Former President John Dramani Mahama has observed that Ghana’s economy has lurched from crisis to crisis.
In a Facebook post, the former President said the crisis has ultimately resulted in the most debilitating living conditions in several decades.
He added that within a space of ten months, our currency, the Ghana Cedi, has depreciated by over 62% against the US dollar.
“In the last few years, our economy has lurched from crisis to crisis, ultimately resulting in the most debilitating living conditions in several decades. Within a space of ten months, our currency, the Ghana Cedi, has depreciated by over 62% against the US dollar, which is the highest in recent memory,” Mahama posted on Facebook today 4th November 2022.
This statement comes after the Former President John Dramani Mahama on Thursday, October 27, 2022, addressed the nation.
Speaking at the UPSA Auditorium, Mahama touched on the current economic hardships sweeping across the land, high inflation rates and the depreciation of the cedi.
Mr. Mahama urged government to cut down on expenditure by reducing the number of appointees and ministers.
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He also advised government to abolish or realign state institutions with similar functions while suspending non-essential projects.
The 2020 flagbearer of the NDC also backed calls for the dismissal of the Finance Minister, Ken Ofori-Atta from office; adding that his removal will not affect the ongoing negotiations between Ghana and the IMF.
“Our public debt is projected to hover around GH¢ 522 billion by close of this year, with a corresponding debt to GDP ratio of above100%. The debt service obligation arising from this, is monstrous and, is making it impossible to finance almost all critical sectors of the economy.”
“The wage bill has gone up due to unbridled recruitment into all sectors of the public service resulting from a poor capacity of the private sector to mop-up the teeming youth graduating from all levels of our educational system.”
“Worse still, Ghana has been classified as the country with the highest likelihood of debt default, which reflects the multiple downgrades by the international credit agencies. As it stands, we remain firmly shut out of the international bond market,” excerpts of Mahama’s speech said.
Aspiring general secretary of the NDC, Elvis Afriyie-Ankrah, has called for a united front among all people of diverse ethnic groups to help promote the unity of purpose for Ghana’s development.
Speaking on the sidelines of the Hogbetsotso Festival of the Anlo state, the current Elections Director of the NDC said, “while the quest for political power is critical in spearheading development, the gracing of the Hogbetsotsoza by the Asantehene, Outhmfuo Osei Tutu II, following the special invitation by Awomefia Togbe Sri signifies a longstanding effort to bring all cultures in Ghana together.”
Elvis Afriyie-Ankrah also took time to interact with former President John Dramani Mahama, leading chiefs in the Volta region, leaders of the NDC across all levels of the party, opinion leaders, elders, members and sympathisers of the party to assure them of his commitment towards a united party in the National Delegates Congress in December.
Elvis Afriyie-Ankrah has declared his intention to vie for the General Secretary position because he believes “Ghana is at the crossroads having been led by the incompetent leadership of Nana Addo Danquah Akuffo-Addo and vice president Mahamudu Bawumiah” who heads the economic management team.
Elvis Afriyeh Ankrah, insists, “following the comprehensive development undertaken by the John Mahama-led administration, it has become imperative for the NDC to be elected in the 2024 elections to give hope to the ordinary Ghanaian and restore the dwindling economy” back on track.
The Hogbetsotso has become one of the most prominent festivals in Ghana which seeks to rally all Ewes across the country and unify other Ghanaians of other ethnic groups towards the development of the country.
National Executives of the New Patriotic Party (NPP) has engaged Chief Executive Officers (CEO) of state institutions in the renewed efforts to bridge the gap between government appointees and the party.
Dubbed ‘Time with the CEOs, the event offered the national executives the opportunity to interact with the CEOs and present expected future challenges and how to address them as the party gears for the 2024 elections.
Addressing the CEOs in his welcome address in Accra, the National Treasurer, Charles Dwamena aka Dr. China asserted that empirical evidence from recent general elections indicate the NPP is the party in majority in Ghana.
Explaining his assertion, Dr. China noted that in 2008 the National Democratic Congress (NDC) won the election with less than 51% of the votes.
He stressed that in 2012, the NDC again won the elections but with less than 51% of the vote.
He said, “In 2016, the NPP won but with more than 51% and in 2022, the NPP won again with more than 51%.”
“This tells the story that the NPP as a party is in the majority.”
Dr. China argued if indeed that is the case, going into the 2024 elections, no matter the turbulence being experienced in the NPP currently, the party can still win the elections if it is put in the right shape.
He said, “If we are able to reach out to our party members and make sure that we are united and present a common front, we will be able to go beyond 2024 and break the eight.”
“And that starts today with your ideas; and that starts today with the experiences that we will be sharing together so that the team of national executives will be supported in whatever we will embark upon.”
“Together we will be able to break the eight,” he added.
Sir William Robert Wolseley Winniett was a governor in the Gold Coast but worked tirelessly to end the trade of slaves.
Serving under the Governor of Sierra Leone, Winniett became the lieutenant governor of the Gold Coast (now Ghana) on October 24, 1845.
Determined to abolish the Slave Trade, he went to the capital of Abomey (current Benin) in 1847 after the Slave Trade Act outlawed the slave trade in the British Empire in 1807 and the Slavery Abolition Act of 1833 outlawed slavery altogether.
According to details available online, in 1848, Sir William Winniett led the West India Regiments and others to stop the murdering of Africans and Europeans by deposing Kaku Aka, the king of Amanahia (Apollonia).
That same year, with his secretary, Thomas Birch Freeman, he went to the Kingdom of Ashanti to persuade Ghezo, the King of Dahomey, also known as King Kwaku Dua, to stop the slave trade and abolish human sacrifice.
Details by Wikipedia show that at the time, the king was in the business of exporting 8,000 slaves a year.
He also purchased Dutch fortresses on the Slave Coast to end the Dutch slave trade.
On June 29, 1849, Sir. Winniett was knighted by Queen Victoria at the Buckingham Palace.
He died on December 4, 1850, at Jamestown/Usshertown, Accra and was interred in the cemetery at Fort Christiansborg (Ebenezer Presbyterian Church, Osu).
Legal Practitioner, Martin Kpebu, has outlined some of the measures the Speaker of Parliament, Alban Bagbin, needs to take should President Nana Addo Dankwa Akufo-Addo, and his vice Mahamudu Bawumia resign.
According to him, one of the major steps he needs to take is to cushion the Ghanaian economy.
He said the speaker must ensure that taxes, prices of fuel, and basic commodities come down as soon as he assumes office.
“We are saying that when the Speaker of parliament assumes office as president after the resignation of Akufo-Addo and Bawumia, he must take steps to cushion the Ghanaian economy. Times are hard, fuel has gone, everybody is suffering. So, once we are all suffering when the Speaker takes over office, he must roll out plans to reduce some of the taxes, take and find other innovative means to make sure prices of basic commodities and petrol come down.”
The legal practitioner added, “The Speaker must also make sure the cedi is strengthened because as we are all aware the cedi is the worse currency in the world. Once we have gathered here and we are expressed our disgust at the obscene thievery, conflict of interest it means that Akufo-Addo, Bawumia and Akufo-Addo must go.”
Martin Kpebu made the comments at the ‘Kume Preko Reloaded’ demonstration which was held yesterday, November 5, 2022. The protest started from the Kwame Nkrumah Circle and ended at Black Stars Square in Accra.
Some Ghanaians showed up in their numbers to demonstrate in demand for better living conditions and also called for the resignation of Akufo-Addo, Bawumia and Ken Ofori-Atta.
The organizers noted that this is to send a “strong message” to the government to act in order to relieve Ghanaians of the challenges they currently face.
They also called for the resignation of the leadership of the country.
Vice President Dr Mahamudu Bawumia has assured Ghanaians that the Akufo-Addo administration will tackle the economic challenges facing them.
He told Ghanaians that the challenges are also being felt in most countries around the world, not only Ghana
In a remark at the Hogbestosto Festival at Anlo in the Volta Region on Saturday November 5, he said “we all know we are facing global economic crisis which Togbe Sri III referred to.
“This is a crisis that is being felt all over the world and the cost of living accelerated across the globe.
“If you look at the cost of living as measured by the rate of inflation, between 2019 and now, the rate of inflation has increased by five-fold in Ghana, it has increased by sixteen-fold in Togo, it has increased by eleven-fold in Senegal, it has increased by seven-fold in Cote D’Ivoire and eight-fold in the United Kingdom.
“The increase in the cost of living has caused hardships not only in Ghana but many countries.
“In fact, the BBC noted about two weeks ago that so far, this year, in 93 countries we have had public protests against the increased cost of living. It is important to know however that amidst all of this turmoil we should put things in perspectives.”
He added “The government of Nana Akufo-Addo has over the last six years taken many steps to reposition and transform the economy.
“So whiles we have hardships today, which we are working very hard to alleviate, and In sha’Allah we will deal with it, let us not forget what we have been able to do in the last six years.
“Let me recall that our government in the last six years has created more jobs than any other government in the Fourth Republic, let me recall that we have constructed more roads than any other government in the Fourth Republic, Let me recall that we have built more interchanges than any other government in the Fourth Republic, we have built more airports than any other government in the Fourth Republic, more railways than any other government , we have built more classrooms than any other government in the Fourth Republic.”
The Anlo Traditional Council in the Volta Region has charged the government to scale-up efforts to protect coastal towns, especially Keta, and its environs from being washed away by the sea.
According to them, the move will reduce the growing destruction caused by tidal waves in the area.
The spokesperson for the Council, Togbe Agbetadua Kumassah, made the request in an interview with Adom News during the 60th annual Hogbetsotso celebration.
Hogbetsotso is one of the indigenous festivals in Ghana. It is celebrated by the Anlo people to commemorate the escape from Notsie in Togo to their present abode in the Volta Region of Ghana, between the fourteenth and the fifteenth centuries
He also called on government to consider developing the roads and completing the abandoned One District One Factory (1D1F) project to create jobs for the youth in the area.
Vice President Dr Mahamudu Bawumaia has indicated that the Akufo-Addo administration has over the past six years in office built more schools, roads, airports, interchanges than any other government in the Fourth Republic.
He has appealed to Ghanaians to recollect these achievements of the government in the midst of the economic turmoil they are saddled with currently.
Dr Bawumia indicated that the hardships are being felt globally, not only in Ghana.
In a remark at the Hogbestosto Festival at Anlo in the Volta Region on Saturday November 5, he said “we all know we are facing global economic crisis which Togbe Sri III referred to. This is a crisis that is being felt all over the world and the cost of living accelerated across the globe.
“If you look at the cost of living as measured by the rate of inflation, between 2019 and now, the rate of inflation has increased by five-fold in Ghana, it has increased by sixteen-fold in Togo, it has increased by eleven-fold in Senegal, it has increased by seven-fold in Cote D’Ivoire and eight-fold in the United Kingdom.
