Ken Ofori-Atta, the current finance minister, will be replaced by Abu Jinapor. Alan Kyerematen resigned a few days ago, and Ken Ofori-Atta was given control of the trades ministry.
The appointment of Abu Jinapor as interim trade minister will begin on Monday, January 16, 2023, according to a statement made by Eugene Arhin, director of communication for the president’s office.
President Akufo-Addo, on January 6, 2023, directed Ofori-Atta to serve as the caretaker Minister of Trade and Industry.
The appointment was made after the president accepted the resignation of Trade and Industry Minister, Alan Kyerematen after reports emerged, he tendered his resignation on Thursday 5, 2023.
Although there are no clear reasons for Alan Kyerematen’s resignation, it is believed that he did so on the basis of contesting in the flagbearership race of the New Patriotic Party (NPP) ahead of the 2024 general elections.
President Akufo-Addo was heavily criticized for appointing Ofori-Atta as caretaker minister for Ministry of Trade and Industry because many Ghanaians including members of the ruling New Patriotic Party have been calling for the removal of Ofori-Atta as finance minister.
Read the statement issued by the presidency below:
Over the years, there have been news that government’s payroll was filled with some ghost names and these ghost workers were paid monthly without working for it.
Though some measures were put in place to sanitize the system, government’s payroll, according to the Accountant General’s Department was still full.
Also, persons who were not given their allowances due to administrative errors will be rewarded accordingly.
In an interview with TV3, he said, “We want to collaborate with the respective state institutions to ensure that if you are a ghost worker then, you will have to belong to the cemetery of a payroll, not on the payroll itself. We will confine you to where dead people are kept.”
Meanwhile, on January 12, 2023, Organised Labour and government agreed on a 30 percent increment of the Single Spine Base Pay for the 2023 financial year.
The Controller and Accountant General was directed to effect this increment from the January 2023 payroll.
Patrick Seidu, the Northern Development Authority’s Deputy Chief Executive Officer (CEO), has been fired.
He was fired On Tuesday, March 21, 2023.
President Akufo-Addo revoked Mr. Seidu’s appointment.
Frema Osei-Opare, the chief of staff, requested that Mr. Seidu “completely give over your duties and any official property in your control to the Chief Executive Officer of the Northern Development Authority before your leave” in a letter.
“We congratulate you for your services and we wish you the best in your future endeavours,” Ms. Osei-Opare added.
This replaces the fourth edition of the procurement list, which the Commission released in the first half of 2022.
Martin Kwaku Ayisi, the chief executive of the Minerals Commission, claims that the Minerals and Mining (Local Content and Local Participation) Regulations, 2020 (L.I. 2431) went into effect on December 22, 2020.
The purpose of the regulations among others is to promote job creation using local expertise, goods and services in the mining industry and their retention in the country.
The law is also to achieve the minimum in-country spend for goods and services and create mining and mineral related industries that will sustain economic development.
For instance, all mining companies are expected to ensure that at least sixty percent (60%) of financial services including revenue from the sale of minerals go to the local Banks.
He disclosed that receipts from the sale of minerals is over US$ five billion, a figure which is likely to go up significantly as new mines come on stream and added the existing ones to expand their operations, the local banks such as CBG, National Investment Bank, Ghana Commercial Bank and Agricultural Development Bank are likely to benefit greatly.
“The same applies to insurance services which also require a minimum of 60% of all insurance and reinsurance placements be made with Insurance companies exclusively owned by Ghanaians”, he said.
Mr. Ayisi in a statement said the increase in the items on the list comes at the time when receipts from mineral revenues and investments hovers around US$10 billion. For instance, there are four huge new projects with investment of about US$ 1.7 billion. The new projects are the US$ 850 million Ahafo North gold mine project by Newmont Ghana Gold Limited, US$ 500 million gold project currently under construction by Cardinal Namdini Mining limited in the Talensi District of the Upper East Region, the US$ 200 million gold mine to be constructed in the Upper West Region and the US$ 125 million lithium project at Ewoyaa in the Central Region.
Additionally, Mr. Ayisi stated that some mines are undertaking expansion and redevelopment. The undergoing expansion include the Ahafo South mine of Newmont which now covers the Subika underground. Golden Star Resources is spending about a billion dollars to expand the Wassa underground mine.
The mines being redevelop are the Anglogold Ashanti Obuasi mine where a billion dollars has been expended and the Bibiani mine of Mensin Gold Ghana Limited which started production in the last quarter of 2022. The redevelopment of the Bibiani mine is over US$200 million.
It is the expectation of the Minerals Commission that these investments will support the growth of the economy and boost local participation under the new procurement list.
The NPA explained the licences were revoked “for noncompliance with the rules and regulations of the Authority on the acquisition and maintenance of their licences”.
However, the authority has cautioned the public against transacting with the blacklisted OMCs.
It also noted that it will bear no liability for any loss or damage that may be suffered by any person who chooses to engage with the affected OMCs in whatever capacity.
The president addressed the difficulties facing the economy while speaking at a gathering with some African-American Harvard Business School students at the Jubilee House. “We’ve had difficulty in the previous few years trying to reorient our economy to thrive again.”
He stated: “Some basic statistics that you are all aware of have set us behind, including the global food crisis, the energy sector catastrophe, and many others, from which Ghana has yet to emerge.”
Giving an update on the IMF talks, Mr Akufo-Addo said: “We are going through the processes with the International Monetary Fund right now and hopefully, by the middle of this month or February, a full-blown IMF programme will be put in place which will help us repair our public finances which took a big hit from external forces.”
In December 2022, the IMF and the Ghanaian authorities reached a staff-level agreement on economic policies and reforms to be supported by a new three-year arrangement under the Extended Credit Facility (ECF) of about US$3 billion.
To support the objective of restoring public debt sustainability, the government of Ghana has launched a comprehensive debt operation.
In addition to a frontloaded fiscal consolidation and measures to reduce inflation and rebuild external buffers, the programme envisages wide-ranging reforms to address structural weaknesses and enhance resilience to shocks.
An IMF team led by Mr Stéphane Roudet, Mission Chief for Ghana, visited Accra from December 1 – 13, 2022, to discuss with the Ghanaian authorities IMF support for their policy and reform plans.
At the end of the mission, Mr Roudet issued the following statement:
“I am pleased to announce that the IMF team reached a staff-level agreement with the Ghanaian authorities on a three-year program supported by an arrangement under the Extended Credit Facility (ECF) in the amount of SDR 2.242 billion or about US$3 billion. The economic program aims to restore macroeconomic stability and debt sustainability while laying the foundation for stronger and more inclusive growth. The staff-level agreement is subject to IMF Management and Executive Board approval and receipt of the necessary financing assurances by Ghana’s partners and creditors.
“The Ghanaian authorities have committed to a wide-ranging economic reform program, which builds on the government’s Post-COVID-19 Programme for Economic Growth (PC-PEG) and tackles the deep challenges facing the country.
“Key reforms aim to ensure the sustainability of public finances while protecting the vulnerable. The fiscal strategy relies on frontloaded measures to increase domestic resource mobilisation and streamline expenditure. In addition, the authorities have committed to strengthening social safety nets, including reinforcing the existing targeted cash-transfer program for vulnerable households and improving the coverage and efficiency of social spending.
“Structural reforms will be introduced to underpin the fiscal strategy and ensure a durable consolidation. These include developing a medium-term plan to generate additional revenue and advancing reforms to bolster tax compliance. This will help create space for growth-enhancing measures and social spending. Efforts will also be made to strengthen public expenditure commitment controls, improve fiscal transparency (including the reporting and monitoring of arrears), improve the management of public enterprises, and tackle structural challenges in the energy and cocoa sectors. The authorities are also committed to further bolstering governance and accountability.
“To support the objective of restoring public debt sustainability, the authorities have announced a comprehensive debt restructuring. Sufficient assurances and progress on this front will be needed before the proposed Fund-supported program can be presented to the IMF Executive Board for approval.
“Reducing inflation, enhancing resilience to external shocks, and improving market confidence are also important program priorities. Accordingly, the Bank of Ghana will continue to strengthen its monetary policy framework and promote exchange rate flexibility to rebuild external buffers. As part of the authorities’ debt strategy, a domestic debt exchange has been launched. The authorities are committed to taking the necessary mitigation measures to ensure financial sector stability is preserved.
“IMF staff held meetings with Vice President Bawumia, Finance Minister Ofori-Atta, and Bank of Ghana Governor Addison, and their teams, as well as representatives from various government agencies. The IMF team has also continued to engage with other stakeholders. Staff would like to express their gratitude to the Ghanaian authorities, Parliament’s Finance Committee and all the private sector, trade union, and civil society representatives for their open and constructive engagement over the past few months.”
“In recent times, we have been witnessing significant difficulties in the management of the national economy,” President Akufo-Addo said during his speech. “This is largely due to the impact of the COVID-19 pandemic on the global economy, which has been exacerbated by the effects of the Russian invasion of Ukraine.”
Read the full story originally published on September 13, 2022 by www.ghanaweb.com.
Ghanaians have been reassured by President Nana Nana Addo Dankwa Akufo-Addo that their country’s economy will recover despite the devastating impacts of the worldwide pandemic, the coronavirus, and the Russia-Ukraine war.
He said though the economy has in recent times been fraught with several challenges, he is optimistic the challenges will soon come to an end.
“The basic commitment to resolving these challenges, within the framework of due process and democratic institutions, must remain unshaken. And, I am confident that, God-willing, we will overcome these challenges,” he stated.
On July 1, 2022, government decided to engage the International Monetary Fund for a financial bailout amidst the economic challenges.
Subsequently, a team from the IMF arrived in the country from July 6 to July 13, 2022, to engage Ghanaian authorities for a possible economic support programme
The IMF programme, government said is aimed at restoring macroeconomic stability and safeguarding debt sustainability among many others.
Meanwhile, Ghana is targeting an amount of $3 billion over three years from the IMF once an agreement on a programme is reached.
The new amount requested as a loan is double the government’s initial target of $1.5 billion.
Between theNational Democratic Congress (NDC) and the New Patriotic Party (NPP), to be politically accepted on any regional level in the country, is a big deal.
But even more specific and significant for these two leading political parties in the country are what kind of numbers or voter turnouts they religiously receive from these regions, collectively.
As is widely known or accepted, the people of the Volta Region have historically always warmed up towards the NDC more, just as the Ashanti Region does for the NPP.
In more specific terms, these regions have become unconventionally known as the ‘world banks’ of these political parties. And rightly so, they have been for many years.
For instance, in the Ashanti Region, out of the 46 constituencies in the region, the NDC currently only has 4 seats to its name. That number has remained the highest number of seats the NDC has had in the region since 1996.
In the Volta Region, until 2020, the NPP had never won a seat. Currently, the tally is 17 to 1 seat in the region for the NDC and the NPP respectively. Previously, since 1996, the NDC had always won all the seats in the region (16 seats in 1996, 15 seats in 2000, 15 seats in 2004, 15 seats in 2008, 18 seats in 2012, and 18 seats in 2016).
Let us not forget also that the founding fathers of both the NDC and the NPP have formed a great part of why there is such a voting pattern for their parties in both the Volta and Ashanti Regions. Jerry John Rawlings of the NDC hails from the Volta Region, while the Danquah-Dombo-Busia trio of the NPP are predominantly from the Ashanti Region.
Could the narrative be taking an interesting twist, or turn, or direction? Well, it may depend on how you take a look at it.
And it would have been a fairer assessment if this was with respect to both regions but interestingly, the bus seems to be stopping more with the Volta Region.
