The Bank’s unwavering support of the SME Sector was lauded by the Deputy Minister of Finance in responsibility of Wealth Creation, Hon. Dr. John Ampontuah Kumah.
The Deputy Minister, who represents the Ashanti region’s Ejisu as a member of parliament, claims that the majority of new jobs in Ghana are created by SMEs.
In supporting them CBG aligns with the Government’s agenda for SME growth and development.
The Deputy Minister also commended the Bank for partnering with the Ghana Employment Agency in rolling out the YouStart programme thus positioning the Bank as the SME Bank of Choice in Ghana.
According to him, SMEs are the backbone of the Ghanaian economy, contributing about 75% of GDP and constituting almost 85% of businesses in Ghana. He said, at the SME Centre, experts will provide advisory services to the SMEs.
The Managing Director announced that Euromoney’s recent ranking of CBG as 2022 Market Leaders in SME is a strong complement to what the Bank has done over the last 4years, granting over 1.5billion to the sector. He also touched on the number of activities to boost the sector. This includes:
• Introduction of a programme dubbed CBG Adesua Series. This programme engages and educate entrepreneurs. • Partnering with Ghana Enterprises Agency (GEA) to disburse concessionary loans totaling GHS154billion to 34,000 SMEs • Partnering with German International Cooperation (GIZ) to train 500 Artisans by December 2022. • Partnering GIRSAL in supporting the Agric Sector
The Guest Speaker at the event, Hon. Nana Ama Dokua Asiamah-Adjei, Deputy Minister of Trade and Industry in charge of MSME commended lauded CBG for the initiative.
“I am particularly excited about the Bank’s focus on prioritizing support towards Micro, Small, and Medium Enterprises (MSMEs) promotion for national development because the growth of our MSMEs largely depends on the financial support that is needed to be injected into viable and high-growth firms as well as start-ups. I wish to congratulate CBG for its profound support for the promotion of MSMEs in the country”.
Earlier in the day, CBG also commissioned its plush Trade Fair Branch located on the Giffard Road. The Branch re-emphasizes the Bank’s commitment to superior customer experience and convenience. The Managing Director, Mr. Daniel Addo indicated that the Bank is embarking on a bank-wide standardization exercise to project the branches by making them more customer friendly.
Present at both events were, the Deputy Managing Director, Corporate Resources, Madam Nana Ama Poku, Director, Retail and Business Banking Mr. Emmanuel Nikoi, Director, Global Markets Mr. John Zigah, Director, Operations Mr. Samuel Barketey, Director, Information Technology Mr. George Mensah, General Managers and Heads of Departments of CBG and some Customers of the Bank.
Energy economists have presented a compelling case for why it is time for Africa to own its resources and choose how to use them for the good of its people and the entire continent.
The experts also emphasized that instead of always relying on outside help, the continent needed to adopt a comprehensive strategy for harnessing resources, particularly in the energy sector, and overcoming obstacles.
They recommend that the continent band together and create practical plans to direct the use of resources in order to sate domestic demand and maintain security.
The make these remarks at the maiden Africa Energy Conference focused on highlighting the infrastructure gap, financing options, and energy transition opportunities in the African energy sector and held under the theme, Africa’s energy future – achieving all-round competitiveness and sustainability to support the continent’s development ambitions.
Commitment to net-zero agenda must go beyond mere lip service – Minister
John Dramani Mahama, a former president, has urged the administration to make sure that it strikes a deal with the IMF (IMF).
He added that because the country’s economic hardship had grown intolerable, a financial bailout from the Bretton Woods organisation was required.
John Dramani Mahama said in a tweet seen by GhanaWeb that an IMF agreement may stabilize the sputtering economy.
“Distressing! Every passing day makes our economic situation worse. Gov’t must work with greater alacrity to lock in a programme with the Fund in order to create a more predictable economic outlook,” the former president wrote on the micro-blogging site.
On October 3, 2022, international rating firm, Moody’s Investors Service downgraded Ghana’s long-term issuer and senior unsecured debt ratings to Caa2 from Caa1.
According to Moody’s, the downgrade reflects the recent macroeconomic deterioration of Ghana’s economy which resulted in further heightening of government’s liquidity, debt sustainability difficulties and posing an increased risk of debt default.
It however explained that the initiation of the review for downgrade is prompted by the ongoing negotiations between the government of Ghana and the IMF over a funding programme that may include a condition for debt restructuring to ensure debt sustainability.
It would be recalled that in June this year, government engaged the International Monetary Fund for a financial bailout amidst the economic challenges.
Subsequently, a team from the IMF arrived in the country from July 6 to July 13, 2022, to engage Ghanaian authorities for a possible economic support programme
In a blistering social media rant, Ghanaian musician Shatta Wale has warned President Nana Addo Dankwa Akufo-Addo that he is surrounded by government appointees who are failing to tell him the truth about the current situation of the country.
Shatta Wale further opined that these individuals are only greedy for money and by their very bad counsel, will tarnish the envisioned legacy the President desires to leave behind at the end of his tenure.
Born Charles Nii Armah Mensah Jr, the musician made these assertions in a Facebook video.
“Mr President, don’t let some stupid people take decisions for you in this country,” he said in the selfie video as he drove.
“You’re worrying the youth of Ghana, I’m telling you,” he noted.
“All your ministers, all your people that you have put in office, they are worrying you, they are giving you a bad name,” Shatta Wale declared.
The self-acclaimed African dancehall king brought up the controversial national cathedral.
“Mr President, if you want to go to heaven, you are building a cathedral,” Shatta, as he is simply called, seemed frustrated.
“So please, I’m telling you this thing, the [bad] decisions you are making are getting too much,” he added.
“People are taking decisions and they are not telling you the truth of what is happening on the street. The street is hot. Mr President, the street is hot,” he commented on the economic situation in Ghana.
At this point, similar to other parts of the video, the Shatta Movement (SM) leader appeared to be complaining about being snubbed by 2022 Global Citizens Festival organising team because, according to him some local partners sabotaged and badmouthed him.
“So if small entertainment too, they are coming to do wayo [discriminate and cheat] there, Mr President I’m telling you the country is not going well,” he bemoaned.
“People want to just come and follow you and make money and just go and your legacy won’t be the legacy that you’ve dreamt of. I beg you,” the ‘On God’ hitmaker stressed before addressing prevailing comparisons between former President John Mahama and the incumbent Nana Akufo-Addo.
“It was right here in Ghana that people said Mahama was not performing well,” he said.
“Mahama is gone and since you’ve been in power, they are saying you’re not doing anything impressive at all,” he noted.
“Mr President, stay focused. You see what Ghanaians are saying, that’s what I am telling you. They say you are not working hard,” Shatta Wale continued.
Repeatedly, he barked: “People are angry, people are not happy, people are complaining,” and added: “The streets are not happy. I’m telling you people something. They say you are even fumbling something as easy as organising entertainment events.”
He lamented the tendency of leaders in “this part of the world” to loathe and even occasionally despise successful businesspeople they perceive as being beyond their reach.
The eminent businessman and entrepreneur said that since political leaders do not comprehend that a nation’s inhabitants should control the crucial financial sectors of the economy, such as banking, investments, insurance, and pensions, it is destined to experience poverty.
“When a country loses control over the key financial sectors, other countries and foreign entities take control, and independence is lost,” he said.
Speaking on the theme; “The Independence of Ghanaians” Dr. Nduom touched on work and happiness, probity, accountability and transparency, zero tolerance for corruption and Ghana Beyond Aid.
He recounted how a former Ghanaian military ruler, the late General Ignatius Kutu Acheampong championed the Ghanaian ownership of what he called “the commanding heights” of the economy, he was onto something.
“Operation Feed Yourself was and remains a popular policy from the Acheampong era. I know that there are some people who make the claim that the policy did not come from the late General himself but what does it matter? We will achieve a lot as a nation if we do not care who takes credit for the good things we do”, he opined.
The business magnate further noted that for Ghana to gain control of the economy, the current or future administration must muster the courage to implement (not debate or discuss – we are beyond talking) the following:
1. Take firm steps to ensure indigenous Ghanaian control (ownership) of the financial sector – banking, insurance, investment, pension and others at all levels. This is a must. No country has prospered in this world by relying on foreign-owned financial institutions or the World Bank or the IMF. None. Gaining control of the commanding heights of the economy starts from here. That is why Kwame Nkrumah to his credit made sure Ghana Commercial Bank, Agricultural Development Bank and other state-owned institutions were promoted and encouraged to support the indigenous enterprises.
2. All infrastructure contracts signed by the state must have a minimum 25% of value go to an indigenous Ghanaian and his/her enterprise.
3. All Cocoa roads and projects funded by COCOBOD must be given to indigenous Ghanaians and their companies.
4. Ban completely, the importation of chocolate, soft drinks, fruit juices, fruits, poultry and meats.
5. Ban the importation of rice and sugar.
6. Immediately ban the serving of any imported food or drink at all state functions.
7. School feeding programmes must only use locally produced food and drinks.
8. All professional services agreements – architectural, technology, financial etc., must have at least 25% indigenous Ghanaian participation.
9. All new and renewed concessions for gold, bauxite, oil and gas, diamond, timber must have a minimum of 25% indigenous Ghana ownership.
