On December 7, 2022, the Deputy Minister expressed concern and disappointment over the cedi’s severe depreciation against the dollar during an appearance on Ekosisen, a political program on Asempa FM.
The Finance Minister last month presented the nkabom budget for the year 2023, which has caused discussions across the length and breadth of the country. As part of the recovery of the Ghanaian economy, the Finance Minister launched the Debt Exchange Program on December 5, 2022, which has raised some concerns among domestic investors.
Touching on these issues, the Deputy Finance Minister said the Debt Exchange Programme is in place to restore confidence in the economy and bring it back to its feet. She also added that the halt of the one million Ghana Cedis per constituency, the fifty percent reduction of fuel allocation to government appointees, and salary cuts are all among other projects that the Finance Ministry, in collaboration with the government, wants to roll out to reform the economic structure.
Madam Osei-Asare pleaded with domestic investors to support the government in putting the economy back on its feet.
President Nana Addo Dankwa Akufo-Addo has charged the Lands Commission to expedite action on the digitisation process of land acquisition.
Addressing the maiden National Land Conference, organised by the Lands Ministry on Wednesday President Akufo-Addo stated that in this technologically advanced age, it is unacceptable that many sectors of the economy still operate in a largely manual environment.
“We cannot deliver an efficient land administration if documents on land have to be processed manually. We must, therefore, expedite action on the digitalisation process, and ensure that the Commission goes fully digital. As you go into technical discussions, it is my hope that this will be key on your agenda’’, he said.
Reiterating the significance of land to the socioeconomic development of the country, the President noted that a rapidly growing population, coupled with competing uses of land, continue to put immense pressure on our land resources.
According to the President, it is for this reason that, “during the first term of my presidency, we prioritised the passage of the Land Bill, which had been in the draft stage for some 20 years.”
The Land Act, 2020 (Act 1036), which he assented to on 23rd December 2020, the President explained, “revises, harmonises and consolidates laws on land to ensure sustainable land administration and management, as well as effective and efficient land tenure systems.”
Successive Governments have sought, through numerous initiatives, to improve Ghana’s land administration regime.
The most significant intervention has been the Land Administration Project (LAP), Phases 1 and 2, which sought to lay the foundation and consolidate urban and rural land administration and management systems for efficient and transparent land service delivery.
Lands Minister, Samuel Abdulai Jinapor
These interventions have yielded some results, such as the reform of the Lands Commission through the enactment of the Lands Commission Act, 2008 (Act 767), the establishment of five Client Service Access Units (CSAUs) at the Lands Commission to enhance service delivery, the establishment of Customary Land Secretariats, reforms in the Judiciary through the establishment of specialised land courts and the automation of some courts, the enactment of the Land Use and Spatial Planning Act, 2016 (Act 925), the introduction of a new three-tier Spatial Planning Model, and the development of a National Spatial Development Framework and two Regional Spatial Development Frameworks.
“But laws, in themselves, do not resolve problems. It is their application and effective implementation that yield the requisite results. That is why this conference, which brings together diverse people from different sectors to deliberate on the nexus between land and socio-economic development, is so crucial”, he emphasized.
The President continued, “Fortunately, the Land Act, 2020 (Act 1036), provides a strong foundation for fashioning out a workable and efficient land administration. The Act has far-reaching provisions which, if implemented, will go a long way to build the effective land administration we desire’.’
Key amongst them, he said, is the establishment of Customary Land Secretariats to see to the management of stool, skin, family and clan lands, restrictions on large-scale disposal of family and clans lands without the concurrence of the Regional Lands Commission, the power of the Regional Commission to survey and demarcate land, the provision for electronic conveyancing, the detailed provisions for the compulsory acquisition of land including the payment of compensation, the management and use of public lands, and the provisions for divesting of vested lands.
The Act “also addresses the challenges associated with boundary demarcation, and clarifies rights and interests in land, and persons with capacity to alienate land. It provides stringent jail terms for various offences related to lands, such as landguardism, falsification of records and fraudulent transactions in land administration”.
President Akufo-Addo expressed his satisfaction with the Ministry of Lands and Natural Resources and the Lands Commission who are leading the sensitisation and education of this important piece of legislation.
The 900-meter road-over-bridge project at Afienya in the Greater Accra area was officially opened by President Nana Addo Dankwa Akufo-Addo on Tuesday.
The overbridge was built as a component of the 97.9 km standard-gauge rail line project in the Eastern Region from Tema to Mpakadan.
The project was designed in the early 2000s by the then-Kufour Administration as a component of an intermodal transportation system that included road, rail, and lake transit to ease the flow of people and freight from the southern half of the country to the northern sector.
The project, according to President Akufo-Addo, is a significant step in the nation’s effort to improve and extend its infrastructure.
Currently, domestic and transit freight is transported by road via Kumasi, Tamale, Bolgatanga, Navrongo, and Paga from Accra, Tema to Northern Ghana and then on to Burkina Faso, Mali, and Niger.
The President expressed concern about the nation’s overreliance on its road system.
He said that the absence of alternate modes of transportation, particularly between Accra and Kumasi, had led to congestion, rapid degradation of the roads, and a spike in traffic accidents.
He said that the initiative was a component of plans to build a multimodal transportation connection along the Volta Lake between Tema and Buipe.
The 96% finished project was financed by a credit line Ghana was given by the Exim Bank of India.
It is anticipated to be finished by the end of March 2019.
The execution of the project, according to President Akufo-Addo, is evidence of the close historical links between Ghana and India.
According to him, the project will correct the disparity between long-distance transit and domestic freight movement from Accra, Tema, and the North to the South via the Volta lake transportation system.
Additionally, the project will lower the cost of freight transportation and increase safety while enhancing the efficiency and competitiveness of the Tema Port.
Additionally, it would reduce the expense of shipping goods and conducting business in Ghana.
“This project will not only increase the amount of transit freight passing through the Volta lake, but it will also increase domestic shipping to and from the lake and support local businesses and agriculture.”
When the project is completely operational, it would connect Tema Port to the lake transportation network, particularly the North-South movement, across a 400 km distance, according to him.
It would make it possible to transport agricultural products and containerized freight from the Northern enclave in the Afram plains to the port of Tema and other locations using the Volta Lake.
The project is anticipated to relieve some of the strain on the road system, particularly the Eastern Corridor, which is now undergoing active development.
Additionally, it would reduce the price of moving big goods and offer economical, dependable alternatives for people not covered by the corridor’s road transportation network.
The project’s development pleased President Akufo-Addo, who asked the contractors, Messrs AFCONS Infrastructure Limited of India, to finish the unfinished work on time.
He toured the New Afienya railway station before inspecting an additional 300 meters of the Senchi rail bridge that crosses the Volta lake.
The national Chairman for Progressive Peoples Party (PPP), Nana Ofori Owusu, has asked the president of Ghana, Nana Addo Dankwa Akufo-Addo to suspend the construction of the national cathedral with immediate effect.
The project, according to him, is of no priority at this time of economic difficulty.
Speaking on Peace FM’s morning show, Kokrokoo, the politician argued that all non-essential projects of the government must be put on hold.
“If you know you can’t pay your money don’t go and start any new projects, suspend all non-essential projects like the national cathedral. We’re in crises, this time that we are in economic challenges, and people are taking ‘haircut’, you are saying you are going to build a national cathedral. In this difficult time, does it make sense? Which solution are they giving to us as a nation, the executive budget should be reduced by 60% and they should reduce the number of ministers to 14 in total. It should not be more than 35, including deputies.”
One may recall that, on May 5, 2022, the president of the republic of Ghana, Nana Addo Dankwa Akufo-Addo, delivering an inaugural Africa lecture at the Museum of the Bible in Washington, Dc, USA, said that the construction of the national cathedral was of high priority to him as president.
“I am a Christian in politics who is unashamed of asserting my Christian faith as part of my political calling. It is the faith and this belief in God’s power to transform difficult situations into beacons of hope that has animated my vison for moving Ghana to a situation beyond aid and putting the country onto the road of self-reliance and sustained progress and prosperity,” the president said.
The government, he declared, “is absolutely committed to solving the problems we confront as a nation in continuing our recovery from the pandemic’s impact within our budgetary consolidation and debt sustainability.”
“The future looks promising and the personnel in charge of managing the economy is quite skilled.
This budget, in my opinion, puts us on an unstoppable path toward independence from the government and individual enterprise.
Generations of job seekers and job creators have passed, “He declared.
According to him, the Ghanaian economy is being managed by a team of competent people.
Speaking at a press conference Monday, December 6, 2021, the finance minister stated that the Akufo-Addo-led government is committed to addressing the problems of Ghanaians amidst the economic challenges.
Ken Ofori-Atta noted that the acceptance of the reviewed 2022 budget will set the country on a transformational path.
He said, “Government is very committed to addressing the challenges we face as a nation in sustaining our recovery from the impact of the pandemic within our fiscal consolidation and debt sustainability.”
“We have a very competent team managing the economy and the prospects are bright. I believe this budget sets us on the path of irreversible transformation from dependence on the state to individual enterprise. From generation of job seekers to generation of job creators,” he stated.
The budget presentation is in accordance with Article 179 of the 1992 Constitution and section 21 of the Public Financial Management Act, 2016 (Act 921).
He continued that whoever succeeds Akufo-Addo will inherit the size of the catastrophe he had created.
At a press conference for the minority party on December 5, he emphasized that the official classification of Ghana’s debt as “unsustainable” simply meant that the government was unable to pay loans in their existing form, necessitating a debt exchange.
Ato Forson added that by defaulting on its current debts, thus announcing a domestic debt exchange, “Ghana has announced default of its external debts. That is what it means,” he stated before announcing that rating agencies will by close of the week, downgrade Ghana to D status.
“Ghana will be the first country in the entire Africa ever to restructure its domestic debts. We have joined the league of Greece and Jamaica in the last 10 years,” he said.
He explained how investors with the Daakye bond for example will record as much as 63% of losses on their investments.
“…the haircut is steep and that is what I call back bow, it is very steep and it is going to erode your hair completely Ablakwa will be better off. So let no one lie to you, we are in trouble. Ghana is in trouble,” he added.
How Ofori-Atta compared the Ghana operation to Greece and Jamaica
Ghana is not the first nation to undertake such Domestic Debt operation. To illustrate the point, let me cite the examples of just two countries among many others in the last 10 years.
Jamaica resorted to such operations in the past, notably in 2010 and 2013. In both cases, it chose to trust the sense of responsibility of the Jamaican people and proceeded through a voluntary approach. This approach was highly successful, as more than 99% of holders of domestic bonds participated in the exchange.
On the contrary, in the case of Greece, the Authorities chose to undertake a coercive approach, whereby a law was passed to force people into participating. We intend to avoid as much as possible the Greek approach, as we strive to reach a consensual solution with our bondholders, which the is Ghanaian way.
In any case, the good news is that the Domestic Debt Exchange has yielded positive results both in Greece and Jamaica, and many others, and will certainly put our economy on a much stronger footing. Greece has now recovered full market access.
We certainly anticipate a similar success story in Ghana. I want to assure you about the Government’s commitment to do what is necessary to succeed.
Ofori-Atta announces Domestic Debt Exchange:
The Minister of Finance announced a number of measures under government’s Domestic Debt Exchange (DDE) programme late Sunday.
He stated in a 4-minute address that the announcement was in line with government’s Debt Sustainability Analysis as contained in the 2023 budget he presented to Parliament on November 24.
The Minister laid out among others the exchange of existing domestic bonds with four new ones as well as their maturity dates and terms of coupon payments.
He also addressed the overarching goal of the government relative to its engagements with the International Monetary Fund as well as measures to minimize impact of domestic bond exchange on different stakeholders.
“The Government of Ghana has been working hard to minimize the impact of the domestic debt exchange on investors holding government bonds, particularly small investors, individuals, and other vulnerable groups,” he said before outlining three main measures:
• Treasury Bills are completely exempted and all holders will be paid the full value of their investments on maturity.
• There will be NO haircut on the principal of bonds.
• Individual holders of bonds will not be affected.
Minority Leader, Haruna Iddrisu has bemoaned the introduction of a 2.5 % Value Added Tax (VAT) rate in the 2023 Budget.
Addressing the press on Monday, he described the hike in VAT rate as punitive.
“The most punitive amount is the addition of 2.5% VAT which may result in accumulated VAT for Ghana standing at 21.5%,” he said.
He added that “Instead of cutting down on non-essential expenditure, we have rather seen an increase with additional spending of GHC82billion. Some of the envisaged expenditure items are entirely wasteful and needless and we demand a cut.”
It would be recalled that during the presentation of the 2023 Budget in Parliament, the Finance Minister, Ken Ofori-Atta announced government’s decision to increase the VAT by 2.5 percent.
Mr. Ofori-Atta explained that the review is to directly support road construction projects and the digitization agenda.
But Mr. Haruna Iddrisu has insisted that the Minority will not accept the 2.5% VAT rate.
The Tamale South MP questioned the moral right President Akufo-Addo has to increase the VAT rate.
This, he explained, is because President Akufo-Addo protested the introduction of VAT under the NDC-led administration.
“In 1995, when the NDC sought to introduce this tax, they [NPP] organised what was referred to as ‘Kume preko’ resulting in loss of lives of five persons. Where is principle in our body politic? And where do they stand when it comes to morality?” he quizzed.
According to him, whatever revenue that would be accumulated from the 2.5% VAT rate can be achieved by the government cutting its expenditure.
Former President Mahama’s special aide, Joyce Bawah Mogtari, has described the Akufo-Addo government as “clueless” when it comes to the current economic turmoil and reducing the worsening plight of Ghanaians.
According to her, this government is to be blamed for the high cost of living, inflation, corruption among others and ought to find measures in resolving them.
Speaking on the Good Morning Ghana show monitored by GhanaWeb, she indicated that government lacked sensitivity when it comes to the current cost of living which continues to worsen.
“… for an administration that was propelled to this level of popularity on the back of demonstrations in regards to the reduction of VAT, it is mind-boggling that today we speak about a 2.5 per cent increment. Ghanaians know what the difference is. VAT is now 15 per cent. Go out to the market and see how businesses are closing down, letting staff go because they can no longer afford to pay them, buy one item and see the number of taxes on it.