It all started with the conversations on who has done what, and who has done more or not for the region. Ordinarily, that should have been an easy pass for the NDC, who are more preferred in the region, but some questions have arisen on whether or not they actually deserve such a comfortable acclamation.
What exactly did Mahama do for Volta Region? – Obed Asamoah asks:
As the NDC, just as the NPP, prepares to elect a new flagbearer to lead it into the 2024 general elections, a leading member of the National Democratic Congress, Dr Obed Yao Asamoah, has become one of the people to draw in this whole ‘what have you done for the Volta Region’ conversation.
He has asked for answers from former President John Dramani Mahama on exactly what he has done for the Volta Region.
He questioned what the 2020 flagbearer of the party did for the region that is considered the stronghold of their party, while he was in political office, and for which reason he would seek their votes again to lead the NDC into election 2024.
According to Dr. Asamoah, Mahama’s failure to establish tangible developmental projects in the Volta Region resulted in residents voting against the NDC.
Supporting his claim, Dr. Obed Asamoah said the evidence can be seen from how much, in terms of numbers, the percentage of voter turnout from the region in the 2020 elections were, as compared to those of his predecessors; the late John Evans Atta Mills and the late Jerry John Rawlings.
“Vote Region is supposed to be the World Bank of the NDC. What exactly did Mahama do for the Volta Region?
“Remember in the last election, he did not get the kind of votes Jerry and the others were getting; 80, 90 percent (in presidential elections),” he said.
But then something that had happened a few months earlier seems to lend support to the questions being posed by the NDC stalwart.
In November 2022, during the 60th anniversary of the Hogbetsotso Za of the Anlo people, the Vice President, Dr. Mahamudu Bawumia, made an appearance upon an invitation.
During his address, he courted the anger of residents present, becoming a victim of a booing incident targeted at the presidency, after he started making statements about the achievements of his party, the NPP, in the Volta Region.
As Agbotadua Kumassah, a member of the Hogbetsotso Planning Committee explained later, the people gathered at the grounds of the event started getting agitated when the vice president started talking about the economy.
He explained that the people, being well-aware that some of the things he was saying were false, started to boo at him.
“When he entered the economic situation, that is when the problem started. He mentioned, among others, that they built more airports than any other government, they built more roads than any other government and the people who were there did not see the roads, the airports, the roads he was referring to.
“So, that brought some agitation and it became very difficult to control the people because what he was saying, none of them happened in the area,” he explained.
Agbotadua Kumassah also explained that Dr. Mahamudu Bawumia’s explanations on the government’s works in the digitization field, compounded the anger of the people, leading to them booing at him.
But how true or not are the things he said about what they had been doing?
NPP’s development feats in Volta Region evident – Makafui Woanya:
Being the man at the helm of things in the region for the New Patriotic Party (NPP), Makafui Woanya, the regional chairman, has said countless times that his party has been able to perform creditably in the region albeit not so welcomed politically.
He explained in a graphic.com.gh report on January 5, 2023, that the NPP government has been able to revive and perform remarkable progress in some key infrastructural development projects in the region.
Some of these, he mentioned, are the steadily progressing Eastern Corridor Road Project, which is nearing completion; and the ongoing Southern Sector Water Systems Extensions Project.
“The University of Health and Allied Sciences, which the NDC is always quick to claim as their baby, is seeing massive infrastructural expansion,” he explained.
NPP drew its biggest strength from the Volta Region:
President Nana Addo Dankwa Akufo-Addo has not been left out of the narratives or claims of what each party has been doing in the Volta Region.
In August 2020, the president said that the NPP considers the Volta Region as a “hallowed ground” that is symbolic of its struggle during the days of the party’s formation.
He added that history had even confirmed that the region had endorsed the NPP, and served as a place of refuge for its political fugitives during its darkest days, and for which reason the party can never discriminate against them.
“It was here in this region that people were most passionate about the political tradition. It was from here that the first people had to flee into political exile after independence, and it was in this region that many chiefs had to flee into political exile, and some died there.
“Many people forget that when J.B. Danquah, the first in the trinity of the Danquah-Dombo-Busia political tradition contested Kwame Nkrumah for the presidency, on Ghana becoming a republic in 1960, Danquah did not win in his home constituency in Akyem Abuakwa.
“But he won in two constituencies, one is right here in Anlo and the other is Ho West. If there was a little brittle tribal bone within my makeup, which there is not, I would not choose the Volta Region as a target. History would not allow me,” he said during a durbar of chiefs of the Anlo State at Anloga, during a working tour of the area.
John Mahama answers questions about what NDC has done for Volta Region:
Dr. Obed Asamoah’s questions have however not been left hanging because like a premonition, the former president, John Dramani Mahama, had touted his achievements in the Volta Region in 2021.
So, two clear years before such a question would be posed, the former president had already spelt out some of the achievements he had made in its ‘world bank.’
Among the tall list of things he said his government had achieved, were in educational infrastructure, health projects, roads, water and sanitation, among many others.
And much later, while speaking at a grand durbar to mark the climax of the Asogli Yam Festival in Ho, President John Mahama lamented the number of abandoned projects in the region, assuring the people that the next NDC government would complete them all.
“Projects started by the NDC have been abandoned and others that are to be completed in the region are being done at a slow pace. For some of the projects, this government asked contractors to stop work.
“But I make a commitment of the NDC that, God willing and thanks to your votes, in 2025, all these projects will resume,” he assured.
Volta must carry NDC as a religion – Fifi Kwetey:
Being the newly-elected General Secretary of the National Democratic Congress (NDC), Fifi Kwetey, who is also the former Member of Parliament for Ketu South, appears to have a strong say on whose side the Volta Region should stick with.
In a GNA report of Thursday, January 12, 2023, Fifi Kwetey said the region must cement its place as an unmovable bastion of the NDC.
Admitting that the region’s hold as the fortress of the NDC has weakened in recent times, also because indigenes have become increasingly discouraged from identifying with it, he urged them not to lose sight of the fact that the NDC is a party birthed from their backyard.
“Volta is the region where saviours of the nation come from as far as this country is concerned but we need to know who we are, and somehow, we know who we are, and we need to start appreciating who we are.
“Volta must appreciate NDC and back it no matter what. It should become like a religion. We need to let our people appreciate that this is what we are. And I believe if we knew who we were, the situation where the love for this party would start dwindling in this region should not happen,” he said.
The general elections of 2024 is less than 2 years away and although both the NDC and the NPP have each successfully elected new party executives, there are still a few major political hurdles to surmount before the big day in December 2024.
New flagbearers and the election of parliamentary candidates that will represent the parties at the constituency levels in the country will solidify the preparedness of each side of the political coin towards the general polls but it cannot be lost on anyone that with the historic breakthrough that the NPP has made into the Volta Region by winning its first ever seat in parliament, the battle lines are surely drawn.
The Volta Region will play a central role in the elections and whoever emerges the winner will have to command a lot of influence from this region.
The group, which serves as an umbrella organization for private investors in the nation, claimed that the start of the debt restructuring project robs investors’ money of their freedom and then steals their property legally.
The DDE initiative does not reflect the principles of good governance on the side of the Akufo-Addo-led administration, according to a statement released and signed by the group’s convener Senyo Hosi.
“We (IBF) hereby humbly petition your office to reconsider your position in the DDE information memoranda of 24th December 2022 and as a matter of urgency grant the following:
1. The exclusion of Individual Bondholders from the DDE.
2. The exclusion of individual investors’ holdings in Collective Investment Schemes affected by the DDE.
3. The exclusion of individual investors’ holdings in the ESLA Bonds in the DDE.
4. The exclusion of individual investors’ holdings in the Daakye Bonds in the DDE.
5. The commencement of discussions and/or negotiations with our membership to discuss the above.
The IBF further noted that since the commencement of considerations and discussions on government’s debt restructuring in the second half of 2022, Individual Bondholders have not been engaged in the process.
“This is at variance with the contractual principles of good faith, fairness and best practices,” the statement stressed.
“The social impact of the DDE as currently presented for individuals is the harshest on any investor category and catastrophic to the livelihoods of the about 1.3 million direct and indirect bondholders and their dependents. Unlike other investor categories likely to benefit from the Financial Stability Fund, Individual Bondholders have no support to fall back on,” it added.
Veteran journalist Kwesi Pratt Jnr, has raised concerns over Akufo-Addo’s comments suggesting that prayers and divine intervention are the solutions to the challenges the country is currently facing.
According to him, the president; Akufo-Addo, has no business being at the Flagstaff house if that is the case because it will be better for those who speak to God regularly to occupy Flagstaff house.
He further stated that he is shocked the comment is coming from Akufo-Addo as he has never known the president to be one who exhibits such traits.
Speaking on Good Morning Ghana, he said;
“…I have never known him like this, there is a new Nana Addo Dankwa Akufo-Addo, brand new Akufo-Addo. I never for one moment thought a day will come when Akufo-Addo will say publicly that all we need to do is to pray for out problems to go away and that the solutions to national problems like debt overhands and so on is divine interventions. I’m hearing a new Akufo-Addo.”
He said if prayer is the solution, then Akufo-Addo should vacate his for well known men of God like Archbishop Duncan William, Mensah Otabil and others to take over the Flagstaff House.
”The change in him is so dramatic and so phenomenal that it makes me worry. Let’s accept this is his current position, if this is his current position what is he doing in the Flagstaff House, if the solution to the national problem is divine intervention, then he is not qualified to be there. Because, when it comes to divine intervention, I don’t think he has the gravities of archbishop Palmer, I don’t think he has the credentials of Duncan William or Mensah Otabil, he should vacate the Flagstaff House for those who are in telephone with God every day,” he said in the show.
The dismissal of the eight female students from China Senior High School has been prevented by President Akufo-Addo.
The President took the action after it came to his attention, according to a statement released by the Ministry of Education on Friday.
Accordingly, the Ghana Education Service’s (GES) approval has been revised by the Minister of Education, Dr. Yaw Osei Adutwum, according to the release.
On Thursday, the GES dismissed the eight students in the Upper East Region for allegedly insulting President Akufo-Addo.
Prior to the dismissal, the students had been on suspension.
The GES says its investigation into the incident confirmed that the students used unsavoury language against the President in a viral video.
It thus described the actions of the students as “very undesirable, and contrary to the acceptable standards of the conduct generally required of any student in Ghana’s educational system”.
Prior to the dismissal of the students, the GES had earlier apologised to the President over the said conduct.
But the news of their dismissal generated a lot of reactions, with many people expressing mixed feelings about the development.
While some berated the GES, others praise the regulatory body.
According to the critics, the decision is simply untenable.
One of the critics, an advocate for children’s rights was unenthused about the decision.
The Country Director of the International Child Development Programme, Joyce Larnyoh said the Ghana Education Service should employ more appropriate means of punishment other than dismissal.
The Minority in Parliament also stated that the decision was uncalled for and had to be reviewed.
In a statement signed by ranking member on Parliament’s Education Committee, Peter Nortsu-Kotoe, the Minority described the decision as ‘harsh’ and ‘retrogressive’.
According to the Minority, even though the students who insulted President Akufo-Addo in a viral video acted out of order, their right to education should not be curtailed.
The statement said the right to education is guaranteed by the 1992 Constitution, hence the move by the GES must be reviewed.
“Whereas the Minority is against the misconduct of the eight students, and condemns same, we wish to state that the decision by the GES to dismiss them is harsh and retrogressive”, the statement emphasised.
Having criticised the decision by the GES, the Minority went ahead to plead with the President to intervene in the matter.
Former presidential spokesman, Samuel Koku Anyidoho, has commented on the ragig debate on the controversial filming of footage from the Jubilee House by American rapper Meek Mill late last year.
