Vice-President Dr Mahamudu Bawumia has stated that some analysts and commentators have misinterpreted Ghana’s stated policy of using gold reserves to pay for oil as an attempt by Ghana to move away from the US dollar for international transactions.
Speaking at the 2022 AGI Awards in Accra, Dr Bawumia noted that on the contrary, Ghana’s gold for oil programme will give Ghana the space to accumulate more international reserves as the country will save the $3 billion it spends on oil imports.
He further stated that the use of gold was specifically for oil imports in the face of declining foreign exchange reserves.
“Unfortunately some people have misinterpreted this as Ghana being against the use of the US dollar in international transactions. Far from it. We want to accumulate more US dollar reserves in the future”, the Vice President noted.
Vice President Bawumia noted that a major source of cedi depreciation has been the demand for forex to finance our import of oil products and to address this challenge, Government, he said, is negotiating a new policy regime where sustainably mined gold will be used to buy oil products.
”If we implement the gold for oil policy as it as envisioned, it will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency with its associated increases in fuel, electricity, water, transport and food prices.”
This, he noted, is because the exchange rate (spot or forward) will no longer directly enter the formula for the determination of fuel or utility prices since all the domestic sellers of fuel will no longer need foreign exchange to import oil products,” Dr. Bawumia said.
Founder of the Glorious Word Power Ministries International, Rev. Isaac Owusu Bempah, was spotted at a well-attended and high-profile book launch in Accra last week.
The book in question was ‘The BitterSweet Pill of Politics,’ a book authored by Ama Bame Busia, a former Vice Chair of the New Patriotic Party (NPP) and a one-time Council of State member.
Bempah, known as the Nation’s Prophet, was spotted at the event spotting a rather casual look. He wore a multicoloured long sleeved shirt with black trousers and brown sneakers with dark shades.
Photos on the Facebook handle of Second Lady Samira Bawumia showed that among other dignitarie present were: her husband Mahamudu Bawumia, former president John Agyekum Kufuor and First Lady Rebecca Akufo-Addo.
Also in attendance was Prof Jane Naana Opoku Agyemang, Madam Joyce Aryee, Chief of Staff Cecilia Abena Dapaah.
Mrs. Bawumia’s post was captioned as follows: “Last night, “The Bittersweet Pill of Politics” a memoir authored by Auntie Amma Bame Busia, sister to Prof. K.A Busia (former Prime Minister of Ghana) was launched by Dr. Mahamudu Bawumia.
“The event was chaired by Former President Kuffour, under whose tenure she served as member of Council of State. The book, which promises an interesting read, chronicles her journey and experiences through Ghana’s political history from the 1940s till the mid 2000s.”
In response to the emergence of extremism in the West African sub-region, the Ghana, Cote d’Ivoire, Togo, and Benin governments secured a $450 million multi-country credit facility project called the SOCO Project from the World Bank. The project aims to improve facilities and security in the northern regions and border towns of the four West African nations.
The government claims that more Ghanaians will be able to use the service as a result.
Launching the project in Bolgatanga on Friday November 25, 2022, Vice President Bawumia revealed that out of the total amount of $450m facility, the Government of Ghana has secured US $150Million to implement the Project in forty-eight (48) Metropolitan, Municipal and District Assemblies (MMDAs) in six regions of the country, distributed as follows: Northern – eight (8) District Assemblies, North East – six (6) District Assemblies , Upper East – all the fifteen (15) District Assemblies, Upper West – all the eleven (11) District Assemblies , Savannah – four (4) District Assemblies and Oti – four (4) District Assemblies.
Dr. Bawumia described the project as “a very important and timely intervention aimed at addressing some key emerging and recurring challenges in the northern part of Ghana.”
“The Project has been conceived and designed to address the effects of the spill over of conflicts and extremism from the Sahel Region; reduce vulnerability because of exposure to the impacts of climate change; strengthen local institutions; improve economic opportunities and build public trust,” he added.
“This is very significant as countries all over the world are pursuing strategies to address these challenges in view of the anticipated worsening of the situation if the necessary interventions are not promptly instituted,” said the Vice President.
“The project as conceptualised, takes cognisance of regional perspectives and impact of the issues that are common to the four countries, whilst enabling country led actions that respond to local needs. It also leverages experience sharing on prevention of the spill over effects from the Sahel, fragilities, climate-related risks in the four (4) participating Gulf of Guinea countries, as well as, conflict prevention by the affected countries,” he added.
The project will also prioritise the needs of communities and strengthen local institutions to give the citizenry, especially the vulnerable, a voice to take part, influence and play a vital role in prioritising local development investments, as well as, promote social cohesion and build trust in their communities.
For almost a decade, the living conditions of over sixteen million people living in the northern parts of Benin, Côte d’Ivoire, Ghana, and Togo have been threatened by the spread of conflict from the Sahel, which has led to increased vulnerability to the impact of climate change.
The Vice President of Ghana, Dr Mahamudu Bawumia, has urged the Black Stars to represent the country well when they take to the field in the 2022 FIFA World Cup.
The Black Stars are making a return to the world stage after being absent from the last edition which was held in Russia four years ago.
Ghana’s first game of the tournament being staged in Qatar is set for Thursday, November 24, against Portugal at the Stadium 974.
Ahead of the game, Bawumia has urged Otto Addo’s men to give their all without intimidation.
“The moment has come for the Black Stars to take on the World,” he said in a video on social media where he showed his skillset.
“We have a group of talented players who have been selected and they cannot be intimidated by anyone
Go Black Stars Go❗️🇬🇭
Vice President @MBawumia gives his support to the Black Stars as they look to face Portugal in their group opener.
“I want to urge the Black Stars to go on and play their hearts out for Mother Ghana. We can stand the world. We have done it before and we can do it again.
“They should go out and emulate the historic deeds of their predecessors. God bless you all. You can do it.
“Go! Ghana! Go! Go! Black Stars! Go,” he ended.
Ghana’s first game is scheduled for a 16:00 GMT kickoff on Thursday with games against South Korea and Uruguay to follow.
“It is impossible to exaggerate the advantages of collaboration between the public and commercial sectors. The National Development Planning Commission’s Chairman, Professor Yaw Gyan Baffour, read the speech he delivered in his place. “There is a very long list of instances and impacts of safe partnerships, but the most practical example of this is the joint response of both parties in the pandemic,” he said (NDPC).
He was speaking at the 6th edition of the Sustainability and Social Investment (SSI) Awards, an award scheme that honours individuals and businesses for their consistent investments in socially responsible programmes which have impacted and continue to impact society. The Vice President was honoured as the SSI Disruptive Digital Pioneer. His award was picked up by Prof. Gyan-Baffour.
“As we speak, global temperatures have risen by 1.8 degrees or 1 degree centigrade between 1901 and 2020; and the rise in global sea level has accelerated from 1.7 millimetres a year throughout most of the 20th century to 3.2 millimetres a year since 1993. The amount of carbon dioxide in the atmosphere has risen by 25 percent since 1958, and about 40 percent since the Industrial Revolution,” he said.
But he believes that just as humanity came together to fight a pandemic, such collaboration between private and public can easily help mitigate against the climate change impact as is being already felt.
“It was a sharing of other resources, including time and strategies, which brought out the best in us at a time when humanity was most under attack. It is evident in my mind, and I trust in yours as well, that if we are to truly witness meaningful transformation in this regard (climate action), then we will need the private and public sectors to once again collaborate extensively,” he said.
He has urged Ghanaians to believe that the country’s economic woes will end.
He asserts that the government will ensure that the economy recovers by acting with renewed boldness and hope in God.
Speaking during the Our Lady of Mercy Catholic Church’s 70th anniversary celebration in Tema Community 1, Bawumia cited Isaiah 40:31 from the Bible to buttress his point.
He conceded that Ghana is going through economic difficulties but assured that “we will ride this storm”.
Meanwhile, President Nana Addo Dankwa Aufo-Addo said there are engagements ongoing with relevant institutions and agencies as part of measures to address the current economic adversity.
Nana Addo in his address to congregants at the Presbyterian Church of Ghana Akyem Abuakwa Presbytery on the occasion of the Centenary Thanksgiving Service and Dedication of Centenary Complex in Kyebi stated that he is not disturbed by utterances by his critics and is focused on measures being adopted by his government to change the economic fortunes of the country.
He charged Ghanaians to keep rallying support, praying, and continue keeping faith in him to out-turn the current economic hardship in the country.
Vice President Alhaji Dr Mahamudu Bawumia has given yet another hope to Ghanaians that the current economic crisis will be turned around by the government.
Quoting Isaiah 40:31 from the Holy Bible, the Vice President said the government with renewed strength and hope in the Lord will ensure that the economy bounces back.
“As children of God, there will always be moments of hopelessness, despair, doubt, fear and uncertainty but our hope in God is always our source of strength and the motivation in these periods,” he said.
The Vice President gave the assurance while speaking at the 70th anniversary celebration of Our Lady of Mercy Catholic Church in Tema Community 1.
He conceded that Ghana is going through economic difficulties but assured that “we will ride this storm”.
“As your government, we do recognise the difficulties and uncertainty we are experiencing in our country but with renewed strength and hope in the word of the Lord, we are forever confident that we will ride this storm and turn things around to the glory of our Lord.”
A leading member of the ruling New Patriotic Party, Nana Obiri Boahen is wondering how Ghanaians will be able to enjoy the upcoming Christmas festive season amidst the current economic hardship.
In an interview on Okay FM’s morning show Ade Akye Abia, the former NPP Deputy General Secretary bemoaned the recent spike in prices of goods and services citing the current price of locally distilled gin, Akpeteshie as an example.
“I am not a person who likes to politicise issues but the bottom line is that prices of goods are shooting up and we are compelled to ask ourselves if we will be able to celebrate the Christmas. Do you know akpeteshie which used to be cheap is now selling at GH¢4 per tot? Now a full bottle of akpeteshie is going for GH¢25.
“It shows how prices of every item has shot up and it is very alarming. We need to accept the reality,” he added.
Despite the admission by Mr Obiri Boahen, the NPP stalwart expressed confidence that his party will maintain power in 2024 when Ghana goes to the polls.
