Finance Minister Dr. Cassiel Ato Forson has assured Ghanaians that the 2025 budget is designed to prioritize their concerns and improve their livelihoods.
Speaking in Parliament on Tuesday, March 25, during the conclusion of discussions on the Budget Statement, he reaffirmed the government’s commitment to seeing its proposals fully executed.
“This budget reflects our determination to put the people first, and we will ensure its successful execution for the benefit of all Ghanaians,” he stated.
He emphasized that the document is not just a collection of economic projections but a strategic framework aimed at addressing the challenges citizens face.
“This budget is not just figures on paper; it is a comprehensive plan to address the real concerns of Ghanaians. We have listened, and we are responding with practical solutions,” he added.
Dr. Forson acknowledged Ghana’s persistent economic difficulties and stressed that resolving them requires a methodical and sustainable approach.
“The problems of this country did not arise overnight, but we have begun the process of resolving them systematically and sustainably,” he noted.
He urged Ghanaians to support the government’s plans, highlighting that the budget is a crucial step toward long-term economic stability and national progress.
The Mahama-led government has fulfilled its promise to remove several taxes described as “nuisance taxes” introduced by the previous Akufo-Addo administration.
“Mr. Speaker: We will abolish the 10% withholding tax on winnings from lottery, otherwise known as the ‘Betting Tax,’ we will abolish the Electronic Transfer Levy (E-Levy) of 1%, we will abolish the Emission Levy on industries and vehicles; we will abolish the VAT on motor vehicle insurance policy; and we will abolish the 1.5% withholding tax on winning of unprocessed gold by small-scale miners,” he said.
He explained that removing these taxes would ease the financial burden on families and give them more disposable income. Additionally, businesses would benefit, and tax compliance would improve.
“…the removal of these taxes will ease the burden on households and improve their disposable incomes. In addition, it will support business growth and improve tax compliance,” he added.
From the Minister’s presentation, six taxes and levies have been scrapped so far. They include the 10% Betting Tax, the 1% E-Levy, the Emission Levy on industries, the VAT on motor insurance, the 1.5% withholding tax on unprocessed gold sales, and the COVID-19 Levy.
However, the removal of these taxes will take full effect only if Parliament approves the 2025 budget.
Some experts and concerned individuals have warned about the potential impact of these tax cuts on Ghana’s struggling economy. However, the government plans to adjust the ceiling on tax refunds to offset the revenue shortfall from the abolished E-Levy.
“Mr. Speaker, by reducing the ceiling on the tax refund from 6% to 4%, we will save GH¢3.8 billion. This amount is enough to close the revenue shortfall from the removal of the E-Levy amounting to GH¢1.9 billion and the Betting Tax of GH¢180 million,” he stated.
Meanwhile, the government collected approximately GH¢6.4 billion from the COVID-19 Health Recovery Levy, GH¢246.9 million from the E-Levy, and about GH¢120 million by the end of 2024.
The Minority Leader in Parliament, Dr. Cassiel Ato Forson, has guaranteed that a National Democratic Congress (NDC) government will act swiftly to meet the financial requirements for the first quarter of 2025 once it assumes office on January 7.
This pledge follows the Finance Minister’s failure to present the 2025 mini-budget, creating uncertainty about the country’s funding plans for the beginning of the year.
Addressing the media after Parliament adjourned until January 2, Dr. Forson criticized the outgoing government for its lack of preparation, describing the situation as a significant governance failure.
He warned that the absence of a mini-budget could lead to disruptions in key public services, placing a heavy burden on ordinary citizens.
Dr. Forson further stressed that the outgoing Akufo-Addo administration would be held responsible for any unfulfilled promises or chaos caused by the lack of proper financial planning.
The Minority Leader assured that the NDC would take immediate action once in power to stabilize the economy and meet essential spending requirements.
He emphasized his commitment to protecting the interests of Ghanaians and vowed that the NDC government would implement measures to prevent further economic hardship.
Dr. Forson also urged the outgoing government to take responsibility for its lack of action and ensure a smooth transition to avoid unnecessary economic difficulties during the handover period.
“However, the NDC Minority Caucus would like to assure the good people of Ghana and all stakeholders that the NDC government that will take over on January 7, 2025, will act with dispatch to cater for expenditure for the first quarter of 2025.
“There is no cause for alarm! Even though there will be no Minister of Finance on January 7, 2025, the Vice President can present to this House the expenditure in advance of Appropriation any time after swearing-in on the 7th and Parliament will be properly constituted to expedite approval of the same.”
There is no cause for alarm! Even though there will be no Minister of Finance on 7th January, 2025, the Vice President can present to this House the expenditure in advance of Appropriation anytime after swearing-in on the 7th and Parliament will be properly constituted to… pic.twitter.com/kTPyzVBGng
Minority Leader, Dr. Cassiel Ato Forson has voiced his disappointment with the 2024 Mid-Year Budget Review, stating that it signals the governing New Patriotic Party’s (NPP) impending transition to the opposition.
Dr. Ato Forson’s remarks followed the presentation of the review by Finance Minister Dr. Amin Adam on Tuesday, July 23, which highlighted the government’s efforts to reverse negative economic trends and control expenditures.
The minister reported a provisional total debt of GH¢742 billion (US$50.9 billion) as of June, accounting for 70.6% of GDP, and assured that the government is adhering to its budget.
However, Dr. Ato Forson criticized the review for failing to abolish certain taxes, such as the COVID levy, E-levy, and emission levy, which he believes have contributed to Ghana’s high tax burden and driven businesses and citizens out of the country.
He described the review as a “missed opportunity” lacking new policies and ideas, and referenced the majority caucus jubilation song “Abamu awie” saying they are now “on their way to opposition.”
“At the very least Ghanaians expected that this mid-year review would have removed or abolished a number of taxes that has made Ghana a high tax regime to the extent that businesses are moving out of the country and the ordinary Ghanian is actually leaving the shores of this country. For example example COVID levy, E-levy, ‘Borla’ tax, tax on domestic electricity, emission levy.”
“Mr Speaker this is a missed opportunity. Mr Speaker instead the minister did not announce one single new policy. The minister did not introduce new ideas. Mr Speaker unfortunately Ghana is on autopilot, and our economy is on autopilot…All what I want to tell them, they are bereft of new ideas and I’m happy that they sang’ abamu awie’, you are on your way to opposition.”
The third accused in the ambulance case, Richard Jakpa, has testified in court that he had two meetings with Attorney General and Minister of Justice, Godfred Yeboah Dame, in 2022, both occurring at approximately 10:30 PM.
Jakpa disclosed this during his cross-examination on Thursday, June 13, by Dr. Cassiel Ato Forson’s legal team, the first accused in the case.
He emphasized that these late-night meetings suggested a sense of secrecy and urgency in their discussions, shaping his understanding of his role and the case’s direction.
During these encounters, Jakpa claimed that Godfred Dame assured him he was not the primary target of the prosecution, with the main focus being Dr. Cassiel Ato Forson.
Jakpa stated that this assurance influenced his decision to fully cooperate with the Attorney General’s office, including sharing crucial documents and information.
He asserted that he was led to believe he would be acquitted through a submission of no case, bolstering his cooperation.
Jakpa further testified that based on these assurances, he received the addendum to the main contract between the Ghanaian government and Big Sea even before the prosecution closed its case, a document pivotal to the trial proceedings.
His revelations during cross-examination have introduced a new perspective to the ongoing trial, shedding light on interactions between the accused and Attorney General Godfred Dame.
The main defendant Dr. Cassiel Ato Forson, in the ongoing ambulance trial, has filed a request for a mistrial.
He based this request on recent events involving a leaked phone call between Mr. Jakpa and Attorney-General Godfred Dame.
In an affidavit filed on Friday, May 31, Dr. Ato Forson raised concerns about the leaked recording, suggesting it shows professional misconduct by the AG.
The recordings have been included as evidence in the filed application.
Dr. Ato Forson is appealing to the court for a mistrial to ensure justice is not only served but seen to be served fairly and impartially.
The Minority Leader argues that not declaring a mistrial under these conditions, where there is apparent disregard for legal and ethical standards by the Attorney-General, could greatly diminish public trust in the judicial process.
Background
During cross-examination, Richard Jakpa disclosed that he had been contacted by the Attorney General at odd hours to provide testimony against Dr. Ato Forson, the Minority Leader.
Ghanaians have been talking about this news, and some have even called on Attorney General Godfred Dame to quit.
The current minority leader and former deputy finance minister, Dr. Ato Forson, is on trial for allegedly having a hand in Ghana’s purchase of faulty ambulances.
At a press conference, the National Democratic Congress (NDC) played a 16-minute tape allegedly featuring a conversation between the Attorney General and Jakpa.
The New Patriotic Party (NPP) has refuted the claims made in the audio, asserting that it has been “doctored and manipulated” with malicious intent.
Amidst a social media whirlwind, X user Sir-Obama Pokuase has levied serious allegations against Richard Jakpa, a figure embroiled in an ongoing ambulance trial case.
Jakpa, reportedly linked to Minority leader Cassiel Ato Forson in the legal battle, has stirred controversy by accusing Ghana’s Attorney General, Godfred Dame, of conspiring to implicate Forson.
The allegations have sparked intense debate online, with Sir-Obama Pokuase’s statements cautioning against fully accepting Jakpa’s claims without scrutiny.
Notably, the X user argues that Jakpa’s affiliations with the NDC suggest a lack of impartiality, casting doubt on the veracity of his accusations.
This development unfolds against the backdrop of a leaked audio purportedly involving the Attorney General, adding layers of complexity and intrigue to the ongoing legal saga.
See post below:
UNMASKING JAKPA -THE NDC OPERATIVE!
A name on the lips of Ghanaians in the past few days is JAKPA. Certainly, not the great ancient Gonja Warrior Ndewura Jakpa, but a notorious agent provocateur by name Richard Jakpa — who is standing trial alongside Minority Leader Cassiel… pic.twitter.com/GNcMoFHeA9
The Minority Leader, Dr. Cassiel Ato Forson, has asserted that the Minority in Parliament played a vital role in saving Ghana $150 million by contesting the government’s tax waivers for 42 companies linked to the One-District-One-Factory initiative.
He elaborated that through the Minority’s objections to certain evaluations of these companies, the waivers were revised from $459 million down to $335 million.
In an interview with Bernard Avle on The Point of View aired on Citi TV, Dr. Forson referenced a specific case involving an oil refinery, which he believed was overvalued in its assessment.
“We worked for Parliament to institute a guideline and also worked for Parliament to approve tax exemptions Act. Since then, the government started submitting some tax exemptions and upon scrutiny, we noticed something fundamentally wrong with it.
“For example, there was one tax waiver for a company which has constructed an oil refinery [Sentuo Oil Refinery]. The finance ministry had done some assessments and sent them to us for approval. At the time, they brought it, it was about $300 and something million. We said we wanted to see the assessment, we looked at it, and we asked where it was coming from, and they said the Ministry of Finance and Ghana Revenue Authority.
“My assessment was that the GRA and the ministry cannot competently assess what goes into an oil refinery. They have to do that with the National Petroleum Authority because they are clothed with the competence to be able to do that, before we can sit and consider it, to date, that has not been done. Until the NPA validates that, there’s no way I can support it…We have heard the refinery is a secondhand refinery. The assessment may have been bloated.
He emphasized the need for comprehensive assessments by competent authorities, particularly highlighting the role of the National Petroleum Authority in evaluating oil refinery projects.
Dr. Forson emphasized that their interventions led to a reduction in tax exemptions, saving taxpayers approximately $150 million.
He clarified that their concern was not against tax exemptions in general but specifically targeted those associated with the 1D1F project, citing instances of perceived abuse.
Regarding the release of the tax waiver request list for companies under the 1D1F initiative in May 2024, Dr. Forson reiterated their stance against certain tax waivers approved under the initiative, emphasizing the need for periodic reviews to address any abuses.
In 2021, the Ministry of Finance initiated processes to secure tax exemptions totaling approximately $335,072,712.13 for 42 companies under the One District One Factory initiative, as presented in Parliament through the Exemptions Act, 2022 (Act 1083) by former Finance Minister Ken Ofori-Atta.