Anyidoho described the episode as an embarrassment for the president and the nation at large and blamed the faux pas on officials at the presidency who should have enforced necessary protocols for visitors at the Jubilee House.
Meek Mill visited the presidency, after his performance at the Afro Nation concert in Accra, meeting with President Nana Addo Dankwa Akufo-Addo at the insistence of his daughter, Gyankroma.
Barely a week after his return to the States, the rapper released a promo to an upcoming video which contained footage from areas filmed outside and within the Jubilee House.
The video attracted massive backlash on the presidency and government at large, with critics on traditional and social media questioning the moral and security implications of same.
“Someone slept on their job and has created an embarrassment for the president and the country as a whole.
“For example, from what I saw, the guy was standing behind the presidential lectern.. and the Coat of Arms, which is usually for the exclusive use of the president, is in front of it. Who gave him that opportunity?” Anyidoho asked.
GhanaWeb checks show that the lectern Mill stood behind was that of “THE PRESIDENCY – REPUBLIC OF GHANA” which is used by all guests to the presidency. The president exclusively used one with the label “PRESIDENT OF THE REPUBLIC OF GHANA.”
Anyidoho further explained that from his understanding of the viral clip, the rapper must have completed his formal engagement with the president before engaging in the other acts that should not have happened.
“The president must have already met him in his visitors or conference room and this boy descends and someone overlooks and allows him to do what he did,” Anyidoho stated on Accra-based Okay FM (January 10, 2023).
The rapper issued an apology to Ghanaians and the presidency after footage of the Jubilee House was contained in a video he was set to release.
He deleted the promo he had posted on Instagram and absolved the presidency of knowing that he was taking videos during his visit to the place.
Government is under fire to explain how the highest security installation in the country suffered such a breach.
Following the resignation of two ministers, Dailyguide has reported that the Akufo-Addo-led administration may soon undergo a reorganization of its cabinet.
The Minister for Food and Agriculture, Owusu Afriyie Akoto tendered in a resignation from his role as state minister on Tuesday, following the resignation of the Minister for Trade and Industry, Alan John Kwadwo Kyerematen some few days ago.
According to Daily Guide, even though the President had on several platforms justified the inclusion of his ministerial team, the pullout of the two ministers has made it inevitable to reshuffle the team with possible merging of some ministries.
It is also expected that, Water and Sanitation will be collapsed with Sanitation joining Local Government and Water Resources going back to Works and Housing.
Per the article published by the Daily Guide, unconfirmed sources revealed that former General Secretary of the New Patriotic Party (NPP), John Boadu may make his way to join the government.
The source also revealed that, the reshuffle may affect the MP for Abetifi and former Minister of State for National Security, Bryan Acheampong, who have been tipped for the Agric and Transport Ministries as well as National Security.
He estimates that the 4,700 domestically built cars have expanded Ghana’s auto market to 9.7% of total sales.
He declared that this was admirable and a positive move.
He added that Ghana produces high-quality newly manufactured cars.
Announcing this at the inauguration of Ghana Automotive Industry Development Centre in Accra on Thursday, January 12, 2023, Mr Oppong Preprah said, “Our brand new vehicles locally assembled in Ghana is giving us a high quality standard of products and also a value for money…Looking at an account of this auto industry since 2019, 2020, to date, we have seen a total assembly of vehicles of 4,700 which is amounted to about 9.7 of our new car capacity, new car market in Ghana…”
“This is really a great start and we believe that this is going to continue whiles we have the implementation fully implemented..Some of our OEMs have already reached countries like Ivory Coast and Senegal as an export. this tells us we are going forward in the right direction,” he added.
The Ghana Automotive Industry Development Centre was inaugurated by the outgoing Minister of Trade and Industry.
On Wednesday, January 11, 2023, during trading hours, the Egyptian pound dropped more than 13% versus the US dollar as the central bank changed to a more flexible exchange rate in accordance with a financial support package from the International Monetary Fund (IMF).
According to Reuters, the Egyptian pound hits a new low of 32.14 to the dollar from about 27.60 at the opening of trade on Wednesday, with Refinitiv data showing the currency has fallen by a cumulative 51 percent against the dollar since March 2022.
The decline of the pound has prompted speculation as to how far the currency might fall. While some analysts hope that a weaker pound will attract foreign investment and encourage Egyptians working abroad to send more of their money back home, the reality is grimmer, as many are also concerned about the negative impact that the devaluation of the pound may have on the economy and the net worth of Egyptian businessmen, as well as their ability to attract foreign investments.
According to a recent report by Forbes, the Sawiris family, known as Egypt’s wealthiest family and the wealthiest family in the Arab world, saw their net worth drop by $800 million in 2022.
The combined wealth of the Sawiris family, which includes the fortunes of three Egyptian billionaires — Naguib, Samih, and Nassef Sawiris — fell by $800 million over the course of the year to $11.2 billion as a result of economic struggles faced by Egypt, including shortages of foreign currencies and a decline in the value of the local currency.
The Sawiris family was not the only African billionaire family to see a significant drop in net worth in 2022, as many, with the exception of the Egyptian billionaire Mansour family, saw a similar drop in net worth.
Ahmed Ezz, whose steel company Ezz Steel is listed on the Egyptian Exchange, is also one of Egypt’s richest men, whose equity investments saw a significant decline in market value in 2022 due solely to the depreciation of the Egyptian pound, and with the local currency’s recent decline to a new low, his net worth is expected to follow the downward trajectory.
The country reached an agreement with the IMF for a $3 billion financial support package in October, in which it agreed to shift to a “durably flexible” exchange rate. The rebound of the pound to about 29.60 to the dollar offered some relief, but the overall trend of devaluation continues to cause uncertainty and concern among those impacted by it.
The devaluation of the pound is a major concern for Egyptian billionaires and leading businessmen in the country, as it affects their net worth and the value of their assets. It’s also an indication of the broader economic struggles that Egypt is facing.
The increment was decided after deliberate engagement with the National Pensions Regulatory Authority in accordance with Section 63 (3) of the National Pensions Act 2008, according to a statement released by the Trust and seen by GhanaWeb Business (Act 766).
According to SSNIT, the minimum insurable earning for 2023 has also been raised from Ghanaian currency (GH365.33) to Ghanaian cedi (GH401.76), in line with the increase in the National Daily Minimum Wage that was announced in 2022.
He further accused politicians of hoarding dollars, leading to the depreciation of the cedi.
Speaking at the maiden edition of the McDan Business Forum, Kofi Amoabeng said “Ghana exchange rate regime is a pathetic one. The so-called politicians are the ones hoarding the dollars, but it’s seen out there as if they are not the cause of all this. Corruption is part of our problem and we need to work on it”.
“One thing that causes big demand for dollars is corruption. All the money they are making and stealing are not in cedis but in dollars…They must change dollars. So they hide it under their beds and when they get the opportunity they put it outside”, myjoyonline quoted him to have said.
It would be recalled that on October 20, 2022, Bloomberg reported that the cedi had diminished in value by 9.6%.
The news portal said it makes the total loss of the cedi in 2022 almost 52%, the highest recorded in 22 years.
The free fall of the cedi now places the currency at the 148th position of worst-performing currencies in the world.
“The currency depreciated as much as 9.6% on Thursday, heading for its biggest decline in 22 years. That took losses in 2022 to nearly 52%, the worst performance among 148 currencies tracked by Bloomberg,” the news portal reported.
During the same period, a committee was formed to hold talks with domestic bond investors on debt management strategy and how to negotiate the deal with the International Monetary Fund (IMF).
According to the Concerned Staff of the CAGD, they will advise themselves if the 2021 and 2022 honorarium are not paid.
In a petition to the CAGD Directors and MoF, dated Tuesday, 10 January 2022, the concerned staff noted that: “Having been denied our 2021 honorarium for the first time in the history of CAGD, we the concerned staff of CAGD wish to unequivocally state that any attempts by the Management of CAGD and the Ministry of Finance (MoF) to once again deny our hardworking staff of this age-old ‘solace’ would not be tolerated.”
The shutdown is to allow for the replacement of some critical valves at the Takoradi station.
This is aimed at securing the safety and integrity of the station.
According to management, during the 10-day shutdown period, there will be no gas transportation from the Takoradi facility to customers in the Tema power enclave.
In a statement, WAPCO said: “We will, however, continue to deliver gas from Nigeria to Tema based on volumes agreed between the customer and the shipper.”
It indicated that: “This shutdown is supported by the Ministry of Energy (MoE) and coordinated with Ghana Grid Company Ltd (GRIDCo), the Volta River Authority (VRA), the Ghana National Petroleum Corporation (GNPC), Electricity Company of Ghana (ECG) and other key stakeholders to minimise the impact of the shutdown on communities that rely on power generated from cleaner and more efficient gas transported through the West African Gas Pipeline (WAGP).”
WAPCo apologised to its “customers in Tema for the inconvenience that may be caused by the planned shutdown.”
“We will work collaboratively with our contractors to ensure that the shutdown activities are safely executed and within the timeline stated herein,” WAPCo assured.
The statement added: “Gas supply would be immediately restored after completion of the maintenance works and commissioning of the Takoradi facility.”
Alan Kyerematen, the outgoing Minister of Trade and Industry addressed Ghanaians on Tuesday, January 10, 2023.
Alan Kyerematen, among other things announced his intentions to contest the flagbearer slot of the New Patriotic Party.
Below is his full speech
NATIONAL BROADCAST BY HON. ALAN KYEREMATEN, OUTGOING MINISTER FOR TRADE & INDUSTRY
FELLOW COUNTRYMEN & WOMEN
FRIENDS OF GHANA
Let me start first by wishing you all a happy, healthy, productive and a prosperous New Year.
Secondly, I wish to express formally, my profound gratitude to His Excellency the President for the opportunity given me to serve the good people of Ghana in his Administration over the last six years, and for graciously accepting my resignation as Cabinet Minister responsible for Trade and Industry, with effect from 16th of January 2023.
Thirdly, I wish to use this platform to formally announce my decision to contest the flagbearership of the New Patriotic Party when the Party officially opens nominations for that purpose.
His Excellency the President, Nana Addo Dankwa Akufo-Addo has been a good friend of mine and will always remain so based on our shared commitment to the ideals and principles that inspired the founding fathers of our great Party, the New Patriotic Party (NPP). We have competed in the past but have always worked togetherthereafter.
The President has laid a strong foundation for the socioeconomic development of our country, although I believe there are things that could have been done differently. My vision is to build a superstructure on this foundation that will bring prosperity to our nation.
The pre-COVID-19 performance of our economy, the flagship programmes including the Free SHS, the One District One Factory (1D1F) Initiative, the Planting for Food and Jobs programme, the Agenda 111 project and the COVID-19Response initiatives, are all testimonies of the strong leadershipthat the President has provided over the last six years.
In spite of all of the above however, it is an undeniable fact that the combined effect of the COVID-19 Pandemic and the Russia-Ukraine war has stampeded our country into a crisis of unprecedent proportions, with its negative impacts on the economy, on businesses, and on our social lives.
I have no doubt that the anticipated International Monetary Fund (IMF) Support Package will restore confidence in our economy, and bring it back to the pre-COVID levels.
Fellow Countrymen and Women
This is the seventeenth time that we have gone to the IMF over the last 57 years. We promised never to go back but we have gone back. One of the lessons that we have learnt from the recent developments is that Ghana’s economy is still fragile, vulnerable and susceptible to both external and domestic shocks.
This primarily is as a result of the fact that our economy is highly dependent on the export of commodities with little or no value addition.Indeed, the 5.1% projected GDP growth for the Ghanaian economy for 2023 is based on the anticipated increase in commodity prices.
