Finance expert, Joe Jackson, has asked the government of Ghana bondholders to accept the conditions of the debt exchange programme recently announced by the Minister for Finance, Ken Ofori-Atta.
The Government of Ghana on Sunday, December 4, 2022, announced a Debt Restructuring Programme asking institutional bondholders to voluntarily exchange their existing bonds for new ones.
The new agreement among other things, will replace existing local-currency debt with four new bonds maturing in 2027, 2029, 2032 and 2037; Finance Minister Ken Ofori-Atta said.
This has seen government entreat local bondholders to accept losses on interest payments set at 0% in 2023, 5% in 2024 and 10% from 2025.
Speaking on Ghana Tonight, Joe Jackson while noting that the exercise will have more impact on small investors asked the investors to accept the programme no matter how bad may be.
“At this moment, individuals who were wealthy enough to buy bonds in their own names are not being touched, Treasury Bills are not being touched. It is corporates that are being touched,” he said.
Describing the situation as unfortunate, Joe Jackson added that, “the smaller investor who is not rich enough to buy bonds in his name is now indirectly, being affected because that investor joined a corporate investment scheme, and the scheme being a corporate entity has been affected by the haircut.
“At this moment, you have got to accept it and move on however bitter the pill is, however unfair the pill is, however angry we feel about the pill,” he said.
The financial analyst however entreated the government to ensure cuts in its expenditure to help the current situation.
“The government must also cut expenditure , this is about cutting expenditure too. At the moment, I don’t think the government has cut enough expenditure. Next year’s budget we are still borrowing GHS61billion.
“That doesn’t make sense to me, that is not a nation in austerity. The government must cut expenditure, they must show that they are willing to bear the pain,” he stated.
Meanwhile, various institutional bondholders have flatly rejected the government’s debt exchange programme.
Leaders must be innovative and receptive to fresh ideas, according to Rev. Samuel Noi Mensah.
The former President of the Full Gospel Church International made the call during a sermon he delivered at the Church’s headquarters at Community 1, Tema, on Sunday, 20 November 2022.
Expounding on Luke chapter 5, Most Rev. Mensah highlighted on a great lesson that all leaders must learn from the experience of the Apostle Peter.
Frustrated after a fishing fiasco, Peter, a professional fisherman, had to listen to and follow the instruction of Jesus, a carpenter, to get over his frustration in a spectacular manner.
The overwhelming catch he and his company made after heeding the creative counsel of Jesus Christ, is a lesson in leadership worth catching by every leader worth their sort.
From the scripture lesson, he indicated that there are times when one’s expertise and professional know-how may not yield the expected results. He, therefore, provided some four basic principles to leaders (both political and corporate) as a guide in times of crisis.
Firstly, leaders must not display arrogance in times of crisis but rather they must be humble to accept responsibility and be open to new ideas.
Secondly, leaders must eschew the know-it-all attitude which may hinder them from exploring other alternatives.
Thirdly, leaders must be open to options and new ideas; and lastly, leaders should be humble enough to invite ideas from people outside of their inner circles.
Picking some lessons from Luke Chapter 5, Most Rev. Mensah observed that after Peter and his company had toiled all night and caught nothing, his friends abandoned their boats and were washing their nets, which was an indication that they had exhausted all their fishing strategies and had nothing to show for their collective efforts.
They were folding up for the day. Jesus was not part of Peter’s company neither was He an industry player in the fishing field.
However, when Peter’s back was against the wall, he was humble enough to accept the opinion of an outsider to solve his fishing woes.
Relating the lessons learned to the country’s current national economic crisis, Most Rev. Mensah admonished President Nana Akufo-Addo and his team of leaders to invite ideas from people outside their own government (i.e. opposition political parties, religious bodies, TUC, Academia, various professional bodies and other major key stakeholders).
In his view, since all the measures the current government has taken to restore macroeconomic stability will travel beyond their tenure of office, there is the need for broader stakeholder engagements to bring everyone on board towards furthering national cohesion for economic growth and the overall well-being of the citizenry.
On Friday, December 3, 2022, a female passenger was riding home late from a fun night out with some friends when her driver began acting extremely weird.
According to the victim who has only been identified as Diana, she said it was around 1:30 AM on Saturday when she was on her way back home, using the GIMPA bypass.
She explained that she had ordered for a car using the hailing service, Yango, but along the way, she noticed that her driver made a wrong turn.
Immediately, she said she drew his attention to it but got the response from the driver that he was only using a shorter route.
Speaking to GhanaWeb over the phone, she continued that while on the GIMPA road, the driver told her he wanted to attend to nature’s call and then he suddenly parked by the roadside.
“Suddenly, two men emerged from the bush and entered the car. Together with the driver, they then drove me into the bushes and asked for my monies and phone. With a knife pointed at me, I emptied my bag and handed everything to them.
“They then asked me to log out of my iCloud and subsequently took my mobile phone Mobile Money PIN from me,” she narrated.
Speaking from her hospital bed at the Greater Accra Regional Hospital (Ridge Hospital), where she is receiving treatment ahead of a surgery, she said things did not end there.
Diana stressed that the driver then drove to a spot around the John Teye Memorial School and they forced her out of the car, and into the bushes.
She explained that they sexually molested her before harming her physically with a sharp object.
“Not satisfied, they drove me all the way to the bushes around John Teye Memorial School, and stripped me naked and threatened to kill me. They then inflicted deep cuts on my hands and in my palm before they fled the scene,” she said.
According to Diana, some inhabitants heard her shouts from the bush and came to her rescue. They then sent her to the Ridge Hospital.
The case was subsequently reported at the Ofankor Police Station, after her family had been informed of what happened.
The police have since confirmed receipt of the complaints and have assured that everything will be done to arrest the perpetrators.
So far, the police are on a hunt for the Yango driver and his two accomplices; who are on the run. They are being charged with robbery.
Farmer Nuhu Seidu, age 23, has been jailed for assaulting a nurse in Grupe, a rural town in the West Gonja Municipality in the Savannah Region.
Seidu was sentenced to 12 months in prison for attacking a male nurse in the neighborhood. He admitted to insulting and abusing the nurse and was handed a 12-month term for his failure to pay a GH¢3,400 fine.
In a report filed by the Ghanaian Times newspaper, Nuhu Seidu, who is a first-time offender, was to pay GH¢1,000 to the victim as compensation and GH¢2,400 to the court.
But he told the court that, he would be unable to pay the fine due to the nature of his job. Moreover, none of his family members came to the court or the police station after he was fined.
The presiding judge, His Worship Edward Essel, passing his judgement said the 12 -month imprisonment is to serve as a deterrent to persons fond of attacking government officials in the rural areas.
According to reports, a 67-year-old woman at Mankessim in the Central Region of Ghana has allegedly committed suicide.
The old woman, according to a report by Despite Media’s Central Regional Correspondent, Ibrahim Dadzie, took her own life by hanging herself.
According to the reporter, the incident occurred on Friday, December 7, 2022, at Mmroansa, a suburb of Mankessim.
The old woman was found the morning of the incident by her eldest daughter hanging from a door frame with a sponge tied around her neck.
According to the reporter, the incident has thrown relatives of the deceased into a state of shock, as they find it difficult to identify what motivated their mother to take her own life.
Meanwhile, the body of the deceased has been deposited at the Saltpond Government Hospital, with police investigations ongoing.
The Church of Pentecost has admonished its members against dealing in the production and sale of items detrimental to the mental, physical and spiritual health of others.
The church has, therefore, urged its members to stay away from dealing in alcohol and cigarettes, among others.
In the rules of conduct for members of the Church of Pentecost, issued by its General Secretary, Apostle Nana Yaw Kumi Jnr. on Tuesday December 6,2022, the church said: “In your business, endeavour to make all your dealings and transactions Bible- based, honest and transparent (Prov. 16:8; 21:6; 22:13,16; Jer. 17:11; 22:13). A true child of God should not deal in items known to be detrimental to the spiritual, mental and physical health of others, e.g., alcohol, cigarettes and narcotic drugs”.
The Church stressed its stance on premarital sex and marital infidelity and indicated that members found acting contrary to its position, will be punished.
“Marital fidelity and chastity before and during marriage are the hallmarks of a true Christian and are, therefore, strongly urged upon every child of God. Pre-marital and extra-marital relationships have no place in the Church of God; members found in such relationships should be punished by suspension and/ or withdrawal from fellowship (1Cor. 5; Heb. 13:4)”.
The church also urged its members to be circumspect in their conversations in matters relating to the church and the Ministers who serve in the church.
“During casual conversation at home or at work, do not speak disrespectfully or disparagingly about the Church and God’s servants. Make your concerns and grievances known to the appropriate authority for explanation or redress (3 Jn. 9,10; Num. 12:12,” it stated.
Read the full Rules of Conduct for Members of the Church of Pentecost below.
RULES OF CONDUCT FOR THE MEMBERS OF THE CHURCH OF PENTECOST
• The Church is the household of God, redeemed and sanctified by the blood of Jesus Christ.
• The Church is therefore not a mere social institution, but a family of saints being trained and equipped until we all attain the measure of the stature of the fullness of Christ (Eph. 4:13).
• The following guidelines are therefore intended to help you walk worthy of your calling as a child of God:
a. Set aside a period daily for a personal quiet time in prayer and meditation on the Word (Matt. 6:6; Eph. 6:18-20).
b. Always endeavour to adequately prepare yourself through prayer and meditation before coming to the house of God (Heb. 4:15-16).
c. Be in your seat in good time before the commencement of service and participate fully in every aspect of the service.
d. Endeavour, by word and deed, to bring up your children in the fear of the LORD, and bring them with you to the house of God. Supervise and monitor the active participation of your children in Sunday School and Youth Ministry, as the case may be. Do not neglect the spiritual well-being of the other relatives and house- helps under your care; they also need salvation (Gen. 18:19; Jos. 24:15; 2 Tim. 1:5, 6; Prov. 22:6; Deut. 6:4-7).
e. Take the pastor as your own friend. He needs your compassion, help and advice as you also need his. Pray for him always (Heb 13;17, 18; Rom. 15:30-32; Mal 2:7).
f. Make the Church your spiritual home. Love the brethren with brotherly affection and, if you are able, contribute to the needs of the saints (Phil. verse 7; Ac. 2:46).
g. During casual conversation at home or at work, do not speak disrespectfully or disparagingly about the Church and God’s servants. Make your concerns and grievances known to the appropriate authority for explanation or redress (3 Jn. 9,10; Num. 12:12).
h. Endeavour to study the Bible diligently on your own and take it with you anytime you go to the house of God (2 Tim. 2:15; Act. 17:11; Jos. 1:8).
i. Enter reverently; pray fervently; listen attentively; give praise from a grateful heart, and worship God in the beauty of holiness (Ps. 118:27-29; Eccl. 5:1; Rom. 7:12; Jas 1:19). “Enter into His gates with thanks-giving, and into His courts with praise; be thankful unto Him and bless His name” (Ps. 100:4)
j. Marital fidelity and chastity before and during marriage are the hallmarks of a true Christian and are, therefore, strongly urged upon every child of God. Pre-marital and extra-marital relationships have no place in the Church of God; members found in such relationships should be punished by suspension and/ or withdrawal from fellowship (1Cor. 5; Heb. 13:4).
k. In your business, endeavour to make all your dealings and transactions Bible- based, honest and transparent (Prov. 16:8; 21:6; 22:13,16; Jer. 17:11; 22:13). A true child of God should not deal in items known to be detrimental to the spiritual, mental and physical health of others, e.g., alcohol, cigarettes and narcotic drugs.
Parliament on Tuesday, December 6, 2022, approved the Budget and Economic Statement for Ghana for the 2023 financial year.
The budget was approved by the House after the conclusion of the debate on it by Members of Parliament (MPs).
After the brouhaha surrounding the budgets, with some MPs of the ruling government threatening to boycott it and other MPs being heavily criticised for missing the debate on it (the budget), it was passed without any aggression in the House.
But members of the minority caucus of Parliament could not help but mock their colleagues on the majority side over the poor performance of the economy.
