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Tag: Chancellor

  • Dr. Orleans Lindsay becomes CCTU’s first chancellor

    Dr. Orleans Lindsay becomes CCTU’s first chancellor

    Executive Chairman of JL Holdings Ghana, Dr. Orleans Lindsay, has been officially inaugurated as the first Chancellor of Cape Coast Technical University (CCTU) in a landmark ceremony attended by government officials, dignitaries, and academic leaders.

    In his investiture speech, Dr. Lindsay expressed heartfelt gratitude to the CCTU community and the people of Cape Coast for their warm reception and support.

    He acknowledged the university’s challenges, including infrastructure gaps like student hostels, lecture halls, and recreational facilities, but assured the audience that with support from the government, alumni, and stakeholders, these issues would be addressed.

    Dr. Lindsay emphasized the role of CCTU under the Technical Universities Act of 2016 in advancing technical and vocational education, promoting innovation, and building industry partnerships.

    His leadership, he said, would align with the Sustainable Development Goals, focusing on quality education, economic growth, and innovation.

    “As the first Chancellor of this noble institution, I pledge to uphold the highest standards of academic excellence and ensure accessibility and affordability of our programs to all Ghanaians,” he said.

    The new Chancellor laid out plans to recruit top-tier faculty, develop relevant academic programs, and expand global partnerships. Drawing on his extensive business experience, Dr. Lindsay vowed to position CCTU as a leader in technological innovation and clean energy, establishing links with international institutions.

    He also expressed a strong commitment to entrepreneurship, aiming to equip students with skills that will foster self-reliance and contribute to the nation’s development. Dr. Lindsay spoke with confidence about the completion of the university’s 40th Anniversary Students’ Hostel and pledged to work with government and private sector partners to address the institution’s infrastructure deficits.

    Encouraging students to unlock their full potential, he called on alumni and stakeholders to support CCTU’s mission to become one of Africa’s top technical universities. Dr. Lindsay described his investiture as a turning point for CCTU, promising a “tremendous paradigm shift” that would propel the university to global prominence.

    Dr. Orleans Lindsay, known as one of Ghana’s leading business figures, has built a vast empire across sectors such as construction, beverages, security, and agriculture.

  • Russian leadership change is not our goal – German chancellor

    Russian leadership change is not our goal – German chancellor

    Germany is not seeking a change of government in Russia, German Chancellor Olaf Scholz has said, stressing his support for Baltic countries and Poland.

    Scholz spoke after arriving at a two-day European Union summit in Brussels.

    “Our goal here is not a change of government, a regime change in Russia,” Scholz said, adding that Germany is not party to what is happening in Russia.

    “Every attack on NATO territory is a matter to which we have to respond collectively,” Scholz said, stressing his support for the countries concerned.

  • Chancellor aiming for a sweetly struck shot

    Anyone keen on sport will say that you get the most success with good timing.

    A sweetly struck shot is more likely to hit the back of the net. Hit the ball clean out of the middle of the bat and it will fly away for four runs.

    So, today, watch for the chancellor’s timing on his key announcements.

    How long will the freeze on income tax thresholds last for? When will help with energy bills come to an end?

    There will be plenty of scrutiny about the timescale – especially bearing in mind an upcoming general election – as well as the measures themselves.

    Source: BBC

  • Hunt aiming to boost confidence with plan to tackle debt

    Paul Johnson, director of the Institute for Fiscal Studies, told the BBC that the Chancellor will want to provide reassurance after the turmoil that followed the mini budget in October.

    Interest rates rose on government debt and there was concern in foreign markets, he said.

    Johnson added: “What the Chancellor is really going to be aiming to do is to provide reassurance there and the way he’s going to try and provide reassurance is to say, ‘look, I’ve got this target, which is to make sure that debt isn’t ever rising and this is my plan for getting to that target’.”

    Source: BBC

  • There is now ‘very little stability’ for low income families, economist says

    Chancellor Jeremy Hunt’s emergency statement means there is “very little stability” for families on a low income, Rachelle Earwaker, senior economist at the Joseph Rowntree Foundation has said.

    Ms Earwaker told Sky News this morning that Mr Hunt yesterday chose to make “immediate” measures to bring security and stability to the markets but “no security and stability” had come to families on low incomes.