“The increase in the cost of living has caused hardships not only in Ghana but many countries. In fact, the BBC noted about two weeks ago that so far, this year, in 93 countries we have had public protests against the increased cost of living. It is important to know however that amidst all of this turmoil we should put things in perspectives.
He added “The government of Nana Akufo-Addo has over the last six years taken many steps to reposition and transform the economy . So whiles we have hardships today which we are working very hard to alleviate, and Insah Allah, we will deal with it, let us not forget what we have been able to do in the last six years.
“Let me recall that our government in the last six years has created more jobs than any other government in the Fourth Republic, let me recall that we have constructed more roads than any other government in the Fourth Republic, Let me recall that we have built more interchanges than any other government in the Fourth Republic, we have built more airports than any other government in the Fourth Republic, more railways than any other government , we have built more classrooms than any other government in the Fourth Republic.”
Vice President Dr Mahamudu Bawumia has said, in the last six years, the Akufo-Addo administration has created more jobs than any other government in the Fourth Republic.
It is not only job creation but also, the government has built mores schools, interchanges, airport than any other government in the Fourth Republic, he said.
In a remark at the Hogbestosto Festival at Anlo in the Volta Region on Saturday November 5, he said “we all know we are facing global economic crisis which Togbe Sri III referred to.
“This is a crisis that is being felt all over the world and the cost of living accelerated across the globe.
“If you look at the cost of living as measured by the rate of inflation, between 2019 and now, the rate of inflation has increased by five-fold in Ghana, it has increased by sixteen-fold in Togo, it has increased by eleven-fold in Senegal, it has increased by seven-fold in Cote D’Ivoire and eight-fold in the United Kingdom.
“The increase in the cost of living has caused hardships not only in Ghana but many countries.
“In fact, the BBC noted about two weeks ago that so far, this year, in 93 countries we have had public protests against the increased cost of living. It is important to know however that amidst all of this turmoil we should put things in perspectives.”
He added “The government of Nana Akufo-Addo has over the last six years taken many steps to reposition and transform the economy.
“So whiles we have hardships today, which we are working very hard to alleviate, and In sha’Allah we will deal with it, let us not forget what we have been able to do in the last six years.
“Let me recall that our government in the last six years has created more jobs than any other government in the Fourth Republic, let me recall that we have constructed more roads than any other government in the Fourth Republic, Let me recall that we have built more interchanges than any other government in the Fourth Republic, we have built more airports than any other government in the Fourth Republic, more railways than any other government , we have built more classrooms than any other government in the Fourth Republic.”
Vice President Mahamudu Bawumia Saturday received a rousing welcome at the Hogbetsotso Festival of the Anlo State in the Volta Region.
The enthusiastic crowd chanted New Patriotic Party (NPP) songs to welcome the Vice President and his entourage to the 2022 festival, which marks the 60th anniversary of the Hogbetsotsoza.
This year’s celebration is on the theme: “60 years of Anlo Hogbetsotso Za: Uniting for development, sustaining our unique cultural commonwealth for future generations”.
Also present at the festival were the Asantehene, Otumfuo Osei Tutu II, and the Ga King, Nii Tackie Teiko Tsuru II.
Other chiefs and personalities from the Volta Region and diasporans also graced the historic ceremony.
The Vice President called for togetherness for rapid socio-economic development.
Hogbetsotso is celebrated in November at Anloga, which is the traditional and ritual capital of the Anlo State.
The Festival unfolds Ewe history and brings to play the memories of legendary exodus and heroic acts of men of boldness and their mystical powers that liberated the Ewe-Dogbo people from the rule of tyrant King of Kings-Torgbui Agokorli of Nortsie in Togo.
Hence, Hogbetsotso is derived from the word ‘Hogbe’ or ‘Hohogbe’-the day of exodus – the moment in time when the Ewes in the Dogbo quarter of the walled city of Nortsie in Togo, escaped from the tyrannical ruler Agorkorli by walking backwards.
In order to commemorate the exodus and the bravery of their traditional rulers who led them on the journey, the people commemorate the annual festival of the Exodus – “Hogbetsotsoza”.
Thirty-six states from the Anlo Traditional Area are participating in this year’s celebration.
Vice President, Dr. Mahamadu Bawumia, says it is wrong to measure the government’s performance only by the current post-COVID-19 economic difficulties.
He said the country’s economic outlook before the onset of the pandemic was positive; thus the reason the government continued to attribute the current crises to factors emanating from the pandemic and the Russia-Ukraine war.
“Judging government by the development in the global space and not including the performance of the economy when we assumed office in 2017 to 2020 is an anti-climax. And we all know that period gave us a strong economy.”
Dr. Bawumia said this in an address at the 60th Anniversary celebration of Hogbetsotsoza at the Anloga park.
History was made when Otumfuo Osei-Tutu II, the Asantehene, and his entourage of chiefs, King Tackie Teiko Tsuru II, the Ga Mantse and his retinue of chiefs and Daasebre Akuamoah Agyapong II, the Kwahuhene’s delegation participated in the event.
He said the government had chalked many successes across all sectors, including school infrastructure, railways, fish landing sites, interoperability, restored teachers and nurses allowances as well as many transformational policies and programmes.
He said these successes were unequal to successive governments’ performance on all fronts.
Dr. Bawumia said the government was working assiduously to stem the high food and fuel prices and urged Ghanaians to be patient.
He identified with the strong cultural heritage of the Anlo people, which is a panacea for the development of the creative industry, an enabler, and a driver for sustainable national development.
He said Keta and Anloga continued to harness a chunk of the tourism traffic and urged the residents to maintain the peace at all times.
Togbi Sri III, the Awoamefia of Anlo, said COVID-19 denied them the organization and celebration of the festival for two years, the same way its effects were wreaking havoc on the economy.
He said the Russia-Ukraine war had added another dimension to the crisis with escalating fuel hikes, food shortages, and high inflation.
He appealed to the people to remain patient with the government for a permanent solution to the difficulties.
The Awoamefia bemoaned the increasing exodus of professionals from the Anlo enclave compared to their collective support for the development of the area.
He said the time had come for them to redirect their efforts at building a solid Anlo state to serve as motivation for the young ones.
Asantehene Otumfuo Osei-Tutu II said his forefathers and the Anlos forged a military pact, which he wanted to practicalize through development to benefit the two kingdoms on a win-win situation.
He said he had been yearning for an occasion like this to demonstrate to the whole world that Asantes and Anlos were inseparable and could only work to better the fortunes available to them.
He said it was time to maximize the human resources of the two kingdoms and improve the productivity and creativity of their people.
Daasebre Akuamoah Agyapong II, the Kwahuhene, said he agreed to particiate in the festival to forge stronger ties due to the mindset of the people towards work and peacebuilding.
King Tackie Teiko Tsuru II, the Ga Mantse, who presided, appealed to the Anlos to unite and forge a common front for development to thrive, adding close ranks and not allowing politicians to divide them.
The festival also known as Hogbeza, commemorates the legendary exodus of the Ewe-Dogbo folks from Notsie in present-day neighboring Togo.
The festival was held this year after its suspension in 2020 and 2021 in compliance with COVID-19 protocols and was attended by people from far and near, diplomats, politicians, and the clergy.
President Nana Addo Dankwa Akufo-Addo will lead Ghana’s delegation of climate negotiators to this year’s 27th Conference of Parties to the UNFCCC (COP27) in Egypt.
COP27, scheduled for 7 to 18 November, would be hosted in the Egyptian city of Sharm El-Sheikh and will provide the platform for climate activists and negotiators to discuss, propose actions and make decisions towards facilitating the implementation of the various Articles of the Paris Agreement and the Glasgow Climate Pact.
At a pre-COP media briefing organised by the Ministry of Environment, Science, Technology and Innovation in Accra, Dr Kwaku Afriyie, the sector minister, said Ghana’s team was ready to present the real needs of the African people at the conference.
“Ghana will participate actively at the negotiations, and the Presidency implementation summit and also host a number of events at the Ghana Pavilion.
“We will launch the Article six framework and sign some additional bilateral agreements with Sweden and Singapore. Other sectors will host events relating to their mandate, i.e., energy, forestry, transport, finance etc,” Dr Afriyie said.
He said Ghana, which host the Presidency of the Climate Vulnerable Forum (CVF), would also demand as a moral right, funds from the developed world to address issues of loss and damage being experienced by Africa due to greenhouse emissions from the big polluters.
He argued that Africa, which continues to feel the highest impact of the climate change phenomenon but contributes just less than 5% of such emissions needed to be helped to mitigate and adapt to such impacts.
The minister said the Inter-governmental Panel on Climate Change report released in February this year, projected the likelihood of some 118 million vulnerable people in Africa being affected by the impact of climate change by the year 2030 if nothing is done to curb climate issues.
“With regard to loss and damage, Ghana recognises the impact of loss and damage on women, youth, children and other vulnerable groups and calls for the integration of these groups.
“Finance for loss and damage is key…We expect delivery of new climate finance under the New Collective Quantifies Goal on climate Finance… We will follow up with our CVF colleagues and push to ensure that is achieved.”
Meanwhile, altogether, 322 Ghanaian activists from both state and non-state institutions have registered on the government’s portal to attend and participate in COP27.
Dr Afriyie explained that of the total, participants from government institutions account for 226, while those from non-state actors are 72 and those belonging to the Climate Vulnerable Forum (CVF) 24.
“Half of the number on the government platform are NGOs and partner institutions who decided to go through some institutions to be registered.
“Therefore, the actual government staff attending the COP is about 150…People attending this will be participating in diverse programming including negotiations, workshops, side events and bilateral meetings. Sponsorships are also from diverse sources.”
The Cedi recovered strongly against the dollar, appreciating to 13 from 14.05 at last week’s close after President Nana Akufo-Addo said bondholders won’t suffer losses as part of any IMF bailout.
The recovery was aided by a Bank of Ghana clampdown on illegal FX traders. Dollar demand remains heavy ahead of the Christmas period as importers seek to pay for goods in time for the festive shopping season. We expect the currency’s recovery to be short-lived, with rising inflation and high debt levels driving the Cedi back to the 14 levels in the near term.
Twin priorities for Africa leaders at COP27
With Africa contributing only around 3% of global emissions but devastated by extreme weather, such as recent floods displacing millions and destroying farmland across west Africa, the continent’s leaders have two core objectives at the UN’s COP27 climate conference next week.
The first is that developed nations should pay reparations for the impact that climate change is having on Africa, with the funds used to build infrastructure that will be more resilient against extreme weather and support transition to renewable energy.
The second objective is to strike a balance between calls for a global halt to new fossil fuel projects and the priorities of economic development in Africa and the need for new sources of oil and gas to address energy shortages in Europe. Progress on either of these broad objectives could provide relief for Africa’s economies and currencies.
Naira tumbles to new low as CBN to void high-value notes
The Naira plunged to a new low against the dollar on the unofficial market, trading at 850 from 772 at last week’s close. Nigerians rushed to buy dollars after the central bank said it plans to redesign high value Naira notes by mid-December and void any old notes still in circulation by the end of January next year.