Immediately, the Speaker of Parliament, Alban Bagbin, passed the motion for the approval of the budget after a voice vote, the National Democratic Congress MPs started singing Sidney Barima Oppong’s ‘Africa Money (Our Money)’.
‘Wanna money ee oga dey chop am nyafunyafu. Wonna money eh, ao money oh. Africa money eh, Oga dey chop am fuga fuga. Wonna money eh, ao money oh Africa money eh, Oga dey chop am fuga fuga. E dey chop am nyaga nyaga. Oga dey chop am nyafu nyafu, nyafu nyafu,” the MPs could be heard singing.
The song literally translates to African leaders using the resources of their countries (monies) for their personal benefit.
A former president of Ghana, John Dramani Mahama, has urged citizens to donate money to help organize the 10th National Delegates Conference of the National Democratic Congress (NDC).
The conference, slated for Saturday, December 17, in Accra, is to elect national officers to steer the Party’s affairs for the next four years.
In a statement copied to the Ghana News Agency on Monday, Mr Mahama said about 9,000 constituency, regional and national executives, being accredited delegates, would have to be transported to Accra and accommodated for the conference.
“The Party needs your support to fund this congress,” he said.
“I am inviting 500,000 willing Ghanaians, NDC supporters, sympathisers, and friends to donate a minimum of 10 Ghana cedis each to help us fund the congress. You don’t have to be a member of the NDC to donate.”
The donation should be made via MoMo number 059 860 4199 or pay into the NDC Congress Account at the GCB Bank, into Account Number: 13-9113-00-00-837.
“If you want to arrange other forms of support, please send me an email- [email protected],” former President Mahama said.
On Tuesday, December 6, 2022 parliament approved the Budget and Economic Statement for the 2023 fiscal year.
According to 3news.com, the budget was approved by the House after the conclusion of the debate on it by Members of Parliament.
The leader of the minority caucus of the House, Haruna Iddrisu, who concluded the debate on behalf of the Minority, urged the government to drastically cut down its expenditure in order to deal with the challenges facing the economy.
“It is the demand of this group that there must be major expenditure cuts otherwise some of your tax handles will suffer in our hands. For instance, GHS1.4 billion allocation to contingency vote, we shouldn’t give him that,” he said.
For his part, the Majority Leader Osei Kyei-Mensah-Bonsu said that the approval of the budget will help ensure that some infrastructure projects including roads are completed.
“Some roads have begun. Intention is to ensure that they don’t deteriorate; they are not left unattended to,” he said.
Bribing police officers to get away with committing traffic violations has become a routine, if not justifiable, among many commercial drivers.
A taxi driver, David Ayensu who worked at Tudu in Accra was part of the unlucky few that got hooked by the law after bribing a police officer with the Motor Traffic and Transport Department (MTTD) of the Ghana Police Service with Five Ghana cedis to atone for his offence.
According to Ayensu, the MTTD officer caught him driving with an expired driver’s licence but he bribed the uniformed man with a paltry amount of Five Ghana cedis in a bid to evade the consequences of his action.
“My renewed licence was seized by another police officer so I was using an old one. I knew I had erred so when the officer took the expired licence, I quickly took out Ghc 5 and filed it in an AMA operational card and handed it to him,” he recounted.
Ayensu said the patriotic police officer returned both licences to him without taking the money. He said the officer went ahead to discharge him.
He told crimecheckghana.org that while he was trying to escape from other patrol men who hooted at him to stop, he flouted traffic light rules and crossed when it had turned ‘yellow’.
The taxi driver said he ignored the police officer because he claimed the cop would have let him go if he knew he attempted to give his colleague a bribe.
“The other officer chased me with a motorbike but I refused to stop even when some pedestrians prompted me. I crossed the yellow light at a point where the officer caught up with me,” he said.
The young man said the passenger aboard his vehicle confronted the police officer when he was asked to get off the car for another one.
“The driver gave your colleague Ghc 5 so why are you following him?,” the passenger asked the police officer.
Ayensu said a brawl ensued between the passenger and the officer but he claimed he did not get involved but his car key scathed the peace officer.
“Other policemen came around and accosted me to their office after the passenger had gone,” he indicated.
Ayensu said at the police station, he was subjected to torture and was sent to court the following day.
The young driver said he was charged with careless and inconsiderate driving, which he admitted in court.
“I was fined One Thousand Eight Hundred Ghana cedis but I could not pay. I was jailed for two years at the Ankaful Main Prison,” he narrated.
Crime Check Foundation (CCF) visited the prison and met Ayensu who narrated his story to the team.
The Chief Executive Officer of Agyare Real Estate Limited, Stephen Agyare Jr. supported CCF’s Petty Offenders project to pay Ayensu’s fine for his release.
The Petty Offenders project
Crime Check Foundation has facilitated the release of many convicts who committed minor crimes through its fine-paying module. This is aimed at helping to decongest the prisons among others.
A new version of the GH1 coin with improved security measures has been introduced, according to the Bank of Ghana (BoG).
“The upgraded GH¢1 coin is bi-metallic with an outer gold and inner silver. The coin has a pronounced rough edge and incorporates a latent image, which appears in a rectangular form below the Scale of Justice at the back,” parts of a statement issued by the BoG read.
Ordinary, this announcement should be welcomed news to Ghanaians because it will help prevent fraud and help ensure that the country’s currency is secured.
But Ghanaians on social media are not taking the announcement of the new GH¢1 coin, which will be in circulation from Monday, December 12, 2022, well.
Some Tweeps have been questioning the time of the move by the BoG and the amount it might have cost the country, given the current economic hardships.
“Useless people, how much will this cost us huh? as for Nana Addo the least said about him the better,” one Twitter user wrote.
Some also said that the BOG should focus on stabilising the value of the Ghana cedi rather than issuing new currencies.
“Under Akufo Addo our currency has depreciated badly n he has introduced new denominations new features on our currency n wiping out some…what development paaa will this bring to the nation, of what benefit is this…Total waste,” another Ghanaian wrote.
The Gomoa East District Assembly has embarked on a five-day community engagement to give account to community members on completed and ongoing ones the Assembly had undertaken.
The engagement is also to listen to other pressing issues confronting the communities for redress.
On the first day of the engagement, the District Chief Executive (DCE) for the Area, Mr. Solomon Darko Quarm, and his team visited two communities; Nkwantanan and Dominase where he outlined numerous projects including the construction of education, road and health facilities.
The team as well assessed community support and services.
The Assembly, he noted had provided Community-Based Health Planning and Services (CHPS) compounds, constructed an assembly block, teachers and nurses’ quarters, provided computer labs with computers, awarded scholarships to brilliant, but needy students, and presented sewing machines to vocational trainees, among others.
At Nkwantanan, he highlighted projects done by the Assembly which included a newly constructed 3-unit classroom block with an ancillary facility, culverts, and electricity extension. According to the chief of Nkwantanan, Nana Obirikafo Gyebu II, Nkwantanan continues to face education infrastructural challenges as some 180 pupils study in one classroom due to inadequate classrooms.
Also, the road network came out as a major challenge with residents calling for its rehabilitation. Nana Gyebu appealed to the Assembly to facilitate the construction of classroom blocks to decongest the few ones to improve teaching and learning in the area.
Also, he touched on the bad road network there and drew attention to the fact that a proposed factory in the community will soon attract bigger vehicles to the area and so the need for the access road to be reconstructed.
On security issues, he said the community would continue to cooperate with the security agencies to help combat crime.
At Dominase, the chief, Nana Okogyedom Safo Kantanka Atta IX, bemoaned the portions of the community which had been dug in a bid to construct drains but were abandoned and called for immediate action to avoid any disaster.
He mentioned lack of educational materials like furniture, teaching aids, and books as some of the challenges of education in the Area.
On health, Nana Kantanka Atta said the community had only one CHPS compound in a deplorable state making quality healthcare delivery difficult.
Reacting, Mr Quarm assured that the Assembly was working to address the challenges affecting education, health, security, sanitation, and road network in the district.
Projects are being carried out at Potsin, Nyanyano, Nyanyano Kakraba, Akotsi Benkyere, Adawukwa, Fetteh, Fetteh Kakraba, Limousine, Buduburam, Takyiman, AprahDominase, Dr. Jesus, Nkwantanan, Kojo Oku and Fiifi Pratt,” he noted.
Specific projects in specific communities include; the construction of girls dormitory and a 12-unit classroom block at Fettehman SHS, and the construction of a 3-unit classroom block with ancillary facilities each at Takyiman, Nkwantanan, and Amoanda.
Setting up of Rikpatt Company, a 1D1F facility at Akotsi, the construction of a 20-seater institutional toilet at Eduafokwa, a boys dormitory for P Amass, and the construction of a 3-unit classroom block at Potsin, are some of the achievements. Others include the construction of Potsin to Ahombrew road, Buduatta road, reshaping of Potsin to Adzintem road, construction of Bambam bridge and Nyanyano main road.
The government is aiming to put into place a long-term structure that would make it possible for low and middle-income earners in Ghana, notably public and civil servants, to obtain mortgages for their own homes.
This is provided for in the National Housing Policy before Cabinet for consideration, which when eventually enacted by Parliament, will allow the target population to use at least 30 percent of their monthly emolument to secure decent residential accommodation, particularly upon retirement.
The Minister of Works and Housing, Mr. Francis Asenso-Boakye, announced this at the Pemso Public Lecture in Kumasi.
This year’s Pemso Public Lecture is the seventh in its series and is focused on the ‘Asante Architecture; The Past and Present Perspective on Spatial Planning and Globalization’.
It was organized by the Asante Professionals Club, an apolitical not-for-profit organization under the auspices of the Manhyia Palace.
The President of the Club, Mrs. Ama Serwaa Nerquaye Tetteh explained that the Public Lecture series is part of the contributions of the Club towards meaningful national socio-economic development.
The lecture was delivered by a renowned Architect, Osei Kwame Agyemang, whose delivery traced the history of Asante traditional architectural designs in construction, particularly houses, in the context of a modern built environment.
With the aid of pictorial evidence, Osei Kwame Agyemang noted that unlike in modern construction, almost every building, particularly residential properties in the olden Asante system, had a courtyard designed with symbols that placed greater value on family cohesion, traditions, culture and discipline.
However, with the passage of time and the advancement of technology coupled with modernism and individualism, estate owners have now shifted to designs that virtually have no place for such values required to keep family history and traditions and suggested a re-look at the situation for the sake of posterity and history.
In a panel discussion, the discussant, a professor of Architect, Prof. Daniel Duah of the KNUST, a Legal Practitioner with expertise in land development, Mrs. Mariam Agyemang Gyasi Jawhary, and others, identified various factors that have led to the deviation from the old, but unique Asante Traditional Architectural designs which they noted was best in the preservation and promotion of family values, history and traditions for the larger society.
Head of the Asantehene’s Land Secretariat and the Apagyahene, Oheneba Owusu Afriyie, who is himself a professional Architect, while blaming successive government’s penchant for contracting foreign firms and individuals for the construction of public facilities without regard for Ghana’s historical and traditional interests, said, “it is not too late for the matter to be re-considered for the sake of Ghana’s future generations”.
The Minister of Works and Housing, Francis Asenso Boakye, said the recent Population and Housing census has put Ghana’s Housing deficit at one point-eight million, a figure which is about 200 thousand less than previously estimated.
The Minister identified the lack of a specific statutory body to lead the planning, coordination and regulation of the housing sector as the fundamental cause of the failure of various affordable housing initiatives, hence, the drafting of a law to establish the National Housing Authority in this regard.
Mr. Asenso-Boakye announced plans by the current government to ensure that public and civil servants acquire their own houses through a mortgage scheme.
The Asante Professionals Club used the event to recognize and honour three indigenes of Asante for their profound impactful contributions to national development.
They are Kwame Pianim, an Economist, Prof. Mrs. Rita Dickson, the first ever female Vice Chancellor of the KNUST and Dr. Charles Badu-Yeboah, co-founder and Managing Director of International Community School-Ghana.
Nana Obiri Boahen, a former deputy general secretary of the New Patriotic Party (NPP), has condemned the accusations leveled at former President John Agyekum Kufuor for his statements on the current state of the nation.