10. The digitalization agenda must be placed firmly, 100% in the hands of indigenous Ghanaians and their companies.
11. Give full rights and recognition to Ghanaians who by necessity have become citizens of other countries – to vote, be employed by the state and compete for elective offices. It beats my imagination why we promote drafting football players born in other countries to Ghanaians but do not encourage professionals in other fields who have acquired citizenship in other countries to come and participate fully in the private and public sectors. Ghana loses a lot by shutting these experienced and knowledgeable people out of high-level public-sector positions. I should know. I was one of them.
The Managing Director (MD) of GCB PLC, Mr. Kofi Adomakoh, claims that although the bank is in business to serve customers profitably, it is conscious of the economic difficulties facing Ghanaians.
While banks are unable to lend below a specific rate, he claimed that the Bank was rethinking the creation of goods and services with affordable prices to help customers in these “tough times.”
The bank, he explained, “moves in lockstep with the rate that is increasing so our rates go up, but we are extremely sensitive about our customers and how much they can contain in terms of increasing interest rate.”
Mr Adomakoh said this in an interview with the Ghana News Agency after engaging some employees and customers as part of the Global Customer Service Week Celebration.
He urged customers to channel their grievances to designated outlets, such as Customer Service Department and online portals for redress.
Ms Abigail Mary Akpaloo, a Healthcare Assistant Nurse, a customer of the Bank since 1979, said the presence of GCB Bank nationwide made it a preferred choice.
She, however, encouraged the Bank to work on improving its operational efficiencies to reduce the time and cost of transactions.
“At times you go to the Automated Teller Machines (ATM), you slot your card, but your money will not come. It means there is no money in the machine…,” she lamented.
Minister of Railway Development, John Peter Amewu, has revealed that construction work on the Tema-Mpakadan railway line is 95 percent complete.
According to him, he is in constant contact with the Minister of Transport, Hon. Kwaku Ofori Asiamah, about also redeveloping the railway line’s terminus into a modern port.
During a site inspection, the Railway Development Minister told the press that when completed, the project will greatly reduce road traffic and promote economic activity from Tema to other parts of the Volta and Eastern regions.
“I am very impressed with the progress of work and as the contractors have indicated, we’re within the schedule to complete it by the end of the year. Talks are ongoing with my colleague Minister for Transport to make use of the ending point at Mpakadan which has become a concern,” he is quoted by Joy Business.
“It is important that we need to have some level of collaboration quickly to see what to do at the port of Mpakadan. Otherwise, it will be a train leading to nowhere. Because this project completion will be completed sooner than expected, hence that port needs to be completed soon,” the minister added.
Peter Amewu is also optimistic that the railway project’s completion will increase the activity and movement of traders transporting commodities along the route.
The Tema-Mpakadan Railway project will extend approximately 90 kilometres from Tema Port to Mpakadan in Akosombo in the Eastern area.
However, the project’s contractor, Afcons Infrastructure Limited, has stated that efforts are being made to guarantee that the project is completed and handed over to the Ghanaian government by the end of 2022.
When completed, the railway line will connect Ghana from Tema to Burkina Faso’s capital, Ouagadougou.
Rapper, Benjamin Epps, from France on October 4, won the BET Best International Flow Award, cutting short Ghana’s dream of bagging the prestigious award for the second time.
The Ghanaian rapper, Black Sherif, who bagged a nomination in the Best International Flow Awards category this year, was hoping for a win together with his fans.
Tons of music lovers, including some of his colleagues, threw their height behind him.
Blacko is the second Ghanaian to bag a nomination after Sarkodie, who in 2019 won the International Flow category.
This year’s BET Hip Hop Awards, which celebrates Black culture went down in Atlanta and was hosted by American rapper, Fat Joe.
Announcing Benjamin Epp’s win in an Instagram post, BET wrote: “Congratulations to Benjamin Epps on winning the 2022 BET HIP HOP AWARDS BEST INTERNATIONAL FLOW! Please see attached digital assets for your talent and team.”
Meanwhile, Black Sherif is set to release his maiden album titled ‘The Villain I Never Was’ on October 6, 2022.
In order to provide local youth and other Ghanaians with jobs, he claimed that the state-owned Ghana Integrated Aluminium Development Corporation (GIADEC) was committed to developing the bauxite mine.
“It is time to mine the bauxite here, and plans for us to mine the bauxite are far advanced for the people of Kyebi and Ghanaians, in general, to have work that will produce cash for them,” he added.
He said the state-owned Ghana Integrated Aluminium Development Corporation (GIADEC) is determined to develop the bauxite mine to create employment for the youth in the area and other Ghanaians as well.
“It is time to mine the bauxite here and plans are far advanced for us to mine the bauxite so that the people of Kyebi and Ghanaians, in general, would have employment which would generate income for them,” he emphasized.
The President was speaking at a durbar organized for him by the leaders of the Akyem states at Kyebi during the second day of his three-day tour in the Eastern Region.
Chiefs and people from the three Akyem states including Abuakwa, Kotoku and Bosome as well as the Okuapemanhene, Oseadeayo Ohene Kwasi Akuffo III, ministers of state and members of parliament were present to grace the occasion.
President Akufo-Addo hoped that the mining of the bauxite would change the local economy of the host communities and the nation at large. He said, “Government is committed to creating jobs and ensuring that people have enough money in their pockets.”
Speaking on government projects, he said in the Eastern Region about 1,481 projects were initiated with 768 completed and 730 projects ongoing. “In the Akyem area, we have initiated 560 projects, 345 have been completed and 215 projects are ongoing.”
President Akufo-Addo said before he assumed power in 2016, he pledged to deliver his best to Ghanaians and asked them to assess his performance for the past years and vote massively for him and the Member of Parliament for Abuakwa South Constituency, Mr Samuel Atta Kyea to continue his work.
The Minister for Works and Housing and Member of Parliament for Abuakwa South, Mr Samuel Atta-Kyea said the integrated aluminum industry project to be initiated in parts of the Atewa forest would result in the construction of several housing projects for the workforce and improve the local economy.
He added a-100 million euros had been made available by the Hungarian government for the housing project.
The Okyehene, Osaagyefo Amoatia Ofori Panin called on Ghanaians to give the president the nod to go for a second term, considering the number of developmental projects and initiatives proposed and completed by government.
The Okuapemhene, Nana Kwasi Akuffo III said as chiefs they would support the government in power to bring development in the country and hence would support the President’s efforts considering that he is a son to the stool, to bring development to the country.
The President later commissioned one storey 14-unit classroom block GETFUND project at Bepong and inspected ongoing Kwahu-Asakraka town roads at Mpraeso and Abetifi respectively.
He also commissioned Kwahu-Tafo town roads and commissioned a three-storey 18-unit dormitory block at Nkwatia SHS and met chiefs and people of Kwahu to solicit their votes.
The Executive Director of the Institute for Energy Policies and Research (IEPRe), Kwadwo Poku, is calling for transparency in the IT department of the Electricity Company of Ghana (ECG).
According to Mr. Opoku, the department’s refusal to provide the company board with accounts of its operations is a contributing factor to the current challenges with the ECG’s prepaid credit operating system.
His remarks come after some ECG prepaid customers were left in the dark due to a technical issue that prevented them from purchasing credits for their metres.
Customers in Accra, Volta Region, Takoradi, Tema, Cape Coast, Kasoa, Winneba, Swedru, Koforidua, Nkawkaw, and Tafo were affected.
Information privy to him indicates that “there is one person at ECG who controls all the vendors” and that, according to him, is what the ECG’s managing director, Samuel Dubik Masubir Mahama, has been trying to impose some changes within the organization, particularly with regard to how the credit system is managed, but has encountered some resistance from the IT unit that is in charge of the system.
In an interview with Joy News, Kwadwo Poku mentioned that “Now what happens is that the Managing Director of ECG and his managers are asking the IT department to give them some information and that information is not forthcoming”.
Refuting claims of ECG suffering a system hack, Kwadwo Poku explained that Hubtel’s involvement in resolving the prepaid credit system challenge is not to check for hacks but to “help ECG develop a transparent platform” as that is exactly what the company needs to juxtapose into its financials.
While he stopped short of accusing the IT department of sabotage, he noted that the ongoing impasse may have a direct link to the system shutdown that ECG had experienced over the past six days.
The launch of the anticipated online digital payment systems for pension contributions will start the following week, according to the Social Security and National Insurance Trust (SSNIT).
When he launched the 2022 customer week celebration in Ho, Dr. John Ofori-Tenkorang, Director General of the Trust, announced the launch of the new feature. The new system would also allow for mobile transfers from bank accounts.
The Government’s efforts at digital transformation, he said, had made it possible to improve services, and a waiver of the electronic transaction levy had been secured as part of commitments to ensure that it was used by everyone. He also announced the introduction of an improved and interactive self-service portal.
“I am happy to announce that in about a week from today, members can pay their contributions using Momo and pensioners can also opt to receive their pensions through Momo (E-LEVY exempt), and by the close of the year, the SSNIT app will be fully functional.
I believe in continuous improvement, and we are not going to stop here, but make sure we deliver the best for you.
He said the current digital revolution in the nation’s identification helped cleanse the system of unverified payments, and that the Scheme had saved about GHS 325 million from stopping unverified payments.
The Director General said the Scheme continued to excel as the best in the country and was making efforts to attract the informal sector, which had a population of over 10 million, and was the backbone of the Nation’s economy.
He said Scheme pays out GHS 230 million in pensions annually and totalled 3.2 billion in 2021.
Dr Ofori-Tenkorang said the scheme never departed from its commitments and had been raising pensions annually.
Invalidity payments were also being honoured and had paid the over 1500 eligible persons nationwide, GHS 18.5 million in 2021.