    “These are families who are trying desperately to get their essentials at the moment,” she said.

    “Trying to get food on their table. There is now no certainty that benefits will be uprated in April with inflation and come April as well, which is looking like a financial cliff edge for families, we don’t yet know what the energy support will be like for families.

    “So I would say there is very little stability there at the moment for lower-income families.”

    Asked what Mr Hunt needed to do in his Halloween fiscal update, she added: “The chancellor says that he is committed to making sure he is protecting the most vulnerable, and we absolutely need to see that benefits will be uprated in April in line with inflation.

    “If not, hundreds of pounds will be cut from the budgets of families, and they will certainly not be able to afford essentials going forward.”

    Ms Earwaker went on to say the government had a “range of tough decisions coming up” and needed to be careful that if public service cuts were to happen it would not affect the most vulnerable in society.

    Source: Skynews.com

  • Jeremy Hunt to meet Liz Truss at Chequers to discuss economic plans

    Prime Minister Liz Truss and Chancellor Jeremy Hunt will meet at Chequers today in an effort to restore the government’s economic confidence.
    Mr Hunt, who took over for Kwasi Kwarteng, stated in a statement that his priority was growth “underpinned by stability.”

    He warned of possible tax rises and savings in public spending, saying the mini-budget went “too far, too fast”.

    Pressure is growing on Ms Truss, with reports that a group of Conservative MPs is seeking to remove her as PM.

    According to former Home Office special adviser Mo Hussein, there are “definitely moves afoot behind the scenes”.

    “People have been organised, some of the bigger names are getting their supporters in line,” he told BBC Breakfast, adding that the next few days would be tumultuous.

    Talks of plans to oust Ms Truss come amid a series of interviews with her new right-hand man on Saturday.

    Mr Hunt signalled a shift away from Ms Truss’s tax-cutting agenda and indicated he would reverse some of the key pledges made by his predecessor Mr Kwarteng, who was sacked on Friday.

    He said this was necessary to ensure stability in the financial markets.

    “Taxes are not going to come down by as much as people hoped, and some taxes will have to go up,” the chancellor told BBC Radio 4’s Today programme. “I’m asking all government departments to find additional efficiency savings.”

    It comes as the Times reported that Mr Hunt planned to delay by a year a 1p cut to the basic income tax rate – a flagship part of the 23 September mini-budget.

    However, the Treasury has so far refused to confirm the report, with a spokesman saying: “We cannot speculate on any tax changes outside of a fiscal event.”

    A view of Chequers, the official country residence of the prime minister
    IMAGE SOURCE, REUTERS Image caption, Truss and Hunt are meeting at Chequers, the official country residence of the prime minister

    Mr Hunt is due to outline the government’s refreshed economic plan in a statement on 31 October, a task his predecessor was building up to following the aftermath of his mini-budget.

    In his latest statement, released on Saturday night, Mr Hunt said: “My focus is on growth underpinned by stability. The drive on growing the economy is right – it means more people can get good jobs, new businesses can thrive and we can secure world-class public services. But we went too far, too fast.

    He also said he intended to be “honest with people” about the “very difficult decisions” that had to be made “both on spending and on tax to get debt falling”.

    “I will set out clear and robust plans to make sure government spending is as efficient as possible, ensure taxpayer money is well spent and that we have rigorous control over our public finances,” Mr Hunt added.

    Meanwhile, the PM’s authority has come under increasing pressure – with some Tory MPs telling the BBC’s Laura Kuenssberg Mr Hunt’s appointment means Ms Truss is “in office, but not really in power”.

    The prime minister’s hopes of survival could hinge on what she and her chancellor decide over the next two weeks.

    There will be a budget at the end of the month that needs to convince financial markets and prove politically palatable to a fuming, mutinous Tory party.

    Today’s meeting at the prime minister’s country residence is their first chance to have detailed discussions about the government’s new fiscal plan – which is expected to junk the tax-cutting agenda Liz Truss promised during the Tory leadership contest.

    Jeremy Hunt has been clear that nothing is off the table and that tax rises and spending cuts will be needed. But many Conservative MPs are furious Liz Truss has led the government into this chaos and are talking privately about trying to turf her out.