Speaking in a Neat FM interview monitored by GhanaWeb, Obiri Boahen said that no member of the NPP can say that the things Kufuor talked about are false.
He added that the hardships in the country are real and the former president should be allowed to express his views.
“The other time. I said that ‘akpeteshie’ (local alcohol) is now GHS4 per tot. Yesterday, I heard that in Sunyani, it is now selling GHS5 per tot and the full bottle is being sold at many places for GHS25. So, the reality of the situation on the ground is that the hardship is becoming scary.
“Yesterday, I read what President Kufuor said at a meeting with IMANI and it is generating a lot of issues. If President Kufuor speaks, who am I to criticise him? And I will never doubt anything President Kufuor says because of his experience in politics.
“No NPP member will not be cornered about the things Kufuor said… I have seen that people have started insulting him, what did he say wrong? Did he insult someone, did he talk against someone,” he said in Twi.
The former NPP General Secretary added that Ghanaians should brace for more hardships because prices of goods and services tend to go up during festive periods.
Editor of the Custodian Newspaper, Awudu Mahama, has criticized Ministers who travelled to Qatar for the World Cup, rather than staying in the country to review the 2023 budget.
According to him, these ministers should have been in the country taking notes and addressing specific sector budgetary issues raised by Finance Minister Ken Ofori-Atta.
“I have serious issues with ministers who went to the World Cup. After the budget has been read, we expect every minister to come and take notes on their sectors as addressed in the budget. But instead of being there to take notes and review the budget, these ministers go to the World Cup, especially at a time where Ghanaians are agitated and the economy is in bad shape,” he told Samuel Eshun during the Editors’ Take Discussion on the Happy Morning Show.
Awudu Mahama was peeved these Ministers ignored the tension within the majority caucus to go watch the World Cup. “I wasn’t happy when ministers after the budget was read went to the World Cup, especially with the tension amongst the majority caucus. So, if a minister, you stay away from the budget, do you expect the MP who is already agitated to take your actions lightly?”
On Thursday, November 24, the embattled Finance Minister Ken Ofori-Atta presented the government’s economic programme to Parliament for the 2023 fiscal year.
Amongst the highlights of the budget were the revision of the E-levy from the current 1.5% to 1%, plus an increment of the VAT rate from 12.5% to 15%.
After the budget presentation, some ministers and MPs travelled to watch the tournament rather than deliberate the 2023 budget.
The national Chairman for Progressive Peoples Party (PPP), Nana Ofori Owusu, has asked the president of Ghana, Nana Addo Dankwa Akufo-Addo to suspend the construction of the national cathedral with immediate effect.
The project, according to him, is of no priority at this time of economic difficulty.
Speaking on Peace FM’s morning show, Kokrokoo, the politician argued that all non-essential projects of the government must be put on hold.
“If you know you can’t pay your money don’t go and start any new projects, suspend all non-essential projects like the national cathedral. We’re in crises, this time that we are in economic challenges, and people are taking ‘haircut’, you are saying you are going to build a national cathedral. In this difficult time, does it make sense? Which solution are they giving to us as a nation, the executive budget should be reduced by 60% and they should reduce the number of ministers to 14 in total. It should not be more than 35, including deputies.”
One may recall that, on May 5, 2022, the president of the republic of Ghana, Nana Addo Dankwa Akufo-Addo, delivering an inaugural Africa lecture at the Museum of the Bible in Washington, Dc, USA, said that the construction of the national cathedral was of high priority to him as president.
“I am a Christian in politics who is unashamed of asserting my Christian faith as part of my political calling. It is the faith and this belief in God’s power to transform difficult situations into beacons of hope that has animated my vison for moving Ghana to a situation beyond aid and putting the country onto the road of self-reliance and sustained progress and prosperity,” the president said.
Dr. Kareem Mumuni has resigned from his position as acting hospital CEO, according to the Tamale Teaching Hospital (TTH).
It is unclear what his reason is regarding the resignation.
The Governing Board of the Hospital, meanwhile, has tasked Dr. Adam Atiku, the Director of Medical Affairs to take over as the Acting Chief Executive Officer while the Governing Board takes the necessary
steps to find a permanent replacement.
A statement signed by the Public Relations Officer of the Hospital, Mohammed Misbao said “Staff and the general public shall be informed about any development in due course.”
Cassiel Ato Forson, the Ranking Member on the Finance Committee of Parliament has lamented what he says is the mess created by the Nana Addo Dankwa Akufo-Addo government for which reason a domestic debt restructuring has been announced.
The magnitude of mess created he added will be bequeathed to whichever government takes over when Akufo-Addo exits.
He stressed at a Minority press conference (December 5) that with Ghana’s debt officially classified as ‘unsustainable,’ the simple meaning was that government is unable to pay debts in its current shape and form hence a debt exchange.
Ato Forson added that by defaulting on its current debts, thus announcing a domestic debt exchange, “Ghana has announced default of its external debts. That is what it means,” he stated before announcing that rating agencies will by close of the week, downgrade Ghana to D status.
“Ghana will be the first country in the entire Africa ever to restructure its domestic debts. We have joined the league of Greece and Jamaica in the last 10 years,” he said.
He also described government’s claims that there will be “no haircuts” on principals of bondholders and their interest as a hoax.
He explained how investors with the Daakye bond for example will record as much as 63% of losses on their investments.
“…the haircut is steep and that is what I call back bow, it is very steep and it is going to erode your hair completely Ablakwa will be better off. So let no one lie to you, we are in trouble. Ghana is in trouble,” he added.
How Ofori-Atta compared the Ghana operation to Greece and Jamaica
Ghana is not the first nation to undertake such Domestic Debt operation. To illustrate the point, let me cite the examples of just two countries among many others in the last 10 years.
Jamaica resorted to such operations in the past, notably in 2010 and 2013. In both cases, it chose to trust the sense of responsibility of the Jamaican people and proceeded through a voluntary approach. This approach was highly successful, as more than 99% of holders of domestic bonds participated in the exchange.
On the contrary, in the case of Greece, the Authorities chose to undertake a coercive approach, whereby a law was passed to force people into participating. We intend to avoid as much as possible the Greek approach, as we strive to reach a consensual solution with our bondholders, which the is Ghanaian way.
In any case, the good news is that the Domestic Debt Exchange has yielded positive results both in Greece and Jamaica, and many others, and will certainly put our economy on a much stronger footing. Greece has now recovered full market access.
We certainly anticipate a similar success story in Ghana. I want to assure you about the Government’s commitment to do what is necessary to succeed.
Ofori-Atta announces Domestic Debt Exchange:
The Minister of Finance announced a number of measures under government’s Domestic Debt Exchange (DDE) programme late Sunday.
He stated in a 4-minute address that the announcement was in line with government’s Debt Sustainability Analysis as contained in the 2023 budget he presented to Parliament on November 24.
The Minister laid out among others the exchange of existing domestic bonds with four new ones as well as their maturity dates and terms of coupon payments.
He also addressed the overarching goal of the government relative to its engagements with the International Monetary Fund as well as measures to minimize impact of domestic bond exchange on different stakeholders.
“The Government of Ghana has been working hard to minimize the impact of the domestic debt exchange on investors holding government bonds, particularly small investors, individuals, and other vulnerable groups,” he said before outlining three main measures:
• Treasury Bills are completely exempted and all holders will be paid the full value of their investments on maturity.
• There will be NO haircut on the principal of bonds.
• Individual holders of bonds will not be affected.
According to the chamber, the proposal put forth by the Minister of Finance, Ken Ofori-Atta, is inferior to market expectation and will destroy the savings of Ghanaians and further undermine market confidence.
“We have carefully analysed the announcement by the Minister of Finance on the Debt Exchange Programme and are of the opinion that it is injurious to the interest of contributors to pension schemes”, it said in a statement.
“The proposal as put forth by the Minister of Finance is inferior to market expectation and will destroy the savings of Ghanaians and further undermine market confidence. This is why we reject it outright”, it explained.
It assured contributors to pension schemes that the industry has not agreed to the debt exchange programme proposed by the Ministry of Finance.
“As Trustees, we hold a fiduciary responsibility and are enjoined to seek the best interest of contributors at all times”, it stressed.
It further stated that though it recognises that inflation has caused significant harm to pension fund assets this year and that there is an urgent need to reduce the government debt burden and restore macroeconomic stability that should however not be done to the detriment of contributors to pension schemes.
“We share in Government’s call for burden sharing, but that should be done in the spirit of fairness to ensure a win-win outcome to all stakeholders”, the chamber added.
It urged contributors to pension funds and actors in the pensions industry to remain calm “as we seek the best outcome in our negotiations with the Ministry of Finance”.
“We will duly inform members of the outcome of our deliberations”, it concluded.
It seems to be evident that the students who represent each senior high school in the nation at the esteemed National Science and Mathematical Quiz (NSMQ) give spectators a lot to enjoy about both their schools and the competition.
The ‘yays’, the ‘wows,’ and the ‘ohs’ have become so synonymous with the competition, it makes it more desirous for many followers of the NSMQ to look forward to it every year.
While the names and faces of the boys and girls who appear on the screens are those that people cannot easily forget about, there is also one other very important part of the engines of these schools that represent them on the national stage.
These are the young men and women in the background working out complex permutations, mathematical calculations and scientific equations, but who hardly get to be heard of, or are spoken about.
In this article, GhanaWeb puts the spotlight on one such person; a young woman from the Keta Senior High School who has just completed SHS with flying colours after the release of the West African Secondary School Certificate Examination (WASSCE) results.
Scoring all As in her General Science course, Cynthia Makafui Abla Baragbor has proven to be a successful product of what the NSMQ can birth, even in the background.
Speaking with GhanaWeb through her brother Jerome Chris Mawuli, the 18-year-old who was born on November 2, 2004, said that beyond her love for science and mathematics, she loves to dance and sing.
She told GhanaWeb that with little effort by just doing what she loves and putting her mind into everything she does, she started experiencing a life of many firsts.
She started her education at the Holy Star International Academy in Aflao and later moved to the Aflao Border Basic School in 2015.
“I was admitted into class six and I assumed the first position in my first year in the school which was so overwhelming because we were over 100 students then.
“In my second-year exams, I came up second and was appointed by the head of the school to be the Office Girl,” she said.
Cynthia also explained that she became interested in a number of activities while in school, one of which was a literary competition she took part in.
She spoke about how well the competition organised by the current Member of Parliament for Ketu South, Abla Dzifa Gomashie, went for her.
“I took part in numberless competitions and the renowned one was the Write Away Contest which was organized by Hon. Dzifa Gomashie. I specifically took part in the 2nd edition of the competition which was in 3 stages. Amazingly, I qualified for all three stages, however, the final results were not released due to an undisclosed reason.
“With my final year exams into JHS 3, I fabulously assumed the first position with over 150 students in the class and I was presented with the Certificate of Excellence by the headmaster, Mr Attipoe Emmanuel Yao, for displaying excellent performance in academics,” she added.
She left the school as Girls Prefect, a position she occupied due to what she described as her “impressive results and hard work.”
Cynthia went on from there to excel in her BECE and then gained admission to the Keta Senior High School where hard work and determination got her to be selected to join the school’s National Science and Maths Quiz (NSMQ) team.
She, however, was unable to join the team on the stage although her contributions greatly added to the success of the school.
“I was selected into the Ketasco NSMQ team through hard work and diligence. Unfortunately, I was not on stage.
“…I won the overall best female science student at the 69th-anniversary celebration of the school,” she added.
Determined to pursue medicine, Cynthia’s dreams seem to be hanging in the balance due to financial constraints although she has been able to score a perfect result in her WASSCE. She is the last child and only girl among three siblings born to a father who is a farmer and a mother who is a trader.
In the words of Jerome, her elder brother, the family needs support to help her get a scholarship to study medicine at a university abroad, but that notwithstanding, they have taken initial steps to purchase admission forms for the University of Ghana (UG) and the Kwame Nkrumah University of Science and Technology (KNUST).