“SSNIT gives superior value to any long-term investment that one can engage in,” he assured.
The Director General told the Ghana News Agency (GNA) that the Scheme had a secure system to allow smooth wireless financial transactions across the various digital platforms.
“98 per cent of the time, our systems are very effective,” he assured.
Dr Archibald Yao Letsa, Volta Regional Minister, said all must sign up for the SSNIT Pension Scheme, irrespective of job class and said all in the Volta Region had a high informal sector, that must take advantage of the enhanced registration services to join the scheme.
Togbe Kotoku XI, Chief of Kpenoe Traditional Area, said there was the need to remind each other of retirement, and of the fact that SSNIT had “shown leadership in pensions by providing increased security for workers in Ghana.”
He said all must take advantage to avoid the adverse that come with not joining.
This year’s customer week celebration is on the theme “You deserve a Pension- Call SSNIT Today.”
The launch coincided with the world customer service day celebrations, and a registration team was at the fore of the Ho Teaching Hospital to register new customers and service existing ones.
There were testimonies from beneficiaries of the Scheme, and a drama skit was staged calling for people to join the programme.
Felicia Osei is incredibly matured and is destined for greatness, according to a social media user who released a video reacting to her latest appointment.
The young tiktoker, daughter of notorious tiktok star Linda Osei Kofios, was recently announced as the newest presenter by Media General, owners of TV3 and Onua TV and Fm, among others.
Felicia is set to work with Onua TV and Onua Fm.
Reacting to her appointment, the social media user praised her for landing this new job.
According to him, Felicia got the job because she’s incredibly matured and far wiser than her age.
He pointed out that during her mother’s beef with Afia Schwarzenegger, Felicia took a lot of insults but she never responded.
Instead, she moved in secret to secure her appointment with Media General.
According to him, that clearly indicates her level of maturity.
He said Felicia is destined for greatness – and would become one of the most famous and richest journalists in Ghana in five years.
President Nana Addo Dankwa Akufo-Addo has been urged by the pressure group OccupyGhana to swiftly proclaim a State of Emergency in all mining regions of the nation.
According to a statement released by the Group on Monday, this was the only way the President and his administration could organize the nation’s mining operations and triumph over illegal mining, also known locally as “galamsey,”
“We…, request that you take immediate steps towards declaring a State of Emergency in every mining area in Ghana.
“By article 31(1) of the Constitution, these steps will be, first, seeking and obtaining the advice of the Council of State and, second, publishing a proclamation of the declaration in the Gazette,” the statement said.
It also asked Parliament to be recalled from vacation to pass the state of emergency.
“Considering the gravity of the situation, we fully expect Parliament to agree with the government and provide that the state of emergency should remain for such period as Parliament may determine so that the government can get a grasp of the situation,” it said.
On Tuesday, 4 October 2022, Mr. Amoabeng, whose bank also failed during the first term of the Akufo-Addo administration, said to Nana Otu Darko on CTV’s morning program, Dwabre Mu, “I was upset by the fall of Heritage Bank since it was young.”
He said, “The Bank of Ghana had awarded a licence to Heritage Bank and Heritage Bank had not been operating for long so, unlike UT Bank, it had no bad loans or anything and it was a wholly-owned Ghanaian firm that we had to foster to expand.
“Secondly, the owners of Heritage Bank found it fit to appoint a solid board”, he noted, adding: “I mean, the chairman was [Prof] Kwesi Botchwey. When it comes to finance in this country, he is the safest hands you can get; he’s seen it all”.
“As chairman, the board members run the bank, not the owner, so, I don’t know Seidu Agongo – as I told you, I haven’t met him before – but I know Kwesi Botchwey and I know his track record.
“So, if you have a bank that hasn’t got any baggage, it’s fresh and it’s got a board headed by Kwesi Botchwey, then it means its closure was a worse decision than UT Bank”, he further noted.
“As for UT Bank, we owed and they could have bailed [us out] but decided not to bail; that’s an option. That is why I mention that Heritage Bank, for example, was collapsed out of sheer wickedness”, he added.
Mr Amoabeng observed that the “unfortunately thing is the Bank of Ghana is supposed to be independent but I don’t think they were independent with their decision on Heritage Bank because, if they were independent, why do you issue a licence and withdraw it”
“When you were issuing the licence, didn’t you know the owners and the board?” he asked.
“It means they were told to withdraw the licence”, he deducted.
“And it’s not a fair way but it’s another dangerous path that Ghana has taken”, he regretted, noting: “Every institution has been politicised including even the army”.
“And that is why I am saying that for Heritage Bank, the institution that is supposed to be independent of the government, even though in principle, issues a licence and then withdraws that licence when the company hasn’t even done anything wrong”, Mr Amoabeng added.
Mr Amoabeng made similar comments a couple of years ago saying he found it “extremely odd” for the Bank of Ghana to have collapsed Heritage Bank Limited, which had no bad loans on its books and was being run by the “right people” within the industry.
In his view, the revocation of the licence of the Ghanaian-owned bank, whose founder, Mr Seidu Agongo, has always argued was above board, as far as its books were concerned, was not only politically motivated but also “extremely unfair and unfortunate”.
Asked directly by TV3’s Paa Kwesi Asare in an interview on Business Focus: ‘Do you think, as many think, that some of the decision to close down certain banks was politically motivated?’ Mr Amoabeng answered: “A few of them; specifically Heritage Bank”.
“I don’t understand the issue because the Chairman of the Board is Dr Kwesi Botchwey. I have a lot of respect for him when it comes to finance in this country and managing Boards and he will not, in my estimation, ever accept to be Chairman of a bank that is not right and dealing in all sorts of things. I can say that for him”, Mr Amoabeng noted.
“So”, Mr Amoabeng noted: “I find it extremely odd that a bank – and it had not started doing business for it to have bad loans and all those things – and for you to say that the owner didn’t have what it takes [doesn’t meet the fit-and-proper criterion] or however they put it, I mean the owner doesn’t run the bank, he’s a Ghanaian, he’s got the money, he’s appointed the right people to run the bank for him, so, what is the excuse?”
“I find that extremely, extremely unfair”, Mr Amoabeng asserted, adding: “Maybe I don’t have all the facts, but from where I stand, I find it really unfortunate”.
The Bank of Ghana revoked Heritage Bank’s licence on Friday, 4 January 2019 on the basis that Mr Agongo, the majority shareholder, among other things, used proceeds realised from alleged fraudulent contracts he executed for the Ghana Cocoa Board (COCOBOD), for which he has been facing prosecution together with former COCOBOD CEO Stephen Opuni, for the past four years.
Announcing the withdrawal of the licence, the Governor of the central bank, Dr Ernest Addison, told journalists – when asked if he did not deem the action as premature, since the COCOBOD case was still in court – that: “The issue of Heritage Bank, I wanted to get into the law with you, I don’t know if I should, but we don’t need the court’s decision to take the decisions that we have taken.
“We have to be sure of the sources of capital to license a bank; if we have any doubt, if we feel that it’s suspicious, just on the basis of that, we find that that is not acceptable as capital. We don’t need the court to decide for us whether anybody is ‘fit and proper’, just being involved in a case that involves a criminal procedure makes you not fit and proper”.
However, Mr Agongo responded with a press statement in which he said that the “not fit and proper” tag stamped on him by the central bank was “capricious, arrogant, malicious and in bad faith”.
According to Mr Agongo, “In purportedly making the determination, the central bank obviously had little regard for the time-honoured principle that a person is presumed innocent until proven guilty by a court of competent jurisdiction”, adding that: “The fact that I have a case pending before the High Court is a matter of public knowledge but my guilt or innocence is yet to be determined by the Honourable Court”.
“The determination that I am not a fit and proper person to be a significant shareholder of HBL because the central bank suspects the funds are derived from illicit or suspicious contracts with Cocobod is not only calculated to pre-judge the outcome of the criminal proceedings but also violative of the principle of presumption of innocence to which every individual is entitled. Since when has suspicion become a substitute for credible evidence?” Mr Agongo asked.
Also, the erstwhile Prof Botchwey Board issued a statement on the matter in which it said: “Heritage Bank was by the Bank of Ghana’s own admission, a solvent bank. It never received liquidity support from the Bank of Ghana.
“Its corporate governance record had never been impugned by the Bank of Ghana. We believe we have been done a grave injustice and a terrible precedent set that does not bode well for the future”
Shirley Ayorkor Botchwey, the minister of foreign affairs, has reassured Ghanaians that her department is working to address the issue of a lack of passport booklets at the various passport offices throughout the nation.
According to her, the ministry is working assiduously to clear all backlogs as far as issuing the passport booklet is concerned.
The Minister made these remarks during a working visit to some passport offices in the Greater Accra Passport Application Centre at Tema Station and the passport head office at Ridge on Monday, October 3, 2022, after reports that there had been a shortage of passports across offices in the country.
“Some go back many months, and I wanted to see this for myself, and I have seen it, and we will make sure that as soon as the booklet comes, we will work day and night to print all the backlog and clear the backlog so that those who want to travel can do so,” she said.
She noted that “by the middle of this month-October, in about a week or so, we should have enough to clear the backlog.”
Mrs. Botchwey guaranteed that by the end of October, there would be more passport booklets in stock “to take us beyond the end of the year into the next quarter.”
She noted, however, that, after her interaction with some affected applicants, she believes the challenge is with the collection process of the booklet.