The spread between the official and unofficial rates is now more than 88%, the largest ever gap, according to Bloomberg. The note redesign is intended to mop up excess funds, reduce counterfeit notes and hamper ransom payments from terrorists and kidnappers.
The central bank has expressed concern about the amount of currency in circulation outside of the banking system, reducing the efficacy of its policy levers. With dollar demand continuing to outpace supply, and with no more central bank support in the parallel market, we expect the Naira to lose further ground in the near term.
Rand loses ground on Fed hike
The Rand weakened against the dollar, trading at 18.27 from 18.12 at last week’s close after the US Federal Reserve raised interest rates by another 75 basis points to its highest level in 14 years.
The Rand had been trading even lower at the start of the week, briefly touching 18.40, before recovering slightly amid renewed optimism about China’s economic outlook. Domestic concerns also continue to pile pressure on the local unit, such as ongoing power cuts and uneven taxation (with about 4% of the population being responsible for 84% of the country’s tax receipts).
We expect the Rand to continue trading in the 18s in the week ahead, though it is unlikely to weaken beyond 18.50.
Egypt Pounds plunges to record on flexible FX move
The Pound depreciated sharply against the dollar, hitting a fresh record low of 24.15 from 19.67 at last week’s close after the country signalled it was moving to a flexible exchange rate as part of the $3bn IMF loan deal agreed last Thursday.
The Pound’s weakening is likely to fuel inflation, which hit a four-year high of 15% in September. Egypt’s economy has been struggling from the twin effects of the Covid-19 pandemic and commodity price shocks caused by Russia’s war in Ukraine.
That has sparked a foreign investor exodus that is putting more pressure on the Pound, which we expect to sink further in the weeks ahead as the currency floats more freely and adjusts to market based levels.
Kenyan Shilling at new low set for further losses
The Shilling declined to a fresh record low, trading at 121.35/121.55 from 121.15/121.35 at last week’s close amid the familiar trend of elevated dollar demand from energy and manufacturing businesses that is outpacing supply.
The central bank continued to support the currency using its dollar reserves, preventing a larger slide. FX reserves fell to just under $7.3bn from slightly above a week earlier.
We expect the Shilling to weaken further in the week ahead as the US Federal Reserve’s 75 basis point hike this week strengthens the dollar.
Ugandan Shilling to weaken on debt concerns
The Shilling strengthened against the dollar, trading at 3770 from 3808 at last week’s close. Energy Minister Ruth Nankabirwa Ssentamu said Uganda plans to start pumping its oil reserves in 2025, with the country likely to court Chinese investment to finance the East African pipeline project.
Meanwhile, African health officials said the Ebola outbreak is under control due to successful contact-tracing efforts. The World Health Organization upped its Ebola risk assessment for the country and the wider region as infections reached the capital Kampala. The currency’s stronger showing may be short-lived.
We expect concerns about Ugandan debt levels will cause the Shilling to depreciate in the coming days.
Shilling stable as Tanzania President visits China
The Shilling was broadly unchanged against the dollar, trading at 2332 from 2331 at last week’s close. Petrol prices dropped for a third month in a row at the start of November, supported by the government’s TZS200bn fuel subsidy.
While that handout is protecting Tanzanians from inflationary strains, there are concerns about the sustainability of the subsidy and the potential long-term effects it could have on the economy. President Samia Suluhu Hassan is visiting China this week as Tanzania seeks to drum up investment for the East African oil pipeline that will pump crude from Uganda through to Tanzania’s Tanga port. We expect the Shilling to be more volatile against the dollar in the days ahead following the US Federal Reserve’s latest rate hike.
Cassiel Ato Forson, Member of Parliament for Ajumako Enyan Essiam Constituency in the Central Region has alleged that government went on a borrowing spree in the lead up to the 2020 polls.
At Forson, who is the Ranking Member on Parliament’s Finance Committee said a total of 67 billion cedis was borrowed, which amount the Nana Addo Dankwa Akufo-Addo-led government splurged on campaigning.
He said, the amount was also shared among members of the governing New Patriotic Party, NPP, like kelewele – a local snack made of fried chopped plantain with pepper usually accompanied with groundnuts.
“Because of the elections, they decided to borrow 67 billion Ghana cedis, and shared the money to their party supporters. They shared Ghana’s money like kelewele,” Ato Forson claimed in an interview with pro-National Democratic Congress channel, Woezor TV.
The NPP government has serially been accused of overborrowing and reckless spending leading Ghana into financial difficulties.
The government insists that the twin effects of the COVID-19 aftermath and the Russia-Ukraine war are to blame for the headwinds and that measures are being put in place to rectify the challenge.
Ghana is hoping for an International Monetary Fund, IMF, programme to help stabilize the economy amid fears that it could collapse sooner or later.
President Akufo-Addo in late October delivered an address on the economy, admitting that Ghana was in a crisis, whiles outlining measures being undertaken to reverse the tide and put the economy on a path of growth and prosperity.
Media Personality-cum-Private Legal Practitioner Samson Lardy Anyenini has described a decision by Members of Parliament (MPs) on the majority side not to give out the name of a businessman they claim attempted to bribe them as an act of cowardice.
The New Patriotic Party (NPP) members of parliament say they were approached with a monetary offer by a wealthy businessman to get them to stand down on their calls to President Nana Akufo-Addo to sack Finance Minister Ken Ofori-Atta and Deputy Minister for Finance Charles Adu Boahen.
In his assertion, Samson Lardy noted that the NPP MPs would have named the businessman whom he noted engaged in a crime if he was a known member of the opposition National Democratic Congress(NDC).
“What exactly are they [NPP MPs] afraid of? They cannot be scared of naming this businessman. Just imagine that this businessman was on the political divide on the other side. Would these MPs have told us about a businessman who brought bribes to them without naming him? They are teaching the very wrong things to our community,” he said on Newsfile monitored by MyNewsGh.com.
While challenging the majority members of parliament to proceed to put out the name of the said businessman as proof of their sanctity in the corruption allegation, he called them out as cowards instead of the Honourable men they are meant to be.
“If you men want us to continue to refer to you as honourable men of that parliament, please name the businessman to start with or say no more about this situation. Until they name this businessman, these [MPs] are no honourable people. These are cowards who must be told exactly who they are,” Samson added.
National Youth Organiser of governing New Patriotic Party (NPP) Salam Mustapha says the widespread disaffection by Ghanaians against government in the wake of heightened economic difficulties is evidence that Ghanaians hold the governing party to high standard as compared to the opposition National Democratic Congress(NDC).
Following recent unprecedented hikes in prices of fuel, transportation, food and general cost of living, Ghanaians have expressed displeasure and angst at government as political watchers say the prevailing economic conundrum narrows the chances of the NPP to win the next election.
There have been reports of booing at both the President and Vice President at public functions as a demonstration of disapproval of the management of the economy.
But reacting to the recent booing incidents and general expression of frustration and displeasure amongst Ghanaians, the National Youth Organiser of the ruling party said Ghanaians hold the NPP in high esteem and expect more of the party as compared to the opposition NDC, a reason there is widespread uproar amidst the current economic challenges.
Speaking in an interview on A1 Radio in Bolgatanga monitored by MyNewsGh.com, he argued that Ghana’s economy was growing significantly until the recent invasion of Ukraine by Russia and post-COVID-19 challenges.
“It [booing] gives me a different impression. I think the Ghanaian people have higher expectations of the NPP. They believe that we are more capable and they hold us higher than the NDC. If they [Ghanaians] feel that we are letting them down of a sort, it is natural to protest,” he said.
He described the acts of booing at government officials by some citizens as politically contrived acts perpetrated by elements of the opposition National Democratic Congress.
Former President John Mahama has paid tribute to the late high-life musician, AB Crentsil, at his pre-burial service at Tema Community 8.
Speaking at the funeral, he commiserated with the family and stakeholders of the music industry for the loss of their illustrious son.
Mr. Mahama called him a “great icon of Ghanaian music.”
“Today, our friend and brother AB doesn’t need anything else from us. Just prayers that God will open paradise for him.”
Other dignitaries within the political space who attended the funeral included the Minister of Trade and Industry, Alan John Kyerematen and former Chief of Staff, Julius Debrah and a host of others from the entertainment circles.
AB Crentsil passed away on 13th July 2022, at the age of 79.
His remains will be taken to his hometown in Saltpond for interment.
AB Crentsil is known for songs such as ‘Moses’, ‘Atia’, ‘Angelina’, ‘Papa Samo’, ‘Yewo Adze Oye’, among others.
The Member of Parliament for Cape Coast South, Kweku Ricketts-Hagan, believes the government’s talk of haircuts on investments as part of debt restructuring was premature.
“You have not started the negotiations, then you pre-empt yourself in the negotiations by making a statement that there is not going to be a haircut. You have shot yourself in the foot,” he said on The Big Issue on Citi TV.
After the president’s assurances of no haircuts with respect to money invested in bonds during a speech last week, the government clarified that the restructuring was yet to be finalised.
The President said the statement was in response to rumours and speculation.
The restructuring talks are ongoing as part of Ghana’s efforts to secure an IMF deal for $3 billion.
In the wake of the speech, Mr. Rickets-Hagan said this was further evidence that the Akufo-Addo administration does not understand the government it is running.
He felt there was no need for the government to be paying attention to speculation at this point.
Mr. Rickets-Hagan added that the speculation was only a consequence of the poor management of the economy.
“They are behind the economy, they are running it. You shouldn’t be worried too much at this stage about speculation.”
“Speculation is going to happen when there is uncertainty. Speculation happens when people don’t have confidence in your economy; when your policies are no longer credible,” the MP said.
Minister of Information, Kojo Oppong-Nkrumah, has warned of a possible “third problem” that can worsen the country’s economy despite the dire effect of the Russia-Ukraine war which the government has identified as a prime cause of Ghana’s economic crisis.
Mr Oppong-Nkrumah expressed his disappointment in the Ghanaian media over the lack of attention on China’s possible takeover of Taiwan which is a matter of concern to other countries.
Instead, there are calls for the president, Nana Addo Dankwa Akufo-Addo to accept the blame and apologize to Ghanaians for the economic crisis under his government.
Key personalities in the country including Broadcaster Nana Aba Anamoah called on Akufo-Addo to apologize to the good people of Ghana during his State address on the economy on October 30 but reacting to these calls on Asempa FM, Mr Oppong Nkrumah explained that the ‘mess’ was not created by the government. He was quick to once again cite the effect of the Russia-Ukraine war on the global economy.
“The president admitted that we are in crisis. There was a part in his speech where he noted that we can’t take lightly the situation despite the global crisis…some people were expecting something different and let’s not reduce the conversation to that. They wanted to hear the president take the blame and apologise.