Obiri Boahen who has openly endorsed Vice President Dr. Mahamudu Bawumia to succeed President Nana Addo Dankwa Akufo-Addo noted that his preferred candidate will by all means win the party’s upcoming flagbearership race and go ahead to win the national elections despite the current state of the economy.
“But that notwithstanding my inner self tells me that Dr Bawumia will win,” he said.
Ghana in recent months has been plunged into harsh economic difficulty with a rise in fuel prices and daily rise in inflation.
Some analysts say the current situation has the potential to affect the chances of the ruling party in the 2024 elections.
However, elements within the NPP believe the party still stands a chance to maintain power.
Vice President Dr. Mahamudu Bawumia used a joint in Cantonments to purchase waakye as a way to illustrate how to use the QR Code technology.
He advised all business owners, both formal and informal, to adopt the QR system.
“We are here to formally unveil the Ghana Quick Response Code technology, or simply the QR Code.
We are solving a significant issue here in Ghana, and today is historic because Ghana will be the first African nation to introduce a QR Code payment system. In addition, we are, as far as I’m aware, the third nation in the world to implement a Universal Quick Response System, following Singapore and India, the Vice-President said.
Vice-President Dr. Mahamudu Bawumia has urged all merchants in the informal and formal sectors to acquire and start using the all-new, all-inclusive Universal Quick Response Code (QR Code) system developed for Ghana, as part of efforts by the Akufo-Addo government, to migrate the economy from a cash-based one to a cash-lite one.
Outdooring the QR Code at Auntie Muni’s, a popular waakye joint within the Cantonments on Thursday, 19 November 2020, Dr. Bawumia said the system is so flexible and easy to use for everybody to receive or pay for anything electronically.
“We are here to formally outdoor the Ghana Quick Response Code system or the QR Code, as it is known for short. It’s a very very historic day because we are solving a major problem here in Ghana and it is historic because Ghana will be the first country in Africa, to launch a QR Code payment system; and not only are we the first in Africa, we are also, as far as I’m aware, the third country in the world to do a Universal Quick Response System after Singapore and India”, the Vice-President said.
According to him, even the QR Codes systems of Singapore and India “only cater for bank customers” but “Ghana’s QR Code system will cater for both bank and non-bank customers”, explaining: “That is those who use mobile money as well as have bank accounts”.
“So, in this regard, Ghana’s QR Code system is unique and it is the first of its kind in the world and, so, we have to be rightfully proud as Ghanaians that we have a technology to solve a problem that exists in our society but in doing so, we are really leading the world in this manner and, so, I am very proud here and it has taken collaborative effort”, Dr. Bawumia noted.
He said: “We just didn’t wake up and find a Universal QR Code in Ghana. The Ministry of Communication has been critical; the Bank of Ghana, GhIPPS, banks, telcos, fintech – this is what is so unique about the Ghana story; it’s very very unique that we have had collaboration from all these stakeholders and we’ve been able to actually come up with this Universal QR Code”.
Explain its function, Dr. Bawumia said: “A QR Code, essentially, allows merchants or all people who receive payments, to receive the payments on their mobile phones. So, if you go, you can pay using your mobile phone; the merchant can receive the payment using the mobile phone, instantly”.
“So, you scan the QR Code, and then you can confirm that this is the merchant and I’m paying this amount to the merchant, so, it’s very secure in that regard; it is very convenient”, he observed, adding: “We are solving a problem that has been with us practically since independence: we’re a cash-based economy and a cash-based economy is a very inefficient economy and we are cash-based because so many people are excluded from the financial system, so, we do a lot of financial transactions through cash, which means robberies can take place, as people carry cash around”, Dr. Bawumia noted.
“In this COVID environment, in fact, one of the ways you transmit the virus is by handling things like cash; e-commerce, too, doesn’t develop if you have a cash-based economy, so, we have been thinking, since we’ve been in office, of how to solve this problem: how do we move Ghana from this cash-based economy to an electronic payment-based economy?”
“We have attacked this problem in two ways: first of all, we’ve implemented mobile money interoperability – the best of its kind that we’ve implemented, so, you have interoperability between bank accounts, mobile wallets, and e-zwich accounts. No other country has been able to do this in the world; and then beyond this, we’ve brought in the QR Code, which is riding on the real-time rails that we have with the mobile money interoperability and Ghana Instant Pay System (GhIPPS Instant Pay).
“So, we are solving this problem, saying that: OK, if you are a merchant, any type of merchant or even if you’re a shoeshine boy or a trotro operator, one of the problems of going electronic is that the infrastructure, most merchants don’t have or cannot afford a point-of-sale device, it’s very expensive for small merchants to maintain; you pay fees and so on and it’s very cumbersome and, so, if you are a small merchant, a QR Code for a small merchant means all payments go directly into your bank account or into your mobile money wallet right there, so, you don’t need to be carrying that cash”.
“And, for anybody who uses the QR Code to make a payment, it’s free; you don’t pay any fee. The merchant is also not charging any fee and anybody can set up a QR Code for just around 50p.
“If you are a merchant and you need the QR Code, you can talk to your provider, being the bank, telcos, or whatever and for just around 50p, you can set it up. So, if you’re a waakye seller or koko seller or trotro operator, a church or mosque or school or utility provider, or a shoeshine boy, you can have a QR Code.
“If you’re organizing a funeral and you want to get donations electronically, you can put the QR Code on the invitation or the brochure, and people can just scan it and pay donations straight to you. You don’t need to carry bankers to your funeral to collect cash. So, it’s so versatile, available for everybody to use”, Dr. Bawumia explained.
Dr. Bawumia used it to buy some waakye to demonstrate how it works.
To him, the coming into effect of the QR Code system “is very bad news for armed robbers”, since a lot of transactions would be done electronically now.
The Tamale Central MP demands a thorough investigation be launched into the situation, arguing that it is insufficient to revoke Charles Adu Boahen’s appointment as the Minister of State in the Ministry of Finance.
He says investigations should be conducted on everyone named in the undercover program, including the Vice President.
“The hasty attempt to clear himself won’t work. He said on GHOne TV, “The Vice President is not above being examined.
This comes after the Secretary to the President, upon the directions of the President, referred to the Office of the Special Prosecutor for further investigations, allegations contained in the investigative exposé published by Anas Aremeyaw Anas’ Tiger Eye P.I. titled “Galamsey Economy”.
Charles Adu Boahen, Minister of State in charge of Finance at the Office of the President, captured in an undercover documentary, revealed to Tiger Eye that the Vice President, Dr Mahamadu Bawumia, needs just USD200,000 token as an appearance fee and some positions by an investor for the Vice President’s siblings to get his backing and influence in establishing a business in Ghana.
This revelation was made in a meeting with Tiger Eye investigators, who in an undercover investigation, posed as businessmen, in a hotel room in the United Arab Emirates. This was an investigation into top-level corruption that undermines investor confidence in Ghana.
According to Charles Adu Boahen, the Vice President needs an appearance fee of only USD 200,000 for him to avail himself and offer his support to an investor.
This was when he was asked by the supposed businessmen on how an investor can get the attention of the Vice President and what must be given to him when finally in his presence.
“You mean, like appearance fees and stuff? I mean he, himself (the Vice President), if you give him some (USD) 200,000 or something as a token, as thank you, appreciation, that’s fine. He’s not really, he’s not really (like) that. All he needs is to worry about his campaign money in 2020,” Charles Adu Boahen revealed.
Vice-President Mahamudu Bawumia said in a statement the video showed Adu Boahen “apparently using my name, inter alia, to peddle influence and collect money from supposed investors”.
“I would like to state that if what the minister (Adu Boahen) is alleged to have said is accurately captured in the video, then his position as a minister of state is untenable. He should be dismissed summarily and investigated,” Bawumia said.
President Nana Akufo-Addo has sacked Charles Adu Boahen, the minister of state at the Finance Ministry following allegations of impropriety circulated by investigative journalist, Anas Aremeyaw Anas.
Broadcaster Paul Adom-Otchere has questioned the timing of the release of the ‘Galamsey Economy’ exposé by investigative journalist Anas Aremeyaw Anas, which was recorded in 2018.
In an editorial on his Good Evening Ghana show, Paul Adom-Otchere said that the explanations given by renowned journalist Abdul Malik Kweku Baako Jnr on why the documentary was delayed point to an ongoing fight.
He hinted that the documentary was not released to fight corruption but to score points against someone he described as a presidential candidate who got hold of the documentary in 2018.
“It (issues surrounding the documentary) comes out as a major vendetta between two people. It may not even have been about Charles. Now, we are hearing that the fundamental opponent to Tiger Eye, whom we know (a presidential candidate) … in the process of investigating Tiger Eye, probably found the material (the documentary). It is believed that he found this material and shared it with other people… so this material has been in the system since 2019.
“…so, it looks like the person that Kweku Baako said stole it; he took it and shared it with other people. And as Kweku Baako alleges, somebody (either the person who stole the documentary or another person) was boasting about having the documentary.
“So, when the Tiger Eye people, whom Kwaku Baako described as owners and authors, found out that they had a copy of the material, they decided to fire it (publish it). So that is the vendetta. At that stage, I’m not sure it is about fighting corruption to support Ghana. It is a personal vendetta,” he said.
The Editor-in-Chief of the New Crusading Guide newspaper, Abdul Malik Kweku Baako Jnr, explained why his protégé, Anas Aremeyaw Anas, used a video shot in 2018 to expose and cause the dismissal of Minister of State, Charles Adu Boahen.
The journalist premiered an investigative documentary dubbed ‘Galamsey Economy,’ in which the minister was engaged in acts considered to be of a corrupt nature, whereas he (the minister) also impugned corruption on others, especially Vice President Dr. Mahamudu Bawumia.
One of the main defenses the sacked minister has advanced is that he was recorded four years ago in the United Arab Emirates but that the journalist is now using the said footage in his so-called investigation.
Kweku Baako’s explanation was contained in a purported response to a Facebook user by the name of “Kwadwo Yeboah-Gyan.”
Baako wrote: “Somebody “stole and sold” it to somebody; thinking the evidence had been deleted forever! The “buyer” went out boasting about his possession for years, for whatever reason nobody could tell! Apparently, the real “owners/authors” subsequently discovered an extra copy! Today’s story begins from there. PAY ATTENTION!”
