A 61-year-old man identified as David Sakayo Kaluhana with 15 wives and 107 children has gone viral and caused a stir on the net.
David told Afrimax in an interview that he is likely to even tie the knot with more women and shaded men with one wives as not being smart enough.
David said he is too smart to be married to one woman. Photo Credit: Afrimax
Source: UGC
According to him, he is too smart to be married to one woman and this is why he has a large family.
“A head like this one of mine cannot be managed by one woman because it possesses bigger load that she can not carry.
“That is why I married many wives because I am too smart for one woman.”
One of David’s wives speaks
Jessica Kaluhana, one of David’s wives was full of praises for the sexagenerian as she got interviewed by Afrimax.
Jessica said she married David in 1998 and had 13 children for him, with only 11 of them still alive.
Contrary to what many may think, Jessica revealed that the large family lives peacefully. She said:
“We love peacefully and in love. I love my husband so much.
“I never had jealousy of seeing him bringing in more women. He is a responsible man. Whatever he does is always right as he takes enough time thinking before he acts.”
On how David feeds the family, Afrimax reported that he is a historian and makes money telling people about history.
Watch the video below:
 Social media reactions
Elizabeth Otieno Nyaure said:
“Am from a polygamous family and it’s well with the family. Women and children are suffering and much advantage are taken by clan.”
Immaculate Nyongesa said:
“Immediately he dies we will have more than 200 orphans and 50 widows does his wisdom ever advice him of the future of these kids, solomon was rich in fact more than rich ipity these women who are blinded.”
Tazalike Lydia said:
“Infact I’ve like this man he is honest than other men who takes women in lodges , many men are there taking women in lodges every day with a new one and if you ask to count them he can reach at 1000, this gentleman I’ve liked him he is honesty.”
Ann Mccurdy said:
“I only hope the mothers send all those children to school so they can be educated to know right from wrong and be able to free themselves from those olden captive that keeps them in the dirt. young ladys educate and liberate yourselves.”
Eddie Nartey, an actor and film producer, has urged President Nana Addo Dankwa Akufo-Addo to help Ghana out of the economic crisis it is currently experiencing as a result of his administration, about which many Ghanaians are bitterly groaning.
Eddie asserts that even famous people who are considered to lead nice lives must contend with the high expense of living.
“We do not create money; rather, we all experience it.
No matter who you are—a doctor, an actress, the president—you will feel the effects of a rise in fuel prices.
We all pay the same amount to purchase it.
“It is not just me but I think everybody… When you do vote new people in government, you look for peace and things getting better and so that’s not what I expected but this is how things have taken turns to. It is crazy and bad, people are really complaining… There is so much inflation. Things have shot up,” he disclosed in an interview with Larry Bozzlz on CTV.
In his special message to Akufo-Addo, Eddie noted that the trust citizens had in the president is gradually declining, a reason he must fix the economy and ensure that the concerns of the people are addressed.
“Nana you really have to sit up and make sure the economy comes back to what it used to be because where things are going, people are complaining. Families are dying, things are really going bad. We are pleading with you, the ministers and the people who are in government to put in policies that are going to help the economy. Where we are heading to is too bad,” Eddie Nartey lamented.
The FDA in a statement said all protocols are followed to ensure that the water production undergoes hygienic processes through the licensing of the manufacturing premises and the registration of the products.
It also stated that inspection goes on periodically to ensure that these products meet the Ghana Standards and “requirement of GS175-1:2002(for drinking water).
“All inspections are done in accordance with the current Codes of Good Manufacturing Practices (GMP) where end products are released in accordance with the above-stated specifications”.
“Finally, the Authority wants to assure the public that it conducts periodic market surveillance and product quality analyses of products in circulation on the market.”
The FDA is therefore advising the public to patronize only registered sachet and bottled water manufactured in Ghana that bear the FDA product registration numbers.
Following the arrest of Kizz Danielin Tanzania for failing to perform at an event, the show promoter has spoken.
According to the show promoter identified as Stephen Uwa in an interview with Daddy Freeze, Kizz Daniel refused to perform because the airline failed to bring his bag containing his gold chains and insisted he will not perform without wearing all his gold chains.
“He said the airline didn’t bring his bag that is why he cannot perform because his gold chain is not there and he had a gold chain on his neck. He wanted everything.”
Narrating what transpired, Uwa noted he spent nothing less than $300,000 on the show including $60,000 to Kizz Daniel as performance fee. However, the singer flopped everything. He said he was on his knees weeping and begging Kizz Daniel to perform but he refused.
“My company is new here. PaulO is the one I booked Kizz from. PaulO cried all night trying to beg this guy ‘Please go to this show’, he called in from America!
“I paid this guy $60, 000 to perform on this show . I went down on my knees. I was like ‘Bro, you are damaging me. I am trying to build my company here. You are going to damage me’. I begged this guy ‘Save my career, save me”. I was on the table with Kizz Daniel for like five hours begging him, kneeling for him”
As a result of Kizz Daniel’s failure to perform, angry fans stormed the show and destroyed some items.
Days after Nigeria’s Mummy Dolarz used unprinted words on Big Ivy, Ghana’s latest rap sensation, the latter has released a piece of well-structured rap music with great visuals to reclaim her title.
Big Ivy is back again with yet another clap back at Nigeria’s Mummy Dolarz in her track titled ‘Poison Ivy’.
The song released on August 8 has gone viral on Twitter with tweeps shouting out to the Ghanaian mum who became popular with her Mother’s Day rap freestyle.
According to music lovers, Big Ivy delivered an exceptional flow with punchlines compared to her Nigerian counterpart who rained insults on her in the ongoing friendly rap battle.
“Clean rap, clean delivery. No body shaming, No insults. Pure clean entertainment. Big ups Big Ivy,” Icon Acquah wrote in reaction to the new tune.
Another Esther Layade said: “The fact that Big Ivy didn’t reply to Mama Dolarz insults shows the highest level of maturity and I admire her for that. I just dey for middle in this battle. This is what happens when you are half Nigerian and half Ghanaian. Shoutout to both countries tho.”
Both rappers, believed to be in their 50s, in the last few weeks have been battling it out for the best African mum rap title with the release of diss songs.
The Minerals Commission has, in an investigative report, concluded that alleged illegal mining activities could have had only a minimal impact on the official residence of a Magistrate at the Nkroful District Court.
“Additionally, the official residence is on a higher altitude than the illegal mining sites. Effect of illegal mining, if any at all, on the residence would be minimalâ€, the report stated.
On July 14, 2022, the Western Regional Judicial Service wrote to the Ellembelle District Chief Executive informing him of the decision of the Magistrate to relocate from her bungalow due to illegal mining activities said to constitute a threat to her safety, security and health.â€
The letter stressed that the noise emanating from the Galamsey activities at night deprived the Magistrate of the “needed sleep†which is having an impact on her health.
The Western Region office of the Minerals Commission took up the matter and commenced investigations. It interviewed Kwasi Bonzoh, DCE for Ellembelle, Emil Tawiah Atsu, District Coordinating Director, ACP Hlordzi Godact Dodzi Divisional Police Commander and Assemblyman for the area Hemans Blay.
The Commission found that illegal mining activitiesoccurred in a nearby river, Broma River and its embankments from late 2020 to early 2021 and recently to early June 2022.
This river, the commission notes flows behind the building serving as the official residence of the Divisional Commander and District Magistrate. It noted that several arrests were made by the DCE in an effort to deal with the matter.
The mining activities halted but resumed in April 2022. The Assembly is said to have once again taken steps to halt the mining once again. The Commission says it found no mining equipment within the enclave when it visited.
“From GPS readings taken, it was observed that both the 2021 and 2022 operations were more than 130m away from the official residence of the District Magistrate and the Divisional Commander. The official residence is located at a higher altitude (28m) than the illegal mining sites (10m).
It is recommending that the Ministry of Lands and Natural Resources includes the area in the Ghana Landscape Restoration and Small Scale Mining Project to help reclaim the area and desilt the Broma River.
The Assembly is to collaborate with the Judiciary and the Ghana Police to clamp down on illegal mining activities.
According to reports, identity fraud losses in the US increased from $16.9 billion in 2019 to $56 billion in 2020.
The bill has been reviewed by the House Committee on Oversight and Reform and is expected to pass through once the Committee returns from its recess. A nearly identical version of the bill has also been introduced in the Senate, which means that it is one step closer to becoming law.
Once passed, the Digital Identity Act would give the Federal Government the legislative foundation it needs to start providing a digital ID service for American citizens, or their version of the Ghanacard.
Interestingly, what the United States’ Digital Identity Bill seeks to achieve, is ensuring a robust national digital identity system, is what the Ghanacard is doing in Ghana.
“So many services in banking, government, and e-commerce depend on knowing who is on the other side of a transaction,” he said. “But the events of the last few years have made clear that our old identity systems have not transitioned well to the digital world creating friction in commerce, fueling increased fraud and theft, degrading privacy, and hindering the availability of many services online.”