“There is a third problem coming, do you know that China has extended the tenure of office for president Xi Jinping? They have extended it by an extra five years…his attempt to annex Taiwan. If indeed China carries on with its plans, its case will be similar to Russia-Ukraine. Can you imagine the damage, especially with the increase in crude oil prices? If indeed China attacks Taiwan, what will be the implication?” he quizzed.
The Minister sounding the alarm added: “News outlets in other countries are analyzing the implication this possible attack will have on them but in our case, we haven’t taken a look at it but when it happens and we spell out the implications they will say it is pure fabrications but these are the realities in the world we live in. It is therefore not a matter of the president accepting blame because that’s not the matter of fact.”
The Chinese are seeking full control of the Taiwan island which was historically under their control back in the 17th Century.
China’s president, Xi Jinping is seeking a “reunification” with Taiwan. The use of force in fulfilling this takeover has not been ruled out according to reports.
Calls for President Akufo-Addo to resign as Ghana’s president have become intense as hundreds of protestors thronged the streets of Accra.
The aggrieved citizens clad in red and black attires are demonstrating against the country’s current economic state.
The cedi had lost more than 30% of its purchasing power against the US dollar as of September, partly pushing inflation rate to 37.2 per cent, the highest in almost two decades.
The local currency is selling at about GHS13.7182 against the dollar on the forex.
Currently, a litre of petrol is going for about GHS18, and that for diesel, close to GHS24, as such, transport operators have increased transport fares.
Meanwhile Ghanaians are demanding that government should relief the Finance Minister, Ken Ofori-Atta as well as the Minister of State at the Finance Ministry, Charles Adu Boahen of their duties.
Micro, Small and Medium Scale Enterprises (MSMEs) have applauded Ghana’s National AfCFTA Coordination Office (NCO) and UNDP for equipping them with the requisite skills and understanding of the African Continental Free Trade Area in order to take advantage of the Continental Trading Agreement to expand their market and grow their businesses.
The Ministry of Trade and Industry, through the National AfCFTA Coordination Office in collaboration with the UNDP, undertook intensive education of Micro, Small and Medium Enterprises (MSMEs) in Kumasi as part of their Market Expansion Project aimed at equipping MSMEs to harness full benefits of the African Continental Free Trade Area (AfCFTA).
Several MSMEs who participated in the three (3) day training on AfCFTA attested to now having a deeper understanding of the African market, and what it will take them to build on their business and thus harness benefits of the AfCFTA as a continental trading agreement.
Lydia, Sarfoa, an SME and MD of Sarfosco ventures – producer of Star laundry soap said: “I didn’t know much about AfCFTA, but after this programme I’ve been able to learn how to prepare, plan and know the various market opportunities available in Africa for Small Scale Industries like us”. She expressed gratitude to the NCO and UNDP for the opportunity to understand nuances of the AfCFTA.
Constance Bonsu, CEO-Constance Naturals, couldn’t hide her joy of getting understanding into seeing her products on the shelves of shops in other African countries. “I am elated, because for the first time I can see AfCFTA has really come home; we have been engaged and given forms with the promise that they will be coming to visit us. So now I can confidently say that, yes, we are taking-off on AfCFTA; and, yes, they have really come home to the small business entrepreneur, and I hope they are going to live up to expectations on what they have inspired in us and we will be able to break through the continental market because of their interventions,” said Constance, who couldn’t hide her excitement.
Another SME, Benedicta Owusu, CEO-Benefoods and Consult, admitted her initial ignorance about the AfCFTA until benefitting from the training by the NCO in partnership with UNDP. “I have heard so much about AfCFTA, but I didn’t know how to position my business to take advantage of it. So, I am very grateful to the National AfCFTA Office and UNDP for this training.”
Elizabeth Agyapong is an SME involved in the manufacturing of organic skin-care products, and believes that she is now well prepared to storm the African market with the training offered by the Ghana National AfCFTA Coordination Office (NCO). “We’ve heard a lot about AfCFTA, but today’s meeting with the National AfCFTA Office and UNDP is so amazing because our products were going into other African markets without us knowing that we can actually do exports to those countries. We’ve learnt how to export, and the right ways to pass to do very good exports of our products to other African markets. I have been very fortunate and I’m thankful to be part of this training programme by the Ghana AfCFTA Office and UNDP,” she expressed.
According to Divine Kutortse, a Programme Officer at NCO and also the NCO/UNDP Project Officer, Aspiration 6 of the African Union’s Agenda 2063 envisions an Africa whose development is people-driven – relying on the potential of Africa’s people, especially women and youth. Furthermore, to broaden inclusiveness in operation of the AfCFTA through interventions that support young Africans, women and Small and Medium Enterprises – as well as integrating informal cross-border traders into the formal economy – is significant to implementing the simplified trade regime.
“Competitive youth-led firms have the potential to create more and better jobs, and foster production and trade of diversified goods and services across the continent; which promotes access to a wide range of goods and services and increased income, thus ultimately improving lives of the African people,” the NCO officer opined.
Regional Representatives of the Ministry of Trade and Industry and heads of Business Advisory Centres (BACs) and Business Resource Centres (BRCs) in some six (6) districts of Ghana – including Kumasi Metropolitan Assembly, Ketu South Municipal Assembly, Sefwi Wiawso Municipal Assembly, Jomoro Municipal Assembly, Sagnarigu district Assembly and Kassena–Nankana West district Assembly – have been trained on the AfCFTA and its requirements for Micro, Small and Medium Enterprises (MSMEs) by Ghana’s National AfCFTA Coordination Office (NCO) in collaboration with the UNDP.
According to Dr. Fareed Arthur, head of the AfCFTA National Coordination Office, the Government of Ghana through the NCO is committed to mobilising resources and implementing measures with a view to improving the export capacity of both formal and informal service suppliers, with particular attention to micro, small and medium size enterprises, women and youth suppliers.
The heads of state agencies with mandates to promote the activities of MSMEs were taken through the ACFTA’s current status, various protocols, legislations, rules and export requirements under the AfCFTA. They are expected to return to their various districts and disseminate information to MSMEs at the local level, to help them remain compliant to export requirements under the AfCFTA and boost their trade with Africa.
Daniel Owusu Ansah, a deputy director with Ghana Enterprise Agency in the Ashanti Region, expressed gratitude to the NCO, UNDP and MoTI for the insightful education on the AfCFTA.
“In fact, today I am happy to learn about AfCFTA, which is a single large market that creates borderless trading for 55 countries of Africa with a population of 1.3bn people and has the potential to generate GDP of US$3.4trillion. I have also learnt about the rules of origin components, to the extent that if it’s a good it must be grown and processed in the country. I have also learnt about exportable commodities under AfCFTA; and we were taken through the tools that will support our clients, the SMEs to go through. So, I must say I’m very excited about the programme and it is very educative.”
Henrieta Zatonaga, a deputy regional manager for the Ghana Enterprise Agency (GEA), also expressed her excitement for the training – stressing how beneficial it has been for her. “I have learnt about the rules of origin and how to administer the assessment tool; and I know when I get back to my district I will sensitise my MSMEs on how they can take advantage of the common Africa market, which is a great opportunity for them. And then we will look at how we can categorise the MSMEs in order to consider the capacities in which we can support them, in terms of training, access to certifications and tools required for their preparations to take advantage of the AfCFTA.”
The Business Advisory head for Ketu South Municipal Assembly, Rabiatu Ibrahim, expressed hope that her training on the AfCFTA by the NCO and UNDP will go a long way to improve the businesses of MSMEs in her district. “I have learnt about the certificate of origin and steps required to be taken in order to brand products and meet the standard criteria for exports under the AfCFTA; and when I go back home, I will also share with the MSMEs in my district the knowledge I have acquired.”
Shadrach Oko Annang, also an Assistant-head for the Business Advisory Centre (BAC) in Sewhi Wiaso, thanked the NCO and UNDP for the training – which he described as an eye-opener.
“A lot of people in the various districts have heard about AfCFTA but don’t know much about it. But due to this training, when we go back to our various districts we will be able to enlighten them on the processes, procedures and other requirements for trading with their counterparts in other African countries. We will also put in a lot of effort to bring this free trade into very good use,” he assured.
The Ghana Tourism Authority (GTA) – the statutory national tourism regulator and other frontline analogue tourism statutory institutions, stakeholders and players in the tourism nomenclature, including the Ghana Museums and Monuments Board (GMMB), the National Commission on Culture (NCC), the National Theatre of Ghana (NTG) and others are aware of defects in the National Tourism Development Strategy and blueprint; and are therefore working assiduously around the clock, with proactive and action-oriented pragmatic steps and processes to address the noted defects in the sector to reposition and make Ghana an attractive and competitive international tourism destination hub.
Dr. Seth Adjei–Baah, the Board Chairman of the GTA Governing Board, said this in an exclusive interview with the Business & Financial Times (BFT) Tourism Desk yesterday in Accra.
The GTA Board Chairman was reacting to an article published in the October 27 issue of the B&FT, which pointed to issues of and defects in Ghana’s tourism development strategy and legal regime.
Dr. Adjei-Baah, who is a former Member of Parliament (MP) for Nkawkaw and also former President of the Ghana Chamber of Commerce and Industry, asserted that the GTA and the Ministry of Tourism, Arts and Culture (MOTAC) at large are not oblivious of gapping defects in Ghana’s Tourism Development Blueprint, as a major obstacle that has retarded and obstructed Ghana’s tourism development, resulting in Ghana’s still and stunted growth and progress over the years.
According to the GTA Board Chairman, the Minister of Tourism, Arts and Culture (MOTAC), Dr. Ibrahim Mohammed Awal, is an action-oriented man who is working hard to turn Ghana’s tourism fortunes around with an ambitious target to make tourism the foremost contributor to gross domestic product (GDP). He indicated that as a practical action to achieving the laudable and ambitious target, the minister has prioritised and called for collaboration among all tourism sector agencies.
Dr. Adjei-Baah said MOTAC, the sector minister, tourism sector implementing agencies and their boards are all tasked to undertake regular, strategic joint meetings as a pragmatic approach to address loopholes and defects in the national tourism development strategy for holistic national tourism development.
The MOTAC implementing agencies boards’ strategic and collaborating meeting, according to Dr. Adjei-Baah, is organised by the GTA Board and coordinated by the Chief Executive Officer (CEO) of the GTA, Mr. Akwasi Agyeman.
GTA Board Chair revealed that the most recent MOTAC implementing agencies collaborating meeting took place on 28th October, 2022.
Strategic Sourcing and Industrialisation insights with Prof Douglas Boateng
While the terms ‘Made in Ghana, or South Africa or Kenya or Nigeria’ have become common components of goods and services produced on the continent, a broader focus on ‘Made in Africa’ may be the key to long-term business success and continental wide socio-economic development.
This is particularly pertinent when it comes to the AfCFTA initiative and strategic sourcing practices on the continent.