“Same guy who fabricated a video of Candidate Akufo-Addo receiving a donation from a lady supporter of the NPP in his Nima residence in 2016 when Akufo-Addo was not President but tried to make it look as if he was the President!” he added.
A statesman and politician, Dr Nyaho Nyaho-Tamakloe has expressed discontentment about the procedure that investigative journalist Anas Aremeyaw Anas uses in airing his documentaries.
His comment comes after Anas Aremeyaw Anas aired his documentary ‘Galamsey Economy,’ which featured the Minister of State at the Ministry of Finance, Charles Adu Boahen.
Mr. Adu Boahen is said to have told the undercover investigators that Vice President, Dr Mahamudu Bawumia needed $200,000 as an ‘appearance fee’ before meeting with supposed investors.
The Minister was also reported to have said that the Vice President would demand some contracts from an investor for his siblings to get his backing and influence in establishing a business in Ghana.
According to the stalwart of the New Patriotic Party (NPP), he does not believe Anas Aremeyaw Anas is actually practicing investigative journalism.
“I have made it clear that I personally don’t believe Anas. I don’t believe he is an investigative journalist. An investigative journalist does his works in such a way that all the points that he got are so important to him that no one never hears about it”, he said.
Speaking to JoyNews in an exclusive interview with host Benjamin Akakpo, Mr Nyaho-Tamakloe asserted that the first most important thing that Anas should do is to release his documentary to the public.
However, Mr Nyaho-Tamakloe said Anas Aremeyaw Anas, after working on this documentary, then gives it out to the government first before airing it to the public.
“The first thing he should do is to release it to the public, in the public hall or something.
“But here we have a situation where this particular investigative journalist, when he comes out with something, makes sure it’s seen by the leaders of the country before it gets to the public.
The statesman indicated that the last investigative documentary of Anas featured the President and his vice but nothing has been done about it.
“His last investigative work, the names of the President and the Vice President came in. What has happened? We should stop the sort of thinking that the people of this country are fools”, he added.
A Security and Foreign Policy Analyst, Adib Saani has said he has no confidence in the Office of the Special Prosecutor to do a good job in the investigation of corruption levelled against Charles Adu Boahen, the sacked Minister of State at the Ministry of Finance.
The Special Prosecutor on Tuesday announced that he had started a probe into allegations of corruption levelled against the former Minister.
This comes after the Secretary to the President, upon the directions of the President, referred to the Office of the Special Prosecutor for further investigations, allegations contained in an investigative exposé published by Anas Aremeyaw Anas’ Tiger Eye P.I. titled “Galamsey Economy”.
Charles Adu Boahen, Minister of State in charge of Finance at the Office of the President, captured in an undercover documentary, revealed to Tiger Eye that the Vice President, Dr Mahamudu Bawumia, needs just USD200,000 token as an appearance fee and some positions by an investor for the Vice President’s siblings to get his backing and influence in establishing a business in Ghana.
This revelation was made in a meeting with Tiger Eye investigators, who in an undercover investigation, posed as businessmen, in a hotel room in the United Arab Emirates. This was an investigation into top-level corruption that undermines investor confidence in Ghana.
But commenting further in an interview on Ghana Kasa show on Kasapa 102.5FM/Agoo TV, Adib Saani stated that the public should not expect anything progressive from the Office of the Special Prosecutor as it has not done much in the past to prove its efficiency.
“I have absolutely no trust in the Office of the Special Prosecutor. The number of cases that, that office is investigating and the way some of the matters have been treated leaves much to be desired. For instance, the Labianca case. You see, the Special Prosecutor’s Office is a political office and the same people who appointed the Special Prosecutor are the very people he will be investigating.
“So, you don’t expect anything progressive to come out of that Office’s investigations. Who has the Special Prosecutor’s Office successfully prosecuted? So, as for that office, to be honest, it’s not worth saying so much about it or attaching much seriousness to it,” Mr. Saani stated.
Member of Parliament for Nsawam-Adoagryri, Frank Annoh-Dompreh has said the Vice President Dr Mahamudu Bawumia will make history in Ghana’s politics.
He said no diabolic agenda will work against the Vice President.
“No schemes, nor evil strategies, nor diabolism, nor hate deductions could set us apart.. We are set to make history, so shall it be…” he tweeted after Dr Bawumia served notice that he won’t allow people to use his name for corrupt activities because his integrity is his most cherished asset in life.
Dr. Bawumia reacted swiftly on his Facebook page on Monday, November 14 following investigations by journalist Anas Aremeyaw Anas that a Minister of State at the Ministry of Finance, Charles Adu Boahen, had used the Vice President’s name to solicit for $200,000 from investors, in order for he (Adu Boahen) to facilitate a meeting with the Vice President.
In his strongly worded reaction on Facebook, Dr. Bawumia, who is regarded by many as one of the decent politicians around, fumed at the alleged conduct of the Minister, adding that he was not aware of any such dealing by the Minister.
The Vice President described the position of the Minister of State as untenable, following the revelation, and called for his summary dismissal.
Shortly after the Vice President’s post, the President issued a release announcing the dismissal of the Minister of State and also referred his conduct to the Special Prosecutor for further action.
“Dr. Maxwell Opoku-Afari, on account of your noteworthy contribution to policy-relevant research and modernization of monetary policy frameworks in low-income and developing countries, you were elected Fellow of the Ghana Academy of Arts and Sciences on 20th October 2022. Congratulations”, Vice President (Arts Section) Prof. Kofi Opoku Nti said.
Speaking after the ceremony, Dr. Opoku-Afari expressed gratitude to the President and Council of GAAS.
The Ghana Academy of Arts and Sciences was founded in 1959 on the initiative of Ghana’s first president, Osagyefo Dr Kwame Nkrumah. Its aim is generally to promote the pursuit, advancement and dissemination of knowledge in all branches of the sciences and the humanities.
At the time it was established, the Academy was the first in Black Africa.
Vice President Dr. Mahamudu Bawumia has never authorised anyone to take money from anyone for his personal political gain.
This is the opinion of Dr. Kabiru Mahama, a technical advisor in Bawumia’s office, who adds that using money to gain access to the Second Gentleman of the Land is a sure way to never meet him.
Mahama praised Bawumia’s strictness when it comes to receiving visitors, saying that he frequently requests background checks on such visitors.
“The Vice President has never asked anyone, has never commissioned anyone to go and take money from anyone, anyone without exception. For the fact that I would need this money, give me this money for me to do a campaign…
“If you discuss issues about money, anything about money in exchange for something the Vice President would want, you may not even get his attention for the rest of your life and I am saying it without the blink of an eye,” he stressed on Metro TV’s Good Morning Ghana programme, November 15.
He added that Bawumia is so cautious, people often say he doesn’t open up and this is a result of ensuring he always is able to actin the supreme interest of the nation without distractions.
“People close to him tell you he doesn’t open up so much, he is a bit careful and wary of people coming with their own motives. He doesn’t want people to go through him to achieve interests contrary to the interest of the nation,” Mahama intimated.
Bawumia on November 14, 2022, had reason to issue a press release after a report by Anas Aremeyaw Anas alleged that a Minister of State at the Ministry of Finance had imputed corruptibility traits against Bawumia’s person.
Charles Adu Boahen was reportedly captured on tape saying Bawumia among other things needed a US$200,000 ‘appearance fee’ to meet and assist persons seeking to invest in the country.
Bawumia has dispelled the allegations and insisted that his integrity remains his most cherished asset in life.
“My most cherished asset in life is my integrity and I will not allow anyone to use my name to engage in corrupt activities,” Bawumia said in a post calling for the minister’s dismissal.
President Nana Addo Dankwa Akufo-Addo has since terminated Adu Boahen’s appointment and referred the contents of the investigation to the Office of the Special Prosecutor.
The Minister of State at the Ministry of Finance, Charles Adu Boahen, has been accused of accepting sizable sums of money from a business tycoon in the United Arab Emirates to assist him in establishing a business in Ghana, according to a report published by Tiger Eye PI ahead of its Galamsey Economy exposé, which will air on November 14 and 15.
Charles Adu Boahen reportedly received large sums of money to help a businessman start a company in Ghana. This is according to Tiger Eye PI.
“We’re going to shop a lot,”
Charles Adu Boahen, a minister of state in the ministry of finance, remarked as he placed the main trading currency in a dark plastic bag.
The Tiger Eye PI team also noted that Mr Adu Boahen promised to rope in President Nana Addo Dankwa Akufo-Addo and his Vice, Dr Mahamudu Bawumia into this business deal for there to be a smooth running of operations, as well as, make the tycoons influential persons in the country.
“Adu Boahen, after having bundles of US dollars spread on a table in front of him and told to use it for shopping by the supposed business tycoon, promised to introduce the tycoon to the powers that be; the President, HE Nana Addo Dankwa Akufo-Addo, and the Vice President, in Ghana. This, according to Adu Boahen, will make them, the supposed entity and tycoon, influential when they are in the country to establish their businesses,” part of Tiger Eye PI’s release read.
“After all is said and done, the excited Minister of State in charge of Finance at the Office of the President, at the sight of bundles of US Dollars on the table for his shopping started spewing a lot of ‘thank you and we will do a lot of shopping’ in appreciation,” he added.
The premiere of the Galamsey Economy exposé will take place at the Accra International Conference Centre on Monday and Tuesday, November 14 and 15, 2022.
Meanwhile, President Nana Addo Dankwa Akufo-Addo has sacked Charles Adu Boahen, Minister of State at the Finance Ministry.
Charles Adu Boahen has been accused of corruption, and President Nana Addo Dankwa Akufo-Addo has asked the Special Prosecutor, Kissi Agyebeng, to look into the claims.
This comes after the president fired the minister of state for finance after the renowned journalist Anas Aremeyaw Anas’ undercover investigative documentary accused him.
On Monday, November 14, 2022, the Accra International Conference Center (AICC) will host the broadcast of the investigative piece dubbed “Galamsey Economy,” but the Tiger Eye PI team has already provided a preview of what viewers might anticipate.