And in cases of emergency, the minister called on applicants to make it known to officials in charge. This, she said, is because provisions have been made for such purposes.
“We are expecting over 300,000 this month. I believe the backlog is about 90,000. We have some in stock to take care of emergencies and expedited service, and so on,” the minister assured.
Since January 2022, the Minister of Foreign Affairs and Regional Integration has been announcing the shortage of passport booklets.
In January 2022, it announced the shortage of 33-page passport booklets. Currently, all passport booklets, including the 48-page passport booklets, are reported to be in short supply as well.
Mahama stated that the current state of the economy is “distressing” in a tweet and urged the administration to quickly and eagerly secure an IMF program to stabilize the economy.
“Distressing! Our economic position worsens with each passing day. In order to secure a program with the Fund and generate a more predictable economic future, the government must act with greater urgency “He read his post.
The NDC flagbearer for the 2020 elections comments come after rating agency, Moody’s downgraded Ghana’s long-term issuer and senior unsecured debt ratings to CAA2 from CAA1 and placed the ratings on review for downgrade.
The CAA2 downgrade reflects Ghana’s recent macroeconomic deterioration, further heightening the government’s liquidity and debt sustainability difficulties and increasing the risk of default.
This follows the recent downgrade of Ghana’s credit rating to ‘CC’ from ‘CCC’ by Fitch.
Despite Ghana’s tightening of monetary policy in response to the global price shock, it said inflation continues to rise from high levels and the currency has been under very significant pressure, adding, “combined, a sharp rise in interest rates, high inflation and a rapidly weakening currency exacerbate the government’s debt challenges”.
“Without external support, the government’s policy levers to arrest a worsening macroeconomic backdrop and heavier debt burden are extremely limited; the government’s small revenue base, largely and increasingly absorbed by interest payments, further intensifies the policy dilemma between competing objectives, including servicing debt while meeting essential social needs. As a result, the risk of an eventual default has increased”, it pointed out.
Ghana is at the IMF for US$3 billion to help the country navigate through the hostile economic crisis it finds itself in as a result of the adverse effects of the deadly coronavirus pandemic and the ongoing conflict between Russia and Ukraine.
President Akufo-Addo has stated, on occasion, that “we have decided to seek the collaboration of the International Monetary Fund (IMF) to repair, in the short run, our public finances, which have taken a severe hit in very recent times as a result, whilst we continue to work on the medium to long-term structural changes that are at the heart of our goal of creating a Ghana Beyond Aid, that is building a resilient, robust Ghanaian economy.”
Ghana’s parliament has been encouraged to expedite procedures in order to ratify some International Labour Office (ILO) Conventions that are now up for discussion.
This would improve fair working conditions for fishermen and other sector participants in the maritime and fishing industries.
National Project Officer of the International Labour Office (ILO), Emmanuel Kwame Mensah, commented on the necessity of the Convention, which is currently
before Parliament, for ratification and implementation, saying that it will advance efforts to deal with issues of forced labour among fishers.
“When the convention is ratified, then it can be translated into a framework for implementation, and we encourage that no hindrances or impediments are put in this part so that all the parties supposed to help implement this convention, when it is ratified, will be given the necessary support in terms of logistics.”
“The expectation is that after the ratification, you now have a national law that contextualizes the ratification because the context of countries differs from one country to the other. The conventions are very general, although they provide some international standards,” he noted.
Mr. Mensah spoke on the sidelines of a 2-day training held in Accra in partnership with the Fisheries Committee for the West Central Gulf of Guinea (FCWC) for journalists nationwide.
Ghana has been a member of the ILO since 1957 and has ratified eight Fundamental Conventions, including two others; C155 (Occupational Safety and Health Convention) and C. 187 (Promotional Framework for Occupational Safety and Health Convention), yet to be ratified.
Aside from these fundamental conventions, the ILO has developed technical conventions for specific areas, including construction, plantations, and marine fisheries, among others.
Given the risky nature of the occupation, the ILO adopted a Convention for Maritime Fisheries to guarantee that fishermen enjoy respectable working conditions on fishing vessels.
The convention – C. 188, which looks at work in fishing, if ratified, will ensure fishers have the minimum requirements, including accommodation and food, health protection, occupational safety, social security, and medical care, among others, while on board a vessel.
While the Ghana Maritime Authority has confirmed that the Convention – C.188 has been assented and laid before Parliament for consideration, processes to facilitate speedy ratification are yet to be completed.
Mr. Mensah continued by saying that approving the agreement will give different parties the logistical support they need to collaborate and ultimately produce quantifiable results.
“Although we know that ratification is not the final bit, ratification provides an impetus for actual work to be done to deal with issues of forced labour and provide a decent working environment for our fishers.”
“For example, in the fishing sector, there are a number of players; the fisheries ministry, labour ministry, you have the maritime authority, who in the context of the country should have the leading mandate to do this inspection,” he said.
He continued by stating that “there is the need to discuss the types of logistics and resources that will be required to complete their work, and whether or not they have them. Are the staff members accessible? Are they properly educated? Properly allocated in the locations where labour is required.”
The workshop, among other things, focused on target 8.7 of the Sustainable Development Goals (SDG) 8 which calls on countries to take immediate action against decent work deficits that are an affront to the fundamental principles and rights at work.
Over 20 journalists have been trained by the International Labour Organization as part of efforts to promote decent work and eradicate forced labour in the marine fisheries industry in Ghana.
The 2-day workshop held in Accra, in partnership with the Fisheries Committee for the West Central Gulf of Guinea (FCWC) focused on target 8.7 of the Sustainable Development Goals (SDG) 8 which calls on countries to take immediate action against decent work deficits that are an affront to the fundamental principles and rights at work.
Ghana has ratified the Labour Inspection Convention, 1947 (no 81), the Tripartite Consultation (International Labour Standards) Convention, 1976 (no 144) as well as a number of technical conventions.
Two fundamental conventions, C155 (Occupational Safety and Health Convention, 1981) and C187 (Promotional Framework for Occupational Safety and Health Convention, 2006) remain unratified.
While these are undeniably central to the achievement of the ILO’s goals to promote decent work and protect individuals, specific conventions which focus on forced labour in the marine fisheries sector also need to be ratified.
He, therefore, charged the government with providing re-integration models for ex- convicts so they would be engaged meaningfully to discourage them from engaging in crime.
“There are too many ex-convicts out there who have not been properly integrated. Government must find re-integration programmes for ex- convicts so that they are not idle because the devil finds work for idle hands. The Inspector General of Police seems to have gone to sleep. He must wake up to his job to curb crime. Police visibility must also be increased,” he said.
“Social Welfare must be seen to be doing its job, but unfortunately, they are not equipped enough to be able to execute their mandate. If you go to their office, they do not even have chairs to sit on,” he added.
The rumors should be ignored, the ministry claims, since the minister is working to fulfill his duties as the finance minister.
“The ministry wants to reassure the populace that these rumors are untrue.
Part of the statement issued on Tuesday, October 5, 2021 said, “Mr. Ken Ofori-Atta is at post and focused on his mission, granted to him by His Excellency the President, to serve the people of Ghana in his capacity as Finance Minister.
• Finance Minister, Ken Ofori-Atta is still at post
• According to a press release from the ministry, the minister is working assiduously in his given position
• This comes on the back of recent rumours that suggest he has resigned
A press release signed by its public relations unit indicates that its attention has been drawn to some rumors circulating on social media. The rumours, per the release, suggest that the minister has resigned from his position.
“The ministry wishes to assure the general public that there is no truth in these rumours. Mr. Ken Ofori-Atta is at post and focused on his mandate, given to him by His Excellency the President, to serve the people of Ghana in his capacity as Finance Minister,” part of the statement released on Tuesday, October 5, 2021 read.
The ministry further urged the general populace to disregard the rumours.
Ken Ofori-Atta, earlier this year was flown to the United States of America for treatment after contracting COVID-19.
He however returned shortly after to be vetted in parliament and to continue his duties as substantive finance minister under President Nana Addo Dankwa Akufo-Addo’s second term in government.
Ghana forward Kamal Sowah has expressed his excitement after scoring in Club Brugge’s 2-0 win over Atletico Madrid in the UEFA Champions League on Tuesday.
Sowah, who lasted the entire duration of the game put up an impressive performance for his side at the Jan Breydel Stadium in Belgium.
The former Leicester City attacker scored in the 36th minute before Ferran Jutglà made it 2-0 in the 62nd minute to seal all three points.
“Yes, I don’t really realize it yet, but I think we certainly deserved this victory,” said Sowah as quoted by the club’s website. “We have worked very hard the last few days with the whole team to achieve such a result.”
“Especially the way we came out tonight, especially the tactical plan we had was just right. My goal was actually not that difficult. I passed the ball to Ferran (Jutglà, ed.) and just kept walking, hoping I would get the ball back and that’s how the 1-0 happened.
He added, “Of course it is unbelievable that after my first goal for Club in Porto I could now also score against Atlético. And then all our supporters who went crazy.”
“They kept shouting at us with all the consequences. 0-4 against Porto and now 2-0 against Atlético Madrid, I think I rate this victory higher.”
Club Brugge are currently first in Group B with nine points after three games.
The Authority claims that it is not at fault for any incorrect deductions.
This is in response to multiple complaints of erroneous deductions, in which users were charged E-Levy on sums below the maximum of $100.
Isaac Kwabena Amoako, the GRA’s head of project management, observed that the charging companies’ failure to update consumers’ data with the GRA is the cause of the erroneous charges.