“There is nothing such as burden sharing and there is nothing about the government taking responsibility, there is nothing about any sensitivity on the part of government. Government is currently clueless regarding what to do.” She said on Good Morning Ghana
She added, looking at the state of the economy, “Ghana is ranked at par with Sri Lanka and yet the government is increasing the contingency vault from where it was to GHC1.4 billion, a figure larger for all the ministries put together at the time where Ghana is almost at a standstill.”
Osei-Asare, who also serves as the Akufo-Addo administration’s Deputy Minister of Finance, emphasized the necessity of encouraging the nation’s thronging youth to start farms in order to feed the population and lower unemployment.
At the 38th Farmers’ Day celebration held in the town of Adasawase in the Atiwa East District of Eastern Region, the congresswoman remarked in a speech delivered on her behalf, “The agricultural industry is incredibly beneficial both economically and socially, so I encourage the youth to continue to delve into it.”
The MP also used the occasion to tout the government’s achievements in the agric sector through its flagship programmes assuring Ghanaian farmers of such initiatives and support when the 2023 budget is implemented.
“Through the one district one factory initiative (1D1F), the Government is working hard to add value to our farm produce in order to reduce post-harvest losses and generate more income…The government through the 2023 Budget Statement and Economic Policy will continue to support farmers, especially those who want to venture into commercial farming”, she said.
The occasion was heavily attended by Assemblymen, farmer groups, and officials from the Ministry of Food and Agriculture, traditional leaders, the clergy among others.
Farmers whose efforts were recognized were awarded. The MP for instance donated cutlasses, wellington boots, motorbikes, and cash prizes to the overall best farmer, best youth farmer, and best woman farmer.
Footballs, jerseys, and a cash prize were also given to the best school that ventured into farming.
This year’s Farmers’ Day was held in all 16 regions across Ghana under the theme: “Accelerating Agricultural Development through Value Addition”.
President Akufo-Addohas said that his administration will continue to place a high priority on the country’s agricultural sector.
Speaking at the 2022 National Farmers’ Day celebrations on Friday, December 2, he asserted that in order to achieve his goals, his administration has already made numerous investments in the sector.
The National Farmer’s Day celebrates farmers and fishermen for their immense contributions towards nation building.
Per reports, at least 20 to 3o% of the nation’s total revenue is derived from the agricultural sector.
According to the president, in 2016, his outfit acquired maize and rice production levels of 1.7 million metric tonnes and 665,000 metric tonnes, respectively.
“Agriculture will continue to remain a top priority of my government. The massive investments made in the sector attest to this fact. The positive narrative about the government’s support to the agriculture sector is that, unlike several other countries.
“Ghana is better prepared, and has demonstrated resilience to the current adversities threatening to destabilise our food systems. This has been possible because of the sound, pragmatic policies and programmes rolled out at the inception of my stewardship,” he added.
Touching on the Planting for Food and Jobs (PFJ) programme, he stated that the initiative has enabled Ghana to achieve food security, and for that reason, the country is well poised to deal with challenges that may undermine food production.
He lauded farmers, fishers and other value chain participants for embracing the project as well as playing significant roles in making it a success.
“The credit must go to our gallant farmers, fishermen, and value chain actors who embraced the PFJ policy and leveraged the opportunities created by the enabling environment for agricultural development.”
“Our flagship programme, Planting for Food and Jobs (PFJ), with its focus on improving farm productivity, through the use of technology on farms, has succeeded in increasing our food security, and opened up new opportunities for diversifying our agricultural exports by promoting six (6) tree crops for future substantial foreign exchange earnings.”
In order to discourage the price hikes of commodities on the market, the government set up the PFJ Market, which transports goods from agricultural regions and farm gates to the capital city, Accra, for sale at lower costs.
The project consists of five implementation components: food crops, Planting for Export and Rural Development (PERD), greenhouse technology villages, and Raising for Food and Jobs (RFJ).
President Nana Akufo-Addo has admitted that there have been challenges associated with the implementation of the Free SHS policy.
Despite the challenges, the President has assured that the government will address many of them and many more over time during the 70th-anniversary anniversary celebration of Opoku Oware School (OWASS) in Kumasi on Saturday, December 3, 2022.
The theme for the anniversary was “Seven Decades of Leadership Through Self-Discipline” and it was chaired by Justice Steven Alan Brobbey, an old student of OWASS and former Supreme Court Judge.
The Asantehene, Otumfuo Osei Tutu II was the Guest of Honour along with the Metropolitan Archbishop of the Catholic Archdiocese of Kumasi, His Grace Most Rev Gabriel Anokye.
The program also attracted old students (Akatakyie) from all over the globe, former headmasters and staff, politicians, government appointees, MPs and the public.
President Nana Akuffo Addo stated that despite the challenges, he was very proud of the policy and the results so far.
“Six years following the Free SHS Policy, it has guaranteed a minimum of 1.3 million Ghanaian children, the highest such enrollment in our history, ” he said.
“Yes, there have been challenges associated with the policy which the government is addressing substantially many of them and there will be more over time, such is the nature of social evolution to the stage the challenges will be met,” he admitted.
In addressing the situation, the President assured that “despite the economic difficulties confronting the nation, the government has devoted more resources to the running of the SHS Policy.
“From the budget of GHC2.3 billion in 2022, a 28.6% increase has been applied to this year’s budget for Free SHS Policy, ie GHC2.96 billion,” Akufo-Addo added.
The chairperson for the program, Justice Steven Alan Brobbey, an old student and former Supreme Court Judge, urged the students to be self-disciplined.
He indicated that it will assist them to achieve academic excellence and play important roles in the development of the nation.
The Headmaster of Opoku Oware School, Rev Fr Stephen Owusu Sekyere, in a remark commended the old students (Akatakyie) for sacrificing their resources to assist the school.
He also expressed his gratitude to President Nana Akuffo Addo for resourcing the school with classroom blocks, however, appealed to the president to then complete a 21-classroom block and build a wall around the wall to ward off encroachment.
President Akufo-Addo has defended the government’s choice to raise funding for its free senior high school policy.
The allocation comes amidst the nation’s economic difficulties
Based on the results of those who received free SHS in the past two West Africa Secondary Schools Certificate Examinations, he claims that the policy has been more effective than what was in place before (WASSCE).
“The 2022 WASSCE results of the third batch of Free SHS graduates show 60.39 percent of students recording A1-C6 in English as opposed to 51.6 percent in 2016. 62.5 percent recording A1 to C6 in Integrated Science in 2022 as opposed to 48.35 percent in 2016 with this year’s results being a slight regression from the 2021 pass rate of 65.7 percent”, he said.
President Akufo-Addo who was speaking at the 70th Anniversary of Opoku Ware School in Kumasi further enumerated that, “61.39 percent recorded A1 to C6 in Mathematics as compared to 33.12 percent in 2016 and 71.5 percent recorded A1 to C6 in Social Studies as compared to 54.5 percent in 2016. Lest we forget the 2021 batch of students who also obtained very commendable results were the pioneers of the double track system which elicit a lot of vilification and unfounded criticism on its introduction”.
The President claims that the pass rate has steadily increased since the pre-free SHS era, with the 2022 results being the best in eight years.
For this reason, the President believes the Free SHS has been very successful with 1.3 million children benefitting from the policy which comes with its own challenges.
“There have been challenges associated with this policy which government has addressed substantially; many of them and there will be more in the course of time, such is the nature of social evolutions so that at every stage the challenges will be met”, he added.
Budgetary allocation for the policy implementation has increased from 2.3 billion cedis to 2.96 billion cedis, in spite of current economic challenges.
“From a budget of 2.3 billion cedis in 2022, a 28.6 percent increase has been applied to this year’s budget for free SHS”, he said.
The anniversary was on the theme; “Seven Decades of Leadership through Self Discipline”. In attendance was Asantehene, Otumfuo Osei Tutu the Second, among other dignitaries.
Management of the school used the opportunity to call on the government to resume the renovation of projects that have stalled for months.
Headmaster, Rev. Father Stephen Owusu Sekyere, who spoke at the ceremony said, “As a listening father, you heed to our request and came to our aid to renovate all the facilities on campus in June 2020. I regret to inform you today that the project was supposed to be completed within six months but have stalled after two years”.
Meanwhile, old students of the school are devoting resources to an investment account to support future renovation projects.
Speaking at the National Farmers Day celebration on Friday, December 2, 2022 in Koforidua, the capital of the Eastern Regional Region, the Minister praised farmers for their efforts to improve the nation’s food security situation.
The assistance of the Akufo-Addo administration for the agricultural sector was guaranteed by Dr. Owusu Afriyie Akoto.
“From my field visits so far my assessment is that the ongoing harvest will be good this year and our food security situation as a nation remains strong. Farmers and fishers whom we celebrate today have built this security by responding very favourably provided by government under the flagship Planting for Food and Jobs programme.
He added: “In the past five years – 2017 to 2021, the government of Nana Akufo-Addo has provided nearly GHC2.5 billion in subsidies on improved seeds and fertilizers alone.”
On Friday, December 2, 2012, all 16 regions of the nation participated in this year’s National Farmers Day celebrations, which also took place in Koforidua, the capital of the Eastern Regional Region.
Farmers were recognised at the ceremonies with awards for their steadfast efforts over the years to advance agriculture in the nation.
The former President urged President Akufo-Addo to prioritise agriculture in his message of praise for the farmers.
“I celebrate all farmers on this auspicious occasion for their priceless efforts that feed us and keep our industries running.
“With Ghana’s economy at the brink of collapse, as proven by Rating Agencies through their unending downgrades, and the hardship it has brought to many homes, this is the time for government to begin to take farmers and farming related businesses serious,” Mr. Mahama stated in a Facebook post on December 2, 2022.
According to him “this is the surest way we can reduce imports, strengthen the struggling cedi and save Ghana’s economy.
“I urge the government to prioritise agribusiness and support with favourable financing for farmers and all actors in the agricultural value chain.”
Meanwhile, the Minister for Food and Agriculture, Dr Owusu Afriyie Akoto has said there is food security in the country due to the policy interventions by the Akufo-Addo-led government.
He also commended the efforts of farmers to consolidate the country’s food security situation.
Addressing farmers in the Eastern region, Dr. Owusu Afriyie Akoto assured of the Akufo-Addo administration’s support for the agriculture sector.
“From my field visits so far my assessment is that the ongoing harvest will be good this year and our food security situation as a nation remains strong. Farmers and fishers whom we celebrate today have built this security by responding very favourably provided by the government under the flagship Planting for Food and Jobs programme.”
He added: “In the past five years – 2017 to 2021, the government of Nana Akufo-Addo has provided nearly GHC2.5 billion in subsidies on improved seeds and fertilizers alone.”
“Currently, I am happy to report that processes have been concluded towards the establishment of a tractor assembling plant in Ghana,” the president said in Koforidua.
“This will go a long way to reduce the cost of tractors and improve access to tractor parts and create jobs,” Akufo-Addo said.
President Akufo-Addo has praised farmers in the country as Ghana celebrates Farmers’ Day today, December 2.
The 38th Farmers’ Daycelebration was held at Koforidua in the Eastern Region.
The theme for this year’s celebrationis “Accelerating Agricultural Development Through Value Addition.”
Below is the President’s full speech:
I am happy to be back in Koforidua, capital of my home region, the Eastern Region. I am grateful to Almighty God for yet another opportunity to join you honour our farmers, fishers and, indeed, all actors along the agricultural value chain for their invaluable contribution to our sustenance, and for the development of Mother Ghana. Recent global events, which have led to a food crisis across the world, call for greater appreciation of what our farmers and fishers, here in Ghana, have done and continue to do for us.
On a daily basis, there are news reports of countries struggling under the combined weight of the forces of the COVID -19 pandemic, the climate crisis and the Russian invasion of Ukraine. The effects of these forces entail disruption of supply chains, hikes in fuel prices, spiralling inflation and sharp reductions in economic growth. On the agricultural front, the impact is seen in the shortage and high cost of critical inputs for farming such as fertilizers. Significant rises in fuel prices, globally, have contributed to rising prices of food stuffs across the globe, and Ghana is no exception.
In response to the impact of the challenges to general food security, the Secretary-General of the United Nations, António Guterres, rallied World Leaders to a Food Systems Summit in September 2021 in which I participated, on the sidelines of the meeting of the General Assembly, to strategise on how to mitigate the growing threat to food systems. The emphasis, at the Summit, was to help avert extreme poverty and looming hunger, as specified in the UN Sustainable Development Goals I and II, respectively. It was a call to action by all countries to prioritise agriculture, and recommit to the transformation of food systems to build resilience and ensure sustainable food security.
In this respect, I find the theme for this year’s Farmers’ Day Celebration, “Accelerating Agricultural Development Through Value Addition”, most appropriate and timely. Value addition, as a means of accelerating the development of agriculture, is one of the logical strategies for ensuring food security, and rightly so. I say this because of the perennial problem of post-harvest losses experienced in most countries, including Ghana.
Since 2017, strategic interventions in the agriculture sector have emphasised value addition through the implementation of the One-District-One-Factory flagship programme by Government. It is instructive to note that one hundred and seventy-two (172) of the two hundred and ninety-six (296) factories to be established under the programme are agro-based, processing the rapidly increasing farm output of our farmers.
Clearly, it is evident that Ghana has been put firmly on the track of value addition. Government appreciates fully that value addition is the one of the best ways to unlocking the huge potential of Ghana’s agriculture. Current developments in the country have reinforced the need to direct greater attention to promoting value addition. As a country, it is important to draw on very hard lessons from the impact of external factors on our food systems. Food prices in urban centres are unacceptably high. However, it is equally true that some internal factors are also contributing to the high prices. Government continues to evaluate the situation for appropriate action to be taken.
Indeed, in July 2022, Cabinet set up an Inter-Ministerial Committee with the brief to intervene directly in the foodstuff market, by buying food at the farmgate, and transporting it for sale at urban centres. The Ministry of Food and Agriculture started a pilot food market in November, by arranging for traders to bring food items, such as plantain, yam and rice, direct to Accra from the production areas for direct sale to civil servants and the general public. The market has been so well patronised that it has been extended to four other locations within Greater Accra, and is being rolled out in Kumasi, Koforidua and Takoradi urban centres. This is to enable consumers access to foodstuffs at affordable prices.