“Since the time we stopped all of these, at the point, the value of those exemptions was $459 million… They had subsequently gone back, reviewed some of these tax exemptions and brought a revised amount worth $335 million, by that press statement alone. Based on our resistance alone, we have saved the nation almost $150 million. There have been some improvements. We’ve saved the taxpayer some money.”
“We’re not against tax exemptions in principle, but with this particular tax exemption for the 1D1F project, we have issues. For 2021, we felt that there was a need to review that policy because we have seen some abuses. And it’s only right at a point in time for a government or Parliament to review its position on certain things if you get additional information. From 2021, we took a strong view against some of the tax waivers approved under 1D1F.”
There have been rising tensions sparked by intents by Minority MPs to initiate impeachment proceedings against President Nana Addo Dankwa Akufo-Addo over a constitutional matter.
The recent move comes after the Executive Secretary to the President, in a letter dated March 18, 2024, asked the Clerk of Parliament to desist from transmitting the anti-LGBT+ Bill to the Jubilee House for assent by the president.
This has been deemed undemocratic and unacceptable by the Minority, reigniting discussions surrounding the powers vested in parliament to hold the executive accountable.
Minority Leader, Dr Cassiel Ato Forson, said on March 21, 2024, that “We stand with the Speaker of Parliament in this. Let the President of Ghana and his government be aware that where this country is going is strange under his watch and the NDC Minority will not countenance it.
“But I want to end that it is obvious that His Excellency the President has breached the constitution and we will advise ourselves. In the coming days, don’t be surprised that we will begin impeachment proceedings against the President.”
As these developments unfold, GhanaWeb delves into what the intricacies of an impeachment process is, as outlined in Article 69 of the 1992 constitution.
Here is the Procedure for Removal of President from Office
(1) The President shall be removed from office if he is found, in accordance with the provisions of this article—
(a) to have acted in willful violation of the oath of allegiance and the presidential oath set out in the Second Schedule to, or in willful violation of any other provision of, this Constitution; or
(b) to have conducted himself in a manner—
(i) which brings or is likely to bring the high office of President into disrepute, ridicule or contempt; or
(ii) prejudicial or inimical to the economy or the security of the State; or
(c) to be incapable of performing the functions of his office by reason of infirmity of body or mind.
(2) For the purposes of the removal from office of the President, a notice in writing—
(a) signed by not less than one-third of all the members of Parliament, and
(b) stating that the conduct or the physical or mental capacity of the President be investigated on any of the grounds specified in clause (1) of this article,
shall be given to the Speaker who shall immediately inform the Chief Justice and deliver the notice to him copied to the President.
(3) The notice referred to in clause (2) of this article shall be accompanied by a statement in writing setting out in detail the facts, supported by the necessary documents, on which it is claimed that the conduct or the physical or mental capacity of the President be investigated for the purposes of his removal from office.
(4) Subject to clause (5) of this article, the Chief Justice shall, by constitutional instrument, immediately convene a tribunal consisting of the Chief Justice as Chairman and the four most senior Justices of the Supreme Court and the tribunal shall inquire, in camera, whether there is a prima facie case for the removal of the President.
(5) Where a notice under clause (2) of this article is delivered to the Chief Justice in respect of the removal from of tile President, on the grounds of physical or mental incapacity Chief Justice shall, in consultation with the professional head of the Ghana Health Services, cause a medical board to be convened which shall consist of not less than four eminent medical specialists and the President shall be informed accordingly.
(6) The President shall be invited to submit himself for examination by the medical board within fourteen days after the appointment of the board.
(7) The President shall be entitled during the proceedings of the tribunal or of the medical board to be heard in his defence by himself or by a lawyer or other expert or person as the case may be, of his own choice.
(8) The Rules of Court Committee shall, by constitutional instrument, make rules for the practice and procedure of the tribunal or of the medical board for the removal of the President.
(9) Where the tribunal or medical board specified in clauses (4) and (5) of this article determines that there is a prima facie case for the removal of the President or that the President is by reason of physical or mental incapacity unable to perform the functions of his office, the findings shall immediately be submitted to the Speaker of Parliament through the Chief Justice and copied to the President.
(10) Parliament shall, with in fourteen days after the date of the findings of the tribunal or medical board, move a resolution whether or not the President shall be removed from office.
(11) The resolution for the removal from office of the President shall be by a secret ballot and shall be taken to be approved by Parliament if supported by the votes of not less than two-thirds of all the members of Parliament after prior debate.
(12) The proceedings of Parliament for the removal of the President shall not be held in camera except where Parliament otherwise orders in the interest of national security.
(13) The President shall cease to hold office as President on the date Parliament decides that he be removed from office
The Parliamentary Minority has reacted to the Bank of Ghana’s reply regarding their 2022 released annual report and financial statements.
As per the Minority, the response from the Bank of Ghana fails to tackle the primary concern, which revolves around the printing of money by BoG on behalf of the Akufo-Addo/Bawumia/NPP administration in 2021 and 2022. This, according to them, directly violates Section 30 of the Bank of Ghana (Amendment) Act, 2016 (ACT 918).
The Minority observed that within the statement, the Bank of Ghana fails to provide any plausible rationale for producing a significant sum of GHC35 billion in 2021 and GHC42 billion in 2022 to support the Akufo-Addo/Bawumia/NPP administration. This action, they emphasized, directly violates their governing legislation.
The Minority in a statement signed by its leader, Dr Cassiel Ato Forson described as an indisputable fact, that the amount of monies printed by BoG for the Akufo-Addo/Bawumia government both in 2021 and 2022 far exceeds the legally acceptable threshold of 5% of the previous fiscal years’ total revenue.
This the Minority alleged the central bank did without cognizance of the legal duty imposed on the Governor of BoG to inform the Minister of Finance, who is required upon notification from the Governor of BoG to notify Parliament of the attainment of the 5% threshold and/or the setting of a new limit of government’s borrowing.
The statement indicated that the facts show that BoG acted as law unto itself by willfully engaging in the illegal printing of monies to finance the Akufo-Addo/Bawumia/NPP government both in 2021 and 2022.
It said the illegal conduct of the Governor of BoG constitutes a criminal offense under section 67 of the Bank of Ghana Act and cannot be wished away by the flimsy justifications mounted by the Bank in the multiple press statements they have issued in the last couple of days.
Read details of the Minority’s full statement below:
PRESS STATEMENT
For Immediate Release
August 11, 2023
RE: RESPONSE TO PARLIAMENT’S MINORITY GROUP ON BANK OF GHANA’S 2022 PUBLISHED ANNUAL REPORT AND FINANCIAL STATEMENTS
The NDC Caucus in Parliament has noted with dismay a press statement from the Bank of Ghana dated 9th August 2023 which purports to respond to our press conference on the above-subject held on 8th August, 2023.
In the said press statement, the Bank of Ghana attempts to shamelessly justify its recklessness and mismanagement which resulted in the huge losses of GHS60.8 billion and the negative equity of GHS55.1 billion it recorded in the year 2022.
As a matter of fact, the Bank of Ghana’s unsigned press statement, is full of deliberate distortions and flimsy justifications which do not address the serious matters that were raised in our Moment of Truth presser last Tuesday.
The Minority caucus hereby responds as follows:
1. The referenced Bank of Ghana’s statement does not address the most fundamental issue which has to do with the printing of money by BOG for the Akufo-Addo/Bawumia/NPP government in 2021 and 2022 in clear contravention of Section 30 of the Bank of Ghana (Amendment) Act, 2016 (ACT 918). Indeed, throughout the statement, BOG does not and could not have offered any reasonable justification for printing a whopping GHS35 billion in 2021 and GHS42 billion in 2022 to finance the Akufo-Addo/Bawumia/NPP government, in clear breach of their governing law.
It is an indisputable fact, that the amount of monies printed by BOG for the reckless Akufo-Addo/Bawumia government both in 2021 and 2022 far exceeds the legally acceptable threshold of 5% of the previous fiscal years’ total revenue.
This the Bank did without cognizance of the legal duty imposed on the Governor of BOG to inform the Minister of Finance, who is required upon notification from the Governor of BOG to notify Parliament of the attainment of the 5% threshold and/or the setting of a new limit of government’s borrowing.
Indeed, the facts show that BOG acted as law unto itself by willfully engaging in the illegal printing of monies to finance the recklessness of the Akufo-Addo/Bawumia/NPP government both in 2021 and 2022.
This illegal conduct of the Governor of BOG constitutes a criminal offense under section 67 of the Bank of Ghana Act and cannot be wished away by the flimsy justifications mounted by the Bank in the multiple press statements they have issued in the last couple of days.
As a matter of fact, contrary to claims by the Governor of the Central Bank and his deputies that they were committed to promoting a cash-lite economy, they have been printing higher denominations of new GHS100 and GHS200 notes.
This together with the large injections of money into the economy caused currency-outside-banks to increase from GH¢14 billion in 2019 to GHȼ31.4 billion by 2022, representing an increase of over 124%.
Strangely, while the BoG kept increasing its policy rate and undertaking these injections at the same time, they knew very well that their actions could spike inflation and result in the Bank incurring significant costs.
As a direct consequence of the illegal printing of monies by the Bank of Ghana, the rate of inflation in the country spiraled to hyper levels last year, when Ghana recorded a record-high inflation rate of 54.1% in December 2022.
It bears reminding the Bank of Ghana that according to a recent World Bank report, this hyperinflation which was mainly occasioned by their recklessness and mismanagement, pushed over 850,000 people into poverty.
It is therefore totally irresponsible for the managers of the Bank of Ghana to conveniently ignore these serious legal infractions which have brought untold hardships on Ghanaians and rather engage in flimsy justifications and needless equalizations.
2. Secondly, on the very important issue of the illegal write-off of about GHS48 billion debt owed by the government to the Bank of Ghana, the explanation canvassed by the Central Bank in its statement of 9th August, 2023 is untenable, as it has no legal basis whatsoever.
The Bank of Ghana ought to know, that the mere reference to Government’s intention to engage in a domestic debt exchange program (DDEP) as communicated by the Finance Minister in the 2023 budget statement to Parliament, does not and cannot justify the bank’s breach of section 53 of the Public Financial Management Act, 2016.
For emphasis, a mere declaration of intent to Parliament by the government to engage in debt restructuring does not amount to a resolution or approval by Parliament for BOG to write-off public funds. Neither does the IFRS accounting standard referred to by the Bank of Ghana permit the writing-off of public funds without Parliamentary approval.
We wish to state unequivocally for the records, that at no point has the Finance Minister presented a report to Parliament informing the house of the attainment of the 5% borrowing threshold or the setting of a new limit of government borrowing as required by section 30 of the Bank of Ghana Act. Nor has the Finance Minister sought the approval of Parliament for BOG to write-off any public funds, as required by section 53 of Public Financial Management Act 2016 (Act, 918).
The Bank of Ghana must do the needful by immediately reinstating the illegally written off liability of Government and stop the baseless justifications they are mounting.
3. It is instructive to note that, the Bank of Ghana has for the first time admitted that Ghana’s present economic malaise has been accessioned by a “culmination of fiscal overruns and debt distress” which resulted in Ghana losing access to both domestic and international markets, with its attendant credit rating downgrades, high currency depreciation, hyperinflation among others.
It is worthy of note, that for the first time, the Governor of the Bank of Ghana has effectively confessed, that COVID-19 and the Russia Ukraine war are not the main causes of our present economic woes as a country, but rather “fiscal overruns and debt distress” starting from 2019.
This confession by the Bank of Ghana, confirms the NDC’s long-held view that the economic mess we have on our hands is the product of the reckless borrowing and expenditures of the Akufo-Addo/Bawumia/NPP government.
Sadly, instead of advising the government to embark on the needed fiscal reforms and adjustments, the Bank of Ghana confesses that they decided to fund the recklessness of the government by engaging in the illegal printing of monies for the government, part of which they have illegally written off without recourse to Parliament.
The managers of the Bank of Ghana must recognise that the economic difficulties it alludes to in its statement of 9th August, 2023 are all self-inflicted and cannot be reasonable justification for the palpable illegalities they have engaged in and the unprecedented mess they have created.
4. Additionally, we wish to make the point, that none of the explanations put forward by the Bank of Ghana in its press statement of 9th August, 2023 can rationalize or justify the outrageous operational expenditures they engaged in 2022, as reported by their Auditors in the 2022 Annual Report and Financial Statements of the Bank.