To avoid going back to the IMF, we need a new Plan. A Plan that will lead us to a more self-reliant and resilient economy. That Plan must move Ghana fromStability and Growth to Transformation.
Fellow Countrymen and Women
If by the will of God and through your goodwill, I am voted first, as the flagbearer of the NPP and subsequently as President of the Republic in the next general elections, I will become the transformational leader of our time, who will build on the foundations laid by successive leaders of our nation over the last sixty-five (65) years.
To achieve this strategic goalof transforming our dear country to become the shining star of the new Africa, I will as President, launch and lead the execution of the Great Transformational Plan (GTP) of Ghanawhich will span the period 2025 to 2030.
The Post-COVID Economic Recovery Programme(P-CERP)currently being implemented with the anticipated support from the IMFfrom 2023 to 2025, will be a transitional economic programme leading to the roll out of thisGreat Transformational Plan.
Fellow Countrymen and Women
Before I proceed to provide a brief insight into the key elements of the Great Transformational Plan, seven critical considerationswould need to be taken into accountto guarantee the success of the Plan.
The primacy of the Private Sector in our national development agenda. The Private Sector, both domestic and foreign, formal and informal has to be at the centre of our transformational agenda. The Government’s focus must be to facilitate the process of making our private sector competitive, by creating an enabling environment for businesses. Attitude to work and enforcement of discipline. We as a people should appreciate the need for discipline in all spheres of our national lives and change our attitude to work. Whether you are working for the Private sector or for Government, as a worker, you are not doing a favour to your employer.It is your duty to ensure that you earn your living from the efforts of your labour. Corruption and petty theft or thievery, particularly from the public purse,deny our country the benefit of utilizing its tax revenue and other resources for the development of our country. The arrogance of power has been a major obstruction to progress in our country. People in positions of authority must understand that leadership is an opportunity to serve the people, and not to lord over them. In servant leadership, humility is an asset and not a weakness. Passion for excellence.As a country we must celebrate competence and excellence and not mediocrity. As a people, we must focus more on getting things done than talking. Ghana is gradually becoming a NATO country – “No Action Talk Only”. We need to remember that theuse of time is a zero-sum game. What Ghana needs now are solutions and actions not debates. And last but not the least, our politics in Ghana is too divisive. This keeps out some of our best talents in offering themselves for political appointments. Yes, we pride ourselves as being the bastion of democracy in Africa, but that does not mean that we should allow partisan politics to destroy our collective interests. These seven critical considerations outlined above,will provide what I will describe as the ‘soft power’for the effective implementation of our Great Transformational Plan.
Fellow Countrymen and Women,
Let me now provide a brief synopsis of the Great Transformational Plan (GTP). The GTP will be anchored on the following key pillars:
A Strong Macroeconomic Environment: The success of the GTP will depend primarily on strong macroeconomic fundamentals, which will include among other things, a stable currency, low inflation, sustainable debt levels, revenue optimization and tight expenditure control to guarantee fiscal balance, low competitive interest rates, strong external reserves backed by high levels of liquidity to support the financial sector. To a large extent, the IMF support programme when fully executed, will create the appropriate conditions that will underpin the Great Transformational Plan.
A New Agricultural Revolution (NAR) for Ghana: The NAR will be based on five critical elements. Introducing Technology and Innovation into Agriculture, through Research & Development (R&D) in Agronomy, Mechanization, Irrigation, and Plantation Management. This will build on the foundation laid by the Planting for Food and Jobs and Planting for Export and Rural Development (PERD) Programmes. Our farmers cannot be competitive without technology and innovation. The establishment of Licensed Food Distribution and Marketing companies by the Private Sector throughout the country at the district level, to be supported by the Government. These companies will constitute a vital link between farmers and Market Queens in the urban and peri-urban areas.
It will be complemented by the introduction of a digitalized food distribution and marketing online platform which will connect producers to buyers and consumers. The strengthening of the Ghana Commodity Exchange as the marketplace for all actors in the Agricultural value chain. Deepening the current regime for lending and financing for the agricultural sector. Enhancing the de-regulation of the Cocoa sector by deepeningprivate sector participation in the buying and marketing (including export) of Cocoa. Mass Citizens participation in Agriculture by introducing an ‘Operation Own a Farm’programme for the Ghanaian citizenry in general. Industrial Transformation: This will build on the successes of Government’s Ten Point Industrial Transformation Programme including the One District One Factory (1D1F) initiative;the establishment of Strategic Anchor Industries to diversify the economy beyond Cocoa and Golde.g the Automobile assembly, Garment and Textiles, Pharmaceuticals and the Petrochemical industry;enhancing the growth and development of Small and Medium Enterprises;establishment of Industrial Parks and Special Economic Zones; and supporting Domestic Retail Trade and Distribution. Accelerated Infrastructure Development:Promoting Private sector financing for public infrastructure such as Roads, Railways, Ports and Harbours, Water Supply Systems, Public Housing etc, which will reduce Government’s exposure to the financing of such infrastructure projects.
Digital Mainstreaming: Digitalization will be mainstreamed in all Government and Public sector activities, building on the current work led by the Ministry of Communication and Digitalization. Energy Security and Diversification: Greater emphasis to be placed on developing renewable sources of energy, by fast-tracking the execution of Government’s energy transition strategy, including but not limited to nuclear and hydrogen energy. Decarbonization and Climate Resilience: Scaling up Government’s current efforts at reducing Ghana’s carbon footprints and facilitating access to the carbon trading markets, as well as establishing mechanisms to strengthen the country’s preparedness against the negative effects of climate change.
National Security and Defence Optimization: Deploying resources to strengthen National Security and Defence Mechanisms and Infrastructure, to deal substantively with emerging security threats and challenges, particularly in the Sahalian region. Downsizing Government: The architecture of Government will be overhauled by consolidating some existing Ministries, Departments and Agencies.This will mean running a lean Government structure that will ensure operational efficiency and effectiveness in the delivery of Government services. Strategic Engagement with the International Community: Ghana’s diplomatic and economic relations with the International Community under the GTP will be predicated on the principle of ‘positive neutrality’, based on the strategic interests of Ghana, as well as our shared commitments for the preservation of peace around the world and respect for humanity. I will in the next several months provide further details of this Great Transformational Plan in the new ‘Alan K Prime Time Talk Show’to be introduced. I will also seek inputs from the people of Ghana as I go round in the regions and districts on my campaign tours.
Fellow Countrymen and Women
The execution of the GTP will require our collective efforts, irrespective of political orientation, ethnicity or religion. It will lead to a new dawn of Restoration, Rebuilding and Reward.
The future of our country is bright. I want you fellow countrymen and women,to make me your next President when the time comes, and you will see a significant difference in your lives.
Fellow Countrymen and Women,
I want you to invest in your own future by supporting my campaign. I will therefore be launching a mass“Ketewabiaransua” Campaign and “Adopt a Constituency Initiative”, which will afford Ghanaians from all walks of life the opportunity to be part of my campaign.
For all those who will have the honour and privilege of being Delegates to select the Flagbearer of our great Party, the NPP, please remember, Alan Kyerematen is your Candidate to win power for you in 2024.
Together We shall break the Eight!
As we do say in our local Ghanaian dialects:
#Akyeanaemmui(symbolizing Hope) #Mu sadaqa da yo; sabodaanfaani go be! (Let’s Sacrifice for the future) #Èkpè deka metunahò(r) o! (a symbol of unity and collective effort) #Mòfiaamòbaayenii! (we shall all enjoy) God bless our homeland Ghana and make our nation great and strong!!
According to them, their regular source of income has already been impacted by inflation thereby putting more financial constraints on pensioners who often rely on pension funds to pay their medical bills, regular medications and critical expenses.
“Most of us have made these investments with the expectation that the coupons will supplement the meagre pensions we receive through Tier One Pensions under the Social Security and National Insurance Trust (SSNIT),” the group stressed.
“We have greater motivation to invest in these securities for both safety and liquidity considerations. Our coupons have become our core income while waiting for the payment of the principal amount upon maturity,” the lead convener added.
They added that given the Amended and Restated Exchange Memorandum terms of the DDEP which extends to 15 years, many pensioners who are equally vulnerable in society, will not live enough to receive our investment in these government securities.
The group has therefore petitioned the Minister of Finance and the Presidency and also appealed to government to exempt pensioners who hold government bonds from the Domestic Debt Exchange Programme.
Since 40% of their total assets for the third quarter of the previous year were invested in government of Ghana securities, GIA submitted the request in December 2022.
“According to data from NIC, insurance companies deposited approximately GH1.5 billion in deposits with regulated banks and money market mutual funds,” the group’s president, Mr. Seth Kobla Akwasi, told reporters during a press conference on Friday, 9 December 2022.
Since 40% of our investments are directly exposed to government of Ghana securities, the debt exchange will further compound the investment base of the insurance industry, he said. “Considering the fact that these banks and fund management companies have also invested in the government of Ghana securities, our situation will only get worse,” he said.
“In the absence of the foregoing, the insurance and reinsurance companies will be happy to cede all our claims to the financial stabilisation fund.”
Prior to the GIA, other unions and groups had all kicked against the government’s debt exchange programme.
< The Ghana Securities Industry Association (GSIA), for instance, said it cannot accept the programme announced by Finance Minister Ken Ofori-Atta in the 2023 budget. < In a statement issued on Wednesday, 7 December 2022, GSIA said: “We, at the GSIA understand the difficult crossroads at which our nation currently finds itself and the difficult choices that need to be made to set us on the path to debt sustainability. However, we are unable to accept the bond exchange program announced by the Minister of Finance in its present form”.
“It is our intention to engage the MoF on our concerns and reservations. We, therefore, urge the investing public to continue to have confidence in us as we pursue this process. In this vein, we entreat clients of our member firms to allow us to engage and then communicate the outcomes to enable them take the best decision on their investments.”
Responding to the GIA’s request, Mr Ofori-Atta said: “Based on your letter and the feedback from you and other industry associations, the government, working with its advisors, has made significant enhancements to the terms of the exchange instruments to address key concerns raised about accrued interest and zero coupons for 2023”.
“The government has also improved the commercial terms of the exchange instruments; which details were announced on 24 December 2022”.
“In this regard, the government encourages a positive response from the industry to enable us to complete the exercise in the interest of the broader economy”, the minister’s letter said, adding that in an earlier meeting with the GIA, “you made it very clear, the peculiar nature of your industry and therefore the forbearance required; an exemption, however, is not an option”.
Recently, Mr Ofori-Atta said Treasury Bills have been exempted from the government’s debt restructuring programme.
Also, individual bondholders will not experience a haircut. < The government recently had a staff-level agreement with the International Monetary Fund for a $3-billion credit facility programme, thus, necessitating the debt restructuring exercise. < “Under the programme, domestic bondholders will be asked to exchange their instruments for new ones”, Mr Ofori-Atta announced Sunday evening (4 December 2022), adding: “Existing domestic bonds as of 1st December 2022 will be exchanged for a set of four new bonds maturing in 2027, 2029, 2032 and 2037”.
Also, “the annual coupon on all of these new bonds will be set at 0% in 2023, 5% in 2024 and 10% from 2025 until maturity. Coupon payments will be semi-annual”.
Read Mr Ofori-Atta’s full address below:
Good Evening Ghanaians,
In the Budget Statement presented to Parliament on November 24th, I announced that government will undertake a debt operation programme.
The broad contours of the Debt Sustainability Analysis has been concluded and I am here this evening to provide some details on Ghana’s Domestic Debt Exchange which will be launched tomorrow.
External debt restructuring parameters will be presented in due course.
Under the Programme, domestic bondholders will be asked to exchange their instruments for new ones.
