Data has shown that Ghana is currently leading among African countries with the highest interest rates.
The data which was tracked by Pan African Bank, Absa Group, and Databank Research revealed that Ghana’s 30.1% and 31.3% interest rates on the 91-day and 182-day Treasury bills respectively are also among the highest globally.
This was contained in a myjoyonline.com report on September 28, 2022.
Additionally, Ghana’s lending rates which stand at around 35% put the country among the highest on the continent.
Egypt follows Ghana closely with a 91-day Treasury bill rate of 15.60%.
However, Seychelles has the lowest interest rate of 0.88% among the top 11 African countries.
In Ghana’s case despite the high-interest rates, inflation rates stand at an all-time high of 33.9%, even higher than the interest rates.
This will mean that investors’ return on Treasury bills is negative.
However, it is unclear what the outcome of the BoG’s monetary policy committee meeting will be, as it is expected that it will further hike the policy rate.
The monetary policy rate currently stands at 22%.
Top African countries with the lowest interest rates
COUNTRIES 91-Day T-bills 182-Day T-bills RANKINGS
Seychelles 0.88% 1.47% 1st
Mauritius 1.00% 1.12% 2nd
Tanzania 3.00% 4.08% 3rd
Botswana 3.35% 4.02% 4th
Nigeria 5.50% 6.00% 5th
South Africa 5.63% 6.99% 6th
Namibia 7.11% 7.54% 7th
Kenya 8.95% 11.83% 8th
Uganda 9.31% 11.83% 10th
Zambia 9.94% 10.00% 11th
The Vice-President, Dr Mahamudu Bawumia, says the Sinohydro Projects have silenced critics, who variously discredited it as not possible.
He mentioned the construction of road infrastructure being spearheaded by the government and expressed his utmost satisfaction for the timely completion of the 22-km Cape Coast inner city roads project.
He was commissioning the roads on Monday after he cut the sod for its construction in November 2019 as part of the Master Project Support Agreement between the Government of Ghana and the Peoples Republic of China through SinoHydro Corporation.
“I am particularly happy today because when we first mooted the idea of the Sinohydro road project after my visit to China in 2018. Many of our political opponents said that what we were proposing to do under that project is not possible. They said we were lying.
“But today marks yet another day of the commissioning of yet another Sinohydro project. Unfortunately for some of our opponents, when we say something and they don’t understand, instead of asking for explanation and also reading about it, they don’t like to read, they don’t want to ask for explanation; they just say you are lying,” Dr. Bawumia started.
Dr. Bawumia indicated that a total of 144km of roads such as the Tamale Interchange, upgrading of selected feeder roads in Ashanti and Western Regions, as well as the Jaskian-Dodopepeso roads were living testimonies.
Others are; the 100km Kumasi inner city roads, the construction of PTC interchange in Takoradi, which is 50 per cent complete, as well as the construction of Sunyani and Berekum inner city roads, which are 60 per cent complete.
Mr Kwasi Amoako-Attah, the Minister of Roads and Highways, said government was adopting smart, progressive and innovative methods to improve the road infrastructure in the country as well as contribute to the socio-economic development of our people.
“My Ministry’s vision is to build a Ministry of Roads and Highways that can honour its financial obligations and where value for money is not compromised.
“I want to assure this nation that as the managers of the roads sector, we will do everything possible to deliver to the proud people of this country and build healthy infrastructure that is comparable to any infrastructure in the world and give value for money,” Mr Amoako Atta added.
A former Vice Chairman of the National Democratic Congress (NDC) in the Hohoe Constituency, Mr Godfried Kofie, says he will contest the Chairmanship race in the Guan enclave.
Following the creation of the Guan District barely a year ago, the two major political parties are preparing for the next general elections by putting in place interim party officers, awaiting the creation of a constituency by the Electoral Commission (EC).
Voters in the district were not allowed to vote for a parliamentary candidate in the 2020 general elections and still does not have a representation in the legislative arm of government.
Mr Kofie, in an interaction with the media, said he had decided to contest the slot in the Guan area for the NDC to win the parliamentary and presidential race.
He said the lack of a parliamentary representation had been a punishment from the government since there were no developments from an MP hence the urgent need for the creation of a constituency.
Mr Kofie said although there was a district, the existence of a constituency would increase the number of development projects.
In a separate development, a former Hohoe MCE, Mr Peter Worlanyo Abomah, called on government and the EC, to as a matter of urgency, begin processes to create a constituency for the people of the area before the next elections.
Young Ghanaian drill musician, Mohammed Ismail Sherif, also known as Black Sherifhas chalked another success with his latest song ‘Soja’ on the digital streaming platform, Audiomack.
As you may remember, Black Sherif just released “Soja,” another banger on September 22, 2022, and the single has already made great waves across the country.
The song recently peaked at number one on Ghana’s Apple music defeating Asake’s ‘Terminator’ after leading the charts for a couple of weeks.
Black Sherif also celebrated after his ‘Soja’ surpassed 1 million views in 3 days on YouTube.
Well, Blacko has reached another milestone with the song as it becomes the most streamed song on Audiomack this week.
The list was posted on the digital streaming platform, Audiomack’s social media pages on September 27, 2022.
The award-winning singer, who has dominated the field in his brief time in the music business, earlier revealed his upcoming album ‘THE VILLAIN I NEVER WAS’ will be available for purchase and streaming on all digital music platforms on Thursday, October 6, 2022, according to the details he shared via his official Apple Music account.
The album, ‘The Villain I Never Was’, contains 14 tracks which include the ‘Second Sermon’ remix featuring Burna boy, ‘Kweku The Traveller’, and ‘Soja’.
Black Sherif, has been on fire with his unmatched talent since breaking into the Ghana music industry in 2021 and is arguably the hottest artist in Ghana right now.
The Empire Records signee has solidified his name by dropping some bangers that are leaving rent-free in our heads, with the likes of First Sermon, Second Sermon, Second Sermon remix, and Kwaku The Traveller, among others.
Former player of Accra Hearts of Oak, Esme Mends, has alleged that the current abysmal performance of the Black Stars is caused by football agents.
As preparatory games for the 2022 FIFA World Cup, the Black Stars on Friday, September 23, 2022, and Tuesday, September 27, played friendly matches against Brazil and Nicaragua.
In the game against Brazil, the Black Stars lost by 3 goals to nil while they concluded their international break by beating Nicaragua by a goal to nil.
The results after the friendlies have created elephantine outcry amongst football enthusiasts and the general public as a whole.
While some are calling for the head of the Coach, Otto Addo, others also believe Ghana doesn’t have the requisite players to play at this year’s football Mundial.
Reacting to the Black Stars’ disappointing performance in the friendlies in an interview on Hot 93.9FM’s ‘Focal Sports’ show – hosted by Stonchist D’Blakk Soulja, Esme Mends without mincing words attributed the abysmal performance of the Black Stars to current football agents.
According to the legendary former Hearts midfielder, ” It’s time we get serious as a country and stop doing business with the Black Stars, let’s be truthful to ourselves and You know it, it has gone on for a very long time”.
The disenchanted Esme Mends stated boldly, “It’s time we stopped football agents from occupying big positions which entice them into influencing player selections”.
The Black stars who will be making their fourth appearance at the 2022 FIFA World Cup in Qatar have been placed in Group H.
They are in Group H with Portugal, Uruguay, and South Korea, where they will open the tournament with a game against Portugal.
Ken Ofori-Atta, Ghana’s finance minister, has detailed a number of pillars that will depend on Ghana’s potential IMF economic support program.
Official negotiations between Ghana and representatives of the Fund are now taking place in Accra, Ghana.
Once an agreement is struck, the nation hopes to receive $3 billion from the Bretton Woods institution.
In a news conference where he gave an update on the talks, Ken Ofori-Atta said, “Our economic agenda contains a series of time-bound structural reforms and fiscal consolidation measures to place our debt levels and fiscal accounts on a sustainable course over the medium term.”
“The programme is hinged on seven (7) pillars, namely: i. Debt Sustainability; ii. Fiscal Consolidation; iii. Strengthening Monetary and Exchange Rate Policies iv. Building Strong Financial Institutions; v. Macro-Critical Structural Reforms; vi. Maintaining Peace and Security; and vii. Economic Growth and Transformation.”
The Finance Minister however disclosed that government is finalizing its post-COVID-19 economic programme as the domestic blueprint to engage the IMF.
“This document has already benefitted from input from key stakeholders including Civil Society Organizations (CSOs), social partners (Labour unions, employers, and FBOs), academia, industry professionals, and the leadership of Parliament. Additional stakeholder engagements will be held to solicit further inputs for the programme,” Ken Ofori-Atta said.
The potential IMF programme seeks to establish a macro-fiscal path that ensures debt sustainability and macroeconomic stability underpinned by key structural reforms and social protection.
Meanwhile, a five-member committee has been established to lead the extensive stakeholder engagement which will take place from September 26 to October 7, 2022.
The Ghanaian singer and actress announced on Instagram she will make a cameo appearance in a Spanish movie directed by award-winning Spanish director Paco Leon and distributed by Netflix.
Titled ‘Rainbow’, the feature film is a coming-of-age story of a teenager with extraordinary musical talent who leaves home with her dog after an argument with her father. A modern-day adaptation of the American musical Wizard of Oz, the film will incorporate music, dance, fashion, plastic arts, and other aspects of contemporary culture.
The Ghanaian-Romanian actress born Deborah Vanessa Owusu-Bonsu did not reveal her role in the movie. However, she disclosed she was recommended by her friend, Lapili, a Spanish musician.
Captioning her post, she wrote; Last year I ‘cameod’ in an amazing Netflix Spain movie created by @pacoleon #Rainbow #RainbowPeli We shot our scene over 12 hours at the outskirts of Madrid, Spain in the blazing hot summer (my favorite time of the year). Thanks to my superstar friend @lapili_ for recommending me! Being a part was so much fun. It’s out on @netflixes on 30 September 2022!
The actress has been making waves in the movie industry for a while now after she made her debut in 2015 with her first movie been feature film titled 14: 32 which premiered in Ghana at the National Theatre on September 3, 2015.
Deborah Vanessa Owusu-Bonsu was born in Ghana to an Ashanti father and a Romanian mother.
She is a television show host, model, musician, academic and graphic artist.
She is the sister of popular hiplife musician Wanlov the Kubolor who starred in the film Coz Ov Moni.
Owusu-Bonsu attended Christ the King International School, then Wesley Girls’ High School.
Owusu-Bonsu graduated with a Bachelor’s Degree in Publishing Studies from the Kwame Nkrumah University of Science and Technology followed by a Master’s Degree in Book/Journal Publishing from the University of the Arts London.
In an interview with Empire magazine, Marvel Studios president Kevin Feige said “It just felt like it was much too soon” to recast the late actor, who died at the age of 43 from colon cancer.
“Stan Lee always said that Marvel represents the world outside your window. And we had talked about how, as extraordinary and fantastical as our characters and stories are, there’s a relatable and human element to everything we do,” Feige said.”The world is still processing the loss of Chad. And [director] Ryan [Coogler] poured that into the story.”
Boseman’s death came as a shock to many “Black Panther” fans as he had not gone public with his illness. There has been speculation as to how the franchise would handle his passing.
Feige said Coogler and his team got to work figuring out the direction they wanted to take the sequel.
“The conversations were entirely about, yes, ‘What do we do next?’” Feige told the publication. “And how could the legacy of Chadwick – and what he had done to help Wakanda and the Black Panther become these incredible, aspirational, iconic ideas – continue? That’s what it was all about.”
The Ghana Revenue Authority (GRA) has the lowest percentage of Value Added Tax (VAT) contribution to overall tax revenue in the West African subregion, at only 17 percent.
Data from the GRA show that the VAT penetration in some other ECOWAS nations is significantly higher than Ghana’s rate of collection.