“We are aware of these wrongful charges. The good news is that there is an avenue for customers to make complaints when there are wrongful charges. What we have also noticed is that customers have gone to the charging entities, especially the banks, to update their information, but the charging entities have failed to update the same with GRA,” he said according to myjoyonline reports on October 5, 2022.
Also, he urged customers to report to the GRA if the charting entities do not resolve their challenges.
“Anyone who has been wrongfully charged has an obligation to report to their charging entities. They are not supposed to reach out to GRA. Coming to us means that you are reporting the charging entities,” he added.
The Minister for Food and Agriculture, Afriyie Akoto, has predicted a potential ban on locally produced cocoa on the international market due to illegal mining activities and their effects on Ghana’s extensive forest cover and water bodies.
Dr Afriyie Akotostated that chemical residues such as mercury and cyanide, among others, are affecting the sustainability standards of cocoa beans exported to European countries.
According to him, Ghana risks putting cocoa farmers within the value chain out of business if the current trajectory is not checked.
Expressing his concerns, Dr. Akoto stated that “It is the water pollution, cyanide and other chemicals, mercury that goes into the food chain and ends up in our stomachs. To me, that is the most dangerous part. It is not the quantity, but the negative environmental impact. I am afraid that it may go into the water in the cocoa areas. If we send a consignment of cocoa to, say, Belgium and they test it and find any trace, they could ban our cocoa exports.”
“So it is not so much the impact of the production as to endangering our international trade, and the only thing we have is cocoa. Immediately, the danger of these cyanides and these very dangerous chemicals going into our products, which we send abroad, will endanger our export earnings, which for me, is the biggest concern,” he added.
The conversation about the possible ban on Ghana’s cocoa was triggered by the European Union’s decision to implement a legislative instrument that ensures that goods exported to the international market are harvested, extracted, and processed sustainably.
According to reports, the purpose of the regulation is to minimize the EU’s contribution to global deforestation and to promote the consumption of products from deforestation-free supply chains.
The bill was supported by 453 votes to 57 with 123 abstentions.
The EU Parliament will now start negotiations on the final text with EU member states.
Commenting on the EU’s legislative proposal, Dr Afriyie Akoto fears the activities of illegal miners will hamper the cocoa industry.
This, he believes, will affect the economy at both national and local levels.
Meanwhile, the Information Minister, Kojo Oppong-Nkrumah has beseeched the union to work with African, Caribbean, and Pacific (ACP) countries to prevent its proposed ethical and sustainable supply chain rules from becoming a burden on the local cocoa and coffee industry.
Speaking at a two-day forum on the future of Ghanaian cocoa and coffee value chains under the theme “Alliances in Ghana: Coffee and Chocolate at the Table” in Brussels, Belgium, Mr Oppong-Nkrumah intimated that many exporters of cocoa in Africa will significantly affect their economies.
“By no means, however, should sustainability be used as a pretext to limit market accessibility. The exchange of best practices and technical assistance is necessary so that we can have a win-win situation in all of this.
“Their social reality and cultural context must be considered when designing legislation, so they may meet their demands and not bear a disproportionate burden of complying with the regulation,” he said.
Galamsey fight
The fight against illegal mining has somewhat become a wild goose chase.
Despite measures instituted to nib the canker in the bud, the activities of illegal mining still persist.
According to data from the Ghana Cocoa Board (COCOBOD), several cocoa farms in the Western, Ashanti, and Eastern regions have been destroyed by illegal mining.
In a study conducted in 2019 and 2020, COCOBOD discovered that 19,000 out of over 20,000 acres of cocoa farmland had been destroyed by galamsey activities.
The digging of small working pits and tunnels by miners in search of gold has in the long run destroyed Ghana’s water bodies and farmlands.
A chilling revelation by the Water Resources Commission (WRC) disclosed that about 60 per cent of Ghana’s water bodies have been polluted as a result of galamsey.
As part of efforts to combat illegal mining in Ghana, the government is said to be reviewing security strategies.
According to the Minister of National Security, Albert Kan-Dapaahthe revision, when implemented, will help the government institute strict and robust anti-galamsey policies to weed out illegal mining.
Crystal Palace winger Jeffrey Schlupp is happy with his fitness level after an impressive start to the season.
The 29-year-old has endured an injury-stricken time since joining Crystal Palace from Leicester City in 2017 after only four league appearances for the Foxes in 2016/17.
Schlupp has eight appearances for Palace across all competitions and provided one assist in the process.
“I had a few injuries that kept me out for half a season. So a bit for me was to obviously play games and keep fit. We’ve got different stuff that I do personally in training and to get me ready for games,” he told Palace TV in an inerview.
“I managed to play most of the season last year and I have started this season well as well. I am in a good place fitness-wise.”
Crystal Palace are 17th on league table with six points after seven games played so far this season.
He said that barely 0.03% of Ghana’s GDP is produced from property taxes.
He stated, “In Ghana, we only realize 0.03% of GDP through property taxes, compared to other nations.
To put that into better perspective, The Gambia makes nearly 17 times as much money from property taxes as Ghana does.
• Osafo-Maafo has charged the new Local Government Service Board to generate innovative ideas
• The Senior Presidential Advisor is not happy with the revenue generated by the state from property rates
• He has related the situation in Ghana to other countries such Zambia
Senior Advisor to the President, Nana Yaw Osafo-Maafo has decried the amount of revenue the government of Ghana realizes from property rates.
According to the former Senior Minister, the revenue Ghana generates from property rates accounts for only 0.03% of the country’s Gross Domestic Product (GDP).
He believes this does not speak well for the country considering what other West African countries including the Zambia make from property rates.
“In Ghana, we only realise 0.03% of GDP from property rates. To put it better into perspective, The Gambia generates revenue from property rates about 17 times more than what we do in Ghana,” he stated during the swearing-in of the new governing board of the Local Government Service in Accra.
At the back of his statement, the Senior Presidential Advisor urged the newly inaugurated board to come up with innovative ways to increase revenues realized from property rates for the state.
Minister for Lands and Natural Resources, Samuel Abdulai Jinapor recently revealed plans by government to roll out a new property rates policy.
The Minister stated that such a policy required a multi-sectoral effort.
He noted that his Ministry and that of Local Government and Rural Development were on board to ensure the enactment of a legislative instrument that will ensure that land is considered as important in the evaluation of all properties in the country.
The Minister tagged the non-inclusion of land in the valuation of structures as unfair, adding that such a practice cannot be allowed to continue.
“You value the property based on the structure and not the value of the land. So, the value of the land is completely discounted, and it doesn’t get into the valuation, and the government thinks that is very inequitable and very unfair,” the Minister said.
Due to a sustained decline in the bank’s shares and the depreciation of the Ghanaian cedi against the US dollar, Ghanaian businessman Daniel Ofori has seen the market value of his stake in the country’s largest bank, Ghana Commercial Bank (GCB Bank Limited), decline by nearly $10 million since the beginning of 2022.
In terms of total operational assets and business deposits, GCB Bank is among Ghana’s biggest financial institutions.
Ofori, the richest shareholder on the Ghana Stock Exchange, owns 7.49 percent of GCB Bank, making him the third-largest shareholder in the banking group after the Social Security and National Insurance Trust and the Ghanaian government.
The decline is attributed to the weakening of the Ghanaian cedi against the U.S. dollar, and a market-wide sell-off of shares on the Ghana Stock Exchange as investors moved to preserve wealth.
Shares in GCB Bank on the local bourse have dropped by more than 23 percent since the beginning of the year, falling from GH¢5.25 ($0.854) on January 1 to GH¢4 ($0.384) on October 3.
As a result of price crash, the market value of Ofori’s stake has dropped by GH¢24.8 million ($9.32 million), from GH¢104.2 million ($16.95 million) at the start of the year to GH¢79.39 million ($7.63 million) at the time of writing.
Despite the $9.3-million drop in his wealth, Ofori remains the wealthiest investor on the Ghana Stock Exchange thanks to his well-diversified investment portfolio, which includes stakes in GCB Bank, Societe Generale Ghana, Fan Milk Plc, and CAL Bank.
The 29-year-old has endured an injury-stricken time since joining Crystal Palace from Leicester City in 2017 after only four league appearances for the Foxes in 2016/17.
Schlupp has eight appearances for Palace across all competitions and provided one assist in the process.
“Obviously team first. We want to finish high up the table. But for me personally, I want to get some more goals and be available every game,” he toldPalace TV in an interview.
“I hope to play more games. It’s a lot of games. But, I want to make sure I have an injury-free season.”
Crystal Palace are 17th on league table with six points after seven games played so far this season.
Palace will look to bounce back to winning ways when they host Leeds United at Selhurst Park Stadium on Sunday.
Stakeholders and business leaders believe that Ghana might generate a sizable amount of money from the $31 billion objective set for the industry by 2026 with the correct assistance from the government.
At the conclusion of the 2022 International Coconut Festival, farmers, investors, organizations, and other important institutions in the coconut industry came to a number of conclusions, including this one.
The stakeholders averred at the end of the conference that the government through the formulation of policies and introduction of far-reaching interventions, the provision of materials and logistics and capacity-building programs for actors in the coconut industry create an industry that will generate foreign income for the state.
The government was implored to create the right conditions for the youth to embrace the coconut academy program which aims at getting the youth interested in coconut production.
The 20-point resolution also demanded of the government provide the needed resources to institutions like the Ghana Export Promotion Authority, (GEPA), the Ghana Investment Promotion Centre (GIPC).