Chairperson, agriculture will continue to remain a top priority of my government. The massive investments made in the sector attest to this fact. The positive narrative about Government’s support to the agriculture sector is that, unlike several other countries, Ghana is better prepared, and has demonstrated resilience to the current adversities threatening to destabilise our food systems. This has been possible because of the sound, pragmatic policies and programmes rolled out at the inception of my stewardship.
Our flagship programme, Planting for Food and Jobs (PFJ), with its focus on improving farm productivity, through the use of technology on farms, has succeeded in increasing our food security, and opened up new opportunities for diversifying our agricultural exports by promoting six (6) tree crops for future substantial foreign exchange earnings. In 2016, Government inherited production levels of 1.7 million metric tonnes of maize and six hundred and sixty-five thousand metric tons of rice (665,000). Under the PFJ, maize production reached 3.4 million tonnes by 2021 and rice to 1.2 million metric tonnes. The credit must go to our gallant farmers, fishers and value chain actors who embraced the PFJ policies, and leveraged the opportunities created by the enabling environment for agricultural development.
By design, PFJ has targeted other sectors under agriculture with promising results. Under its Rearing for Food Jobs module, some one hundred and thirty-four thousand, four hundred (134,400) birds and small ruminants were distributed to one thousand, two hundred and fifty-four (1,254) beneficiaries in 2022 alone. In addition, nine hundred thousand (900,000) broiler day old chicks (chicken), together with nine hundred metric tons of feed and vaccines, have been contracted out for supply to farmers next year.
Still under the livestock sector, Government has released GH¢15.6 million as payment of compensation to two hundred and eighty (280) farms affected by the highly pathogenic Avian Influenza. There is also support for disease surveillance, public awareness creation, capacity building and the procurement of motorbikes for operational activities to enhance early detection, prevention and disease management. As part of institutional strengthening for the Veterinary Services Directorate, five hundred and fifty (550) veterinary officers and allied staff have been recruited this year alone.
Chairperson, the achievements of my government include the promotion of selected tree crops to diversify export earnings from the sector. For more than a century, Ghana has relied heavily on cocoa for foreign exchange earnings, whilst the potential for several other tree crops remains untapped. By an Act of Parliament, the Tree Crop Development Authority was established in 2020, to coordinate and promote the development of six tree crops, namely cashew, rubber, oil palm, coconut, mango and shea. At maturity, these selected crops will have the combined potential of generating annually an additional twelve billion dollars ($12 billion) to supplement the annual two billion dollars ($2 billion) from cocoa.
Since the launch of the Tree Crop Development programme in 2018, several nurseries have been established with the participation of private sector. The Ministry, through the Tree Crops Development Authority (TCDA), facilitated the provision of 2.7 million improved seedlings to some eleven thousand, one hundred (11,100) farmers during 2022 cropping season. I commend the District Assemblies for their participation in this effort, and I continue to urge our chiefs, land owners and prospective investors to leverage the opportunities created in the tree crop sub-sector.
Ghana Cocoa Board (COCOBOD) and other partners have facilitated the smooth introduction and enhancement of major interventions such as the National Cocoa Rehabilitation Programme, Hand Pollination Programme, Mass Pruning Exercise, Cocoa Diseases and Pests Control Programme, the Subsidised Fertilizer Distribution Programme, amongst others.
I have been reliably informed that, two years after we re-launched the National Cocoa Rehabilitation Programme in the Western North Region, a total farm area of fifty-six thousand, three hundred and forty-three (56,343) hectares have been fully treated across the cocoa growing regions, as of 30th September 2022. As a result of the success of the programme, thousands of farmers, who had abandoned their cocoa farms due to the devastating effect of the cocoa swollen shoot virus disease, have returned, and are active again in the cocoa business.
It is important to underscore that these interventions brought back smiles on the faces of our cherished farmers, and also provided employment to some twenty-seven thousand (27,000) youth in scheme areas, that is one thousand, three hundred and sixty-one (1,361) as technical assistants; one thousand, eight hundred and forty-five (1,845) as disease spotters; and twenty-three thousand, nine hundred and thirteen (23,913) as farm hands.
Chairperson, in 2019, Government began the implementation of the Cocoa Management System (CMS) to help establish a credible database on Ghana’s cocoa. The integrated cocoa farmer database, which includes the development of a software data system, a census of all cocoa farmers in Ghana as well as mapping of all farms, will ensure, for the first time, the availability of accurate information on land size, geographic locations, population and record of cocoa farmers and farms in Ghana. I am happy to announce, again, that the CMS is ready, setting in motion the processes of rolling out fully the much-anticipated cocoa farmers pension scheme. The mandatory pension scheme, which takes effect in the current 2022/23 crop season, will provide a decent pension for cocoa farmers after a minimum of five (5) years contribution.
It is important to mention that that the Living Income Differential (LID) pricing mechanism, being spearheaded by Cote d’ Ivoire and Ghana, the two biggest global producers of cocoa, through the Cote d’ Ivoire-Ghana Cocoa Initiative, is progressing despite seeming obstacles from some of our international trading partners. I want to assure our farmers that everything possible is being done to see to the full implementation of the scheme to cushion them against price volatility, and also guarantee sustainable livelihoods for them.
Fellow Ghanaians, the sustainability of the cocoa sector is contingent also on how effectively we are able to fight the devasting effects of the illegal mining menace. All of us, farmers and citizens, have a collective responsibility to bring this environmental canker to a halt if we do not want to ruin the inheritance our forefathers bequeathed us.
Other interventions implemented by my government, which are critical for accelerated development of the country, include the following:
Greenhouse Training Centres
Three greenhouse training centres, with attached commercial units at Dawhenya, Akumadan and Bawjiase for training youth in high-quality vegetable production, have been constructed. These vegetables are sold to high end shops such as Palace Mall, Shoprite, Starbite, KFC and Burger King in Tema, Accra and Kumasi. To date some five hundred and thirty-seven (537) youth have been trained, with three hundred and forty (340) of them having received internship training in Israel.
Irrigation
Since 2017, substantial investments have been directed to the construction and rehabilitation of twelve (12) irrigation schemes for which six (6) are ninety percent (90%) complete, five are between forty five percent (45%) to seventy percent (70%) complete, and Pwalugu dam currently at five percent (5%) completion. Together, these irrigation projects will make available thirty-one thousand, four hundred and fifteen (31,415) hectares of land for all year-round crop production when completed.
Warehouses
Measures taken by Government to address other major marketing problems in the agriculture sector include construction of eighty (80) warehouses of one thousand metric ton (1,000MT) capacity each for food storage, and to reduce post-harvest losses. Sixty-five (65) of eighty (80) have been fully completed, handed over and currently in use. The remaining are all at advanced stages of completion, ranging from seventy percent (70%) to ninety percent (90%).
Mechanization
To accelerate the process of agricultural modernization, my government, through various bilateral arrangements, has imported assorted agricultural machinery including tractors, power tillers, planters, threshers, combine harvesters and hand-held equipment for smallholder farmers at a total value of sixty-seven million United States dollars ($67 million). These farm equipment and machinery are being sold at subsidised rates to farmers and other investors. Currently, I am happy to report that processes have been concluded towards the establishment of a Tractor Assembly Plant in Ghana. This will go a long way to reduce cost of tractors, improve access to tractor parts and create jobs.
Agriculture Financing
To promote and increase investment in agriculture, Government established the Ghana Incentive Based Risk Sharing Agricultural Lending Scheme (GIRSAL) in 2018. A little more than three years on, GIRSAL has provided some three hundred and forty-seven million cedis (GH¢347 million) of guarantees, covering loans of some seven hundred and twelve million cedis (GH¢712 million) to some one hundred (100) agribusinesses. These businesses are engaged in sale of agricultural inputs, direct production, aggregation, processing, marketing and exports. The guarantees have contributed to lower interest rates for borrowers. To boost further financing for agribusinesses, Government has established the Development Bank of Ghana, capitalised, initially, at seven hundred and fifty million euros (€750 million), which will prioritise agriculture in its activities.
Ghana Cares
Under the Cares Obaatampa programme, provision has also been made to enhance access to affordable financing for agribusinesses. A fifty percent (50%) interest rate subsidy is provided to agribusinesses in selected value chains, namely rice, maize, soya bean, tomato, and poultry. This complements the Outgrower and Value Chain Fund, which was established eleven (11) years ago to provide medium to long-term financing at significantly reduced interest rates. Under the Savanah Investment Project, two million dollars ($2 million) is also earmarked to provide credit to poultry value chain actors, especially those in processing.
YouStart programme
Government has launched the YouStart programme to provide training, entrepreneurial skills and financial support to entrepreneurial youth within the age bracket of 18 to 40 years, to help them start, build and grow their businesses. The YouStart will be a very important vehicle for equipping the youth to enter into agro-based businesses such as input distribution, marketing and value addition, leveraging on digital technology. I use the opportunity to encourage the District Assemblies and faith-based organizations to support the youth to take advantage of the programme.
Chairperson, the overwhelming evidence points to an impressive performance of Government in pursuit of its agricultural modernisation and transformation agenda. From an average of 3.8% in the 5-year period from 2012 to 2016, average annual growth nearly doubled to 6.3% in the period 2017 to 2021. In the most recent years, the sector growth increased strongly from 4.7% in 2019 to 7.4% in 2020 and 8.4% in 2021 – the highest annual performance in the Fourth Republic. This sterling performance compares with the Comprehensive Africa Agriculture Development Programme’s (CAADP) benchmark target of 6% growth of agriculture for the attainment of national food security. Ironically, the highest growth rates posted were in 2020 and 2021 when the COVID-19 Pandemic and other negative forces, such as climate change and outbreak of diseases, were impacting the sector.
Going forward, Government will deepen investments in these areas, and build on the achievements so far through additional interventions.
Measures to Promote Import Substitution
As part of measures to ameliorate the current economic difficulties, I have already outlined policy measures to curtail the imports of some food commodities, for which we have comparative advantage. We will use the opportunity of this crisis to accelerate the agriculture modernisation and transformation agenda.
This effort will require strong intersectoral coordination at all levels, and effective engagement and collaboration with the private sector and all other stakeholders in the agriculture ecosystem. Consequently, institutions such as the TCDA and pipeline strategic institutions, like the Grains Development Authority, will be strengthened and supported to deliver effectively on their strategic mandate. We will also co-ordinate effectively with our foreign partners, leveraging their technical and financial resources to support this effort.
Grains Development Authority
Ghana has an untapped potential for grain production that can be exploited to feed the West Africa Region and beyond. This is evident in the loads of grains, such as maize, rice and soya, exported to neighbouring countries such as Burkina Faso, Togo, Benin and Ivory Coast in the last three years.
To unlock the potential of the grain industry, a Bill is before Parliament requesting for approval to amend the erstwhile Grain Development Authority Act, 1970 (Act 234) to provide for the establishment of a body corporate to regulate, promote and coordinate development of the grain industry. The Authority, with private sector participation, will coordinate actors in the grain industry to achieve higher productivity, gain market access and increase value addition. This effort will also maximize the benefits from the grain sector through effective regulation.
Fisheries
The Fisheries and Aquaculture sector is an essential component of our nation’s economic development, providing employment to some three million people. Promoting value addition in the fisheries sector will not only ensure that Ghanaians have access to different fish products, but will also help protect the investment of actors in the value chain, improving exports, and creating additional job opportunities.
Government will continue to implement sustainable fisheries management measures to help conserve the dwindling marine fisheries resources and sustain the sector for future generations. The development of the aquaculture industry will also continue to receive Government support, as part of efforts to reduce our dependence on our marine fisheries resources.
I am happy to announce that Cabinet has granted three (3) key approvals to the Ministry of Fisheries and Aquaculture Development for (i) the automation of premix fuel distribution at landing beaches, (ii) the implementation of a new National Fisheries and Aquaculture Policy, and (iii) the preparation of a new Fisheries Act to replace the current Act 625. These approvals are important for the sustainable management of marine fisheries resources and development of aquaculture.
The Ministry is also at an advanced stage with regards to the implementation of Cabinet’s decision for the acquisition of one (1) Research Vessel and four (4) Patrol Boats for the fisheries sector. The Research Vessel would facilitate regular fisheries research and stock assessment that would enhance data availability for science-based fisheries management, whilst the Patrol Boats will enhance the enforcement capacity to curb the pervasive incidence of illegal and unregulated fishing and related activities in our territorial waters.
To our artisanal fishers, I say I am also aware of the challenges regarding the distribution and sale of premix fuel to artisanal fishers. To address this, premix distribution activities at landing beaches will be automated by the close of December 2023. The first three (3) of the pilot phase is almost completed at Elmina, and would be commissioned in January 2023. Government is engaged in discussions with Bulk Distribution Companies to address supply challenges with regards to premix.
Chairperson, it is fairly obvious that a lot has been achieved in the sector, with many more projects and initiatives in the pipeline. At full maturity, these interventions will help consolidate the gains already made, strengthen the resilience of Ghana’s food system, and ensure sustainable food security.
Before I conclude, fellow Ghanaians, I want to point out again that our nation finds itself in considerable economic difficulties. It is important, therefore, that we put in place the relevant measures to address the hydra-headed economic challenges confronting us.
The 2023 Budget presented to Parliament by the Minister for Finance seeks to address these economic challenges through a number of very difficult, but necessary measures. These measures include a debt operation to address our fiscal and debt sustainability concerns. Debt operations alone will not be enough to address the debt sustainability concerns. It is for this reason that we are complementing the debt operations with fiscal adjustments, through improvement in revenue collection and expenditure rationalisation measures, to promote debt and fiscal sustainability. This is why the Minister for Finance outlined a number of revenue and expenditure measures for the consideration and approval of Parliament.