According to the records, the contribution of VAT (penetration) to total tax income in Benin is 40%; in Cote d’Ivoire, it is 32%; in Niger, it is 29%; in Senegal, it is 33%; in Sierra Leone, it is 25%; and in Togo, it is 43%.
Speaking to the B&FT, Commissioner-Domestic Tax Revenue Division (DTRD) of the GRA, Edward Gyambrah, partially attributed the challenge to inadequate public awareness and education of the prosecutorial laws and sanctions which apply in the VAT regime.
“Most businesses know it is illegal not to issue VAT, but are not aware of the dire sanctions this illegality attracts – and the same for clients who refuse to take such receipts for purchases. This is why we are creating lots of awareness in our ongoing invigilation exercise to boost compliance and improve the collection rate,” Mr. Gyambrah indicated.
Section 41 of the VAT Act, 2013 (Act 870) states that a business making a taxable supply of goods and services shall issue a tax invoice and retain a copy.
Sub-section nine of the Act provides that persons who issue false tax invoices or sales receipts, or use a false tax identification number or fail to issue tax or sales invoices commit an offence and are liable on summary conviction to a fine of not more than 100 penalty units or a term of imprisonment of not less than six months.
The sub-section equally stipulates that a client’s failure to demand a VAT invoice, or a business’s failure to issue it, makes them liable on summary conviction to a fine of not more than three times the tax evaded or to a term of imprisonment of not more than five years, or both.
Fake VAT receipts in circulation
Among key infractions, the DTRD has confirmed that there are fake VAT invoices being used by unscrupulous businesses.
But Commissioner Gyambrah disclosed that buyers must be aware of such fake receipts and make informed decisions to report such acts.
“The contents of a valid VAT invoice have key features such as name, address and TIN of the taxpayer; also, date and time of the supply must be indicated as well as the invoice number. The description to identify the goods and services supplied, and their quantity, must be on the invoice – including the amount,” Mr. Gyambrah stated.
Existing challenges in the VAT regime
The GRA has admitted that it is indeed battling a number of challenges in the VAT regime, which among many include non-issuance, under-reporting and under-carding (when some businesses put cards under invoices and rewrite low amounts to the state – contradicting the price issued to clients).
Latest action to boost compliance
The Authority in a recent mystery shopping exercise arrested two Chinese businessmen for suppressing tax through non-issuance of VAT receipts. These companies, according to the DTRD, are among numerous entities which have printed and are issuing their own invoices.
Interestingly, the two companies had the VAT receipts in their lockers but were not issuing them.
Equally, owners of three local businesses – Champion Dishes, Grace Has Found Us Depot and Celeb Beverage Depot – were last Friday all arrested for failure to issue VAT invoices. Their offence contradicts VAT Act of 2013, Act (870), which makes it obligatory for business operators to issue VAT invoices and pay tax.
Call to action
Commissioner Gyambrah said citizens must support the GRA to boost compliance by reporting businesses that are not issuing VAT receipts, with purchasers also demanding VAT for transactions which attracts taxes, adding: “This is the only way to ensure Ghana will not have to go for aid”.
Inhabitants in the Sissalla enclave have appealed to people in leadership positions from the area, to make development their prime concern to bridge the development gap in the Upper West Region.
They said the entire Sissalla area had been ignored, largely neglected and forgotten not because the area detested development, but because its leaders had not made any conscious effort to chart the path of development.
According to residents, it was not late for the area’s people occupying leadership positions to make amends by having a sober reflection on how to help bring the needed development to the people.
Speaking to the GNA, in separate interviews across the enclave, some of them threatened to either bar politicians from campaigning there or abstain from voting since they never benefited enough from the national cake.
They mentioned specifically the poor road infrastructure as the bane of the area’s progress, a situation they said must be reversed.
Mr Yussif Napuna, the president of the Sissalla Youth Forum (SYF), said the Sissala enclave was food producing area, which could feed the entire nation but due to neglect, the area lagged in many things.
“Our leaders have been a total failure. They occupy key positions but sadly, they either lack lobbying skill or they are not bothered about the predicament of the area,” Mr Napuna said.
He said the Sissala Youth Forum had been spearheading the development agenda of the area but that no one seemed to be listening or trying to help address the poor road network problem.
“No one is thinking about us. We have influential chiefs too, but we don’t know the roles they are playing in salvage the situation. Our politicians too appear to be clueless on how to help to tar our roads,” he said.
Mr Jonas Dimah Batong, a resident of Welembelle in the Sissalla East Municipality, decried the lack of unity among chiefs and other opinion leaders, who over the years embarked on divisive missions that continued to derail the development of the area.
He said, “Chieftaincy is affecting the development of the area because there is no unity” and that there was a need for the people to work with a common purpose.
“There are so many challenges in Sissala land, the major one being our roads. There is no tarred road linking any of the Sissalla districts, yet we are the largest producer of cereals in the whole country,” he said.
Kuoro Buktie Limann IV, the paramount chief of the Gwollu Traditional Area, said the Sissallas were shortchanged in development, especially road infrastructure.
He explained that Dr Hilla Limann, Ghana’s president of the third Republic coming from the Sissalla land should have been a motivating factor to tar at least a road leading to his hometown.
“Slave trade also owes its root from this area and the traces of slave trade such as the Gwollu Anti-Slavery Defense wall is still available for tourism, but the area had been neglected”, he said.
Hajia Asana Senjeh, a market Queen, said as a people they felt cheated because governments refused to construct roads in the area to propel development.
She said the situation was collapsing businesses since it was no longer profitable to engage in “Buy and sell” due to the poor road network and lack of reliable transportation.
Others also added their voice to the deplorable nature of the included members of the GPRTU and some government workers in the area.
Mr Amidu Chinnia Issahaku, the MP for the Sissalla East constituency told the GNA that the NPP government was committed to developing and improving the road network in the area.
Mr Issahaku, who is also a deputy Sanitation and Water Resources Minister, assured that the Tumu-Navrongo stretch of the road would be tarred very soon.
He said the development was a continuous process and appealed to the people to remain patient since the national cake would be distributed equitably.
The week two of the Ghana Rugby Barbarians Men and Women’s 15s games were played at the St. Thomas Aquinas School Pitch last weekend.
The event saw players from Greater Accra, Central, and Northern Region. They included new and old players blending with experience to showcase the beautiful game of Rugby.
The event started with the Get Into Rugby (GIR) activity. The GIR boys from Kanda Cluster of school and Alwaleed boys played a 7s game to cheer the event.
They exhibited their talents to show to the world the road to the future is at the grassroots. A Ghana Rugby-World Rugby programme, GIR, is a priority target for the development of the game of rugby.
The event continued with women’s 15s games between Accra Barbarians and Northern Barbarians which ended with 15 – 5 against the Northern Barbarians.
It was with joy to see the women passionate about the 15s games indicating that the future of women’s rugby in Ghana is bright and that includes the 7s games.
Finally, the Men played also the 15s game between the Greater Accra Barbarians and Central Region Barbarians with a score of 31 – 00 against the Central Region.
The women ended the day with a women’s 7s game between Accra and Northern Region to complete the desire for all the categories of rugby.
An official from the National Sports Authority Mr. John Kennedy Koranteng who is also the former Technical Director of the Ghana Rugby Football Union, was there to witness the event.
Also, present to witness was the former Vice President of Ghana Rugby Football Union Mr. Ernest Hanson.
The organisers of the event were Ms. Rafatu Inusah of the National Sports Authority and Board Member of Ghana Rugby Football Union and World Rugby and Coach Educator, Ms. Anita Atieku a coach, Mr Rahman Salisu the National Team Manager, Mr. Jeffery Chiwanda the Head of Referees and a Coach, Mr. Prince Kweku Boamah, Mr. Percy Christian Adamson, Andre Hammond executive manager with Coach Lovemore Kuzorera advising.
The referees of the day were Mr Francis Donkor and Mr Jeffery Chiwanda.
The US$100.7 million that was supposed to have been put into the Petroleum Holding Funds as required by law has not been paid, and the Public Interest and Accountability Committee (PIAC) wants to know why.
The sum pertains to crude liftings of 944,164 barrels performed by JOHL, a division of the Ghana National Petroleum Corporation (GNPC), which holds a 7 percent state-owned interest in the Jubilee and TEN Fields.
In 2021, the share was purchased from Anadarko.
The crude lifting revenues, the first by JOHL, were not remitted into the PHF, according to PIAC, a state watchdog over management and use of petroleum money, which is against the Petroleum Revenue Management Act (PRMA).
“Following the acquisition of 7 percent interest in the Jubilee and TEN Fields by GNPC in 2021 (later ceded to its subsidiary, JOHL), JOHL made its first lifting (944,164bbls) on the Jubilee Field in H1 2022, amounting to US$100,748,908. This amount was not paid into the PHF.
Contrary to Section 6 (e) of the Petroleum Revenue Management Act, 2011 (Act 815), Capital Gains Tax was not assessed and collected by the Ghana Revenue Authority in the sale of 7 percent interest by Anadarko in the Jubilee and TEN Fields in 2021,” it said in its semi-annual report for 2022.
Ministry of Finance, GRA fail to provide answers
In its bid to find answers, PIAC said it wrote to the Ghana Revenue Authority (GRA) in accordance with the PRMA; but the GRA referred it to Ministry of Finance, indicating that the ministry was exclusively in charge of the transaction.
However, when PIAC wrote to the ministry, it also in turn referred the Committee to the Ghana Revenue Authority for answers.
PIAC – which is without prosecutorial powers – insisted that the proceeds of liftings by JOHL must be paid into PHF, as the Committee is convinced those proceeds form part of Ghana’s petroleum revenues.
It also advised GRA to intensify its efforts at collecting surface rental arrears in addition to any new assessment before end of the year.
“To enable GRA assess and collect revenues from IOCs before they exit Ghana, the Minister for Energy is encouraged to inform GRA and other relevant institutions before the termination of contracts,” it added.
A smokescreen
Commenting on the matter, Benjamin Boakye of Africa Centre for Energy Policy (ACEP), an energy think-tank, said government’s posture from the onset was to use a scheme to conceal details of the transaction.
“I think we foresaw the intentions of government and GNPC. They deliberately wanted to hide those assets in the Cayman Islands – a tax-haven – and micromanage the revenue through political channels.”
Mr. Boakye, who has been critical of the transaction, added that as the country begins negotiations with the International Monetary Fund (IMF) on a US$3billion bailout programme, it will be important for the IMF to pay attention to some of the schemes for diverting state funds from the budget.
“GNPC aligns its losses to the budget, but useful assets like the 7 percent interest in Jubilee and TEN are hidden away from accountability structures in the petroleum sector.
“GNPC seeks to collateralise the inflow of the revenues from JOHL to raise money for questionable exploration programmes. This certainly diverts critical revenue needed for economic recovery into a gambling expedition,” he lamented.
Other findings and recommendations
The report also established that GH₵202million of the Annual Budget Funding Amount (ABFA) was unutilised at the end of 2021, representing 9.8 percent of 2021 utilisation.
It further found that no transfer of ABFA was made into the District Assemblies Common Fund during the first half of 2022, even though an amount of GH₵157.77million was budgeted for 2022.
On recommendations, the Committee advised that the investment of petroleum funds should not be limited to the US market but other markets should be considered, albeit under advice of the Investment Advisory Committee (IAC).
It also urged the Minister for Finance, in determining the cap on the Ghana Stabilisation Fund, to comply with the relevant provisions of L.I 2381; and said that parliament should take a keen interest in GNPC’s budget and ensure the Corporation’s budget is based on realistic estimates of expected revenue.
“The Committee reiterates its call to the MoF to take advantage of the PRMA review to provide clear rules for the treatment of unutilised ABFA. The Ministry of Finance should ensure that transfers to the DACF are done quarterly in order for District Assemblies to efficiently carry out their functions,” the report said.
It further charged the Ghana Revenue Authority and Ministry of Finance to collaborate to ensure that Capital Gains Tax and other taxes arising from transactions in the sector are assessed and paid to the PHF.