With a potential market of approximately 1.347 billion people, organisations need to begin to think beyond their own communities, national and regional boundaries and start to consider the opportunities available to them throughout the continent.
Not only will a focus on a ‘Proudly African’ way of doing business increase access to greater markets and suppliers, it will also allow organisations to strategically source continentally produced products and services, thus supporting socio-economic growth, SMME development, AfCFTA and long term industralisation in Africa.
Price-driven acquisitions an ongoing threat to strategic sourcing and industrialisation
Current organisational procurement and consumer buying behaviors – which tend to focus on price-driven acquisitions – are hampering long-term industrialisation and socio-economic development in Africa.
While price is always an important element of sourcing and procurement, organisations and consumers in Africa need to recognise that the cheapest price does not always equate to the best value for money for society as a whole.
But, how can organisations and individuals alike begin to move away from short-term price-focused sourcing and consuming behaviours, and initiate long-term focused and developmental driven procurement habits? The possibilities vary. But from a strategic industrial and consumer sourcing perspective, the following should be considered.
Local should mean continental
To begin with, a mindset change, when it comes to the term ‘local’ needs to be promoted. Instead of understanding the idea of ‘local’ as being related to national, for example, Ghanaian, or South African or Kenyan or Nigerian or Namibian, production and services should instead be viewed as an African (ie continental product).
This focus on continental instead of national will open up greater opportunities for access to a larger number of products and services, while at the same time allowing for an expansion of potential markets.
Sourcing must be value driven and not price driven
Next, when it comes to sourcing, organisations and individuals on the continent need to be value driven and not cost driven. This means that instead of sourcing products and services based on just the ‘best price,’ they should rather take the quality and subsequent long-term value of the goods for industry and society into consideration.
Cheaper does not always mean better or value for money, and in a market rampant with low-cost, poor quality products, organisations should be weary of the influence that short-term price gains may have on the sustainability and success of their business and in the long term, on society
Source ‘locally’
Organisations should be encouraged to first source products produced locally (ie on the continent). If such sourcing attempts are unsuccessful, only then should they turn to the international market.
This practice of providing African organisations with the opportunity to supply products and services to their peers and continental counterparts, allows for the development, support and growth of SMMEs, long-term industrialisation and socio-economic development on the continent.
Support ‘Proudly African’
With the concept of sourcing locally first in mind, there needs to be a movement towards promoting ‘Proudly African’ and ‘Made in Africa’ products.
Instead of focusing purely on individual countries in which products are produced, a ‘Made in Africa: produced in Ghana, South Africa or Mozambique’ concept needs to be supported.
This support of African products and services will not only encourage a break in popular trade barriers, but will also enable the continent to tackle supply chain issues and challenges as a collective whole, rather than as individual, separate nations.
By following the above-mentioned suppositions, organisations on the continent may begin to reverse current short-term industrial and consumer behavior, and as such, prevent mainly price-driven acquisitions from continuing to de-industrialise the continent.
In addition, by promoting a continental rather than an individual country procurement and sourcing environment, organisations can contribute towards the acceleration of industrialisation, SMME growth, job creation and regional development in Africa.
In short, large political and socio-economic issues need to be tackled as a collective to break down artificial trade barriers. In time, African economies can move away from country specific initiatives to ‘Proudly African’ initiatives.
For strategic sourcing to change the economic fortunes of the continent, it is crucial that Africans educate and encourage individuals and organisations to think beyond their own community and national boundaries, and to use strategic sourcing practices to promote continent-wide development.
Douglas Boateng, Africa’s first ever appointed Professor Extraordinaire for supply and value chain management (SBL UNISA), is an International Professional certified Chartered Director and an adjunct academic. Independently recognised as one of the vertical specific global strategic thinkers on industrialization, supply and value chain governance and development, he continues to play leading academic and industrial roles in sectorial reforms both in Africa, and around the world.
He has received independent recognitions and numerous lifetime achievement awards for his extraordinary contribution to the academic and industrial advancement of supply chain management from various international organisations including the Chartered Institute of Procurement and Supply, the Commonwealth Business Council and American multi-national Hewlett Packard (HP). For more information visit www.douglasboateng.com and www.panavest.com
Woodin’s new ready–to–wear collection is made from exclusive prints from our heritage.
“Fabric designs for this collection are mainly Bogolan in nature, with the objective of getting our customers to appreciate Bogolan in a modern way and to promote African creativity,” says Georgina Mensah, Head of Marketing at Woodin. “We want the youth to know Woodin can help them forge their individual identity and stand out from the crowd.”
With trendy patterns and stripes in harmonious mix of colours, styles for this ready-to-wear collection are suitable for casual and smart-casual occasions. Collection available in all Woodin Retail Stores nationwide. Woodin, Le créateur.
Woodin, Africa’s number 1 retail fashion brand, is a truly African brand that is inspired by African art and culture. As a fast fashion brand, we constantly work to deliver fashion inspiration to our consumers, who reflect confidence whenever they wear our unique designs everywhere they go. We have over 37 years of fashion design expertise that enables us to play this role of true fashion connoisseurs, helping to define African fashion today.
The Asantehene, Otumfuo Osei Tutu II, will join the Awomefia of Anlo state, Togbe Sri III, to celebrate the Hogbetsotso festival this Saturday, November 6, 2022 in Keta in the Volta Region.
The historical visit to the Volta Region, while it will not be the first time, is hugely anticipated to add to the grandeur of the meeting between the two powerful traditions in the country.
The relationship between Asante and Anlo states dates back to the 19th century during the reign of Asantehene Kofi Karikari, when the Asante, Akwamu and Anlo States formed a tripartite alliance during the Asante-Krepi War (1869-1872).
This year’s celebration is on the theme ‘60 Years of Anlo Hogbetsotso Za: Uniting for Development, Sustaining our Unique Cultural Commonwealth for Future Generations’.
Ghana’s Majority Chief Whip, Frank Annoh-Dompreh, has pleaded with the European Union to assist Africa by establishing universal customs tariffs on the entry of products.
In his view, regardless of the geographic locations, there should be uniform taxes on commodities transferred from European countries to African countries, rather than distinct ones.
Annoh-Dompreh, the Member of Parliament for Nsawam/Adoagyiri, stated this during a meeting with European Union officials on Friday at a conference in Johannesburg, South Africa.
The Majority Chief Whip is currently in Johannesburg, representing the Pan-African Parliament’s President in a high-level meeting with European Union representatives.
Mr. Annoh-Dompreh also spoke on the Continental Free Trade Agreement, urging Africans to do their homework on the rules of engagement in order to get it validated, especially on the Customs Tariff, which is becoming essential in terms of destination, which has an impact on trade.
During the meeting, the European Union also promised to help Africa harness its raw material reserves in the Energy Transition Revolution.
The EU also promised to support the Pan-African Parliament’s Committees. The next review engagement, as gathered, will be in December 2022.
Hon. Annoh-Dompreh met with the delegations once more to discuss Sub-Regional Security, Cooperation, Energy Transition, and Investments, among other topics.
Fortune Charumbire, President of the Pan-African Parliament, named Annoh-Dompreh as Leader of All Special Delegation of the President’s Office across Africa two months ago.
He was given the task of leading the President’s Delegation to Special Missions.
The Majority Chief Whip was rewarded with the new role bestowed upon him by the New Pan-African Parliament President.
The international rating agency, Fitch may further downgrade Ghana’s creditworthiness status to RD to CC.
According to a Bloomberg report, Fitch sees a higher than 50% chance of Ghana’s debt default.
The report noted that the existing CC rating “means that default is probable, with a higher chance than 50%.”
The Head of EMEA Sovereign Ratings, Jan Friederich noted that if talks with the International Monetary Fund (IMF) led to debt restructuring, the country risks a further downgrade.
“If a debt restructuring is part of the agreement with the IMF, then, in terms of default risk, that will supersede any benefit from the financing support that Ghana might get from the IMF,” Friederich is quoted by Bloomberg.
Also, “a restructuring would likely lead to the relevant rating being placed in restrictive default,” he said. That rating is assigned to an issuer that, in Fitch’s opinion, “has experienced an uncured payment default or distressed debt exchange” on a bond or loan but hasn’t entered into bankruptcy or some other form of administration.”
Meanwhile, Ghana’s President, Nana Addo Dankwa Akufo-Addo has stated that there will be no debt restructuring as talks with the fund progresses.
Here is the full report by Bloomberg
Ghana’s sovereign credit rating may be downgraded closer to default by Fitch Ratings should talks with the International Monetary Fund on a record new $3 billion funding package lead to debt restructuring.
If that happens, Fitch would likely lower the country’s long-term issuer default rating to RD from CC, Jan Friederich, head of EMEA Sovereign Ratings, said in a phone interview.
Ghana hopes to use fresh money from the IMF extended credit facility program under discussion to boost its finances and regain access to global capital markets. Investors have been concerned about the financial health of Africa’s second-biggest gold producer, whose public debt was 68% of gross domestic product at end-July, according to central bank data.
“If a debt restructuring is part of the agreement with the IMF then, in terms of default risk, that will supersede any benefit from the financing support that Ghana might get from the IMF,” Friederich said from Hong Kong on Oct. 27.
“A restructuring would likely lead to the relevant rating being placed in restrictive default,” he said. That rating is assigned to an issuer that, in Fitch’s opinion, “has experienced an uncured payment default or distressed debt exchange” on a bond or loan but hasn’t entered into bankruptcy or some other form of administration.
The existing CC rating “means that default is probable, with a higher chance than 50%,” Friederich said.
Default Risk
In September, Moody’s cut its rating on Ghana’s long-term foreign debt to Caa2 from Caa1, citing macroeconomic deterioration which was “heightening the government’s liquidity and debt sustainability difficulties and increasing the risk of default.”
Ghana began formal negotiations for the extended credit facility program with the IMF in September. The world’s second-largest cocoa producer sought help from the Washington-based lender after homegrown policies, including cutting 2022 discretionary expenditure by as much as 30%, failed to stop investors from dumping its Eurobonds. The currency depreciated at a faster pace and debt-service costs soared.
When Fitch downgraded its assessment in September for the third time this year, it said there was a “high likelihood” that the proposed IMF support program would require some form of debt treatment, due to climbing interest costs and structurally low revenue as a percentage of gross domestic product.
Fitch estimates that Ghana’s government faces interest payments this year equivalent to 44% of revenue, rising to slightly above 50% next year. That compares with a sub-Saharan African median of about 14%, according to the rating agency.
Local Debt
Bloomberg reported in September that Ghana was considering reorganizing part of its 190.3 billion cedis ($13.6 billion) of local debt, as part of the talks with IMF. A committee was formed last month to solicit views from bondholders for a debt management strategy.
“We would be looking at which part of the debt will be affected,” Friederich said. “There are still open questions about what decisions they are going to make about the inclusion of local currency or foreign currency debt; we assume for the time being that both will be incorporated.”