These revenue measures include a proposed increase in VAT rate by 2.5%, the review of the e-Levy rate from 1.5 percent to 1 percent and removal of the one hundred cedi (GH¢100) threshold; removal of selected VAT exemptions; implementation of the VAT e-invoicing system; revision of selected excise taxes; complete removal of discount on benchmark values; implementation of the unified property rate collection; and review of the National Fiscal Stabilisation Levy (NFSL) to include all entities which are critical in supporting the fiscal consolidation process.
The fiscal adjustment envisaged is not only on the revenue side, but also on the expenditure side. Government is proposing significant expenditure rationalization measures, including a lowering of the cap on transfers to earmarked funds from 25 percent to 17.5 percent; review of Government flagship programmes to reflect relevance, promote efficiency, and ensure value for money; continue with the thirty percent (30%) cut in the salaries of the President, Vice President, Ministers, Deputy Ministers, MMDCEs, and political office holders including those in state-owned enterprises; manage public sector wage negotiations and hiring within budgetary constraints; and integrate the public procurement approval processes with GIFMIS and budget allocation.
There are other key public expenditure measures which seek to demonstrate government’s burden sharing in addressing the economic challenges facing us. These measures, which range from reducing fuel allocation, the size of convoys, the suspension of the creation of new government agencies, to a ban on the use of V8 vehicles, are expected to reduce spending towards fiscal sustainability.
Fellow Ghanaians, I am optimistic that all these fiscal measures, together with the debt operations and the implementation of key structural reforms to eliminate the structural bottlenecks in the economy outlined in the 2023 Budget, will go a long way to address the economic challenges.
I call on all Ghanaians, in these difficult times, to support these fiscal measures that the Government has proposed for approval by Parliament, to enable us achieve the goal of restoring macroeconomic stability and promoting inclusive growth, whilst protecting the poor. I would like to use this occasion to make a special appeal to Organised Labour, which has proved to be a stalwart, principled ally of my government in our collective efforts, over these last six (6) years, to build a strong Ghanaian economy, to continue its dialogue with its Social Partners to find rapidly an acceptable solution to the ongoing salary negotiations, a solution which is realistic and fair.
Finally, I want to end with a request on each one of us. Our economy suffers from another structural weakness, which we must address with urgency. Ghana has the second largest economy in West Africa, but with the lowest tax-to-GDP ratio of some twelve percent (12%), within the context of an average of eighteen percent (18%) in the ECOWAS Region. It is absolutely essential for our future, if we are to realise our goal of a Ghana Beyond Aid, that we make rapid strides to meet the eighteen percent (18%) and even higher target, in order to strengthen our self-reliance and our capacity to finance our own development. It is in this light that I am calling strongly for support for the measures that the Minister for Finance outlined in the budget proposals, which will enhance significantly revenue mobilisation. It should be obvious to all of us by now that we can only rely on ourselves to build the Ghana we want.
I wish you a happy and memorable Farmers’ Day celebration. Me ma mo afrihyia pa, and congratulations to all award winners, especially the National Best Farmer and the National Best Fisher Person!!
May God bless our farmers and fisherfolk, and us all, and may God bless our homeland Ghana, and make her great and strong.
The 38th edition of the National Farmers’ Day happened at Koforidua in the Eastern Region.
A Grand Durbar and Awards Ceremony were held and Nana Addo Dankwa Akufo-Addo, the President of the Republic of Ghana confered national honours on best performing farmers.
The theme for the 38th National Farmers’ Day Celebration –Accelerating Agricultural Development Through Value Addition- is instructive and an eye opener in the wake of prevailing global challenges.
He said, “If you are a Ghanaian, the Akufo-Addo/Bawumia government, with the help of their MPs, has given you the biggest middle finger ever. Despite your protestations, they have rammed down your throat, a 1.75% E-Levy, a 25-30% increase in the prices of imported items because of the reversal of the Benchmark Value discount and a 15% increase in over 20,000 different fees and charges paid for the service of 129 MDAs to be adjusted upwards every year.
“All of this start in January which traditionally is the most difficult month. You can also look forward to more fuel price increases. And all of this adds onto the dozens of taxes they have already imposed on you since 2017 and the over 50 different instances of fuel price increases,” part of his post read.
Following the approval of the 2022 budget by the majority members in parliament on Tuesday, November 30, 2021, a former Deputy Minister of Information, Felix Kwakye Ofosu, has asked Ghanaians to be ready to pay more for petroleum products next year.
In a Facebook post sighted by GhanaWeb, Kwakye Ofosu stated that the hardships of Ghanaians will double in the coming year.
He said, “If you are a Ghanaian, the Akufo-Addo/Bawumia government, with the help of their MPs, has given you the biggest middle finger ever. Despite your protestations, they have rammed down your throat, a 1.75% E-Levy, a 25-30% increase in the prices of imported items because of the reversal of the Benchmark Value discount and a 15% increase in over 20,000 different fees and charges paid for the service of 129 MDAs to be adjusted upwards every year.
“All of this start in January which traditionally is the most difficult month. You can also look forward to more fuel price increases. And all of this adds onto the dozens of taxes they have already imposed on you since 2017 and the over 50 different instances of fuel price increases,” part of his post read.
Meanwhile, Ghana has been listed as one of the African countries with the most expensive fuel prices.
Currently, there is an increase in petroleum products on the market as some major Oil Marketing Companies (OMCs) have adjusted their prices some pesewas.
The upward adjustment is as a result of the rising crude oil prices on the international market. Now, the price of crude oil sells at $82.
He stressed, “Policy rate is only significant if the Bank of Ghana is a significant provider of liquidity to the banks, then you can charge at a policy rate plus which will be cheaper. But as we speak the people are not borrowing from the bank of Ghana to lend so you only give an indication.
“That indicative figure doesn’t reflect in the structure of my cost of capital and, therefore, it will not bring down my interest rate, it’s as simple as that. The earlier Finance Minister and his people understand this dynamics the better. It is for them to improve the support they give to the private sector,” he said.
Member of Parliament for Bolga Central, Isaac Adongo has accused the Akufo-Addo-led government of crippling the private sector since the New Patriotic Party assumed office in 2017.
According to Mr. Adongo, the “real credit” of the private sector has declined by a negative 3.9 percent, making it more difficult for businesses to thrive compared to the previous NDC administration.
He stressed, “Policy rate is only significant if the Bank of Ghana is a significant provider of liquidity to the banks, then you can charge at a policy rate plus which will be cheaper. But as we speak the people are not borrowing from the bank of Ghana to lend so you only give an indication. That indicative figure doesn’t reflect in the structure of my cost of capital and, therefore, it will not bring down my interest rate, it’s as simple as that. The earlier Finance Minister and his people understand this dynamics the better. It is for them to improve the support they give to the private sector.”
“If real credit to the banking sector or private sector has decline by negative 3.9 percent in other words it is a lot more difficult to get money now under NPP to run your business than it was to get previously and that the volumes have contracted in real terms by 3.9 percent how is that a reflection of support to the private sector. So no wonder real private sector credit has declined…” he added
The MP also insisted that about GHC8 billion and GHC9 billion liquidity in the banking sector has been frozen by government through the issuance of illiquid bonds to GCB Bank and CBG for the collapse of the seven banks instead of giving them cash or liquid bonds.
This he said has compromised the liquidity of these two banks, thereby, affecting their ability to meet their obligations to customers and extend needed credit to the private sector.
“Available data suggest a consistent decline of the private sector under the NPP Government thereby affecting the creation of sustainable jobs by the private sector,” Mr. Adongo reiterated.
Senyo Hosi, a financial and economic policy analyst, has advised the government to enact a “Rice Development Levy” in an effort to boost the nation’s rice production.
Trade unions and stakeholders, meanwhile, have criticized the Central Bank’s action.
They claim that if the BoG discontinues the support, importers may find other ways to import these necessary goods, which would raise the price of the impacted products.
But Senyo Hosi is of the view that if Ghana moves to support local production, dependence on rice importation will be curtailed.
“Rather than withdrawing FX support from importers, the Government could have created the Rice Development Levy or Tax, and monies gotten from this levy will come with a clear structured framework from seed production to land tenure management, irrigation to paddy production and milling and all the banks will follow with capital to support it,” he is quoted by norvanreports.com
The Central Bank earlier this month, announced the withdrawal of FX support for importers of rice, chicken, cooking oil, ceramic, bottled water, fruit juice, and other goods.
A message from the Central Bank to Commercial Banks said “In accordance with the President [Akufo-Addo] directive issued at his recent address to the nation on the Ghanaian economy, on Sunday 30th October 2022, the Bank of Ghana will no longer provide FX support for the imports of rice, poultry, vegetable oils, toothpicks, pasta, fruit juice, bottled water, ceramic tiles and other non-critical goods”.
“The government will, in May 2023, that is six (6) months from now, review the situation. We must, as a matter of urgent national security, reduce our dependence on imported goods, and enhance our self-reliance, as demanded by our overarching goal of creating a Ghana Beyond Aid.
“Much as we believe in free trade, we must work to ensure that the majority of goods in our shops and marketplaces are those we produce and grow here in Ghana.
“That is why we have to support our farmers and domestic industries, including those created under the 1-District-1-Factory initiative, to help reduce our dependence on imports, and allow us the opportunity to export more and more of our products and guarantee a stable currency that will present a high level of predictability for citizens and the business community,” the notice read.
President Akufo-Addo has praised the senior national team, Black Stars for their victory against South Korea today.
In front of a boisterous crowd at Education City Stadium, Ghana defeated South Korea in a thrilling game full of turns and turns.
Reacting to the news, President Akufo-Addo in a tweet said “Kudos to the Black Stars. Hard fought, but thoroughly well-deserved victory against South Korea. Proud of the entire team and the unalloyed support given to them by all Ghanaians.”
Ghana will on December 2 face Uruguay and the president wants the team to remain focus on qualifying to the next stage of the tournament.
“Now to the final group stage game against Uruguay,” President Akufo-Addo added.
Kudos to the Black Stars. Hard fought, but thoroughly well-deserved victory against South Korea. Proud of the entire team and the unalloyed support given to them by all Ghanaians. Now to the final group stage game against Uruguay. #WeCanDoIt#GoBlackStarsGopic.twitter.com/9ffkgil4pu
Ghana took a 2-0 lead after 10 minutes of play in the first half thanks to goals from Mohammed Kudus of Ajax and Southampton defender Mohammed Salisu.
However, South Korea’s comeback after the break subdued the boisterous celebrations of Ghana fans after halftime.
After 61 minutes, Cho Gue-sung, the top scorer in his domestic league, tied the score with two incredible headers in three minutes.
But the outstanding Kudus added a final twist when he hammered in a third goal for Ghana to break South Korea’s hearts. Kudus had skillfully headed in Jordan Ayew’s cross in the first half.
South Korea had more opportunities as they sought a second equalizer, but Ghana managed to hold on despite the addition of 10 minutes of extra time.
President Nana Addo Dankwa Akufo-Addo has urged the citizenry to work hard to ensure Ghana keeps the prevailing peace and security to propel economic development.
He said those two ingredients were what investors looked out for in a country before investing their resources and that Ghana already had them, making the country an attractive investment destination, hence the need to protect same.
The President said this in a speech read for him by Mr Ambrose Dery, the Minister of the Interior, who represented him at the 25th Anniversary of the coronation of Torgbui Adzonugaga Amenya Fiti V, the Paramount Chief of Aflao, and the climax of the Godigbe Festival.
The festival was on the theme: “25 Years of Inspirational Leadership and the Restoration of the Rights and Privileges of the Aflawuawo.”
“The existence of peace and security are necessary prerequisites for economic development of the country. Ghana as a country has been blessed over time to remain stable and peaceful,” he said.
“For the last two consecutive years, Ghana has been noted as the second most peaceful country in Africa, behind the Island of Mauritius… I wish to, therefore, call on all of you to join hands in a collective effort to ensure that Ghana continues to be peaceful and safe for us all to achieve the goals of government.”
President Akufo-Addo commended the security agencies for their roles in keeping the peace and security of the country and assured them of providing them with all the necessary logistics to facilitate their work, and expressed the government’s commitment to the well-being of Ghanaians.
The government’s bold but difficult decisions had resulted in some gains, he said, notwithstanding the current challenges, adding that government would work to bring the country back to the road of prosperity.
The Godigbe Festival of the chiefs and people of Aflao and the coronation anniversary had former President John Dramani in attendance, as well as a delegation of chiefs from other parts of Ghana and the republics of Togo and Benin. They were treated to exciting cultural displays and music.
President Nana Addo Dankwa Akufo-Addo has assured Black Stars players of continuous support from Ghanaians despite the 3-2 defeat to Portugal during the opening game at the ongoing 2023 World Cup in Qatar.
Nana Akufo-Addo says Ghanaians are optimistic the Black Stars will win the remaining matches to qualify to the next stage of the competition.
“I know that you are more than capable of going forward, coming out of this competition very well. Fortunately for you, I came here to express the solidarity of the people of Ghana for you and to encourage you. I know you are going to make all of us very proud”, he told the team.
Earlier in a tweet, the President praised the Black Stars for an impressive performance against Portugal.
The Black Stars were on the wrong side of a 3-2 loss on Thursday, but a strong second-half performance saw them almost snatch a draw late on.
A penalty from Cristiano Ronaldo was cancelled out by Andre Ayew’s strike.
Goals from Joao Felix and Rafael Leao appeared to have sealed the game for Portugal, but they had to endure a nerve-wracking end to the game after Osman Bukari headed in a cross for Ghana.
In a tweet after the game, Nana Akufo-Addo praised the team for their performance, which he said proved that they could compete with any side at the World Cup.
“Gutsy performance by the Black Stars in today’s match against Portugal. Very proud of the entire team,” the President said.
“They live to fight another day, & have shown they have what it takes to mix it up against any team in the tournament. Looking forward to the next game against South Korea.”
Gutsy performance by the @GhanaBlackstars in today’s match against Portugal. Very proud of the entire team. They live to fight another day, & have shown they have what it takes to mix it up against any team in the tournament. Looking forward to the next game against South Korea. pic.twitter.com/FiDWm5fO4b
It has come to light that the Akufo-Addo-led government has spent a colossal amount of GH¢339,003,064.86 for the construction of the National Cathedral as of March 31, 2022.