We maintain, that despite the high rate of inflation and currency depreciation recorded last year as a result of the recklessness of BOG and the Akufo-Addo/Bawumia/NPP government, it was unconscionable and unacceptable for BOG to have spent a staggering GHS131.6 million on vehicle maintenance; GHS67.9 million on computer-related expenses; GHS97.4 million on foreign and domestic travels; GHS32 million on communication expenses; and GHS357.9 million on banking supervision, in 2022 alone.
We say so because the severe economic difficulties the nation has been plunged into by the Akufo-Addo/Bawumia government with the abetment of BOG, calls for prudence and austerity by all state institutions including the Central Bank.
It is totally reprehensible, that the fees of the very Directors who have supervised this mess were increased by about 80% in the year 2022 alone.
5. Even more bizarre is the contrived justification for the new BOG head office which is costing the taxpayer a colossal $250 million (GHS3 billion) at this time of excruciating hardships for the nation.
The excuse that the current Bank of Ghana Head office is not earthquake resistant is most ridiculous to say the least.
We need not remind the Bank of Ghana that previous Governors and Directors of the bank maximized the operations and profit of the bank from that same old facility by deploying more reasonable options of relocating aspects of the bank’s operations to the Cedi House and another facility of the Bank on the Spintex Road.
The question BOG must answer is that; if at the time the Bank of Ghana recorded successive years of profit under NDC/Mahama government (2012-2016), the managers of the bank did not consider a new office complex an urgent priority but rather invested in the construction of the BOG hospital to support the healthcare needs of the country, how can BOG prioritize a new $250 million dollar office complex at a time it has recorded an unprecedented loss of GHS60.8 billion and a negative equity of GHS55.1 billion?
It is instructive to note, that the cost of the ill-timed new head office complex the BOG is rapidly putting up is four times the cost of the ultramodern Ecobank Head Office building and six times the cost of Kempinski hotel in Accra.
In fact, our conservative estimates show that the cost of the new head office complex the BOG is putting up can build at least, 3,750 new six (6)-unit classroom blocks to expand access to education or at least 3,500 CHP compounds to improve the access to health care delivery in the country.
It is also instructive to note, that the cost of the new Bank of Ghana head office complex is more than the capital expenditure allocation of the Ministry of Roads and Highways and the Ministry of Transport put together.
Clearly, the outrageously expensive new head office complex of BOG is a misplaced priority. There can be absolutely no justification whatsoever for this profligacy at a time the Bank of Ghana must be concerned about its immediate recapitalization.
6. In the BOG press release dated August 9, 2023 the Governor stated that “This financial outcome has very little implication for the operations of the Bank of Ghana as supported by evidence from other Central banks”.
This statement is completely erroneous and must be treated with utmost contempt. The truth of the matter is that the Central banks BOG is referring to, did not underwrite the insolvency or bankruptcy of their Governments. Neither did they violate their governing laws with impunity as BOG has done. Hence, they would have space to absorb temporary losses unlike BOG.
The unprecedented losses incurred by BOG counts for various reasons and must not be taken lightly at all.
The BOG must understand that losses can reduce its gravitas and authority in supervising the financial sector. Also, losses can limit its ability to engage in effective monetary operations and impair its ability to use moral suasion in the discharge of its mandate.
7. In their press statement of August 1, 2023, BOG referred to a statement by the external auditors that “even though BOG would have a significant negative equity based on the huge impairment from 2022, structures are in place to ensure that the BOG remains policy solvent and well able to deliver on its primary mandate”.
This is clearly a misleading statement because it assumes that government would be able to recapitalize BOG over time and that the achievement of macroeconomic stability would in turn restore policy solvency to BOG.
As BOG itself stated, “the inability to cover costs and build sufficient buffers over the long term may require capital injection from the government which can undermine its independence and credibility of monetary policy and also affect public confidence in the Central bank’s operations”.
We must be mindful of government’s fiscal difficulties, hence the possibility that it may now be able to recapitalize BOG any time soon.
Also, there could be exogenous shocks that can impact the economy going forward which can result in macroeconomic instability and a continued depreciation of the cedi, for which BOG could experience huge losses again.
Therefore, the assessment of the External Auditors that the Central Bank will continue to remain policy solvent and discharge its mandate effectively should not be taken as a guarantee at all.
Again, the impression should not be created as though BOG’s source of funding its operations is infinite. As BOG itself stated in its statement dated August 1, 2023, “a Central bank policy solvency is the ongoing ability to fund and implement operations in line with the policy aims for which it has independent responsibility without recourse to the government. Therefore, policy solvency requires sufficient realized revenues to cover costs and to build longer-term capital reserves allowing for independent and appropriate policy decisions”.
8. Again, in their press statement dated August 1, 2023, BOG engaged in some unnecessary equalization by referring to other Central banks (not its peers) that have operated with negative equity. It also raised the issue of whether there is a difference between insolvency and negative equity; and, whether other Central banks (again not its peers) made losses in 2022.
The fact remains that the countries cited by BOG are all advanced industrialized countries with different economic structures.
Moreover, those countries did not finance their respective governments excessively, as BOG has done since 2019. Nor did they underwrite the insolvency of their governments like BOG has done.
BOG should rather pay heed and listen to criticisms and stop the window dressing of the dire straits it finds itself in. BOG should accept that the Bank is at a historic low and request immediate help to coerce government to prioritize re-financing the Bank as a matter of urgency.
CONCLUSION
There is no gainsaying the fact that, the Governor, his deputies and directors of BOG have compromised their independence and made their continuous stay in office untenable.
Their failed attempt to cite non-best practice as justification for their recklessness and mismanagement is most irresponsible to say the least, and yet another reason why they should pack out of the Bank of Ghana immediately
The fate of BOG now hangs solely on the ability of the bankrupt Akufo-Addo/Bawumia/NPP Government to recapitalize it.
In fact, it will take the nation more than 20 years to fix the mess that the current managers of BOG have created and move the bank from its current negative GHS55.1 billion equity to positive equity.
There is an urgent need for BOG’s internal operations to be reviewed to ensure that no losses would be posted or repeated this year.
The Governor, his deputies and entire Board have failed the nation and must resign without delay to begin the process of saving the BOG.
Contrary to widespread claims that the Deputy Majority Leader, Alexander Afenyo-Markin, sponsored a birthday dinner for the Minority leader, Cassiel Ato Forson, the latter has clarified that the meal did not come from the coffers of his fellow MP.
In a viral video, Dr Ato Forson and Mr Afenyo Markin were seen having a conversation over a meal. Reports were rife that the deputy Majority Leader was giving Dr Forson a birthday threat.
However, Dr Cassiel Ato Forson, reacting to these claims have described them as untrue.
Speaking in an interview on Asempa FM, on Wednesday, August 9, 2023, the minority leader refuted assertions that the viral video showed him eating a birthday lunch bought for him by Afenyo-Markin.
He explained that he [Forson], Afenyo-Markin, and other legislators were in Cape Coast for an event to mark the celebration of the 30th Anniversary of Ghana’s Parliamentary Democracy and they went to eat together because they were in the same hotel.
“We were in Cape Coast to visit Nana Kwasi Authur’s place after which we went to rest at a hotel so that we would continue our work later. So in between, I went to meet my brother Kwamina Afenyo-Markin.
“So, we went there (the restaurant) and some people took pictures and others recorded as he (Afenyo-Markin) was talking. I even posted it and said we are celebrating our 30th anniversary of multiparty democracy.
“That doesn’t mean that there is something but I have seen that people are commenting on it as if he invited me. For records, Kwamina Afenyo-Markin was not the one who invited me,” he said in the Twi dialect.
He added that assertions that the New Patriotic Party (NPP) Member of Parliament for Effutu was treating him to a birthday lunch were false because his birthday was the previous day.
Dr Cassiel Ato Forson, the MP for Ajumako Enyan Esiam, assured members of his party, the National Democratic Congress (NDC), that he remains committed to holding the Nana Addo Dankwa Akufo-Addo government accountable.
In the said video, the deputy Majority leader, Alexander Afenyo-Markin teased that he had more physical appeal than his colleague, Ato Forson.
“I am saying to the birthday boy [reference to Ato Forson], I am more handsome than him. He should debate it,” he said to the amusement of everyone.
Dr Ato Forson on the other hand advised that, despite the political differences, they are one.
“We are brothers, regardless of the political differences”.
The deputy minority leader wished his colleague a happy birthday and they shared laughter together.
Eyewitnesses joined in to share the moment with both individuals putting their political differences aside and having a good time.
Minority Leader, Dr Cassiel Ato Forson, has attributed the depletion of the nation’s external reserves to the actions of the Central Bank.
During the presentation of the Minority’s response to the 2023 mid-year budget review in Parliament on Wednesday (August 2), Dr Ato Forson stated that the excessive printing of money by the Bank of Ghana was responsible for the decline in Ghana’s external reserves, leading to an unprecedented depreciation of the Cedi and contributing to the hyperinflation witnessed in 2022.
The Cedi, he said, depreciated from GHC6:$1 to over GHC15:$1 in the year 2022, adding “this is over 100% depreciation on a straight line calculation”.
The Minority Leader said depreciation coupled with inflation has reduced the rich to a middle class and above all the poor have become poorer.
He added that due to inflation alone, an estimated 850,000 people were reported by the World Bank to have been pushed further down the poverty line in 2022.
Dr Ato Forson said despite the earlier spirited denials by the Bank of Ghana and the government, “the government now admits that indeed the Bank of Ghana printed money to finance its over-bloated government expenditures in 2022”.
“Paragraph 8 of the IMF Staff Report gives further detail that the Bank of Ghana illegally printed over GHC45 billion representing 7.2% of GDP in 2022 alone, and GHC35 billion in 2021. This is the first in the history of Ghana”, he said.
Describing the Central Bank as “a crime scene”, the Minority Leader said the government was instrumental in the commission of the sins of the Bank. “The Bank of Ghana is certainly a crime scene and the economic managers led by Mr. Strategist aided and abetted this economic crime”, Dr Ato Forson added.
He said on the watch of the current managers of the economy, Ghana’s public debt shot up from GHC120 billion in 2016 to GHC600 billion by the end of 2022, representing an increase of about 400%.
The Minority Leader pointed out that following the high debt levels, the country could not honour its obligations to its local and foreign debtors. “As a result of these high debt levels, Ghana defaulted in the repayment of both our domestic and foreign debts, the first time in our history”.
He said this explains why pensioners picketed at the Ministry of Finance to demand the payment of their interest and principal, which was another unenviable first in the history of Ghana. He added that that “rating agencies downgraded Ghana’s credit worthiness to “D”, in other words ‘super junky’ “.
Dr Ato Forson observed that the Ghana’s financial sector has virtually collapsed, with all the 23 banks in the country recording “massive impairment losses of over GHC18 billion in 2022”. He said “this is excluding the impairment losses of the non-bank financial institutions and the insurance companies”, adding that “the cost of the economic mis-management by this government is unprecedented”.
Dr Ato Forson, who once served as a Deputy Minister of Finance, said the Akufo-Addo/ Bawumia government’s domestic debt restructuring has not only affected the commercial banks but has also negatively affected the Bank of Ghana.
He said “in fact, the Bank of Ghana is in a major financial distress and bankrupt, and requires urgent attention”.
In 2022, the Bank of Ghana recorded a loss of over GHC60.8 billion and negative equity of over GHC55.1 billion.
To replace Jane Naana Opoku Agyemang as the National Democratic Congress’ running partner, Minority Leader Cassiel Ato Forson has the support of significant political and social groups in Ghana’s Central and Western Regions.
The opinion leaders made up of paramount chiefs, parliamentary candidates, some constituency executives and serving MPs from the Central Region in particular say Cassiel Ato is a “true and proper representative of the interest and support” of the two regions, especially Central.
“I can tell you on authority that he is the topmost NDC godfather figure in the region apart from Uncle Totobi who is from the old stock…” a serving MP told MyNewsGh.com under strict condition of anonymity.
“His influence even touches Western region to some extent” He added.
The MP said if the party wants to win the Central and Western Region while addressing the “economic hole” in the NDC, John Mahama must force Ato Forson to join the ticket and drop Jane Naana Opoku Agyemang.
“She doesn’t have money. She doesn’t have any network. Even during the Primaries, she couldn’t support any Constituency in the region. As for programs anyone can attend but we need people with resources. I’m aware She didn’t bring even a kobo to the campaign. I don’t know of Accra but here I can tell you we didn’t see her.”