Ghana’s 2030 dollar bonds may be excluded from any restructuring because they were partially guaranteed by the World Bank, he said.
The Ghana Police Service has deployed personnel to oversee and ensure calm and orderliness at the ongoing Kume Preko Reloaded demonstration which commenced at Obra Spot in Accra on Saturday, November 5, 2022.
Live photos and videos coming from GhanaWeb reporter, Nimatu Yakubu, shows police personnel in their full gear comprising of helmets, bullet proof jackets, and face shields.
Also, trained horses and armoured cars have been stationed at vantage points to protect lives at the protest which has recorded an impressive turnout.
The ‘Kume Preko Reloaded’ protest led by Lawyer Martin Kpebu was organized to register Ghanaians’ displeasure over the current economic hardship and failed economy under President Nana Addo Dankwa Akufo-Addo and his New Patriotic Party government.
Protesters displayed several placards calling on the president to step down from his position including his vice president, Dr Mahamudu Bawumia as well as the Finance Minister, Ken Ofori-Atta.
According to our reporter, the demonstration has so far not recorded any causalities.
A Chairman hopeful of the opposition National Democratic Congress (NDC), in the Greater Accra Region, Mr. Joseph Ade-Coker has boldly stated that he can match his opponent in the ruling New Patriotic Party (NPP) boot for boot to win massively in the next general elections in 2024.
He said the NDC needs a courageous person like him to lead the battle and amass votes for the party to be at the helm of affairs in the country.
Interacting with NDC delegates during his campaign tour, Mr. Ade Coker said, “I have demonstrated that l have the courage to fight the NPP, they should also watch the posture of the NPP, they have been telling us that they are going to break the eight-year jinx, …If that is the case, the NDC needs a very courageous, bold and articulate person to be able to lead them in the battle in the Greater Accra region, which always determines the winning votes of the NDC. They should vote for me, I have come to you with a message and with a plan.”
The incumbent Greater Accra regional Chairman of NDC said the calibre of regional executives the delegates will elect internally will determine the party’s chances in the 2024 general elections.
“The calibre of people you elect tomorrow will determine the success of the NDC going into the 2024 general elections. If you elect people who are not mature, competent, tried and tested, the results will be GIGO, Garbage in Garbage out,” he warned.
He further advised delegates to desist from being influenced by money and enticing goodies.
The NDC is expected to elect its regional executives on November 12-13, 2022, to steer the affairs of the party.
The Member of Parliament for Madina, Francis-Xavier Sosu, has been convicted of reckless and inconsiderate driving.
The lawmaker was arrested on Thursday, November 3, 2022, after he was seen driving in the middle of the road around the Airport by-pass in his V8 vehicle with no regard for law-abiding pedestrians and other road users.
The vehicle was impounded by the Police, and he was arraigned before the La District Court on November 4, 2022, on the charges of reckless and inconsiderate driving, driving in the middle of the road facing oncoming traffic and causing danger to other road users.
A statement from the Police said he was convicted by the court and fined an amount of GH¢2,400.
The court further directed him to remove the front beacon lights which had been unlawfully fitted on his vehicle.
According to the police, the MP subsequently paid the fine and removed the unlawfully installed lights before the vehicle was released to him.
“We would like to entreat all drivers to be mindful of the safety of other road users at all times to prevent avoidable accidents and their associated deaths and injuries, especially as the Christmas season approaches. The Police remain committed to ensuring safety and security on our roads as we deliver on our core mandate of protecting life and property as well as maintaining law and order in the country,” police urged in the statement.
Ghana presented customised Black Stars shirts to the UN Secretary-General António Guterres at the UN headquarters on Friday, on the sidelines of Security Council meetings, where Ghana is President for the month of November.
Ghana plays in Group H with Mr. Guterres’ country, Portugal, on November 24 at the World Cup in Qatar.
“This jersey is a gift from President Nana Addo Dankwa Akufo-Addo. I’m sure the value will go up when we win the World Cup,” Ghana’s Permanent Representative at the UN, Harold Agyeman told Mr. Guterres amid laughter.
In response, the Secretary-General said, “the colour of the jersey is just like that of (Portuguese club) Benfica, the team I support.”
Mr. Guterres told his staff to keep the shirt securely in case Ghana did, in fact, win the World Cup.
He was also presented with a wood and glass-framed shirt in white, autographed by the Black Stars players.
President Akufo-Addo is due to address the Security Council on November 10.
Ghana is using its two-year term on the council, which began in January this year, to bring the world’s attention to the root causes of insecurity in Africa, especially in the Sahel and West Africa, and press for innovations in peace-keeping mandates.
Despite the numerous calls for his dismissal by the Majority MPs, Ken Ofori-Atta, the finance minister, seems to get support from the Association of Ghana Industries (AGI).
Dr. Humphrey Ayim-Darke, President of the Association of Ghana Industries (AGI), had stated that his outfit despite the economic hardships facing Ghanaians supports the minister to tackle it.
According to him, Ken Ofori-Atta’s hard work is being recognised despite the current economic challenges facing the country.
Dr. Ayim-Darke speaking during a meeting with the finance minister in Accra on Thursday, November 3, further assured him of a partnership to circumvent the economic difficulties of the country.
“We appreciate your work, the times can be different, the challenges can be numerous but we at AGI believe in hard work. The real sector has been the hard work and we have been in this space for that long, we will circumvent the situation with you and your team.
“You can count on our support because we love to do the hard work. We will offer advice and offer suggestions and alternatives,” he said.
“Our prayer is that by the end of the day the output should be the testament, the ability to circumvent this current position is a test to your agility, it is a test to your agenda that you set up.
“One thing I have come to realise is that when you make pronunciations, time will be the best test…Hon Minister, I believe strongly that AGI’s view on what is happening in our economic space…is that some are of opinions calling for your exit whilst others are of the opinion of you staying; the president also has an opinion believing that he puts you in such position.
“We believe that the exit of a minister might not be the panacea of all woes that we have gathered to share with the minister, [but] the performance and ability to circumvent the position we find ourselves in should be our trump card…as challenging as it will be, our support to our government and to our nation is paramount…you have our pledge, you have our support that together we shall navigate this course. We are grateful to engage you,” Dr. Humphrey Ayim-Darke stressed.
Calls for Ofori-Atta, Adu Boahen to be axed
A group of NPP MPs, numbering over 80, on October 25 held a press conference demanding the removal of the Finance Minister and Minister of State at the Ministry, Charles Adu Biahen, over management of the economy and hard times that citizens were facing.
President Akufo-Addo intervened and got a concession on two grounds, that the Ofori-Atta be allowed to conclude initial talks with the International Monetary Fund and present the 2022 budget and see to the passage of its appropriation.
The president has also addressed the nation on the economic challenges and how the government intends to tackle them.
The Majority Leader, Osei Kyei-Mensah-Bonsu, has recently stated that the view advanced by the Ken Must Go MPs is now the Majority position.
Meanwhile, the Minority Caucus is pushing a vote of censure t remove Ofori Atta from office.
The current subject of all conversations in Ghana is increasing inflation and the fall of the cedi. Transport prices have been increased, with many Ghanaians complaining about incurring huge costs instead of gaining money when coming to work.
For weeks and months now, the value of the cedi has been decreasing constantly. As a result, everything is becoming more and more expensive. Currently, one dollar is going for 13.014 cedis. This is an improvement to the latest rate, but still, the general trend is going down.
The issue is carried mainly on the traders’ shoulders – they are the ones who people point their fingers at as soon as the prices rise. Many Ghanaians accuse them of taking advantage of the situation and adjusting their prices to margins which fit them best.
How does inflation really affect the country and its citizens? Are the traders surviving or do they need to close their shops? Samuel Eshun, host of e.tv Ghana’s ‘Fact Sheet’ show addressed the issue at hand with president of GUTA, Dr. Joseph Obeng, who shared his thoughts on the economic situation and the performance of the cedi.
“It is my wish that we do not speculate around the dollar in a negative sense again”, Mr. Obeng said.
He explains that this negative speculation is dangerous and leads to panic buying.
The GUTA president says the government need to inspire hope in the economy to turn this speculation in a positive direction.
Another danger, in his eyes, is people profiting from the situation by putting their money in the bank in one country and taking it back in another, knowing that the rate is “lucky” for them. To prevent this, Mr. Obeng claims the Bank of Ghana could have easily dropped a directive that stops people from doing so.
GUTA has also been proposing alternative currencies to ease the pressure on the dollar. However, out of all the recommendations which were presented by the president just last week, this was the only one that he refused.
Last week, there was a discussion on a replacement of finance minister Ken Ofori-Atta. Now, the party has issued a statement to the effect that the president has agreed with them that the finance minister must be allowed to complete the IMF negotiation and to ensure that the preparation for the budget is done. Obeng claims to be neutral to this decision as long as the finance minister, new or old, inspires an improvement in the economy.
The GUTA president confirms the fact that businesses are collapsing due to the weak performance of the cedi. In the beginning of this year, one dollar was still going for 6.2 cedis. Since then, the situation has gotten drastically worse. “Businesses are collapsing, and they are collapsing fast.”
To survive as a business, he says the prevailing rate has to be benchmarked. You have to apply wisdom to your trading. This kind of forecast is very important.” He explains that you cannot simply overprize yourself out of the competition, because the customers are smart and not robots. You need to adapt to the competitors and the market.
Dr. Joseph Obeng rejects allegations that him like other businessmen are taking advantage of the situation. “It is not true, and can never be true,” he said.
Obeng emphasizes that IMF is of utmost importance to the economy. “Everything is rallied around the IMF discussion for the future of this economy.” He explains that the country suffers from a serious structural problem. To solve this, he says, “We have to be able to pinpoint the areas that are making the economy suffer. We are in a deep hole. It is not about the money that is coming. It is about the highness and the voters who are going to swallow the money.”
In his opinion, it is important to communicate clearly to IMF on where Ghana’s problems lie.
When it comes to the government, Mr. Obeng wishes for pragmatic, outside-the-box thinking to bring a solution to the people. “It is the time of the crisis that brings the best of leadership,” he said.
In the GUTA president’s opinion, we can no longer make the pandemic or the Ukraine war responsible for the economic situation.
“We are in a global village, all of us have problems.” Ghana is one of those countries in his eyes, and therefore it needs to find out where the problem is and solve it.
Madam Rebecca Asempa, a businesswoman in Hohoe has resurrected the selling of “ice water” after more than 10 years switch to the consumption of “pure water.”
She resumed the business on Tuesday, October 25 and so far, it is becoming a favourite to all special drivers at the Hohoe lorry station.
The Ghana News Agency (GNA) contacted Madam Asempa after a video popped up showing her selling to some drivers.
She said she was selling the “ice water” for 20 pesewas adding that, she sold the water at the price despite the cost of the polyethene bag she used for the water.
She said she was also taking into consideration all the hygienic factors to sell a well ‘self-produced’ water and, “I am just doing this thing for doing sake, but they are buying it. I started yesterday and people are buying.”