Committee Chair Carolyn Maloney (D-N.Y.) also voiced her support, saying that, “a secure digital identity infrastructure is an essential foundation to American economic and national security.”
Celebrated Ghanaian actress, television presenter and brand ambassador, Nana Ama Mcbrown has shared the untold story of how her friendship which later graduated into a relationship began.
Maxwell Mawu Mensah the husband of actress Nana Ama McBrown, turned a year older on Wednesday, August 3, 2022.
Earlier on that day, his beautiful wife today to her social media pages to share some lovely photos of Maxwell and their kids to wish him a special happy birthday.
After the special birthday wishes from his wife and his friends on social media, Maxwell Mensah decided to end the day with a simple but plush party at their house in the capital.
The party was star-studded with familiar faces like Kwame A Plus, Mimi Andani, Charles Osei Assibey, Yaw Sakyi, and many others.
It was all fun as these top stars joined Maxwell to cut his birthday and pop the champagne as he marked his new year. During the celebration, Nana Ama Mcbrown revealed that she has known Maxwell for 11 years.
Nana Ama Mcbrown said that she threw a housewarming party at her new home and invited Kwame A Plus who then attended a party with 6 of his friends of which Maxwell Mensahwas a part of.
However, they did not talk much as she only treated him as a guest just like others who also attended her party. She said that a year later, Maxwell started calling her and requested to meet her and paid her a visit at her house on his birthday.
Nana Ama McBrown added that one thing led to another and they started a relationship.
Diabolo disclosed the dates for the one-week celebration to renowned host Agyemang Prempeh on Power Entertainment on Power979fm and TV XYZ. The funeral will begin on August 26, 2022 at the Accra Tourism Information Center. The family choose August 26 since they had other funerals to plan.
He mentioned the Accra Tourism Information Center, which is located next to Afrikiko.
Waakyeis said to have died between 1:00 pm and 2:00 pm of Tuesday, August 2 in the afternoon after being rushed to the 37 Military Hospital in Accra the previous night.
Waakyeis said to have fought for his life even before being admitted to the hospital as attempts to find him a bed in certain capital-area hospitals proved fruitless.
However, Waakye was transferred to the 37 Military Hospital from Ridge Hospital owing to a lack of available hospital beds, according to Grace Omaboe, also known as Maame Dokono.
The actor, better known by his stage name “Waakye,” has appeared in a number of important Ghanaian films.
The actor verified rumors about his illness in October 2020 but stated that God had cured him.
Burna Boy and Stefflon Donhad a beautiful relationship back in 2019 that witnessed the Nigerian artist getting all the love and support from his sweetheart British rapper.
Before everything went sour back in 2021, Stefflonmade a public appearance with Burnaat the 2019 BET Awards held in Los Angeles, California.
On the night, the singer Afrobeats and reggae-dancehall musician won big when he emerged winner of the “Best International Act†category. Burna Boy’s plaque was picked up her his mother Bose Ogulu on his behalf.
The lovebirds made headlines for their lovi-dovi moments on the red carpet and also for Stefflon’s choice of wardrobe at the international awards ceremony.
The rapper graced the event in a long slit gown that gave away skin. The couple were wrapped in each other’s arms in photos from the awards.
During their days of being together, the female rapper gained several fans from Nigeria with many taking to her Instagram page to shower her with praise in every single post made.
The pain in the April-June quarter comes fresh after the closely watched Vision Fund posted a record $26 billion loss in May, when rising interest rates and political instability disrupted global markets, and could test investor willingness to stomach further big losses.
SoftBank founder and CEO Masayoshi Son has already pledged to tighten investing criteria and preserve cash to ride out the downturn and on Monday he signaled cuts to headcount at the Vision Fund, saying there were no “sacred areas.”
SoftBank also said it had authorized a share repurchase program worth up to 400 billion yen, something that could assuage investors.
Overall, the sliding portfolio pushed SoftBank to a 3.16 trillion yen ($23.4 billion) net loss in the latest quarter — its largest loss ever. That compared with profit of 761.5 billion yen in the same period a year earlier.
The Vision Fund unit saw a $23.1 billion hit in value.
Listed investments that suffered a fall in value included robotics firm AutoStore Holdings Ltd and artificial intelligence firm SenseTime Group Inc.
SoftBank said it wrote down the value of unlisted assets across its two Vision Funds by 1.14 trillion yen. Analysts have said writedowns of these private assets were unlikely to reflect the extent of current market weakness.
To raise cash, SoftBank has exited companies including ridehailer Uber Technologies (UBER) and home-selling platform Opendoor Technologies, for a total gain of $5.6 billion.
SoftBank sold Uber at an average share price of $41.47, compared to the Friday closing price of $32.01.
The second Vision Fund’s stakes in 269 firms were worth $37.2 billion at end-June, compared with an acquisition cost of $48.2 billion.
Plunging initial public offering volumes and market skepticism towards money-losing startups have squeezed an important source of capital for SoftBank, which hopes to list chip designer Arm following the collapse of a sale to Nvidia (NVDA).
SoftBank hasn’t been the only casualty of the tech sell-off.
Hedge fund Tiger Global, which competes with “unicorn hunter” Son on deals, saw its flagship fund fall 50% in the first half of the year after it underestimated the impact of surging inflation on markets.
Berkshire Hathaway booked a $44 billion quarterly loss on its investments and derivatives, with Chief Executive Warren Buffett urging investors to ignore the fluctuations.
Warren Buffett is just like the rest of us. He got crushed by the plunge in the stock market during the first half of the year. But the Oracle of Omaha is undeterred by the wildness on Wall Street. Berkshire Hathaway is still buying and many of the the company’s diverse business lines are still thriving, even in these uncertain economic times.
Berkshire Hathaway (BRKB) reported Saturday that the massive conglomerate posted a net loss of nearly $44 billion in the second quarter, red ink that was due mostly to a big drop in the value of Berkshire’s significant stock portfolio.
But the steep loss in the value of Berkshire’s portfolio is not the whole story. The firm actually reported an operating profit of $9.3 billion in the quarter, up nearly 40% from a year ago.
Berkshire owns Geico, Burlington Northern Santa Fe, PacifiCorp and MidAmerican Energy Company as well as big consumer brands such as Fruit of the Loom, Duracell, Dairy Queen and a large stake in Kraft Heinz (KHC).
Big rebound for Berkshire in the past two years
Berkshire’s many businesses have bounced back sharply from the depths of the Covid-induced slowdown in the economy in 2020.
“Because the Covid-19 pandemic negatively impacted most businesses, including Berkshire, in early 2020, comparing current results to pre-pandemic 2019 results is helpful” Bill Stone, chief investment officer of the Glenview Trust Company and a Berkshire shareholder, said in a report. “Operating earnings for the second quarter of 2022 are 51% above 2019.”
But many investors pay close attention to Berkshire to see what Buffett, vice chairman Charlie Munger and top Berkshire investing lieutenants Ted Weschler and Todd Combs think about the stock market. Apparently they remain bullish.
Berkshire reported about $3.8 billion in net stock purchases during the second quarter. That’s on top of the more than $40 billion in stocks Berkshire bought during the first quarter.
Buffett’s firm also bought back $1 billion of its own shares during the quarter, a move that helps boost earnings per share.
Berkshire has been aggressive throughout the market downturn, scooping up a sizable stake in oil giant Occidental Petroleum (OXY) and announcing an $11.6 billion deal for insurer Alleghany earlier this year.
The company’s stock has held up better than the rest of the market in 2022. The super pricy class A shares, which trade for around $445,000 apiece because they don’t split, are down about 2%. So are the shares of the class B stock, which cost a little less than $300 each and are in the S&P 500.
CFRA Research analyst Cathy Seifert said in a report after the earnings release that she sees “stable results in most segments” for Berkshire.
Shares of both classes of Berkshire Hathaway were up slightly in early morning trading Monday.
Buffett, who will turn 92 on August 30, has given no indication that he plans to step back from his roles as Berkshire CEO and top portfolio manager just yet.
But the company has already announced that Greg Abel, the 60-year old vice chairman of all of Berkshire’s energy and other non-insurance units, will eventually take over for Buffett.
Imports, meanwhile, grew 2.3% from a year earlier, slightly missing expectations and suggesting domestic demand remains weak.
July’s strong export performance sent China’s trade surplus to a record $101 billion for the month, the first time it has surpassed the $100 billion threshold. By comparison, the trade surplus in July 2021 was just $56.6 billion.
“The monthly trade data shows that China’s factories continue to march towards a robust comeback from the latest Omicron wave,” said David Chao, global market strategist for Asia Pacific (ex-Japan) at Invesco.
“Despite a softening global demand backdrop, the export beat was largely driven by normalizing production activity in places like the Yangtze River Delta [region],” he said. The Yangtze River Delta, which comprises Shanghai and parts of Jiangsu and Zhejiang provinces, is a key foreign trade hub.