This was contained in a document from the Ministry of Finance to the parliamentary ad hoc committee after it made a request for the total amount spent on the National Cathedral while probing a censure motion against Mr Ofori-Atta.
Complying with the directive, the Finance Minister gave a detailed breakdown of the amount of money disbursed for the construction of the edifice.
In a document dated November 21, 2022, payment for the national cathedral project can be dated as far back as 2019, when an amount of GH¢445,000 was paid to enable advance mobilisation for consultation work on the design of the edifice.
On February 10, 2022, the government released GH¢ 32,070,103.02 for the payment of consulting services with respect to the design of the National Cathedral.
Again, GH¢ 80,525,461.84 was disbursed for a similar purpose on March 5, 2021.
The ministry confirmed that, in total, an amount of GH¢113,040,654.86 has been paid to the consulting firm for the construction of the cathedral, Sir David Adjaye and Associates in 2021.
The Ministry also stated that the latest amount spent was ¢25million in March 2022, which was the Government of Ghana’s contribution to the construction of the Cathedral.
Honorary Vice President of IMANI Africa, Bright Simons, has described the amount of money paid to Sir David Adjaye & Associates Ltd for the National Cathedral project as monstrous.
He argued that the amount paid to the aforementioned company is more than the accepted standard of architectural fee, thus breaching the Ghana Institute of Architecture fee structure.
He has called for a probe into the money paid to the company.
Contradiction of money spent on National Cathedral construction
The amount spent so far on the construction of the National Cathedralhas been a subject of controversy.
Per checks by The Independent Ghana, there have been some discrepancies in the report by the Auditor-General and the Finance Ministry.
The amount pumped into the construction of the National Cathedral in 2021 alone was GH¢ 313,558,064.86, per data provided by the Ministry.
However, the Auditor-General’s report with regard to the Controller and Accountant-General’s financial statements of government operations noted that GH¢142,762,500 was spent on the edifice as of December 2021.
National Cathedral State or Private owned?
The state-of-the-art project is in fulfilment of a pledge President Akufo-Addomade to God before winning the 2016 elections.
As part of efforts to redeem his promise, the government demolished the houses of judges for the construction of the project.
Initially, the project was dubbed as a privately owned entity in which the government was to provide 10% as seed money and provision of land, while the rest of the funding was to be provided by the Church and Ghanaians.
However, Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, disclosed that the project has been funded with taxpayer money.
Mr Ablakwa accused the Finance Minister of “unconstitutional withdrawals from the Consolidated Fund in blatant contravention of Article 78 of the 1992 Constitution, supposedly for the construction of the President’s Cathedral.”
Amid public scrutiny, the government made a U-turn, describing the cathedral as a state-owned project.
According to Mr Ken Ofori-Atta, the project does not belong to President Akufo-Addo.
“National Cathedral is 100 percent owned by the state and is not the president’s cathedral as described by the proponents,” he said when he appeared before the Ad hoc Committee hearing the censure motion against him last Friday.
Commenting on the allegation leveled against him, he insisted that he breached no law in releasing funds for the National Cathedral project.
He added that the monies that have been disbursed for use in the project were from the contingency vault and not the contingency fund, as purported by the minority group.
He explained that, “ There is a difference between Contingency Fund and Contingency Vault. The Contingency Fund, the Proponents refer to, is what is covered under the Constitution, specifically under article 177. This constitutes money voted by Parliament, and advances from this must be authorised by the Parliamentary Finance Committee.”
On the other hand, the contingency vault, he said, “is a line under the other government obligation vault, which is approved by the Finance Committee and passed as part of the annual Appropriation Act passed by Parliament,” he added.
“In preparing the Annual Budget, provisions are made in the contingency vote to cater for such expenditures. As a Finance Minister, I am fully aware of the approval of the procedures for use of the Contingency Fund and have not breached its requirements,” he continued.
Ekwow Spio-Garbrah, a former Trade Minister, has stated that 30% is President Nana Addo Dankwa Akufo-Addo’s best score when it comes to how he has managed the economy and how he has dealt with the corruption fight.
Speaking in an interview with Metro TV he said, the records relative to the economy and corruption are evident in international anti-graft reports and rating agencies downgrading Ghana to junk status.
“On a scale of 1-10, where ten is the highest it would be very difficult for them to go above two. They can’t go beyond two. it would be very difficult. I won’t say zero or one because they have done something.
“But it can’t go beyond two or three, unfortunately, just because of this year. Maybe, last year or before covid-19 they were 4, 5, 6 at different times,” Dr. Spio-Garbrah said.
“But the last few months especially, with the depreciation of the cedi, they are now in the 1, 2, 3 range,” he added.
According to Spio-Garbrah, the Akufo-Addo-led government has ‘failed’ with the corruption fight, especially against galamsey which has caused the distraction of water bodies across the country.
“I don’t want to make it zero but you are the journalist who has shown Ghanaians numerous videos, films, and debates about our water bodies – just to give one area of general concern,” he observed.
Dr. Ekwow Spio-Garbrah also took a swipe at the Vice President Dr. Mahamudu Bawumia questioning his economic abilities to rescue Ghanaians from the present predicament.
“They painted him [Dr. Bawumia] as the wonder kid of the NPP who can perform all kinds of magic. Lock inflation up and give it to the IGP. Locks interest rates and gives it to the IGP. He locks things up and gives them to the IGP. But when they are looking for the key they can’t find it,” he stressed.
President Nana Addo Dankwa Akufo-Addohas urged West African leaders to adopt more measures to combat terrorism in the region.
He contends that until all terrorist actions are stopped, no nation is secure.
Speaking at the start of the Accra Initiative’s Heads of State conference, Mr. Akufo-Addoclaimed that terrorist actions in the area were slowly eroding the democratic institutions of the affected nations.
“I say nothing new when I say that West Africa continues to suffer from the scourge of terrorism and violent extremism spreading rapidly across the region”
“Indeed as recent events continue to ravage the Sahelian countries of West Africa, epicentres of terrorism, we continue to watch in angst how activities of terrorist groups have resulted in the unfortunate disregard of the national sovereignty and territorial integrity of our states, the painful deterioration of the strength of our democracies and the wanton displacement of the masses of our people.” Akufo Addo stated
Adding his voice, Minister of National Security, Kan Dapaah called on members of the state and the international community to continue the dialogue and come up with a more proactive approach to fighting terrorism.
According to him, the threat posed by terrorist organisations has increased. He however revealed that there were 264 documented terrorist acts in West Africa between July 1 and September 30 of this year, resulting in 745 fatalities.
Over the years Islamic terrorists have gradually expanded their operations from Niger to Mali and Burkina Faso to the coastal regions of West Africa. This has left West Africa to deal with ongoing instability brought on by international terrorism and political unrest.
In order to work together to combat violent extremism in the area, Benin, Burkina Faso, Côte d’Ivoire, Ghana, and Togo founded the Accra Initiative in 2017.
Prior to joining in 2019, Mali and Niger were permitted as observers.
In an often unstable region, the initiative encourages information exchange, the training of security and intelligence officers, and cross-border military operations.
Seven West African nations gathered in Accra from November 21–22, 2022 for the Accra Initiative to study measures to stop the spread of terrorism.
The initiative also aims to prevent spillover of terrorism from the Sahel and to address transnational organized crime and violent extremism in member countries’ border areas.
The Accra Initiative currently comprises seven-member states namely; Benin, Burkina Faso, Côte d’Ivoire, Ghana, Mali, Niger, and Togo.
So far, little action has been taken as a result of the Accra Initiative.
Member nations carried out combined military operations on their borders in 2018 and 2019 that led to the arrest of roughly 700 suspected terrorists and gang members as well as the discovery of improvised weapons.
Member of Parliament for Bortianor-Ngleshie-Amanfro, Sylvester Tetteh, has urged the general public not to doubt the resolve of the majority caucus to get Finance Minister Ken Ofori-Atta removed from office.
According to him, the entire caucus has now decided that the minister will be removed after he has completed the initial stage of negotiations with the International Monetary Fund (IMF), presented the 2023 budget, and seen to the completion of the appropriation bill for the budget as the president has requested.
Speaking on Good Morning Ghana, monitored by GhanaWeb, Sylvester Tetteh added that Ofori-Atta, by his public pronouncements, has shown that he is not willing to step down, but the caucus will ensure that he is removed after he completes these three things.
“So, people should not be so much worried about the position and integrity of the majority caucus calling for Ken Ofori-Atta (to be sacked). Of course, there are two players in this, the president asking him to leave or he, himself, voluntarily resigning.
“His public posturing and everything suggests that he will not resign. He has clearly indicated he won’t go anywhere. He has not even heard the cry of the majority Members of Parliament, to say the least.
“I’m a Member of Parliament here today, and we don’t even have a budget brief to make an input. So, I’m going to sit in the chamber and open the budget for the first time,” he said.
Meanwhile, the minority leader, Haruna Iddrisu, has expressed disappointment over the decision of the majority not to support the minority in the impeachment of the finance minister, Ken Ofori-Atta.
According to him, even though the majority failed to support them, the minority will not abandon the censorship motion.
Speaking to the media in parliament, he said President Nana Addo Dankwa Akufo-Addo also indicated that Akufo-Addo does not respect public opinion.
“…President Akufo-Addo will go down in history under the fourth republic as the president who most disrespected public opinion because as far as we are concerned public opinion is not supportive and favourable to the continuous stay in office of Ken Ofori-Atta. We feel led down and we feel betrayed by the majority caucus who have shown no wits in supporting us with our impeachment process within the letter and spirit of Article 82 of the 1992 constitution we are not abandoning our censorship motion,” he said.
The minority leader, Haruna Iddrisu, has expressed disappointment over the decision of the majority not to support the minority in the impeachment of the finance minister, Ken Ofori-Atta.
According to him, despite the fact that the majority failed to support them, the minority will not abandon the censorship motion.
Speaking to the media in parliament, he said President Akufo-Addo also indicated that Akufo-Addo does not respect public opinion.
“…President Akufo-Addo will go down in history under the fourth republic as the president who most disrespected public opinion because as far as we are concerned public opinion is not supportive and favourable to the continuous stay in office of Ken Ofori-Atta. We feel led down and we feel betrayed by the majority caucus who have shown no wits in supporting us with our impeachment process within the letter and spirit of Article 82 of the 1992 constitution we are not abandoning our censorship motion.”
The Majority Caucus in Parliament has rescinded their decision to boycott the 2023 Budget Statement by embattled Minister of Finance, Ken Ofori-Atta.
This comes after a meeting between the lawmakers and leaders of the New Patriotic Party (NPP) which was held on November 23.
A statement co-signed by Majority Chief Whip, Frank Annoh-Dompreh and NPP General Secretary Justin Kodua Frimpong read in part: “At a meeting this evening, the 22 of November 2022, involving the Majority Caucus, the Leadership of the Party and the Council of Elders, it has been agreed by all to refocus and recline to the earlier position requested by the President.”
Former Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors, Senyo Hosi, has suggested to President Akufo-Addo five financial experts who should head the Finance Ministry instead of Ken Ofori-Atta.
The personalities suggested include; First Deputy Governor, Bank of Ghana (BoG), Dr. Maxwell Opoku Afari, Former Ecobank Group CEO, Mr. Albert Essien, Former President of GAB and current Chairman, ESLA PLC, Mr. Simon Dornoo, Former Governor, BoG, Dr. Paul Acquah and Tax Policy Expert, Lawyer, Economist & Lecturer, Dr. Abdallah Ali-Nakyea.
In an open letter to the president, Mr Hosi, stated categorically a replacement has become inevitable since “none of your current MPs and Ministers can offer what this market needs.”
According to him, the country requires appointees who will uphold fiscal discipline against party political considerations, a situation that is currently not the case.
“It is time for a technocratic and meritocratic appointment of one truly respected and accepted by the financial markets and across the political divide,” he added.
Mr Hosi noted that there are other equally competent candidates the President can choose from, nonetheless, “I urge you to consider the guiding principle expatiated above – put the national interest above all else. Uneasy lies the head that wears the crown.”
Following his submission, he told the President “the power is yours,” a catchphrase by Captain Planet, his favourite cartoon character.
His request comes at a time when several Ghanaians including the Minority in Parliament have voted a no confidence in Finance Minister, Ken Ofori-Atta, who is supposed to ensure the smooth running of the economy.
Mr Ofori-Atta risks losing his job as he is currently facing a censure motion filed by the Minority in Parliament.
Meanwhile, Mr Hosi wants the President to consider some five personalities for the role of Minister of State at the Finance Ministry, a position formerly held by Charles Adu Boahen.
The five are Mr. Kwamena Asomaning – CEO, Stanbic Bank Ghana Limited, Mansa Nettey – CEO, Standard Chartered Bank Ghana, Alex Emmanuel Asiedu – Head of Investments, Africa Region, Standard Bank, Prof. Festus Ebo Turkson – Economist & Lecturer, University of Ghana and Josephine Anan-Ankomah – Group Executive- Commercial, Ecobank Group.
Mr Adu Boahen was dismissed by the President after he was accused by investigative journalist, Anas Aremeyaw Anas, of corruption-related activities.
The past few weeks must have been among the most difficult for you. You have not only contended with your political opposition but, ironically, with members of your party over none other than, undoubtedly, one of your foremost confidants and trusted lieutenants.
The ask for the head of Ken Ofori-Atta, in your case, may be akin to the ask for a part of your soul. We may love or hate you, but for sure, we can’t take this from you: You don’t take loyalty to your team lightly. The demand of the 98 or so NPP MPs for the Finance Minister to go, despite the many overtures you have made to appease them, seems to suggest that the exit of Ken Ofori Atta (KOA) has become almost inevitable.
Maintaining and superintending this deadlock will make the country ungovernable. History will not be kind to us if we have no lessons to learn from the executive-parliament impasse of the 3rd Republic. I hold nothing against KOA. I believe he has done his bit and run his race, but Ghana is bigger than us all. We must be humble about our reality if we can’t change its tide.
Unsurprisingly, the political hawks in your party have lined up in pursuit of his position or to influence his replacement. I can understand the politics. Unfortunately, the dire situation we find ourselves in as an economy and to a material extent, as a country, transcends the party politicking characteristic of our
time.