    One former minister predicted Ms Truss would be gone within weeks – but for now, she limps on, hoping the current turmoil subsides.

    The imminent talks come as Andrew Bailey, the governor of the Bank of England, warned that interest rates may need to be raised higher than previously expected in order to keep UK inflation under control.

    “As things stand today, my best guess is that inflationary pressures will require a stronger response than we perhaps thought in August,” Mr Bailey said in Washington, less than three weeks before the Bank’s monetary policy committee is due to meet.

    Turning to his initial conversations with the new chancellor, Mr Bailey described an “immediate meeting of minds on the importance of stability and sustainability”.

    Elsewhere in the US, President Joe Biden weighed in on the political situation in the UK, saying he “wasn’t the only one that thought it was a mistake” when asked about Ms Truss’s original economic plan.

    He called the outcome “predictable” but said, while he disagreed with the prime minister’s policies, it was up to the British people.

    Mr Biden also dismissed concerns about the strength of the dollar. “The problem is the lack of economic growth and sound policy in other countries,” he told a White House pool reporter.

    Following the mini-budget, the pound plummeted to a record low against the dollar and the cost of government borrowing climbed as markets reacted to the package – which was not accompanied by an official assessment of how the UK economy would perform.

     

  • ‘Trussonomics’ is no more

    Just three weeks after the phrase was coined, so-called Trussonomics is no more.

    Liz Truss’s ambitious plan for a high-growth, high-wage, low-tax economy didn’t even get off the launch pad. The new Chancellor Jeremy Hunt concedes that mistakes were made in how it was delivered.

    In a remarkably frank interview with BBC Radio 4’s Today programme this morning, he admitted there would be difficult decisions ahead.

    Some taxes would now go up, he said, and others may not come down as quickly as people want.

    Spending will not rise as fast as previously planned. Hunt will now ask all government departments to look for efficiency savings – and said even health and defence are not immune.

    He also admitted that “flying blind” was another big error. That was a reference to the failure of his predecessor to submit his plan to be stress-tested by the independent Office for Budget Responsibility (OBR) to make sure the sums added up.

    The reaction from the business world has been mixed. One investment fund manager described the reversal in policy as a turning point and described Jeremy Hunt as someone the markets could trust.

    But the chairman of supermarket giant Asda, Lord Stuart Rose, described Liz Truss as a “busted flush”, who in his view cannot bring stability to the economy.

    The judgment from the markets will come when they re-open at 08:00 on Monday. It will be the first working day since the Bank of England stopped buying government bonds to try and stabilise the pension market. The price of government borrowing was already creeping up again at close-of-play on Friday.

    Jeremy Hunt said he had been given a clean slate to re-work the mini-budget. He now has two weeks to make the figures work before delivering his economic plan on 31 October.

    DISCLAIMER: Independentghana.com will not be liable for any inaccuracies contained in this article. The views expressed in the article are solely those of the author and do not reflect those of The Independent Ghana

    Source: Sky news

     

  • ‘I have accepted’ – Kwasi Kwarteng’s emotional statement after his sack

    Kwasi Kwarteng has written to the Prime Minister of the UK, Liz Truss, indicating that he has accepted her decision to sack him.

    The outgoing Chancellor of the Exchequer of the United Kingdom was at post for only six (6) weeks, making him only second in the history of the country to have served this briefly in the office.

    In an earlier report by the BBC, it said that Kwasi Kwarteng’s sacking was influenced from a mini-budget he presented that has since sparked financial turmoil and revolt from Conservative Members of Parliament.

    In a response to the news, the British-born Ghanaian politician said that even before taking up the job, he knew he could not tow the lines of those before him, thereby the need to adopt more drastic approaches.

    Accepting the decision, he added that he knew the country’s fight against its current difficult economic challenges would be a tough one.

    “You have asked me to stand aside as your Chancellor. I have accepted.

    “When you asked me to serve as your Chancellor, I did so in full knowledge that the situation we faced was incredibly difficult, with rising global interest rates and energy prices. However, your vision of optimism, growth and change was right.

    “As I have said many times in the past weeks, following the status quo was simply not an option,” he wrote in a statement.