Included in that release, the investigative team said it met with the Minister of State in charge of Finance, Charles Adu Boahen, in the United Arab Emirates (UAE), where he stated that for the Vice President of Ghana, Dr. Mahamudu Bawumia, to avail himself to them, they would have to pay $200,000 as an appearance fee.
“You mean, like appearance fees and stuff? I mean he, himself (the Vice President), if you give him some (USD) 200,000 or something as a token, as thank you, appreciation, that’s fine. He’s not really, he’s not really (like) that. All he needs is to worry about his campaign money in 2020,” Charles Adu Boahen said when he was asked how an investor can get the attention of the Vice President.
He added that an investor must also consider opportunities for the siblings of the vice president for his full support, apart from the USD200,000 appearance fee token to him.
But following these revelations, President Nana Addo Dankwa Akufo-Addo, in a statement dated Monday, November 14, 2022, sacked the minister.
“The President of the Republic, Nana Addo Dankwa Akufo-Addo, has terminated the appointment of the Minister of State at the Ministry of Finance, Mr. Charles Adu Boahen, with immediate effect,” the statement read.
Also, the president directed that the Special Prosecutor should take up the case and investigate the minister accordingly.
“After being made aware of the allegations levelled against the Minister in the exposé, ‘Galamsey Economy’, the President spoke to Mr. Adu Boahen, after which he took the decision to terminate his appointment, and also to refer the matter to the Special Prosecutor for further investigations,” the statement added.
Charles Adu Boahen was fired from his job as Minister of State at the Ministry of Finance on November 14, 2022, which he had held since early 2021.
His termination was announced in a letter from the president, which cited his accusation in the investigative film “Galamsey Economy” produced by Tiger Eye PI, the company run by journalist Anas Aremeyaw Anas.
His recent woes are allied to comments he made to investigators posing as investors who wanted access to big people in government. Adu Boahen reportedly boasted about his links to the Vice President and how a fee of US$200,000 could get his buy-in.
GhanaWeb footage of his vetting in 2017, captures how Adu Boahen boasted about his investment prowess only for him to travel to the United Arab Emirates in 2018 where he took monies intending to help investors get access to DR. Mahamudu Bawumia.
He told the vetting Committee: “Mr. Chairman, I have over 18 years of experience in the finance industry, fundraising, attracting investments into Ghana through my two companies, I think we have seen over 30 million dollars of investment into Ghana, both in real estate and in other activities.
“Asset management as well, so I think I can understand any of the capital markets, so, based on what my minister would like me to do, I believe I could add value….” he is heard stressing.
Charles Adu Boahen, Minister of State at the Finance Ministry was implicated in the ‘Galamsey Economy’ investigative documentary released by investigative journalist Anas Aremeyaw Anas on November 14.
The now-dismissed minister was captured on tape making comments to the effect that access by investors to Vice President Mahamudu Bawumia could be facilitated at a cost of US$200,000.
Bawumia has dispelled the allegations and insisted that his integrity remains his most cherished asset in life.
“My most cherished asset in life is my integrity and I will not allow anyone to use my name to engage in corrupt activities,” Bawumia said in a post calling for the minister’s dismissal.
President Nana Addo Dankwa Akufo-Addo has since terminated Adu Boahen’s appointment and referred the contents of the investigation to the Office of the Special Prosecutor.
This came after the vice president denied reports that he charges a $200,000 “appearance fee” to meet with potential investors interested in investing in Ghana.
Adongo questions whether Dr. Bawumia claimed to have honesty because he was unaware of any payments made to him.
A receipt for a bribe is something I’ve never seen before.
The Vice-President after the news broke wrote on his Facebook page on Monday, November 14, 2022: “I would like to state that if what the minister is alleged to have said is accurately captured in the video, then his position as a minister of state is untenable. He should be dismissed summarily and investigated.”
“I am not aware of any such meeting held by Minister Adu Boahen or a supposed “appearance fee”. My most cherished asset in life is my integrity and I will not allow anyone to use my name to engage in corrupt activities,” Bawumia added.
However, Charles Adu-Boahen was sacked by the President, Nana Addo Dankwa Akufo-Addo hours after the news broke online.
Anas’ investigative piece titled “Galamsey Economy” aired on Monday 14th and will also air today, November 15, 2022.
According to Ibrahim Murtala Mohammed, the member of parliament for Tamale Central, Dr. Mahamudu Bawumia has lost his credibility and is no longer taken seriously by Ghanaians.
Prior to the budget announcement for 2022, he made the remarks.
“Well, I don’t think many Ghanaians take my elder brother, Dr. Bawumia anymore,” he continued, “so whatever he says, I don’t think people take him seriously. The dollar is now a fugitive, and the cedi has lost great value, and we’ve never experienced this.”
• The Tamale Central MP wants government to show more action rather than words
• Murtala Mohammed bemoans the increasing cost of living
• He believes Ghanaians do not take the Vice President seriously
Member of Parliament for Tamale Central, Ibrahim Murtala Mohammed has taken a swipe at Vice President Dr. Mahamudu Bawumia over his credibility.
According to the lawmaker, the Ghanaian populace does not pay credence to the Vice President as he is all about just using big jargon with little to nothing to show for it.
In an interaction with GhanaWeb ahead of the 2022 budget statement, the Tamale Central MP said, “Nothing positive will come out of the budget, this country is on its knees and this country is heading for disaster which is very clear. The finance minister will come and tell us economic jargon but what is important to the ordinary is a direct reflection of those long speeches. The conditions of life, petrol prices have increase umpteenth times and we’ve never experienced this and now the cedi is now a fugitive to the dollar.”
He further made reference to Dr. Bawumia’s past comments on the rate of borrowing, the cedi’s performance under the erstwhile John Dramani Mahama administration.
“Well, I do not think many Ghanaians take my senior brother, Dr. Bawumia seriously anymore and so whatever he says I do not think people take him seriously, the dollar is now a fugitive and cedi has lost its value tremendously and we’ve never experienced this”
He further lamented the increasing price for a bag of maize on the market which he says is currently selling at astronomical prices in his constituency.
Meanwhile, the sector Minister, Ken Ofori-Atta is however expected to deliver the 2022 budget statement before Parliament on Wednesday November 17, 2021.
Ahead of the presentation, the Minority caucus of the House are demanding that government provides a detailed outline of its spending contained in the 2021 budget else they will teem efforts to disapprove the 2022 budget.
The presentation of the budget is in accordance with Article 179 of the 1992 Constitution and section 21 of the Public Financial Management Act, 2016 (Act 921).
The vice president, Dr. Mahamudu Bawumia, doesn’t require anyone to negotiate contracts on his behalf, according to IMANI Africa President Franklin Cudjoe.
However, he cautioned Ghanaians, particularly businesspeople, to exercise caution while closing deals with other parties who are not aware of the contract (s).
Franklin Cudjoe also entreated all to desist from speaking in a way that is intended to make people impressed in order to gain some advantage for themselves.
In a Facebook post sighted by GhanaWeb, he said, “When making business deals, one must always be measured. Grandstanding should be avoided at all cost especially when it involves others who are unaware of the deals. Not sure Veep Bawumia needs financial ‘pimping’ from anyone. The Minister was too excited at the opportunity. Will wait for the full video though.”
“You mean, like appearance fees and stuff? I mean he, himself (the Vice President), if you give him some (USD) 200,000 or something as a token, as thank you, appreciation, that’s fine. He’s not really, he’s not really (like) that. All he needs is to worry about his campaign money in 2020,” Charles Adu Boahen said when he was asked how an investor can get the attention of the Vice President.
Vice-President Dr Mahamudu Bawumia has distanced himself from corruption allegations levelled against him by investigative journalist, Anas Aremeyaw Anas of Tiger Eye in his yet to be released exposé.
On Monday, the journalist in a Facebook post accused Charles Adu Boahen, then Minister for State at the Finance Ministry of corruption in his interactions with investors.
Anas Aremayaw Anas alleged that the former Minister requested an amount of USD200,000 from investors under cover to be given to the Vice President.
“Charles Adu Boahen, Minister of State in charge of Finance at the Office of the President, has revealed to Tiger Eye that the Vice President, Dr Mahamadu Bawumia, needs just USD200,000 token as an appearance fee and some positions by an investor for the Vice President’s siblings to get his backing and influence in establishing a business in Ghana.
“This revelation was made in a meeting with Tiger Eye investigators, who in an undercover investigation, posed as businessmen, in a hotel room in the United Arab Emirates. This was an investigation into top-level corruption that undermines investor confidence in Ghana.
“According to Charles Adu Boahen, the Vice President needs an appearance fee of only USD 200,000 for him to avail himself and offer his support to an investor,” parts of his post read.
Reacting to this, the Vice President has noted that he is “not aware of any such meeting held by Minister Adu Boahen or a supposed “appearance fee”.
According to Dr Bawumia, his most cherished asset in life is his integrity, thus, “I will not allow anyone to use my name to engage in corrupt activities.”
He also noted that Mr Charles Adu Boahen must be dismissed should he be found culpable of the allegations levelled against him.
“I would like to state that if what the minister is alleged to have said is accurately captured in the video, then his position as a minister of state is untenable. He should be dismissed summarily and investigated,” he wrote.
Briefly after the Vice President’s comments, the Presidency in a press statement sighted by The Independent Ghana, has announced that the appointment of Mr Charles Adu Boahen has been terminated.
President Akufo-Addo only dismissed the Minister after reaching out to him on the matter, the statement noted.
Meanwhile, the Presidency has revealed that it would “refer the matter to the Special Prosecutor for further investigations.”
The exposé dubbed “Galamsey Economy” by Anas Aremeyaw Anas will be premiered today at 8PM at the Accra International Conference Centre.
According to him, he feels sorry for the Veep particularly when the New Patriotic Party (NPP) Members of Parliament have requested that the Finance Minister, Ken Ofori-Atta and Minister of State at the Finance Ministry, Charles Adu Boahen should be dismissed.
Nana Ofori noted that the MPs’ action show that Dr. Bawumia is not in charge of the management of the economy in respect of his role in the EMT but Ken Ofori-Atta is.