President Akufo-Addo on Tuesday received the Letters of Credence of four new envoys at the Jubilee House, Accra.
The envoys are the High Commissioner of Australia, Mrs. Bernice Owen-Jones, the Ambassador of the Islamic Republic of Iran, Bijan Gerami Nazoksara, the Swiss Ambassador, Simone Giger, and the Ambassador of the Democratic Republic of Congo, Madam Jeanette Njuma Nyakeru.
At separate ceremonies, President Akufo-Addo congratulated the envoys on their appointments, welcomed them warmly to Ghana and wished them a successful tour of duty.
He recounted the longstanding ties Ghana had had with each of those countries and reiterated Ghana’s commitment to enhancing the bonds of friendship and cooperation with them for mutually beneficial outcomes.
The President dwelled on the need for strategic partnerships and economic cooperation to advance bilateral relations with their respective countries and Ghana.
He also called for cooperation to end the insecurity in West Africa, and to fight climate change, and said his government would ensure that their respective official duties were carried out smoothly.
When she met the President, the Australian envoy, Mrs Owen-Jones spoke about her country’s engagement in the extractive industry in Ghana, which had been a pillar of bilateral relations for decades.
Australian mining companies, she said, had investments worth some $40 billion in the region, adding, “I am very proud of Australia’s engagements in the extractive sector in Ghana and the mutual benefits both countries are deriving from it.”
Mrs Owen-Jones also mentioned the educational collaboration between the two countries where Ghanaian professionals studied in Australia through an award scheme, as well as the commission’s work in communities in Ghana.
She said the commission had supported some 250 projects over the last two decades to deliver tangible development benefits in those communities.
“There is more we could do and of course work towards enhancing business links and closer links between universities of both countries as well as civil societies…The Australian government is ready to work with your government in building strong relationships.”
Mrs Owen-Jones told the President that both countries could do more to address pressing security challenges in the sub-region.
She disclosed that the Australian government was currently funding training programmes in neighbouring Cote d’Ivoire in the international counter-terrorism academy to deliver training and greater capability in the region
On his part, President Akufo-Addo recounted Ghana’s long-standing relationship with Australia dating back to independence era.
“We value so much our association with the commonwealth the commitment to democratic values, the respect for the rule of law and these are the things that bind our two countries closely.”
The President also lauded the key roles that Australian companies are playing in the extractive sector, saying, “We find the partnership useful.”
He was hopeful that the two countries would find more areas of cooperation to deepen relations.
Iran’s ambassador, Bijan Gerami Nazoksara lauded Ghana’s role in the comity of nations and commended the Government on its flagship programmes such as One District, One Factory, Ghana Beyond Aid, Planting for Food and Jobs amongst others.
He said looked forward to deepening cooperation in the areas of health, education and technology during his tour of duty in Ghana.
President Akufo-Addo said Ghana and Iran had had strong relations for some time, with the two countries cooperating very well on many levels and pledged to deepen relations with the Western Asian nation.
“We appreciate very much your cooperation in the area of education as well as in our health sector; these are valuable initiatives for the Ghanaian people. we recognise Iran’s contribution to our development.”
The Swiss ambassador Simone Giger said the President’s recent state visits to Switzerland was a testimony of the excellent relations that exists between the two countries.
She noted that the President’s “excellent leadership” had further enhanced the relations between both countries.
The envoy pledged to strengthen the development cooperation with Ghana, particularly in the fields of education, science, digitization and climate change.
She referred to a landmark agreement signed in 2020 between the two countries on climate protection, saying, “I am keen and eager to work together with your administration on the realisation of this agreement.”
President Akufo-Addo told the envoy that Ghana anticipated more Swiss involvement in economic cooperation in the country.
“We look forward to increasing the scope of activities in the area of security, education, where Switzerland has proved to be a valuable partner to Ghana.
In her discussion with the President, Madam Nyakeru, Congo’s Ambassador said she would reinforce bilateral cooperation between Ghana and her country.
Ghanaian gospel musician, Sonnie Badu, has expressed confidence in the Black Stars technical team and players.
He is of the view that the only challenge militating against the team is the lack of time for coach Otto Addo to prepare the team as well as the inexperience of the young players who form a major part of the squad.
The preacher/musician believes that the team will get into excellent form in the future after they have gotten to know each other and bonded some more.
He also asked for support and prayers for Black Stars coach Otto Addo.
“I think we have a solid technical team. The only problem is this: I don’t think the coach has enough time to prepare the team and all of these young players will be excellent in the future – when they know each other better and they can bond more.
“Additionally, on the World Cup stage we might have a problem with inexperience and lack of bonding. With all of that being said, let us support the coach and pray for him… Yes, “Ghana football has the whole Ghana coaching the #Blackstars it’s been like that and it will never change. I wish the team the best of luck in the World Cup,” Sonnie Badu wrote on his Facebook page.
Otto Addo has come under fire from supporters over his team’s poor run since taking charge of the Black Stars.
The pressure has mounted since Brazil thrashed Black Stars by three goals to nil while the team managed only a goal against a less fancied Nicaraguan side in their recent international friendlies.
He has been scolded mainly on his team selection and tactics.
A growing number of people are advocating for the introduction of inflation-indexed securities to the domestic market as a result of the long-term high levels of inflation that are eroding investors’ real returns and purchasing power.
The term “inflation-linked bonds” (ILBs) refers to financial instruments whose capital growth or coupon payments are correlated with inflation rates, allowing the variables to be changed in tandem with price changes.
The United States’ Treasury Inflation-Protected Securities (TIPS), which are among the most widely traded ILBs, are frequently issued by central governments. Other nations that do so include the United Kingdom, Canada, and India.
Over the past decade, the asset class has grown in emerging markets with Israel, Brazil, Mexico, South Africa and Turkey all issuing various ILBs, with the total tradable ILBs outstanding amounting to approximately US$3trillion at the end of 2020.
Describing the introduction of such securities as paramount, a Senior Research and Compliance Analyst at Tesah Capital, Joshua Adagbe, has argued that it is time to issue Ghana’s maiden inflation-linked bonds as they will provide a range of benefits to different classes of stakeholders.
“Aside from the benefits of offering protection against inflation, ILBs can be used as good security for diversification in a multi-asset portfolio because of their low correlation to other asset classes.
“ILBs have a low tendency to move in the same direction as equities and nominal bonds, and therefore lower the overall volatility of a portfolio.”
He noted this as crucial to driving investor confidence and deepening the capital markets.
He added that with current inflation above the central bank’s inflation target band of 8±2 percent, the Bank of Ghana would benefit from the inflation risk protection by ILBs and also make savings on its interest expense.
“The central bank, which is the largest issuer of nominal bonds, bears a high degree of inflation risk when servicing its debt,” he added.
Providing contrary thoughts, president of the local arm of the Chartered Financial Analysts (CFA) Society, Nana Wiafe Boamah, said while he understands the appeal, a number of factors including historically high and volatile inflation would make its introduction improbable.
“In this economy where inflation is almost always high, even when compared to some of our peers, who would be willing to offer inflation plus a premium?” he quizzed – adding that such an instrument would saddle government with too much debt and effectively rule out corporate issuances.
“When you have your inflation under control and the fiscals are looking good and we want to attract investors who need to see positive real returns, by all means then we can issue such bonds as an incentive.
“What we have had historically has been too volatile for it to be worth it; we should be working at getting the macroeconomy to a point of sustained stability,” he remarked.
The World Bank in a recently published study on the subject noted that from the cost perspective, ILBs can lower financing costs if the inflation premium of conventional bonds exceed the liquidity premium of the ILBs.
Additionally, medium- and long-term ILBs permit governments to lengthen the debt’s average maturity and allow for the substitution of riskier debt instruments, such as foreign currency (FX) linked securities or short-term local currency bonds – thus helping to reduce market and refinancing risks.
It however warned that emerging markets with underdeveloped savings industries and/or limited borrowing requirements may find that introducing ILBs further fragments the domestic debt market – driving up the liquidity premia for both ILBs and conventional securities, and increasing government funding cost.
“Economies prone to supply shocks may find that ILBs increase the debt service at times when the economy stagnates, worsening government’s financial position,” the World Bank added.
Inflation has climbed to 33.9 percent on an annualised basis in August from 31.7 in July; and despite the 91-day Treasury bill rate rising to 30.1 percent, the trend of negative real returns continues.
Our forex bureau rates are provided by Afriswap Bureau De Change in Osu, Accra.
On the Interbank forex rates from the Bank of Ghana today, September 28, 2022, the Ghana Cedi is trading against the dollar at a buying price of 9.5385 and a selling price of 9.5481.
As compared to yesterday’s trading of a buying price of 9.5365 and a selling price of 9.5461. At a forex bureau in Accra, the dollar is being bought at a rate of 10.30 and sold at a rate of 10.50.
Against the Pound Sterling, the Cedi is trading at a buying price of 10.2635 and a selling price of 10.2756 as compared to yesterday’s trading of a buying price of 10.1745 and a selling price of 10.1885.
At a forex bureau in Accra, the pound sterling is being bought at a rate of 11.90 and sold at a rate of 12.00.
The Euro is trading at a buying price of 9.1613 and a selling price of 9.1706 as compared to yesterday’s trading of a buying price of 9.1712 and a selling price of 9.1822.
At a forex bureau in Accra, Euro is being bought at a rate of 9.60 and sold at a rate of 10.42.
The South African Rand is trading at a buying price of 0.5298 and a selling price of 0.5303 compared to yesterday’s trading of a buying price of 0.5264 and a selling price of 0.5271.
At a forex bureau in Accra, South African Rand is being bought at a rate of 0.45 and sold at a rate of 0.80.
The Nigerian Naira is trading at a buying price of 45.6132 and a selling price of 45.7504 as compared to yesterday’s trading of a buying price of 45.5913 and a selling price of 45.7747.
At a forex bureau in Accra, Nigerian Naira is being bought at a rate of 12.00 Naira for every 1 Cedi and sold at a rate of 15.50.
Kuoro Buktie Limann IV, the Paramount Chief of the Gwollu Traditional Area has indicated that slavery affected the growth in the Sissala area and thereby derailed development.
He said over 250, 000 people within the Sissalla area alone were captured during the slavery, which to some extent derailed development.
He told the GNA in Gwollu that Europe had meted out the worst forms of atrocities to Africa saying, “No amount of compensation will be able to soothe our suffering.”
Kuoro Limann IV also expressed worry about how tourists during Emancipation Day events are limited to only Forts and Castles in the Coastal areas to the neglect of roots of the slavery.
“The slaves were captured from the north and sent to the Coast to be shipped. Tourists visit places of “No return but they don’t visit where the slaves were captured,” he said.
He said tourism on slavery would be incomplete if attention was not equally given to the roots of slavery and that slave camps in the north will be extinct if attention is not paid.
The Ghana News Agency (GNA) visited the area to acquaint itself with the development challenges and tourism potential and to see how the place could be developed more.
The chief said Gwollu as a slave route “emptied the Sissala area as a conservative figure of more than 250,000 people were sent away as chattel slaves and that’s why it left the villages empty”.
He said, “From here to Navrongo and back to Hamile, there were few people. You will see vast and deserted places because they took the strong people away, it is now that we have started populating the area.”
The Paramount Chief said now that tourism was being promoted, the diaspora people must be allowed to trace their route through to where they were taken away from and argued that Cape Coast, Anomabo and Elmina were all exit points to Europe and the Americans.
He explained that allowing Europeans, Americans, and others to visit tourist sites in the north would increase the revenue base of all the towns and communities that were affected by the slave trade as the country sought to promote tourism.
He emphasized that slaves were gathered from Southern Burkina Faso through Gwollu and other towns right up to Salaga slave Market.
He said the slave route from Paga, Gwollu through to Salaga slave market must not be forgotten and erased in history because of a lack of interest and access roads to those areas.
He said the people of Gwollu built an anti-slavery wall against the raiders whom he mentioned as Samori and Babatu Zato, a place he said had been left unattended.