According to MyNewsGh.com, the 44-year-old Member of Parliament for Ajumako Enyan Essiam Constituency, who hails from Ejumako Besease, along with the Regional Chairman, took on the responsibility of financing the party activities, including supporting parliamentary candidates during the 2020 elections and the recent parliamentary Primaries.
As a result of the NDC’s disappointing performance in the 2020 polls, there is increasing pressure on the NDC flagbearer, John Mahama, to consider replacing Prof Jane Naana Opoku Agyemang as his running mate.
Cassiel Ato Forson has emerged as a strong contender for this position, with some suggesting that there are other equally qualified individuals, surpassing the qualifications of the former literature professor.
Cassiel Ato Forson, the Minority Leader in Parliament, has opined that the Finance Minister cannot take certain expenditure decisions unilaterally without Parliament’s approval.
Even though the minister noted in the 2023 budget that wages and salaries would not increase, he believes otherwise.
During the minister’s mid-year budget review statement, Ato Forson made the case in parliament.
He said: “I am of the view that if the minister of Finance is varying any expenditure line downwards there is the need for parliament to approve it. We know for a fact that the budget was prepared with the note that the government was not going to increase wages and salaries.
“Mr. Speaker, subsequently, government increased salaries and wages. It means that the mid-year review the minister is presenting today will include an increase in the compensation line. He can’t do it unilaterally; parliament will need to give him permission,” he noted.
The Minister of Finance, Ken Ofori-Atta is currently presenting the 2023 mid-year budget review to Parliament on Monday, July 31, 2023.
The presentation of the mid-year budget review statement is conducted in full compliance with the provisions of the Public Financial Management Act 2016, which grants the Minister of Finance the responsibility to present this review of the budget statement on the Economic Policy of the Government of Ghana for the fiscal year.
This process serves as an important platform through which the government can communicate its economic advancements and developments to both the House and the general public. Furthermore, it offers an opportunity to outline any essential modifications to budgetary allocations and policies, allowing for transparency and accountability in the nation’s financial management and decision-making processes.
Minority Leader, Cassiel Ato Forson, has strongly denied the assertions made by Finance Minister Ken Ofori Atta during the 2023 Mid-Year Budget review, rejecting the notion that Ghana has “turned the corner” amidst the considerable challenges experienced by the nation over the past three years.
In a passionate retort, Forson accused the minister of exacerbating the country’s difficulties instead.
During his address in Parliament following the finance minister’s statement, the Minority leader expressed his dissatisfaction, stating, “Mr Speaker, the minister should refrain from claiming that he has turned the corner; instead, he has exacerbated our challenges.”
What Ken Ofori-Atta said:
During the presentation of the 2023 Mid-Year Budget Review in Parliament, Ofori-Atta had remarked, “We have avoided the unimaginable, but what could have been so easily possible under different leadership circumstances.”
Highlighting the multitude of adversities faced by the nation, the finance minister continued, “Mr. Speaker, it is no exaggeration to say we cannot find another period in our history where so many different headwinds hit our economy at the same time with unrelenting speed and scale. Thankfully, as the numbers are beginning to show and as many Hon. Members of the House have indicated to me in our engagements, we have, together as a nation, turned the corner…”
He further added, “… With a lot of effort, we have managed to avoid empty shop shelves for medicines and other essentials; we have seen no shortages of food; we have been spared the frustrating spectre of long queues for fuel at our filling stations; and, we have managed, in spite of all the challenges, to keep the lights on.”
Leader of the opposition in the House, Cassiel Ato Forson, l has stated that the Finance Minister cannot make certain expenditure decisions without getting parliamentary consent.
He claims that the minister went against his word, despite it being stated in the 2023 budget that there would be no pay or salary increases.
When the minister pretended to give the statement for the mid-year budget review, Ato Forson presented the argument on the floor of the legislature.
He said: “I am of the view that if the minister of Finance is varying any expenditure line downwards there is the need for parliament to approve it. We know for a fact that the budget was prepared with the note that the government was not going to increase wages and salaries.
“Mr. Speaker, subsequently, government increased salaries and wages. It means that the mid-year review the minister is presenting today will include an increase in the compensation line. He can’t do it unilaterally; parliament will need to give him permission,” he noted.
On Monday, July 31, 2023, the mid-year budget review for 2023 will be presented to Parliament by Finance Minister Ken Ofori-Atta.
The Budget Statement on the Economic Policy of the Government of Ghana for the Fiscal Year is being presented in compliance with the Public Financial Management Act 2016’s provisions, which require the Minister of Finance to do so.
It aims to give the administration a platform to inform the House and the public of its economic progress and to lay out any modifications to the budgetary allocations and policies that may be required.
The Minority Leader, Cassiel Ato Forson, has labelled Finance Minister, Ken Ofori-Atta‘s comments about Ghana’s improving economy “false and misleading.”
During the 2023 Mid-Year Budget Review in Parliament on July 31, Mr. Ofori-Atta asserted that Ghana was making modest gains in turning the economy around after facing severe economic hardships in 2022.
He highlighted the positive results of the government’s plans and programs and called on the nation to recognize the achievements of the past three years.
In response, Dr. Ato Forson contested the Finance Minister’s statements and presented evidence to the contrary.
He expressed concerns about the current state of the economy, citing a downward revision of economic growth from 2.8% of GDP to 1.5% of GDP, indicating a slower recovery than expected.
Additionally, he criticized the government for borrowing significant amounts from the T-Bill market, despite earlier assurances of not borrowing in 2023. He also attributed the depreciation of the Cedi to defaults in the payment of external interest and principal.
Dr. Ato Forson argued that, contrary to the Finance Minister’s claims, the situation has worsened under the Akufo-Addo government.
“The performance so far shows that we have turned the corner. Unfortunately, the evidence and the numbers before us, show us that he has rather deepened our woes,” Cassiel Ato Forson said.
“I say this because he has said to us today that he’s revising economic growth from 2.8% of GDP to 1.5% of GDP. Again, he said to us here and now that he has borrowed 5.5 billion Ghana cedis from January to June, from the T-Bill market. Mr Speaker, not long ago, this same Minister informed us that he will not borrow at all in the year 2023. And that going into the remaining parts of the year, he is going to borrow another 41 billion Ghana cedis.”
“Aside from that, the Cedi depreciation we are seeing so far, it’s largely because we have defaulted in the payment of external interest and principal. That is why the cedi has depreciated.”
His lawyers emphasised on this when they were called to move his application for the Judge, Justice Afia Serwah Asare-Botwe to recuse herself.
The former deputy finance minister who is accused of causing financial loss to the state filed the application following the grant of a witness summons he requested from the court. His lawyers had asked the court to issue witness summons for some of his witnesses including former health minister, Alex Segbefia, as they were facing difficulties in getting them to appear even though they had filed witness statements.
The judge, Justice Afia Serwah Asare-Botwe before allowing the motion to be moved, inquired why they resorted to a motion compelling the appearance of the witnesses while admonishing the lawyers of Dr. Ato Forson of the consequences of issuing an arrest warrant for the witnesses if they fail to appear.
His lawyers led by Dr. Bassit Bamba insisted that was the best option due to the difficulty in securing their appearance to testify.
But weeks after this request was granted, lawyers of Dr. Ato Forson applied to the court for the judge to recuse herself on grounds that the admonishment by the judge amounted to bias. According to the lawyers, the caution by the judge was not only bias but also portrayed their witnesses as criminals who will willfully disobey a court order.
However, when the case was penned down for determination on Thursday, Dr. Bassit Bamba argued that the Judge does not even have jurisdiction to hear the application on whether she ought to recuse herself for the alleged bias.
He argued that the Judge hearing the matter will amount to her being a judge in her own case.
“The course which we are referring to has to do with certain prejudicial utterances that your ladyship has made in the course of hearing this matter.
“In that regard, your ladyship has become the subject matter of this application, we pray that your ladyship should decline to hear this matter, for this court is differently constituted to hear this application,” Dr. Bassit Bamba advanced in court.
He further argued that there is precedence to show that when the allegations involved are of grave bias, it warrants a call for the sitting Judge not to hear the application. In his view, statements of the Judge including a point that his case will be deemed to have been closed if the summoned witnesses do not appear and he does not secure the attendance of any other witnesses is an infringement on his client’s right to fair trial under article 19.
The judge then inquired why the application was filed in the first place if the applicant considered her unfit to hear the application.
Dr. Ato Forson’s lawyers also clarified that in their application for witness summons they didn’t claim unwillingness on the part of the witnesses to testify but rather a difficulty in reaching out to the witnesses.
The Judge who disagreed on what the records of proceedings were queried if the witnesses were willing, why did Ato Forson apply for the witness summons.
Justice Afia Serwah Asare-Botwe further inquired if indeed the difficulty was just in reaching out to the witnesses, how was a witness summon going to help reach them.
Attorney General Godfred Yeboah Dame described the application as unmeritorious.
He argued that it is a settled position in law that a Judge whom bias has been alleged against has jurisdiction to hear the matter.
He further argued that the court has not in any way shown bias and all orders made are within the powers of the court.
Justice Afia Serwah Asare-Botwe has adjourned the case to October 12 to deliver her ruling on both the objection to her jurisdiction to hear the matter and the substantive application for her to recuse herself.
Meanwhile, an application by Dr. Ato Forson for his passport to be released to him was not heard as the Judge was of the view that her capacity to hear the application will be based on the ruling to be delivered in October.
The Minority Leader in Parliament, Dr Cassiel Ato Forson, has warned that his caucus will intensify its protest against the criminal trial of the Member of Parliament (MP) for Assin North, James Gyakye Quayson.
The National Democratic Congress (NDC) MPs have been boycotting sittings of the House whenever the embattled Assin North legislator is due to appear in court for his ongoing trial on charges of forgery and perjury. The MPs have accused the government of persecuting their member and have demanded that Quayson’s trial should be dropped.
Dr Ato Forson, in an interview on JoyNews on Wednesday, July 12, 2023, said that they would do more than just boycott sittings of the House starting from next week.
He said that the government would have to choose between its business in Parliament and prosecuting Quayson on a daily basis.
“If we sit unconcerned for the government to pick our members one by one and persecute them like the way they are doing to our colleague James Gyakye Quayson, they will come after every one of us.
“We have decided as a caucus to ensure that every day or any day that our colleague will be invited to go to court, we will go with him. They (the government) will have to contend with that. If they want him to be in the courtroom on a daily basis, we will also be there on a daily basis.
“The government will have to choose government business against Gyakye Quayson’s appearance on a daily basis. If they want us to assist the government to run, then they will have to choose wisely… This is our first activity that we are doing. We may escalate to signal our displeasure to the government and there are so many other things we are going to do in the coming days,” he said.
Ato Forson, who is also the MP for Ajumako-Enyan-Esiam, rejected the claim that his caucus is hurting Ghanaians with their decision.
He said that it is the “insensitive” Nana Addo Dankwa Akufo-Addo government that is making the people of Ghana suffer.
Background
James Gyakye Quayson is facing trial for allegedly making false statements to the Passport Office and the Electoral Commission (EC) when he applied for a Ghanaian passport and filed his nomination as a candidate for the Assin North seat in 2020.
He is accused of holding dual citizenship of Ghana and Canada at the time of filing his nomination, which disqualified him from contesting as per the Supreme Court’s interpretation of the 1992 Constitution.
He had initiated moves to renounce his Canadian citizenship before the 2020 election but had not received his renunciation certificate at the time of filing with the EC.
His election was subsequently annulled by a Cape Coast High Court and a by-election was held on June 27, 2023. He won the by-election after receiving his renunciation certificate and is set to be sworn in as MP for Assin North.
However, his criminal trial is still ongoing at an Accra High Court, which has ruled that it will hear the case on a day-to-day basis starting from July 4, 2023. His lawyers, led by Tsatsu Tsikata, have filed an appeal against this ruling.
Minority Leader, Cassiel Ato Forson, has cautioned Minister of Agriculture, Bryan Acheampong, regarding what he considers as “personal attacks.”
Last week, Ato Forson and the Minority in Parliament engaged in a heated confrontation with the minister regarding the non-payment of suppliers of the Buffer Stock Company. The suppliers had been staging protests at the company’s premises.