The 2022 National Best Farmer, Nana Yaw Sarpong Siriboe, has said that his father’s position as a politician has nothing to do with adjudging as the 2022 National Best Farmer.
Nana Otuo Siriboe II is the Omanhene of Asante Juaben in the Ashanti region, as well as the Chairman of the Council of State under Akufo- Addo’s administration.
Many people believe Nana Yaw Sarpong Siriboe managed to win the National Best Father Award in 2022 because his father is involved in politics.
Nana Yaw Siriboe rejected those claims during an interview with Akua Asieduwaa on Oyerepa Breakfast Time, asserting that he received the honor because of his hard work.
“Yes, Nana Otuo Siriboe II is my father. People are making those claims because they might not know me. I didn’t go into farming for the award; I went for the money, and the award was an added bonus that I gladly accepted.
“I am the third-youngest person to receive the award and the youngest person in the Ashanti region to receive this award for the past 38 years,” he said.
He clarified that he began this process in 2014, when his father, Daasebre Nana Otuo Siriboe II, wasn’t the chairman of the Council of State.
“I started this award in 2014. My father was not there. I became second in 2019. You will not be presented with the award on a silver platter. I won it because of my hard work.” Nana Yaw Sarpong Siriboe said.
The minority has threatened to disapprove the 2023 budget estimates, and debt restructuring until some five conditions are met by government.
According to Haruna Iddrisu, they will not accept the debt restructuring programme announced by the finance minister.
This comes after Finance Minister Ken Ofori-Atta announced that Ghana is embarking on a debt exchange program to ensure that debt levels are brought to sustainable levels.
At a press conference, the minority leader said, “Let me state, without any fear of contradiction, that the form and structure of the debt restructuring plan announced by Ken Ofori-Atta are unacceptable to us, and we simply will not accept it.”
He also raised concerns over why the government failed to announce the exchange programme in the budget statement presented to parliament.
According to Haruna Iddrisu the minority are aware that “the Akufo-Addo/Bawumia government have become desperate and is compelled after reckless mismanagement of the economy to achieve fiscal consolidation.”
Below is a listicle of the conditions the minority has demanded before the budget estimates for 2023 will be approved;
1. The resignation of the entire Economic Management Team and in particular Alhaji Bawumia from his position as Chair of that obviously moribund body. 2. The immediate resignation or dismissal of the Finance Minister, Ken Ofori-Atta 3. Immediate reduction in the number of Ministers and political appointees at the Office of the President by half. 4. Removal of all non-essential expenditure in the 2023 budget including the GHC 80 million allocated to the National Cathedral
5. Reinstatement of the GHC100 exemption threshold for e-levy payment.
Following the above, the minority in parliament reiterated that the country’s ailing economy characterized by unsustainable debt, inflation, and unprecedented credit rating downgrades, among others.
Haruna Iddrisu explained the economic situation is so bad that Ghana is currently ranked side by side with Sri Lanka, which is considered the worst economy in the world and has defaulted on its debt.
Speaking at the press conference, he said “as it’s now trite knowledge, the Ghanaian economy has been terribly mismanaged in the last five to six years by the Akufo-Addo/Bawumia administration leading to our request for a 17th IMF program to renew confidence and policy credibility on our failing economy despite haughty initial denials.
“The severely ailing economy has been characterized by unsustainable debt, very high inflation, unprecedented and disastrous depreciation of the cedi, high budget deficits and unprecedented credit rating downgrades.
“The economic situation is so bad that we are currently ranked side by side with Sri Lanka, which is considered the worst economy in the world and has defaulted on its debt.”
Mr. Seth Kedey, the Deputy Volta Regional Chief fisherman has hinted at a rise in the price of fish this festive season (yuletide) occasioned by the scarcity of premix fuel.
According to him, the public would have to pay more for fish due to the unavailability of premix fuel at the various landing beaches along the country’s Coast.
Mr. Kedey, who doubles as the National Public Relations Officer for the Ghana National Canoe Fishermen Council (GNCFC) gave the hint in an interview with the Ghana News Agency on the sidelines of this year’s farmer’s day celebrations in Keta in the Ketu Municipality of the Volta region.
“It’s been more than four months without premix fuel, the premix is not there – we are buying from the regular pumps, which is very expensive- you have to buy super and mix it with diesel to get premix to embark on your fishing expedition,” he said.
“We all know what petroleum price hikes come along with- prices of everything shoot up. In the recent past, you could buy a pan of fish for between GHC 400-500, but now that same pan of fish sells at GHC 1000- whatever price we buy fuel to embark on an expedition, would have to be transferred to the customer.”
Mr. Kedey added that the fisher folk is now helpless considering the current state of affairs with most of them now out of business adding that the few canoe owners who are able to afford the expensive fuel, incur huge debts here and there and that’s a source of worry.
He appealed to the government to do something about the premix shortage to keep the fisher folk in business to support their livelihoods and their dependents.
Fishermen in all four fishing regions in the country have in recent times raised concerns about the shortage of premix fuel at the landing beaches, a situation they said was taking a toll on their operations.
They have had to resort to buying of the fuel meant for vehicles at cut-throat prices to power their outboard motors to embark on fishing expeditions with nothing done by the authorities to resolve the situation, they said.
Founder and head of Heaven Way International Ministries, Evangelist Patricia Oduro, has asserted that her recent imprisonment was a divine intervention meant to advance the gospel.
The former fetish priestess spent over a month in police custody following her arrest on October 9, 2022, on fraud charges.
She was recently released from custody after meeting her bail conditions.
Sharing her prison experience with her Church members, Agradaa in a video sighted by GhanaWeb said God used her during her time cells to convert lesbians. She believes this was the sole purpose for her arrest.
“God sent me to cells for a purpose. This woman was brought into the cell I was in at Chorkor. They were two girls and they were lesbians. God spoke to her through me and she wept. She decided to accept Jesus as her Lord and personal saviour.
“Today I feel sad seeing her because the devil thought he was sending me to Chokor cells but Jesus said there are some lesbians so I should go there to preach for them to give their lives to Christ,” she told the members about her encounter with some two ladies during her time in cells.
According to Agradaa, her time in police cells was for a purpose ordained by God.
Former General Secretary for the Christian council, Rev Opuni Frimpong, has urged Christian bodies to support the needy in society amidst the current economic crisis.
The man of God admonished that, the welfare body of the various churches should support life-saving individuals who are at the verge of losing their lives due to certain circumstances.
Citing the COVID-19 period as an example, Rev Opuni said that during those difficult times, Christians were supporting the needy people in society, with relief items. He believes this needs to be replicated in a difficult period like this.
“The churches are the ones that receive offerings and tithe payments from people during prosperous times. And we also plan our welfare, the churches should go back to the drawing board to consider how to support others in need.
“Since we already have welfare, we should apply the COVID approach to help people in need, because during times like this, people are unable to even buy their medications. This is more than COVID, when the church shared relief items to individuals,” Rev. Opuni said during an interview on Okay FM’s Adea Kye Bia morning show.
Director of Research at the Institute of Economic Affairs (IEA), Dr John Kwakye, has averred that government’s announcement of a debt exchange programme was influenced by the International Monetary Fund (IMF).
He further asserted that the 2023 budget statement presented by the Finance Minister, Ken Ofori-Atta was also geared towards securing a financial bailout from the IMF.
Dr Kwakye in a tweet said, “IMF’s fingerprints are all over the 2023 Budget and the debt exchange presented by the Minister.”
The finance minister, at a press conference in Accra on Monday, December 5, 2022, said under the debt exchange programme all domestic bondholders will exchange their instruments for new ones.
Existing domestic bonds as of December 1, 2022, will be exchanged for a set of four new bonds maturing in 2027, 2029, and 2037.
The annual coupons on all of these bonds will be set at 0% in 2023, 5% in 2024 and 10% from 2025 until maturity.
Meanwhile, Ghana is targeting an amount of $3 billion over a three-year period from the IMF once an agreement on a programme is reached.
The new amount requested as a loan is double the government’s initial target of $1.5 billion.
The IMF programme is aimed at restoring macroeconomic stability and safeguarding debt sustainability among many others.
IMF’s fingerprints are all over the 2023 Budget and the debt exchange presented by the Minister.
The youth of Akyempim in the Wassa East District of the Western Region blocked the road this morning to prevent staff of Golden Star Wassa Mine from going to work.
Unhappy about transparency in employment in the company, the youth on Monday, Dec 5, 2022, blocked the road leading to the company, burnt tyres, and fell trees to block the road.
According to the youth, they are unhappy about the “unlawful” employment of outside into the company.
Speaking to GhanaWeb in an interview with the Youth Chairman of the committee, Samuel Akomea noted that the company has been employing people “illegally” from elsewhere the knowledge of company which is unlawful.
He noted that “recently, they have employed some geologists without the community knowing when we have some geologists in the community who need employment”.
“We are not happy with the way Golden Star has been treating us. They go outside the community to employ people when we have some of the people they are looking for in the community”, he explained.
He said, “when the company wants to employ, they place the advert internally and post the vacancy in the community a week later, so when community members apply, they do not get, that is why we blocked the road to express our grievances and the unfair treatment the company has been giving us”.
Mr. Akomea stated that the Vice President & Managing Director at Golden Star Resources Ltd Mr. Shadrach Adjetey Sowah upon hearing their demonstration approached them and assured them of a meeting on Wednesday, Dec 7, 2022, to address their issues.
Meanwhile, the road has been cleared for the free flow of traffic.
The Minister of Communications, Ursula Owusu-Ekuful has denied reports that mobile subscribers without a Ghana Card which is the main document for the registration of SIM cards have had their numbers deactivated.
Telecommunication Networks have since Thursday, December 1, been applying sanctions to unregistered subscribers, including the deactivation of SIM cards that have successfully passed the first phase of registration but are yet to complete the second stage.
There are, however, reports that subscribers without Ghana cards to complete the registration process have also had their SIM cards deactivated.
But responding to some of these concerns raised by the ranking member of the Communication committee of Parliament, the Minister said these reports are inaccurate.
“People who did not have Ghana Cards have had their cards blocked, and I said No, that has not happened. It is those who have completed the first phase of the exercise by linking their cards to the SIM cards but had not gone on to do the biometric capture that has had their Ghana Cards blocked.”
Meanwhile, police officers have been deployed to some SIM registration centers in the Ashanti Regional capital, Kumasi to avert possible chaos, after hundreds of customers whose SIM cards have been blocked thronged the various centers.
There is growing frustration among affected customers at the various centers who say they cannot access major services on their mobile phones like calls, data and mobile money transactions after their SIM cards were deactivated.
The customers claim that despite going through the re-registration successfully, they have had their SIM cards deactivated.
Mobile Money penetration that has taken centre-stage in most African countries to facilitate trade and commerce, and creating more convenience is facing some challenges that need governmental intervention.
“Although Ghana has made great strides in opening up access to financial services through its financial inclusion policy adaptation programme, a sizeable percentage of the population still lacks either access or the ability to take advantage of what is offered.”
As a result, the Ghana International Trade and Finance Conference (GITFiC) has suggested to African governments, businesses, and individuals interested in adopting mobile payment systems, to find ways of encouraging consumers to accept mobile payment as a payment option.
That, they said they could do by adjusting their mode of payment from cash or cards to paying through mobile phones.
These recommendations, which formed part of a research carried out by GITFiC in Ghana and Kenya, indicated that consumers placed much emphasis on security as an essential factor in the acceptance of new technologies by consumers.
The study, which was led by Mr Gerald Ekow Woode, said due to that perception, businesses and all other agents involved in its implementation ensure adequate security measures to win consumer trust in the system and increase the chances of adoption and use of mobile payment systems as a payment method.
“Additionally, governments, businesses, and organisations should encourage the acceptance and use of the m-payment system to complement existing payment methods and augment consumers’ payment behaviour. Moreover, managers and marketers must recognize the implication of cultural values on intention toward M-payment system adoption.”
The research said the growing digital divide between the rural (or remote) and urban households in most developing countries was a greater concern for industry, successive governments, and policymakers.