Activity at Shanghai, the world’s busiest container port, hit a record high in July, after the city gradually emerged from a grueling Covid lockdown that almost paralyzed its economy for months.
Strong demand from Southeast Asia, Europe, and Russia propped up the exports in July. Shipments to ASEAN countries, the European Union, and Russia soared 34%, 23% and 22% respectively last month.
A weaker Chinese currency and rising prices of its exports helped boost the performance, said Larry Hu, chief China economist for Macquarie Capital.
The yuan has weakened 6% against US dollar so far this year, he said. A weak currency usually helps a country’s exports as goods become less expensive compared to articles priced in stronger currencies.
Hu also pointed out that China’s export price inflation is largely in line with the US CPI inflation.
“In July, about half of headline export growth is likely due to the price effect,” he said.
Much-needed support
The stronger-than-expected resilience of the exports sector — a key driver of China’s growth — provides a boost to its economy.
China is grappling with mounting domestic challenges, including rigid Covid lockdowns, frail consumption, and a slumping housing market. It’s looking increasingly likely the economy will miss the government’s growth target of 5.5% this year.
Late last month, the country’s leadership made no mention of growth targets at a key Politburo meeting, a sign that the government thinks it might not be able to meet its goals, according to analysts.
But a resilient trade sector would help offset the broader weakness.
Exports accounted for 0.9 percentage points — or more than a third — of China’s GDP growth rate in the first half of this year, according to a commerce ministry official in July. The sector is also key to the job market as it employed 180 million people last year — about a quarter of China’s labor force.
“The strong export growth continues to help China’s economy in a difficult year as domestic demand remains sluggish,” said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management.
But cooling global demand and new Covid lockdowns in China cast a shadow over the economic outlook.
“After a period of being exceptionally strong, retail sales in advanced economies have now returned to their pre-pandemic trend,” said Julian Evans-Pritchard, senior China economist at Capital Economics, in a note on Monday.
High inflation and rising interest rates also mean that demand for consumer goods is likely to weaken further in many countries, he said.
“We think that cooling global demand will soon deflate China’s pandemic export boom,” he added.
China’s domestic weakness could also persist if the country doesn’t alter its zero-Covid policy, analysts said.
Hainan, a tropical island located in South China Sea, has imposed lockdowns on several cities since late last week as Covid cases spread. That includes Sanya, a beach resort city, where about 80,000 tourists have been stranded because of the snap lockdown.
The greenback is up more than 10% in 2022 compared to other top currencies — near its highest level in two decades — as investors worried about a global recession have rushed to scoop up dollars, which are considered a safe haven in turbulent times. Adding to the dollar’s appeal is the Federal Reserve’s aggressive campaign of interest rate hikes to tackle decades-high inflation. That’s made American investments more attractive, since they now offer higher returns.
US travelers may be rejoicing that a night out in Rome that once cost $100 now costs about $80, but it’s a more complicated picture for multinational companies and foreign governments.
About half of international trade is invoiced in dollars, running up bills for manufacturers and small businesses that rely on imported goods. Governments that need to repay their debts in dollars could also run into trouble, especially if reserves run low.
The dollar’s gain is already hurting some vulnerable economies.
A shortage of dollars in Sri Lanka contributed to the worst economic crisis in the country’s history, ultimately forcing its president out of office last month. Pakistan’s rupee plunged to a record low against the dollar in late July, pushing it to the brink of default. And Egypt — battered by rising food prices — is dealing with a depleted store of dollars and an exodus of foreign investment. All three countries have had to turn to the International Monetary Fund for help.
“It’s been a challenging environment,” said William Jackson, chief emerging markets economist at Capital Economics.
Why the ‘dollar smile’ leads to frowns
The US dollar tends to climb in value when America’s economy is very strong, or, somewhat counterintuitively, when it’s weak and the world is facing a recession.
In either situation, investors view the country’s currency as an opportunity to lock in growth, or as a relatively secure place to park cash while they ride out the storm.
The phenomenon is often referred to as the “dollar smile,” since it rises at both extremes.
But the rest of the world is left with less to grin about. Manik Narain, head of cross-asset strategy for emerging markets at UBS, identified three main reasons that a stronger dollar could hurt countries around the world with smaller economies.
1. It can add fiscal strain. Not every country has the ability to borrow money in their local currency, since foreign investors may not have faith in their institutions or they have less developed financial markets. That means some have no choice but to issue debt denominated in dollars. But if the value of the dollar shoots up, that makes it more expensive to repay their liabilities, draining government coffers.
It also makes it costlier for governments or businesses to import food, medicine and fuel.
That’s what happened when the value of Sri Lanka’s rupee crashed against the dollar earlier this year. The government drained its foreign reserves, which were already low in part due to a slump in tourism during the pandemic. Shortages of essential items then brought thousands of people to the streets. President Gotabaya Rajapaksa fled the country and resigned in July after angry protesters occupied government buildings.
2. It feeds capital flight. When a country’s currency dramatically weakens, wealthy individuals, companies and foreign investors start withdrawing their money, hoping to stash it somewhere safer. That pushes the currency down even lower, exacerbating fiscal problems.
“If you’re sitting in Sri Lanka at the moment and you’re seeing the government is under pressure, you want to get your money out,” Narain said.
3. It weighs on growth. If firms can’t afford the imports they need to run their businesses, they won’t have as much inventory. That means they won’t be able to sell as much, even if demand stays robust, weighing on economic output.
When the US economy is chugging along, that can cushion some of the blow. Many emerging markets export goods to the world’s biggest economy. But when the dollar strengthens because America is on the brink of recession? That’s tough.
“That can inflict more pain on the markets because you don’t have the silver lining of better economic growth in the background,” Narain said.
A crisis contained
The dollar has pulled back 0.6% in the past week. But it’s not expected to meaningfully reverse course any time soon.
“We look for dollar strength to remain largely intact in the near-to-intermediate term,” Scott Wren, senior global market strategist at the Wells Fargo Investment Institute, wrote in a recent note to clients.
That’s pushing investors and policymakers to ask whether Sri Lanka is just the first domino to fall. There is also a risk that turmoil in emerging markets could spread across the financial ecosystem, triggering a wide range of spillover effects.
Brad Setser of the Council on Foreign Relations wrote recently that he’s monitoring Tunisia, which is struggling to meet its budgetary needs, as well as Ghana and Kenya, which have high debt loads. El Salvador has a bond payment coming up early next year, while Argentina continues to struggle in the wake of its last currency crisis in 2018.
The IMF has estimated that 60% of low-income countries are in or at high risk of government debt distress, compared to about one-fifth a decade ago.
But there are also key differences between the current situation and past crises.
Dollar-denominated debt is less common than it used to be. The biggest players — such as Brazil, Mexico and Indonesia — “generally haven’t borrowed a lot in foreign currency and now hold enough foreign exchange reserves to manage their external debt load,” according to Setser.
Plus, prices of commodities like oil and base metals remain high. That helps emerging economies that are major exporters, including many in Latin America, and serves as a reliable way to ensure dollars are still flowing to government coffers.
Inflation also pushed central banks in many emerging markets to start hiking rates earlier than peers at the Federal Reserve or the Bank of England. Brazil has raised borrowing costs at 12 consecutive meetings, having kicked off the process in March 2021.
Still, much could hinge on the fate of the world’s two biggest economies: the United States and China. If these engines of growth really begin to stall, then emerging markets could see a painful outflow of investment.
“It will be critical whether the United States goes into recession,” said Robin Brooks, chief economist at Institute of International Finance. “It makes everybody more risk averse.”
Axios is known for delivering news in brief stories that are comprised of bite-sized pieces of information. The publication is also known for its popular newsletters that often drive the national conversation, especially in Washington, DC.
News of the deal was first reported by The New York Times.
Cox Enterprises, which was already a top investor in Axios, said that Axios co-founders Jim VandeHei, Mike Allen, and Roy Schwartz will continue to lead the outlet’s day-to-day editorial and business decisions.
VandeHei, Allen, and Schwartz will also continue to hold “substantial stakes in the company,” Cox Enterprises said. While the three co-founders will remain on the board, Cox Enterprises will control it with four board seats.
“We have found our kindred spirit for creating a great, trusted, consequential media company that can outlast us all,” VandeHei said. “Our shared ambitions should be clear: to spread clinical, nonpartisan, trusted journalism to as many cities and as many topics as fast as possible.”
Cox Enterprises chief executive Alex Taylor praised Axios as a “forward-thinking organization.” Taylor said Cox Enterprises looks forward “to helping them continue to scale and grow.”
“With so much happening in the world, Axios plays a critical role in delivering balanced, trusted news that people need,” Taylor said. “Our company started in the media business, and we have always had a passion for journalism.
Cox Enterprises said that its other media companies, such as the Atlanta Journal-Constitution and Dayton Daily News, will not be impacted by the deal.
Axios HQ, the company’s software arm, will not be sold to Cox Enterprises as part of the transaction. It will instead be spun off into a separate company led by VandeHei as chairman and Schwartz as chief executive.