The anti-slave walls were built of mud that had holes in them where the locals hid and pointed their bows and arrows at the enemy each time they came to attack, and this eventually protected them from the raiders. ]
The Gwollu Kuoro mentioned the Gwollu mystery bone setting centre, the anti-slavery defence wall and slave route and the local viagra centre as some tourist attractions worth visiting.
The rests are the tomb of Dr Hilla Limann and the crocodile pond of Gwollu, which if properly taken care of could generate revenue for development.
Kuoro Limann IV appealed to the government to consider constructing roads linking to tourist sites in the region to boost tourism and for investors to relocate to the area.
The Semi-Annual Report on the management and usage of petroleum revenues in Ghana for the first half of 2022 has been released by the Public Interest and Accountability Committee (PIAC).
The report, which covers the months of January to June 2022, covers a wide range of topics related to managing petroleum revenue, including data on production, liftings, total revenues accruing and allocated by the government, ABFA utilization, and the administration of funds set aside in the Ghana Petroleum Funds (Ghana Stabilisation Fund and the Ghana Heritage Fund).
Key among the Committee’s findings and recommendations was a demand for the whereabouts of US$100 million oil proceeds which was not paid into the Petroleum Holding Funds as required by law.
Contrary to a claim by Kojo Poku, the Chief Executive Officer of Big Ideaz Consult, a local partner of the just-ended Global Citizen Festivalin Accra, that none of the artists billed for the event was paid a performance fee, Gyakie, one of the musicians who performed at the event said she was duly paid.
3news.com quotes Gyakie to have said on 3FM Drive, Tuesday, that she was paid a full amount.
“Yes, everybody that was on the stage was obviously paid. The dancers, the choristers, the band. Everybody,” she said while responding in the affirmative that she was given what was due her.
“Yes. (full amount?) Absolutely. Every single person was paid.”
The Global Citizen Festival 2022 came off at the Black Star Square on September 24. It wasn’t an average Accra Saturday evening as stars from around the world and within Ghana graced the show.
With powerhouses like Usher, SZA, Sarkodie, Stonebwoy, Gyakie and Stormzy on the bill, the event saw tens of thousands thrilled to spectacular performances.
After the successful event, Kojo Poku in an interview 3FM said performers were not paid because they understood the rationale behind the concert.
He said: “I have to say that no artist was paid a performance fee for this. Everyone who mounted the stage did so out of the benevolence of their heart and the Global Citizen because it’s bigger than how much you’ll make out of a performance on that stage.”
What is the Global Citizen Festival?
Global Citizen Festival is an annual music festival where fans take actions toward ending extreme poverty in order to earn free tickets. The festivals bring together Global Citizens, artists, activists, world leaders, philanthropists, corporate leaders, and more, with one collective mission: End Extreme Poverty NOW.
Global Citizen Festival is timed to coincide with the UN General Assembly to leverage opportunities to get policy and financial commitments from government, corporate, and philanthropic leaders to defeat poverty, demand equity, and defend the planet.
Anidaso Mutual Fund, an open-ended fund managed by the New Generation Investment Services Limited (NGIS) recorded an increase in its net asset value per share, from GH₵0.7948 to GH₵0.9431 at the end of 2021.
The figures translate into an annual yield of 18.66 per cent compared to 12 per cent of the government’s Treasury bill.
Mr Edward K. Asamoah, Fund Manager, speaking at the 15th Annual General Meeting of the Fund in Kumasi, indicated that investment income also appreciated by 26 per cent, from GH₵309,691 in 2020 to GH₵390,364 at the end of 2021.
He attributed the significant growth in investment to the bullish performance of the stock market.
Mr Asamoah said the Fund’s net investment income shot up from GH₵161,323 in 2020 to GH₵231,519 in 2021, depicting a 43.51 per cent increase.
Redemption of shares decreased from the previous year’s GH₵560,516 to GH₵433,757, while the sale of shares increased by 10.22 per cent from GH₵350,292 to GH₵386,096.
The Fund Manager said the challenging global economic conditions in 2022 were expected to compound as economies were expected to experience sharp deceleration.
To this effect, he said inflation across most countries had surged as a result of rising commodity prices and higher supply disruptions.
Mr Asamoah pointed out that, the current high inflation in Ghana could impact negatively on the performance of the Fund, although the government was putting measures in place to stabilize the economy.
Notwithstanding the current happenings, he said shareholders must continue to invest and get more returns from the Funds pledging that the management of NGIS Limited would continue to work hard to protect and maintain higher standards in the investment space.
Meanwhile, the Money Market Fund, another investment product managed by the NGIS, recorded a gross investment income appreciation of 20.36 per cent from GH₵566,333 in 2020 to GH₵681,648 in 2021.
The net asset value per share thus, increased from GH₵0.6729 to GH₵0.7770, representing an increase of 15.47 per cent.
Operating expenses increased from GH₵37,190 in 2021 to GH₵49,954 in 2022.
Due to this, the ongoing negotiations, which are anticipated to last from September 26 to October 7, 2022, have received some updates from Finance Minister Ken Ofori-Atta.
On September 28, Ken Ofori-Atta announced a 5-member committee will oversee the comprehensive stakeholder engagement while speaking to journalists at a news conference in Accra.
He said that the talks are going well and that they will go for 10 days.
He added that the discussions would be made in order to safeguard Ghana’s financial sector.
Meanwhile, a key prerequisite for an IMF programme will require a comprehensive Debt Sustainability Analysis (DSA).
Government says it is putting together a comprehensive post-COVID-19 economic programme which will form the basis for the IMF negotiations.
The potential IMF programme seeks to establish a macro-fiscal path that ensures debt sustainability and macroeconomic stability underpinned by key structural reforms and social protection.
Steve Hanke, a professor of applied economics at Johns Hopkins University in the United States, has once more charged that the Akufo-Addo government is mismanaging the Ghanaian economy.
This time, Prof. Hanke has specifically targeted President Nana Addo Dankwa Akufo-Addo, whom he sees as the primary cause of Ghana’s current economic situation.
In a tweet on September 27, the US-based economist said that President Akufo-economic Addo’s policies had caused Ghana’s economy to “go through the tubes.”
He also calculated Ghana’s inflation rate at 83 percent/year, which is twice as high as the official 33.9 percent for August of this year reported by the Ghana Statistical Service.
By his estimations, Prof. Hanke ranked Ghana in 7th place among 22 other countries reeling from the impact of inflationary pressures.
“Ghana is in 7th place in this week’s inflation table. On September 22, I measured Ghana’s #inflation at a stunning 83%/yr–over 2x the official inflation rate of 34%/yr. During Pres. Akufo-Addo’s reign, #Ghana’s economy has gone down the tubes,” Prof. Hanke wrote.
The Professor of Applied Economics, who has taken a keen interest in Ghana’s economic issues, has on numerous occasions said the economy was tanking – an expression which means the economy is down and there are fears of a recession.
Ghana is currently holding official negotiations with the International Monetary Fund for an economic support programme. The country is targeting around US$3 billion from the Bretton Woods institutions once an agreement can be reached.
High cost of living, depreciation of the cedi, revenue generations constraints, fallout from the Russia-Ukraine war among others have been attributed to some of Ghana’s economic challenges.
Consumer inflation for August 2022 hit 33.9 percent from 31.7 percent in July, making it the highest rate recorded in 21 years.
The Nzema Manle Rural Bank PLC recorded a profit after tax of GH¢632,039 for the year ending 2021, against GH¢553,427 in 2020 with a percentage change of 14.20.
The bank recorded such performance despite the challenging global and domestic environment such as the COVID-19 pandemic, the Russian and Ukraine war.
Mr. Wisdom Quaku, Board Chairman of the bank, announced the performance at the 39th Annual General Meeting (AGM) of shareholders and directors of the bank at Tikobo Number Two in the Jomoro Municipality of the Western Region.
Mr. Quaku announced the approval of a final dividend of GH¢0.0073 per share totaling GH¢101,403 for shareholders, adding that the “payment of this dividend is necessary after almost two years when the last dividend was declared.”
He said the bank would continue to pay dividends to shareholders depending on their investments or shares and hinted that a total deposit recorded in 2021 was GH¢54,160,100 against GH¢47,657,971 with a percentage change of 13.64%.
The bank also recorded an investment of GH¢36,401,689 in 2021 as against GH¢30,266,874 in 2020 with a percentage change of 20.27.
Total Income soared from GH¢6,921,757 in 2020 to GH¢8,630,159 in 2021 with a percentage change of 24.68., while a total Expenditure in 2020 was GHc6,167,108 with a sharp increase of GH¢7,451,847 in 2021 representing a 20.83 percentage change.
He said paid-up capital increased from GH¢1,261,954 in 2020 to GH¢1,269,571 in 2021 with 0.06. With shareholders Fund also rose from GH¢3,700,424 in 2020 to GH¢4,098,634 in 2021 with a percentage change of 10.76.
Total Assets increased from GH¢54,948,539 in 2020 to GH¢61,173,277 in 2021 recording 11.33.
Mr. Quaiku told shareholders that as part of corporate governance directive, the bank was committed to managing its business in a sustainable way and upholding the highest standards of ethics and corporate governance practices.
On corporate social responsibility, he said the bank had expended GH¢45,044 across its operational areas, adding that an amount of GH¢5,800 was devoted to medical support.
He said the Tikobo Number Two Anglican Primary School water project was completed at a cost of GH¢13,294.00 with GH¢4,950.00 spent on packets of iron sheets of the Gwira Enyinase M/A Junior High School.
The bank also spent GH¢3,000.00 on the orientation of newly trained teachers and GH¢500 on ADR (Alternative Dispute Resolution) Week celebration of the Ellembelle District court.
One thousand cedis went to the Association of Nzema Students and GH¢6,000.00 being the cost of hospital beds donated to the St. Martin’s De Porres Hospital at Eikwe.
On the outlook for 2022 and beyond, Mr.Quaiku said the war between Russia and Ukraine, the passage of the E-Levy Act, rising inflation, rising fuel prices, exchange rate depreciation was likely to affect economic activities in the country, in the short to medium term.
He was confident that economic activities across the globe would rebound when countries had adjusted to the current geo-economic climate in the world.
“The opening up of our borders along the ECOWAS countries after their closure following the COVID-19 pandemic businesses and trading would soon pick up across West Africa.
The Managing Director of ARB Apex Bank, Mr. Alex Kwesi Awuah, said his outfit was ready to assist the Bank as part of the rural banking sector support.
He said the ARB Apex Bank would continue to partner Rural Banks and assured shareholders of their support to grow the banks.
Mr. Awuah lauded the Board and Directors for the prudent management and appealed to shareholders to invest in the bank and buy more shares.
President of the Western Regional Rural Banks Association (WERBA) whose speech was read on his behalf by the Board Chairman of the Jomoro Rural Bank, Professor Cobbold, stated that in the face of the COVID-19, it was commendable for the Nzema Manle Rural Bank to post impressive financial performance.
He also lauded the Bank for its Corporate Social Responsibility and urged them to do more.
Chief Executive Officer (CEO) of the NMRB, Mr. Thomas Quayson lauded the efforts of stakeholders of the Bank and that the Bank would intensify its efforts to maximize its operational results.
Chief of Tikobo Nana Arvo Nwiah V heaped praises on the Bank for its sterling feat at a time when many business champions in the world were collapsing.
He said the town had benefitted immensely from the Bank’s Corporate Social Responsibility and appealed to the Bank to bring more developmental projects to the area as more of the shareholders came from the area.
Awards such as flat screen Television sets, Refrigerators, fridges, machetes and plaques were given to shareholders who had transacted business with the Bank for 10 years and above.
In a Facebook post on September 27, the singer observed that the ‘jama’ session which Asamoah Gyan frequently led played a crucial role in building team spirit.
He said since Gyan left, the morale which the celebrated striker brought has left the camp. Sonnie Badu maintained that the qualification of Black Stars to the World Cup may well have come on the back of luck having miraculously eliminated West African rivals, Nigeria.