A video circulating online shows the minister being approached by approximately six Minority MPs, while he maintains that there was no need for them to involve the press in their meeting. He refers to their picket as “inorganic.”
The minister’s exchange with Ato Forson is produced below
Bryan Acheampong: Don’t bring press to the reception
Ato Forson: This is the parliamentary press corps.
Bryan Acheampong: You are a leader, you are a Minority Leader….
Ato Forson: You like attacking me anytime you speak, that should stop. That should stop, let me address him…you like attacking people. Stop that. Stop attacking me, anytime you speak, you try to attack me. Stop that thing, stop that attitude of yours.
In the last public exchange between Ato Forson and Bryan Acheampong, the Minority Leader fired questions at the minister at the appointment’s committee sitting leading the minister to exclaim “Ei Ato! But you are my friend,” adding that he should be vouching for him, not interrogating him.
Minority solidarizes with food suppliers
The Minority on July 7, visited the premises of the state-run company to show solidarity with members of the National Food Suppliers Association, who have been picketing at the location since Tuesday, July 4, 2023, and have been sleeping there ever since.
During their visit, while the minority members, led by the Minority Leader, Ato Forson, were being briefed by the Deputy CEO of the company, when Bryan Acheampong stormed the venue, confronting the minority and questioning their presence with the press without seeking his permission.
In response, Juaboso MP; Mintah Akandoh clarified that the media present were from the parliamentary press corps.
However, Acheampong dismissed the explanation, pointing to the minority leader, he said, “You can’t do that, you are a former deputy finance minister, what do you know about payment.”
Akandoh countered, saying, “You should be the last person to get angry.”
The National Food Suppliers Association revealed that the National Buffer Stock Company owes them an amount of ¢270 million, and they have vowed to remain at the company’s premises until reimbursement is made.
In response, the National Buffer Stock Company expressed sympathy towards the food suppliers and committed to taking appropriate action following an emergency meeting with the Board of Directors.
Majority Leader and Minister for Parliamentary Affairs, Osei Kyei-Mensah-Bonsu, has cautioned his opposite number, Minority Leader Cassiel Ato Forson, to tread cautiously.
Kyei-Mensah-Bonsu had cause to chastize Ato Forson on the floor of the House on June 6, 2023 when MPs returned to work when the Minority Leader made a submisssion on election violence in the wake of upcoming Assin North by-election.
“As a country, we are yet to overcome the blot in our democratic governance arising from the unprecedented violence meted out to innocent civilians by the party packs in uniform at Awayso West Wuogon.
“That is why we wish and say that the chairperson of the EC must demonstrate her neutrality as an unbiased umpire, and the IGP must prove that he is indeed responsible for the domestic security of the country,” Ato Forson said in his welcome address.
The comments did not sit well with the Majority Leader who pointed out that the reference to Ayawaso West Wuogon was at best needless because more violence was unleashed in Chereponi by-election which inured to the benefit of the then ruling National Democratic Congress (NDC).
He said Ato Forson’s reference was also needless because the most recent by-election in Kumawu was peaceful.
“One hopes that the Assin North by-election will follow that (Kumawu) trajectory. But for my colleague to say that we should not let what Awayawso West Wuogon happen again in the next by-election to me I think is not a statement that ought to have been made.
“If you are talking about the most violent by-election that we have had in this country, it was at Chereponi when seven people were shot at point blank by an operative from the castle,” he noted.
On the point about electoral violence during by-elections, Kyei-Mensah-Bonsu fired a caution: “don’t go there. You are a newly baptised minority leader, you have not been confirmed yet as minority leader.”
The Supreme Court of Ghana recently issued a ruling that declared James Gyakye Quayson’s election as a Member of Parliament in 2020 as unconstitutional, null, and void.
According to the Supreme Court, Gyakye Quayson held Canadian citizenship at the time of filing his nomination as the NDC’s parliamentary candidate in 2020.
The court’s ruling led the Clerk of Parliament to declare the Assin North seat vacant.
Subsequently, the Electoral Commission has scheduled a by-election in Assin North for June 27, 2023, following the declaration by the Clerk.
Meanwhile, the NDC has stated its intention to re-present Gyakye Quayson as its candidate for the upcoming election, despite a criminal process brought against him in relation to his 2020 election contest.
The Akufo-Addo administration has been urged by the minority caucus in parliament to transfer Jubilee Holdings Limited’s (JOHL) shares to the Ghana National Petroleum Commission (GNPC).
The transfer of shares, the Minority believes will make Ghanaians confident that an appropriate oversight is being exercised on the assets.
It said it will also go a long way to ensure proper accountability and effective monitoring of the revenues accruing from petroleum resources.
The Minority in a statement signed by its Leader, Cassiel Ato Forson, stated “By this statement, the Minority calls on the Akufo-Addo/Bawumia NPP government to transfer the shares held by JOHL to GNPC without delay, in order that Ghanaians can be assured that appropriate oversight is being exercised on these assets by Parliament and other stakeholders. This will only go a long way to ensure proper accountability and effective monitoring of the revenues accruing from our petroleum resources”.
The Minister of Energy, Dr. Matthew Opoku Prempeh, claimed that GNPC under the Chairmanship of Freddie Blay is working on a transaction to relinquish about 50% of the shares of Jubilee Oil Holdings Limited to PetroSA, the state-owned oil company of South Africa.
This comes on the back of an announcement by the government that any win on sport betting will attract 10 percent tax.
The development has angered the Ghanaian public, especially the youth who have lashed out at the government for being insensitive.
According to them, there are no jobs in the country for graduates and yet the government wants to take a portion of the little they earn from sports betting.
Commenting on the development the Minority leader says in a desperate attempt by the government to defend the new tax regime they are peddling falsehood.
“In a desperate bid to deflect public anger over taxing gambling, sport betting and lottery proceeds. The NPP has taken a tiny portion of a 2021 discussion I was involved in to create the impression that the NDC has said it will ban gambling and sport betting.”
“This is propaganda of the cheapest kind and should be disregarded. The NDC has NEVER said it will ban gambling or sport betting. I actually spoke in opposition to taxing gambling, sport betting, and lottery in 2021,” Mr. Forson stated.
He continued: “I remain opposed to taxing the proceeds of gambling, sports betting, and lottery, among others.”
Three incumbent MPs on the Minority side will be going unopposed in the upcoming parliamentary primaries.
They are Mr. Cassiel Ato Forson, Minority Leader in Parliament, Madam Gizella Akushika Tetteh-Agbotui, Awutu Senya West MP and Mr. Daniel Ohene Darko, Upper Denkyira West MP.
Also, Madam Emelia Ankomah, Upper Denkyira East and Mr Nurien Shaibu Migyimah, Assin Central constituencies went unopposed in the Region
However, Madam Sawyer Queenstar Pokuah, incumbent MP for Agona East stands a chance of contesting unopposed if her contender Mr. Eric Turkson’s disqualification hold.
Out of the 56 aspirants who filed to contest the parliamentary primaries for 20 constituencies in the region, three were disqualified by the committee.
The disqualified aspirants are Mr. Paul Ofori Amoah, Agona West, Mr. Ebenezer Quayson, Upper Denkyira West and Mr. Eric Turkson, Agona East constituencies.
20 out of the 23 constituencies in the region took part in the vetting process, three were withheld based on reasons yet to be disclosed by the party.
The withheld constituencies include Assin North, Efutu and Gomoa Central.
Mr Joseph Yammin, the National Organizer of the NDC and the Chairman of the interim vetting committee in an interview with GhanaWeb cautioned the aspirants to conduct campaigns devoid of insults to avoid division and separation among the delegates which could affect the general elections come 2024.
The chairman advised the aspirants to focus on winning both presidential and parliamentary seats for the party and not to fight themselves that the primaries were an internal contest.
Mr Yammin told the aspirants to ensure the vision of the regional executives to win 20 seats in the region was accomplished.
He wished all the aspirants well and success in their contest adding that the party should win at the end of all contests for victory in 2024.
The Minority Caucus in Parliament is not backing down on its quest to hold a secret ballot to decide the fate of President Akufo-Addo’s recent ministerial nominees.
According to the Minority Leader, Dr Cassiel Ato Forson, his faction will not relent until the House conducts the secret ballot.
“We the NDC are ready for the secret ballot,” he said.
Dr Forson made the remarks during a press conference in Parliament on Friday, March 24, 2023, after a brief suspension of sittings following the failure of both factions (Majority and Minority Caucuses) to reach a consensus on the approval of the six nominees.
Parliament was in a state of disarray on Friday, March 24, 2023, after Speaker Alban Bagbin briefly suspended the voting of President Akufo-Addo’s ministerial nominees.
The House agreed to decide the fate of seven candidates today. During the debate on a secret balloting, the Majority and Minority side clashed as the former sought to reschedule the meeting due to their numbers.
The Minority would not have it and tried to convince the Speaker. This resulted in disorder as MPs shouted on top of their voices – an action that prompted the presence of the Marshalls.
Unable to obtain decorum, the Speaker suspended the sitting briefly.
It was during the break that Dr Ato Forson held a press conference to call his colleagues from the Majority to return to the House for the secret ballot to be conducted.
Addressing the presser Dr to Forson insisted his side will ensure, through the secret ballot that, the wishes of Ghanaians regarding the approval are well represented.
“Unfortunately the NPP seems panicking . They are afraid of their own shadows and they are trying to run away from the votes. We insist on secret balloting and we will vote accordingly. We are optimist because we strongly believe the NDC Minority Caucus will not betray the stance of the party and the stance that the people of Ghana. So we are urging our colleagues on the Majority side to come to the chamber so that we can start the voting,” he said.
Today, Monday, March 20 the National Democratic Congress (NDC) will address the country on the theme ‘The True State of the Nation’.
Johnson Asiedu Nketiah, the Chairperson of the NDC, will deliver the speech during the event, which will be held at the University of Professional Studies Accra (UPSA).
The ‘True State of the Nation Address’ is expected to counter ‘The State of The Nation Address’ delivered by President Akufo-Addoon Wednesday, March 8.
The NDC address, under the auspices of the party’s National Communications Bureau, is expected to focus heavily on the economy and factors that have pushed the country for an IMF bailout.
Meanwhile, the Minority in Parliament says Ghana will not be able to secure the International Monetary Fund’s (IMF) board approval at the end of March 2023 contrary to claims by the government.
The opposition group explained that the government has not been able to satisfy the financing assurances regarding the bailout which includes the board documents.
“Mr Speaker, our President said on authority that Ghana would get an IMF Board approval by the end of this month, I don’t know who is briefing our President, but Ghana will not be able to get an IMF Board approval by the end of this month because even the board documents are prepared.
“We need to get China to give Ghana financing assurance and that they are ready to take a haircut and China has not agreed,” Minority Leader, Cassiel Ato Forson said.
Minority Leader in Parliament Dr. Cassiel Ato Baah Forson has sent another reminder to President Akufo-Addo over the size of his government.
He says President Nana Addo Dankwa Akufo-Addo has refused to cut down both government size and public expenditure despite the current economic challenges the country faces amidst defaulting in its debt repayment since January 2022.
“Ghana has officially defaulted in the repayment of our debt since January 2022 yet Mr. President your government is failing to cut down the size of government and public expenditure”, Hon Cassiel Ato Forson who is also MP for the Ajumako Enyan Esiam Constituency told the president in Parliament yesterday after the President presented his State of the Nation Address (SONA).
Dr. Ato Forson also accused the President of allowing the Bank of Ghana to print GHC 54 billion in less than two years which according to him is the reason why the country is witnessing hyperinflation.
“Ghana is witnessing hyperinflation largely because your government allowed the Bank of Ghana to print GHC 50 billion for the year 2022 and another GHC 4 billion in the 2023 first quarter”, Hon Ato Forson revealed in Parliament.
Backing his series of accusations on the President, the Minority Leader added “our position is that, inflation is currently rising monetary policy rate is also at 28% Ghana Cedi has depreciated by 20% in January alone, Mr President, unemployment is exceedingly high at the record levels and as we speak Mr President, lending rate is at 40%.”
Minority Leader, Dr Cassiel Ato Forson, has alleged that the Akufo-Addo-led government printed about GHC 54 billion to fund its activities between the period 2022 and the first quarter of 2023
He said this is one of the factors that have largely contributed to the economic crisis currently being experienced.