“We are excited about entering into this new chapter with Cox and the opportunities we can explore with Axios HQ as a separate business,” Schwartz said. “For both companies, our mission is to help as many people and companies get smarter, faster on what matters.”
Digital World Acquisition Corp., a special purpose acquisition company (SPAC), disclosed late Friday it is seeking shareholder approval to delay the September 8 deadline by a year to allow time to consummate its planned acquisition of Truth Social owner Trump Media & Technology Group.
Shares of the blank-check company fell 3% Monday morning. Truth Social, which had a messy launch earlier this year, aims to be an alternative to traditional social media and has promised to “stand up to the tyranny of Big Tech.”
The efforts to buy time come as the deal faces a flurry of legal issues and regulatory scrutiny amid what experts have warned are red flags about the transaction.
In late June, Digital World, revealed its board members have received subpoenas from a federal grand jury in the Southern District of New York related to due diligence regarding the deal. Both the Justice Department and Securities and Exchange Commission are investigating the transaction.
“While we are using our best efforts to complete the business combination as soon as practicable, our board of directors believes there will not be sufficient time before the termination date,” Digital World said in the new filing.
That’s why Digital World is asking shareholders to extend the deadline until September 8, 2023. Without the extension, the shell company said it may be “forced to liquidate” without a deal in hand.
The DOJ and SEC investigations have served as major roadblocks to getting the deal consummated, according to the filing.
“We have experienced a number of regulatory delays, and we and TMTG may continue to experience additional delays in the future,” Digital World said in the filing. “These delays could cause us to be unable to consummate the business combination.”
The filing indicates the regulatory headwinds facing the Trump deal are “formidable” and “really hits home the possibility that the deal is terminated due to regulatory headwinds,” said Matthew Kennedy, senior IPO market strategist at Renaissance Capital.
“The SEC and DOJ are not known for moving fast or trying to speed things along to help the SPAC,” Kennedy said. “In some cases, indefinite delays can increase the likelihood that the deal is essentially terminated.”
Polls put Liz Truss, the UK’s foreign minister, well out in front of former finance minister Rishi Sunak in a contest that will be decided in early September by members of the Conservative Party.
If elected, Truss faces a daunting array of problems. Millions of Britons are struggling to make ends meet as inflation hits a four-decade high, driven by soaring household energy bills that are expected to top £300 ($365) a month in January.
But Truss, in a debate that same day hosted by Sky News, struck an optimistic note, saying a recession was “not inevitable.”
“We can change the outcome, and we can make it more likely that the economy grows,” she said.
What’s her remedy? A set of personal income and business tax cuts amounting to more than £30 billion ($37 billion), according to estimates by the Institute of Fiscal Studies.
Truss has promised to reverse an income tax hike introduced in April, and ditch a planned increase in taxes on businesses next year from 19% to 25% that was designed to help pay for the costs of pandemic relief.
She’s counting on these cuts to stimulate growth, encourage businesses to invest, and ultimately help bring down inflation — which the Bank of England expects to edge above 13% later this year.
Truss has cited Patrick Minford, a pro-Brexit economist at Cardiff University whose research influenced Margaret Thatcher’s government in the 1980s, in backing her view.
And in a letter to The Telegraph last month, a group of economists praised her plans, arguing her tax cuts would “not be inflationary” and were necessary given the “unbearable strain” historically high taxes were having on UK households.
But John Van Reenen, a professor at the London School of Economics, among others, disagrees.
“[She’s] wrong. It won’t decrease inflation, it will increase inflation,” he told CNN Business.
Tax cuts put more money into people’s pockets, driving up demand for goods and services. In the context of an “extremely tight,” labor market, Van Reenen said, fueling more demand will worsen inflation.
A spokesperson for Liz Truss told CNN Business that the country’s tax burden would soon be the highest since the 1940s, which would stifle business, innovation and growth.
“Liz’s tax cuts are necessary, affordable and not inflationary. Cutting taxes, incentivizing business investment will boost productivity, create new jobs and ensure people can keep more of their hard earned cash,” the spokesperson said.
Any further rises in consumer prices could pile further pain on households and spur the Bank of England to hike interest rates again, hitting those without a fixed-rate mortgage particularly hard.
Already, UK shoppers have pared back spending on groceries and ditched streaming subscriptions as the cost of living has soared in recent months.
Eye-watering energy prices, exacerbated by Russia’s invasion of Ukraine, have driven consumer prices up 9.4% year-over-year.
But on Thursday, Truss reiterated her opposition to increasing a £5 billion ($6 billion) windfall tax on oil and gas companies’ bumper profits to fund more help for consumers, arguing that it would discourage investment in the United Kingdom.
“If we also have a reputation for levying a surprise tax on any industry that makes a profit, that is a big problem for our country,” she told Sky News.
Racking up debt
Economists point to other hurdles in Truss’ plans, which include a promise to increase military spending: rising government debt.
“The effect you would get on growth [from tax cuts] is nowhere near enough for them to pay for themselves,” Stuart Adam, a senior economist at the IFS, told CNN Business.
Truss formerly served as a high-ranking minister in the country’s Treasury department, a role that has responsibility for managing public spending.
Now, instead of big spending cuts, Truss has promised to find savings through slashing waste and inefficiency in the public sector, though some of her plans have already come unstuck.
Earlier this week, Truss retracted a proposal to tie the wages of government workers to local living costs, which she claimed would save £8.8 billion ($11 billion).
Critics argued the plans would result in an effective pay cut for millions of nurses and teachers.
Truss can little afford to anger public sector workers, thousands of whom have gone on strike this summer — or have threatened to — to demand wage increases.
In the long run, Adam said, the government would need to slash its spending or raise taxes again to pay for any tax cuts introduced by Truss.
“At some point that’s got to come home to roost,” he said.
Going for growth
Truss’ plans to grow the UK economy are ambitious, given the central bank’s own prediction that the economy will go into reverse in the fourth quarter, a situation that could last all of next year.
Van Reenen said the “temporary sugar rush” brought by tax cuts would do little to ward off an economic slowdown, which is being driven by supply shocks rather than a lack of demand.
“Just stimulating demand [through tax cuts] isn’t a great tool for getting out of [a recession],” Adam said.
Further interest rate hikes resulting from higher inflation would be likely to reduce demand anyway, he added.
For Van Reenen, the focus on tax cuts to boost growth is misplaced. Deeper problems in the economy, including more than a decade of stagnant productivity and real wage growth, should be the new prime minister’s priority.
“It’s a bit depressing the lack of significant engagement with serious issues,” he said, referring to both Truss and Sunak’s plans for the future.
The purpose of the training was to let participants get first-hand information on how Korea was able to become rice sufficient and eliminate rice exports which has boost their economy to be one of the best in the world.
It’s aimed at equipping the participants with the best practices in South Korea and exposed them to their success story in rice production to the United States level of self-sufficiency and also to broaden and build the knowledge base of Directors of Agriculture and some top officials in rice production to work towards improving the quality of life of rice farmers in the Central Region.
The participants would be taken to, for a study trip to Korea Rural Development Administration, Korea Rice Production complexes and related institutions, field trips to Farmer Federation for Rice Value Chains, visits to quality control and marketing institutions/agencies and study visits to agricultural mechanisation rental service centre.
Marigold Assan revealed that the knowledge the participants will acquire would help to increase the quality and add value to rice production in the Central Region.
She said, “We will adopt the methods used by Korea to boost the rice industry and also strengthen the relationship between the region and KOICA.â€
Marigold Assan said KOICA was currently operating in five districts in the Central Region namely, Gomoa East, Assin Fosu, Assin South, Assin North and Twifo Atti-Morkwa and has engaged the services of 514 farmers in the cultivation of rice.
She revealed that she was enthused about the rapid development of the country through the SaemaulUndong movement, where citizens championed and spearheaded their own development.
The Central Regional Minister said the training has been an eye opener and that the Korean economy boom was nothing short but a miracle which was created by a collective efforts and the will of the people to help themselves in participating in the development process of the country.
“Korea was once poor in the 1950s due to wars but have been able to overcome all challenges and rise from grass to grace … we can also do it,†she said.
According to the GFA, Atta Forson and Isaac Osei placed bets on multiple games in Ghana thus “breaching Article 26 of the GFA Code of Ethics, 2019 and Article 11(1) of the GFA Disciplinary Code, 2019”.
They have until Wednesday, August 8, 2022, to produce a written response about the charge.
Read the full GFA statement in the post below:
Two Referees have been charged for breaching Article 26 of the GFA Code of Ethics, 2019 and Article 11(1) of the GFA Disciplinary Code,2019.
Referee Philip Atta Forson and Isaac Osei have both been charged after being found by the GFA integrity Officer to have placed bets on sports betting platforms on various football matches.
Charge sheets have been sent to the two referees and they are to send their written responses on or before 5 pm on Wednesday, August 8, 2022.
After receiving their responses, the GFA Disciplinary Committee will form a panel to adjudicate their respective cases.