Mr. President, the value of our Euro bonds, for example, has fallen by over 60% in barely a year and same can be said of the value of our Cedi. Respectfully, this sudden drop for any financial market is catastrophic. It is inspired by a loss of confidence in government policy and information credibility on the local and
international financial markets.
In simple terms, the market does not trust what government says it has done or intends to do. We have simply lost fiscal credibility and it is tied to the political frame of the leadership of the financial sector. Any competent analyst will tell you that the market wants the head of KOAmore than the politicians. The market holds him responsible (whether fairly or unfairly) for failing to hold the fiscal line and marshal the discipline required for our debt sustainability. Making E-levy so central to fiscal policy only for its forecasting to woefully fail as well as the debt ratios and his anti-IMF stubbornness did him and us no good.
To make matters worse, inflation and the depreciation of the currency have migrated macro-economic jargons from their obscure place of academic speak to the very present reality of the average Ghanaian. In other words, we can feel it in our pockets. Ghanaians describe this in three Akan words: “Kurom Ay3 Hye”.
Unfortunately, in such times, it is the Finance Minister the people see and think of. Mr. President, your appointment (if you will have to make one) of the next Finance Minister will easily be the most important decision you will be making on the economy as you wrap up your tenure in office.
Your decision must be inspired by Ghana’s economic recovery and not your party’s electoral viability in 2024. Mr. President, it is time to think about the next generation and not the next election. It is time for patriotic leadership.
With fiscal credibility lost, the market does not just need an IMF. It needs credible fiscal leadership even more. Your appointment of the next Finance Minister must be purely hinged on competence and financial market credibility. Having said this, the out-and-out politician in your party and overt party sympathizer will not inspire the credibility the market seeks.
To be blunt, none of your current MPs and Ministers can offer what this market needs. The market will not have tolerance for an appointee who is likely
to sacrifice fiscal discipline for party political considerations in an election year when fiscal recklessness is often the name of the game.
It is time for a technocratic and meritocratic appointment of one truly respected and accepted by the financial markets and across the political divide. I highly recommend you consult key stakeholders in the local and international markets (Banks, fund managers, Multilateral agencies, etc.) in your shortlisting
and considerations. The following names I find worth considering:
1. Dr. Maxwell Opoku Afari – First Deputy Governor, BoG
2. Mr. Albert Essien – Former Ecobank Group CEO
3. Mr. Simon Dornoo – Former President of GAB and current Chairman, ESLA PLC
4. Dr. Paul Acquah – Former Governor, BoG
5. Dr. Abdallah Ali-Nakyea – Tax Policy Expert, Lawyer, Economist & Lecturer
As the size of government remains one of concern, there is no doubt that the Ministry of Finance should lead the way in its resizing. I recommend the following for consideration as the replacement for the Minister of State for Finance:
1. Mr. Kwamena Asomaning – CEO, Stanbic Bank Ghana Limited
2. Mansa Nettey – CEO, Standard Chartered Bank Ghana
3. Alex Emmanuel Asiedu – Head of Investments, Africa Region, Standard Bank
4. Prof. Festus Ebo Turkson – Economist & Lecturer, University of Ghana
5. Josephine Anan-Ankomah – Group Executive- Commercial, Ecobank Group
Your Excellency, the above names are just to give tangibility to the concept advised. I believe there are other equally competent candidates you may consider, but I, nonetheless, urge you to consider the guiding principle expatiated above – put the national interest above all else. Uneasy lies the head that wears the crown.
Your current position is truly not envied. I have often said the presidency is easily the loneliest job in the world. Almost everyone, including your conjugants, is in pursuit of your influence for their private gain. You still will have to make a call!
A call for legacy, or a call for politicking? As Captain Planet, my favourite cartoon character, would say: “The power is yours!”
DISCLAIMER: Independentghana.com will not be liable for any inaccuracies contained in this article. The views expressed in the article are solely those of the author(s) and do not reflect those of The Independent Ghana.
Assin Central MP Kennedy Agyapong has told his fellow MPs in the majority caucus who intend to boycott Finance Minister Ken Ofori-Atta’s 2023 budget on Thursday, 24 November 2022 that: “It is not the time to play political games or feed egos”.
The 98 New Patriotic Party MPs insist President Nana Akufo-Addo sack his cousin for messing up the economy or they would have nothing to do with him as far as government business on the floor of parliament is concerned.
In a statement issued on Tuesday, 22 November 2022, however, Mr Agyapong told his adamant fellow majority caucus MPs that their insistence on boycotting the budget reading despite the leadership of the caucus agreeing to give the president up the passage of the budget and conclusion of the ongoing bailout talks with the IMF, “means no more than an attempt to blackmail or unduly force the hands of the president and, or undermine his authority and agenda for Ghanaians”.
“That cannot be right”, he condemned, adding: “The president is our leader and deserves the full benefit of the doubt – if any”.
“In any case”, Mr Agyapong noted: “We have all been elected as Members of Parliament to serve the best interests of the people of our individual and collective constituencies”.
“Given the crippling economic crisis facing the people of Ghana and their businesses, it is the highest level of insensitivity toward the plight of our nation and her people for any elected representative or group of elected representatives to use their public offices to attempt to hold hostage efforts to address the economic problems facing all of us,” Mr Agyapong indicated.
Read Mr Kennedy Agyapong’s full statement:
Statement by Kennedy Agyapong calling on all Majority Members of Parliament to Attend and Participate fully in the 2023 Budget Presentation, related discussions, debate and approval.
The Minister for Finance, Ken Ofori-Atta, is expected to present to Parliament the 2023 Budget and Economic Policy of the Government of Ghana on Thursday, November 24, 2022.
Mr Ofori-Atta will be presenting the budget to Parliament for and on behalf of President Nana Addo Dankwa Akufo-Addo on the authority of Article 179(1) of Ghana’s Constitution of 1992, which commands the President to “cause to be prepared and laid before Parliament at least one month before the end of the financial year, estimates of the revenues and expenditure of the Government of Ghana for the following financial year.”
Over the last few days, however, I have become aware of a troubling public declaration of intention by some aggrieved New Patriotic Party (NPP) Members of Parliament that they will neither attend Thursday’s sitting of Parliament nor have anything to do with subsequent Parliamentary discussions and debate on the 2023 Budget should Mr Ofori-Atta be the Minister presenting it to the House.
The said MPs have openly stated that they will only attend proceedings if Mr Ofori-Atta, who they – rightly or wrongly – blame for the country’s prevailing economic difficulties, is removed from office. I find the said public declarations not only unfortunate but regrettable.
I know fully well that calls for the sacking of Mr Ofori-Atta reached the President in September, and he has given assurances that he will revisit the matter after the Budget presentation and a successful end to Ghana’s ongoing negotiations with the International Monetary Fund (IMF).
The leadership of the Majority Group later issued a statement agreeing to the President’s request. Therefore, the insistence by some MPs that they will not attend Thursday’s proceedings means no more than an attempt to blackmail or unduly force the hands of the President and or undermine his authority and agenda for Ghanaians. That cannot be right. The President is our leader and deserves the full benefit of the doubt if any.
In any case, we have all been elected as Members of Parliament to serve the best interests of the people of our individual and collective constituencies. Given the crippling economic crisis facing the people of Ghana and their businesses, it is the highest level of insensitivity towards the plight of our nation and her people for any elected representative or group of elected representatives to use their public offices to attempt to hold hostage efforts to address the economic problems facing all of us.
Instead, the patriotic, urgent, compassionate and proper thing to do is first to help the government pass its budget and then later confront and address, if we must, the issue of who is fit or not fit to lead the Ministry of Finance.
These are very challenging global times, with escalating energy and food prices pushing millions in Africa and elsewhere into extreme poverty and threatening the internal security of many nations, including ours. Ghanaians need, therefore, their elected representatives to show up for work and help them survive the worsening global economic turmoil. It is not the time to play political games or feed egos.
I firmly believe that if there is ever any time that Ghanaians expect us to do our duty to Ghana unconditionally, it is now. We must not and cannot sacrifice that responsibility to our people on the side issue of who presents the 2023 Budget to Parliament.
Let us show leadership and demonstrate solidarity with the struggling masses of our people by turning out in our numbers to support the President’s proposed plan to put Ghana back on the path of economic recovery and triumph.
Every NPP MP has to preserve and ensure that the agenda of the Akufo-Addo government for Ghana succeeds, otherwise, the people of Ghana would have no reason to return the NPP to power in 2024.
By this statement, I am also calling on the good people of Ghana to keep the faith and trust that the NPP government has the right plan, strategy, and requisite expertise to steer our country out of the prevailing economic headwinds.
He asserts that the president makes decisions based on matters that impact the nation as a whole, thus “we cannot claim that the cathedral is the president’s personal property,” even though some may question how much money is invested there.
Interviewed on the Happy Morning Show during a debate regarding allegations made by Finance Minister Ken Ofori-Atta that Akufo-Addo was not involved in the building of the National Cathedral because it was state-owned.
“The president made a promise to initiate Free Senior High School when voted as president, also during the Covid-19 invasion there was the construction of the Ghana disease control centre which was built by a private company so if the president brings an initiate, it is for the state not for him,” he told Samuel Eshun.
His reaction comes after the finance minister Ken Ofori Atta made claims before the committee set up by the Speaker of Parliament to probe issues concerning over 90 MPs calling for his dismissal, the finance minister said that the National Cathedral is 100% owned by the state and not the presidency.
Numbering about 90, the MPs who constitute a greater number of the Majority Caucus threatened to vote against all government businesses that will come before the House.
The National Cathedral of Ghana is a planned interdenominational Christian Cathedral scheduled to be built in Accra, the nation’s capital as part of Ghana’s 60th-anniversary celebrations. The design for the Cathedral was unveiled by the president of Ghana, Nana Akufo Addo in March 2018.
The announcement of the Cathedral orchestrated a lot of criticisms from Ghanaians since they feel the economic hardships in the country should be tackled rather than building a Cathedral.
Former Special Prosecutor has accused President Nana Akufo-Addo of sacrificing the dismissed Minister of State for the Finance Ministry, Charles Adu Boahen for political expediency.
Mr. Martin Amidu said the dismissal of Mr. Adu Boahen should have taken place in 2018. Again, if the President was serious about his fight against corruption, Mr. Adu Boahen would not have been promoted from Deputy Minister in the first term to a Minister of State during the second term of President Akufo-Addo.
“The President who was already under pressure from rebel members of his majority caucus to remove Adu Boahen from office for the economic mess caused by the President’s management of the country, chose to sacrifice him for political expediency,” he said.
This comes on the heels of President Akufo-Addo terminating Mr. Adu Boahen’s appointment after being sighted in investigative journalist, Anas Aremeyaw Anas’ documentary dubbed “Galamsey economy.”
In the said documentary, Mr Adu Boahen said that Vice President Dr. Mahamadu Bawumia needed $200,000 as an appearance fee to meet prospective investors.
Mr. Adu Boahen is said to have told the undercover investigators who posed as investors that Dr. Bawumia would also require some positions from the investor for his siblings to get his backing and influence in establishing a business in Ghana.
However, Mr Amidu, explaining the reason for his assertion, said that the “alleged suspected corruption offence for which Charles Adu Boahen’s appointment was terminated on 14 November 2022 was committed on 8 February 2018 in his capacity as a Deputy Minister for Finance under the 7th Parliament and Government of the Fourth Republic whose tenure ended on 6 January 2021.”
He further stated that “the suspected corruption on 8 February 2018 was known to the Government through Kennedy Agyapong who had obtained a copy of the videotape and did not make a secrete of it to the Government. Nonetheless, Adu Boahen was paid his end-of-service benefits for his services to that Government.”
According to Mr. Amidu, although the documentary was recorded in 2018, with government having a copy, “The President nominated Charles Adu Boahen for approval by Parliament as Minister of State in the Ministry of Finance under the 8th Parliament and Government of the Fourth Republic in January 2021.”
He added that during the vetting period, Tiger Eye PI, on the other hand, failed to confront Parliament about his eligibility.
According to him, the excuse given by Tiger Eye PI “that Kennedy Agyapong had intercepted the videotape on the 8th February 2018 suspected corruption by Adu Boahen is spurious, naive, and untenable, to be told only to the marines.”
“In this information technologic and communications age, no experienced covert investigation agent such as Anas Aremeyaw Anas and Tiger Eye PI would put all its eggs in one basket by having one original video record after the 8 February 2018 event without spiriting a back-up or pack-ups into the cloud.”
Describing him as an exceptional public servant, Akufo-Addonoted that Prof. Kwesi Botchwey discharged his duties with dignity and thoughtfulness.
Bemoaning the death of his friend, President Akufo-Addo in a Facebook page stated that “the death of my good friend, Dr. Kwesi Botchway, is a very sad development. My contemporary, in the mid-1960s, at the University of Ghana, Legon, Dr. Botchway was a longstanding public servant, who discharged his duties thoughtfully and with dignity, and became Ghana’s longest-serving Minister for Finance and Economic Planning.
President Akufo-Addo in his post extended his condolences to the bereaved family and members of his political party, the National Democratic Congress (NDC).
“The thoughts and sympathies of my wife, Rebecca, the First Lady, and I are with his partner, children and family. I extend my deepest condolences to them, and also to the National Democratic Congress, of which he was a prominent and much respected member. Ghana has lost a fine gentleman and exceptional public servant.”
Former Minister of Finance, Professor Kwesi Botchwey died on November 19, 2022, at the Korle-Bu Teaching Hospital, where he was receiving medical attention.
Prof. Botchwey, Ghana’s longest-serving Finance Minister, was born on September 3, 1944.
He served alongside Ghana’s longest-serving leader, the late former President Jerry John Rawlings.
He served during the Provisional National Defence Council (PNDC) military era (1982–1991) and the National Democratic Congress (NDC) constitutional era (1992–1995).
Prof. Botchwey earned an LL.B. from the University of Ghana, an LL.M. from Yale Law School, and a doctorate from the University of Michigan Law School.
He held academic positions at the Universities of Ghana, Zambia, and Dar es Salaam in Tanzania. Dr. Botchwey’s previous work includes advising the World Bank on the 1997 World Development Report.