“Ghana is witnessing hyper inflation largely because Mr President your government allowed the Bank of Ghana to print GHC50 billion for the year 2022 and another GHC 4 billion in the year 2023 first quarter.
“Mr President let it be noted that this expenditure financed public expenditure on your over bloated government expenditure,” he stated.
Speaking on the floor of Parliament after President Akufo-Addo delivered the 2023 State of the Nation’s, the Minority Leader dismissed the government’s claim that the current economic crisis is not its doing.
During his address, President Akufo-Addo had alluded that COVID-19 and the Russian-Ukraine war were the leading factors hampering economic development in the country.
Baffled by this claim, Cassiel Ato Forson , accused the government of plunging the country into an economic crisis.
“Our position is that Inflation is currently rising, monetary policy rate is at 280%. Ghana cedis has depreciated by 20% in January alone, Mr President unemployment is exceedingly high and as we speak, lending rate is at 40%.
“Our economy is in falters largely because it is self- Inflicted and your and government have failed to act and this is the true State of our nation,” he added.
In the Address, the President among other things said the NPP administration was judicious in borrowing and spending.
President Akufo-Addo stated that allegations of profligate spending are untenable.
“The debts we are servicing were not only contracted during the period of this administration,” he added
After the President’s address, the Ajumako-Enyan-Esiam MP was invited to second the motion for House’s adjournment.
He enumerated some issues which he says reflect the actual state of the country but are not captured in the day’s address.
“Our economy is in its worst shape in decades. In fact, Ghana’s economy is bankrupt or insolvent. We are currently unable to repay our debt. Ghana has officially defaulted in the repayment of our debt since January 2022. Yet, Mr President, your government is failing is cut down on the size of government and public expenditure.
He accused the President of supervising this inefficiency and hardship suffered by Ghanaians.
“Mr President, our country is in tatters largely because it is self-inflicted, your government inflicted it on us and failed to act.
“Mr President, this is your scorecard… and this is the true state of the nation,” he added.
The Minority Leader in parliament, Cassiel Ato Forson, has accused the government of burden shifting instead of the burden sharing it proposed since the country’s economic crisis began.
He said the domestic debt exchange programme is the government’s way of transferring its bankrupt nature to individuals, banks, and Ghanaians at large.
Ato Forson asserted that Ghana is the first country ever to undergo debt restructuring and this is the first time the country has defaulted on its domestic debts.
Speaking on the floor of parliament on February 16, 2023, noted that the country’s current status was and is still an avoidable phase if the government commitment to embark on stringent expenditure cut measures.
“Domestic debt restructuring is like surgery; you don’t do it if you are not sure. There is a good reason no African country has restructured its debts. There is a good reason Ghana has never defaulted on the payment of domestic debts. Today Ghana is the first country ever to restructure its debts. This is the first time we have defaulted on our debt payment,” he stated.
The Minority Leader further stated: “Instead of the government engaging in burden sharing, they are engaging in burden shifting, Burden shifting in the sense that if the country is going on a very catastrophic, it shows by cutting expenditure. But what this government is doing, is shifting the burden to the ordinary Ghanaian. By the time this government will be done with what they are doing, the insolvency we are seeing, the bankrupt Ghana we will now see bankrupt pensioners, bankrupt individuals, and bankrupt rural banks.”
“We are only transferring the bankruptcy from the central government to individuals, unfortunately, our country is simply bankrupt,” he concluded.
Ato Forson noted that this is according to a report by the Bank of Ghana.
After the government announced its decision to exchange domestic debts, questions were raised about the viability of banks and how they were going to survive, since most banks were engaged in government business.
However, after the initial resistance, the Ghana Bankers Association and the Insurers association reached an agreement with the government on the terms of the programme.
According to Ato Forson, the debt exchange programme has shown that the government is looking to transfer its bankruptcy to the private sector.
Speaking on the floor of parliament on February 16, 2023, Ato Forson asked the finance minister to be cautious about how he is embarking on the debt exchange programme.
“The financial sector, don’t be surprised that by the time they are done and dusted, we will have to engage in banking sector cleanup again. Because our banks are going to obviously collapse. I have cited the Bank of Ghana report that says that 17 banks are at risk because of what is happening. I urge the finance minister to be careful in what he is doing not to transfer the bankruptcy to the private sector,” he said.
Minority Leader and Ranking Member of the Finance Committee in parliament, Dr. Cassiel Ato Forson, wants government to be circumspect in applying tax exemptions.
He commenced parliamentary duties this week by recommending that a halt be placed on tax waivers to save the economy much-needed revenue in the face of current economic challenges.
The World Bank has advised government to shed some of its tax practices, particularly tax exemptions while increasing efficiency in tax collection. For a country that badly needs revenue to fix its debt-to-GDP ratio, Ghana grants too many tax exemptions.
The economy lost GH¢27billion to tax exemptions between 2008 and 2020, leading to passage of the Tax Exemptions bill last July.
It provides for a tax exemption regime in the country with defined criteria for exemptions, and was expected to save the economy GH¢460million in 2022 according to Minister of Finance Ken Ofori-Atta.
However, as the country faces mounting economic challenges, Ato Forson believes government should halt all forms of tax waivers to companies in a bid to raise additional revenue to support the recovery process.
Given the downturn in economic activity along with rising public expenditure, the Ranking Member of the Finance Committee is confident that such a move would be apt. His remarks were in response to a question regarding public perception about huge sums that the country loses annually through exemptions.
Though the country has saved some funds since passage of the Tax Exemptions bill last year, Dr. Forson notes that there is a need for further scrutiny to identify gaps in the regime and improve on them in order to save more.
Finance Minister Ken Ofori-Atta noted that in 2020 alone about GH¢1.8billion was lost, the worst recorded for a single year since 2008.
Although it is important for Ghana to use tax exemptions for attracting foreign investors into the country, empirical evidence has proven that too many tax exemptions have failed to provide the desired result.
Ghana loses over GH¢5billion every year through tax exemptions, that’s why tax consultant and attorney Ali-Nakyea and Associates urged government to take a second look at the tax exemptions régime if it means to rake in more revenue for the state.
Indeed, the country has chronically struggled to mobilise enough revenue to fund its expenditure requirements. It is therefore proper to explore all the avenues to raise more revenue, and limiting tax exemptions is one such way.
Minority Leader, Ato Forson, has disclosed that he had no knowledge of his appointment until barely 24 hours to the announcement.
According to him, much like the rest of the NDC parliamentary Caucus, he had no say whatsoever concerning the decision.
Speaking in his first interview following the announcement on JoyNews’ PM Express on Wednesday, he said he was surprised by the decision after he was informed in a short face-to-face meeting by the party’s national leadership.
“I was told the night before. It’s a decision that the party had made so they were informing me not for me to make a choice as to whether I’m going to accept it or not to accept it. But I took it like a call to duty.
“In fact, it shook me, it took me by surprise. But what I told you earlier is that I adapt so easily and that’s my biggest strength, it doesn’t take me a couple of minutes to adapt so I sat back and said ‘hey…’”
Speaking concerning his relationship with the erstwhile Minority leader, Haruna Iddrisu, the Ajumako-Enyam-Essiam MP stated that working with him had allowed him to excel.
“Let me put it this way, if there is any person in this House who has worked so hard for Haruna Iddrissu and worked for him, I don’t think there will be two people more than me. My loyalty to him is unquestionable.
“I’ve loved him; in fact, I’m a product of his leadership because he gave me room to work and to excel. It’s not every leader that will give his ranking the opportunity to excel at that magnitude.
“And I work for him; I go to him every morning, sit him down and brief him on a daily basis. The first thing I do when I get to Parliament, mostly before 9 am, is walk straight to his office…we’ll have our small meeting, I brief him for the day and then we disperse and go to the Floor. So we have that cohesion,” he said.
According to Dr Ato Forson, he is honoured to have been the one chosen to fill the “very big shoe” of his predecessor.
He said while he has “never wished for his job” he takes the appointment as an opportunity to “also step in and to lead the party.”
“So when I was told, my first concern was is he aware of it and how will he feel? But Haruna Iddrisu knows that I’ve never wished for his job.
“However, if at a point in time, one person will have to stand up and do something for the Caucus and I happen to be the one, I think it’s an honour for me to step in the very big shoes of my predecessor, Haruna Iddrisu.
“It’s a big decision…the party took a big decision it believes is the right decision. The NDC thinks where we’ve gotten to it needs a new general to take us to that kind of war, that’s how I interpreted it.
“Haruna has done his part and done it very well, his successes are out there for everybody to see. And clearly, the time has come for a new general to step into the fire. I recognise that and honestly, I take it as an opportunity to also step in and to lead the party,” he said.
He said immediately after being informed of the decision, “I called him [Haruna Iddrisu] to inform him about it.”
“As soon as I left the place I placed a phone call to him out of respect I have for him.”
Ato Forson, Member of Parliament for Ajumako Enyan Essiam, formally started his duties as Minority Leader on February 7, 2023 when Parliament resumed sitting after the Christmas break.
“I was told the night before. It’s a decision that the party had made so they were informing me not for me to make a choice as to whether I’m going to accept it or not to accept it. But I took it like a call to duty.
“In fact, it shook me, it took me by surprise. But what I told you earlier is that I adapt so easily and that’s my biggest strength, it doesn’t take me a couple of minutes to adapt so I sat back and said ‘hey…’” he said on PM Express programme on Joy News on February 8.
He also spoke extensively about how he did not wish for the job, suggesting that it had been given to him because of the party’s own considerations which he believes were justified.
On his relationship with Haruna Iddrisu, the former Minority Leader, Ato Forson said it remained cordial and that Haruna was the first person he contacted when he received news of the party’s decision.
“Let me put it this way, if there is any person in this House who has worked so hard for Haruna Iddrissu and worked for him, I don’t think there will be two people more than me. My loyalty to him is unquestionable.
“I’ve loved him; in fact, I’m a product of his leadership because he gave me room to work and to excel. It’s not every leader that will give his ranking the opportunity to excel at that magnitude,” he stressed.
The minority leader, Cassiel Ato Forson, has questioned why a judge would grant an injunction sought by Rev. Victor Kusi Boateng, the National Cathedral of Ghana’s secretary against Samuel Okudzeto Ablakwa, the member of parliament for North Tongu.
Ato Forson said that the court’s decision to grant Rev. Kusi Boateng the injunction is likely illegal because the pastor has two dubious identities.
In a statement issued on February 8, 2023, the minority leader said that the court recently ruled on a case involving Rev. Kusi Boateng, but the National Identification Authority has stated that it has Kwabena Adu Gyamfi in its database and not Victor Kusi Boateng.
“To grant an interim injunction preventing further publication on a matter of enormous public interest and to a man of dubious double identity is a palpable constitutional affront.
“It is also most shocking that the court will grant an exparte injunction in a matter of this nature and particularly when incontrovertible court records show that the man who now claims to be Kwabena Adu Gyamfi with an alias as Victor Kusi Boateng only recently obtained judgment from the same judiciary as Victor Kusi Boateng,” parts of the statement read.
“The NDC Caucus in Parliament also condemns in the strongest terms the crude disregard for the appropriate procedure of how Members of Parliament are to be served with court documents through the Right Honourable Speaker of Parliament. Multiple Speakers of Parliament across the political divide have emphasized this in many constitutionally sound rulings,” it added.
Background:
The secretary to the board of trustees of the National Cathedral of Ghana, Rev. Victor Kusi Boateng, who is also known as Kwabena Adu Gyamfi, has secured an order of interim injunction against the Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa.
The order restrains Okudzeto Ablakwa from publicly sharing any document belonging to Kwabena Adu Gyamfi for the next 10 days.
The MP who disclosed this in a tweet shared on Friday, February 3, 2023, said that he was served the order after his appearance on Metro TV’s Good Morning Ghana programme on the same day.
Read the full statement below:
7th February, 2023.
Press Statement.
NDC CAUCUS IN PARLIAMENT CONDEMNS JUDICIAL ABUSE AND DESPICABLE EFFORTS TO GAG MPs AND STAMPEDE PARLIAMENTARY OVERSIGHT
The NDC Caucus in Parliament strongly condemns the naked and shameful abuse of the judiciary by certain undemocratic elements seeking to gag NDC Members of Parliament and prevent us from carrying out our constitutional mandate of oversight.