Making his submissions on Peace FM’s morning show “Kokrokoo”, the PPP National Chairman said; “You know the Vice President, sometimes, I feel sorry for him . . . here is the person who has been made the Head of the Economic Management Team but as Head of the Economic Management Team, it appears to us that he has no bite . . . that is why the MPs have skipped the Vice President and have gone straight to the Finance Minister because they say the decisions that are being taken, it’s being taken by the Finance Minister. So, it’s not really the Vice President who is in charge in the management of the economy in our country.”
“You see when the MPs of the majority party come and tell us these things, it speaks volumes because they have access to more information than you and I,” he added.
“We are all aligned to the earlier concern that eighty (80) of the Members of Parliament raised…The obvious thing is that we had a meeting as a Caucus and the Caucus decided this is our position,” he told Kwami Sefa Kayi during Friday’s “kokrokoo” show.
Hon. Adomako-Mensah affirmed that the Majority Caucus strongly believe that “a new person at the Finance Ministry will bring some new breath, new ideas”.
In a tweet in response to former presidential spokeswoman Koku Anyidoho, Terpker, who served as Minister of Finance throughout the Mahama administration, stated that the idea was incorrect.
The former minister claimed that he had repeatedly challenged anyone to make cutlasses and condoms available if they had any proof that such taxes had been imposed or that such taxes had been repealed by the current administration. However, this challenge had received no answer.
Anyidoho had tweeted: “Who taxed condoms and cutlasses in this country when he was President?” reference to claims that Mahama had at a point taxed the two products.
“Wrong!! My good brother. I have been challenging anyone to cite the provision in the Customs Act and relevant Tariff # that imposed such taxes. He or she can also cite the “amendments” by the current administration. None to date but still on standby,” Terkper hit back.
Find Terpker’s tweet below:
In the run up to the 2016 elections, the then running-mate of the flagbearer of the then opposition New Patriotic Party (NPP), Dr Mahamudu Bawumia, accused the government of undermining economic growth by overburdening businesses with taxes.
He said: “You have a government where you have cutlasses being taxed; condoms being taxed…. When you become desperate, this is what happens; and when you mismanage the economy into this hole then, anything sounds great to you. You don’t have any option and this is the problem.
“Anything that is taxable and that can feasibly be taxed, they are trying to impose tax on them. All of these are hurting the economy and therefore you are not going to get the growth, and when you don’t get the growth, you will not get the revenue, and when you don’t get the revenue, you go back to increasing taxes to get the revenue, and then you are in a cyclical downward spiral. So they have it wrong and we’ll change that particular policy.”
Private legal practitioner Samson Lardy Anyenini has challenged New Patriotic Party(NPP) Members of Parliament (MPs) to name a businessman who allegedly tried inducing them with money.
According to him, the disclosure is the surest way to prove that the Members of Parliament indeed returned the money to the unnamed businessman and repelled him as they claim.
Member of Parliament(MP) for Asante-Akim North, Andy Appiah-Kubi first disclosed on Accra based Joy Fm that the said businessman came to Parliament to meet with NPP MPs who had publicly called on President Nana Addo Dankwah Akufo to sack the finance minister Ken Ofori Atta.
The NPP MP added that the wealthy businessman sought to ‘mediate’ in the impasse between the MPs and the Finance Minister and attempted to give them money which they rejected.
But speaking on Newsfile on Joy News, on Saturday, November 5, 2022; the lawyer wondered why the lawmakers allowed such a businessman to walk away after committing a crime of attempted bribery.
He argued that the narration of the MPs raises doubts over whether they actually returned the money to the said businessman.
“So, there was an offer and there was received. This is a transaction that resulted in a crime. At what point did any of these MP’s realise that they needed to return these envelopes as they have been telling us?
“How should we come to a point of believing them that they in fact returned these envelopes? Did they? How many took it and how many returned it? What the MP’s have dealt with so far, leaves me in a position to believe that they are not being frank,” he said.
Anyenini further stated that the unwillingness by the lawmakers to blow the cover of the businessman attempting to corrupt them further cast doubts on their narration.
“Let us all dare them to name this businessman. If they do not, let us not believe them that they took the money and returned it. Indeed we are right that they [NPP MP’s] took the bribe and engaged in a corrupt conduct,” he added.
The boos and chants of disapproval drowned the rest of his delivery as he shouted atop his voice.
While the noise grew louder, Dr Bawumiaadded that “there are many people who don’t like good news but this is good news.”
Vice President Dr Bawumia pays homage to the Awomefia, Togbi Sri II.
“Ghanaians are facing a major increase in the cost of living, cost of fuel prices and so on and we have to do more to make sure that we can relieve the burden of Ghanaians,” he added.
Dignitaries including, Vice President Mahamadu Bawumia, Asantehene Otomfuo Osei-Tutu II, Kwahumahene and Ga Mantse graced the occasion.
In September, President Akufo-Addo was also booed at the Global Citizen Festival in Accra with his convoy subsequently suffering a similar fate later in Kumasi.
Akufo-Addo booed massively at the Global Citizen Festival. It’s so fantastic! pic.twitter.com/VZK1yWfElz
Dr. Mahamudu Bawumia, the vice president, has praised the Group of Earth Observations (GEO) for its services in providing vital data that continues to guide policy development, program design, and execution in Ghana.
On November 2, 2022, Dr. Bawumia said such data had grown more crucial for decision-making and that the government’s targeted programs, such as campaigns to reduce poverty and combat illegal mining, were based in part on such data. He was speaking in Accra at the 18th Plenary of the Group of Earth Observations (GEO) Week.
“In Ghana, we are applying the products of the Digital Earth Africa programme to monitor landscape changes because of illegal mining activities. Developing an interoperable data ecosystem that combines Earth observations data with other data, including socioeconomic data, citizen data, and statistical data, among others, would be more meaningful and impactful”, he said.
“Our development priorities are focused on economic transformation through value-addition to create jobs, reduce poverty, and enhance social inclusion while sustaining the integrity of our environment. Our medium and long-term development plans are underpinned by the ‘Ghana Beyond Aid’ vision to change the mindsets of our citizens towards an increased reliance on internal resources plus private sector investment to lead economic transformation.
“The application of digital technologies is fundamental to the achievement of the ‘Ghana Beyond Aid’ agenda, with emphasis on the maximisation of resources, investments in agriculture, improved health, and industrialisation, enhancing critical skills and education and promoting renewable energy and energy efficiency.”
Dr Bawumia disclosed that government is finalising a new Digital Economy Policy and a Digital Transformation Blueprint to position Ghana as the leader in ICT innovation in Sub-Saharan Africa.
“The ongoing Ghana Digital Acceleration Project is expected to increase access to mobile internet and broadband services by encouraging private sector investment in last-mile connectivity in underserved and rural areas, with particular attention to women, persons with disabilities and the youth.
He continued, “We are working through bilateral and multilateral partnerships to put in place concrete actions to boost resource efficiency, establish a circular economy, mitigate and adapt to climate change, mitigate disaster risks and halt biodiversity loss. We are also actively pursuing improved ways to harness the power of earth observations to support planning and decision-making in weather forecasting, measuring land-use change (such as deforestation), monitoring coastlines, and monitoring and responding to disasters, including fires, floods, and earthquakes.”
Data and systems to address challenges
While Ghana has made major progress in her poverty reduction efforts through increased access to education, jobs, higher agricultural production and rapid urbanisation, significant challenges remain, and the government will continue to employ data, tools and systems to address them, Dr Bawumia pledged.
“Unplanned spatial expansion of big cities threatens economic efficiency, increasing social and environmental costs for urban commuting. Natural resource depletion, heightened by unsustainable mining and inadequate waste management and sanitation, make Ghana extremely vulnerable to climate change and environmental degradation and threaten resilience and economic growth.
“Existing efforts to tackle these challenges will require accurate, global, and timely data and information to support sustainable development in the country. Earth observation systems could easily be used to track, and in some instances minimise the negative impact of these environmental problems,” he maintained.
The Vice President called for greater collaboration in the quest to protect the environment and the entire planet.
“The fight against poverty, hunger, natural resource depletion and efforts toward a clean environment, and to achieve economic prosperity is at serious risk without a safe and secure planet. We believe that this gathering offers Ghana and the rest of Africa the opportunity to catalyse increased use of Earth observations data, tools, and services to inform decisions for accelerated climate and sustainable development action.
“This meeting represents the pinnacle of global collaboration for accelerating the use of Earth observations as evidence for local impact, both in Africa and around the world,” he added.
The Deputy National Organizer of the National Democratic Congress (NDC), Hamilton Nixon Biney, a.k.a Chief Biney, has revealed the identity of the policeman who allegedly infiltrated his “Ghana Must Work” demonstration against Vice President Dr. Mahamudu Bawumia.
Speaking in a UTV TV interview monitored by GhanaWeb on Tuesday (November 1), Chief Biney, who showed pictures of the said police officer to the cameras, mentioned his name as Kwaku Gameli.
He said that the leadership of the Ghana Police Service should take the matter seriously because the policeman wore the attire of the demonstrators, which could have led to him breaching the court order that stated that only 20 people should participate in the demonstration.
The NDC deputy national organizer added that the police should investigate the matter because the alleged infiltrator claimed not to be a police officer, but he had pictures of him in police uniform.
“When I confronted this man (the infiltrator), he said he was not a police officer, and the media has a video of this. And I said to him that you know me, and I know you, Kweku Gameli; you are a police officer.
“This is the gentlemen (holding up a picture) wearing my t-shirt, “Ghana Must Work”. This is a picture of him holding placards. Look at the danger; this gentleman was right behind me. If he had done something wrong, I would have been held responsible for it.
“This is the policeman (holding another picture of the man with police apparel and a gun). This is him (another picture of him on a motorbike).
“Kweku Gameli came into the police and was a visibility officer. He is a rider and has been involved in an accident on more than one occasion. Because of that (the accidents), he is no longer a rider, but he works as an intelligence officer at Tesano (Police Station),” he said in Twi.
He added that if the Inspector General of the Ghana Police Service, Dr. George Akuffo Dampare, fails to take action against Kweku Gameli, he will sue the police.
Chief Biney and his cohorts were protesting against Dr. Bawumia’s handling of the country’s economy.
The protest started at Kawukudi Park, through 37 to the Lands Commission junction, and turned right to the DVLA, where the demonstrators presented a petition to the Office of the Vice President.