He served as a member and Chairman of the IMF’s Group of Independent Experts that carried out the first-ever independent assessment of the Enhanced Structural Adjustment Facility. He also served as an advisor to the European Centre for Development Policy Management (ECDPM) and the UNDP’s UN Special Initiative on Africa.
Ghana’s president His Excellency Nana Addo Dankwa Akufo-Addo says Brazilian legend and world icon Pele was talking about Ghana when he predicted an African country winning the FIFA World Cup.
According to him Akufo-Addo, Ghana was on the mind of the legend when he was making such remarks a long time ago now.
“A long time ago, the greatest footballer that has ever lived, the Brazilian, Edson Arantes do Nascimento, Pele, said that very soon an African country is going to win the World Cup and I know that, when he said that, he had in mind Ghana,” Akufo-Addo said when he signed the national flag to rally support for the Black Stars as they head to Qatar.
“All of us know what football means to us in this country and what a very rich history we have in football.
“History that goes right back to the 50s, and 60s and 70s, 80s and 90s, right up till today; and I’m very confident that the players that have been selected, right up to the excellent technical team that we have under the leadership of Otto Addo, that we are going to give a very good account of ourselves,” he added.
Ghana will start their 2022 FIFA World Cup campaign with a game against European giant Portugal on November 24 at Stadium 974 in Doha.
Four days later, the Black Stars return to action with a clash against the Asian powerhouse South Korea at the Education City Stadium in Al Rayyan.
The Black Stars who are making their fourth FIFA appearance will end their group stage campaign with a clash against Uruguay at Al Janoub Stadium in Al Wakrah.
No Africa country has ever reached the semi-final of the FIFA Mundial but the Ghana president believes this could be Africans year of breakthrough.
Minister of Finance, Ken Ofori-Atta, has said the country’s total debt stock currently stands at GH¢450 billion in 2022 from a total of GH¢120 billion in 2017.
This represents about GH¢300 billion in borrowing since the Akufo-Addo government came into office in January 2017.
Ken Ofori-Atta appearing before the ad-hoc committee probing a censure motion filed against him by the Minority in Parliament explained that although the figure is huge and worrisome, it is important to place focus on the loans secured and what the funds have been expended towards.
He said government has invested the GH¢330 billion loan under key initiatives such as the Planting for Food and Jobs, construction of interchanges, and educational infrastructure, among others.
When probed over claims he had mismanaged the Ghanaian economy which is now seeking IMF assistance, Ken Ofori-Atta said “government’s strenuous efforts to protect the public purse is what has helped”.
The vote of censure filed by the Minority in Parliament was based on seven grounds.
Below are the seven points for which the Minority wants KEN Ofori-Atta censured:
a. Despicable conflict of interest ensuring that he directly benefits from Ghana’s economic woes as his companies receive commissions and other unethical contractual advantages, particularly from Ghana’s debt overhang
b. Unconstitutional withdrawals from the Consolidated Fund in blatant contravention of Article 178 of the 1992 Constitution, supposedly for the construction of the President’s Cathedral.
c. Illegal payment of oil revenues into offshore accounts, in flagrant violation of Article 176 of the 1992 Constitution.
d. Deliberate and dishonest misreporting of economic data to Parliament
e. Fiscal recklessness leading to the crash of the Ghana Cedi which is currently the worst-performing currency in the world
f. Alarming incompetence and frightening ineptitude, resulting in the collapse of the Ghanaian economy and an excruciating cost of living crisis
g. Gross mismanagement of the Ghanaian economy which has occasioned untold and unprecedented hardship
National Cathedral project is state-owned, not Akufo-Addo’s property – Ofori-Atta clarifies.
Member of Parliament for Nhyiaeso, Dr Stephen Amoah, has commended President Akufo-Addo’s response to the latest exposé by investigative journalist, Anas Aremeyaw Anas.
According to the MP, even though the President is not perfect, his reaction to the investigative piece by the Tiger Eye Pi team is worthy of commendation.
Speaking on NewsFile on Saturday, the NPP lawmaker said contrary to certain criticisms about the President’s response to the exposé, Akufo-Addo did well in the circumstances.
Lauding the President, he indicated that the battle against corruption has been on for years, and therefore the President’s decision to sack an appointee named in a corruption scandal is deserving of acknowledgment.
“I think the President has rather demonstrated a leader’s position and style that has to be commended.
I’m not saying he’s perfect. [But] let’s be honest; he took a very swift decision and made a very swift decision to let everybody understand that he really believes in an open culture system when it comes to fighting corruption which has been a canker”, Dr Stephen Amoah said.
The comments by the member of Parliament, follow the President’s sacking of the Minister of State at the Ministry of Finance, Charles Adu Boahen.
Earlier this week, the Harvard scholar was shown the exit door, after he was mentioned in the latest Ana’s exposé, as a facilitator of shady deals, using the name of the Vice President.
Few hours after a trailer of the exposé was published, the President, through his Director of Communications at the Presidency, Mr Eugene Arhin, announced Mr. Adu Boahen’s dismissal.
In the letter announcing his dismissal, the President thanked him for his ‘strong services’, and ordered the Special Prosecutor to intestigate the said allegations.
But while many, including the Nhyiaeso MP, Dr Stephen Amoah have commended the President, others have expressed their lack of confidence in the outcome of the investigations.
According to the critics, Adu Boahen’s dismissal is much ado about nothing.
Meanwhile, the Office of the Special Prosecutor says it will probe the allegations and get to the bottom of the matter.
Pele “had Ghana in mind” when he predicted a team from Africa would eventually win the World Cup, the country’s president said on Friday.
As the Black Stars set off for Qatar, hopes are high at home that the 2010 quarter-finalists can have another strong tournament.
Brazilgreat Pele forecast in the 1970s that a team from Africa would win football’s greatest global title before the end of the century.
That did not come to fruition, and Africa has yet to produce a World Cup semi-finalist. Few would expect that to change in Qatar 2022, and Ghana enter the tournament as long shots.
The opening game for Otto Addo’s team comes on November 24 against Portugal, who should have superstar Cristiano Ronaldo in their ranks.
President Nana Akufo-Addo said: “A long time ago, the greatest footballer that’s ever lived, the Brazilian Pele, said that very soon an African country is going to lift that trophy, and I know that he had in mind Ghana.
“Let’s all together rally around the young men and the team and make sure we give them our maximum support.
“They’re going to go a long way away in Doha and Qatar, but they should know the entire nation, without distinction of politics, or religion, or ethnicity; the entire Ghanaian nation are 100 per cent solidly behind them.”
Ghana will also face South Korea and Uruguay in Group H, and the Professional Footballers Association of Ghana (PFAG) challenged the team to “hoist the flag of Ghana even higher on global football’s ultimate stage”.
“As the mother body of all professional footballers in the country, the PFAG expects a sterling showing from our gallant warriors to make all Ghanaians proud,” the association said in a statement.
“We wish the playing body the very best as they lace up their boots to do battle on the world stage.
“To the technical bench, we urge you to continue doing your utmost and to leave no stone unturned in mapping out our assured paths to victory.
“Finally, to all teeming and passionate fans of the Black Stars, we ask that you enjoin us in fervent prayer and resounding support for our Stars!
“Let’s chant and sing in one voice to push our team beyond all hurdles in their quest to shine bright in Qatar!”
He explained that at the onset of the pandemic and later the Russia-Ukraine war, the gains from over three years of fiscal rectitude were reversed because of efforts to protect lives and livelihoods.
Addressing the Parliamentary Ad-hoc Committee on the censure motion against him, Ofori-Atta pointed out that the Akufo-Addo administration inherited a bad economy but improved all the indicators.
According to him, “it is important to note that through our leadership and commitment to turning around the economy from its state in 2016, we made great strides and remarkable progress in the years before the pandemic, and the records attest to this.”
He added that at the close of 2016, an assessment of the economy revealed a limited fiscal space with a fiscal deficit of 6.5%; a distressed financial sector recording a 17.3% non-performing loan ratio, a derailed IMF-ECF program, and reduced economic output (GDP growth-3.4%).
Also, inflation was 15.4% at the end of 2016; the Monetary Policy rate (interest rate) was 25.5% at the end of December 2016; Limited capital expenditure to Ministries, Departments, and Agencies (MDAs), and ‘Dumsor’ which had decimated local industry and strongly impeded national productivity;
He stated that inflation came down significantly from 15.4% to 7.9% at the end of 2019 and remained in single digits till the pandemic hit in March 2020.
“The fiscal deficit, which was about 6.5%, was brought down to under 5% by the end of 2019,” he said, adding that exchange rate depreciation was significantly reduced to under 5% in 2017 and averaged 8.7 percent between 2017 and 2019.
He said the government reduced interest rates in line with declining inflation expectations, while the monetary policy rate declined from 25.5% at the end of December 2016 to 16% at the end of 2019.
He also said that the average lending rate for the same period declined from 31.70% to 23.7%.
The finance minister further noted that the government “directly spent GH¢25 billion to save the banking and SDI sectors, protecting the near collapse of the financial sector; saving close to 5,400 direct jobs and 12,000 indirect jobs, and ensuring that 4.6 million depositors were protected.”
According to him, the government also implemented comprehensive reforms across the energy sector.
He attributed Ghana’s successful completion and exit from the International Monetary Fund (IMF) Extended Credit Facility (ECF) bailout program in April 2019 to “good economic management” by his government.
To ensure the irreversibility of the macroeconomic gains, he said the government has introduced a number of measures, including the passage of the Fiscal Responsibility Act, 2018 (Act 982) to cap the fiscal deficit at 5% of Gross Domestic Product (GDP) and ensure maintenance of a positive primary balance.
Ofori-Atta pointed to the passage of the Public Financial Management Regulations, 2019 (LI 2378) to strengthen regulation of the Public Financial Management System, and the establishment of the two Social Partnership Programmes with Labour and Faith-Based Organisations, among others which shows strong momentum and optimism towards Ghana Beyond Aid agenda at the end of 2019.
The Minister of Finance, Ken Ofori-Atta, has said that the overreaching focus of the president Akufo-Addo government has been to do their utmost to make lives better for the citizens.
Appearing before the Adhoc Committee of Parliament hearing the censure motion brought against him, Mr Ofori-Atta said everything that the administration had sought to do was aimed at making the lives of the people better.
He also assured the committee that he would be forthright in his responses with the aim of aiding them to establish the truth.
He said the motion contained disparaging remarks that attacked his integrity and vowed to help give Ghanaians a balance views of issues.
“Hon Co-Chairs, during the course of my remarks this morning, you can expect forthrightness.
The proponents’ motion of censure has accused me of many things and includes some very disparaging remarks and attacks on my person and integrity.
“I am certain that Ghanaians will have a more balanced view of the events that led us here as I take the opportunity to speak to the matters raised,” he said.
He said his principal reflections were to ensure that by the end of the proceedings, “the truth will have taken center stage.
He was hopeful that the truth would help dispel any “unfounded doubts” about his motives, competence, and character.
“Before I proceed with my detailed responses, I would like to make a personal comment to the Ghanaian people: Since, the Akufo-Addo government came into office in 2017, everything we have sought to do was aimed at making the lives of the people better.
“We have been focused on this vision to improve lives and in the first four years, our efforts were leading to a realisation of the vision,” he said.
“They won’t realize the revenues they projected, so they can’t fulfill the commitments they have made. In the end, the deficit will be more than expected based on their estimates, and growth won’t materialize,” he said.
You will not experience the progress you are referring to if you do not spend money on your expenditures.
Former Deputy Finance Minister, Kwaku Ricketts-Hagan has admonished Ghanaians to brace themselves for the worst economic and living conditions ever experienced in the history of Ghana with the 2018 budget statement presented by Finance Minister Ken Ofori-Atta on November 15.
According to him, the Akufo-Addo-led government has very few prospects of achieving their set targets, particularly with regard to revenue generation, which he attributed to their projected policies and plans for the economy.
Inability to generate enough funds he explained, will lead to a situation where they are unable to invest in expenditure without which they can’t foster growth and development in the country.
“They will not realise the revenues they talked about, therefore they can’t fund the promises they have made, in the end what will happen is that, the deficit will be bigger against the projections they are giving, the growth is not going to come. If you don’t spend money on your expenditure to get the growth, you are not going to get the growth that you are talking about,” he stated.
“This government will tell you what you want to hear, in the end, they will do nothing… Things will be worse than it is next year, ask yourself whether you are better off now than you were last year and if the answer is no, please brace yourself, next year could be worse than this year.”
His comments come following Finance Minister, Ken Ofori-Atta’s presentation of the 2018 budget in Parliament on Wednesday, November 15, 2017.
The budget themed: “Putting Ghana back to work”, according to Mr. Ofori-Atta, will stabilize the economy and offer relief including reducing electricity tariffs to make the private sector truly competitive and create more employment.
Ghana’s President, Akufo-Addo, has been working with other African presidents during this year’s United Nations (UNFCCC) 27th Conference of the Parties (COP 27) in Egypt to pressure rich countries that pollute the most to release the $100 billion in climate finance promised to poor countries to help them green their economies and better adapt to climate change.
However, the emphasis on a quick delivery of billions of dollars to African economies raises concerns about accountability, transparency, and the standard of governance, both as support for helping Africa adapt to the unavoidable effects of climate change and as reparations for loss and harm.
In the past, substantial amounts of funding for development in Africa have been squandered due to mismanagement, bad policy design, and corruption.
How can we keep the nascent field of “climate finance” from falling victim to outdated prejudices?
Furthermore, African leaders are also busily using the climate talks to convince rich nations to continue investing in the continent’s fossil fuels, which they see as necessary to expand economies and boost electricity access. However, decades of investment in oil and gas have generally failed to deliver cheap and reliable electricity supply to Africa’s poorest consumers due to poor strategic choices, policy incoherence and outright corruption.