The sachet or pure water is now selling at 50 or 60 pesewas due to recent hikes in the cost of production and fuel prices resulting from global turbulence.
Mr Emma Boakye, a driver told GNA that the cost of water despite its production being done in the country was disturbing, hence, they would continue to buy the “Ice water” as far as it is produced under hygienic conditions.
He said it was the “ice water” they used to drink before they switched, hence, “Sankofa is not a crime.”
Mr Boakye also lamented on the price increase in fuel and lorry fares, which would continue to affect the prices of goods including water.
GNA survey proves that similar business of iced water is emerging in some parts of Ho, an indication that if care is not taken, the phenomenon would become the norm going forward, a worry for public health experts.
Mr Gorden Akurugu, Volta Regional Director, Food and Drugs Authority (FDA), has warned the public against the consumption of “ice water.”
He said it was not safe and consumers could easily get typhoid and other diseases since there was a direct contact processing where sellers blew air into the rubbers before filling them with water.
Mr Akurugu said consumers must be wary of their health and strictly go by drinking the sachet water or have clean and hygienic water in their houses to drink.
Mr Emmanuel Yawlui, the Hohoe Environmental Health Officer, when contacted, said the Department was unaware of any developments regarding the sale of “ice water.”
However, he said the only water in a rubber sanctioned, is the one which solidifies into, “ice blocks.”
Mr. Isaac Kwadwo Buabeng, the Municipal Chief Executive, has urged residents whose property will be affected by the road construction from Ofankor to Nsawam to submit their documents to the Assembly for verification.
He said the authentication of building permits, site plans, and indentures of the property would assist the Assembly to process the payment of compensation by the government.
He cautioned those who had already received compensation during former President Kufuor’s administration to distance themselves from the exercise.
Mr. Buabeng gave the advice when the Nsawam-Adoagyiri Municipal Assembly engaged stakeholders along the stretch of the road project at Nsawam in the Eastern Region.
He said the works on the 33.7-kilometre road from Ofankor to Nsawam would commence on Monday, November 14, and would be undertaken by M/S Maripoma Engineering Limited.
Mr. Jeremiah Agyekum Amoafo, the Municipal Coordinating Director assured the people of the readiness of the Assembly in the processing of the documents of the affected persons for the payment of the compensation.
Mr. Gideon Adofo, the Physical Planning Officer of the Assembly implored the citizenry to stop putting up buildings without permits, and desist the habit of constructing structures on waterways and areas earmarked for roads.
Chief Superintendent Benson Ebenezer, the Nsawam Police Commander urged the residents to adhere to laws and regulations and produce a proper document for the Assembly verification and that the police would not compromise on any excuses.
In the midst of economic hardships fueled by high inflation rates, some Ghanaians have dedicated today, November 5, 2022, to demonstrate in demand for better living conditions.
The organizers noted that this is to send a “strong message” to the government to act in order to relieve Ghanaians of the challenges they currently face.
They also called for the resignation of the leadership of the country.
Addressing a news conference in Accra on Friday ahead of the demonstration, Nii Ayi Opare, Spokesperson of the Economic Fighters League and a member of the Organisers of the “Kume Preko” demo, charged protestors to engage in a peaceful exercise.
“Tomorrow’s demonstration is going to be a peaceful one and I want to place on record that, the youth of Ghana are law-abiding and peace-lovers. No one has to look far from the three main demonstrations under the ‘fix the country’ banner. All three that we’ve had were peaceful and without any incidents with the police or without.
“To those few elements who are planning to use this demonstration to cause trouble, to engage in any violent activity whatsoever, this is not the space for you, indeed, you will be routed out on your own and handed over directly to the State institutions to take proper action against you,” he said.
Protestors would converge at the Obra Spot at Kwame Nkrumah Circle at 0700hrs, and march through the 28th February Road to Farisco Junction and then through the Liberia Road to Independence Square.
Martin Kpebu, the Lead Organiser, also said, “It’s clear to you, I mean from the hardship we are all suffering daily, that this country is in an economic quagmire. We’re falling into a deep crater as a result of the reckless borrowing and other forms of misgovernance by President Akufo-Addo.”
“We are dying. Citizens are dying, citizens can’t afford food, citizens are starving all because of mal-governance by President Akufo-Addo,” he said.
The Member of Parliament for Asuogyaman, Thomas Nyarko Ampem is calling on the leadership of Parliament to consider two sittings in a week due to the recent increases in fuel prices.
The MP says the House should consider sitting for about 8 hours a day for the proposed two days to save cost on fuel for the week.
“We will be willing to stay and do the business for like two days and then save the three days. That way, we can save GH¢500 on fuel every week and this will also be in line with Mahama’s proposal to organizations to allow those who can work from home to do so because the fuel situation is killing us.”
The MP said the current business of the House makes it possible to extend the sitting hours.
“Looking at the kind of business that we have, is it not possible to stay for six hours a day instead of coming two hours, and we go back after two hours.”
The MP made the call on Friday after the Majority Leader, Osei Kyei-Mensah-Bonsu, presented the Business Statement for the ensuing week in Parliament.
The Majority Leader described the proposal as apocalyptic with dire consequences.
Fuel prices have been increased twice in the month of October 2022 with diesel now selling for GH¢23.49 per litre, petrol selling at GH¢17.99 per litre, and Kerosene selling at GH¢14.70.
The Minority in Parliament has served notice that it will move its vote of censure motion against the Finance Minister, Ken Ofori-Atta, on Thursday, November 10, 2022.
The Minority filed the vote on censure against the Minister on grounds of conflict of interest and financial recklessness leading to the current economic crisis.
Addressing the media, the Deputy Minority Chief Whip, Ahmed Ibrahim, said the group will not relent in its efforts to have the Finance Minister removed from office.
“The motion of censure is slated to be moved on Thursday, the 10th of November 2022, and the Minority Chip Whip, Mubarak Muntaka has sounded a note of caution to all Minority MPs that all 136 minority MPs must be in the chamber on Thursday, so any member who absents himself does so at his own risk.”
Mr. Ahmed Ibrahim added that the Finance Minister has been duly served and will be in the Chamber to defend himself.
The grounds the Minority cites for the vote of censure are:
Despicable conflict of interest ensuring that he directly benefits from Ghana’s economic woes as his companies receive commissions and other unethical contractual advantages, particularly from Ghana’s debt overhang.
Unconstitutional withdrawals from the Consolidated Fund in blatant contravention of Article 178 of the 1992 Constitution, supposedly for the construction of the President’s Cathedral:
Illegal payment of oil revenues into offshore accounts, in flagrant violation of Article 176 of the 1992 Constitution:
Deliberate and dishonest misreporting of economic data to Parliament 5. Fiscal recklessness leading to the crash of the Ghana Cedi which is currently the worst-performing currency in the world:
Alarming incompetence and frightening ineptitude, resulting in the collapse of the Ghanaian economy and an excruciating cost of living crisis;
Gross mismanagement of the Ghanaian economy which as occasioned untold and unprecedented hardship
I can turn economy around
Meanwhile, the Finance Minister, Ken Ofori-Atta, is fighting to save his job and has called on Ghanaians to trust in his competence and ability to rescue Ghana’s ailing economy.
Speaking at a meeting with the Association of Ghana Industries, Mr. Ofori-Atta said Ghana remains the best destination to do business.
“Let me assure you that you have a Finance Minister who has gone through all the pains and the aches, and nobody can really say we don’t understand what we are doing. The question is what resources do we have and how are we going to deploy them in the nation that we have and how do we stand firm in very difficult circumstances but being very confident?”
“Let me assure you all that your best bet is still Ghana; we can do it, and we should do it,” the embattled Finance Minister said.
Majority Leader, Osei Kyei-Mensah-Bonsu, has described calls for Members of Parliament to work twice week in parliament due to high fuel as unfortunate.
According to him, the current economic crisis requires Members of the house to be productive hence the need for them to come to the house daily.
“The member of parliament calling for work in just two days in a week, Mr. Speaker, that is a very apocalyptic declaration. I think that it’s an unfortunate call,” he added.
Member of Parliament for Asuogyaman Constituency in the Eastern Region, Thomas Nyarko Ampem, had called on Parliament to consider members of parliament to work twice a week instead of the current four days.
According to him, since parliament resumed, the house has been sitting for not more than two hours and this usually costs them a lot, especially with the hikes in fuel prices.
Thomas Nyarko Ampem is asking that the house sits for two days for long hours rather than come in daily to reduce the cost of fuel amidst the economic crisis.
Speaking on the floor of parliament on Friday, November 4, he said he had to pay GHC3000 Ghana cedis for fuel to fill his tank, which according to him, is too much.
“Mr Speaker we all know the business for this particular meeting is the budget and I have observed that for the days we have been here, sometimes we come and in less than two hours we adjourned till the next day. I am asking that it will not be possible for the business committee to consolidate, and park the activities so instead of four days I suggest we work two days a week in order to be able to save on the amount of money we are using for fuel.
“Mr Speaker, a day before yesterday I went to a Goil filling station at Legon, my lights were on and I asked them to fill my tank, I got down to the shop to buy something when I came back, GHC3000 was my bill. I had GHC2100, I had to call my colleague honourable Jajah to send mobile money that I am avoiding using before I was able to pay my bill. We can stay for six hours a day instead of coming for two hours and we go back. That way we can save GHC500 a week. The fuel situation is killing us,” he added.
The Ashanti Regional Minister, Simon Osei Mensah says President Akufo-Addo is the most caring political leader in the history of Ghana.
According to him, doting measures by President Akufo-Addo to protect the citizenry from the deadly Covid-19 pandemic clearly show how his government cares about Ghanaians.
Addressing journalists during a press conference in Kumasi on Thursday, November 4, 2022, Hon Simon Osei Mensah explained that the government’s decision to give out free electricity and free water and pay workers who were not working, among others would go down in the history books as one of the most charitable presidents.
“Have you ever wondered why President Akufo-Addo has gained admiration from across the African continent and beyond? If you ask me, I will tell you it is due to how he handled the pandemic with utmost human face leading to one of the lowest mortality rates Covid-19 recorded in any country after the Covid-19 outbreak “.
Appreciation to the President
Hon Simon Osei Mensah eulogized President Akufo-Addo over his four-day tour of the Ashanti Region.
The tour, he believes, was a huge blessing to the good people of the Ashanti Region as it saw the commissioning and sod cutting of major landmark projects in the region.
Hon Simon Osei Mensah explained that President Akufo-Addo’s visit had dismissed claims that the NPP government has neglected the region in its developmental agenda.
He added that some projects inspected by the president, such as the Maternity Block at Komfo Anokye Teaching Hospital, the second phase of the Kejetia Redevelopment project, Boankra Inland Port project, among others, are a clear testimony that the Ashanti Region has also benefited from the current NPP government.