Cabinet has approved the Ghana Space Policy and Implementation Plan that will enable the full operationalisation of the Ghana Space Agency next year.
Vice President Mahamudu Bawumia announced this at the opening of the plenary session of the Group of Earth Observations (GEO) Conference in Accra on Wednesday.
The policy, he said, would support efforts by the Ghana Space Science and Technology Institute to explore and harness the space industry for accelerated growth.
Space applications are essential tools for security, environmental monitoring, communication, disaster prevention and risk reduction.
Ghana is hosting a five-day GEO 2022 Week titled “Global Action for Local Impact” to explore ways to use accurate and timely data, technology and services to address environmental challenges.
The meeting was organised by the Group of Earth Observations Secretariat, in collaboration with a local organising committee, comprising the Ministry of Environment, Science, Technology and Innovation, Ghana Statistical Service and the University of Energy and Natural Resources as well as the Ghana Space Science and Technology Institute, ahead of the Conference of Parties on Climate Change (COP 27) in Egypt next week.
The GEO is a global partnership that works to make Earth observations tools and services openly available around the world for better policy and investment decisions.
Vice President Bawumia noted that investments in Earth observations capabilities were growing and enabling the widespread application of environmental intelligence to tackle environmental challenges.
Despite the increased data availability than ever before, the Vice President said, many low- and middle-income countries were lagging in infrastructure, capacity, and expertise to tap into advances made in Earth Observations technologies.
“The Africa Union’s (AU) Agenda 2063, the continent’s blueprint which is aligned with the post-2030 Agenda, seeks to transform Africa through inclusive and sustainable socio-economic development.
“Fundamental to Agenda 2063 are the African Outer Space Programme and African Space Policy and Strategy that reinforce the continent’s vision to not only be a consumer in the global space arena but to become a producer and regulator of space products,” he said.
Dr Bawumia noted that through those initiatives, the AU was working to address the growing needs of African countries to harness space technologies and services, including Earth observations to drive policies and decisions to attain the agenda 2063 and the Sustainable Development Goals (SDGs).
He observed that recent heatwaves and wildfires in Europe and severe storms and floods unleashed in some parts of Africa, the Americas and Asia had contributed to severe destruction and displaced thousands of people.
“These events reinforce our resolve to continue working collaboratively to find innovative solutions to build resilient economies, secure food, and water systems, and ensure the sustainable management of our planet,” Dr Bawumia added.
The Vice President stated that the meeting presented a unique opportunity for Africa to renew her unequivocal commitment to deepen international collaborations and develop national EO capabilities to support socio-economic transformation for the achievement of the “Africa We Want” and the “World We Want”, as articulated in the agenda 2063 and post-2030 Agenda respectively.
Dr Bawumia said the intra north-south and rural-urban migrations contributed to urban sprawl and expanding informal settlements. Unplanned spatial expansion of big cities threatened economic efficiency, increasing social and environmental costs for urban commuting.
More also, natural resource depletion heightened by unsustainable mining, inadequate waste management and sanitation, make Ghana extremely vulnerable to climate change and environmental degradation and threaten resilience and economic growth.
Therefore, he said, earth observation systems could easily be used to track, and in some instances minimise the negative impact of these environmental problems.
“In Ghana, for example, we are applying the products of the Digital Earth Africa programme to monitor landscape changes because of illegal mining activities.
“Developing an interoperable data ecosystem that combines Earth observations data with other data, including socio-economic data, citizen data, and statistical data, among others would be more meaningful and impactful,” the Vice President stated.
He stressed government’s development priorities with focus on economic transformation through value-addition to create jobs, reduce poverty, and enhance social inclusion while sustaining the integrity of the environment.
“Our medium and long-term development plans are underpinned by the “Ghana Beyond Aid” vision to change the mindsets of our citizens towards an increased reliance on internal resources plus private sector investment to lead economic transformation,” he said.
He was of the belief that application of digital technologies was fundamental to the achievement of the “Ghana Beyond Aid” agenda, with emphasis on the maximisation of resources, investments in agriculture, improved health, and industrialisation, enhancing critical skills and education as well as promoting renewable energy and energy efficiency.
“We are almost finalising a new Digital Economy Policy and a Digital Transformation Blueprint to position Ghana as the leader in ICT innovation in Sub-Saharan Africa,” he said.
The ongoing Ghana Digital Acceleration Project, he said, was expected to increase access to mobile internet and broadband services by encouraging private sector investment in last-mile connectivity in underserved and rural areas, with particular attention to women, persons with disabilities and the youth.
He observed that the fight against poverty, hunger, natural resource depletion and efforts toward a clean environment, and to achieve economic prosperity posed a serious risk without a safe and secured planet.
“We believe that this gathering offers Ghana and the rest of Africa the opportunity to catalyse increased use of Earth observations data, tools, and services to inform decisions for accelerated climate and sustainable development action,” he stated.
The government, he said, was working through bilateral and multilateral partnerships to put in place concrete actions to boost resource efficiency, establish a circular economy, mitigate, and adapt to climate change, mitigate disaster risks and halt biodiversity loss.
“We are also actively pursuing improved ways to harness the power of earth observations to support planning and decision-making in weather forecasting, measuring land-use change, monitoring coastlines, and monitoring and responding to disasters, including fires, floods, and earthquakes.
The Vice President called upon the GEO community to continuously invest in capacity development in low and middle-income countries to acquire the necessary technologies, knowledge and skills to access and use EO data effectively.
The Vice President said it was imperative that the GEO community continue working together to create the enablers for nations not only to access GEO data and services but use them to address identified development challenges.
“Ghana reaffirms her commitment to being an active member of GEO. I remain hopeful that the outcomes of this meeting will maintain the momentum and reassert the global call to leave no one behind,” he stated.
Vice President, Dr Mahamudu Bawumia has reiterated the importance of the African Continental Free Trade Area on the continent’s economic development.
According to him, the free trade pact has the potential to be a game changer in regards to transforming the economies of African countries.
Speaking during a courtesy call following a visit by members of the AfCFTA Policy Network, Dr. Bawumia in his remarks said to ensure Ghana fully benefits from the trade pact, government will continue to champion digital and technological efforts.
Ghana currently serves as the host secretariat for the African Continental Free Trade Area. The free trade pact is aimed at boosting intra-African trade and strengthening Africa’s trading position on the global market.
They also invited Dr. Bawumia to an upcoming flagship programme of the network — the Africa Globalized Investment Summit in Seychelles in 2023.
The APN was established in 2019 as the lead and largest international non-governmental organisation (NGO) focused primarily as a think tank on AfCFTA implementation
The delegation included the Board Chairman of the APN, Dr Joe Tackie; the Executive Director, Louis Afful; the Deputy Executive Director, Emmanuel K. Bensah; the Executive Director, APN Women of Africa Network, Audrey Biney; the Executive Counsel of Women of Africa and Leader, USA delegation, Joyce Williams.
The rest were the Special Advisor to APN Executive Director, Kwasi Okyere-Boateng; the Head of Administration, Hannah Hayford Affriyie; President/Co-Founder of African Professionals Network, Prof. Faisal Ellis; the Director of Strategic Partnerships, University of Cincinnati, Jenny Sutmoller; the Vice-Provost of International Affairs, Raj Mehta; Julia Lartey of Jex Travel and Tours Ltd, and member of APN, Gertrude Ankah Nyavi.
Chief Nixon Biney, the Deputy National Organizer of the National Democratic Congress(NDC) continues to hold the position that an officer of the Ghana Police Service allegedly infiltrated the demonstration he staged with some Ghanaians against, Vice President, Dr. Mahamudu Bawumia on Friday, October 28, 2022.
It will be recalled that during the protest, Chief Biney who was the brain behind the demonstration, raised alarm over what he suspected to be a police officer who was planted among the demonstrators to mar the peaceful march.
The allegations of Chief Biney were vehemently rejected by the Deputy Chief of Staff Emmanuel Adumua-Bossman who scolded Chief Biney over the allegations.
“These officers have been here trying to protect life and property and also to ensure that this thing moves on as smoothly as possible. So, to accuse them of something they may not even be aware of is a bit unfair,” he said.
But in a post on his social media handle, the NDC Organizer hopeful vowed to expose the said police officer with evidence that validates his claim.
Chief Biney claimed that the police after their failed attempt to stop the demonstration resorted to other tactics to ‘frame’ him by infiltrating the protest one of their own.
“It was in the spirit of ensuring that the voices of the suffering masses are heard by Dr. Bawumi, our self-acclaimed economic messiah and our vice president that I took the bold decision to peacefully picket at his office, which is also my right as a citizen of our beloved Ghana.
“I, as a responsible citizen, took the path of law and order by informing the police as stipulated by the constitution and laws of Ghana of the intention to embark on the protest.
“After several meetings which ended with mutual agreement on the manner in which the protest will be conducted, the Police acting in bad faith applied to the court to seek an injunction to restrain me from holding the protest. Strangely enough, the police fix which was filed on Wednesday 26th Oct, to be heard on 27th Oct, just a day before the scheduled protest. Fortunately, wisdom prevailed and the court rejected the application for injunction however, made orders to vary the venue of the protest and other related issues.
“I complied with the orders of the court and ensured that there were 19 other protesters who accompanied me to march to the DVLA office on the Switchback Road where the representative of the vice met me to receive the petition however, the Ghana Police decided to frame me up by using an outmoded police intelligence gathering style by infiltrating my peaceful action with a fool of a police officer. When they were exposed, they denied it by lying that this fool of a police officer was not from the Ghana Police Service but there are a lot to share soon,” he stated on social media.
On Friday, Chief Biney led hundreds of Ghanaians to walk from Kawukudi Park to the DVLA head office in Accra to register their anger over what they believe to be poor handling of the economy by Dr Mahamudu Bawumia.
The demonstrators held the view that the Dr Bawumia who was head of the Economic Management Team has failed at his job.
The government is prepared to work with the board and management of Rand Refinery to enable Ghana gain London Bullion Market Association (LBMA) Certification, according to the Vice President of the Republic, H.E. Alhaji Dr. Mahamudu Bawumia.
Dr. Bawumia emphasized the significance of the LBMA certificate to the government’s plan to grow the mineral industry and position Ghana as a major player in the processing of mineral resources. He claimed that obtaining the certification will encourage Ghana to take part and fully reap the rewards of the mineral value chain.