The instant preposterous and cowardly legal action against our respected colleague, Hon. Samuel Okudzeto Ablakwa by President Akufo-Addo’s appointee to the Board of Trustees of the scandal-ridden National Cathedral of Ghana who now claims to be called Kwabena Adu Gyamfi even though all public records including incorporation documents show that he was duly appointed as Rev. Victor Kusi Boateng is nothing but a desperate effort to stifle parliamentary scrutiny and pervert the course of justice.
To grant an interim injunction preventing further publication on a matter of enormous public interest and to a man of dubious double identity is a palpable constitutional affront.
In any case, the claim by the applicant that the continuous publication of his personal information violates his privacy raises legitimate, legal and logical questions about which of his dual identities with his different names, different dates of birth, different TINS, different mothers and different national IDs actually refer to him.
It is also most shocking that the court will grant an exparte injunction in a matter of this nature and particularly when incontrovertible court records show that the man who now claims to be Kwabena Adu Gyamfi with an alias as Victor Kusi Boateng only recently obtained judgment from the same judiciary as Victor Kusi Boateng.
The NDC Caucus in Parliament also condemns in the strongest terms the crude disregard for the appropriate procedure of how Members of Parliament are to be served with court documents through the Right Honourable Speaker of Parliament. Multiple Speakers of Parliament across the political divide have emphasized this in many constitutionally sound rulings.
Ambushing an MP with a secret video recording on the premises of a television station after an interview by people ironically claiming to be apostles of the protection of privacy as happened to our distinguished colleague, Hon. Okudzeto Ablakwa on the precincts of Metro TV on the 3rd of February, 2023 can only be the orchestration of a frustrated and lawless cabal.
It is a real travesty that under the current government, offenders are shielded and emboldened while diligent and patriotic Members of Parliament fulfilling their constitutional mandate are vilified, witchhunted and threatened with imprisonment.
The NDC Caucus in Parliament wishes to express full confidence in the impressive, courageous and patriotic parliamentary oversight qualities with which our respected colleague, Hon. Samuel Okudzeto Ablakwa has pursued this national cathedral conflict of interest and dual identity scandal.
Hon. Samuel Okudzeto Ablakwa can count on our unflinching solidarity, especially during the pendency of that unmeritorious, vexatious and ridiculous Kwabena Adu Gyamfi—Victor Kusi Boateng case.
The Minority Group in Parliament hereby serves notice that we shall not be intimidated or cowed by judicial abuse, tyranny and fascist tactics.
We are determined to boldly pursue all aspects of this scandal-plagued National Cathedral project and the related matters of conflict of interest, dual identity, diversions, procurement breaches and blatant corruption without let or hindrance during this 3rd Session of the 8th Parliament.
We shall be disappointing God and our dear countrymen and women if we fail in this noble mission.
The newly appointed Minority Leader, Cassiel Ato Forson, has taken over his predecessor, Haruna Iddrisu’s seat in Parliament.
This happened on Tuesday, February 7, 2023, when the House resumed from recess.
In a video sighted by the Independent Ghana Mr Forson was seen standing at the front bench, exchanging pleasantries and having brief conversations with his colleagues in the House.
He subsequently addressed the House when the Speaker of Parliament, Alban Bagbin, opened the floor for the “New Leadership of the Minority Caucus” to address the House if they had anything to say.
In his address, he commended his colleague MPs for giving him the opportunity to serve as the Minority Leader after 14 years in the House.
“We wish to convey our profound gratitude to our party, the great NDC MPs on the Minority side for this opportunity to serve at an even higher level to help shape the trajectory of Parliament,” he said.
He also commended his predecessor, Haruna Iddrisu, for the “sterling” leadership over the past years as Leader of the Minority.
“Again Mr Speaker, I’ll like to express on behalf of my colleagues [i.e newly appointed NDC Leaders] our profound appreciation and thanks to the immediate past Minority Leader and my Senior Brother Hon Haruna Iddrisu for his many years of distinguished public service and his sterling leadership of the Minority Caucus since 2017,” he added.
“His leadership is an honourable political and legislative career which has become a reference point for many who aspire to participate in Ghanaian politics and particularly in Public service. Again Mr Speaker, I’ll endeavour to continue on the admirable path he has charted in the helm of the Minority Caucus and to live up to the very lofty standards that he has laid down in his leadership,” he added.
The Ejumako Enyan Essiam MP further pledged the NDC’s commitment to the works of the House under his Leadership and said his outfit will work to the benefit of Ghanaians.
“We will not be needlessly obstructive inasmuch as what is under consideration is in the interest of the people of Ghana,” he added.
The former Deputy Finance Minister, Dr. Cassiel Ato Forson was appointed in January this year together with two other persons to lead the Minority Caucus. He was to replace Haruna Iddrisu.
Emmanuel Armah-Kofi Buah was also named the new Deputy Minority Chief Whip, and Kwame Governs Agbodza also took over as Chief Whip.
However, Ahmed Ibrahim, MP for Banda, was retained as the First Deputy Minority Chief Whip, just as Comfort Doyoe Cudjoe-Ghansah, MP for Ada, is still the Second Deputy Minority Chief Whip.
This was contained in a letter to the Speaker of Parliament, Alban Bagbin, from the National Democratic Congress and dated January 23, 2023. Following the reshuffle, chaos broke out in the party with some members who were not in support of the decision registering their displeasure through protests.
While Mr Iddrisu remained silent on the matter, former Minority Chief Whip, Munkata Mubarak protested the decision. He finally conceded after a meeting with former President John Dramani Mahama.
He asserts that the central bank’s actions and inactions are to blame for Ghana’s current economic difficulties, which include high inflation and increases in the monetary policy rate.
“Inflation is currently at 54.1% and MPR is at 28%. We are mostly in this situation as a result of BoG printing more than GHC 50 billion in a single year and depleting foreign reserves to record low levels as of the end of 2022, the man said on social media.
“Those destroying livelihoods of Ghanaians will soon be held to account,” he added.
Ato Forson was last week announced by the NDC as its new leader in parliament in a reshuffle of the party’s caucus leadership.
His appointment according to the party is critical to the fortunes of the NDC in the 2024 elections owing to his economic background.
Cassiel Ato Forson was a deputy Minister for Finance in the erstwhile administration of President John Dramani Mahama and was previously serving as the Ranking Member on the Finance Committee of Parliament in the current Parliament.
Minority Leader, Dr. Cassiel Ato Forson has announced a public hearing on the audit of the Covid-19 expenditure effective February 07, 2023.
Addressing a Press Conference on Wednesday the new minority leader reiterated “At that point, we’ll pay due diligence to the duties given to us as the people of Ghana.”
The decision comes after engagement with the Finance and the Health Committees of parliament, he disclosed.
Subsequently, the new leadership of the minority caucus has also planned to embark on a roadshow to “galvanize the people of Ghana and educate them” on the impact of the current economic crisis.
The two programmes will ostensibly form his initial action after his elevation as minority leader of Ghana’s largest opposition in parliament.
He’s yet to set out how he plans to bring together a party riven into factions after the upset in the leadership of the minority caucus following the reshuffle.
But the new minority leader has urged for calm among the rank and file of the NDC saying the new leadership has a good handle on the affairs of parliament and will do a great job in the larger interest of the party and the nation.
“…I’ll appeal to the rank and file of our great NDC party to keep calm, members of parliament are in good hands, we’ll work with them with due diligence. Obviously, we’re not new in this House. I have been in this House for 14 years. I know the capabilities of all our colleagues, some I met, some came to meet me. I have worked closely with most of our colleagues and I can assure you that together we shall succeed,” he told Journalists in parliament.
Here is a brief profile of Dr. Cassiel Ato Forson the newly elevated leader of the Minority Caucus in parliament.
He is an Oxford-trained Ghanaian MP who is in his fourth term and a highly accomplished professional with over two decades of experience.
He has a PhD in Finance from KNUST, a Master of Science in Taxation from the University of Oxford, UK, a Master of Science degree in Economics also from KNUST, and a Bachelor of Science in Accounting from London South Bank University.
Dr. Forson is also a chartered accountant and a Fellow of the Chartered Institute of Taxation, Ghana.
His professional career has been marked by influential roles in Ghana’s public sector, including as Deputy Minister for Finance from April 2013 to January 2017, a member of Ghana’s Economic Management Team, a Board of Director of the Bank of Ghana, a Board of Ghana Cocoa Board, and Ghana’s Alternate Governor at the International Monetary Fund (IMF) and the World Bank.
His expertise was also brought to light when he chaired the Committee that implemented the Ghana Integrated Financial Management Information System Reforms (GIFMIS).
In 2008, he was elected as the Member of Parliament for the Ajumako-Enyan-Essiam Constituency in the Central Region. Since then, he has worked tirelessly to better the lives of his constituents.
He has championed many initiatives related to quality education, health care, job creation, and poverty alleviation.
As a ranking member of the finance committee, he led many crusades to protect the public purse including the rejection of the obnoxious Electronic Transfer Levy and the infamous Agyapa deal.
Throughout his career, Dr Cassiel Ato Forson has been a strong advocate of good governance, transparency, and accountability.
He is widely respected in the Central region and across Ghana for his dedication to the service of his country and his constituents.
Cletus Apul Avoka, the representative for Zebilla East, has expressed worries over the timing of the NDC’s leadership change in parliament.
According to him, the party should have galvanized the party for the fight against the NPP to win the 2024 elections instead of making heroes out of nonentities.
His remarks come after the party decided to replace Minority Leader Haruna Iddrisu with Cassiel Ato Forson, MP for Ajumako-Enyan-Essiam.
The party also replaced Deputy Minority Leader James Klutse Avedzi with Emmanuel Armah-Kofi Buah, MP for Ellembelle.
Speaking on Citi TV the lawmaker said, “this is not the time to make nobody a somebody, this is not the time to make nobody a somebody, this is the time to galvanise all of us to fight the NPP so that we can win elections not to make heroes out of nonentities, this is not the time,” Citi newsroom quoted.
Aside from Cletus Avoka, the Member of Parliament for Tamale Central also raised concerns about the party’s failure to involve the caucus in the leadership reshuffle.
According to Murtala Mohamed, the leadership reshuffle has caught everyone off guard, including those who are taking on new responsibilities.
Cassiel Ato Forson has been appointed the Minority Leader in Parliament, replacing Haruna Iddrisu, who had been leading the caucus for the last six years.
Ato Forson is a known face in parliament with his role as the Ranking Member on the Finance Committee of the House.
His new position was announced via a January 24, 2023, statement signed by the National Democratic Congress (NDC) General Secretary, Fifi Fiavi Kwetey.
GhanaWeb looks at 10 quick facts about the new Minority Leader
1. Ato Forson is in his fourth consecutive term as Member of Parliament for the people of the Ajuamko-Enyan-Esiam constituency.
2. His highest education qualification is a PhD in Finance attained in 2020.
3. He is touted as a financial expert and holds other certificates in Taxation, Economics as well as Accounting.
4. He is a former deputy Minister of Finance between 2013 – 2017.
5. He is currently a Ranking Member of Parliament’s Finance Committee and serves on the House and Foreign Affairs Committees.
6. He was born on August 5, 1978, in Ajumako Bisease, Central Region of Ghana.
7. He obtained a Master of Science in Taxation from the University of Oxford after a BSc in Accounting from South Bank University, London U.K.
8. His Ph.D. was in Business and Management (finance option) from the Kwame Nkrumah University of Science and Technology (KNUST).
9. Ato Forson is a member of the Institute of Chartered Accountants, Ghana, and a fellow of the Chartered Institute of Taxation.
He asserts that the implementation of new taxes in the 2023 budget will make Ghanaians’ situation worse.
Read the entire article as it appeared on www.ghanaweb.com on November 24, 2022.
Cassiel Ato Forson, the spokeswoman for the minority in parliament, has issued a warning that the 2023 budget will make Ghanaians’ situation even worse.
He asserts that the implementation of the 2.5% rise in the value-added tax will result in a further increase in the price of products and services.
“The things he outlined there are nothing but empty. What we can see is that the government is shifting the adjustment programme to the ordinary Ghanaian where the taxpayer will be made to pay more,” he said.
Government has announced an increment in Value Added Tax (VAT) by 2.5 percent for consumers of goods and services.
The move, according to government is expected to improve their domestic revenue measures while seeking to reach an IMF deal to restore macroeconomic stability.