Excerpts of the resolutions cited by GhanaWeb state; “that state institutions in the coconut value chain should be resourced to build the capacity of actors in the coconut industry. Planting materials and other logistics must be made available to actors to achieve Ghana’s coconut production target.
“That an enabling environment should be created for the youth (coconut academy) to nurture the youth into optimum utilisation of the coconut value chain. State institutions like GEPA, TCDA, CSIR, GFZA, GIPC etc should be well resourced financially to execute their mandate with regards to the coconut value chain.
“That government should formulate policies that will advance the acquisition and tenure regime for coconut farmlands.”
The International Coconut Festival is an annual event that draws stakeholders, investors and relevant institutions to deliberate on ways of developing the sector.
Speaking on Accra-based TV3’s Showbiz 360 on Friday, 23 September 2022, Chance the Rapper said, “My favourite thing that happened today, we visited the University of Ghana.”
“I don’t know how much everybody that lives here everyday understands how powerful or how historic or how celebrated that institution is around the world,” he wondered.
“Malcom X spoke there in 1964. One of his most important speeches is from out of that space,” he noted.
“It’s produced plenty of presidents for this country [Ghana],” singer and record producer added.
When host Giovanni noted he is a proud alumnus of the school, Vic Mensa who appeared on the television show with Chance piped in with: “My father too, you know.”
“It’s a place that I want to just highlight and say thank you for welcoming us so well,” the Chicago-born musician said.
He took the liberty to highlight the upcoming January 6, Black Star Line Festival.
“I wanted to point out that the Black Star Line Festival isn’t only January 6. There is an entire week lead up of events that happen and one of the most important things is that a lot of thought-leaders – I can’t say which one yet – but a lot of thought-leaders, activists, artists, and celebrated people around the diaspora are going to be leading some important talks at the University of Ghana, at the lecture halls,” he excitedly advertised.
Chance the Rapper entreated “everybody to mark their calendars and be ready for the top of the year. Don’t party too hard at the end because it’s going to be a wild week for sure.”
“It’s free [the concert],” he emphasised and rose from his seat.
The Executive Director of Crime Check Foundation (CCF), Ibrahim Oppong Kwarteng, has indicated that the fight against breast cancer must not be a yearly fight but must rather be an everyday agenda to save lives.
This, he said, is because the disease is deadly and claims more lives than any other illness.
Mr. Kwarteng was speaking on Peace FM’s ‘Mpom Te Sen’ show when he described how he lost his wife, Amina Oppong Kwarteng, to the disease.
According to her husband, before she passed away, Mrs Kwartenghad planned to lead the fight against breast cancer, should she have recovered.
Mr Kwarteng, speaking about the ordeal his family endured during his wife’s illness, then announced the “Meena Breast Cancer Awareness” project in honour of his late wife.
The Project, he said, is solely aimed at creating awareness and helping those who already have the disease.
He believes that yearly advocacy for the disease is not producing the desired results because many women become aware of the disease only during the breast cancer awareness month of October.
“The disease breaks families apart. The cost of treatment involved is huge and the chance of survival of a patient is narrow so we want to fight breast cancer every day and not only in October. The yearly advocacy is not sustainable,” he said.
Mr. Kwarteng said, apart from the advocacy, breast cancer patients would also be supported financially to undergo treatment under the project.
“We would go to female prisons, villages, towns to drum home the advocacy to do early examination and screening of the breast. The project would be run alongside CCF’s Health Check Series to support patients undergoing treatment,” he noted.
Mr. Kwarteng made a public appeal for support in order to successfully run the campaign and said, “I am going to do this till I depart this earth.”
The ‘Meena Breast Cancer Awareness’ project will be launched on Thursday, October 6, 2022, at the Old Labour Hall in Accra.
President Nana Addo Dankwa Akufo-Addo will today Wednesday, October 5 meet with the National House of Chiefs and various Metropolitan, Municipal and District Chief Executives (MMDCEs) over the illegal small-scale mining, galamsey, menace.
The meeting will take place at Manhyia, in the Ashanti Regional capital. It is expected that the meeting will see the various stakeholders proffer solutions on how to deal with the galamsey menace which has become very topical in recent weeks due to the polluted nature of water bodies and general environmental degradation.
Many civil society organizations have expressed concerns over the heavy pollution of water bodies which has compelled the Ghana Water Company Limited to threaten to shut down operations in some mining communities.
Pressure group, Occupy Ghana, has urged President Akufo-Addo to declare a state of emergency in mining areas and to recommit to the fight against the illegal activity.
The President, it will be recalled placed his presidency on the line in 2017 over the galamsey menace. However, many hold the view that the fight has not been a success as a result of the state of water bodies as well as the face that some top officials have been found complicit in the fight.
Nana Akufo-Addo opines that he paid a political price for his fight as he lost votes and in some cases, NPP lawmakers also lost their seats in mining areas in the 2020 elections.
Otumfuo Osei Tutu II has had cause to speak on the matter when US Ambassador to Ghana, Virginia Palmer, paid a courtesy call on him.
He wondered why the country has failed to stop the menace of ‘galamsey’ even after the President, Nana Addo Dankwa Akufo-Addo, had put his political career on the line to stop it.
Asantehene also questioned why the security apparatus in these ‘galamsey’ areas and the taskforce set up by the government have failed to stop the menace.
He intimated that small-scale mining was something that had been done for serveral years but never to the detriment of the environment.
“It has gotten to a point where people are now using equipment and all that. They do not care about the environment.
“But the question is who is in control of the security around the area. From the district level to the highest level. We are all talking about ‘galamsey’. The government set up this military cum police to stop galamsey. Why have we not been able to stop it? Why?” he asked.
The revered king further absolved traditional authorities from blame over the menace stating that the political class ought to rather be blamed.
But speaking at the 40th anniversary celebration of the Faculty of Renewable Natural Resources (FRNR) at the Kwame Nkrumah University of Science and Technology (KNUST), Lands and Natural Resources Minister Samuel Abu Jinapor insisted that traditional authorities as well local assembly members were complicit in the matter.
“I can say without a shred of equivocation no one can bring a chain saw to harvest rosewood in the forest or an excavator to mine in the bush, to work on river bodies in the community without the knowledge or passive approval somehow of the chief, elders, the assemblymen, opinion leaders and local authorities in the community,” he stated.
Hopeson Adorye, a former New Patriotic Party candidate for the Kpone Katamanso seat, claimed that Trade and Industry Minister Alan Kyerematen is a person of action.
He said that the minister has long been committed to the idea of industrialisation in an interview with Okay FM in Accra on October 3.
Adorye said that the rumored New Patriotic Party flagbearer candidate was instrumental in securing Ghana as the location for the Secretariat of the African Continental Free Trade Area (AfCFTA).
With his vision of industrialization, the former NPP parliamentary candidate believes the country will progress economically under the presidency of Alan Kyerematen.
“Alan is a cool person and a doer. He is not going to be a talkative but action-oriented person. Nations that have developed have based on industrialization and with Alan Kyerematen, it is not because of President Akufo-Addo’s appointment that he is working on industries.
“When he became Trade Minister, he pursued it and lobbied for AfCFTA headquarters to be in Ghana. If somebody like this, with an industrialization vision, when he becomes president, you will see that the country will also be driven by industrialization. Industrialization will reduce hardship and the Cedi’s depreciation. Our only hope is Alan Kyerematen,” Adorye said.
Background
The New Patriotic Party, is bent on breaking the eight-year rotational power cycle between itself and the opposition National Democratic Congress, NDC.
Ahead of that, it is billed to elect a flagbearer next year. Some of the names which have popped up besides Alan Kyerematen include Vice President Dr. Mahamudu Bawumia, Assin Central MP, Kennedy Agyapong, and Former NPP General Secretary, Kwabena Agyei Agyapong.
Political analysts however predict that the contest is going to be a two-horse race between Alan Kyerematen and Dr. Mahamudu Bawumia.
Finance Minister, Ken Ofori-Atta, has revealed that the government and the International Monetary Fund (IMF) will carry on with their negotiations on an economic programme for Ghana in the United States of America (U.S.A.).
He stated this during the signing of a $1.13 billion cocoa syndicated loan in Accra, which will ensure that the Ghana Cocoa Board (COCOBOD) meets its financing
needs for the 2022/23 cocoa crop season.
Mr Ofori-Atta said, “the ministry will go to Washington, DC at the end of the week to continue with these discussions,” while asserting that “we are very confident that the discussions that we are having with the Fund will put us in the right landing zone.”
The government of Ghana and the IMF, led by the Mission Chief for Ghana, Stéphane Roudet, on Monday, September 26, 2022, resumed formal negotiations for a Fund-supported programme. Ghana’s team is scheduled to leave
the country on Friday, October 7, 2022 for the US to resume negotiations.
Ghana formally contacted the IMF in July 2022 and asked for a comprehensive package to restore and maintain macroeconomic stability, guarantee sustainable and inclusive growth, and advance social protection.
The IMF/World Bank and the government of Ghana are currently conducting a debt sustainability analysis (DSA) in order to inform programme negotiations.
Interactions between Ghana and the IMF also include a review of the country’s medium-term macro-fiscal framework.
This means an intricate look at a three-year expenditure plan which sets out the medium-term expenditure priorities and budget constraints, as well as a focus on sectors that need to be developed and refined.
The Finance Minister, updating the press on the extent of Ghana’s engagement with the IMF, noted that the country needs a viable domestic financial system to support its development programme.