Existing domestic bonds as of 1st December 2022 will be exchanged for a set of four new bonds maturing in 2027, 2029, 2032 and 2037.
The annual coupon on all of these new bonds will be set at 0% in 2023, 5% in 2024 and 10% from 2025 until maturity.
Coupon payments will be semi-annual.
Our commitment to Ghanaians and the investor community, in line with negotiations with the IMF, is to restore macroeconomic stability in the shortest possible time and enable investors to realize the benefits of this Debt Exchange.
The Government of Ghana has been working hard to minimise the impact of the domestic debt exchange on investors holding government bonds, particularly small investors, individuals, and other vulnerable groups.
In line with this:
Treasury Bills are completely exempted and all holders will be paid the full value of their investments on maturity. There will be NO haircut on the principal of bonds. Individual holders of bonds will not be affected.
The government recognises that our financial institutions hold a substantial proportion of these bonds.
As such, the potential impact of this exchange on the financial sector has been assessed by their respective regulators.
Working together, these regulators have put in place appropriate measures and safeguards to minimise the potential impact on the financial sector and to ensure that financial stability is preserved.
Specifically:
The Bank of Ghana, the Securities & Exchange Commission, the National Insurance Commission, and the National Pensions Regulatory Authority will ensure that the impact of the debt operation on your financial institution is minimized, using all regulatory tools available to them.
A Financial Stability Fund (FSF) is being established by Government with the help of development partners to provide liquidity support to banks, pension funds, insurance companies, fund managers, and collective investment schemes to ensure that they are able to meet their obligations to their clients as they fall due.
These are difficult times and we count on the support of all Ghanaians and the investor community to make the exercise successful.
We are confident that these measures will contribute to restoring macroeconomic stability.
With your understanding and support and that of the entire investor community, we shall overcome our current difficulties, and with the help of God, put our economy back on the path of renewed and robust growth.
John Alan Kwadwo Kyerematen announced his intention to run for the position of New Patriotic Party flagbearer on January 10, 2022, six days after announcing his resignation as minister of trade and industry.
In a national broadcast shared across various media platforms, the multiple-times NPP flagbearer contestant also outlined some of his ideals while appealing to delegates of the party to elect him as their choice when the time comes.
Despite lauding the government of President Nana Addo Dankwa Akufo-Addo for laying a strong foundation on which he intends to build his future government, Mr Kyerematen also made certain pronouncements that appear as subtle attacks directed at the government in which he served.
I believe there are things that could have been done differently
While highlighting his relationship with President Akufo-Addo and praising his government, Mr Kyerematen was quick to point out in his speech that certain things under the current administration could have been done using different approaches.
“The President has laid a strong foundation for the socioeconomic development of our country, although I believe there are things that could have been done differently. My vision is to build a superstructure on this foundation that will bring prosperity to our nation,” he stated.
We promised never to go back but we have gone back to IMF
For the government of President Akufo-Addo, one of the things that has brought heavy criticism upon the president and his “men” is the decision to seek financial support from the International Monetary Fund.
Despite kicking against calls to seek a bailout from the Fund amidst severe economic challenges, the government in a dramatic turn of events is currently seeking a $3 billion loan facility from the IMF.
According to Mr Kyerematen, although government made earlier promises to refrain from going to the IMF for help, they ultimately resorted to that because of challenges somewhat beyond their control.
“This is the seventeenth time that we have gone to the IMF over the last 57 years. We promised never to go back but we have gone back.One of the lessons that we have learnt from the recent developments is that Ghana’s economy is still fragile, vulnerable and susceptible to both external and domestic shocks.
Words without actions
Mr Kyerematen while seeking to highlight his campaign policy dubbed Great Transformational Plan (GTP), outlined what he said are seven critical issues that needs consideration.
According to the flagbearer hopeful, it has become imperative for the country to be action-oriented towards achieving results instead of engaging in talks.
Describing Ghana’s current state as “No Action Talk Only (NATO)” the former minister emphasised the need for the trend to be reversed.
“Ghana is gradually becoming a NATO country – “No Action Talk Only”. We need to remember that the use of time is a zero-sum game. What Ghana needs now are solutions and actions not debates,” he noted.
Cutting the size of government
Before the onset of Ghana’s current economic challenges, President Akufo-Addo was cited by his critics as leading an overly sized government causing strain on public resources.
The recent economic challenges of the country have deepened the accusation against the government and the need for the president to cut down on his numbers.
Without explicitly agreeing with the critics of his former appointing authority, Mr Kyerematen in his address noted the need for the size of the government to be trimmed while promising to do so if he wins power.
“The architecture of Government will be overhauled by consolidating some existing Ministries, Departments and Agencies. This will mean running a lean Government structure that will ensure operational efficiency and effectiveness in the delivery of Government services,” he stated.
A diplomatically neutral state
President Akufo-Addo was recently called out by some critics for alleging that the Russian paid mercenaries were operating a mine along Burkina Faso’s border with Ghana.
The president who noted the situation as a concern to the US Secretary of State during a US-Africa Leaders Summit said the government of Burkina Faso had given out the mine to the Wagner Group as payment for work done.
Prior to the statement by the president which was deemed by many as potential grounds for a diplomatic row with Russia, the government had also been criticised for condemning Russia’s invasion of Ukraine.
Speaking in his national address on Tuesday, Mr Kyerematen noted that a government of Ghana under his leadership will be neutral on matters of the international community.
“Ghana’s diplomatic and economic relations with the International Community under the GTP will be predicated on the principle of ‘positive neutrality’, based on the strategic interests of Ghana, as well as our shared commitments for the preservation of peace around the world and respect for humanity,” he stated.
A broken economy?
Before concluding his address, the flagbearer hopeful signed off with a number of proverbs to inspire hope and belief in his course.
“Akyea na emmui” he alluded to a popular Akan saying which translates to “It is bent but not broken.”
For those concerned about the current state of Ghana’s economy fraught with high cost of living and hardship, this was a way by the flagbearer hopeful to elicit hope amidst the challenges.
According to Dr. Owusu Afriyie Akoto, a former minister of food and agriculture, the agricultural sector of the Ghanaian economy grew significantly while he was in office.
He thanked the government, partners, stakeholders and the governing New Patriotic Party (NPP) for the support in growing of the sector.
In a short statement after his resignation, he said “It’s been a great honour and privilege to serve the Ministry in the last 5 years. I express my sincere gratitude to President Akufo-Addo for the confidence reposed in me to lead agric industry.
“I thank NPP for contributing to the sector’s growth. I appreciate Ghanaian for their support.
It’s been a great honour and privilege to serve @mofaghana1 in the last 5 years. I express my sincere gratitude to @NAkufoAddo for the confidence reposed in me to lead #agric industry. I thank #npp for contributing to the sector’s growth. I appreciate 🇬🇭 for their support. pic.twitter.com/bSr5S3bNqw
— Dr. Owusu Afriyie Akoto (@afriyie_akoto) January 11, 2023
He resigned from the government on Tuesday January 10.
He submitted submitted his resignation letter to President Nana Addo Dankwa Akufo-Addo after a meeting at the Jubilee House on Tuesday, January 10.
The former lawmaker for Kwadaso is among some big wigs of the governing who are said to have been harbouring ambitions to take over from President Akufo-Addo as the party’s Presidential Candidate for the next elections in 2024.
On January 11, 2023, Dr. Asante stated during the State of the Agencies Report at the Ministry of Information, “Our source of gas are from the basin, the Tano basin over there.
“The basin over there with all those colors is where all of our domestic gas comes from.”
“But we’re hoping that in the not very distant future, we may be able to find some oil and gas onshore in the Voltaian basin.
“But for now our gas, domestic gas, is all coming from offshore. We also do have some gas coming from Nigeria through the West African Gas pipeline so those are the key sources of our gas today as we know it,” the National Gas Company CEO stated.
Even though the private sector in Ghana was still in contraction by the end of 2022, there were indications that the downturn was abating over the most recent survey period.
Along with a strong improvement in business mood, inflationary pressures also started to ease in December as the value of the dollar started to rise.
For the eleventh consecutive month in December, the S&P Global Ghana Purchasing Managers’ IndexTM (PMI®) dipped below the 50.0 no-change threshold, indicating a steady deterioration in the health of the private sector. With a value of 47.0, the most recent indication of business conditions showed a significant fall, but it was up from 44.9 in November and suggested the least extreme downturn since July 2022.
Signs of the downturn losing pace were evident with regard to both business activity and new orders in December. Output was down for the twelfth month running, albeit to the least extent since August. Meanwhile, firms posted a tenth successive fall in new orders. In both cases, reductions were linked to the impact of price pressures on demand – with deteriorating economic conditions and financial difficulties at customers also mentioned. That said, there were some signs of conditions improving at end of the year.
Similarly, the pace of output price inflation was also much weaker; coming down from the survey record posted in the previous survey period, but remaining above the series average.
With living costs remaining elevated, firms looked to help employees by raising pay, leading to a further solid increase; softer falls in output and new orders;
And a sharp slowdown in inflation of purchase costs and output prices.
Latest data signalled a stabilisation of employment as some companies looked to maintain capacity. That said, falling workloads and cost considerations led other firms to lower staffing levels further. Meanwhile, backlogs of work were again down markedly.
A combination of falling workloads and still high prices led companies to scale back both their purchasing activity and inventory holdings in the year’s final month. That said, in line with the picture for demand and activity, both input buying and stocks of purchases decreased to lesser extents than was the case in November.
Weak demand for inputs meant a continued lack of capacity pressure for suppliers, enabling them to shorten delivery times for the seventeenth consecutive month. The improvement in vendor performance was however slightly less pronounced than that seen in November.
The aforementioned cedi appreciation against the US dollar boosted confidence among companies in December. Optimism rose sharply over the month and to reach the highest since April 2022. Moreover, confidence was above average since the series began nine years ago. More than 75% of respondents expressed a positive outlook for output over the course of 2023, against just 4% that were pessimistic.
Andrew Harker, Economics Director at S&P Global Market Intelligence, said: “Although business conditions remained challenging for companies in Ghana at the end of 2022, there were some tentative signs that the worst of the current downturn may have passed. A staff-level agreement with the IMF has helped the currency to appreciate, in turn softening inflation and providing some respite for firms in their efforts to secure new business. Hopes are now that these improvements can continue into 2023. S&P Global Market Intelligence is currently forecasting a rise in GDP of 3.5% in 2023, down from 4.6% in 2022”.
On January 10, 2023, he stated this to the country in a broadcast speech.
He made it official at the speech that he intended to seek the New Patriotic Party’s (NPP) candidacy for president. He also described the “GTP,” or Ghana Transformation Plan, a set of transformational initiatives he intended to implement if elected.
Mr. Kyeremanten stated that Ghana has been to the International Monetary Fund, IMF for seventeen times though the current government promised not to go back to the IMF again. He explained that the recent development for which Ghana has gone back to the IMF is due to the fact that Ghana’s economy is fragile and vulnerable to both external and domestic shocks.
He added that the vulnerability of the country’s economy is because we are so dependent on the exportation of commodities with no or little value added.
“This is the seventeenth time that we have gone to the IMF over the last 57 years. We promised never to go back but we have gone back. One of the lessons that we have learnt from the recent developments is that Ghana’s economy is still fragile, vulnerable and susceptible to both external and domestic shocks. This primarily is as a result of the fact that our economy is highly dependent on the export of commodities with little or no value addition,” he said.
He also added that the president has built a very strong foundation for the socioeconomic development of Ghana, which will help his vision to build a superstructure that will bring prosperity to the country.