    Kwasi Kwarteng also explained that while the challenges exist, he is optimistic in the vision of the Prime Minister, knowing too from many years of friendship with her that she is making the right decision.

    “For too long this country has been dogged by low growth rates and high taxation – that must still change if this country is to succeed.

    “The economic environment has changed rapidly since we set out the Growth Plan on September 23. In response, together with the Bank of England and excellent officials at the Treasury we have responded to those events, and I commend my officials for their dedication.

    “It is important now as we move forward to emphasise your government’s commitment to fiscal discipline. The Medium-Term Fiscal Plan is crucial to this end, and I look forward to supporting you and my successor to achieve that from the backbenches.

    “We have been colleagues and friends for many years. In that time, I have seen your dedication and determination. I believe your vision is the right one. It has been an honour to serve as your first Chancellor,” he wrote.

    Kwasi Kwarteng’s six-week tenure as the Chancellor of the Exchequer of the UK has been dogged with a few major incidences, including the British press calling him out for smiling during the funeral of Queen Elizabeth II.

    Kwasi Kwarteng became the first black person to become UK’s Chancellor of the Exchequer (Finance Minister) following his appointment by UK Prime Minister, Liz Truss, on September 6, 2022.

    Kwarteng was born Akwasi Addo Alfred Kwarteng in Waltham Forest, East London, in May 1975 to Ghanaian parents, Alfred and Charlotte, who had both immigrated to the United Kingdom a decade earlier as students.

    His parents, who went on to become an international economist and a barrister respectively, sent him to an expensive private prep school that produced numerous Cabinet-level politicians. He then attended the famous Eton college – a production line for British leaders including Boris Johnson and David Cameron.

  • Cabinet minister warns ‘it’s not going to last’ as Truss’s premiership in deep trouble

    Be in absolutely no doubt, the prime minister is in deep trouble.

    She has sacked her chancellor, committed a second major U-turn on her mini-budget, and junked the core of her economic policy.

    And she did so, awkwardly and uncomfortably, in no more than 8 minutes.

    In an excruciating new conference – so short that the gathered political press pack were left open-mouthed as she departed – Liz Truss made her already perilous political position even worse.

    The aim of this breakneck change in direction was to attempt to calm markets and her Conservative colleagues, but instead, she left huge questions unanswered.

    It’s worth underlining the significance of what the prime minister just announced.

    First, on policy, she has buckled and reversed her position on corporation tax. She will now go ahead with the increase proposed by her leadership rival, Rishi Sunak.

    During the contest to replace Boris Johnson as Tory leader, Ms Truss had said increasing the rate from 19% to 25% next April would “put off people who want to invest in Britain” and amount to “cutting off our nose to spite our face.”

    It was a significant part of the platform on which she was elected Tory leader, now humiliatingly discarded in order to bring in around £18 billion to fill the black hole left by last month’s mini-budget.

    She said it was a “down payment” on the medium-term fiscal plan due to be set out on 31 October – a signal to the markets that she’s prepared to make more reversals if necessary.

    Does she still believe it will put people off investing? We don’t know because she didn’t stick around at the news conference long enough to be asked.

    On the sacking of Kwasi Kwarteng as chancellor, she expressed her sorrow – but again, did not answer the obvious question about how she can possibly justify his departure without her own.

    The chancellor, who was supposed to be one of her closest political friends, was also humiliatingly discarded – along with the government’s radical economic mission for which she had asked him to lead the charge.

    The way in which the prime minister delivered this news really matters. Not just because of the lack of scrutiny that came from only taking four questions and barely engaging with them in the answers – but because her party, and indeed the markets, will have been watching to see how she handled the situation.

    That news conference was not just about communicating with the public. The messages I received from Conservative MPs ahead of the news conference made clear that she needed to put in a really strong, reassuring performance.

    Their fears are that she is out of her depth. They want to see that she can handle being prime minister. And the early signs are that her performance today failed on both fronts.

    One MP has messaged me saying that it was “shockingly bad”, even by Liz Truss’s standards.

    Jeremy Hunt’s installation as the new chancellor may be intended to show the ship is being steadied – that someone with deep experience in government is at the helm of the economy and that markets do not need to fear further surprises.

    But power flows from Number 10. The prime minister is the head of government.