The website is aimed at helping tailors and dressmakers in the association exhibit their talents and also sell their products.
The Greater Accra Regional Chairman, Alhaji Abdul Aziz – Ali said it’s time for indigenous dressmakers to rebrand themselves through excellent leadership and digitalization.
He continued that the portal will serve as a source of the marketplace for members to sell their products to the international community and help build a stronger economy for the country.
He, therefore, called on the government to assist indigenous dressmakers with logistics for them to be able to compete with the international community when it comes to fashion designing.
The organization is assuring all indigenous dressmakers to join their association to help them and to also get the benefit of the website and the online shopping mall.
Some members of the association are of the view that its time corporate institutions and government invest in an indigenous businesses to empower them to compete with foreign fashion companies we always give contracts to saw uniforms for our schools, security agencies and other states’ own and private institutions.
According to the members if such a process is being laid down by the government will make Ghana an industrious country and will lure multimillion foreign national companies to come on board for the production of clothing apparel and also serves as one of the biggest employment hubs in the world and even compete with the likes of China, Australia, Turkey, Italy and the rest, when it comes to the production of clothing in the world.
Asante Kotoko players have reportedly declined to show up for a preseason training camp before the 20222023 football season, due to unpaid salary and bonuses.
On Monday, August 8, the 2021/2022 Ghana Premier League winners were supposed to start their preseason workouts at the club’s practice facility in Kumasi, the capital of the Ashanti Region, at Adako Jachie.
However, not a single player reported for training according to Kumasi-based Kessben FM as the players have demanded their salary arrears and bonuses.
The players have now decided that until they get the remaining two months’ salary, they will not report to camp for the preseason training.
CEO Nana Yaw Amponsah and his management team are set to meet the players on Tuesday, August 9 in Accra to clear all the arrears.
President Akufo-Addo has begun his two-day tour of the Northern Region, today August 8.
During his tour, the President will interact with traditional authorities, inspect and commission a number of projects in the Northern Region.
Akufo-Addo will also cut sod for a dual carriage Eastern Corridor road in the Yendi township as well as inspect the work on the Yendi Sports Stadium.
After that, he will proceed to Saboba to inspect projects under the Agenda 111 programme in Saboba.
On day two, President Akufo-Addo will visit Kpandai to inspect New Administrative block and Agenda 111 project after which he will then move back to Bimbilla to cut sod for a dual carriage Eastern Corridor road in the Bimbilla township.
He will also inspect 1D1F project in the area.
President Akufo-Addo is also expected to commission a new administration block at Bimbilla College of Education.
On the final day of the tou which is on the Wednesday, , President Akufo-Addo will inspect work on a new Presidential Lodge Complex at the Northern Regional Coordinating Council.
The Government has resolved to lend the required support to the private sector in the business landscape to shape the economy, Western Regional Minister, Dr. Kwabena Okyere Darko-Mensah has reaffirmed.
The Western Regional Coordinating Council therefore continues to encourage entrepreneurs to be more enterprising in a bid to create employment for the youth in their localities.
Dr. Okyere Darko-Mensah was speaking at the third edition of the Western Regional Business Awards ceremony in Takoradi.
More than 40 companies that contributed immensely to the economy received plaques for their excellence awards.
The Western Regional Minister assured businesses in the Region of the Western Regional Coordinating Council’s resolve to create a level playing field to enable businesses thrive.
Dr Okyere Darko-Mensah charged businesses not to fail the nation despite the challenges faced by the country within an increasingly global environment.
He lauded the entrepreneurial skills of businesses which culminated in a significant role and effort in manufacturing Personal, Protective Equipment during the outbreak of the Covid-19 pandemic.
Dr Okyere Darko-Mensah said as a result, several businesses benefitted from the COVID-19 fund dubbed,”Obatanpa Fund” to cushion business entities.
The Regional Minister reiterated the need for youth with entrepreneurial skills to venture into businesses and take advantage of government’s financial assistance under the “You Start” initiative.
He said the government has resolved to support businesses despite economic gains being eroded by the Russian-Ukraine war.
Dr. Okyere Darko-Mensah spelt out major developmental projects underway in the Western Region such as the reconstruction and innovation of a new Market Circle and an Interchange for Takoradi.
The reconstruction of the Apemenim to Tarkwa road, Manso- Nsuta road in the Tarkwa Nsuaem Municipality.
On Education, the Minister said the Free Senior High School policy has been a big change with 63,000 school children enjoying the programme.
Mr Darko-Mensah said the government would continue to grant tax incentives to the private sector.
He invited all the business community in Ghana and the world to invest in the Western Region.
The Minister charged Metropolitan, Municipality and District Assemblies to offer local support to businesses as cooperation for growth.
KEDA Ghana was adjudged Company of the Year.
Lower Pra Rural Bank PLC at Shama, scooped the Rural Bank of the Year award.
The Indigenous Company of the Year award went to Galaxy Poly Product Ltd.
The Outstanding Young CEO of the Year award and Excellence in Car Rentals of the Year award was grabbed by Mr Francis Attuahene of the Attuahene Group of Companies.
Excellence in Safety and Inspection Company of the Year went to Gibson Safety Consult Ltd.
The Entrepreneur of the Year award was given to Mr Justice Acquah of JUSTMAX Travels with the CEO of the Year award scooped by Dr. Dominic Eduah of the GNPC Foundation.
Excellence in Innovation and Technology award went to Franko Phones Trading Enterprise.
TACOTEL Ghana grabbed the Corporate Social Responsibility Company award of the Year.
Outstanding NGO of the Year went to ASEDA Foundation with the Best Western Plus obtaining the Excellence in Hospitality of the Year award.
ABSA Bank clocked Bank of the Year and Customer service award.
According to him, government must hasten its plans to develop a common platform for the collection of property rates.
In its review of the 2022 Mid-Year Budget and Economic Policy, Prof. Quartey reiterated calls for the government to embark on aggressive domestic revenue mobilization through efficient tax and non-tax revenue-generating measures.
“There is the need to modify structures as a means towards adapting to the increasingly volatile world economy. I think the amount earmarked for the property tax is inadequate but we have to adopt ways to mobilize more domestic revenue.”
The Director also proposed that domestic policies should be intensified in order to block revenue loopholes and ensure that revenue targets are met.
“Ghana needs a national policy to withstand external shocks from other parts of the world. Re-introduce Tolls using the E-Pass System: outright removal of road tolls is not in the interest of the government, especially in PPP arrangements. To address the usual congestion at Toll Gates use E-Passâ€, he lamented.
The 24-year-old played the entire game and contributed to his team’s three points at Cegeka Arena and their second victory of the year.
Genk took an early lead through Paintsil in the 3rd minute of the game before he doubled the lead six minutes later.
Smail Prevljak then pulled a goal back for Eupen but Genk ensured they went into the half-time break leading 3-1 courtesy of Patrik Hrosovsky.
After the recess, Regan Charles-Cook reduced the arrears for Eupen in the 59th minute but their comeback suffered a setback after midfielder Stef Peeters was sent off for a second bookable offence in the 83rd minute.
Genk capitalised on the numerical advantage to score the fourth in the stoppages courtesy of Mike Tresor Ndayishimiye.
Genk, who are second on the table with six points, will face Zulte Waregem at Elindus Arena next Sunday.
An amount of GH¢1.074 million has been retrieved by the Office of the Special Prosecutor (OSP) from a company belonging to a member of the Council of State.
The amount from Labianca Company Limited, a frozen foods company owned by Eunice Jacqueline Buah Asomah-Hinneh, represents a deficit in import duties paid to the state.
This was revealed by an investigative report from the Office of the Special Prosecutor dated August 3, 2022, and titled: “Report of Investigation into Alleged Commission of Corruption and Corruption Related Offences involving Labianca Group of Companies and the Customs Division of the Ghana Revenue Authorityâ€.
According to the investigative report, Ms. Asomah-Hinneh used her position as a member of the Council of State and a member of the Board of Directors of the Ghana Ports and Harbours Authority (GPHA) to influence a favourable decision from the Customs Division of the Ghana Revenue Authority (GRA), leading to a reduction in the tax liabilities of Labianca Limited.
Kumasi Asante Kotoko will today August 8, 2022, begin pre-season without a substantive head coach.
After only one season with the team, Prosper Narteh Ogum, who helped the team win the 2021/22 Ghana Premier League, resigned as head coach of the team.
According to reports, Narteh Ogum was not happy with the treatment of the management.
However, Ogum’s resignation is yet to be made official by the club.
Kotoko will arrive in Accra today to begin their pre-season ahead of the new season.
The Reds will fly to Turkey to prepare for the upcoming season where they will play against Nigeria champions, Rivers United.
It is expected that assistant coach, Abdul Ghazali will lead the side through pre-season until a new coach is appointed.
Former Burkina Faso coach, Kamou Malo has been linked to the club ahead of the new season with a $1000 monthly salary.