He said Asamoah Gyan should be included in the Black Stars squad for the upcoming tournament before he is snatched for punditry duties.
“Soccer or football is off and on the pitch. Ever since he left the morale is gone. Who did he hand over the “Jama” singing to? It was all part of building the team sprit… I don’t know what has gone on, but he is needed before a pundit from super sport grabs him for the World Cup …
“Someone will say but we qualified against Nigeria without him , well hold on , That game was a no brainer .. I fear Ghana vrs IvoryCoast or Cameron but Ghana Nigeria has a history, luck is always on our side .. lol,” Sonnie Badu wrote on his Facebook page.
It will be recalled that Asamoah Gyan in an interview with BBC last month indicated his intention to play at the 2022 World Cup.
The comment by the football legend spilt heads as some argued that he will be of great help to the team with his experience whiles others argued that he is not fit to compete.
However former Black Stars winger Christian Atsu backed Asamoah Gyan’s intentions.
Atsu who took to social media and tweeted, “Honour @ASAMOAH_GYAN3 with his last wish.”
Gyan is Africa’s highest scorer at the World Cup with six goals and has played at three World Cups since 2006.
Gyan last played for the Ghana national team in 2019 at the AFCON where the Black Stars exited at the Round of 16 stage.
The striker last made a competitive appearance for Legon Cities in the 2020/21 Ghana Premier League season.
The Importers and Exporters Association of Ghana (IEAG) expresses sadness over a new development at the nation’s ports that, if not addressed, may make the already difficult situation for products and services even worse.
Alarmingly, according to the association, import duties at the nation’s ports have increased at an abnormal rate, leaving them with huge arrears from paying import fees.
The group said in a statement that significant variations in the exchange rate set by the Ghana Revenue Authority’s Customs Division had led to significant variations in import duties and taxes at the port over the previous 72 hours.
It alleged that “as of Tuesday the 27th of September 2022, an exchange rate of 8.2938 has been pegged at 9.5462, which will be due for adjustment on Monday the 3rd of October 2022.”
“We as an association find this sudden adjustment by Customs as appalling, because, some freight Forwarders (clearing agents) have produced documented evidence alluding to the fact that, they had to pay about GHS25,000 extra on duties due to the abnormal increment in the exchange rate. Some even had to pay in the excess of GHS107,613 from an initial duty of GHS78,567, while others had to pay a whopping GHS102,181.08 for an initial duty of GHS88,446.09,” the association lamented.
They want to know what informed the recent upward adjustment in the exchange rate by customs, given the fact that the cost of goods and services is on the ascendancy.
According to IEAG, with Ghanaians already feeling the brunt of the increment in prices of goods and services, there could be more hardship in the coming days if nothing is done to address the situation since Importers will equally pass on these incurring debts to the ordinary consumer.
They are, therefore, urging authorities to as a matter of urgency, adopt pragmatic measures to ensure these abnormal costs being incurred by importers, freight forwarders, and traders are mitigated to serve the interest of the country at large.
The First Palm OilBarometer has challenged the negative public perception of palm oil sustainability on Smallholder farmers.
While the smallholder palm oil farmers risk living in poverty, the 282-billion-dollar palm oil industry creates huge profits for companies.
A statement issued in Accra by Solidaridad said the pivotal role of smallholders in the palm oil sector, currently contributing to around 30 per cent of global production, was often overlooked in the sustainability agenda, as policies tend to focus on large industrial plantations.
It said with their contribution to palm oil production expected to grow, smallholders played an increasingly central role in rural economic development and preserving biodiversity.
The statement said with palm oil as a crucial ingredient in the diet of the poorest people on earth, and its widespread presence in products like margarine, shampoo, and biodiesel, it was here to stay.
“Supply chain-wide smallholder inclusion is crucial for sustainable palm oil production,” it said.
It said the controversial crop presented more issues and more opportunities than many people realise.
The statement said deforestation and poverty were interlinked and palm oil production figures prominently in the media as a cause of deforestation, biodiversity loss and climate change.
However, by isolating its impact on the environment from the poverty crisis, to which it was directly linked, it was easy to overlook the vital role smallholders play in palm oil production.
It said although the image of large companies growing vast expanses of oil palms as a monoculture holds, more than three million smallholders and their families produce roughly 30 per cent of the world’s palm oil.
The statement said a multitude of workers found jobs in oil palm production. In Indonesia alone, there were around 16 million workers in the palm oil sector, of which the majority was employed by smallholders.
It said the contribution of smallholders to the overall supply of palm oil was only expected to increase, as industrial-scale companies were forced to limit expansion due to zero-deforestation commitments.
Mr Shatadru Chattopadhayay, Managing Director Solidaridad Asia said, “Smallholders produce not even 2 per cent of certified sustainable palm oil on the market while contributing 30 per cent of the world’s supply and Governments and businesses must make smallholder inclusion part of their sustainability criteria.”
He said in the multi-billion-dollar palm oil industry, smallholder farmers do not get their fair share. Smallholders generated USD 17 billion of the palm oil industry’s USD 282 billion turnover in 2020, yet many did not earn enough to cover their families’ essential living costs.
Despite this, many smallholders prefer growing oil palm to other crops, like rubber or coffee, because they earn a higher and more consistent income throughout the year.
He said multiple factors could influence a farm’s profitability, including its size, labour and fertilizer costs, market access, and prices. Volatile market prices squeeze smallholder margins that are already narrow.
“It’s getting more and more difficult for farmers with all these changes in the prices. Some feel as if 50 per cent of their livelihood has been lost as the prices of the fresh fruit bunches have been slashed and, at the same time, the price of fertilizers and pesticides has risen by more than 100 per cent,” Mr Valens Andi, Head of a Farmers’ Cooperative in West Kalimantan, Indonesia said.
He said that faced with these precarious conditions many smallholders were unable to invest in farm-level innovations or adhere to sustainability standards.
By 2030 Indonesian smallholder plantations will account for around 60 per cent of the country’s oil palm area. Supporting these smallholders to produce sustainably will be a key challenge in the coming years.
Fair value distribution is at the heart of sustainable palm oil production, while smallholders struggle to make ends meet, at the other end of the chain food manufacturers, consumer goods companies and retail take 66 per cent of the gross profits on palm oil in food, household, and body care products.
The focus on cost-cutting to optimize profits contrasts starkly with individual companies’ sustainability commitments, as well as the global climate and the UN’s Sustainable Development Goal agendas.
Many academics and conservation organizations agree that banning palm oil would simply shift the problem elsewhere, threatening other habitats and species, however, it is far more productive than any other vegetable oil crop.
He said instead of boycotting palm oil, the industry should invest in sustainable palm oil production by smallholders.
He said the private sector and governments needed to move from technical assistance to programmes that address the structural disadvantages at the smallholder farm level.
Madam Heske Verburg, Managing Director Solidaridad Europe, recommends that “companies and governments in consuming and producing regions must include smallholders’ interests when developing and implementing policies.
He said the EU should ensure that smallholders will be supported to meet the requirements of the Union Regulation on deforestation-free products and in partnership with producing countries tackle the root causes of deforestation, including poverty.
Deputy Minister of Energy, Dr. Mohammed Amin Adam has touted investment potentials in the energy sector as one of the best in the sub-region, hence the need for investors to turn their attention to Ghana.
He made this call when he gave an addresse on behalf of Dr. Matthew Opoku Prempeh, at the US-Ghana EXPO RoundTable B2B matching organized under the auspices of the US-Ghana Chamber of Commerce with support from Ghana’s Ministry of Trade and Industry.
Dr. Amin said Ghana has a lot of untapped hydrocarbon resources, both offshore and onshore, which the sector is seeking to explore and exploit through partnerships with private companies.
“In Ghana, Exploration and Production (E&P) licenses are awarded through open, transparent and competitive public tender processes. However, E&P licenses may be awarded through direct negotiations without public tender if direct negotiations represent the most efficient manner to achieve optimal exploration, development and production of petroleum resources in a defined area.
Either way, prospective contractors must have the requisite technical and financial abilities to undertake petroleum activities,” he explained.
The Karaga Member of Parliament also said Ghana aspires to become a hub for refined petroleum products in the West African sub-region and beyond, culminating in the establishment of the Petroleum Hub Development Corporation (PHDC).
He said the hub will host infrastructure such as refineries, port terminal facilities, storage facilities, petrochemical plants as well as Liquefied Natural Gas (LNG) terminals with a network of pipelines.
He, therefore, called on investors to capitalize on the opportunity this presents.
Touching on the power sector, the Deputy Minister highlighted the plethora of opportunities in renewable and nuclear spaces.
“The most important thing we want to do as a Ministry is to ensure the lights are for economic growth and therefore, we ask that your partner us strategically in the power value chain to ensure this” he noted.
These insightful Trade and Investment roundtable discussions on US-Ghana investment opportunities are part of government’s overarching strategy of boosting investments for economic growth as the country seeks recovery economically from the debilitating effects of the COVID-19 pandemic and the Russian-Ukraine war.
Governor of the Bank of Ghana(BoG) Dr Ernest Addison says the Bank will not relent in its efforts to tame inflation and attain price stability despite global and local pressures.
In a speech read on his behalf at the 39th Annual General Meeting (AGM) of Ghana Association of Banks by the Head of Banking Supervision at the central bank, Osei Gyasi, the Governor said although inflation remains significantly above the medium target band, the bank was committed to the tight monetary policy stance to achieve price stability.
Dr Addison said the banking sector had been resilient but warned that recent developments in the macroeconomy pose some upside risks to the wider financial sector and urged the banks to employ strong risk management systems to ensure the stability of the banking industry.
“Currently, the banking sector continues to exhibit strong performance despite challenges in the macroeconomic environment. The sector remains healthy with some improvement in assets.
However, the recent developments in the micro economy may put some outside risk to the sector in the outlook, hence banks must deploy a strong risk management system to ensure stability,” he said.
On her part, Mrs Mansa Nettey, President of GAB, said while the government was taking the necessary actions to achieve debt sustainability, it should not be done at the expense of gains in the sector.
“Government must ensure that this is not done at the cost of financial sector stability, inadvertently undoing so much of what has been achieved in strengthening the banking sector, as a sound and stable economy needs an equally sound and stable banking system, one that can support the country’s long-term goals.”
Mrs Nettey said further stated that while the industry recognises drastic measures need to be taken by the central bank in effectively combatting inflation, banks must be encouraged with regulatory incentives to soften the impact.
“We recognise that the Bank of Ghana had to front-load the tightening; however, they must be provided with regulatory incentives to help them navigate the current economic challenges and continue to support the economy,” she said.
With the expectation of a tough business environment in the near term, she said it is important that banks review existing operations and investment strategies to ensure sustainable performance as they remain risk-aware and undertake effective credit management processes.
Speaking in an interview with Journalists, the Chief Executive of the Ghana Association of Banks, John Awuah, said the industry was adopting strategies to deal with digital-related fraud.
He said the banks were working to find solutions by arresting and prosecuting such offences as well as retooling to be able to detect and avoid some of these activities.
Meanwhile, the Association has launched the second edition of its magazine known as the Banker’s Voice.
The magazine, with support from the Auditing and Accounting Firm, KPMG, as the knowledge partner, analyses the prospects of the industry and some signals that may keep the financial sector going.
According to economist Dr. Theophilus Acheampong, Ghana’s economic irresponsibility has been severely exposed by the effects of the COVID-19 pandemic and the Russia-Ukraine war.
The government has frequently said that the COVID-19 epidemic, the ongoing Russia-Ukraine conflict, and the banking sector clean-up are the main causes of the current economic headwinds.
Living standards have risen, inflation has reached record levels, and rating agencies like S&P and Fitch have downgraded the economy as a result. This has made it difficult for the government to access the global financial market.
But Dr. Theo Acheampong speaking in an interview with Accra-based Citi TV said Ghana has in the last ten years been threading on an unsustainable path in terms of economic growth.