President Nana Addo Dankwa Akufo-Addo has called on the Church to pray for Ghana, himself and his administration to surmount the current economic challenges confronting the nation.
“I plead strongly with the church to bear the nation and me continually up in prayers. As God’s children, we may be tempted to allow struggles to define our worth. However, our ultimate victory is guaranteed. We may stumble along the way, but we will always be more than conquerors,” he said.
The president made the call at a Special New year Eucharist Service held on his behalf by the Archbishops, Bishops, and Clergy of the Anglican Church of Ghana at the Jubilee House Accra on Tuesday.
Prayers were offered for the President and his family, the Vice President, the government, and for peace and tranquility to prevail in the country, and for Ghanaians to have the patience to support the government as it sought solutions to take the country out of the current economic crisis.
The Special Mass was attended by the First lady, Rebecca Akufo-Addo, the Vice President, Dr Mahamudu Bawumia, the Chief of Staff, Madam Akosua Frema Osei-Opare, and some senior government officials.
President Akufo-Addo told the gathering that he was confident that Ghana’s economy would bounce back stronger in 2023.
He reiterated his belief “that with the spirit of fairness hard work, integrity and reconciliation, the best days of Ghana lie ahead of us.”
“Even though we are presently confronted with difficulties in economic performance, I do not doubt our collective resolve to work our way out of these challenges and put our nation back onto the path of progress and prosperity,” he said.
Primate and Metropolitan Archbishop, Most Rev. Dr Cyril Kobina Ben-Smith, of the Anglican Communion, Internal Province of Ghana, in his homily, themed “New Mercies, New Love and New Hope for Ghana,” said God’s love for Ghana remained sure and rang true.
“Your excellency, we wish to assure the government and the people of Ghana that God’s faithfulness remains sure for our nations. Despite the challenges and the times that the world finds itself, God’s promises still ring true, His mercies are new every morning.
“God is still God. Let all the people of Ghana know that God is still God, and He directs all our affairs and we should bless the Lord in all circumstances despite our challenges.”
The Primate said the building of the National Cathedral was enough testimony of President Akufo-Addo’s devotion to God and “no matter the Naysays, it will happen”
“Your excellency, you and other world leaders, King David faced the same challenges that we are still experiencing…the murmuring of the people, the lamentations from the crowds, the abuse and lack of understanding of the issues that are clear to all, yet David stood resolute in his conviction amid opposition.
“The God of Ghana is our refuge, let us keep faith with our President in all times. Ghana will not perish; Ghana will recover, and Ghana will reclaim every lost territory. I entreat all Ghanaians to pray for Ghana and for favour for the leadership of the nation.
“Let the people of Ghana understand that with God all things are possible. If we trust Him, the economy will bounce back,” he said.
He urged market women, traders, commercial drivers and businesspeople to complement the efforts of the Government by reducing the process of goods and services.
Dr. Joseph Obeng, president of GUTA, said during an interview on Okay FM that the organization as a whole is grieved by Alan’s passing because he was one of the best ministers Ghana has ever produced.
The former minister’s ideas and interventions, he continued, made their jobs simpler because he recognized their predicament and provided them with access whenever they ran into problems.
“For us GUTA, we are saddened by Alan’s resignation, and it will be challenging to find someone as skilled as Alan to succeed him in the Ministry of Trade and Industry. Some of us knew Alan before President Kufuor appointed him to serve as Trade Minister during his time. He was a trader himself and understood our plight as traders. So, we were thrilled for him at the ministry. Particularly when it comes to diplomacy, there is no doubt about him. His compassion at the Trade Ministry is something we don’t think we’ve ever encountered. He is in fact an asset to the country, and we are truly heartbroken to lose such a person, aside from wishing him well,” he said.
The former minister officially declared his intention to run for president in 2024 on the ticket of the New Patriotic Party (NPP).
However, Dr. Afriyie Akoto claimed he had no clue when the price of kenkey might decrease.
A kenkey ball that cost GH 1 in 2021 was now marketed for GH 3.
Read the full story originally published on August 11, 2022 by www.ghanaweb.com
Food and Agriculture Minister, Dr. Afriyie Akoto has stated he has no idea when kenkey prices will drop.
A ball of kenkey which was sold at GH¢1 last year is currently being sold at GH¢3.
Food was among the major factors that caused a 31.7% inflation for the month of July.
However, in an interview on TV3, when the agric minister was asked when the price of kenkey would see some reductions, he threw his hands in the air saying “Price of kenkey? I cannot tell. Why can I? The maize will be cheap when the factors that have brought about the increase go away.”
He added prices will begin to drop when fuel prices also reduce.
“I’m talking about the external influence on these prices. When the price of petrol goes down from $101 per barrel to $20 per barrel.
According to him, the Planting for Food and jobs among other interventions by the agriculture sector is yielding positive results.
He said “people wrongfully say there is a food shortage, there is no food shortage in Ghana. If you look at all the sectors, the agric sector stands out as the sector which is doing well.”
He claims that certain prominent public officials and civil servants are unable to pay a $30,000 property off over the course of a ten-year mortgage.
“How can we promote the business if we don’t have a government that is willing to support local building materials?
We need to figure out a way to construct sturdy homes here affordably, according to Mr. Amegayibor.
Read the full story originally published on April 11, 2022 by www.ghanaweb.com.
Executive Secretary of Ghana Real Estate Development Association (GREDA), Samuel Amegayibor, has asked his sector players to find solutions on how to build strong houses at affordable rates in the country.
According to him, some senior public and civil servants cannot afford a $30,000 house over a ten years mortgage period.
He said unless these individuals have other sources of income before they can purchase the $30,000 house.
Mr Amegayibor also entreated government to force local contractors to make use of local building materials for their projects.
“A profiling of people who buy houses will show that even senior public and civil servants cannot afford a thirty thousand dollars ($30,000) house over a ten years mortgage period unless they have other streams of income,” he stated.
He however asked government to put measures in place to reduce the cost of building materials.
Mr Amegayibor noted that the prices of cement and iron rods have gone up by 27%.
This, he said, has made construction more expensive in Ghana.
The assumption, it said, is that the basket is bought each month, therefore as the price varies each month, the overall cost of the basket will also vary.
Minister of Lands and Natural Resources, Samuel Abu Jinapor, has responded to former president John Dramani Mahama’s recent accusation of corruption on the part of Nana Addo Dankwa Akufo-Addo.
The said allegation was contained in a Facebook post Mahama authored in the wake of Akufo-Addo’s statement at an event in Koforidua that Akonta Mining Limited was not engaged in galamsey (illegal small-scale mining) anywhere in the country at the time he was speaking.
The comoany is owned by Ashanti Regional chairman of the ruling New Patriotic Party (NPP), Chairman Wontumi, real name Bernard Antwi Boasiako.
“It is unacceptable that President Nana Akufo-Addo has consistently put pressure on state anti-corruption institutions by announcing clearance of appointees and companies that are under investigation for wrongdoing,” Mahama said.
Mahama added that the actions and words of Akufo-Addo were inimical to the fight against corruption in Ghana.
In his response to Mahama, Jinapor stressed that Akufo-Addo’s six-year record in fighting corruption was better that the eight years of the Mills / Mahama administration (2013 – 2017).
“Permit me to assert, without a shred of equivocation that the record of President Akufo-Addo’s Government in the past six years of fighting corruption far surpasses the NDC’s eight-year record.”
He defended his view by stressing thus: “Needless to point out that President Akufo-Addo’s extraordinary funding of anti-corruption institutions, the establishment of the Office of the Special Prosecutor, which as I speak, is investigating this matter…
“… the passage of the Right to Information Act, 2019 (Act 989), rapid investigations of allegations of corruption, and many more are testament to his remarkable record in the fight against corruption.”
The minister also reiterated that the Akonta Mining probe was still ongoing with the Police Criminal Investigations Department (CID) and the Office of the Special Prosecutor (OSP) seized with the matter.
Source: Ghanaweb
Ukraine war: Russia controls most of destroyed salt mine town, Soledar, says UK
Image caption, Ukraine’s president has said there is “almost no life left” after fighting in Soledar (picture taken 5 January)
Russian troops and the mercenary Wagner Group have made advances in the past four days, the UK says.
Soledar is near Bakhmut, where Ukraine is also locked in a bloody battle.
President Zelensky said there was “almost no life” in Soledar, with “no whole walls left”.
He also said “the whole land near Soledar is covered with the corpses of the occupiers”.
“This is what madness looks like,” he added.
Soledar – which had a population of around 10,000 before the war – may be seen mainly as a stepping stone to capturing Bakhmut, and its strategic value is questionable.
The UK said part of the fighting had focused on entrances to the 200km-long disused tunnels and that both Russia and Ukraine “are likely concerned that they could be used for infiltration behind their lines”.
Mr Prigozhin has confirmed his interest in the mines, calling them “the icing on the cake” in the strategic importance of the Bakhmut area.
He described them as a “network of underground cities” that can hold “a big group of people at a depth of 80-100 metres”, and can also allow tanks and other military vehicles to move freely.
However, Britain believes Russia is “unlikely” to take Bakhmut itself immediately due to Ukraine’s “stable defence lines”.
Meanwhile, a senior military official from the US Department of Defense said on Monday there was a “good portion” of Soledar in Russian hands.
Fighting around Bakhmut has been going on for months, and the US official described the most recent exchanges as “savage”.
Two British nationals have gone missing in the region and were last seen heading to Soledar.
Image caption, UK nationals Andrew Bagshaw (L) and Christopher Parry (R) were doing voluntary work, police said, but have not been heard of since Friday
In his nightly address, Ukraine’s leader Volodymyr Zelensky expressed his thanks to soldiers defending Soledar, saying their resilience “won additional time and additional strength for Ukraine”.
According to a Facebook post by the General Staff of the Armed Forces of Ukraine, soldiers on Monday repelled attacks near 13 population centres – including Soledar and Bakhmut.
Serhiy Cherevaty, spokesman for Ukraine’s eastern forces, said in a television interview that Soledar had been struck 86 times by artillery over the past 24 hours.
He claimed Wagner’s best fighters were being deployed and that Russia was using World War One-style tactics, while suffering heavy losses.
“This is basically not a 21st Century war,” he said.
What is Russia’s Wagner Group of mercenaries?
Defying Russia in the city ‘at end of the world’
Despite the long and intense battle, Oleh Zhdanov – a highly respected military analyst in Ukraine – believes that neither Soledar nor Bakhmut are especially important from an operational point of view.
Mr Zhdanov said in an interview on Monday with the Ukrainian newspaper Gazeta that Russia “is trying to prove to the whole world that its army is capable of winning”.
Russia has suffered several setbacks in Ukraine since its invasion nearly a year ago – including losing control of the only regional capital it had managed to capture.
Meanwhile, the Institute for the Study of War, a US-based think-tank, has said that Mr Prigozhin “will continue to use both confirmed and fabricated Wagner Group success in Soledar and Bakhmut to promote the Wagner Group as the only Russian force in Ukraine capable of securing tangible gains”.
A statement issued by the Association described Ken Ofori-Atta as grossly incompetent amid seeking IMF bailout and the country defaulting on its external debt payments.
The Association further said, “his incompetence has been clearly written on the walls and Ghanaians feel the brunt of the outcome which is an unprecedented economic hardship.
“His gross incompetency has sunk Ghana’s economy into a ditch. We are battling with the situation of a frail currency, high inflation rates and unstable prices for petrol. All these are factors that have made it difficult for us to live and take proper care of our families,” the statement from the Association added.
“We expect that you ensure his removal before the end of this month [January 2023]. Any failure on your part to effect the finance Minister’s removal shall be deemed as a compromise,” the Association stressed.