    The prime minister is the person who must command the confidence of the Commons if they are to remain in post.

    This prime minister looks out of her depth. “It’s not going to last,” is how one cabinet minister put it to me.

    DISCLAIMER: Independentghana.com will not be liable for any inaccuracies contained in this article. The views expressed in the article are solely those of the author’s, and do not reflect those of The Independent Ghana 

    Source: Skynews, political editor,Beth Rigby

     

  • Ofori-Atta trends on social media after UK fired Kwasi Kwarteng

    The calls for the sacking of Ghana’s Finance Minister, Ken Ofori-Atta, have reignited following the sacking of the UK’s Finance Minister, Kwasi Kwarteng, early on Friday.

    The UK’s Chancellor of Exchequer was sacked by British Prime Minister Liz Truss on Friday, October 14, 2022, after just six weeks of his appointment.

    His dismissal has largely been attributed to the performance of the British economy over the last few weeks and the failure of his mini-budget to result in a positive impact.

    The announcement of his sacking has seen several Ghanaians take to social media to demand the sacking of Ghana’s finance minister.

    Ken Ofori-Atta has been the subject of some critics calling for the heads of some officials in the current government.

    The calls are largely grounded in the current performance of the Ghanaian economy and the current economic hardship.

    See some social media reactions below:

    Stop bothering yourself, fellow Ghanaians. @NAkufoAddo won’t learn from the UK. Tweaa!! Ken Ofori Atta means more to him, personally, than the good of Ghana & your welfare. Nepotism! Corruption! Clueless! Incompetent!

    — S. Xoese Dogbe (@StanDogbe) October 14, 2022

    Let’s head roll in Ghana…Kwasi Kwarteng didn’t exhibit a quarter of Bawumia and Ken Ofori-Atta incompetence but he’s been sacked…what is @NAkufoAddo waiting for to sack his Finance Minister and @MBawumia as head of EMT??? pic.twitter.com/05wrrTgkmB

    — #FixTheEconomy @Ghana4LIFE (@Ndc4L) October 14, 2022

    Them sack Kwasi Kwarteng in less than 6 weeks but Ofori-Atta is in his 6th year as our Finance Minister.???????????????????? pic.twitter.com/bwgIOkMMKC

    — MR MAÑ (@OmHene) October 14, 2022

    You see difference in Ghana n UK? Kwasi Kwarteng came in and within a month or so of incompetence he’s fired by Liz Truss! Bawumia and Ken Ofori Atta have been incompetent for 6 years now and they are still at post! And you want Ghana to develop? Nana Addo Danquah Akufo-Addo why?

    — Is RAYOE in your playlist?!❤️???? (@GhanaSocialU) October 14, 2022

    Kwasi Kwarteng sacked in less than 7 weeks being appointed as Finance Minister in the UK but Ken Ofori Atta is still the Finance Minister in this economic woes for 6 years?
    Clearly, Ghana’s Presidency doesn’t have serious goals.

    — Yuri (@nana_amprofi) October 14, 2022

    Ken Ofori Atta should be sucked too.

    — Coolest KiD In Africa ????. (@E_MENS_3) October 14, 2022

    In UK Kwesi Kwarteng has been sacked after 40 days as chancellor while in Ghana Ken Ofori Atta still maintains power after almost 6 yrs with more than 120% cedi depreciation.. ???? ????

    Make it make sense

    — NanaKay????️???? (@NKM_Global) October 14, 2022

    The system in UK functions very well and effectively. In other news, Ken Ofori-Atta is still Ghana’s Finance Minister.
    When we say life no balance, this is what we mean pic.twitter.com/Y4hwyy04et

    — Kweku Baako J. (@Baakojeremiahg1) October 14, 2022

    Kwesi Kwarteng has been sacked as chancellor while in Ghana, Ken Ofori-Atta is still at post for sinking our economy. The difference is huge!!!

    — aqcosua* (@aqcosua) October 14, 2022

    Kwasi Kwarteng hasn’t done a fraction of the damage Ken Ofori-Atta has caused the Ghanaian economy but he gets to be sacked and Ken is showered with praises from his family member, President H.E @NAkufoAddo as Ghanaians languish in more pain.