“Our expenditure patterns kept increasing, and our gap and deficit had to be financed from external sources,” he is quoted by Citinewsroom.com.
“The point is that we have been living recklessly, over the last 10 years, our fiscal finances have been pretty much in shambles. If we recall, during the Covid-19 pandemic, we were told that those who died the most were those with underlying health conditions. In our case, what the pandemic and Ukraine war have done is to expose our fiscal diabetes,” he added.
Touching on other aspects which have resulted in the economic challenges, Dr. Acheampong said excessive borrowing and living unsustainably have further exposed Ghana to economic pressures.
“We had an underlying ailment in terms of our borrowing and living unsustainably, and these two have exposed them, resulting in where we find ourselves,” he explained.
The worsening economic situation compelled the government in July to initiate contact with International Monetary Fund for an economic support programme.
Ghana is targeting an amount of US$3 billion over three years from the Fund once an agreement on a programme is reached.
Government hopes to complete negotiations by end of this year to receive the funds in the first quarter of 2023.
Ghana has recorded $731.94 million for the first half of 2022, representing 93.4 per cent of the 2021 annual petroleumrevenue of $783.33 million.
The figure, $51.39 million less than petroleum revenue for the entire year of 2021, indicated a 73.73 per cent increase in the projected petroleum revenue for the year and a 108.89 per cent increase in receipts for the first half of 2021, which was US$350.3 million.
“The significant rise in revenue is mainly due to the sharp increase in the price of crude oil on the world market in the first half of 2022, ” the Public Interest and Accountability Committee disclosed in its 11th Semi-annual report.
The Committee’s 22nd statutory report, which was launched on Tuesday, showed that $190.44 million was earned from royalty with Carried and Participating Interest (CAPI) earning $354.2 million.
Meanwhile, Corporate Income Tax (CIT) accounted for $186.34 million as Surface rental generated $687,759.16 with Income on Petroleum Holding Fund (PHF) accounting for $304,613.
“The receipts are made up of lifting proceeds of US$544,614,112.68 representing 74.40 per cent and other receipts of US$187,330,716.19, representing 5.60 per cent, ” the report highlighted.
It was further disclosed that Ghana produced 25,861,810.42 barrels (bbls) of crude oil in the first half of 2022 from its three offshore producing Fields – Jubilee, TEN, and SGN.
This represents a 6.9 per cent reduction from the first half of 2021 production volume of 27,767,859.00 barrels (bbls) and the third consecutive reduction in year-on-year crude oil production volumes since inception.
PIAC in the report further noted that crude oil production increased in the Jubilee Field by 16.6 per cent while a decline of 34.3 and 21 per cent were recorded respectively for production on the TEN and SGN fields.
Petroleum revenue for Ghana in the first half of this year totaled $731.94 million, a 108.9% increase over the $350.31 million for the same period in 2021.
The amount puts the total amount of revenue the nation has gotten since 2011 when it began producing oil in commercial amounts to $8.09 billion, which is still $51.39 million short of the $783.33 million total collected in 2021.
This was contained in the semi-annual report on the management and use of petroleum revenues for January –June 2022 released by the Committee at a press briefing in Accra on September 27.
Of the total receipts, Carried and Participating Interest (CAPI) yielded the highest of $354.17 million (48.39 percent); Royalties, $190.43 million (26.02 percent); Corporate Income Tax, $186.33 million (25.46 percent); Surface Rentals, $687,759 and Overnight Interest on Petroleum Holding Fund (PHF), $304,613.
On the distribution, the report said the Ghana National Petroleum Corporation (GNPC) received $173.84 million and the Annual Budget Funding Amount (ABFA) $183.02 million.
The Ghana Petroleum Funds (GPFs) consist of the Ghana Stabilisation Fund (GSF) and the Ghana Heritage Fund (GHF), $390.02 million with GSF$273.02 million and GHF $117 million.
According to the report, Ghana produced a total of 25,861,810.42 barrels (bbls) of crude oil in the first half of 2022 from its three offshore producing fields.
The Jubilee field produced 14,906,957 bbls, representing 57.6 percent; Tweneboa-Enyenra-Ntomme (TEN), 4,394,067 bbls, representing 17 percent and SankofaGye-Nyame (SGN), 6,560,786 bbls representing 25.4 percent.
This represents a 6.9 percent reduction from the first half of 2021 production volume of 27,767,859.00 barrels (bbls) and the third consecutive reduction in year-on-year crude oil production volumes since 2011.
The decrease was a result of reduced production in the TEN and SGN fields, recording a decline of 34.3 and 21 percent respectively. Crude oil production increased in the Jubilee Field by 16.6 percent.
The cumulative raw gas production (Associated Gas-AG and Non-Associated Gas-NAG) for the period was 124,948.79 million standard cubic feet (MMSCF) representing a two percent reduction over the volume of 127,496.04 MMSCF produced for the same period in 2021.
The report said production from Jubilee and TEN Fields decreased by 7.2 and 10.2 percent respectively, whilst SGN’s raw gas production increased by 5.1 percent.
The Chairman of PIAC, Professor Kwame Adom-Frimpong who gave a highlight of the report said the retention of the current cap of $100 million on the GSF for the year 2022 was not in accordance with the formula stipulated in the Legislative Instrument (LI) 2381.
“A proper application of the formula would have returned a cap of US$460.63 million. The Minister for Finance, in determining the cap on the GSF, should comply with the relevant provisions of L.I 2381,” he said.
The Ghana Revenue Authority and the Finance Ministry have reportedly been unable to offer precise information on the non-payment of the capital gains tax, according to the Public Interest and Accountability Committee.
This results from Anadarko selling its 7% stake in the Jubilee and TEN Fields in 2022.
Contrary to Section 6(e) of the Petroleum Revenue Management Act, 2011 (Act 815), Capital Gains Tax was not assessed and collected by the Ghana Revenue Authority in the sale of the 7% interest by Anadarko in the Jubilee and TEN Fields in 2021, according to a release by PIAC on its semi-annual report on September 27, 2022.
But in a “written response to PIAC on the matter, the Ghana Revenue Authority referred the Committee to the Ministry of Finance indicating that the Ministry was exclusively in charge of the transaction.
“The Ministry of Finance, in turn, referred the Committee to the Ghana Revenue Authority for answers,” it said.
PIAC also noted that Ghana made a total of over $731.94 million from oil production in the first half of 2022 from the three fields namely, Jubilee, TEN, and Sankofa Gye Nyame.
This was made up of royalties, tax payments, and surface rentals.
Maverick City Music announced Monday night they will “pause” their relationship with singer Dante Bowe after a display of “inconsistent” behavior.
The worship collective has taken the Christian music industry by storm with songs like their Grammy-winning single “Jireh,” and “Promises”, which has 92 million views on YouTube.
Gospel singer Dante Bowe has been a part of the group since its inception in 2019, but on Tuesday they announced they were distancing themselves from Bowe, citing actions that contradict their values.
“Due to behavior that is inconsistent with our core values and beliefs, we have decided to put a pause on our professional relationship with Dante Bowe,” the statement read. “Decisions like these are not easy because of the level of nuance, both professionally and personally, but we felt it necessary to address.”
The group did not specify what exactly prompted the pause in their relationship.
Bowe announced on his Instagram account Tuesday morning that he was going to take a social media hiatus and made his Instagram page private.
“In light of recent events and opinions, I’ve talked to some of wisest leaders and brothers around me,” he wrote. “I’ll be taking time off social media to rest mentally and physically.”
“Years ago, when I dreamt of all I would accomplish one day, I didn’t account for the pressure and opinions that would come with it. It’s important for everyone to know when to step back and refocus,” he added.
Earlier this month, Bowe received some criticism on social media because of singing along to a song titled “Despues De La Playa” by Bad Bunny, which contains explicit lyrics. According to The Focus, Bowe shared the video to his Instagram account of he and his friends, including some Maverick City affiliates, partying on a bus.
Maverick City music followers called out the musician for singing a song with explicit lyrics.
Some fans are applauding the group’s decision to publicly hold Bowe accountable, while others are criticizing it.
“They didn’t cancel Dante Bowe,” one person tweeted. “Y’all only know acceptance and cancel culture. Taking corrections is far from y’all. This matter is proof.”
“Maverick City handled the whole Dante Bowe situation well. A lot of things must have been happen behind the scenes that have pushed them to this decision,” another person wrote. “Holding people accountable is needed.”
“This Dante Bowe thing shows a lot of us have gotten so used to religious leaders not being held accountable when they fall short, that we see accountability as harsh or unloving. I feel Maverick City’s statement came from a place of grace and love,” another person tweeted.
Others felt it was unnecessary for the group to make a public statement.
“I feel like Maverick City should’ve just kept what they have going on with Dante Bowe private instead of bringing more attention to it cause half of us didn’t even know about the situation till they said something,” a Twitter user wrote.
“Just hoping Dante Bowe has someone around him who extends God’s love & continuously reminds him that He is loved,” one person wrote criticizing the collective’s decision. “Public reprimand, humiliation, and shame are not easy & often feel isolating. So I hope he’s surrounded by love. That’s my prayer for him.”
Maverick City Music is urging fans to continue to support Bowe.
“Each of us needs God’s grace and our hope is that we all pray and give him the same opportunity to grow in Christ as we give ourselves,” said Maverick.
Minister of Trade and Industry, Mr Alan Kyerematen, has urged Ghana’s Diasporan community to partner local stakeholders to accelerate the nation’s industrialisation process.
“Ghana cannot succeed in her quest to become an industrialised country without the full support and participation of her Diasporan citizens,” he emphasised.
“Beyond the remittances you send back home to support your families, Diasporans have increasingly become a great source of capital, creativity, entrepreneurship, technology, and knowledge transfer,” he said.
Mr Kyerematen was speaking at the Ghana Diaspora Public Affairs Collective (GHPAC) inaugural Goldren Gala Awards and Symposium in Washington DC, in the United States of America.
The GHPAC is a nonpartisan, and non-profit social welfare advocacy dedicated to empowering Ghanaians in the Diaspora through civic and political action that can be instrumental in helping Ghana achieve her industrial transformation goal.
The Minister said the government’s strategic approach to harnessing the capabilities and network of Ghanaians in the diaspora was based on a number of considerations, including improving the business environment; enhancing the productive capacity of Small and Medium Scale Enterprises (SMEs) to produce for both export and local consumption; providing fiscal and non-fiscal incentives for manufacturing; and improving access to foreign markets.
No country had developed without industrialisation, he noted, hence the 10 largest economies in the world– the United States, China, Japan, Germany, United Kingdom, India, France, South Korea, Italy and Canada – were also the most industrialised economies.
The Minister said in pursuit of the strategic objectives, the Government had since the year 2017 been aggressively implementing numerous interventions as part of its Industrial Transformation Agenda aimed at making Ghana the new manufacturing hub for Africa.
These include promoting One District One Factory (1D1F) Initiative; developing new Strategic Anchor Industries aimed at diversifying the Ghanaian economy beyond Cocoa and Gold; and decentralising institutional support for SMEs through the establishment of Business Resource Centres and Business Advisory Centres throughout the country.
Also are the development of Industrial Parks and Special Economic Zones around the country to provide access to industrial lands, dedicated source of electricity, water, telecommunication services , among others, for those interested in going into manufacturing.
Mr Kyerematen noted that, in spite of the current global economic challenges largely occasioned by the joint effects of the COVID-19 pandemic and the Russia-Ukraine war, the Ghanaian private sector had stood resolute and continued to explore opportunities to expand their frontiers.
He, therefore, urged Ghanaians in the diaspora to partner their counterparts in Ghana to take full advantage of the market opportunities.
“The Government of Ghana will, therefore, continue to provide relevant support and incentives for such partnerships between Ghanaians in Ghana and their counterparts living in the diaspora,” he added.
A creative arts industry notable, he asserted the rivalry is counterproductive.