Ken Ofori-Atta was last year hauled before parliament by the Minority caucus under seven grounds of a censure motion against him.
The motion subsequently failed after the Majority caucus staged a walkout before a vote was taken by the House to censure the Finance Minister.
Meanwhile, President Akufo-Addo on January 6, 2023, assigned Ken Ofori-Atta to take over as caretaker minister at the Ministry of Trade of Industry. This comes after Alan Kyerematen resigned from the position on January 5, 2023.
The appointment of Ofori-Atta is until a substantive minister is assigned for the position.
Winfrey is not only the wealthiest Black woman in America, but also ranks 1,169th on the list of the world’s richest people and 24th on Forbes’ list of the world’s 100 most powerful women as of 2022, with a net worth of $2.5 billion.
In addition to her successful media ventures, Winfrey has also demonstrated her expertise in investing in high-end real estate.
In September 2022, she sold her Montecito estate in California for a profit of $6.6 million. Winfrey purchased the 2.1-acre estate, which includes a Mediterranean-style main house and two small cottages, for $10.5 million in 2020 and made additional renovations.
Winfrey’s diverse investments and businesses in the media industry have contributed to her impressive net worth and position as a powerful woman and as a beacon of hope to many, especially people of ccolor
As the host of “The Oprah Winfrey Show” for 25 years, Winfrey used her platform to create unforgettable moments through conversations with her guests and audience.
Her $2.5-billion net worth and diverse investments and businesses make her not only one of the world’s richest Black people and the richest Black woman in America, but also a role model for aspiring entrepreneurs.
Despite the signing of several Memorandums of Understanding with Ethiopian Airlines and EgyptAir, efforts to re-establish a national carrier ran into difficulties. As a result, the former Aviation Ministry, which is now run by the Ministry of Transport, established a new committee to review all proposals.
The Ghanaian government has been working for years to launch a new domestic airline, and has finally decided on the name “Ghana Airlines” for the company.
Ahead of the selection, names such as Akwaaba Airlines, Black Star Airlines, and Kente Airlines were mooted as part of the efforts to get a suitable name that will reflect Ghana’s culture and boost the enterprise.
In the wake of this, government has since selected Ashanti Airlines as a strategic partner to operate a commercially viable home-based carrier which will run as Ghana Airlines Limited from the third quarter of 2023.
Zotus Group Inc in the United Kingdom has also been selected to become the financial and operational partners of Ashanti Airlines with the Government of Ghana.
GhanaWeb Business understands that Ghana Airlines is expected to initially offer domestic and sub-regional services in addition to international services later on to key destinations across the world.
The aircraft, Ghana Airlines will use, is the Dash 8-400 turboprops while the international service will use the Boeing 787-9 Dreamliner.
GhanaWeb Business takes a further look into the kind of aircrafts tipped to operate Ghana Airlines in the third quarter of 2023.
Dash 8-400 Turboprops
According to Aerotime Hub, Ghana Airlines Limited is expected to use about six Dash 8-400s Turboprops to commence its domestic and sub-regional operations.
The aircraft, depending on numerous factors would cost an average price of $3.25 million for a pre-owned model while a new aircraft would go for about $33.5 million on average.
The Dash 8-400 can seat up to 90 passengers and is said to have the highest capacity turboprop on the aviation market. The aircraft has the ability to also serve as a freighter, firefighting aircraft, missionized aircraft, among others.
It can operate in challenging weather conditions, especially on paved and unpaved runways. Since its launch, the Dash 8-400 aircraft operates in many countries across the world.
Boeing 787-9 Dreamliner
When Ghana Airlines decides to operate international services, Aerotime Hub reports that it would use a Boeing 787-9 Dreamliner.
It also reported that government in 2019 at the Dubai Air Show placed an order for three of the modern aircraft which can seat up between 250 to 290 passengers.
The Boeing 787-9 Dreamliner currently costs around $292.5 million.
The aircraft, which is developed and manufactured by US-based Boeing Commercial Airplanes, can travel up to a range of 8,300nm (15,372km).
It also offers consumers an array of features, technology and has the capacity to operate in challenging weather conditions and environments.
The widebody aircraft consumes about 20 percent less fuel than any other aircraft in its class and employs new technologies for achieving efficiency.
Some of its primary users are American Airlines, Japan Airlines, United Airlines among others.
He claimed that the government’s strategy for addressing the economic problem in the nation “appears like trying to fool or surprise the market.”
He stated, “We know that Ghana is in a profound crisis; in fact, in terms of economics, if there was any word beyond crisis, that is what we would be saying right now.” in an interview with peacefmonline.
Read the entire article as it appeared in its original form on Peacefmonline on December 10, 2022.
“The approach government is using in managing all of these appears like trying to trick or surprise the market . . . we know that Ghana is in a deep crisis, in fact in economics if there was any word beyond crisis that is what we will be using now . . . we all do acknowledge that we have to come out of this . . . ” he said.
Speaking in an interview on Peace FM’s morning show ‘Kokrokoo’, Prof Bokpin said to come out of this situation government needs to have “some moral authority” and call various stakeholders for a “broader consultation”.
” . . Broader consultations, the humility to acknowledge where we have gone wrong and where we can do better, that brings everybody to the table is very critical now . . . we need negotiations, to do so you have to come to the negotiation table with some moral authority . . . failure to do that, it’s going to be difficult for us to get out of this,” he averred.
“Consensus building is the way to go and to do this, it requires honesty and transparent,” he added.
The artist came to light in 2021 as the person who acquired several of Ghana’s vintage aircraft in order to establish a museum and community center in Jenakpeng in the Northern Region.
He purchased these planes with the revenues of $1 million in sales, and they are now used as a resource for students studying engineering, among other subjects, in addition to being a tourist attraction.
“Taking history up north to build new histories. From Gold Coast Railways to Ghana Railways and beyond. Trains crossing River Pra at Beposo Western Region of Ghana”.
The Ghana Union of Traders Association has appealed to President Nana Addo Dankwa Akufo-Addo to appoint a person of the same stature as Mr Alan Kyerematen to be the next Minister of Trade and Industry following the resignation of Mr Kyerematen.
The union indicated that Mr Kyerematen did an excellent job while in office therefore, they expect the new substantive appointee to follow suit.
“The Ghana Union of Traders’ Associations (GUTA) is deeply saddened by the news of the sudden resignation of the Trade and Industry Minister, Hon. Alan Kyerematen.
“All those who know him and happen to have come in contact with this affable gentleman will attest to the fact that he is an astute politician, a very humble public servant, versed in his area of duty, coupled with excellent human relations which have endeared him to all who have happened to meet him on matters of trade and industry, especially, those of us in the private sector.
“We can confidently say that he has performed excellently and left an indelible footprint that will ever remain in our memories. So we see him as an asset not only to Ghana but also to the sub-regional and continental blocs, as well as the entire globe”, parts of the Press Statement from GUTA reads.
Following Mr Kyerematen’s resignation, the President asked the Minister for Finance, Mr Ken Ofori-Atta, to act as caretaker Minister at the Ministry of Trade and Industry, until a substantive appointment is made.
Mr Akufo-Addo on Friday, 6th January 2023, accepted the resignation from office of Mr Alan Kyerematen.
This was after Mr Kyerematen, on Thursday, 5th January, informed him personally of his decision to resign, and subsequently submitted his letter of resignation to him.
President Akufo-Addo thanked Mr Kyerematen for his services to his government and to the country, and wished him well in his future endeavours.
The remarks made by President Nana Addo Dankwa Akufo-Addo on the activities of Akonta Mining have drawn criticism from a former president.
In the view of Mr Mahama, the comments by the President should not be allowed to thwart the investigation on the activities of the company.
President Akufo-Addo exonerated Akonta Mining Company Limited from any wrongdoing, stressing that the Company is not involved in any illegal mining anywhere in Ghana.
In a remark after concerns about the menace came to the fore at the 28th National and 16th Biennial Congress of the National Union of Ghana Catholic Diocesan Priests Association held in Koforidua, he said “Let me respond briefly to the chairperson on the issue of illegal mining.
“I want to assure him and all of you that Akonta Mining is not engaged in any illegal mining anywhere in Ghana as we speak.
“Further, the Ministry of Lands and Natural Resources has through the agency of the Forestry Commission with the assistance of the military made the effort to cordon off all 294 sites of forest reserves in the country and rid them of illegal mining as we speak.”
President Akufo-Addo was responding to a concern expressed by the chairperson of the occasion, Ing. Ken Ashigbey, regarding Akonta Mining Company Limited’s supposed infraction of the laws to mine in the Tano Nimiri Forest Reserve in the Western North Region.
Despite having a mining lease, the Ministry of Lands and Natural Resources in October, 2022 stopped Akonta Mining Company Limited, owned by New Patriotic Party’s Ashanti Region Chairman Bernard Antwi-Boasiako, from mining in the forest reserve.
The issue is under investigation by the Special Prosecutor.
Commenting on this in a statement, Mr Mahama said “That penchant by the president to absolve his appointees and other close associates of any wrongdoing as he has done with the ongoing investigations into the operations of Akonta Mining Company is a serious dent on the already deteriorating image of the Office of the President.
“As though proud of that dishonourable badge, ‘the clearing agent’, Nana Akufo-Addo has yet again justified the appropriateness of his nickname with the seeming presidential exoneration of Akonta Mining, a company owned by a member of his political party (NPP) and accused of illegal gold mining in the country’s forest reserves.
“The shocking impudence is how and when he even did that at a public event called by the country’s catholic clergy.”
Below is the full statement…
It is unacceptable that President Nana Akufo-Addo has consistently put pressure on state anti-corruption institutions by announcing clearance of appointees and companies that are under investigation for wrongdoing.
That penchant by the president to absolve his appointees and other close associates of any wrongdoing as he has done with the ongoing investigations into the operations of Akonta Mining Company is a serious dent on the already deteriorating image of the Office of the President.
As though proud of that dishonourable badge, ‘the clearing agent’, Nana Akufo-Addo has yet again justified the appropriateness of his nickname with the seeming presidential exoneration of Akonta Mining, a company owned by a member of his political party (NPP) and accused of illegal gold mining in the country’s forest reserves.
The shocking impudence is how and when he even did that at a public event called by the country’s catholic clergy.
Fortunately, and unfortunately, we are told by the owner of Akonta Mining that the Minister has explained to him they were forced to unwillingly act against his company because of public pressure from the National Democratic Congress (NDC), CSOs and NGOs. He also very alarmingly said the President called him ostensibly to appease him over Government’s action and that the Office of Special Prosecutor cannot touch him.
This is a sad commentary for a country that has in the past been held up in Africa as the poster boy for rule of law and democratic governance.
This sad development also erodes the years of hard work, which has earned Ghana international appeal in climate change and sustainable development discourse globally.
In addition, the President’s comment cannot be allowed to override or become a substitute for the statutory mandate granted the investigative bodies of Ghana by the Constitution.
Such acts fly in the face of justice and the fight against corruption, and of course erodes the faith of our citizens in our democracy.
As enjoined by our National Anthem to “cherish fearless honesty” and “resist oppressors’ rule,” we must all as citizens support the anti-corruption institutions to carry out their duties fairly and courageously without undue interference by any influences.
Former President, John Mahama, has described as unacceptable and disturbing comments by President Nana Akufo-Addo absolving Akonta Mine of any illegality despite ongoing investigations by the Special Prosecutor.
In a post on Facebook, the former President said the penchant of president Akufo-Addo to absolve his appointees and party officials from any wrongdoing is a severe dent in the already deteriorating image of the presidency.