    Sad — no justice in the world. ????????

    — Kwame Gabby Emu Ye ???????? ???????? (@KwameEmuYe) October 14, 2022

    A lady Liz Truss even have the balls sack her chancellor for non performance and we have Akufo Addo always applauding Ken Ofori Atta when the cedi is now 12.10 to a dollar

    — z ε K Ⓐ y-V!bes  (@zekayvibes) October 14, 2022

    The biggest disrespect this Akufo-Addo government has handed to us is still keeping Ken Ofori Atta as Finance Minister after after all this mess. Hmm

    — Mr. Algebra (@musqoo_official) October 14, 2022

    Ken Ofori Atta will go down as the worst finance minister in history of @MoF_Ghana . Such a clueless man pic.twitter.com/nhF2evDAbN

    — JACOB SANKARA ???????? (@jake_ami2) October 14, 2022

    Kwasi Kwarteng should come and replace Ken Ofori-Atta in Ghana ????????

    — Ohemaa????????Yaa Black???????? (@OhemaaYaaBlack) October 14, 2022

  • Truss asked about ‘trashing’ Tories’ reputation

    Finally, Truss is asked about comments from former Chancellor Philip Hammond who told the BBC earlier that she has “trashed” the Tory Party’s reputation.

    She is asked by ITV’S Robert Peston if she will apologise to her party.

    Truss responds that she is determined to deliver on what she set out when she campaigned to be party leader.

    She says the UK needs to have a high-growth economy but recognises the “difficult issues” facing the country.

    It was right in the national interest to make the decisions she has announced today, she adds.

    And with that she ends the conference, saying “thank you very much”.

    Source: Skynews

     

  • PM ‘incredibly sorry’ to lose Kwarteng – but Hunt is ‘experienced and widely respected’

    PM Liz Truss says she met the “former chancellor” Kwasi Kwateng today. 

    “I was incredibly sorry to lose him,” she says.

    “He is a great friend and he shares my vision to set this country on the path to growth. Today, I have asked Jeremy Hunt to become the new chancellor. He’s one of the most experienced and widely respected government ministers and parliamentarians, and he shares my convictions and ambitions for our country.

    “He will deliver the medium-term fiscal plan at the end of this month. He will see through the support we are providing to help families and businesses, including our energy price guarantee.

    “That’s protecting people from higher energy bills this winter. And he will drive our mission to go for growth, including taking forward the supply-side reforms that our country needs. We owe it to the next generation to improve our economic performance, to deliver higher wages, new jobs, and better public services, and to ease the burden of debt.

    “I have acted decisively today because my priority is ensuring our country’s economic stability as prime minister.”

    Source: Skynews

     

  • Bawumia: Choosing Addo Kufuor as KsTU chancellor right decision

    Bawumia is optimistic KsTU can tap into Addo Kufuor’s diverse and rich experience to become an enviable educational institution in Ghana.

    Vice-President Mahamudu Bawumia has described the selection of Dr Kwame Addo Kufuor, a former Minister of Defence, as the first chancellor for the Kumasi Technical University (KsTU) as a step in the right direction.

    Bawumia is optimistic KsTU can tap into Addo Kufuor’s diverse and rich experience to become an enviable educational institution in Ghana.

    In a Facebook post, Bawumia congratulated him in his new role.

    Addo Kufour and Dr Mahamudu Bawumia
    Addo Kufour and Dr Mahamudu Bawumia

    “I joined H.E John Agyekum Kufuor and other dignitaries for the investiture of Dr. Kwame Addo Kufuor as the first Chancellor of Kumasi Technical University.

    “I commended the authorities of the University, for the excellent choice of a distinguished person, one who is also happily a firm believer in academic freedom. I am sure that the University will feel the added benefit of his diverse and rich experiences,” he posted on Facebook.
    He added: “Dr. Kwame Addo Kufuor has a brilliant mind, is a high academic and professional achiever, and a statesman. Most importantly he is a man of utmost integrity. Kumasi Technical University could not have chosen a better person as its first Chancellor.”
    “Congratulations to Dr. Kwame Addo Kufuor. I wish you the very best in your stewardship of Kumasi Technical University. May God continue to bless you. You inspire all of us,” he added.