Prosper Narteh Ogum signed a two-year deal before the start of the 2021/22 season from West African Football Academy [WAFA].
The amount from Labianca Company Limited, a frozen foods company owned by Eunice Jacqueline Buah Asomah-Hinneh, represents a deficit in import duties paid to the state.
This was revealed by an investigative report from the Office of the Special Prosecutor dated August 3, 2022, and titled: “Report of Investigation into Alleged Commission of Corruption and Corruption Related Offences involving Labianca Group of Companies and the Customs Division of the Ghana Revenue Authorityâ€.
According to the investigative report, Ms. Asomah-Hinneh used her position as a member of the Council of State and a member of the Board of Directors of the Ghana Ports and Harbours Authority (GPHA) to influence a favourable decision from the Customs Division of the Ghana Revenue Authority (GRA), leading to a reduction in the tax liabilities of Labianca Limited.
The 25-year-old, who played the entire game, put on an excellent performance by maintaining a clean sheet for The Addicks, who won their season opener at The Valley and are still unbeaten after two games
Corey Blackett-Taylor scored the only goal as Charlton recovered from a slow start to seal all three points.
The home side was fortunate to be level at the interval after Liam Rosenior’s County created and wasted a slew of chances in the south London heat.
Striker James Collins guided his ninth-minute shot too close to Charlton goalkeeper Wollacott and then struck another effort against the base of the post in the final act of the first half.
Nathaniel Mendez-Laing also tested Wollacott on two occasions as Derby dominated.
After the recess, Charlton took the lead in the 62nd minute as Charlie Kirk fed Albie Morgan, whose rising shot was parried carelessly into the path of Blackett-Taylor by Derby keeper Joe Wildsmith and the winger tapped into an empty net with glee.
Charlton held on to pick up their first win of the season.
Wollacott joined Charlton on a three-year deal as a free agent following the expiration of his contract at Swindon Town where he made 39 appearances last season and helped them to the League Two play-offs.
 Jessica Williams who is a Ghanaian actress, has called out few of her colleagues in the movie industry including Eddie Nartey who doubles as a producer for creating a rapport with a selective few.
She is of the view that Eddie Nartey’s posture is the reason he doesn’t get full support from his friends in the industry at his movie premieres.
According to Jessica,she doesn’t see the essence of promoting a movie by a Ghanaian actor or producer who doesn’t have a relationship with herself or others.
She disclosed in an interview on United Showbiz last Saturday that Eddie Narteywho is on the same WhatsApp platform as other movie makers does not comment or share flyers announcing movie premieres of his colleagues. For this reason, and more, he shouldn’t expect her to promote his project as she does with those she has a relationship with.
“I am in the same group with you but you’ve never come to say hello or hi. You are not concerned about whatever happens in the group, you don’t say a word but after you shoot a movie, you share it on this same platform and you expect people to support you. It doesn’t work like that.
“Everything boils down to relationship and communication… I post flyers of movies in which I am not featured. Nobody asked me to post it, I was there and they sent me a flyer that it was premiering tomorrow. Do you know why I posted it? I have a relationship with one of the actors.
“But you Eddie, for two to three years, you haven’t spoken to me and you expect that I, Jessica, will post it. I won’t post it for you because there is no relationship and if something is going on with me, you are not there for me so why should I be there for you?” she quizzed.
Reacting to the comment, Eddie Narteysaid: “If we are in a group and you post and nobody wants to post it for you because they say you have no relationship with others, then where are we going in the industry?”
President of the Ghana Union of Traders Association (GUTA), Dr Joseph Obeng, has disclosed that Ghanaian traders are poised to demonstrate against government over the free fall of the local currency against major trading currencies.
He stressed that traders fear their businesses will collapse if the Cedi keeps depreciating.
Speaking in an interview on Joy News‘ The Probe programme on Sunday, August 8, 2022, Dr Joseph Obeng said, “the exacerbating tension that is coming from the trading committee is huge…they believe that if nothing is done about their businesses, their businesses are going to collapse in perpetuity so they are calling for a serious demonstration.â€
Speaking in the same vein, GUTA in a press release copied to GhanaWeb stated categorically that their businesses are bleeding to death due to the high exchange rate.
The Association also added that the increase in the monetary policy rate has led to a high lending rate in the country.
“Businesses have reached a situation where their survival is seriously threatened…we are calling on the government, as a matter of urgency, to reconvene the Foreign Exchange Committee that was set up a few years ago by the Finance Ministry which involved all relevant stakeholders, to help find an immediate solution,” part of the GUTA release read.
The Overlord of the Mamprugu Traditional Area and President of the North East Regional House of Chiefs, Naa Bohagu Mahami Sheriga, has been charged by President Akufo-Addo to assist in restoring peace in Bawku.
Expressing his concern over the persistent violence in the Bawku traditional area, President Akufo-Addo stated that the disturbances in the area must be brought to a halt.
The President was speaking in Nalerigu as part of his tour of the North East Region.
“Mahami was very instrumental among the three eminent chiefs in bringing us to have peace in Dagbon and I know he is also going to be instrumental in making sure that we get peace in Bawkuâ€.
Recent tensions in Bawku have led to several persons being wounded, with some losing their lives.
The recent tensions can be traced to December 27, 2021, when there was gunfire in parts of the town after attempts to perform the final funeral rites of a Chief who died about 41 years ago.
The violence resulted in a curfew being placed on the entire township, a ban on smock-wearing, and a ban on the use of motorbikes.
Though calm has been restored in Bawku, various stakeholders are appealing to factions in the conflicts to resort to non-violent ways of resolving their differences.
The government engaged the National Peace Council to find a lasting solution to the disturbances that have characterized Bawku.
President Nana Addo Dankwa Akufo-Addo has also urged the feuding factions in the Bawku chieftaincy dispute to ceasefire and dialogue.
“We want to call the attention of the Government to the fact that depreciation of the cedi against other major trading currencies is getting out of hand, and the increase in the monetary policy rate is also leading to high lending rate in the country.
He continued “By this statement, we are calling on the Government, as a matter of urgency, to reconvene the Foreign Exchange Committee that was set up a few years ago by the Finance Ministry which involved all relevant stakeholders, to help find an immediate solution.â€
Below is the complete statement
PRESS STATEMENT
BUSINESSES BLEEDING TO DEATH
As a result of the current exchange rate situation in the country, businesses are seriously bleeding to death.
The Government, therefore, needs to do something to salvage the situation as soon as possible.
We want to call the attention of the Government to the fact that the depreciation of the cedi against other major trading currencies is getting out of hand, and the increase in the monetary policy rate is also leading to a high lending rate in the country.
Businesses have reached a situation where their survival is seriously threatened if no immediate action is taken by the Government to find a solution.
By this statement, we are calling on the Government, as a matter of urgency, to reconvene the Foreign Exchange Committee that was set up a few years ago by the Finance Ministry which involved all relevant stakeholders, to help find immediate solutions.
It could be recalled that since December 2021 when the dollar was 6.4 cedis, our working capital has been depleted by 40%. Now that, the dollar has reached about 9.00 cedis, our worst fear is that we are now going to make Christmas orders from our suppliers, which may aggravate the situation.
If immediate remedial measures are not taken to control this alarming situation, we may be using One Million Ghana cedis to buy only One Hundred Thousand US dollars when the dollar reaches 10.00 Ghana cedis.
At this point, if nothing is done, speculations would be rife and serious panic will set in for people to invest in forex as a matter of security for their hard-earned working capital, thereby making control of such a situation difficult for the government.
We recognize that excessive importation is one of the major causes.
Here we think that the government has failed to take due advantage of our National Investment Laws, especially on foreign retail trade and wholesale to tighten imports.
Allowing foreigners into the retail trade and wholesale sectors of the economy will not help this country, but rather defeat the action plan set for implementing 1D 1F, AfCFTA, and the general industrialization in Ghana.
We also want to remind the Government that the big-time institutional importers, especially, those who serve as conduits for dumping goods mainly from China are the culprits.
Small and Medium Scale importers like GUTA members import only 15% out of the whole volume of imports into the country.
For the locals, the import business has become gloomy and pathetic as the multinationals have taken over. We have started looking out for goods to export to support the economy and be able to sustain our businesses, but the same cannot be said of these foreigners.
We, therefore suggest that since they do not bring in physical cash to invest but rather resort to dumping and repatriating our hard-earned foreign exchange as a country, the investment law should be amended to make them deposit their capital fund here in Ghana to make their transfers.
Most of these foreigners come under the guise of manufacturing but divert to trading; taking advantage of the loopholes in the laws, as well as the lack of enforcement of same, and cause damage to our economy.
The juiciest part of our economy such as banking, telecommunication, oil, and mining the extractive industries are all dominated by foreigners who repatriate all their profits to their home countries leaving us with virtually nothing except a few taxes and some royalties.
We herein suggest that the Government should devise an effective method to schedule this repatriation in a staggered manner over a reasonable period, apart from revising the investment law to ensure that investments in all these profitable and juicy areas have some reasonable equity for retention in Ghana rather than the current situation where these companies consume all our foreign exchange earnings.