Vice President Dr Mahamudu Bawumia has disclosed that every child born within the borders of Ghana will be issued a National Identification Card (Ghana Card) number at birth, starting from the first quarter of 2023.
The vice president, who disclosed this in a series of tweets he shared after a meeting on the integration of databases in Ghana on November 3, said that this puts Ghana at par with advanced countries.
“Today, I chaired a meeting the integration of the databases of the Ghana Health Service, National Health Insurance Authority, National Identification Authority, the Ghana Statistical Service. We have been working on this for a year now.
“As a product of the work, I am happy to announce that from the end of the first quarter of next year, children born in Ghana will be issued a National ID card (Ghana Card) number from birth as is done in many advanced nations,” part of the vice president’s tweets read.
The integration between the Ghana Card and the Tax Identification Numbers, SSNIT cards, Passport, DVLA, Bank Accounts and SIM cards started in 2021.
Already, the Ghana Card has been merged with Social Security and National Insurance Trust (SSNIT); National Health Insurance Scheme (NHIS) and Tax Identification Number (TIN) of the Ghana Revenue Authority (GRA); a move which has seen an increase in the database of these institutions.
The Registrar of the Ghana Scholarship Secretariat, Dr. Kingsley Agyemang, has stated that a total of GH₵50 million has been released to the Controller and Accountant General Department to pay scholarships.
He made this known to a delegation from the National Union of Ghana Students (NUGS), led by its president, Dennis Appiah Larbi-Ampofo, paid a courtesy call on the Secretariat at the end of October.
According to him, the government, being very aware of the challenges being faced by beneficiaries due to the delay in scholarship payments, the government is speeding up processes to ensure the situation is remedied.
“The government of Nana Akufo-Addo is very committed to education and all efforts are being made to close the gap. Discussions with the Ministry of Finance are going well and some 50 million cedis has been released to the Controller and Accountant General,” he said.
The leadership of NUGS also discussed issues surrounding the closed scholarship portal, while urging the Secretariat to expedite the payment to their members. and amongst other issues.
Dennis Larbi-Ampofo stressed the importance of this because a number of their members are on the verge of deferring their courses or dropping out of school altogether.
“We acknowledge the effort of the scholarship secretariat but the education of these students on the government scholarship scheme can never be compromised especially not under my watch as the chief servant of the Union and that government must take swift measures in making sure this situation is curbed,” he reiterated.
He further stated that the doors of the union are always open for discussions that seek to put the ordinary student in a position of a safe and sound educational environment.
He added that they are willing to be part of any activity that is tailored around this mission.
The NUGS president however stated that the students will only hold onto their patience until payments are made but should the government stretch them too long, they may be forced to resort to other extreme measures.
GUTA recently led some traders in Accra to lock up shops in protest of the depreciating cedi and general economic difficulties.
President of the Union, Joseph Obeng in an interview with Citi News said, the drop in value of the cedi against the dollar has eroded the capital of traders and has made them unable to import goods.
“The capital of most businesses has eroded by about 50 per cent. So it looks like we will not be able to bring in the goods as we have done in the previous years. The prices may not also be as they used to be. I can foresee that happening because benchmark values have been reduced by over 60 per cent. So the consumers should not be looking at the traders, but rather the policymakers.”
Dr Obeng tells Citi News that GUTA is in agreement with the President’s suggestions of industrialization and limited importations, but believes this must be done in areas where Ghana has a competitive advantage.
“If we want to sustain our forex and ensure that the country is progressing, we are all for it, but if we want to industrialize and consume what is our own, we should be able to identify the areas we have the comparative advantage in Ghana. Importation has become so difficult these days, but how are the local manufacturers taking advantage? They are unable to take advantage because there is a thin line between the manufacturing here because the companies also import about 90 per cent of the production inputs.”
Already, the Chamber of Petroleum Consumers (COPEC) has warned that should the prevailing conditions in the petroleum sector fester, there will be a shortage of petroleum products in the country ahead of the Christmas festivities.
“If you look at the economic activities that occasion the last quarter of the year, we are not looking at the cedi doing any better, importations are going to double because of the festivities and the currency may still take a battering and once that happens you are expecting prices to go up further”, Executive Secretary of the COPEC, Duncan Amoah.
The Minority in Parliament wants the government to probe allegations of the training of some mercenaries at Asutsuare.
The group’s call follows an exposé by social media commentator, Kelvin Taylor, which disclosed the alleged training of some mercenaries by a top security officer at the Jubilee House.
Speaking to journalists, the Ranking Member on the Defence and Interior Committee of Parliament, James Agalga, said the government must speak to the issue.
“The Minority takes a very serious view of the exposé, and we demand that government comes out to clarify if it is actually the case that mercenaries have been brought into this country and are being trained at Asutsuare, and they are taken by escorts to Asutsuare every morning by bus or train?”
“I think this calls for an independent probe into the matter. We can’t just go to sleep. The National Security and Interior Ministers need to speak on the issue.”
He also called on international organisations to keep an eye on the issue.
“The African Union, ECOWAS, and others should monitor the development. These are dark clouds gathering over our political landscape.”
The former Operations Manager of the Forestry Commission of Ghana, Charles Owusu, has said that insults that some Ghanaians are directing at Nana Addo Dankwa Akufo-Addo will have no effect on him because he has nothing to lose.
According to him, Akufo-Addo is serving his second term as president and nothing can stop him from completing it.
Speaking in a Peace FM interview monitored by GhanaWeb, Charles Owusu added that what Ghanaians have to be doing in these hard times is to be proffering solutions to the challenges the country is facing.
“We have to understand that whatever it is, President Akufo-Addo has nothing to lose. If we think insulting him will lead to something changing, it is not true.
“Because he has nothing to lose. He is the president, and he is going for his second term, and he is going to complete it. It is not your insults that will stop him. What is needed is your advice on how to get the country out of the current hardships.
“We have to understand that political parties are in countries and not the other way round. Anything that affects the nation affects members of political parties,” he said in Twi.
Former Chief of Defence Staff of the Ghana Armed Forces, Brigadier-General (Rtd) Joseph Nunoo-Mensah, has urged ex-President John Dramani Mahama to help the current government find solutions to the hardship in the country.
According to him, it is in the interest of Mahama to help President Nana Addo Dankwa Akufo-Addo because if the hardship in Ghana is not alleviated soon, there will be no county for him Mahama to lead.
He intimated that it is the wish of Mahama and the opposition National Democratic Congress that the Akufo-Addo administration fails for them to become the next government which is not the best.
He added that the toppling of governments in recent times due to economic hardship should serve as an example to the former president.
“Our leaders don’t always act in our interest. The problem we have now is that President Mahama is waiting for Akufo-Addo to fail so that he becomes the next leader. He has to be careful because Ghana may not be there for them to rule if care is not taken.
“If you don’t know death, look at sleep. Look at Libya, look at Sri Lanka, look at Lebanon. My warning is not from a stupid thought; I am speaking based on logic.
“We are sitting in this country, and people are hungry. I have never seen hunger like this; I have never seen it… where we are heading is dangerous. People are hungry in this country, and we have to be really careful,” he said in Twi.
But former President John Dramani Mahama has, on a number of occasions, preferred solutions to the current challenges in the country and has also advised Akufo-Addo to hold a national dialogue and bring together some of the country’s best brains to solve the current economic crisis.
In a Facebook post, Mahama said, “a national dialogue on the economy, bringing some of our best brains together will serve us well, even as we prepare for debt restructuring and negotiation of an IMF programme.”
Former Minister for Finance Seth Terkper has refuted suggestions that he did not lead Ghana’s negotiation with the International Monetary Fund (IMF) during the era of ex-President John Dramani Mahama.
According to him, even though the negotiation was chaired by renowned economist Prof Kwesi Botchwey, he (Terkper) took part in all the meetings and was the one who signed off on the deal the government had with the IMF.
“The fact that we had a team does not mean that the minister of finance was not at the table where the discussions were being held. I have heard that being said by academics, so they should be careful sometimes with what they say.
“Yes, it is true we had a team; it was chaired by Dr Botchwey … alternating occasionally with the Chairman of the Economic Management Team. After all, it was the nation’s economic programme. He (Prof Botchwey) has rich experience – 19 years of doing these things.
“So, we did have a team, but there wasn’t any of the discussion that I did not participate with my deputies,” he said in a JoyNews interview monitored by GhanaWeb.
Seth Terkper’s remarks follow calls by some people for Finance Minister Ken Ofori-Atta to be excluded from Ghana’s team for the ongoing negotiation with the IMF for a $3 billion bailout.
Elizabeth Atiako has been suffering from an undiagnosed condition for the past ten years.
The mother of Elizabeth, Madam Lydia Adofo, explained her daughter’s condition and pleaded for support in an interview on SVTV Africa with DJ Nyaami.
Madam Adofo indicated that her daughter’s ailment began while writing her third paper for the West African Senior School Certificate Examination (WASSCE).
Elizabeth attended Gomoa Ahyiem Senior High School, but she was befallen by an unknown condition while at the examination hall and quickly rushed home.
“They rushed her to me, and we took her to a hospital in Essikuma, but all they said was malaria. I’ve visited many pastors, and I’ve spent a lot of money on her, but she doesn’t improve. Initially, she would shout suddenly, but it has stopped now. I took her to Ankaful (psychiatric hospital). But whenever drugs were administered, her tongue would pull out while she spun continuously. So I stopped,” she recounted.
The single mother of five pleaded for financial support for a thorough examination. Madam Lydia indicated that her daughter does not speak and often acts out aggressively when touched.
“I plead for support to help Lizzy get the help she needs because it is her well-being that I’m looking out for. I’ve sold all I have to cater to her, but the condition is still the same. It’s been ten years since it began, and I don’t know what to do,” she added.
The Member of Parliament (MP) for Madina, Francis-Xavier Sosu, has denied reports by some media outlets that he has been arrested for a traffic offence.
The MP was reported to have been arrested by the Ghana Police Service for reckless and inconsiderate driving.
“The lawmaker, who broke the law was arrested on November 3 2022 after he was seen driving in the middle of the road around Airport in his vehicle with registration number GB-9776-21 with no regard for law abiding pedestrians and other road users,” one of the reports indicated.
But Francis-Xavier Sosu, in a post shared on Facebook on Friday, November 4, 2022, said that he was never arrested but rather cited for traffic offences.
“I have not been arrested nor under Arrest. The reports making rounds are not entirely accurate. I was cited for traffic offences yesterday, Thursday, November 3 2022 on my way from Parliament to an event in the Constituency,” parts of the post read.
“This morning, I was in the La Court to have the matter dealt with. I am currently in Parliament performing my parliamentary duties. Again, I am not under arrest,” he added.
The MP also berated the police for the handling of his case.
“It seems to me that the news of my arrest is more important to the Ghana Police Service than their core mandate. For instance, how many persons were cited for traffic offences yesterday?” he questioned.