“The lack of digital literacy causes such digital divide, which inhibits technological advancements, including the adoption and use of mobile payment systems and associated services by a wider segment of the population.
“With that in mind, industry, in collaboration with the policymakers and regulators, should adopt a pronged strategy. Industry should improve the digital literacy of the less privileged segment of society to promote inclusive development and the wider and more frequent use of mobile payment systems.”
The blueprint for e-payments is an initiative of the Smart Africa Alliance that aims to drive forward continental trade and digital commerce by unlocking the major challenges faced in making intracontinental cross-border e-payments.
Intra-African trade, in general, and e-commerce, specifically, is on the rise and it is expected to deliver immense benefits to African livelihoods and the overall economy.
Payment is evolving in Africa, not only through mobile payment platforms, but also through regional integration efforts in real-time gross settlement frameworks, which aim to drive down costs, allow payments in local currencies, and reduce transaction processing time.
Rising upon this context, Cocid-19 has further accelerated the need for innovative ways of deploying cross-border retail payments.
Ghana and Kenya have made significant contributions to the expected $15 trillion to $20 trillion in worldwide mobile financial services transactions in 2020.
Kenya and Ghana account for a large portion of the FinTech industry in Africa thanks to their relatively developed mobile payments industries.
But both nations had to overcome significant obstacles over the years to become the best in Africa for FinTech, avoiding a variety of legislative and network bottlenecks that posed a danger to innovations in their infancy.
According to the study, the payment system in Ghana had significantly advanced recently and was still developing to meet the demands of the nation as it develops.
In Ghana, Mobile Money (MM) is steadily replacing cash as the primary method of payment for the unbanked and underserved.
The fast expansion of mobile phone use, particularly in rural areas, is a contributing factor to Ghana’s quick development in MM usage.
Recent advancements in phone functionality, chip and mobile network technology, and improvements in Point-Of-Sale (POS) infrastructure are the foundation for the continental expansion of MM among the unbanked and underserved.
Ghana’s rise in mobile payments has been made feasible by the payment system’s inherent capabilities as well as developing trends that offer chances for increased digital growth.
To support the transition to a “cash-lite” economy, the nation has specifically developed essential foundational financial market and payments infrastructure, such as an Automated Clearing House (ACH), Real-Time Gross Settlement System (RTGS), Electronic Funds Transfer (EFT), GIFMIS system, Central Securities Depository with a trading platform, and ATM interoperability within the periods of 2012 – 2020. An interoperable switch that enables payments between financial institutions and mobile money accounts was recently established by the government (2021).
Mobile money is by far the most popular method of digital payment, both in terms of volume (981.6 million transactions in 2017) and value (GH155.8 billion).
In reality, mobile money transactions made up 90% of the 1% of digital payments by volumes that were made in 2016 as reported by the Diagnostic Report.
In terms of value, they made up more than 77 percent of the 37 percent of transactions at that time that were started by digital instruments.
However, it should be highlighted that most mobile money transactions involve domestic remittance transfers and airtime top-ups.
According to the statement, with the inception of the paradigm shift to a cashless economy in most of the developed economies, there was a need for any given nation to adopt automation of its payment systems.
In Kenya, it has been noted to increase convenience and reduce social ills such as corruption which decreases frictions in the economy.
The study said compared to its neighbours, Kenya had high financial service availability, which had been primarily ascribed to the acceptance of mobile payments there.
“M-Pesa is well known for its high penetration rate, which has not yet been effectively copied elsewhere. With a significant percentage of unbanked people, strong mobile penetration, the usage of USSD, the ease and comfort of the service offering, minimal KYC requirements, and, of course, Safaricom’s stranglehold on the market, Kenya looks to have become the spot for the big boom of mobile payments.”
It said Kenya served as the model for mobile payments. BAB reports that M-Pesa had 260,000 operational retail locations, over 136,000 agents, and 27 million registered users in 2017 alone.
Before 2015, more people had bank accounts than mobile money accounts, however, this ratio has since altered, with mobile money accounts outnumbering bank accounts by more than 30%.
“By 2016, 97 percent of adult Kenyans had a mobile money account, and nearly seven out of 10 had an account with a formal financial institution (bank and/or microfinance account).”
It is clear from banking and commerce as well as from the majority of mobile devices on the market that customer behavior is shifting away from traditional payment methods and toward more sophisticated online payment systems.
It said the use of mobile payment systems will increase to surpass or replace cash and other cashless payment options, as it is obvious that mobile devices had become an unavoidable part of almost everyone’s life and the opportunities this technology enables for online and offline payment regarding convenience and security.
The Deputy Majority Leader, Alexander Afenyo-Markin, has described the censure motion against the Finance Minister, Ken Ofori-Atta, as a failed attempt by the Minority caucus in Parliament.
According to Mr. Afenyo-Markin, the Majority will not in any way support any political motion for the removal of Mr. Ofori-Atta.
He said the Majority will be exempted from any secret ballot against the Finance Minister, warning the Minority caucus not to tickle themselves of getting the numbers to secure a win.
The National Democratic Congress (NDC) Member of Parliament (MP) for Tamale South in the Northern Region, Haruna Iddrisu said, “if those courageous 98 gallant NPP MPs or Majority MPs cooperate, we will be very successful in getting a new Finance Minister for Ghana and exiting Ken Ofori-Atta”
But responding to Mr. Iddrisu on the floor of Parliament, the Deputy Majority Leader, said, “the motion has already failed and who told you that you are going to get any support from this side? We have told you that it is a political motion, and we will not support you, as we made it clear. Mr. Speaker, the Minority should not be under any impression that in any so-called secret ballot you are going to have somebody to support you as you do not have the numbers”.
The Minority caucus in Parliament brought a censure of motion against the Finance Minister, accusing him of conflict of interest, gross mismanagement of the economy amongst others.
Some New Patriotic Party (NPP) members of Parliament who are also calling for the removal of the Finance Minister have called on the President, Nana Addo Dankwa Akufo-Addo, to respect the roadmap agreed upon.
There was an agreement for the NPP MPs not to boycott the 2023 budget presentation, and that the necessary thing will be done after its read.
Dr Donald Senanu Agumenu, an International Leadership Consultant, Peace Ambassador with the Universal Peace Federation, and a Leadership Advisory Council Member of the International Cities of Peace, USA, was elected as an Snr Research Fellow at the Centre For African Diplomacy and Global Engagement(Afro- Global) launched under the theme – Mobilizing Global Citizenship in Building Resilient and Inclusive Post-Covid Global Economy.
The Centre aims to serve as a hub in providing cutting-edge scholarly research and training, as well as promoting public engagement on global policy issues using multidisciplinary perspectives and approaches to contribute towards the implementation of effective policies on various aspects of Africa’s global and diplomatic relations.
In so doing, the Centre aims to build networks across Africa, focusing on key countries such as Ghana, Nigeria, South Africa, Kenya, Egypt, and organizations such as AU, Ecowas, and the UN. The Centre will also identify areas of common African interest in relation to the rest of the world, and position Africa as a place of new and exciting opportunities for business and investment. The Centre will also offer practical training to public and private sector agencies in diplomacy, negotiation and contracts.
The Guest Speaker of the event, Rt Hon Alban Bagbin, the Speaker of the Parliament of Ghana, emphasised the role of Diplomacy and International Relations at the legislature in deepening research and understanding of international affairs and legislative processes to be more resilient in championing emerging trends complexities within Africa and beyond. He reiterated the readiness of the Ghanaian Parliament to partner with the Centre for African Diplomacy and Global Engagement in shaping policies.
In his inaugural address at the Ghana Institute of Management and Public Administration on the theme, the Rt. Hon Speaker touched on the need to undertake critical research in diplomacy, climate change, complexities of Post- Covid-19, gender-based violence, vaccine passports etc as critical issues.
He asserted that, global citizenship must be developed and harmonized around timeless values and principles of human dignity and sustainable institutions
The membership of the Centre was drawn from diverse disciplines and professional backgrounds across the continent.
Former President John Dramani Mahama has urged the 2022 graduating class of Accra Business School (ABS) to take an interest in national leadership to build a better Ghana.
He said this at the 13th congregation of the ABS, where 212 students were awarded various degrees, including the Master of Business Administration, Master of Science in Accounting and Finance, and the Bachelor of Science in Administration and Global Leadership, among others.
The 13th congregation was themed: “Creating Jobs in the Ghanaian Economy: Challenges and Opportunities.”
Former President Mahama, in his keynote address, congratulated the students on the successful completion of their various programmes.
“You have achieved a feat worthy of commendation and celebration. I believe you have been equipped with the right knowledge, skills, and resources and have what it takes to excel in an open world. The world is waiting for you, and the stage is yours,” he said.
Former President Mahama stressed the numerous challenges students would face in the world of work but encouraged them to pursue their dreams as they contribute to nation-building.
“As you step out of the walls of this university, you must be part of the change you want to see. You must be part of building the Ghana we want.
“Do not feel comfortable in your establishment or wherever you work. Take an interest in national leadership. Don’t leave everything to the politicians. The politician can make your life better or worse, get involved and change things if you don’t like the way things are.
“You have what it takes, and I have no doubt that our country will soon become a great and strong country, the Black Star of hope and honour that we want,” Former President Mahama told graduands.
He praised the founder of ABS, Bishop Gideon Titi-Offei, for his contribution in the educational space and for developing leaders through various programmes.
“Let me congratulate ABS for the incredible job it has done at nurturing and training generations of leaders whose success in their various fields of endeavour would propel the progress of this dear country of ours,” he stated.
The 13th congregation saw Prince Nuamah Amoako pick up the valedictorian award, thus making him the overall best student.
The Ghana Education Service (GES) has been asked to facilitate breast cancer education at the primary school level across the country.
Through this, according to a consultant surgeon, the children will be given the right information as they grow to shape their mindsets about the disease.
The President of Breast Care International (BCI) Dr Mrs Beatrice Wiafe Addai, who made the appeal said that will be the level to get their full attention.
Dr Mrs Beatrice Wiafe Addai said this during a breast cancer education and screening at Aputuogya in the Bosomtwe district of the Ashanti region, on Wednesday, November 30, 2022.
The exercise brought together female pupils from Esereso D/A Basic School, Feyiase D/A JHS, Aputuogya D/A Primary and Abuontem R/C Basic School.
She suggested that the Girl Child Sections at the various schools, Education Ministry and the Ghana Education Service should take up the matter as a serious issue where breast cancer education will be at the national level.
“Breast cancer education should be started at the primary school level where we can get their full attention. Their mindsets are now being sharpened so we need to be there to give the right information so that it will help them while they growing,” she said.
Dr Mrs Beatrice Wiafe Addai, who is also the CEO of Peace and Love Hospital continues that “they will, in turn, educate their mothers and family members, especially about the myth that the disease is caused by witchcraft and therefore should be treated spiritually”.
She posited that when a woman is diagnosed with breast cancer, it also affects the children; psychologically, emotionally and their future “so it’s not only women’s health problem but societal and developmental problems that need urgent attention”.
Dr Mrs Beatrice Wiafe advised the children to report to their parents if they find any unusual thing in the breasts so that action will be taken immediately to avert serious consequences.
They were also educated to cultivate the habit of examining their breasts either by Breast-Self Education BSE or by clinical screening at health facilities.
A community in Ghana has supported a school with savings from an agroforestry initiative to educate their children.
The things that we depend on and value, including forests, water, energy, wildlife, and agriculture are experiencing the effects of a changing climate. This is impacting lives, particularly communities that directly depend on these resources.
There is therefore the need to engage communities as key agents in addressing climate change to leverage indigenous knowledge for climate solutions. This is because implementing climate actions with equity not only increases community resilience but also enables communities to derive extra social benefits.
“We didn’t have a Junior High School (JHS). So, since we started this agroforestry project, our income has improved, and we made contributions to a Village Saving & Loans Scheme and then invested some in putting up the JHS. We also received other community donations and the government will be adopting the school soon”, stated Osei Poku, Chairman of the Parent Teacher Association (PTA) at Akwaduro in the Asunafo North Municipal Assembly of the Ahafo Region of Ghana.