According to him, this is because Ghana has had limited access to the international capital market as a result of rating agencies downgrading its creditworthiness.
“Everything must, and will be done, to protect our financial sector; and there must be room for a win-win conversation through extensive stakeholder engagement with both our domestic and external investors. Ghana has always had a collaborativeapproach with its partners, and we shall, I am confident, come out with an ‘historic arrangement,“ he said.
From January to July this year, Ghana’s overall fiscal deficit amounted to GH¢31.1 billion, which is 5.3% of the Gross Domestic Product (GDP).
Ghana’s inflation is at an all-time high, with 33.9% as of August 2022.
The struggling cedi has also seen a steep decline in value against the US dollar, by about 37.1%, as of September 27th, 2022.
Already, the IMF has established that Ghana’s economic challenges have been exacerbated due to the COVID-19 pandemic and the Russia-Ukraine war.
Meanwhile, as part of being transparent in its engagement with the IMF, the government has noted that it will set up a 5-member committee that will consist of prominent financial services professionals to engage key stakeholders in the financial services sector.
This will be in addition to ongoing engagements with civil society organizations (CSOs), social partners (labour unions, employers, and FBOs), persons in academia, industry professionals, and the leadership of Parliament.
The committee’s membership roster has not yet been made public.
The IMF programme Ghana is in search of is hinged on seven pillars, namely: Debt Sustainability; Fiscal Consolidation; Strengthening Monetary and Exchange Rate Policies; Building Strong Financial Institutions; Macro-Critical Structural Reforms; Maintaining Peace and Security; and Economic Growth and Transformation.
Artiste Manager Kwesi Ernest Ennin, known simply as Kwesi Ernest, has claimed artiste Darkovibes is “laidback” and expressed worry over that.
On Saturday, October 1, 2022, he was a guest on Accra 100.5 FM’s Entertainment Capital hosted by Nana Romeo.
A music consultant, he is of the opinion Ghanaian artistes in general are not aggressive when it comes the subject of networking and marketing.
He illustrated this by citing the hitmaker Darkovibes.
“Take for instance Darkovibes’ song with Davido, Je M’appelle. Look at the level – Davido flew from Nigeria to Ghana, came to wear our kente, came to be part of the music video, and I’ve seen Davido doing performances across, and I don’t see Darkovibes.”
“And I keep saying, ‘What is the problem with Darkovibes?’” he worried.
He appeared to say, “Wherever he [Darkovibes] is somebody should tell the guy that” he should sit up.
“Look at the song Je M’appelle. As at last year December [during] Wildaland [Festival], it was one of the top 5 songs celebrated in Ghana. It was one of the top 5 songs and Davido keeps going everywhere and you Darkovibes, with all the links and all the [connection] you have with Davido, you are still laid back,” Kwesi Ernest charged again.
“I don’t understand this,” he exclaimed with concern.
“Can anybody explain to me what is happening?” he invited his colleague guests to help with answers.
“So with all these collaborations, what is the marketing plan?” he finally questioned.
Managing Director at Media Excel Productions, Kwesi Ernest Ennin is the event director for the Ghana Music UK Awards slated for Saturday, 29 October 2022.
Meanwhile, Darkovibes’ latest offering is ‘Happy Day’ (released two weeks ago with an official music video) produced by Nigerian P. Priime.
Ghana’s growing debt-to-Gross Domestic Product (D2P) ratio is now anticipated to reach 104 percent by the end of this year, according to the Bank’s October 2022 Africa Pulse Report.
It further attributed Ghana losing its access to international capital markets as another contributing factor.
“Debt is expected to jump in Ghana to 104.6% of GDP, from 76.6% a year earlier amid a widened government deficit, massive weakening of the cedi, and rising debt service costs,” the report noted.
The country’s debt is expected to remain elevated at 99.7% and 101.8% of GDP in 2023 and 2024, respectively. Tightening of financial conditions globally along with the fall of the domestic currency widened the sovereign spread by 233 basis points since December 2021,” it added.
The forecast by the World Bank comes within a period where Ghana has commenced negotiations with the International Monetary Fund for an economic support programme.
Ahead of the possible programme, officials from the Fund are conducting a Debt Sustainability Analysis for Ghana which is a key requisite exercise for the country which is facing a heavy debt burden.
But the World Bank said despite Ghana’s target of accessing $3 billion from the Fund to restore macroeconomic stability and shore up public finances, “investors remain nervous about the country’s debt sustainability.”
It however highlighted these concerns on the back of recent economic downgrades by international credit rating agencies such as Fitch, Moody’s, Standards and Poors’ into deeper junk status.
The agencies on their part cited recent macroeconomic deterioration, further heightening of the government’s liquidity and debt sustainability difficulties as well as increasing risk of default as reasons.
European Union Ambassador, Mr Irchad Razaarly, says there is no ban on Ghana’s cocoa into the European market as speculated in the media space.
“We want more cocoa, and we are supporting Ghana and Cote d’Ivoire to produce cocoa and other commodities in a socially and environmentally sustainable manner,” he said.
The Ambassador said this on Monday at the second edition of the Orange Cocoa Day on the theme: ” Exploring How Improved Access to Land and Tree Tenure Promote Sustainability in the Cocoa Value Chain.”
The event was organised by the Embassy of the Netherlands together with the European Union Delegation to Ghana in partnership with the European Forest Institute, Solidaridad West Africa, Meridia, and others.
Mr Razaarly said the call for sustainable cocoa production was growing globally and particularly in Europe, stressing that EU citizens were increasingly demanding measures to ensure that cocoa and other commodities were produced in an environmentally sustainable way.
He said the EU had proposed a regulation, which was aimed at reducing the impact of products placed on the Union’s market for six commodities – palm oil, soya, wood, cattle, cocoa, and coffee.
The purpose of the regulation, the Ambassador said, was to minimise the EU’s contribution to global deforestation and to promote the consumption of products from deforestation-free supply chains.
Touching on EU ongoing support, Mr Razaarly said the Union had supported COCOBOD to roll-out the Cocoa Management System through a sensitisation campaign, training of extension staff to verify the data collected and the provision of equipment.
“We work with COCOBOD and the Forestry Commission on the mapping and deforestation risk assessment. Ghana has good experience in Forest Law Enforcement, Governance and Trade, which could be replicated in the cocoa sector”
He re-iterated the EU’s commitment to the dialogue on sustainable cocoa and support to the sector and stated that Ghana’s efforts towards sustainability were aligned with the Union’s priorities.
“Providing a decent living income for cocoa farmers and ensuring the sustainability of the value chain, both in terms of labour rights and environmental protection, are key priorities for the EU,” he said.
Ms Katja Lasseur, the Deputy Dutch Ambassador to Ghana, said the theme was timely because investment in the cocoa sector thrived when the lands were secured free of any litigation.
“As part of our global strategy, the Netherlands will continue to support efforts to promote the sustainability of the cocoa sector and improve land and tree tenure arrangements that mostly affect cocoa farmers across Ghana’s cocoa growing areas,” she said.
Nana Kwaw Asante Bediatu II, the Sefwi Divisional Chief of Asempaneye, called for better remuneration of farmers to motivate other prospective farmers to venture into cocoa farming.
He called for more investment in the documentation of farmlands to ensure the sustainability of cocoa production for socio-economic development.
The participants called for a dialogue to address challenges in the sector, saying, farming and production of cocoa beans were largely poorly regulated in the country.
The International Monetary Fund (IMF) is prepared to rescue Ghana at any time the government requests it for policy credibility, according to Prince Kofi Amoabeng, the former CEO of the bank that is no longer in existence.
He claims that the fact that Ghana has requested a bailout from the IMF approximately 18 times plainly demonstrates that the nation’s officials are unable to effectively manage the nation’s resources because of which they continually turn to the international organization for assistance.
He claimed that everytime Ghana approaches the IMF, they are able to argue that even if the nation has abundant resources, the international lender will ultimately stand to gain significantly.
Amoabeng who was speaking to TV3 programme ‘Business Focus’ explained:
“Go back to other IMF programmes; divestiture, cut down on salaries, freeze employment and what do you do? They know that you are going to mismanage the monies. If Ghana has visited IMF for the 18th time, don’t you believe they will come again? But it is a serious matter, the point is that if we had to go to the IMF, and this time that they’ve come, we should sign a contract with them for them to stay because when they go, we will mismanage again and then we will go to them and they will come back.
“And this is not free [because] they are a bank giving Ghana money. We pay for their travel expenses, hotel expenses and when they come because they know the potential of Ghana in terms of resources and others, IMF will always bail Ghana out. IMF will never say that the situation of Ghana is that bad and therefore they can’t handle it; they will always bail us out.
“Now, what is happening is that as we call them and they come for us to start negotiations, Moody’s said these people their situation is worse; somebody who is trying to negotiate, now you are throwing debt at him…these foreign institutions are in a form of some kind of caput…”
Ghana is before the IMF for US$3 billion to help the country navigate through the hostile economic crisis it finds itself in as a result of the adverse effects of the deadly coronavirus pandemic and the ongoing conflict between Russia and Ukraine.
President Akufo-Addo has stated, on occasion, that “we have decided to seek the collaboration of the International Monetary Fund (IMF) to repair, in the short run, our public finances, which have taken a severe hit in very recent times as a result, whilst we continue to work on the medium to long-term structural changes that are at the heart of our goal of creating a Ghana Beyond Aid, that is building a resilient, robust Ghanaian economy.”