Most foreign direct investors overpriced their investment to have the advantage to repatriate the same value to their home countries to our detriment. This explains the reason we hardly physically see these investments corresponding with the amounts that are being declared as foreign direct investments in the country.
Over-dependence on foreign services such as health care, education, and others by Ghanaians are also to be blamed for this problem.
The movement and money transfer by churches should also be monitored and controlled.
We believe that the government should have full control of the management of our national resources as well as, the capability to solve this problem in the shortest possible time; unless this rapid depreciation of the cedi is a deliberate plan by the government to devalue our national currency.
How can we go on like this as a nation? because this is not just a simple matter of passing on the cost to the consuming public. The purchasing power of the consumers is drastically reduced due to high inflation rates and other factors. As a result, consumers are not even buying at the moment, let alone increasing the prices. Businesses’ turnover is negatively affected, thereby rendering us unable to service our loans, especially for those whose capital is borrowed from commercial banks and other sources.
At this stage, the only prudent thing to do is to hold unto your stocks without selling, but the problem here is, that you might be owing your suppliers and banks, and at the same time, you cannot also punish the consuming public.
The only option now is for the Government to think outside the box and find a pragmatic solution to bring the economy back to its feet.
We agree that there is a problem in the world, and Ghana is no exception. This period is the best time to bring leadership skills to bear and make a difference, of course, with the support of all Ghanaians regardless of political leaning.
Businesses are indeed bleeding and are in dire need of emergency rescue.
Parliament has passed the Income Tax (Amended) Bill, 2022 to amend the Income Tax Act, 2015 (Act 896) to extend the exemption from tax of gains on the realisation of shares listed on the Ghana Stock Exchange for five years.
Among the objectives, the Bill would extend the concession for Income Tax Stamp and Vehicles Income Tax systems to the end of December 2022.
The Income Tax (Amended) Bill, 2022, which was first presented to Parliament and read for the first time on Tuesday, July 26, 2022, was referred by Mr Alban Bagbin, Speaker of Parliament for consideration and report by the 1992 Constitution and the Standing Orders of Parliament.
However, the Finance Committee met and determined that the Bill was urgent and, therefore, certified that it ought to be taken through all the stages of passage in one day by Article 106 (13) of the 1992 Constitution and Order 119 of the Standing Orders of Parliament.
The Bill contains two clauses where clause 1 amends section 7 of the Act to provide for the exemption from Taxation of gains from the realisation of securities listed on the Ghana Stock Exchange up to December 31, 2006.
“Clause 2 amends the sixth schedule of Act 896 by providing for the suspension of quarterly income tax installment payments for the seated categories of persons for the first, second, third and fourth quarters of 2022,” it said.
Mr. Kwarteng told parliament that after careful consideration, the Committee was of the view that the Bill was in the right direction as it sought to make the Ghana Stock Exchange attractive and to further provide some relief to businesses and transport operators (Trotro drivers).
“Mr. Speaker, the Committee, therefore, recommends to the House to adopt its Report and pass the Income Tax (Amendment) Bill 2022 by the 1992 Constitution and the Standing Orders of the House,” he said.
The Committee also observed that as part of additional measures to provide some relief to the more vulnerable members of society, the government also suspended quarterly income tax installments payments for small businesses using the Income Tax Stamp system and for ‘trotro’ drivers using the Vehicle Income Tax System for the second, third and fourth quarters of 2021.
Parliament on Friday, July 22 also passed the Tax Exemptions Bill, 2022, to regulate the application of tax exemptions and other exemptions and to provide for related matters.
A first-half brace from Pascal Gross gave Brighton their first ever win at Old Trafford as the game ended 2-1 in favour of Graham Potter’s team.
Ten Hag introduced Cristiano Ronaldo from the bench shortly after the break, and though United pulled one back through an Alexis Mac Allister own goal, they could not battle back to earn a point.
Tariq Lamptey, who only enjoyed some minutes in the game at Old Trafford after being introduced in the 75th minute to replace Leandro Trossard, took to Twitter to congratulate his teammates for the historic victory.
“Great way to start the season, we keep working ????????. Thank you for the support, get home safe,” Tariq Lamptey wrote on his page.
Brighton and Hove Albion’s next game will be at Amex Stadium on Saturday, August 13, 2022, against Newcastle United.
This was to aid the new Regional Headquarters of the Agency in the North East Region begin full operations and in line with the president’s vision of Job Creation, decentralisation and infrastructural development, actualising equitable implementation of the One Million Jobs Agenda.
President Akufo-Addo, who on the occasion also commissioned another newly built magnificent edifice to serve as the Administrative head of the North East Region was elated at how infrastructure is speedily coming to the Region, premised on his response to traditional authorities and the people of Ghana to create new Regions, Municipalities and Districts.
Speaking at a brief ceremony to mark the commissioning, President Akufo-Addo called on all and sundry to support the Employment Agenda of his government in every diverse way possible, an initiative he believes will continue to instil peace in the Region and Ghana and also bring about development.
Alhaji Ibrahim Bashiru, Deputy CEO in charge of Operations at the Youth Employment Agency acting on behalf of the CEO, Lawyer Justin Frimpong Kodua thanked the president for his Resourcefulness and Support for the Agency since 2017.
Alhaji Ibrahim Bashiru explained the realisation of a massive deficiency which impeded the operations and effective implementation of modules of the Agency that had been infested with corruption in the previous years. “Management took a bold decision of revamping and reforming the Agency into an enviable one, a result of which we are experiencing today”, he said.
According to Mr Bashiru, two of such Regional offices have been completed and/or commissioned in the Oti, Western North and Ahafo Regions. Several others are at various stages of completion in other Regions and Districts. He explained that all of these are intended to bring life to the Agency’s innovative programmes like the Agric-based Flagship projects, YEA Jobcentre, Artisan Directory, CHWS etc.
Mr Bashiru further assured the president and the entire country of consistent hard work and innovation to bring more development and create more jobs for the youth of Ghana.
North East Regional Director of the Youth Employment Agency Nurudeen Mohammed was particularly thankful to the president, CEO Lawyer Kodua Frimpong and Deputy CEO Ibrahim Bashiru for the immense support and for bringing the Agency closer to the people.
The event was graced by His Excellency President Akufo-Addo, the Overlord of the Mamprugu traditional area Naa Abdulai Mahami Sheriga, North East Regional Minister Mr Zakaria Yidana, Local Government Minister Mr Dan Botwe, other cabinet ministers, presidential staffers, staff of YEA among others.
Hearts of Oak, who won the first-ever edition of this competition, will begin their season in the second round.
The preliminary round draws for the Confederations Cup and CAF Champions League will take place on Tuesday, August 9.
Hearts of Oak are Ghana’s sole representative Confederations Cup, having won the 2021/22 MTN FA Cup with a 2-1 victory over Bechem United in the final.
The Phobians have yet to reach the group stages of the CAF Confederation Cup in the last decade, having been eliminated on aggregate by Algerian side JS Saoura last season.
Meanwhile, Asante Kotoko will learn their opponent for the first preliminary round on Tuesday.
A member of the Council of State and the Board of Directors of the Ghana Ports and Harbours Authority (GPHA), Eunice Jacqueline Buah Asomah-Hinneh, has denied engaging in an alleged corrupt deal that resulted in a reduction in the tax liabilities for her frozen foods company, Labianca Company Limited.
Madam Asomah-Hinnehwas accused by the Office of the Special Prosecutor (OSP) of using her position to get a favourable decision from the Customs Division of the Ghana Revenue Authority (GRA), which led to a reduction in the tax liabilities of Labianca Limited.
Responding to the allegation, madam Asomah-Hinneh told Graphic Online that she did not engage in any wrongdoing.
She added that she is not aware of the report and findings by by the OSP and would speak to it once she apprised herself of the facts from the management of Labianca Company Limited.
“I cannot give any comment because I have not seen any report from the Special Prosecutor. I do not even know that the report is out,” she told Graphic Online.
When asked if she was aware of any investigations by the OSP into her company, she answered in the affirmative.
On whether she was aware if the Special Prosecutor had directed Labianca Company Limited to pay the amount to the state, she said the management of the company usually dealt with those issues and she might not be immediately privy to any such payments, as she had
not been around.
“I have not been around, but the office is there and so next Monday or Tuesday I will call and ask them. It is the management so I will ask them, she added.
She indicated her readiness to grant a full interview to Graphic Online when she returned to Accra.
Petition
Ms Asomah-Hinneh was re-elected a member of the Council of State representing the Western Region for a second term last 2021.
She was a member of the Board of Directors of the GPHA from 2017 to 2021.
The OSP commenced investigations into Labianca Company Limited and the Customs Division following a petition filed by one Frank Asare on November 16, 2021, pursuant to Section 27(1) of the OSP Act, 2017 (Act 959).