The Akwaduro community is one of the communities involved in a local climate initiative being implemented by the United Nations Development Programme (UNDP), in partnership with the Ghana Cocoa Board and Mondelez International. The project supports the communities to intercrop economic trees with food and cash crops on and off forest reserves.
According to Osei, their children were walking three kilometers to attend JHS in neighboring towns and the distance was posing challenges. Besides the unique perspectives, skills, and wealth of knowledge that the communities bring to the project to help achieve its goal of restoring the degraded forest in the landscape, they are also gaining multiple benefits from caring for nature.
“As a mother, I can say I am happy. Proceeds from the farm have helped me build a house, buy land in the city, and above all, I am able to look after my children in the school. I am happy to say that my first born has completed a Technical University and now working in Canada,” Naomi Nkansah, a project beneficiary in Akwaduro stated.
The Headmaster of the Akwaduro M/A School, Mr Kwesi Bio confirmed the community’s support of the school and eulogized their contribution.
“The members of the community have really done well with the JHS. We wrote a letter to the Ghana Education Service (GES), and they are very happy with the community action as this demonstrates partnership to complement government’s efforts. The GES is in the process of adopting the JHS”, Kwesi noted.
Ghana is said to be losing its rainforest faster than any other country in the world, and this is attributed mainly to illegal logging, agriculture practices, and illegal mining activities. The agroforestry initiative is to contribute to the country’s efforts to avert the looming climate crisis by reducing emissions while helping to improve livelihoods.
“Indeed, community-driven initiatives impact people’s lives and thus contribute to efforts to protect the environment. It is good to see how this community is maximizing the full social benefits of our forest restoration project to impact the next generation”, noted Stephen Kansuk, Head of Environment and Climate at UNDP Ghana.
It is important to engage all actors to take action for nature to build community resilience to climate change impacts. This way, we can bring about more social benefits for a sustainable world for everyone.
Founding Member of the ruling New Patriotic Party, Dr Nyaho Nyaho-Tamakloe, has expressed disappointment over the decision by some ministers and members of the majority caucus in parliament to travel to Qatar for the FIFA World Cup pending the budget debate.
According to the NPP stalwart, the absence of the MPs in parliament for the 2023 budget debate who left for Qatar is nauseating considering the current state of affairs in the country.
“It is so nauseating and irresponsible that MPs who also double as ministers of state chose to travel to Qatar to watch football matches and without a sense of shame, sent images of their presence at matches as supporters.
“It is worthy of special note that the President of Ecuador politely declined FIFA invitation to attend the opening ceremony of the ongoing world cup, which featured the match between Qatar and Equador; his reason for declining the invitation was simple and responsible – due to pressing national issues in Ecuador,” he shared in a piece published by 3news.com.
Read the full statement by Dr Nyaho-Tamakloe below:
It is nauseating – Nyaho-Tamakloe slams NPP MPs who abandoned budget debate for Qatar
Founding Member of the ruling New Patriotic Party, Dr Nyaho Nyaho-Tamakloe, has expressed disappointment over the decision by some ministers and members of the majority caucus in parliament to travel to Qatar for the FIFA World Cup pending the budget debate.
According to the NPP stalwart, the absence of the MPs in parliament for the 2023 budget debate who left for Qatar is nauseating considering the current state of affairs in the country.
““It is so nauseating and irresponsible that MPs who also double as ministers of state chose to travel to Qatar to watch football matches and without a sense of shame, sent images of their presence at matches as supporters.
“It is worthy of special note that the President of Ecuador politely declined FIFA invitation to attend the opening ceremony of the ongoing world cup, which featured the match between Qatar and Equador; his reason for declining the invitation was simple and responsible – due to pressing national issues in Ecuador,” he shared in a piece published by 3news.com.
Read the full statement by Dr Nyaho-Tamakloe below:
It is nauseating – Nyaho-Tamakloe slams NPP MPs who abandoned budget debate for Qatar
Founding Member of the ruling New Patriotic Party, Dr Nyaho Nyaho-Tamakloe, has expressed disappointment over the decision by some ministers and members of the majority caucus in parliament to travel to Qatar for the FIFA World Cup pending the budget debate.
According to the NPP stalwart, the absence of the MPs in parliament for the 2023 budget debate who left for Qatar is nauseating considering the current state of affairs in the country.
““It is so nauseating and irresponsible that MPs who also double as ministers of state chose to travel to Qatar to watch football matches and without a sense of shame, sent images of their presence at matches as supporters.
“It is worthy of special note that the President of Ecuador politely declined FIFA invitation to attend the opening ceremony of the ongoing world cup, which featured the match between Qatar and Equador; his reason for declining the invitation was simple and responsible – due to pressing national issues in Ecuador,” he shared in a piece published by 3news.com.
Read the full statement by Dr Nyaho-Tamakloe below:
WITHER GHANA’S PARLIAMENT??
1) Governance architecture of democracies thoughout history has recognised separation of powers for the sole objective of checks on each arm of government. It is for this reason that framers of Ghana’s 4th Republican Constitution created the Executive, Parliament and the Judiciary.
2) Among these three arms, no one can doubt the pivotal role of Parliament as the most important body in a constitutional democracy where the rule of law is the most important ingredient in the growth and development of the governance system we have given to ourselves as a people after decades of political instability with attendant deterioration in all facets of society.
3) The unique role of Parliament is underscored by many provisions in the 1992 Constitution. It is Parliament alone that has the sole authority, among other powers to do the following:
a) enact laws;
b) approve all appointments of ministers and judges;
c) approve government’s budget;
d) approve loans, bonds, taxes and exemptions.
4) Recent happenings and a sober reflection of the performance of Parliamentarians are a matter of grave concern. Unbriddled partisanship coupled with lack of collective responsibility is undermining and ruining the role of the august body in our governance system. As elected representative of the people, it appears our MPs are at a loss and insensitive to the mood of the nation. The excruciating hardships and state of despondency do not ring alarm bells.
May we ask our MPs some few key questions. Who approved all the loans and bonds so far taken by this govt? Who approved the reappointment of Ken Ofori Atta in 2021 when it obvious then that he had ruined the economy with his failed policies?
5) It is shocking to note that in the midst of the crisis facing this country, where leadership of the country is at a loss on what to do, our MPs have also failed to come to the rescue by failing to do their work as overseers of the executive.
The poor attendance by our elected representatives to debate the 2023 budget and carry on with related statutory functions are a matter for sad commentary.
It is so nauseating and irresponsible that MPs who also double ministers of state chose to travel to Qatar to watch football matches and without a sense of shame sent images of their presence at matches as supporters.
It is worthy of special note that the President of Equador politely declined FIFA invitation to attend the opening ceremony of the ongoing world cup, which featured the match between Qatar and Equador; his reason for declining the invitation was simple and responsible – due to pressing national issues in Equador.
6) Our MPs must be reminded that Parliament is the only governance institution that suffers when there is political upheaval as our recent past has shown. The survival and success of the 4th Republic depend on Parliament.
The present crop of MPs do not have the mandate of the people to destroy their hopes and aspirations. MPs who cannot cope with this commitment do not have a place in this important institution and must not offer themselves for re-election. Pure and simple. Ghana needs serious and responsible leaders in all segments of governance.
The minority in parliament has said they will resist every effort by government to increase VAT by 2.5 per cent adding that the increment will worsen the cost of living for Ghanaians.
According to Haruna Iddrisu, the president has no moral right to increase VAT after he led the demo in 1995 for the same tax increment that claimed five lives.
Speaking at a press conference, he said, “Whilst whittling away the little we have as a country in this intransigent manner, the Akufo-Addo/Bawumia government has decided to pile more hardships on the people of Ghana through the introduction of more taxes in the 2023 Budget presented to Parliament.”
He added, “The most punitive among these taxes is the addition of 2.5% to the VAT rate bringing it to a cumulative 21.5% (made up of 2.5% GETFund, 2.5% National Health Insurance, 1% Covid Levy and 15% VAT all levied under the terms of Value Added Act, Act 870) the highest in Africa. What moral right does President Akufo-Addo have to increase VAT by 2.5% when he led the ‘KUMI PREKO’ demonstration in 1995 resulting in the loss of five lives. As sure as night follows day, this will worsen the hardship faced by Ghanaians, as the prices of almost all items will increase instantaneously once this tax comes into effect.”
Haruna Iddrisu said the minority will no longer allow a government that is “determined to waste Ghana’s resources on extravagant living.”
Government has announced an increment in Value Added Tax (VAT) by 2.5 percent for consumers of goods and services.
The move, according to government is expected to improve government’s domestic revenue measures while seeking to reach an IMF deal to restore macroeconomic stability.
“Mr. Speaker, we will undertake the following actions, initiatives, and interventions under the seven-point agenda. To aggressively mobilize domestic revenue, we will among others: Increase the VAT rate by 2.5 percent to directly support our roads and digitalization agenda; Fast-track the implementation of the Unified Property Rate Platform programme in 2023; and Review the E-Levy Act and more specifically, reduce the headline rate from 1.5% to one percent (1%) of the transaction value as well as the removal of the daily threshold,” he said.
The Minister of Finance, Ken Ofori-Atta, made this known in parliament when he delivered the 2023 budget before lawmakers on Thursday, November 24, 2022.
But the minority has vowed to oppose this VAT increment.
The former Deputy National General Secretary of the New Patriotic Party (NPP) has criticized the decision of the government to fire the one-time parliamentary aspirant of the party for Kpone Katamanso, Hopeson Adorye.
According to Nana Obiri Boahen, the circumstances surrounding the dismissal of Hopeson Adorye do not augur well for the NPP and might lead to unnecessary divisions in the party.
Speaking in an Okay FM interview monitored by GhanaWeb, Obiri Boahen said that the issue with Hopeson Adorye could have been settled without him being fired.
“For me, honestly speaking it (the firing of Hopeson Adorye) is not the best. It can bring confusion to the party.
“You can call him (Hopeson Adorye) on the quiet and talk to him about where he has faulted and even put him on secondment at other agencies such as NADMO (National Disaster Management Organisation) or Economic and Organised Crime Office (EOCO).
“So, he will be working at NADMO and still be on the National Security payroll. He will be soliciting information and then he will be campaigning for Alan Kyerematen. We need to tread carefully,” he said in Twi.
Citing similar issues that happened in 2007, Obiri Boahen further suggested that the party deals meticulously with such matters to ensure that the party is not ultimately affected.
“In 2007, we saw this kind of division with members of the party claiming to be members of different factions in the NPP. And we forgot the common enemy and before we will realized it, we were in opposition,” he added.
Hopeson Adorye, who was previously the Deputy National Security Coordinator in Charge of Airports, announced on live radio in November that he had been fired from the National Security Secretariat.
He said during a discussion on Oman FM’s Boiling Point programme, on which he is a regular guest; that he had been fired purposefully because of his support for Alan Kyerematen.
Adorye is a vocal supporter of the Trade and Industry Minister in respect of the minister’s rumoured bid to lead the NPP as flagbearer when elections take place next year.
“God will cater for us, we will eat, uncle (referring to the show host), God has got us. How we toiled in opposition for Akufo-Addo to come to power, we will do same for Alan Kwadwo Kyerematen to come.
“I’m not a zombie, uncle, I was told that my support is not towards a particular camp so I should be dismissed, I have been dismissed. ‘Your appointment has been terminated with immediate effect.’ That is why I am stressing that God will cater for us, we will never die,” he stressed.
Private legal practitioner and member of the opposition National Democratic Congress, Godwin Edudzi Tamakloe has questioned the basis of the continued stay in office of the Minister for Finance, Ken Ofori-Atta.
According to Edudzi, the minister for finance should find a reason to leave his job based on the current state of the economy
“You are the same minister of finance who told the whole world that you will never go to the IMF, principle and consistency. Now you have run the system so badly…. So then you go back for your own voice and on principle, you have to say I will let go.
“You took over an economy that was so strong at the time that you were able to borrow US$11 billion in Eurobonds on the strength of the economy that you took over. Today, six years down the line, the same economy cannot borrow GHC1 from the Eurobond Market. So on principle, you tell yourself that thank you Mr President for the confidence you reposed in me but I am leaving the scene,” he told Kwame Nkrumah Tikese on Okay FM’s Ade Akye Abia morning show.