He stated that the gamut of experience and expertise of the Certification makes them strategic and beneficial partners to Ghana and that partnering with them will help the country evade the blunders other countries committed on their journey to creating refinery hubs in their mining sector, “because you have a very long history in this area and also help us not to repeat mistakes of others”.
The meeting was to deliberate on ways of actualizing government’s agenda to make Ghana a hub for the processing and refining of mineral resources and in particular obtaining the LBMA Certification for the country.
The Chairman of Rand Refinery, Mr. Rams Ramashira disclosed that his outfit has held positive preliminary talks with the Ministry and other key stakeholders.
He said the CEO of Rand Refinery is a member of the LBMA Board and “we are very happy to be of assistance and share some experiences and strike some alliances and hope the meeting with key stakeholders will help develop something concrete for the two parties”.
Earlier on Monday, 31 October 2022, the Hon. Minister for Lands and Natural Resources, Samuel A. Jinapor received the visiting Rand Refinery delegation at the Ministry.
He indicated that his invitation to the Rand refinery is to have them hold discussions and share ideas on how to move forward with the partnership that exists between the parties.
He advocated for an intelligent and effective collaboration between the government and LBMA to ensure that the certification is issued.
He took the team through the itinerary for the visit and hoped that it will be a fruitful one as they get the opportunity to meet the Vice President who he said has been very passionate about leveraging the gold industry and the gold value chain in Ghana in support of the national economy.
“The idea is that this visit is productive and substantive and that it gives us the opportunity to delve into the concrete issues with concrete outcomes” , he said.
The Sector Minister thanked the team for their hospitality during his last visit to their Refinery in South Africa, indicating that the tour of their refinery was very enlightening and educative.
He hoped that at the end of all meetings and discussions the Ministry would be able to acquire sufficient mentorship from Rand Refinery.
“We should be able to find a workable platform to engage cause as I believe all of us acknowledge that your refinery turns to be the leader when it comes to the business of Gold Refinery in Africa and therefore whatever we seek to do,
here in Ghana, our idea is to get sufficient mentorship from your outfit.”
The Sector Minister said as much as possible it is his desire that Rand Refinery will be able to establish a branch in Ghana perhaps through a partnership with an existing Refinery.
The CEO of Rand Refinery, Mr. Praveen Baijnath on his part said they are excited and very expectant about the opportunity to partner with Ghana on the event of establishing a Refinery in the country.
He argued that their general objective on this trip is to meet all stakeholders involved in the gold value chain to better understand government expectations and to consider how best they can unlock their assets available to meet up on that level.
“Our general strategic objective is to collect much intelligence and data as possible to build a business case and see how we can develop it”.
Also with the Minister was the Deputy Minister in Charge of Mines, Hon. George Mireku Duker, the CEO of Minerals Commission, Mr. Martin Ayisi, the Advisor on Mines to the Minister, Mr. Ben Aryee, the Managing Director of PMMC, Nana Akwasi Awuah and other officials from the Ministry.
The year was 2016, and Dr. Mahamudu Bawumia was the vice presidential candidate at the time.
Dr. Bawumia was everywhere, criticizing the Mahama government in forums and economic lectures while also presenting what at the time seemed to be specially crafted answers to the economic problems the Mahama government was currently facing.
The reintroduction of Ghana to the IMF in 2016 was one of the many topics on which Bawumia displayed his alleged better economic understanding.
In a video that has been making the rounds on social media, the man christened ‘Economic Messiah’ broke down the various issues that culminated in Ghana seeking help from the IMF once more.
He said, “This is how we ended up in the IMF. We were spending too much relative to the revenue which is true. We were borrowing too much which is true. Your external payment position has deteriorated, which is true and your growth is reducing so you ended up at the IMF and the IMF will impose certain conditions which are true, and if you don’t do certain things right the anchor will not hold which is also true. So, I’m not quite sure what it is which is not true what I said. The supporters of this government and this government itself are reluctant to accept.”
Six years on, Bawumia has ascended to the role of Vice President and his government has choked on its own puke by returning the IMF.
The move became necessary after Ghana was unable to access funds from the international market. Ghana’s debt has become unsustainable amid rapid inflation and the free fall of the Ghana cedi.
The country is expecting to receive about $3 billion dollars from the IMF to shore up its reserves and boost investor confidence.
The year was 2016, and Dr. Mahamudu Bawumia was the vice presidential candidate at the time.
Dr. Bawumia was everywhere, criticizing the Mahama government in forums and economic lectures while also presenting what at the time seemed to be specially crafted answers to the economic problems the Mahama government was currently facing.
The reintroduction of Ghana to the IMF in 2016 was one of the many topics on which Bawumia displayed his alleged better economic understanding.
In a video that has been making the rounds on social media, the man christened ‘Economic Messiah’ broke down the various issues that culminated in Ghana seeking help from the IMF once more.
He said, “This is how we ended up in the IMF. We were spending too much relative to the revenue which is true. We were borrowing too much which is true. Your external payment position has deteriorated, which is true and your growth is reducing so you ended up at the IMF and the IMF will impose certain conditions which are true, and if you don’t do certain things right the anchor will not hold which is also true. So, I’m not quite sure what it is which is not true what I said. The supporters of this government and this government itself are reluctant to accept.”
Six years on, Bawumia has ascended to the role of Vice President and his government has choked on its own puke by returning the IMF.
The move became necessary after Ghana was unable to access funds from the international market. Ghana’s debt has become unsustainable amid rapid inflation and the free fall of the Ghana cedi.
The country is expecting to receive about $3 billion dollars from the IMF to shore up its reserves and boost investor confidence.
He claims that there are basic issues that need to be addressed that are the cause of the local currency’s decline.
The Ghana cedi has recently come under a lot of strain, falling more than 50% against the US dollar to trade at an all-time high of GH 16.
Prof. Bokpin emphasized the need for the government to act quickly to arrest the cedi in this week’s issue of BizTech.
He also explained that Ghana’s economic crisis cannot be solved by ‘magic’, therefore pragmatic steps must be taken to ensure that the crisis comes to an end.
On calls for the resignation of the Finance Minister, Prof Bokpin said, “that is not the only change we want. Beyond that, it will not amount to so much just changing the finance minister. We must go a step further and reduce the number of ministers and the government size overall, including the staff at the presidency.”
He also stated that the government must fast-track its negotiations with the International Monetary Fund in order to secure the expected financial support as soon as possible.
The money was given in order to finish building the veterans clinic at Amasaman in the Ga West Municipality of the Greater Accra Region.
In order to help the VAG raise money for its operations, Vice President Bawumia invited all well-meaning Ghanaians to support the Fund and buy the poppy during the Accra launch of the VAG’s 2022 Appeal for Fund.
The artificial poppy was adopted by the world in 1921, as a symbol of remembrance of the suffering and great sacrifices by soldiers during the First and Second World wars
The poppy has since become a universal symbol, which reminds the world of the horrors of wars and the importance to support the victims.
Vice President Bawumia noted that unlike Europe and other parts of the world, where the wearing of the poppy took centre stage at this time of the year, most Ghanaians, especially the young ones, seemed to know very little about it.
“To strengthen our appreciation of our gallant war veterans and support their welfare through the poppy, I appeal to the Ghana Education Service, National Commission for Civic Education, and the media, to assist VAG to popularise the significance of the poppy”.
The message should get to the public, particularly pupils and students in government schools, where knowledge of the poppy is almost non-existent, he stated.
Captain (Rtd) Ben Edmund Duah, the Executive Director, VAG, gave the assurance that the Administration would judiciously utilise the funds for welfare of members.
He said the construction of VAG’s clinic at Amasaman would be completed by March, next year, to take care of the health needs of members.
He appealed to the public to give generously to the Poppy Fund to support the welfare of members.
An economist at the University of Ghana, Prof. Godfred Alufar, has reiterated Vice President Dr. Mahamudu Bawumia‘s stance on the weak state of Ghana’s exchange rate.
According to him, the depreciation of the local currency is due to fundamental factors that must be tackled.
The Ghana cedi has come under intense pressure in recent times as it fell by more than 50% to the US dollar to sell at an all-time high of GH¢16.
In this week’s edition of BizTech, Prof. Bokpin highlighted the importance for the government to act swiftly to arrest the cedi.
He also explained that Ghana’s economic crisis cannot be solved by ‘magic’, therefore pragmatic steps must be taken to ensure that the crisis comes to an end.
On calls for the resignation of the Finance Minister, Prof Bokpin said, “that is not the only change we want. Beyond that, it will not amount to so much just changing the finance minister. We must go a step further and reduce the number of ministers and the government size overall, including the staff at the presidency.”
He also stated that the government must fast-track its negotiations with the International Monetary Fund in order to secure the expected financial support as soon as possible.
Vice President Dr. Mahamudu Bawumia has admitted that Ghana is currently going through an economic crisis which has brought untold hardships on many Ghanaians.
Speaking at a Standard Charted Bank event in Accra on Wednesday (October 26), Dr. Bawumia intimated that to get out of this current situation, Ghanaians must prepare themselves for more hardship because the government will soon commence implementing tough measures to help resolve the crisis.
The vice president went on to list the measures which he indicated the President Akufo-Addo, will soon address Ghanaians on.
Fiscal and debt sustainability
Dr. Bawumia indicated that the government would put together expenditure and tax measures that will ensure a reduction in government debts.
He said that these measures are being discussed as part of the ongoing discussions with the International Monetary Fund (IMF) and will soon be made known to Ghanaians.
“In Ghana specifically, we are dealing with an economic crisis that we have to address in different dimensions. The first and most important, which affects the confidence that we have in the economic system, is to make sure that we have fiscal and debt sustainability. This has been one of the areas where we are having discussions and negotiations with the International Monetary Fund about,” he said.
“Restoring fiscal and debt sustainability will no doubt is not going to be easy. It will require very bold, difficult, but firm decisions. And I think these are part of the discussions that we’re having with the IMF. I’m sure once those are concluded, it will be clear that it will not be and it should not be business-as-usual because we have to adjust to the new global and domestic realities,” he added.