To probe these challenges, confusions and contradictions, a group of African think tanks and Civil Society Organisations (CSOs) convened by the Africa Centre for Energy Policy (ACEP) and the IMANI Center for Policy & Education (IMANI) held deliberations on the virtual sidelines of COP 27 on 9th November 2022. At the event, the partners launched a series of case studies intending to show how corruption, mismanagement and onerous offtake terms, have blunted the strategic flexibility of African governments by saddling them with mounting debts and poor response choices, in a time when rising energy costs are fuelling a cost of living crisis across the continent.
The first case study is presented in this short brief. It looks at Tema LNG Terminal (Tema LNG), a project led by Helios Investment Partners to import LNG into Ghana, supported by multiple development finance institutions.
The project was expected to start operations in 2020 but as at November 2022, it is still not online. Ghana’s national oil company, Ghana National Petroleum Corporation (GNPC), is committed to pursuing the project, despite officials admitting there is no demand for the gas. There are now serious doubts about the feasibility of the project even in 2023, or ever.
Tema LNG poses a major risk to the already strained finances of GNPC. Calculations by ACEP and IMANI suggest GNPC could be paying between $790 million – $1.357 billion a year (based on average 2022 Brent crude prices) for gas the country doesn’t need.
Whilst GNPC has contracted gas from the Tema LNG Terminal Company (TLTC) at more than $13/MMBtu in the current oil price environment, it is bound by regulation to on-sell the gas at $5.99/MMbtu to most power utilities in Ghana. Prices are even lower for opaquely-selected “strategic industries,” which pay just $4.2/MMBTU for the gas. GNPC has even signed a contract to sell gas for as low as $2.79/MMBtu to Genser Energy Limited, an off-grid power supplier to Ghanaian gold mines, with plans for a further reduction to $1.72/MMBTU, on dubious pipeline-barter grounds.
Moreover, origins of the Tema LNG project in perverse bid-rigging and attendant procurement irregularities have heightened the corruption risk associated with the project.
Tema LNG is just one example of how mismanaged investments in gas and power capital projects in Ghana are financially crippling the country and failing to deliver affordable or reliable energy to consumers. Ghana’s power sector arrears, already in the billions of dollars, continue to mount. In November 2020, the ex-head of Ghana’s Energy Commission estimated that the country was paying a combined $1.2bn annually for excess power capacity and gas supply it does not use.
These costly investments in oil and gas have been backed by the international community. Development finance institutions have spent at least US$2.8bn in direct project finance to support the development of upstream and downstream fossil fuel projects in Ghana since 2010. Meanwhile, Ghana’s vast renewable energy potential has generally been overlooked.
Ghana’s modern renewable generation capacity remains negligible, at less than 1% in 2020. This is despite renewable energy sources, such as solar, now being the cheapest form of energy in many parts of Africa, according to the International Energy Agency. Solar and similar renewable energy sources are in fact set to outcompete all other sources continent-wide by 2030.
In light of all the above, the Alliance of policy think tanks advocating for good governance to drive green growth in Africa proposes the following:
1. A public release of all contracts, agreements, restated/amended agreements and constructive understandings entered into by GNPC, TLTC and all other actors connected in any commercial sense to the Tema LNG project.
2. An immediate suspension of the Tema LNG project and a standstill arrangement in respect of all obligations of the Ghanaian state concerning the project.
3. A complete renegotiation of the financial and commercial terms of the project to better reflect the current strategic situation in the global and domestic energy markets.
4. A halt to further funding and financing for the project, particularly from DFIs, MDBs and international development agencies until a sound ESG framework is in place.
5. An upgrade to the governance of the project and others like it by instituting a credible stakeholder participatory model and set of consultative practices.
Dr. Nyaho-Tamakloe, a founding member of the New Patriotic Party, has wondered why President Nana Addo Dankwa Akufo-Addo is hesitant to dismiss Finance Minister, Ken Ofori-Atta, despite calls from NPP lawmakers.
According to him, this can be interpreted to mean that, the finance minister is sitting on some rot the president trusts that he is the only one who can fully protect.
He noted that a new minister might expose what the president and the finance minister are hiding from Ghanaians.
Speaking on Accra-based Joy FM, the former soldier added his voice to the numerous calls for the dismissal of the minister.
He said, after the minister had bragged that Ghana is a sovereign nation and it is capable of managing its own affairs and does not need any external help, he would have resigned the very day Ghana decided to seek support from the International Monetary Fund (IMF).
“So you ask yourself, why is he still there? When a person is in position and the populace says ‘we’ve had enough of you, go away’ and still he wants to be there, the simple thing that should come to the mind of any ordinary Ghanaian is that he is sitting on the rot. When he’s not there, we’ll see how massive that rot is,” Dr Nyaho-Tamakloe explained.
When asked who Ofori-Atta is covering up for, Dr Nyaho-Tamakloe said, “Who is the appointing authority of this country? And has the President approved of his removal?
“The President should have asked him to go away. Here we have a situation where even an ordinary person in the streets says, ‘Ofori Atta must leave’.”
The family of a woman in her 40s reported to have been arrested for wishing President Nana Addo Dankwa Akufo-Addo dead in a viral video has confirmed the arrest.
A family member who spoke to GhanaWeb said that her relative is currently being held by the police at the headquarters of the Ghana Police Service.
The relative indicated that the name of the woman who has been arrested is Salamatu Mohammed, a mother of four who stays at Nyamekye Ward in the Ablekuma North Constituency.
She added that the police have not given them any reason as to why they arrested Salamatu and have also not told her family of the crime she is accused of.
“We are waiting on our lawyer. We have not heard anything from them (the police),” she said.
GhanaWeb’s earlier report indicated that Salamatu Mohammed was arrested for wishing President Nana Addo Dankwa Akufo-Addo dead in a viral video.
In the said viral video, which was sighted by GhanaWeb, the woman, who was berating the president for the current economic conditions in the country, questioned why witches and ritualists from the northern parts of Ghana have not killed the president yet.
“Akufo-Addo we are begging you in the name of God, we cannot even afford pots to cook our food. Do you want us to use your head to cook?
“Now the price of an aluminium cooking pot has increased from 6 million (GH¢ 600) to 12 million (GH¢1200). Why?
“God will punish you. The witches in Ghana and the ritualist from the north can’t you kill this man… I have four children; do you know the feeding fees I pay? Do you know the feeding fee, I am going to pay today… Idiot,” she said in Twi.
A woman in her 40s has reportedly been arrested for wishing President Nana Addo Dankwa Akufo-Addo dead in a viral video.
A source close to GhanaWeb indicated that the woman, who is from the Ablekuma North Constituency in Accra, is currently being held at the Headquarters of the Ghana Police Service.
In the said viral video, which was sighted by GhanaWeb, the woman, who was berating the president for the current economic conditions in the country, questioned why witches and ritualists from the northern parts of Ghana have not killed the president yet.
“Akufo-Addo, we are begging you in the name of God; we cannot even afford pots to cook our food. Do you want us to use your head to cook?
“Now the price of an aluminium cooking pot has increased from 6 million (GHC 600) to 12 million (GHC 1200). Why?
“God will punish you. Can’t you kill this man, Ghanaian witches and northern ritualists?I have four children; do you know the feeding fees I pay? Do you know the feeding fee, I am going to pay today… Idiot,” she said in Twi.
Government Spokesperson on Governance and Security, Palgrave Boakye-Danquah, has expressed optimism for Ghana’s economy to rebound soonest despite the prevailing economic challenges.
Palgrave Boakye-Danquah assured Ghanaians that the Akufo-Addo-led government would leverage the economic policy initiatives to drive growth and prosperity.
The government, he indicated, had outlined a series of economic measures, including seeking the assistance of the International Monetary Fund (IMF), in the short term, to help repair our finances.
The challenges of the COVID-19 pandemic, as well as the Russian invasion of Ukraine, Palgrave Boakye-Danquah stated, had greatly compromised the country’s economy.
He stated that “the government would revive and revitalize the country’s economy and put it back on the path of rapid growth,” Palgrave Boakye-Danquah exclusively told Kwaku Owusu Adjei (Patoo) on Adwenekasa on Accra-based Original FM 91.9.
He attributed the situation to “so many malevolent forces,” which he said have come together at the same time to cause the current economic turmoil bedeviling the country.
He mentioned that no party in Ghana has displayed the organizational skills and capacity that the NPP has.
Ghanaian statesman, Dr Nyaho Nyaho-Tamakloe is disappointed in the way President Akufo-Addo has managed the country’s affairs.
According to the politician, the personalities surrounding the president have not done much in pushing the country in the right direction.
For him, the downturn the country is currently experiencing is a testament to the fact that the President’s disciples have contributed little in nudging the President toward national development.
“These are people who are afraid to tell him exactly what is happening. This has happened to a lot of Presidents in this country. If Nana Addo will listen, I’m sure the way he is going right now he will never go there,” he added.
Speaking to JoyNews, Dr Nyaho-Tamakloe insisted that his advisors and helpers have failed to tell him the true situation.
Dr Nyaho-Tamakloe says that if the President were abreast of all the issues, persons accused of corruption under his watch should have been axed by now.
“People have been accused of several things, there have been infractions all over since Akufo-Addo came to power, what has been done to them?” he asked.
“I know Nana Addo was not like that, so what has happened? I’m surprised. The Nana Addo that I knew is not the one that is ruling Ghana now,” he told JoyNews‘ Benjamin Akakpo.
So far he believes the country has retrogressed under the Akufo-Addo administration adding that the President and his cohorts are to blame.
He listed a number of people who could have coerced the President in the right direction if govern the chance.
They conclude; “Charles Brobby, myself, Kwesi Pratt. There are people who will tell him exactly what is happening.”
“It’s stubbornness. We attacked the NDC for choosing a large number of individuals, so when we were elected, we intended to utilize a minimal number of appointments, but when he got into power, he even went crazy.
President Akufo-Addo has denounced the United Nations Security Council (UNSC), describing it as an injustice to the African race.
His utmost concern was with the structure of the organ, which he said represented a long-standing prejudice toward the countries of Africa.
He, thus, has called for a reform of the body.
“The conversations around reforms, which have been going on for three decades without an end in sight, must, therefore, yield real changes to the structures of the Council to make it innovative in its approach,” he said.
Speaking at an event organised by the Konrad Adenauer Foundation, in New York, the resident lamented that the Security Council was constrained by its anachronistic structure and methods, which undermined efforts to tackle contemporary challenges in the most effective manner.
“It is obvious that the contemporary world has moved on significantly from the post-1945 world, which gave rise to the birth of the United Nations and the structure of the Security Council. The world of 2022, and even less that of 2050, is not the world of 1945. The crisis of the multilateral financial institutions and the United Nations system, which were born from the rubble of the Second World War, is a deep crisis,” he added.
He further gave the assurance that he will not relent on his efforts to advocate for a change until the reforms are made.
“it will continue until a fair system is put in place; a system that reflects the new balances, no longer based on who lost or won the Second World War, but on the major contemporary and future balances,” he added.
Additionally, he noted that these balances must consider new realities such as demographic, dynamics or access to resources, in a context of scarcity,” he said.
President Akufo-Addonoted that the Security Council as it stands now, is finding it increasingly difficult to propagate the rule of law and democratic principles.
He noted that the use of veto power, so far, has proven to be unsustainable.
“The use of the veto as an instrument of great power and interest is denuding the Security Council of a great deal of legitimacy as the principal instrument for the maintenance of international peace and security.
“The Africa Common Position on UN Reform, based on the Ezulwini Consensus, is of even greater relevance today than it has ever been. It is essential that it be brought back to the centre of global discourse,” he stressed.
He contended that only the reforms that are suggested in the African Common Position “will enable the Security Council to be effective in addressing the challenges of our time.”
“And it is only through its effectiveness at maintaining international peace and security that the Council can remain credible, legitimate and relevant,” he added.
The United Nations Security Council is one of the six principal organs of the United Nations and is charged with ensuring international peace and security, recommending the admission of new UN members to the General Assembly, and approving any changes to the UN Charter.
President Akufo-Addo has sacked the Minister of State at the Finance Ministry, Charles Adu Boahen.
The Presidency in a statement dated November 14, signed by Director of Communications, Eugene Arhin, revealed that Mr Boahen’s appointment has been terminated due to his alleged involvement in galamsey, which has been brought to light in excerpts of Anas Aremeyaw Anas’ yet to be released exposé dubbed “Galamsey Economy.”
President Akufo-Addo only dismissed the Minister after reaching out to him on the matter.
Meanwhile, the Presidency has noted that it would “refer the matter to the Special Prosecutor for further investigations.”
On the other hand, the President has thanked Mr Charles Adu Boahen for his service to the government since his appointment in 2017.
On Monday, the investigative journalist, Anas Aremeyaw Anas, took to Facebook to share some insights of his exposé to be released today at 8PM at the Accra International Conference Centre.
In a post captioned “Our Minister & The Cash”, he accused Charles Adu Boahen of being corrupt in his engagement with investors.
“Charles Adu Boahen, Minister of State in charge of Finance at the Office of the President, has revealed to Tiger Eye that the Vice President, Dr Mahamadu Bawumia, needs just USD200,000 token as an appearance fee and some positions by an investor for the Vice President’s siblings to get his backing and influence in establishing a business in Ghana.
This revelation was made in a meeting with Tiger Eye investigators, who in an undercover investigation, posed as businessmen, in a hotel room in the United Arab Emirates. This was an investigation into top-level corruption that undermines investor confidence in Ghana.
According to Charles Adu Boahen, the Vice President needs an appearance fee of only USD 200,000 for him to avail himself and offer his support to an investor,” parts of the detailed article read.
Meanwhile, Vice-President Dr Mahamudu Bawumia has distanced himself from corruption allegations levelled against him.
In a Facebook post on Monday, he wrote “My attention has been drawn to a video by Anas Aremeyaw Anas (as posted on his social media handle) showing the Minister of State for Finance, Mr. Charles Adu Boahen, apparently using my name, inter alia, to peddle influence and collect money from supposed investors. I would like to state that if what the minister is alleged to have said is accurately captured in the video, then his position as a minister of state is untenable. He should be dismissed summarily and investigated.”
“I am not aware of any such meeting held by Minister Adu Boahen or a supposed “appearance fee”. My most cherished asset in life is my integrity and I will not allow anyone to use my name to engage in corrupt activities,” the Vice-President added.