“As though proud of that dishonourable badge, ‘the clearing agent’, Nana Akufo-Addo has yet again justified the appropriateness of his nickname with the seeming presidential exoneration of Akonta Mining, a company owned by a member of his political party (NPP) and accused of illegal gold mining in the country’s forest reserves.”
“This sad development also erodes the years of hard work, which has earned Ghana international appeal in climate change and sustainable development discourse globally.”
President Akufo-Addo speaking at the 28th National and 16th Biennial Congress of the National Union of Ghana Catholic Diocesan Priests Association in Koforidua cleared the mining firm owned by the NPP Ashanti Regional Chairman, Bernard Antwi Boasiako popularly known as Chairman Wontumi of any wrongdoing.
“I want to assure you all that Akonta Mine has not engaged in any form of illegal mining anywhere in Ghana as we speak,” the President said.
The mining firm is currently under investigation by the Special Prosecutor.
Below is the full post by John Mahama
It is unacceptable that President Nana Akufo-Addo has consistently put pressure on state anti-corruption institutions by announcing clearance of appointees and companies that are under investigation for wrongdoing.
That penchant by the president to absolve his appointees and other close associates of any wrongdoing as he has done with the ongoing investigations into the operations of Akonta Mining Company is a serious dent on the already deteriorating image of the Office of the President.
As though proud of that dishonourable badge, ‘the clearing agent’, Nana Akufo-Addo has yet again justified the appropriateness of his nickname with the seeming presidential exoneration of Akonta Mining, a company owned by a member of his political party (NPP) and accused of illegal gold mining in the country’s forest reserves.
The shocking impudence is how and when he even did that at a public event called by the country’s catholic clergy.
Fortunately, and unfortunately, we are told by the owner of Akonta Mining that the Minister has explained to him they were forced to unwillingly act against his company because of public pressure from the National Democratic Congress (NDC), CSOs and NGOs. He also very alarmingly said the President called him ostensibly to appease him over Government’s action and that the Office of Special Prosecutor cannot touch him.
This is a sad commentary for a country that has in the past been held up in Africa as the poster boy for the rule of law and democratic governance.
This sad development also erodes the years of hard work, which has earned Ghana international appeal in climate change and sustainable development discourse globally.
In addition, the President’s comment cannot be allowed to override or become a substitute for the statutory mandate granted the investigative bodies of Ghana by the Constitution.
Such acts fly in the face of justice and the fight against corruption, and of course erodes the faith of our citizens in our democracy.
As enjoined by our National Anthem to “cherish fearless honesty” and “resist oppressors’ rule,” we must all as citizens support the anti-corruption institutions to carry out their duties fairly and courageously without undue interference by any influences.
In three tweets posted on January 9, 2023; American rapper Meek Mill explained the circumstances around which he filmed footage in and around the Jubilee House.
Government had been under incessant pressure to address how the rapper filmed footage when he visited President Nana Addo Dankwa Akufo-Addo in December 2022 when he was in town for the Afro Nation concert.
Mill apologized to Ghanaians and to the presidency for the manner in which a music video promo he had put together had generated controversy and heavy social media backlash.
He posted the video on his Instagram reel but switched to Twitter to render his apology.
“To the people of Ghana no video I drop is ever meant to disrespect the people of Ghana …. The fastest way to make connection is thru music and I wanted to do that with displaying art … im in my 30’s from America and didn’t know much about the lifestyle here,” his first apology tweet read.
He followed it up with another apology, again to the Ghanaian people but also the presidency:
“My apologies to the people if any disrespect! We still gonna push to make the connection between black people in America and Africa … what I’m trying to do is more than a video and you should see coming soon! My apologies to the the office also!” it read.
When a Ghanaian blogger tweeted that the outrage was not targeted at him per se but at the presidency, he explained how he procured the footage.
“I don’t think they knew it was video footage when we asked to shoot its a small camera and one kid … in America we didn’t know this existed and was excited to show because they don’t show Ghana on our media much! So I’ll take responsibility for my mistake! Not intentional,” he added.
The intended sale is according to the auction calendar of the Central Bank and will take place under the Forex Forward Auctions.
The amount of $220 million, is however lower than that which was sold in the last quarter of 2022 where the Central Bank sold a total of $420 million to BDCs through commercial banks within the period.
Although it remains unclear whether the intended $200 million sale would be sufficient to sustain the FX needs of BDCs in the country, the BoG plans to sell $80 million in January 2023.
This will be followed by an amount of $60 million each sold to BDCs also taking placing take in February 2023 and March 2023 respectively.
The BoG has also extended an invitation for bids due to the prescribed format to purchase the US dollars against the cedi notes separately on each auction date.
This auction of the American ‘greenback’ will also take place from January 12, 2023, to March 29, 2023.
“Receipts of bids will be made from 9:30 am to 10:30 am on each auction day with the announcement of the auction results made at 3pm on each auction date,” the BoG noted.
President Nana Addo Dankwa Akufo-Addo says that for the country to continue on its democratic path, it is critical to improve transparency and accountability in governance structures that can combat corruption and the misappropriation of public funds.
Furthermore, theElectoral Commission should work to ensure that all stakeholders in the electoral process – citizens, civil society organizations, and political parties – have no lingering doubts about the legitimacy of an election.
On the eve of Ghana’s 30th anniversary of the Fourth Republic, President Akufo-Addo made the remarks in a televised address in Accra on Friday.
January 7, 2023 marks exactly the 30th Anniversary of the nation’s return to constitutional regime after eight military takeovers.
“By all accounts, we have come a long way, and we should not take it for granted that everybody in Ghana has accepted democracy as the preferred mode of governance.
“There are those who would rather have authoritarian rule, because they claim our country is underdeveloped and democracy is cumbersome, and we need to get things done in a hurry.
“We still have some work to do to convince such people that we are all safer under democracies,” the President pointed out.
The President stated that without any form of equivocation his government had undertaken, arguably, the boldest initiatives since independence to reform and strengthen the capacity of governance institutions to tackle corruption in the public sector, including the financial empowerment of the anti-corruption bodies. He cited, for instance, the passage of the Right to Information Act and the establishment of the Office of the Special Prosecutor to investigate and prosecute acts of corruption.
“As President of the Republic, I assure you that, out of duty to our children and grandchildren, and to generations yet unborn, my government will not give up when it comes to deepening our democracy and guaranteeing the integrity of the electoral process,” he added.
President Akufo-Addo was of the belief that efficient management of the economy would lead to enhancement in the standards of living of the people and ensure prosperity for all.
“We must do everything within our means to safeguard our democracy,” he stated.
“Tomorrow’s milestone is to the great credit of you, the Ghanaian people, the ordinary men and women who make up the fabric of our nation. Thirty (30) years ago, all of us resolved to build, under God, a united nation, grounded in democratic values and the rule of law,” the President recalled.
“We have advanced a great deal in realising this vision, and I am confident that, with a spirit of fairness, hard work, integrity and reconciliation, the best days of Mother Ghana lie ahead of us,” the President assured.
He observed that although the nation was presently confronted with difficulties in her economic performance, but with collective efforts she would soon surmount the challenges, and back onto the path of progress and prosperity.
“Let us, therefore, continue to work to create the platform for the evolution of a new Ghanaian civilisation, which will give true meaning to the foundational values of freedom and justice on which our nation was birthed,” he stated.
Ghana’s president Akufo-Addo has praised the country for adopting democracy as a system of government.
In a national address on Friday in honor of the 4th Republic’s 30th anniversary, the president declared that Ghana “is a beacon of democracy and stability in Africa.”
He stated that we have been able to oversee eight presidential elections in the Fourth Republic because we uphold the values of democratic accountability, human rights, and the rule of law.
He also said that democracy has helped in “five presidential transitions, and three peaceful transfers of power, through the ballot box, from one party to another.”
He further stated that “the celebration of the 30th anniversary of the 4th Republic should inspire us, even further, to hold on to this status.”
“Tomorrow, Saturday, 7th January 2023, will be exactly 30 years since the Constitution of the 4th Republic came into force, with the inauguration into office of the first President of the 4th Republic, His Excellency the late Jerry John Rawlings.
“It has inspired the longest period of stable constitutional governance in ourhistory, with a consensus emerging strongly that the democratic form of governance is preferable, and the benefits are showing. Hence the decision to celebrate 7th January as Constitution Day,” he added.
Image caption, Around 950 people have been arrested in relation to the 6 January 2021 riots, but the FBI is still looking for 300 more individuals believed to have committed violent acts that day
The partner of a US Capitol Police officer who died a day after the 6 January 2021 riot has sued Donald Trump for wrongful death.
On Wednesday, the FBI said it will offer $500,000 (£420,730) to anyone with information that can help them catch the suspect.
The US Capitol riot erupted two years ago as Congress certified President Joe Biden’s victory in the 2020 election.
The mob stormed the Capitol following a speech from Mr Trump, who was speaking at a rally one mile from the Capitol grounds. In his speech, Mr Trump claimed election fraud and called on then-Vice-President Mike Pence to overturn the results.
“We’re going to walk down to the Capitol,” Mr Trump said in the speech. “If you don’t fight like hell, you’re not going to have a country anymore.”
In the same speech he also told them to “peacefully and patriotically make their voices heard”.
During a commemoration event on Thursday at the White House, Mr Biden called the events of 6 January an “inflection point” of US history.
“It’s hard to believe that this could happen right here in America,” he said.
“January 6 is a reminder that there is nothing guaranteed about our democracy,” Mr Biden added.
Image caption, US Capitol Police officer Brian Sicknick died one day after the 6 January 2021 riots
‘Wrongful death’
One woman was fatally shot during the riots by a police officer. Three others who were on Capitol grounds that day died from natural causes.
One of them was Capitol Police officer Brian Sicknick, who died a day after the riots from a series of strokes.
While Mr Sicknick did not suffer any injuries during the riot, a lawsuit filed by his family on Thursday alleges the violent mob played a role in his death.
His family sued Mr Trump on Thursday for wrongful death, claiming that the former president “intentionally riled up the crowd” and that Mr Sicknick died as a result of “the injuries that violence caused”.
“Many participants in the attack have since revealed that they were acting on what they believed to be Defendant Trump’s direct orders in service of their country,” the lawsuit states.
The lawsuit also accuses Mr Trump of violating Mr Sicknick’s civil rights, assault and negligence, and is seeking $10m in damages.
Mr Trump has not yet commented on the lawsuit.
On Thursday, Mr Biden awarded several presidential citizen’s medals to officers who responded to the 6 January riots, including a posthumous medal for Mr Sicknick, saying he “lost his life after protecting the citadel of democracy.”
Since the attacks, a Democrat-led congressional probe also examined Mr Trump’s role in inciting the riots.
In December, the US House committee probing the 6 January attack asked federal prosecutors to charge Mr Trump with obstruction and insurrection – marking the first time in US history that Congress referred a former president to be criminally prosecuted.
President Akufo-Addo has appointed Finance Minister, Ken Ofori-Atta, to act as caretaker Minister of the Trade and Industry Ministry.
The president made the appointment after he acknowledged the resignation of Trade and Industry Minister, Alan John Kyerematen.
“The President of the Republic, Nana Addo Dankwa Akufo-Addo, on Friday, 6 January 2023, accepted the resignation from office of Mr Alan Kyerematen as Minister for Trade and Industry,’ a statement signed by Director of Communications at the Office of the President, Eugene Arhin, read.
Mr Kyerematen resigned from his position on Friday, January 6, 2023.
The Office of the President indicated that Mr Kyerematen on Thursday, January 5, 2023, informed the president personally of his decision to resign and subsequently submitted his letter of resignation.
Mr Ofori-Atta will now have to juggle work at the Finance and Trade ministries until a substantive Trade Minister is appointed.