Managing Director at Media Excel Productions, Kwesi Ernest Ennin, widely known as Kwesi Ernest has lashed out at Ghanaian artistes for being unfocused and unaggressive regarding marketing their music and networking with international colleagues.
“All we are fond of saying is our time will come,” he bitterly complained and noted: “See, we are too laid-back with things.”
Kwesi Ernest the event director for the Ghana Music UK Awards slated for Saturday, 29 October 2022, was speaking to host Nana Romeo on Accra 100.5 FM’s Entertainment Capital on Saturday, 1 October 2022.
“And when we say Nigerian artistes are aggressive, this is what I am talking about; they take everything,” he remarked.
“I tell you, sometimes, for the Ghana Music Awards UK, when we take the [Ghanaian] artistes to London, you would expect them to get into the different quarters available to network with both Ghanaian and UK artistes, but when they get there, it is all about the hotel comforts, big bottom girls, etc,” the businessman and artiste manager lamented.
The Kobedi portion of the Sunyani-Techiman highway in the Bono Region is likely to be cut off by rains as it has already devastated a portion of the road, making it difficult for drivers to use.
During a visit, the Ghana News Agency (GNA) noticed the road was experiencing unusual vehicular traffic due to the deplorable and worsened nature of that portion of the road, which was a major and one of the busiest roads in the region.
Most heavy-duty trucks travelling to neighbouring Burkina Faso used that stretch, linked to Techiman, and connected to Kintampo in the Bono East Region.
Commercial drivers, plying the stretch said they feared the severity of the rains could make the stretch un-motorable if urgent measures were not taken to put that portion in decent shape.
They told the GNA though the state of the entire highway was poor, and dangerous to ply on, something must be done at the Kobedi portion immediately before the situation worsened further.
Meanwhile, the Bono Regional Coordinating Council (BRCC) has commissioned a team of engineers including military personnel at the 494 Engineer Department of the Three Garrison Battalion (3BN) of the Liberation Barracks to study and devise means to ensure how best the situation at that point on the stretch could be tackled for traffic flow.
The engineers are led by Warrant Officer Grade One (WO1) Hammond Okai, the Troop Commander, 494 Engineer Department of the 3BN and Mr Harold Atobra-Acheampong, the Bono Regional Highway Engineer.
Speaking in an interview with the GNA during an inspection visit, Madam Justina Owusu-Banahene, the Bono Regional Minister said the cutting-off of the Sunyani-Techiman highway would cost the nation a lot due to the busy nature of that stretch.
Earlier, the Regional Minister who interacted and introduced the team to the Kobedi community urged the residents to cooperate with them, saying “they are here for your own good.”
“We have to take urgent mitigation measures to ensure that this particular portion of the road is put in good shape to facilitate the movements of the people and their economic activities,” she said.
“In fact, the current condition of the road is very appalling and dangerous to ply on. The lives of commuters are at risk and disaster could strike, so we must do something urgently,” WO1 Okai told the GNA, saying “we need a backhoe machine and excavator to work on it”.
He explained “the size of the culvert at that point on the stretch is small and the channel has stuck, unable to flow. Some major works must also be done on the surface as well.”
WO1 Okai said pumping machines were also required at standby to pump the water that flooded the surface whenever it rained as the engineers worked on the road.
Mr Atobra-Acheampong said a ‘double-pipe culvert’ was needed at that point of the stretch, while some dredging works must be done as well.
Commissioner of African Union for Economic Development, Trade, Tourism, Industry and Minerals has stated that Africa’s vast mineral wealth remains an important driver for the continent’s structural transformation.
This, Ambassador Albert Muchanga, added was enshrined in Agenda 2063, as it represented 30 per cent of the mineral deposits in the world.
He said Africa’s exports of oil, gas and minerals account for 70 per cent of their exports and 50 per cent of their revenue.
Ambassador Muchanga stated this during the Launch of the African Minerals Development Centre (AMDC) Phase II and the Second Forum on Mining, taking place at the African Union Headquarters, in Addis-Ababa, Ethiopia.
He said the mineral wealth positioned Africa to play a central role in the energy transition agenda in the dangerous era of climate change.
“However, despite the enormous potential of the continent’s mineral industry, most African countries have historically been unable to fully benefit from their natural wealth as we have remained producers and exporters of mineral raw materials, a low rank in the global value chain.
“And there are major threats that may hinder Member States’ abilities to fully reap the benefits of the mineral wealth endowment”.
He said for a start, Africa had a disproportionate dependence on extractives exports, which waas major vulnerability as it exposed the continent to the boom and bust cycles associated with commodity prices as well as illicit financial flows. The illicit financial flows from Africa now hover around US$90 billion annually.
Africa hosts 6 per cent of global reserves of copper, 53 per cent of cobalt, 25 per cent of bauxite, 21 per cent of graphite, 46 per cent of manganese, 35 per cent of chromite, 79 per cent of phosphate rock, 91per cent of platinum group metals.
“We can add to the foregoing: hydrogen, water, wind and solar power.
“When one looks at production, Africa accounts for a greater share of current production of many of these minerals, including 70 per cent of cobalt. Lithium is mined in Zimbabwe and Mali, while Namibia, Ghana and the DRC also have them. Rare Earth Elements (REEs) are mined in Angola and Burundi as well.
Mr Muchanga said Africa was part of the global value-chains for green minerals; however, that role was concentrated at the first phase of the value chain, exploration and extraction.
“The task ahead is to move towards value addition and the Africa Commodity Strategy will assist in this regard.
“In line with our commitment towards the green transition, the Department of Economic Development, Trade, Tourism, Industry and Minerals (ETTIM) will organize a side event on the margins of COP27 in Sharm El Sheikh, Egypt next month under the theme: “Decarbonizing African Industry”.
“I also invite you all to the AU Summit on Industrialization and Economic Diversification to be held in Niamey, Niger from 20-25 November, 2022”.
On mining, he said there was urgency to ensure that the roadmap envisioned in the Africa Mining Vision with a central theme of “Transparent, equitable and optimal exploitation of mineral resources to underpin broad-based sustainable growth and socio-economic development” was implemented effectively and fully.
“This is because AMV is a continental vision for managing the continent’s mineral resources for the benefit of Africans.
“In this vision, minerals are considered a key driver of industrialization and transformation of our economic structures. These are critical to the continent’s long-term inclusive growth and sustainable development.
He said the African Minerals Development Centre (AMDC) was established as the specialized agency of the African Union to implement the African Mining Vision (AMV) as well as the minerals segment of the Africa Commodity Strategy.
The first phase of the AMDC was launched in 2013 as a five-year flagship project housed in the United Nations Economic Commission for Africa (UNECA). As a project, it provided strategic support and coordination for the implementation of the AMV and its Action Plan adopted in 2009.
In 2018, the Assembly of the African Union Heads of State and Government decided that the Republic of Guinea would host the African Minerals Development Centre as a specialized agency of the African Union.
In February 2019, the AMDC was officially handed over to the African Union by the United Nations Economic Commission for Africa to start the process of transferring it to Conakry, Guinea as a specialized agency of the Union.
The Host Agreement between the African Union and the Government of the Republic of Guinea was signed in 2021.
Since May 2022, the AMDC is being supported through the ACP-EU Development Minerals Programme (Phase II), initiated by the Secretariat of the Organization for African, Caribbean and Pacific States (OACPS) and we are most grateful for this support.
Financing came from the European Commission with UNDP as the implementing agency.
As highlighted in the AMDC Business Plan, the AMV’s value proposition of exploiting minerals for sustainable development throughout the value chain calls for a major shift in the conceptual methods and institutional arrangements adopted to-date regarding the minerals sector.
In the envisaged changes, greater importance is given to improving internal governance, building capacities, capturing the more lucrative links in the value chain such as manufacturing and the related support services such as research and development which is critical to boosting innovation in the mineral value chain.
He called on all of you to accelerate the signing and ratifications of the AMV Statutes to enable the AMDC to become a full-fledged Specialized Agency of the AU.
He also called for regional and continental value chains, to develop reliable and resilient supply chains within the African Continental Free Trade Area, using the lever of intra-African trade in finished and intermediate goods.
“Second, Africa will have to reposition herself as a reliable supply base to the rest of the world, not in the historical mode of supplier of basic raw materials but supplier of either finished or intermediate goods that place Africa higher in the global value chains.
“Minerals, and in particular, the AMDC, will play critical roles in both cases.
“As we do so, let us also recall that some regions of the world have come up with the concept of Critical Raw Materials. These are raw materials they will always require to make their industries run. Let us engage these countries to agree on how we can mutually benefit from international trade in minerals”.
He said the overall goal of the African Forum on Mining was to defined as a strategic way forward for minerals development that would contribute to the energy transition, and hoped that the Forum will come up with actions required to transition the mineral industries across Africa towards net zero emissions of carbon dioxide and digitalization.
“Achieving that will strategically position the African continent in the global energy transition. In this connection, I applaud the initiative of the Democratic Republic of Congo and Zambia to jointly develop electric car batteries. We encourage other African countries to also promote the development of regional and continental value chains to position the African Continental Free Trade Area increase intra-African trade flows.
“It is also my expectation that the Forum will galvanize efforts towards enhanced domestication of the Africa Mining Vision with its core thematic areas. In this connection, I invite you all to come up with practical measures on how the continent can optimize benefits from the minerals sector through realignment of policies, legal and regulatory frameworks, taking into consideration new imperatives such as de-carbonization”.