“I hear this conversation on Ghana and Nigeria. Are we not tired of asking the same question for far too long?” he asked.
“The truth is that the thing between Ghana and Nigeria is outmoded,” he admonished.
“We are supposed to talk about how our collaborations can [push] us forward and not the competition between Ghana and Nigeria,” he noted.
To buttress his call for collaboration and urgent ceasing of unhealthy competition between Ghana and Nigeria, he cited the African Continental Free Trade Area (AfCFTA).
“We have signed a treaty called the African Continental Free Trade Area (AfCFTA) which means that Africans are supposed to work together. Now we are even breaking the boundaries of the countries. 55 countries signed this treaty and Ghana signed first.”
Mr Okraku-Mantey who said this on Accra-based Hitz FM, opined that if there should be any competition it should be between Africa and the world beyond it and not within the continent itself.
“I think I am here to make that conversation rest. Let’s begin to think of how to do more things together to compete against other parts of the world.”
The Bank of Ghana has issued a warning to people who have taken out loans through mobile money networks, advising them to pay back their debt.
This comes after the central bank observed that some people have purposefully chosen not to register their SIM cards as part of the ongoing nationwide SIM registration drive in an effort to avoid repaying loans that they have incurred.
The BoG revealed that all mobile money loan customers’ information is stored in credit bureau databases in a statement released on September 28. As a result, the decision to avoid repayment will likely have a negative impact.
“Failure to repay such loans will attract negative repercussions on borrowers’ credit reports/history and could subsequently adversely affect any chance of obtaining loan facilities from other financial institutions and credit providers in future,” the BoG stated.
It added that borrowers who have discarded their SIM cards are, however, advised to contact their respective lenders or telecommunication service providers to discuss repayment arrangements.
The Central Bank said this is important to avoid adverse information on their credit reports, which could deny them access to future credit facilities.
Vice President Dr. Mahamudu Bawumia has received plaudits for Ghana’s push toward digitalization from former Minister of Information and current Managing Director of the Intercity State Transport Company (STC), Nana Akomea.
Speaking on the Kokrokoo Morning Show on Peace FM, Akomea claimed that the Vice President’s digital agenda has set Ghana on a trajectory that puts it on par with the world’s most developed nations and far ahead of other African nations.
With his digital effort, he claimed, Dr. Bawumia is “actually altering the [Ghanaian] society.”
Speaking about the state of Ghana at the time, Nana Akomea noted that despite alleged difficulties, there is still much to be thankful for.
He pointed to Ghana’s unrivaled safety and security in comparison to other African countries and also, the digitalisation agenda.
“We are very stable. We are one of the most stable countries in West Africa, if not Africa. We have peace in this country. When you look at our tourism figures, it’s overwhelming. We have stability and security. We are modernizing rapidly. When you look at the digitization programme by Dr. Bawumia, it is changing society,” Nana Akomea said.
He added: “We are ahead of other African countries by far and now, in the world economy, if you don’t become digital; you will die. We are moving very, very quickly on this digital [economy]. When you take our security, we have maintained the peace and security and stability of this country…These are all the very good news that you can’t even calculate its value.”
Digital Agenda
Ghana has embarked on a digital drive since the New Patriotic Party (NPP) government took over power in 2017, with Vice President Dr Mahamudu Bawumia as its main proponent.
The Vice President argues that digitalisation is the only way for underdeveloped nations to fix the perennial problem of a domestic revenue shortfall.
“Many developing countries have found it difficult to reach high levels of domestic revenue mobilisation because their economies are characterised by a number of features. For these developing countries that we’re talking about, in the presence of these characteristics…you can have as many tax laws or tax increases as you want but you’re unlikely to achieve the goals of a significant increase in domestic revenue mobilisation,” Dr. Bawumia said during a speech at the 10th annual International Tax Conference of the Chartered Institute of Taxation, Ghana.
“Our goal as a government on the assumption of office was to quickly transform our economy by leveraging on technological innovations as a means to leapfrog the development process, overcome legacy problems, and improve both economic and public sector governance.
“This is why we have focused on digitalisation to build this new system, this machinery that can address this problem of domestic revenue mobilisation. You need to have a machinery that is integrated that addresses these shortcomings….” he added.
Digitalisation has addressed these issues by widening the tax net via the Ghana card, which now serves as a tax identification number for every Ghanaian, widening the property tax net through the digital address system and other innovations.
Meanwhile digitising operations at state agencies such as the DVLA and the Passport Office has seen an exponential jump in revenue generation whilst eliminating the role of corrupt middlemen.
Ghost names eliminated from the SSNIT payroll have saved the nation GH¢320 million at SSNIT alone.
Digitisation of operations at the Passport office alone increased revenues to the state from GH¢1.1 million in 2017 to a current figure circa GH¢56.7 million.
Similarly, the DVLA increased year-on-year revenues by 100% from 2019 to 2020 following the introduction of digitalisation.
The topic ‘Greedy Men’ has for the past five hours been the headlining trend on social media in the country. On the bird app, ‘Greedy Men’ takes the top spot for the most engaged topic.
It all began when ace journalist and television personality, Kafui Deypublished on his official Twitter page that he has nominated Stonebwoy’s hit single, ‘Greedy Men’ for the Grammy Awards category, ‘Best Song for Social Change’.
The category was established to honour songwriters and musicians whose songs address a timely social issue and promotes understanding, peacebuilding and empathy.
In his post, the celebrated media personality wrote, “I have just submitted @stonebwoy’s anti Galamsey song ‘Greedy Men’ to the Grammy @RecordingAcad for consideration in the ‘Best Song for Social Change’ category. Try and do same too.”
Briefly after this post, Kafui Dey shared a reply from the recording academy indicating that they have received his nomination of ‘Greedy Men’ for the social change category.
Kafui Dey called on his many followers to do same and the response was positive and instant as fans shared screenshots of their nominations with the hashtag ‘Greedy Men’. This made ‘Greedy Men’ the most engaged topic on social media.
‘Greedy Men’ by Ghanaian Reggae-Dancehall artiste, Stonebwoy, is a song that talks about corruption in Africa and the world. It also highlights human activities such as illegal mining, deforestation and many other social problems and calls for immediate solutions to these challenges.
Here is Kafui Dey’s tweet and the response from netizens
I have just submitted @stonebwoy’s anti Galamsey song ‘Greedy Men’ to the Grammy @RecordingAcad for consideration in the ‘Best Song for Social Change’ category.
Sports Obama, as he is fondly called stung the lawmaker in a social media post for still wallowing in the archaic mentality that wisdom is the preserve of the aged.
He rejected the position by KT Hammond, emphasizing that contrary to KT Hammond’s ill-informed position, the youth of the country have actually demonstrated intelligence and verve to drive the country.
“KT Hammond is quoting some 12th-century proverb to impugn that young people are empty-headed.
“Some of these old men think the youth are just aimless and thus parliament and other offices must be occupied by grey-hairs. Yet they’d go and kneel before Emmanuel Macron for loans”, he said.
In his reaction to the hooting of President Akufo-Addo at the Global Citizen Festival held over the weekend, KT Hammond expressed his disapproval of the conduct of the persons who booed the president.
According to him, the youth should not be fooled into thinking that they have the knowledge to lead the country.
“We don’t live in a country and do that. Let’s be humble. Whatever we do, the president is the executive head of this country. When he came, he didn’t say anything. It wasn’t even a political platform.
“He only said the event has brought the attention of the world on Ghana and the youth started booing at him. We will always tell the youth to be humble. When a matter comes up, we say we are going to consult elders. We don’t say we are coming to consult the youth whose heads are like coconut.
“We consult the elderly on matters because they are wise. But because of politics, we do anything with the elderly. Let it even be a political platform that you can heckle but it wasn’t even a political rally.
“The youth should respect the elderly. We shouldn’t let it be that because of politics we can insult everyone. It’s not possible for the youth to be left to manage the affairs of the country.
“They won’t know how to do it in the first place. You don’t understand. You are galivanting about in this town with beard, nothing is in your heads,” he said in the Twi parlance.
President Akufo-Addo was among high dignitaries who graced the Global Citizen Festival which took place at the Black Square in Accra over the weekend.
When it was his turn to deliver a short presentation, a section of the crowd began to chant and clap ‘away,away….’.
KT Hammond is quoting some 12th century proverb to impugn that young people are empty-headed.
Some of these old men think the youth are just aimless and thus parliament and other offices must be occupied by grey-hairs. Yet they’d go and kneel before Emmanuel Macron for loans
In a video shared by blogger, thosecalledcelebs, the musician was captured with four men who dipped her into the river and out.
Biblically, the River Jordan is the river in which Jesus Christ was baptised over two thousand years ago.
Since the artiste’s visit, she has updated netizens on most of her activities, including flaunting an Israeli man visiting the Holy Land.
According to the gospel star in a video she shared on TikTok, no one should doubt her after introducing a middle-aged man wearing a pair of sunglasses and an all-black attire.
She said, “Ghanaians, this is what God has done. God’s miracles follow me. When I got to Israel, this was the first thing I prayed about: I wanted an Israeli man. God has done well, this is he.
“The husband I have got for myself. We are bringing Israel to Ghana. This, don’t doubt it. Thank you all. My husband’s name is…[Pause]…What is your name?”
According to the journalist, considering that the president’s speech during his inauguration was plagiarised, his decision to use the works of a musician without permission should not come as news to anyone.
“Why is anyone surprised at @NAkufoAddo taking creatives content without asking for permission? his inaugural speech as president was plagiarized. When someone shows you who they are, believe them the first time – Maya Angelou,” she tweeted.
Kirani Ayat while reacting to a post by Nana Addo Dankwa Akufo-Addo, Tuesday, accused the president of using graphical excerpts in his music video to promote his tourism agenda.
On September 27, 2022, a video was shared on Twitter by the President of Ghana to promote tourism in the country and welcome expatriates into the country.
The video caption read, “Beneath the deep blue sky, the Black Star is calling. Follow the stars and let them take you on a journey of our people. I invite everyone to the country at the centre of the world.”
In a tweet that highlighted the tweet, Kirani Ayat said the president had used his video without consulting him.
According to Ayat, this was after the Ministry failed to heed his [Kirani Ayat] plea to use the song ‘GUDA’ to endorse tourism in the North.
Why is anyone surprised at @NAkufoAddo taking creatives content without asking for permission? his inaugural speech as president was plagiarized.
When someone shows you who they are, believe them the first time – Maya Angelou 🙏🏿
The president of Ghana has used my video “GUDA” in this ad to promote Ghana. I was actively reaching out to the Ministry of Tourism in 2018/19 to use this video to push tourism in the North and got NO reply, yet today it’s in an ad and no one reached out to me for permission. 🤦♂️ https://t.co/vLnAP0bRqf
The two rivals have combined on social media to troll Hearts, who announced the dismissal of their manager on Tuesday, September 27, 2022.
Olympics posted a video of Ghanaian boxer Bokum Banku saying, “We are all suffering, but someone is suffering than the other. Since you said I won’t succeed, you won’t also succeed. So, in general, we are all in this suffering, but still, someone is suffering more.”
In reply, Kotoko posted a hilarious video of Ghanaian comedian Ackah Ebenezer explaining a bad situation in the Ga language. The club also used a video of actor Kwadwo Nkansah (LilWin)asking his boss to sack him.
Great Olympics are the local rivals of Hearts, who always battle with the Phobians for bragging rights in the capital.
However, Asante Kotoko are fierce rivals of Hearts of Oak and battle with them for the bragging rights as Ghana’s greatest club.
Samuel Boadu leaves after a torrid start to the Ghana Premier League 2022/23 campaign, where they are without a win in their opening three matches.
After spending two seasons at the club, Boadu leaves Hearts of Oak with five trophies which include the Ghana Premier League, MTN FA Cup, Super Cup and others.
On September 27, 2022, a video was shared on Twitter by the President of Ghana to promote tourism in the country and welcome expatriates into the country.