Referencing the government’s decision to close down some banks during the 2017 banking sector cleanup exercise, Edudzi emphasised that Mr Ofori-Atta should resign on the same principle.
“You see, his continues presence in the financial system is hurting people. Ken Ofori-Atta and Governor Addison decided to collapse banks when he came into office. What was the reason for cleaning up the banking sector? They said it was due to mismanaging and that the banks were on the verge of insolvency. Is this country not insolvent? So if you; Ken Ofori-Atta, governor Addison, Nana Addo and Dr Bawumia can collapse banks on the strength that those banks have been mismanaged why are you still in office?” he questioned.
Ghana is currently plunged into serious economic distress with the nation’s debt shooting through the roof.
The minister for finance has announced a debt sustainability program aimed at controlling the country’s debt.
There is a public frenzy about Ghana’s current economic status with several concerns being shared about the impact of the announcement.
Policy Analyst, Selorm Branttie, has stated that the legacy of Ghana’s current Minister for Finance is wiping out the country’s middle class.
Ken Ofori-Atta on Sunday, December 4, 2022, announced via a video broadcast a Domestic Debt Exchange forming part of the government’s wider Debt Operation programme by the state.
The Minister laid out among others the exchange of existing domestic bonds with four new ones as well as their maturity dates and terms of coupon payments.
He also addressed the overarching goal of the government relative to its engagements with the International Monetary Fund as well as measures to minimize the impact of domestic bond exchange on different stakeholders.
But reacting to the minister’s announcement on a Facebook page, Selorm Branttie said the ripple effect of the programme which he said is a result of the government’s ineptitude, sets Ghana back to 1994 when the country recorded its lowest growth rate.
“Ken Ofori-Atta’s lasting legacy as a finance Minster is wiping out the middle class in Ghana into vapour. That same middle class that was instrumental in bringing him and his colleagues into power.”
“The ripple effects of his ineptitude has set a whole generation of Ghanaians back to 1984. He should take that shame to his grave,” he stated.
There is a public frenzy about Ghana’s current economic status with several concerns being shared about the impact of the announcement.
Meanwhile, the finance minister is expected to share further details about the country’s Debt Restructuring program.
The Government of Ghana and the Government of Germany have concluded bilateral negotiations on development cooperation in Berlin from 28th to 29th November 2022.
Ghana’s delegation was led by Ken Ofori-Atta, Minister for Finance; and included Osei Bonsu Amoah, MP and Deputy Minister for Local Government & Rural Development; Andrew Egyapa Mercer, MP and Deputy Minister for Energy; Gifty Twum Ampofo, MP and Deputy Minister for Education; and Ghana’s Ambassador to Germany, Ambassador Mrs. Gina Ama Blay.
The two-day negotiation was hosted by the German Federal Ministry for Economic Cooperation and Development (BMZ) with the support of allied agencies such as the Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ) and KFW Development Bank.
At the end of the negotiations, the Government of Germany made new and additional grant commitments of EUR 82 million towards critical sectors of Ghana’s economy including renewable energy development, financial sector strengthening, education and skills development (TVET), digital transformation, governance, food security, female empowerment, and MSME support.
The Minister for Finance in his closing statement thanked Dr. Bärbel Kofler, Parliamentary State Secretary of the German Federal Ministry of Economic Cooperation and Development. He also described the grants as timely, given Ghana’s ongoing negotiations with the International Monetary Fund (IMF or the Fund).
In highlighting the significance of Development Bank Ghana (DBG), Mr Ofori-Atta stated that, “the support given us to set up what will be a real game changer in Ghana’s financial architecture, the Development Bank Ghana, is very commendable.”
He indicated that DBG has been positioned to play a countercyclical role in ensuring access to long term and affordable capital in challenging economic times, similar to KFW’s role during the post war reconstruction of Germany.
He assured that DBG would adhere to the highest corporate governance principles in order to ensure optimum shareholder value.
Speaking on behalf of Dr. Bärbel Kofler, Mr. Christoph Rauf, the Director for Africa at BMZ revealed that Ghana will continue to enjoy a “privilege partner” status with Germany, culminating in the development of a Special Partnership Arrangement with Ghana.
He also stated that Germany was committed to supporting Ghana’s arrangements with the IMF.
The next inter-governmental negotiations will take place in Accra in June 2023.
Former President John Dramani Mahama has opined that, the country needs a developmental plan that will bind successive governments, in its quest to be counted among the best economies in the world.
Mr. Mahama argued that a national policy that will bind governments in the future will go a long way in shaping the country for the better.
He bemoaned the lack of efforts by successive governments to pursue policies and programmes of their predecessors, thus, leading the country to incur unnecessary debts.
John Mahama reiterated that the country doesn’t have any continuity plan, citing that a policy on job creation will curb youth unemployment.
He added that the country must agree on a consensus on a national policy where successive governments will abide by, adding that such a policy could relieve Ghanaians from their economic woes.
“One of the beings of our country is like every new government comes with a new development plan, so we don’t have continuity of plan. We must as a nation agree on what our plan is for the next 10, 15 years, and every government that comes must abide by that plan. This development plan can be twerked by successive governments, but must maintain a priority investments programme that is not altered, over an agreed period of say 10, 15, 20 or even 40 years”.
“This must be accompanied by fiscal discipline that goes with governance reforms and creates an environment for sustainable job creation. Not the NABCOs and the Youth Employment Agencies and things like that. Those are ad hoc measures, and they are temporary and not sustainable,” Mr. Mahama said.
The former President said this when he addressed the 13th Congregation of the Accra Business School (ABS) over the weekend.
According to him, a national policy on businesses could help grow the economy.
“Businesses grow when the economy is booming, and they go bankrupt when the economy declines,” the former President said.
The country has experienced some cases where projects implemented by successive governments have been abandoned, whiles new ones have been pursued.
It was all joy at Brofoyedru, a farming community in the Akrofoum District when a 28-year-old farmer from Akrofuom, Joseph Tawiah Ayaaba, was adjudged the overall District Best Farmer.
For his prize, Mr. Ayaaba took home an Anglogold Ashanti-sponsored motorised tricycle, 40-inch LED TV, GTP wax print, 10 machete, Sunphosate Glyphosate Weedicide, Knapsack sprayer, Wellington boot, Brush cutter, Portable seed planter and 5 bars of keysoap.
His award comes as a feather in the cap of the Assembly and the Agric Directorate who have over the years campaigned to get more of the youth in the district to get involved in Agriculture.
The people of Akrofuom though are mainly into farming, most of the youth do not show interest in farming but are rather into mining. This the District Best Farmer, Joseph Tawiah Ayaaba said was unfortunate but mentioned that his award will encourage the youth to develop interest in mining.
“I developed interest in mining at the age of 16 and have not looked back. I encourage the youth who have interest in farming to work closely with the District extension officers who will guide them to adopt the best faring methods to increase yield,” he added.
The District Chief Executive, Maurice Jonas Woode, while delivering his speech at the 38th National Farmers’ Day under the theme ‘Accelerating agricultural development through value addition’, underscored the importance of adding value to agriculture. He said there was the need for stakeholders to reflect on how to overcome the challenges facing the agriculture sector by focusing on how to add value to agricultural products.
He said the Akrofoum district is on course to build a robust, resilient and equitable food systems that can withstand shocks. He said this is evidenced in the success chalked in the implementation of various government interventions in the agric sector.
He said “in our efforts to fulfil this year’s team, the Assembly has as of August, 2022 received and distributed 53,000 oil palm seedlings from the Minerals Development Fund to support the PERD program. We are in the process of acquiring additional 12,000 seedlings. This is anticipated to supply raw materials for the proposed oil palm factory in the district”.
MCE Woode admonished farmers in the district to embrace the value addition concept in agriculture.
He said it was about time farmers thought about taking their farm produce to the next level of production which will help reduce post-harvest losses, reduce imports and sets the path for economic growth and transformation.
The District Director of Agriculture, Richard Nyamekye, congratulated farmers in the District for their immense role in the successful implementation of government’s flagship programmes.
He spoke on the relevance of observing the national farmers day celebrations and charged farmers not to rest on their oars but continue to work hard to achieve food security and also set the country on the path of economic recovery.
Traditional and religious leaders, Assembly members and Heads of department were all present.
Lawyer Maurice Ampaw has called on the leadership of the New Patriotic Party (NPP) to disqualify the Member of Parliament for Assin Central, Kennedy Agyapong, from the party’s presidential primaries for the 2024 elections.
According to Maurice Ampaw, the MP, who has stated his intention to contest in the NPP flagbearership race, must be disqualified because of some of his pronouncements and actions against some state institutions.
Speaking in an interview on Nsem Pii TV, which was monitored by GhanaWeb, the lawyer added that Ken Agyapong’s pronouncements against the judiciary show that he cannot be a good leader.
“Ken Agyapong, once you insult a judge, you have insulted my profession. I can’t forgive; I will not vote for you; you can’t be my flagbearer. We need flagbearers who will be responsible enough to learn to be humble.
“…when it comes to vetting, as to who should stand for the NPP (in the upcoming election), you have to disqualify Ken Agyapong on so many grounds and one of the groups is that he is anti-judiciary.
“I’m just being honest with you because if someone wants to be a flagbearer and the person is on record insulting a judge, on record saying that there would be a coup, how do you qualify such a person?” He said in Twi.
He added that should the party let Ken Agyapong contest in the primaries and he wins, Ghanaians will vote against the NPP because of the MP’s actions and previous pronouncements.
Kennedy Ohene Agyapong described as “stupid” a decision by a judge to grant an injunction against him without conducting due diligence.
The MP says he has a vendetta against such judges in the country who abuse their power in the line of duty.
Speaking on the Seat Show of Net 2 TV on Tuesday, September 2, 2020, Mr. Agyapong said his apparent anger against such judges stems from their baseless issuance of injunctions, especially when it comes to land dispute adjudications.
“Listen to the reason why I am angry. The lawyer wrote the thing on August 5, and the judge scheduled appearance for August 13. I didn’t get anything from them; then, on September 1, you granted an injunction on the property.
“You are a stupid judge; I will face you. You are a stupid judge. 18 years that I’ve had the land, nobody served me, and then I get called and told that an injunction has been placed on it. You are a stupid judge,” he declared.
Dean of the School of Performing Arts at the University of Ghana, Prof Kofi Agyekum, popularly known as Opanyin Agyekum, has bemoaned the absence of New Patriotic Party (NPP) Members of Parliament (MPs) during the debate on the 2023 Budget and Economic Statement in the House.
According to him, the travel by the NPP MPs to Qatar for the World Cup at the expense of the budget debate show their lack of respect for Ghanaians and their constituents who voted for them.
Speaking in a Peace FM interview monitored by GhanaWeb, Opanyin Agyekum added that the failure of the NPP MPs to appear for the 2023 budget debate will certainly affect the fortunes of the party in the upcoming elections.
“… If Kufuor was not alive, he will be rolling in his tomb when he sees that NPP MPs are boycotting the budget debate for their own government. I didn’t understand this, it makes no sense that a party in government will boycott the debate of its own budget.
“It would have been okay if the opposition MPs were the ones who were absent but they were even more the MPs of the government in power. They (the NPP MPs) are destroying the party because of one man, Ofori-Atta.
“These are the things that lead parties to opposition. These are the things that discourage people from voting for you. They will not vote for the NDC (National Democratic Congress). If I vote for you and this is how you’re going to behave why won’t I sleep,” he said in Twi.
The minority caucus in Parliament expressed concern on Tuesday (October 29) about the absence of members from the majority side from the House.
The concern was anchored on the premise that the debate on the 2023 budget, as presented by the Minister of Finance, Ken Ofori-Atta, was expected to start with a race to pass the Appropriation Bill in time.
Though no official reason was given for the mass absence of the majority members, GhanaWeb checks show that some of the majority Members of Parliament (MPs) were out of the jurisdiction.
At least three of them were spotted in Qatar, where the 2022 FIFA World Cup is ongoing.