“Mr. Speaker, we will undertake the following actions, initiatives, and interventions under the seven-point agenda. To aggressively mobilize domestic revenue, we will among others: Increase the VAT rate by 2.5 percent to directly support our roads and digitalization agenda; Fast-track the implementation of the Unified Property Rate Platform programme in 2023; and Review the E-Levy Act and more specifically, reduce the headline rate from 1.5% to one percent (1%) of the transaction value as well as the removal of the daily threshold,” he said.
The Minister of Finance, Ken Ofori-Atta, made this known in parliament when he delivered the 2023 budget before lawmakers on Thursday, November 24, 2022.
Cassiel Ato Forson, Member of Parliament for the Ajumako Enyan Essiam Constituency, has offered to give assistance to the government on how to free up funds in the 2023 budget.
The Ranking Member on the Finance Committee of the House believes that such savings would allow the government to have fiscal leverage to exclude individual bondholders from the Domestic Debt Exchange programme.
Savings of GH¢8 billion possible
According to Ato Forson, there are a litany of expenditures he described as “frivolous and wasteful” which if cut out would help government make savings to the tune of GH¢8 billion.
His January 17, 2023 tweet sighted by GhanaWeb read: “Folks, I am available to assist the government in identifying frivolous and wasteful expenditures in the budget to free-Up the needed 8bn so that individual bondholders are exempt! You can’t continue to live large on the savings of pensioners etc!”
Ato Forson describes Ofori-Atta as ‘driver banza’
Ato Forson has been one of the fiercest critics of the embattled Finance Minister with his latest jab at Ken Ofori-Atta labelling the minister as a reckless driver.
“Every reckless driver is referred to as ‘driver banza’ in my local parlance … if you are in a car with such a driver, people get angry and demand that he descends so that another person takes control of the car and drive it to safety.
“Where we have gotten to, the finance minister is a reckless driver, he has taken this country to a point of no return, he has driven this country into a ditch.
“He is a reckless driver and he has to step aside. Let’s give this country to a competent hand to drive this country to safety,” the former deputy finance minister submitted on the January 16 edition of Asempa FM’s Ekosii Sen.
Background
Ghana had a torrid 2022 amid an economic crisis that forced the government to seek an International Monetary Fund (IMF) facility at a time when the cedi was rapidly depreciating, inflation was galloping, and the government was faced with multiple downgrades by rating agencies.
The government has repeatedly blamed the crisis partly on the aftershocks of the COVID pandemic and the ongoing Russia-Ukraine war.
It has promised to turn around the economic fortunes of the country after sealing a staff-level agreement with the IMF late last year, with hopes that funds from the US$3 billion facility will be released early this year.
Domestic Debt Exchange facing hurdles
The government is hamstrung by hurdles as it attempts to secure a deal with its Domestic Debt Exchange programme, a key metric to secure a board approval of the IMF Extended Credit Facility.
Organized labour successfully fought off plans to include pensions in the DDE; now individual bondholders are also rejecting plans to include them.
Ato Forson has also reiterated his call for the embattled minister to be removed and the economy handed to a more competent driver to steer the economic ship to a safe destination.
What Ato Forson said
“Every reckless driver is referred to as ‘driver banza’ in my local parlance … if you are in a car with such a driver, people get angry and demand that he descends so that another person takes control of the car and drive it to safety.
“Where we have gotten to, the finance minister is a reckless driver, he has taken this country to a point of no return, he has driven this country into a ditch.
Ofori-Atta had a challenging 2022 with the Minority Caucus demanding his resignation over the economic downturn.
Internally, a group of 80 plus New Patriotic Party (NPP) MPs publicly demanded his resignation over a similar demand, standing down after a presidential intervention.
A deal for him to present the 2023 budget and see out appropriation as well as to complete initial engagement with the IMF has elapsed, with the Majority Caucus hinting that they would soon approach the president to redeem a promise to act on Ofori-Atta.
Background
Ghana had a torrid 2022 amid an economic crisis that forced the government to seek an International Monetary Fund (IMF) facility at a time when the cedi was rapidly depreciating, inflation was galloping, and the government was faced with multiple downgrades by rating agencies.
The government has repeatedly blamed the crisis partly on the aftershocks of the COVID pandemic and the ongoing Russia-Ukraine war.
It has promised to turn around the economic fortunes of the country after sealing a staff-level agreement with the IMF late last year, with hopes that funds from the US$3 billion facility will be released early this year.
The government is hamstrung by hurdles as it attempts to secure a deal with its Domestic Debt Exchange programme.
Organized labour successfully fought off plans to include pensions in the DDE; now individual bondholders are also rejecting plans to include them.
He has made hints that the NPP will soon respond to a seven-point list by NDC lawmaker Cassiel Ato Forson that blames the economic crisis on the government’s acts and inactions.
Ahiagbah justifies his assertions.
He claims that the NDC has refused to be up front with Ghanaians about its analysis of the causes of the nation’s current economic slump.
He is concerned that the party continues to deny the role that global factors play in the current challenges.
His views were contained in a tweet dated January 16, 2023. It read as follows:
“Will the NDC ever be honest with Ghanaians? Their continuous denial of the global factors impacting Ghana confirms why Ghanaians say the NDC is incompetent. A fuller response will be given soon to Hon. Ato Forson’s twisted reasons.”
Who Ahiagbah was responding to:
The NPP communications head was referring to a social media post over the weekend by former deputy minister of finance Cassiel Ato Forson, who outlined seven causes for the current economic challenges.
In his post, Ato Forson listed how the bloated size of government, especially within the executive and state-owned enterprises, had contributed to depleting government revenue and thereby threatened to tank the economy.
Background
Ghana had a torrid 2022 amid an economic crisis that forced the government to seek an International Monetary Fund (IMF) facility at a time when the cedi was rapidly depreciating, inflation was galloping, and the government was faced with multiple downgrades by rating agencies.
The government has repeatedly blamed the crisis partly on the aftershocks of the COVID pandemic and the ongoing Russia-Ukraine war.
It has promised to turn around the economic fortunes of the country after sealing a staff-level agreement with the IMF late last year, with hopes that funds from the US$3 billion facility will be released early this year.
The government is hamstrung by hurdles as it attempts to secure a deal with its Domestic Debt Exchange programme.
Organized labour successfully fought off plans to include pensions in the DDE; now individual bondholders are also rejecting plans to include them.
The MP in a tweet sighted by GhanaWeb opined that the ministry’s decision is not only unfair but one that is hard to defend.
“The Finance Minister (Ministry) must as a matter of urgency review ASAP its decision and resolution on individual bondholders. I don’t agree with them and I think it’s unfair and untenable!” he tweeted.
The comment by the MP comes on the back of a recent petition presented to parliament by a group of individual government bondholders.
The group has called on the legislature to intervene in their call on government to exclude individual bondholders from the debt exchange programme.
The bondholders are faced with limited time to sign up for the restructuring deal scheduled to expire on Monday, January 16, 2023.
According to the government, the aim of the programme is to make Ghana’s debt sustainable as a key component of securing a $3 billion loan deal with the International Monetary Fund.
He noted that the policy if not thought through could lead to the wiping of the middle class in the country.
“What we talking about is that many of these bondholders also belong to the middle class and that’s where the major worry is…If we are wiping away the middle class that could be dangerous, so we need to have some further dialogue on this. I’m not sure government takes interest and joy in suppressing anyone no government will have any joy in doing that,” he said.
“So government thinks that this is the best way forward, however even if it is, we need to engage, reflect and then move on and that will encourage some people who have some doubt to better appreciate where we are,” he stated.
According to the majority leader, the government, moving on with the programme with caution could spell doom for the country.
“Nothing can substitute for discussions, round table discussions and engagements wherever we find ourselves in. I think it’s important that we go back to the drawing table to have engagements with the major stakeholders.”
“As he said, all of us are in it. And if we don’t manage well, we’ve gone through this before, way back some 25, 30 years ago and repositioning was a major, major difficulty.”
“Today many people are coming on board and if this thing should happen, how do we build confidence and trust and reconstruct a new savings culture?” he said.
The majority leader was joined by the ranking member of Parliament’s Finance Committee, Cassiel Ato Forson when the petition was presented to the house.
The group of bondholders convened by Senyo Hosi was led by private legal practitioner, Martin Kpebu when they called on the house.
The country in recent times has landed itself in an economic downturn.
Presently, the country’s inflation stands at 54.1 percent, the cedi is currently appreciating against the major foreign currencies after a free fall in December last year.
Generally, there is a high cost of living.
The government is currently seeking a bailout from the International Monetary Fund (IMF).
Meanwhile, to sustain the country’s debts, government introduced a debt exchange programme, which has been widely rejected.
In a Facebook post on Saturday, the Ranking Member on Parliament’s Finance Committee, Dr Cassiel Ato Forson has enumerated reasons why he thinks the country “got into this economic mess.”
Find the 7 reasons below:
1. The NPP has the largest size of government in the history of Ghana! Find out how many ministers they’ve appointed from 2017. At one point, they had over 125 ministers!
2. This government has over 1,000 presidential staffers paid as article 71 office holders at the jubilee House!
3. They’ve also appointed soo many special assistants to ministers with emoluments close to that of deputy ministers at the various MDA’s.
Take also into consideration:
4. The number of spokespersons at various MDA’s paid above the pay of Directors!
5. The number of CEO’s at various State-owned Enterprises (SOEs) and their pay packages! Many of these SOEs now employ 3 or 4 deputy CEOs with fat conditions of service!
6. The impact of the Over 50 new agencies with zero output, eg. CODA, NADA, MBDA, free SHS secretariat, 1D1F secretariat, Petroleum Hub Development Authority, Ghana cares Secretariat, etc.
7. The unconscionable decision to send over 100 Databank staff to the Finance Ministry as special assistants and paid as customs commissioners on GRA’s payroll!
He responded to a Bloomberg article headlined “Why Ghana from Hero to Zero for Investors,” which was the source of his information.
According to Bloomberg, “Ghana, once an example of economic stability in Africa, has ceased to make interest payments on its foreign debt. How did things get so bad off course?
“Ghana is learning the hard way why oil can be a blessing and a curse. The onset of commercial crude production helped turn the West African nation into one of the continent’s top investment destinations but also prompted successive governments to borrow to the hilt. Skittish investors offloaded Ghana’s bonds and currency, the cedi, amid doubts over its ability to settle its debts.
“The concern proved to be well-founded: In December, the government caught bondholders by surprise by unilaterally suspending interest payments on its external debt ahead of restructuring talks aimed at pinning down a $3 billion loan from the International Monetary Fund,” it added.
Ghana has announced a debt exchange programme that is calling on domestic bondholders to exchange their bonds for fresh ones with new maturity dates.
The government also suspended debt payments for external debts. It is however seeking to get financial support from the International Monetary Fund. The government reached a staff-level agreement with the IMF awaiting approval from its board.
He thus questioned the timeliness of the information’s dissemination.
On December 25, 2022, Ato Forson posted on his Twitter account, “Folks,
According to this Ministry of Finance Press Release’s Point 3(v), the government has now included holders of domestic bonds in the domestic debt exchange!
“Not Surprising but why sneak it in on the eve of Christmas???” he asked.
The finance ministry said that the government was “expanding the type of investors that can participate in the Exchange to now include individual investors.”
It also added the setting of a non-binding target minimum level of overall participation of 80 percent of the aggregate principal amount outstanding of eligible bonds.
“Offering accrued and unpaid interest on eligible bonds, and a cash tender fee payment to holders of eligible bonds maturing in 2023,” the statement added.
Meanwhile, when the government announced the programme on December 5, 2022, it stated that individual bondholders and treasury bills were to be exempted from the programme.
But the Christmas eve statement said, “there would also be eight new instruments to the composition of the new bonds, for a total of 12 new bonds, one maturing each year starting January 2027 and ending January 2038.”
However, the ministry said the modifications would be set forth fully in an Amended and Restated Exchange Memorandum, expected to be published in the week of December 26, 2022.
“Conforming changes (including adding and modifying defined terms) in respect of the above amendments and modifications to cure ambiguity, omission, defect, error or inconsistency may be included in the Amended and Restated Exchange Memorandum,” the Ministry added in the release.
The government also announced an extension to the deadline for voluntary participation in the debt exchange programme to January 16, 2023, from the previous December 30.
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.