The video caption read, “Beneath the deep blue sky, the Black Star is calling. Follow the stars and let them take you on a journey of our people. I invite everyone to the country at the centre of the world.”
In a tweet that highlighted the tweet, Kirani Ayat said the president had used his video without consulting him.
“The president of Ghana has used my video “GUDA” in this ad to promote Ghana. I was actively reaching out to the Ministry of Tourism in 2018/19 to use this video to push tourism in the North and got NO reply, yet today it’s in an ad and no one reached out to me for permission,” he shared.
After the disclosure by the artiste, some concerned citizens have taken up the issue to address it with the hopes that the president will give the artiste the needed decorum for using his property.
Gyan tweeted a video of himself singing the song. The video captures sweaty Gyan, who aspire to play in the World Cup in Qatar, bare-chested at the gym rapping Ronny Coaches’ verse on the song.
In the post, he wrote: “I decided to go old school hip life. Vim yaazo. Big ups @princybright and Ronny Caches (RIP) for giving us bangers back in the days.”
Asamoah Gyan has a passion for music, an area in which he has proven to be proficient. Together with his late friend and musician Castro, they wrote hit songs like African Girls and Do The Dance.
Gyan is currently working tirelessly on his fitness to be in shape for a last dance with the Black Stars at the World Cup.
Watch the video below ‘
I decided to go old school hip life. Vim yaazo 🔥🔥🔥. Big ups @princybright and Ronny coaches (RIP) for giving us bangers back in the days 🔥🔥🔥 pic.twitter.com/EPYQOYo57E
I decided to go old school hip life. Vim yaazo 🔥🔥🔥. Big ups @princybright and Ronny coaches (RIP) for giving us bangers back in the days 🔥🔥🔥 pic.twitter.com/EPYQOYo57E
I decided to go old school hip life. Vim yaazo 🔥🔥🔥. Big ups @princybright and Ronny coaches (RIP) for giving us bangers back in the days 🔥🔥🔥 pic.twitter.com/EPYQOYo57E
With three days to the September 30 SIM re-registration deadline, the Communications Ministryis facing a flood of lawsuits against its determination to block unregistered SIM cards.
On Monday, another group, some of whom are constituents of Ningo Prampram filed a writ at the High Court seeking an injunction against the NCA and Attorney General on the exercise.
Speaking to JoyNews, the MP for Ningo Prampram Sam George said his constituents feel they will be punished for something beyond their control.
“These are citizens who have complied with the directive and taken every reasonable step to get registered. Whatever is left is outside their control. Either for the NIA to provide them with the card that they have registered.
“Some registered as far back as 2019 and they still haven’t gotten their cards. Others have registered and the NIA has asked them to come for it in December. So in this case, they can’t do anything except what they have done,” he said.
He further added that at least six lawsuits have been filed against the NCA on the matter.
The Registrar of the Ghana Medical and Dental Council, Dr. Divine Banyubala, says the directive from the Council that it will not recognize the certificates of medically trained Ghanaian students in war-hit Ukraine only applies to those who are yet to graduate.
According to him, the policy does not apply retrospectively to cover those that had graduated before and during the war.
Speaking on JoyNews’ Pm Express, Dr. Banyubala stressed the Council’s position that the online training module that some Ukrainian universities have enrolled Ghanaian students on was unacceptable and an ineffective training mechanism for students in the medical and dental field.
Explaining the policy directive, he said, “Now Ukraine a lot of their medical programmes they end in May. We’re aware. So students were left with about two months or so to finish. Those candidates who finished are unaffected by this directive – those who finished by June – because the academic year ends in May/June. So the directive has no retrospective effect. So from September 23rd going we’re not accepting them because that’s a new academic year.”
He noted that even though those who graduated during the war had at some point had to move to online classes, he noted that for the sake of the fact that they were left with only two months to end their medical education in Ukraine, their certificates will be accepted.
However, those having to start a new academic year online would have their certificates rejected by the Council.
“The medical programme is a six year programme and you end. The war came in February, the disruption actually started in the middle of March so most of them had to then evacuate. So you were left with April and May to finish.
“So those ones finished their programmes online. And we’re saying that those who graduated from then we accept their certificates because they were done, they did the in-person for the six years but for the last two months,” he said.
Dr. Banyubala stated thatit was particularly unfair for Ghanaian students to have to be made to join online classes while their Ukrainian counterparts in Ukraine are taught offline.
“From your own research, that Ukraine is offering offline, do we get that import as a country? Training medical students offline, so why does Ukraine think that it is okay to offer online for Ghanaians?
“Are you suggesting to me that the persons that the Ukrainians are training people offline to take care of have better human value than the Ghanaian?
“In other words, online training is not an accepted professional training standard of training a doctor and a dentist,” he said.
The Upper Denkyira East Municipality has lost its huge acres of arable and swampy lands reserved for extensive rice and vegetable production, to widespread illegal mining activities also called ‘galamsey’.
Mr. Obeng Nimoh, the Municipal Director of Agriculture told the Ghana News Agency, “Every evening, before nightfall, young miners trekked in single file, holding up pickaxes, head pans, hammers, and shovels to their sites to mine.
“They cut trees, excavate the ground, overturn rocks, and shove the rubble into the rivers. This has clogged the near stagnant water bodies around with mud thereby affecting irrigation.”
The Municipal Director of Agriculture expressed worry about the onslaught by the illegal miners on agricultural lands without regard to the dire consequences of their activities on the environment and national food security.
He underscored that the national fight against the menace remained an unsurmountable national disaster in waiting, if not tackled holistically with a bottom-up urgency approach.
Mr. Nimoh described the situation as dire in communities such as Opponso, Buabenso, Fawomanye, Denkyira-Fosu, Asmah-Camp, Kyekyewere, Akropong, Adwumam, Pokukrom, and Mmeredane.
In the farming communities, he narrated the vast devastation of acres of the marshlands where many had subsisted for years.
“You can see the way illegal miners have devastated not just the rice farms and vegetables but other crops as well. This is a sad situation that had destroyed the backbone of the country’s economy,” he lamented.
To him, illegal mining had not only degraded agricultural lands but decreased lands for agricultural production, resulting in the shortening of the traditional fallow period.
In principle, the Municipal Director of Agriculture explained that mining and agriculture were both pathways out of unemployment and poverty.
However, a disequilibrium can result in collateral damage for any economy; a situation where one sector grows abnormally or is mismanaged diminishes the progress of the other.
Mr. Nimoh noted that many smallholder farmers were regrettably wallowing in abject poverty and guilt after selling their farmlands to either illegal miners or multinational mining companies and misusing their proceeds from the sale.
He suggested that the mining sector management transition the degraded landscapes by planning trees, focus on poverty eradication and optimize the ecosystem for better livelihoods and more sustainable economic returns.
He asked farmers to stop selling arable lands to illegal miners saying, “the unsustainable practices could jeopardize the future of the young generation.”
“I suggest the traditional authorities, government, and the security agencies collaborate to effectively end the menace” he added.
A Circuit Court in Koforiduahas sentenced a private security man to eight (8) years imprisonment for inflicting deep matchete wounds on his cousin.
The convict, Daniel Addy, 52, who will serve his jail term in hard labour has also been directed to pay an amount of GHC6,000 as compensation.
The prosecutor, Chief Inspector Hayford Osei told the court, the complainant Richard Kumi is a 25-year-old electric welder while the convict, Daniel Addy is his uncle.
They both lived together at Koforidua-Effiduase.
According to him, on September 13 at about 9:00 pm, confusion ensued between the two after they returned from a relative’s house at Abrewa Nkwanta, a suburb of Koforidua.
Daniel Addy, according to prosecution, accused the complainant of allegedly stealing fish from the soup he left behind even though he denied knowledge.
Chief Osei explained, the convict pulled out a cutlass in the heat of the argument and suddenly hacked the complainant on the head and left hand.
He fled the scene leaving the victim in a pool of blood.
He was rescued and rushed to the Eastern Regional Hospital after which a formal complaint was lodged at the Effiduase Police station.
Police intelligence, the prosecutor said, led to the arrest of the complainant at his hideout at Old Estate, also a suburb of Koforidua.
“Ghana cannot succeed in her quest to become an industrialised country without the full support and participation of her Diasporan citizens,” he emphasised.
“Beyond the remittances you send back home to support your families, Diasporans have increasingly become a great source of capital, creativity, entrepreneurship, technology, and knowledge transfer,” he said.
Mr Kyerematen was speakingat the Ghana Diaspora Public Affairs Collective (GHPAC) inaugural Goldren Gala Awards and Symposium in Washington DC, in the United States of America.
The GHPAC is a nonpartisan, and non-profit social welfare advocacy dedicated to empowering Ghanaians in the Diaspora through civic and political action that can be instrumental in helping Ghana achieve her industrial transformation goal.
The Minister said the government’s strategic approach to harnessing the capabilities and network of Ghanaians in the diaspora was based on a number of considerations, including improving the business environment; enhancing the productive capacity of Small and Medium Scale Enterprises (SMEs) to produce for both export and local consumption; providing fiscal and non-fiscal incentives for manufacturing; and improving access to foreign markets.
No country had developed without industrialisation, he noted, hence the 10 largest economies in the world – the United States, China, Japan, Germany, United Kingdom, India, France, South Korea, Italy and Canada – were also the most industrialised economies.
The Minister said in pursuit of the strategic objectives, the Government had since the year 2017 been aggressively implementing numerous interventions as part of its Industrial Transformation Agenda aimed at making Ghana the new manufacturing hub for Africa.
These include promoting One District One Factory (1D1F) Initiative; developing new Strategic Anchor Industries aimed at diversifying the Ghanaian economy beyond Cocoa and Gold; and decentralising institutional support for SMEs through the establishment of Business Resource Centres and Business Advisory Centres throughout the country.
Again, measures had been put in place for the development of Industrial Parks and Special Economic Zones around the country to provide access to industrial lands, dedicated source of electricity, water, telecommunication services , among others, for those interested in going into manufacturing.
Mr Kyerematen noted that, in spite of the current global economic challenges largely occasioned by the joint effects of the COVID-19 pandemic and the Russia-Ukraine war, the Ghanaian private sector had stood resolute and continued to explore opportunities to expand their frontiers.
He, therefore, urged Ghanaians in the diaspora to partner their counterparts in Ghana to take full advantage of the market opportunities.
“The Government of Ghana will, therefore, continue to provide relevant support and incentives for such partnerships between Ghanaians in Ghana and their counterparts living in the diaspora,” he added.
The party said the incident reflects the “excruciating and frustrating times Ghanaians presently find themselves.”
In a press released signed by the Communications Officer of the party, Sammy Gyamfi, NDC said it had no hand in the “embarrassment.”
Sammy Gyamfi
The NDC is thus asking the government and the ruling New Patriotic Party to take a cue from it and work to assuage the suffering of Ghanaians.
“It bears reminding the ruling New Patriotic Party that the struggles of the youth are a microcosm of the daily ordeal of the Ghanaian people who must find ways to survive at a time inflation is 33.9%, with prices of goods and services skyrocketing every day.
“The youth expressed in the clearest terms, the daily struggles of the vast majority of our people who wake up every passing day with no hope of where their next meal is going to come from.
President Akufo-Addo at the Global Citizen Festival
“Those young people simply gave voice to our daily struggles with unbearable prices of fuel at the pumps, high cost of living in the country,” the statement said.
The governing New Patriotic Party (NPP) has accused the NDC of orchestrating the heckling of President Akufo-Addo at the said event.
Issuing a statement, Deputy Director of Communications, Ernest Owusu Bempah Bonsu said the NDC intentionally sponsored the heckling for political scores.
Ernest Owusu Bempah, NPP’s Deputy Communications Director
This allegation the NDC has denied outrightly.
Background
President Akufo-Addo who delivered that keynote address at the 2022 Global Citizen Festival was met with loud boos and hoots from spectators.
As the crowd chanted “Away!” the President delivered his speech without a hitch.