One of the MPs who has been in Qatar for the past two weeks is Mustapha Ussif of Yagaba-Kubori, who doubles as Minister of Youth and Sports.
Minister of Communications and Digitalisation, who doubles as the Member of Parliament for Ablekuma West Constituency, Ursula Owusu-Ekuful, was also spotted in Qatar, according to social media posts.
Minister of Energy and Manhyia South MP, Dr. Matthew Opoku Prempeh was also in Qatar cheering on the Black Stars.
Patrick Yaw Boamah, Okaikwei Central MP was also in Qatar, where he shared photos of himself on the streets and at the stadium supporting Otto Addo and his charges.
Musician and activist, Kwame Asare Obeng alias A Plus, has stated that he will only support the New Patriotic Party in the 2024 elections if the Member of Parliament for Assin Central, Kennedy Agyapong, is made the party’s flagbearer.
According to A Plus who describes himself as a disgruntled member of the NPP, he is unsatisfied with the work of President Nana Addo Dankwa Akufo-Addo whose government is from NPP.
“Nana Addo is someone I like; I have never been more pained by a person’s action than Asamoah Gyan. Asamoah Gyan is someone I like but I am pained that he missed the penalty that doesn’t make him a bad person. So for Nana Addo, I like him but there are shortfalls in his work and that doesn’t make him a bad person or someone I hate. It is his work that I have issues with,” A Plus told Afia Amankwa Tamakloe on her Máhy3ase3 TV Show.
“I am a disgruntled family member. Today Nana Addo is aware that Chairman Wontumi’s company is mining at an unapproved location and he is not doing anything about it,” A Plus added.
The activist noted that he was introduced into the NPP at an early age by Gabby Asare Otchere-Darko who thought him to be outspoken hence his ability to criticise the government of his own party.
“It is Gabby who thought us how to be outspoken and the day I will stop being outspoken will be the day Gabby would call me to. We have followed him from a very young age, it was gabby who held my hand and introduced me to NPP,” he said.
Asked by the host if he will support the NPP in the next elections, A Plus said he will only do so if Kennedy Agyapong is the flagbearer of the party.
“If Kennedy Agyapong will be the flagbearer… Everyone in Ghana knows honourable Ken is my man, he is just like me. Every guy man in Ghana likes him because he is the president of all guymen. It is not me alone, a lot of people also expect him to be the flagbearer,” he stated.
Vice President Dr Mahamamudu Bawumia is tipped to contest the party’s flagbearership but according to A Plus, the Vice President he has equal affinity for the vice president as he is also part of the government.
“Bawumia is with those I don’t like. He is with the current government and I don’t like the current type of governance. I can’t be a liar and I can’t keep mute because I am enjoying,” he said
He added that the NPP has no chance against the NDC if any candidate apart from Kennedy Agyapong is fielded as the party’s flagbearer.
“NPP’s chances will depend on their flagbearer. I am sure the NDC will bring Mahama again; John Mahama versus Kennedy Agyapong is El Classico, Real Madrid versus Barcelona.
“With Kennedy, the fight will be fair and equal,” he added.
An aspirant for the National Executive Committee membership of the National Democratic Congress (NDC), Wonder Victor Kutor, is predicting that the party will be in political office for at least 16 years if it wins the 2024 general elections .
He said there is no doubt the NDC will form the next government, judging from the abysmal performance of the New Patriotic Party (NPP) led by President Nana Addo Dankwa Akufo-Addo.
According to Kutor, the NDC is not just going to win the 2024 elections on the back of the failure of the NPP but on account that Ghanaians appreciate them as the best managers of the economy, for which reason they would want their comeback.
Speaking to journalists after interacting with delegates in the Eastern Region over the weekend, Wonder Kutor expressed the view that, it is only an NDC government that is able to change the lot of Ghanaians.
He pointed out, for instance, the massive infrastructural developments which dotted the country under former President John Dramani Mahama, as evidence of his assertion.
He added that many of these projects were transformational in the life of the Ghanaian and reflected in the economy.
“The NDC has proven to be the party to transform Ghana and this time when it returns to power, Ghanaians will not like the party to leave power and I am sure we would be in power for 16 years,“ he said.
Wonder Victor Kutor, who is contesting with 18 other aspirants, likened the 16 years of NDC in power to his own sixteenth position on the ballot, saying it is a good sign.
To achieve this however, he said there is work to be done which is why he is putting himself up to be able to get these results.
As former parliamentary candidate aspirant for the Anlo constituency, Victor Kutor, said he is battle-ready to aid the comeback of the NDC, if given the nod as the National Executive Member.
“My vision and strategies for the party in going into 2024 elections has a great tendency of recapturing power from the inept NPP government because election 2024 is a must win for NDC, which will see us be in power for the next 16 years,“ he stressed.
The NDC will hold its national delegates congress later in December 2022.
The executive director of the Alliance for Social Equity ‘ASEPA’, Mensah Thompson, has cautioned that, worse days may be experienced by Ghanaians in 2023.
Speaking on the recent 2023 budget read by the finance minister, Ken Ofori Atta, the director asserted that, the policies in the budget presented provide no relief for Ghanaians, but rather unprepared hardship.
He also cautioned the government to focus on restructuring the Ghanaian economy, rather than suppressing the freedom of speech in the country, and making unnecessary arrests, citing the case of Kwaku Rafiki, a social media activist who was arrested over comments he made on social media.
“When you read the 2023 budget, Ghanaians should prepare for the worse, right now, this is the advice that we will give to Ghanaians: when you’re preparing, prepare for the worse, because the next few years, especially 2 years, its going to be a very crucial and difficult year for the people of this country.
“Already we have started seeing the consequences, and the 2023 budget, there is nothing in the budget that shows that this government, is ready to tackle problems facing Ghanaians, difficulties, crises in the nation. If not, he won’t run a deficit of 61 billion in times of a crises. This means that the government doesn’t care about our problems,” Mensah Thompson said.
“This is not the time for unnecessary witch hunting, this is not the time for an attack on free speech,” he added. “I use your medium to condemn the needless arrest of Kwaku Rafiki, a social media activist, because he said something and he was arrested; it is purely unnecessary and unacceptable.”
Mensah Thompson made these comments when he appeared on Critical Issues on UTV.
The Campaigner for EcoCare Ghana, Mrs. Patience Olesu-Adjei, has called on the government and key stakeholders to increase education on fire management within communities as the dry season nears.
According to her, this will ensure the protection of farms, the trees planted across the country during Green Ghana Day and other restoration projects aimed at restoring degraded forests as well as mitigating climate change.
She explained that bush fires release greenhouse gases into the atmosphere which contributes to climate change, whilst climate change makes the weather drier and warmer leading to longer active fires, therefore perpetuating a vicious cycle if actions are not taken to address the challenge.
Mrs. Olesu-Adjei made the call at a two-day training organized by EcoCare Ghana and Tropenbos Ghana in collaboration with the Ghana Fire Service.
The training aimed to equip members of the Landscape and Environmental Agility across the Nation (LEAN) Project Fire Volunteers Squad within the Transition Landscape with practical fire prevention and control skills.
She explained that the setting up of the Fire Volunteers Squad and the subsequent capacity building training for them was necessary because in the past two years, the LEAN project has supported farmers to plant over Four Hundred Thousand (400000) seedlings and given climate-smart agricultural training to farmers in the Sixty (60) projects communities.
Therefore, it is “imperative to train the farmers on fire management to protect the seedlings and their livelihood”.
She added that the Transition Landscape is a fire-prone area, especially during the dry season and therefore setting up Fire Volunteer Squads in communities to support the work of the Ghana Fire Service is timely and key in ensuring farmers’ livelihoods are protected to enhance food security and environmental sustainability.
During the training, the Bono East Fire Officer in charge of Rural Fires, DO3 Obed Boadi, pointed out that fires in the landscape are caused mostly by farmers, palm wine tappers, hunters, and Fulani herdsmen. He added that according to PNDC law 229 (Control and Prevention of Bushfires Act), “it is unlawful for any person to start any bushfires for any purpose” except “a person authorised by the Director of Agricultural Extension Services who may set fire for agricultural purposes”.
He cautioned that anyone who breaks the law is “liable on conviction to a fine of not less than two hundred and fifty penalty units and not more than one thousand penalty units or a term of imprisonment or community labour”.
He advised that citizens must report any bushfires they come across and failure to report without “justifiable reasons” is also an offence.
Mr. Samuel Yeboah, the Assemblyman for Techiman-Tanoso, a beneficiary of the training, was optimistic the training will be of tremendous help in saving their farmlands which have been subjected to perennial bushfires.
He advised his fellow volunteers to educate others, desist from actions that may cause bushfires and commit to supporting farmers in their locality when the need arises.
The Landscapes and Environmental Agility across the Nation (LEAN) is a four-year project funded by the European Union’s flagship GCA+ initiative that aims to conserve biodiversity, build climate resilience, reduce emissions from land-use changes and help smallholder farmers improve their livelihoods.
The project is being implemented in Ghana by a consortium of four partners; Rainforest Alliance in the High Forest Zone, World Vision Ghana in the Savannah and Tropenbos Ghana and EcoCare Ghana in the Transition Landscape respectively.
In total, about 190 Fire Volunteers have been trained from 15 communities out of 60 communities who are scheduled to receive the training within the Offinso Municipal and North, Techiman Municipal and North and Nkoranza Municipal and North District Assemblies.
The volunteers were taking through firefighting skills, fire detection, creation of fire belt and how to operate some basic firefighting equipment.
The Government of Ghana expects overwhelming support for the debt exchange programme that has been introduced in the 2023 budget, the Finance Minister Ken Ofori-Atta has said.
In his view, the programme is the surest way of restoring the Ghanaian economy back on track to create jobs and protect income of the people.
Launching the programme in Accra on Monday December 5, he said the government expects an overwhelming support for the programme.
He said after citing best practices in countries such as Greece, that the debt exchange programme “is an orderly way to put our economy back on track in order to create jobs, protect income and restore hope to the Ghanaian people.”
“the govt expects overwhelming support for this exchange programme,” he stressed.
He further dismissed speculations that there is going to be haircuts following the programme.
“There will be no haircuts,” he said.
He further justified the introduction of the debt exchange programme.
He stated that it has become necessary because of the enormous challenges with debt servicing.
He revealed that debt servicing is consuming “almost of government’s revenue and also 70 per cent of tax revenue.”
“Which is why we are announcing this to restore our capacity to service debt,” he stressed.
Under the debt exchange programme, he said, ” domestic bond holders will be asked to exchange their instruments for new ones.”
He added “Existing domestic bonds as of 1st December will be exchanged for a set of four new bonds maturing in 2027, 2029, and 2037.”
The annual coupons on all of these bonds will be set at 0 % in 2023, 5% in 2024 and 10% from 2025 until maturity.
“Coupon payments will be semi annual ‘ he stressed.
Former President Mahama’s special aide, Joyce Bawah Mogtari, has described the Akufo-Addo government as “clueless” when it comes to the current economic turmoil and reducing the worsening plight of Ghanaians.
According to her, this government is to be blamed for the high cost of living, inflation, corruption among others and ought to find measures in resolving them.
Speaking on the Good Morning Ghana show monitored by GhanaWeb, she indicated that government lacked sensitivity when it comes to the current cost of living which continues to worsen.
“… for an administration that was propelled to this level of popularity on the back of demonstrations in regards to the reduction of VAT, it is mind-boggling that today we speak about a 2.5 per cent increment. Ghanaians know what the difference is. VAT is now 15 per cent. Go out to the market and see how businesses are closing down, letting staff go because they can no longer afford to pay them, buy one item and see the number of taxes on it.
“There is nothing such as burden sharing and there is nothing about the government taking responsibility, there is nothing about any sensitivity on the part of government. Government is currently clueless regarding what to do.” She said on Good Morning Ghana
She added, looking at the state of the economy, “Ghana is ranked at par with Sri Lanka and yet the government is increasing the contingency vault from where it was to GHC1.4 billion, a figure larger for all the ministries put together at the time where Ghana is almost at a standstill.”