Mr Asare, in the petition, accused the Customs Division of the GRA and Labianca Company Limited of involvement in an alleged corrupt deal.
Canadian-born Ghanaian defender Richie Laryea has made a return to his country of birth as he has joined Toronto FC on loan from Nottingham Forest.
He makes a return to his old stomping grounds where he played for three years before joining the English side, Nottingham Forest.
At the English side, he saw limited playing time in England’s second tier, unable to crack a Forest lineup on a winning run under manager Steve Cooper, who led the team to promotion.
Toronto coach Bob Bradley, who doubles as the team’s sporting director, said the deal to bring back Laryea was “far” down the road.
“It’s not quite finished but I think we’re all optimistic that the main parts are done,” he said after training Thursday.
A deadline was looming with the MLS secondary transfer window closing at end of the day.
The move fills a hole at right fullback for Toronto while giving Laryea a place to play in the lead-up to the November World Cup in Qatar.
Bradley said he expects the Laryea move to be a loan initially with the player expected to arrive later Thursday. Toronto (6-12-5) plays at Nashville SC (8-7-9) on Saturday.
Laryea made 83 appearances across all competitions with nine goals and 12 assists for Toronto. He earned US$226,950 last season with TFC.
He was one of 22 players from last year’s first team to move on.
Laryea didn’t make his Forest debut until April 18, coming off the bench in the 79th minute in a 4-0 win over West Bromwich Albion. And with Forest strengthening its roster for its return to the Premier League — reportedly spending more than £80 million (C$124.9 million) on 12 players — the competition for playing time was growing considerably.
Ati-Zigi was shown a red card in the final seconds of the tight match at Zürich’s Letzigrund Stadion.
He unintentionally kicked his opponent, prompting the referee to send him off, resulting in a suspension for the next game.
The goalkeeper had a good game, but his performance was overshadowed by his red card. He’ll be missed when St Gallen hosts FC Luzern next weekend.
Ati-Zigi made four saves, two punches, one high claim, 55 touches, 66 percent accurate passes, 21 long balls (10 accurate), two clearances, and won two ground duels, according to Sofascore.
Grasshoppers’ three goals were the first conceded by At-Zigi this season. He had previously kept two consecutive clean sheets, including a stunning performance last week against FC Zurich.
A sum of GH¢1.074 million has been recovered by the Office of the Special Prosecutor (OSP) from Labianca Company Limited, owned by a member of the Council of State, Ms Eunice Jacqueline Buah Asomah-Hinneh.
The amount represents a shortfall in import duties the frozen foods company paid to the state.
In an investigative report, a copy of which has been seen by Graphic Online, the OSPaccused Ms Asomah-Hinneh of influence-peddling for allegedly using her position as a member of the Council of State and member of the Board of Directors of the Ghana Ports and Harbours Authority (GPHA) to get a favourable decision from the Customs Division of the Ghana Revenue Authority (GRA), which led to a reduction in the tax liabilities of Labianca Limited.
Influence peddling
Influence-peddling or trading of influence is a form of corruption in which a person uses his or her position or political influence to gain unmerited
favours.
The OSP faulted a Deputy Commissioner of Customs in charge of Operations, Joseph Adu Kyei, for issuing what it described as unlawful customs
advance ruling which reduced the benchmark values of the frozen foods imported by Labianca Limited, thereby reducing the company’s tax obligations to the state, reports Graphic Online’s Emmanuel Ebo Hawkson.
“The OSP finds that there is strong evidence to suggest that Mr Kyei’s decision to issue a customs advance ruling for the applicant was procured
through influence peddling or trading of influence by Ms Asomah-Hinneh by employing her position as a member of the Council of State and member of the Board of Directors of the GPHA, the report, signed by the Special Prosecutor, Kissi Agyebeng, stated.
The investigative report, dated August 3, 2022, is titled: “Report of Investigation into Alleged Commission of Corruption and Corruption Related Offences involving Labianca Group of Companies and the Customs Division of the Ghana Revenue Authority.
According to him, a successful closed season must not be marred with the practice of illegal, unreported and unregulated fishing activities by fishers.
He said though the 2022 Closed Season had been somehow successful, there was the need to consolidate the gains with enough commitment from the government and stakeholders to ensure compliance and enforcement in the sector.
This was contained in a statement issued and signed by Mr Kyei Yamoah after one month of closed season for Artisanal fishers which started in July 1 and ended on July 31.
He noted that the fishing Closed Season was an important tool for fish conservation and that “the current fisheries resource in Ghana is over-exploited and near collapse as a result, fish landings by fishers are all time lowest making the fishers running at a loss leading to deepened poverty”.
“Most fishers are not able to recoup the investments made and not able to break even”.
He said one way to reverse the collapsed fisheries was to ensure that measures are put in place to rebuild the marine fish stocks to have adequate fish in the sea”.
Mr Yamoah explained that to rebuild the fish stock there was the need to manage the people who fish and regulate the fishing method being used, adding that any method of fishing that harvested juvenile fishes was unsustainable and would lead to the total collapse of the fish stock.
He stressed that though many artisanal fishers complied with the 2022 Closed Season, the government has not been able to deal with the Illegal Unreported and Unregulated (IUU) fishing, especially because the Fisheries Enforcement Unit (FEU) was not resourced to enforce the fisheries laws.
He intimated that “after the Closed Season, if fishers still go to sea with all the illegal nets and gears to catch juvenile fishes, we will lose all the gains of the Closed Season to illegal fishing which means that all the efforts at closed season would have been wasted”.
Mr Yamoah stressed the need to enforce the fisheries laws after the closed season and punish fishers who disregarded the Fisheries Laws.
The President of the Ghana Union of Traders Association (GUTA) says the depreciating value of the cedi and its effect on businesses in the country is creating tension among it members .
Speaking in an interview on The Probe on Sunday, Mr. Joseph Obeng stated that members of GUTAare calling for a demonstration against the government.
This, according to him is because “the exacerbating tension that is coming from the trading committee is huge.â€
He added that they are at a point where “they believe that if nothing is done about their businesses, their businesses are going to collapse in perpetuity so they are calling for a serious demonstration.â€
However, he stated that as leaders of the Association, they want to engage government to find out the challenges before taking an action.
“We want to engage government. What is the challenge? Government should let us know what the problem is so that we identify with them and know the input we can also make†he said.
Earlier, GUTAin a statement indicated that the “depreciation of the cedi against other major trading currencies is getting out of hand, and the increase in the monetary policy rate is also leading to high lending rate in the country.â€
According to GUTA, as a result of the depreciation, businesses are at a point where their survival is seriously threatened.
“It could be recalled that since December 2021 when the dollar was 6.4 cedis, our working capitals have been depleted by 40%. Now that, the dollar has reached about 9.00 cedis, our worst fear is that we are now going to make Christmas orders from our suppliers, which may aggravate the situation.â€
GUTA, therefore, called on the government to “as a matter of urgency, reconvene the Foreign Exchange Committee that was set up a few years ago by the Finance Ministry which involved all relevant stakeholders, to help find an immediate solution.â€
According to GUTA, “If immediate remedial measures are not taken to control this alarming situation, we may be using One Million Ghana cedis to buy only One Hundred Thousand US dollars when the dollar reaches 10.00 Ghana cedis.â€
“At this point in time, if nothing is done, speculations would be rife and serious panic will set in for people to invest in forex as a matter of security for their hard-earned working capital, thereby making control of such a situation difficult for the government,†they added.
The 23-year-old Ghanaian ran back to his box after initially failing to prevent the counterattack from happening and appeared to only need to flick the ball clear when Emerson Royal’s cross landed harmlessly in his direction.
Salisu, to the displeasure of his manager, used his left foot instead and proceeded to deflect the ball into his own net while off balance.
After the game, Southampton manager Ralph Hasenhuttl reacted to the own goal scored by Salisu.
“It’s easy [for Salisu] to clear with the right foot here. This is simply not good enough at this level,” he said.
On 12 August 2020, Salisu joined Premier League club Southampton for a fee worth £10.9 million. The English club had triggered a buyout clause in the defender’s contract with Salisu putting pen to paper on a four-year deal.
Fast rising Ghanaian rapper Frank Afrane, popularly known within the entertainment industry as Okese 1, has refuted claims that he makes his money from internet scams and fraud schemes.
According to him, he makes his money from music alone.
Aside from music, the rapper is popular for flaunting bundles of cash on his various social media platforms and posting images of his luxurious accessories and expensive cars. As such, the rapper has been tagged as an internet fraudster.
Speaking in an exclusive interview with Giovani Caleb, the boss of Music group, Amotia Gang, explained that he is against internet fraud and any other scheme that robs people of their hard-earned resources and that he makes his money from music.
Okese 1, however, acknowledged hearing of some persons in the entertainment industry who have been cashing in from internet fraud and other illegal schemes.
“No, it depends on what the boys are doing to confirm, as for me, I confirm cash when I do new music and send it to streaming platforms,†he said on the 3FM Drive.