Tightening foreign exchange regime:
Dr. Bawumia went on to say the government will also be looking at the foreign exchange regime, which he described as being very loose.
“We also have to look very clearly at our foreign exchange regime. It’s very clear that it is quite loose, and this is why we are going to be working to see how we can tighten the foreign exchange regime.
“When the President addresses the nation, hopefully by the end of the week, some of these details will be fleshed out in more specifics. But in broad terms, I think you cannot address the current economic crisis without addressing the fiscal and debt sustainability, without addressing the production side, without addressing the foreign exchange regime and what allows us to lose a lot of foreign exchange,” he said.
Digitalising Ghana’s economy
The vice president further stated that addressing the digitalizing needs of Ghana is very critical to resolving the difficulties in the country.
“But more importantly, if we are going to address this, this economy must be digitalized. And that is something we started since 2017 in earnest because no economy can really participate in the Fourth Industrial Revolution without the digitalization of the economy,” he said.
In order to maintain fiscal restraint and debt sustainability, the Vice President, Dr. Mahamudu Bawumia, has hinted that the government plans to adopt “bold, difficult but resolute decisions” in the coming days.
On Wednesday, October 26, 2022, Dr. Bawumia warned in Accra that countries like Ghana could no longer continue in a business-as-usual mode and had to quickly pivot and become self-sufficient. He also cited growing inflation and disruptions in global supply networks as contributing factors.
The Vice President, who was addressing participants at the 2nd Standard Chartered Bank Digital Banking, Innovation and Fintech Festival said while President Akufo-Addo would provide more detail on the specific measures to be implemented during his upcoming address to the nation, they would be anchored on a number of pillars designed to tackle the present challenges.
“What we are seeing globally, of course, with the disruption of global supply chains, post COVID, is a major change in what was the status quo before COVID. The global economy as we know it, as it existed, pre-COVID today does not really exist anymore. Emerging market access to the capital markets has been very restricted and may continue to be restricted for the foreseeable future. And more and more we are seeing economies rethinking economic strategies. But there is a clear move towards more self-reliance in economic policy.
“In Ghana specifically, we are dealing with an economic crisis that we have to address in different dimensions. The first and most important, which affects the confidence that we have in the economic system, is to make sure that we have fiscal and debt sustainability. This has been one of the areas where we are having discussions and negotiations with the International Monetary Fund about restoring fiscal and debt sustainability.
“No doubt it is not going to be easy. It will require very bold, difficult, but firm decisions. And I think these are part of the discussions that we’re having with the IMF. I’m sure once those are concluded, it will be clear that it will not be and it should not be business-as-usual because we have to adjust to the new global and domestic realities.
“What we are also seeing is that the nature of production needs to change. Why do I say that? You are seeing Ghana consistently over the last five years, having more and more trade surpluses. This is the first time in about 20 years that we’ve had consistently, about five years, of trade surpluses on our balance of payments. At the same time we are having a lot of current account deficits, which means that a lot of the foreign exchange that we are earning from our trade doesn’t stay in Ghana. And one of the areas where we have to address this is to reduce the import dependency that we have as a country.
“There is so much when you look at the broad spectrum, from toothpicks to tomatoes to rice, maize and so on, there is a very high level of dependence. But as the global economy is going to re-align to the new reality with more self-reliance, Ghana cannot be left behind. We also have to look very, very closely at how we enhance domestic production and reduce dependence on imports for commodities that we can very easily produce here in Ghana.”
Another area requiring urgent attention is the foreign exchange regime, which has experienced wild fluctuations in recent weeks, Dr Bawumia emphasized.
“We also have to look very clearly at our foreign exchange regime. It’s very clear that it is quite loose and this is why we are going to be working to see how we can tighten the foreign exchange regime.”
The President, Dr Bawumia indicated, would provide more details on the way forward soon.
“When the President addresses the nation, hopefully by the end of the week, some of these details will be fleshed out in more specifics. But in broad terms, I think you cannot address the current economic crisis without addressing the fiscal and debt sustainability, without addressing the production side, without addressing the foreign exchange regime and what allows us to lose a lot of foreign exchange.
“But more importantly, if we are going to address this, this economy must be digitalized. And that is something we started since 2017 in earnest because no economy can really participate in the Fourth Industrial Revolution without the digitalization of the economy.
According to him, this will prove to be a key step in the restructuring of the domestic economy because the strong credit system it will lead to will increase consumption, investments, job creation, and overall prosperity.
He stated this during remarks at the second annual Digital Banking, Innovation and FinTech Festival presented by Standard Chartered Bank, with the theme “Powering Africa’s Digital Economy: Platforms, Players and Policy.”
Highlighting some of the tangible benefits of government’s ongoing digitalisation agenda, he said: “It is comforting to note that even the credit reference agencies are leveraging on these digital infrastructures we have put in place – the digital address system, national ID and so on; and we are expecting that individual credit scoring by the agencies will start taking place by the first quarter of next year. This will allow and underpin the development of a real credit system in Ghana, which is very critical in terms of the country’s development.”
“The costs are high, but we are unwavering because we believe the benefits will outweigh the cost – and they already are,” he said, citing among other things Ghana emerging as the only country to have a 100 percent score for financial inclusion on the back of mobile money interoperability, as captured by the ‘State of Inclusive Instant Payment in Africa’ report launched at the ongoing Mobile World Congress Africa 2022 in Kigali, Rwanda.
Touching on additional benefits of the drive, Dr. Bawumia further disclosed that 1,018 out of the 1,052 government institutions including ministries and metropolitan, municipal and district assemblies (MMDAs) have been successfully migrated onto the digital service and revenue collection platform – ghana.gov.
With the remaining 34 institutions expected to be onboarded in the near term, the Vice President expressed optimism that the estimated more than US$3billion lost to corruption would have been saved – in addition to increased tax revenue and enhanced productivity from persons requiring the services of these bodies.
“We are really seeing the impact of these digitisation initiatives, including efficient public service deliveries – as middlemen, ghost-names, the need to pay bribes and long waiting times will all be eliminated,” he explained.
While reiterating government’s commitment to ensuring a stable socioeconomic environment for further digital investments, and calling for enhanced collaboration and robust regulatory regimes, he commended the scale and depth of the Festival; describing it as “a game-changer which significantly contributes to the efforts government is making in driving growth of the digital economy”.
Customer focus and nimble feet
The banking industry was implored to be agile in the face of the rapidly developing financial technology landscape by the First Deputy Governor of the Bank of Ghana (BoG), Dr. Maxwell Opoku Afari, who warned that failure to do so will see them left behind.
While chronicling how the BoG has pioneered leading innovation and relevant policies to make Ghana a fully-digitised economy – through the development of an effective and efficient retail payment ecosystem that is anchored on robust interbank infrastructure – he said the protection of consumers remains its overarching goal.
“The consumer should be at the centre of our collective efforts. As such, the Bank will not relent in its efforts to protect them. It is in this vein that the Bank of Ghana has developed an artificial intelligence-powered, automated consumer complaint system – a chatbot – known as Akushika. This consumer experience solution is being developed as an additional mechanism to manage complaints and consumer protection,” he said of the tool that is currently in its pilot phase.
Broad scope
Chief Executive Officer at Standard Chartered Bank, Mansa Nettey, said the impact of the Festival’s maiden edition, coupled with the opportunity digitalisation presents for the economy to leapfrog in terms of development, resulted in broadening the scope and scale of discussions to cover Africa’s digital transformation – and touches on the very important theme of gender and inclusiveness.
“We will explore opportunities that exist in using digital technology to unlock Africa’s economic growth and focus on regulations which protect and enhance digital trade, and delve into the future of banking, money and payment systems in solving the complex financial inclusion challenges on our continent,” she explained.
“In a session dedicated to women in technology, we will discuss the urgent need for women-owned businesses to tap into the enormous opportunities offered by technology-adoption and explore investment opportunities to help female-owned businesses scale further and faster,” added Mrs. Nettey, who doubles as president of the Ghana Association of Banks (GAB).
The digitalisation vision of Vice President Dr Mahamudu Bawumia has been vindicated after a report on financial inclusion in Africa named Ghana as the only country to have a 100% score.
The ‘State of Inclusive Instant Payment in Africa’ report put together by AfricaNenda and launched at the ongoing Mobile World Congress Africa 2022 in Kigali, Rwanda, found Ghana far ahead of her peers in regard to financial inclusion.
The 2022 ‘State of Inclusive Payment in Africa’ report focused on inclusive instant payment systems in 12 African countries.
Ghana, remarkably, was the only country that scored 100% on access to financial inclusion.
Ghana’s feat is due to the successful implementation of the mobile money interoperability (MMI) platform, a bedrock of Dr Bawumia’s digitalisation agenda and a policy he has been working on since 2007.
The mobile money interoperability MMI platform integrates all payments platforms across banks, fintechs and telcos, giving access to every Ghanaian to make and receive instant payments.
Speaking at the Mobile World Congress Africa, Chief Executive Officer of GhIPSSS, Archie Hesse, spoke on how the platform was gradually improved upon to get to its current state.
According to him, GhIPSS started by first integrating banks to make them interoperable on the back of the GhIPSS Instant Pay (GIP); then GhIPSS introduced a biometric payment system called e-zwich, which was also made interoperable, before moving on integrate the mobile money operators into an interoperable platform.
“What we then did was to close the triangle by making all the three platforms interoperable to ensure that no matter who is making payment and from wherever, they will be able to do so seamlessly and instantly,” he said.
Veep’s Vision Bearing Fruit
During his time leading the BOG’s digital efforts, Dr Bawumia spearheaded the introduction of the Ghana Interbank Payment and Settlement Systems Limited (GHIPSS), a wholly-owned subsidiary of the Bank of Ghana.
GHIPPS was incorporated in May 2007 with a mandate to implement and manage interoperable payment system infrastructure for banks and non-bank financial institutions in Ghana.
The system has been crucial in moving Ghana’s digital banking revolution forward in leaps and bounds and was crucial to the establishment of the mobile money interoperability system, as Dr Bawumia noted during a ‘Bawumia Speaks’ lecture at Asheshi University in 2021.
“Thanks to the Bank of Ghana and Ghana Interbank Payments and Settlement System (GhIPSS), the mobile money payments interoperability has made it possible to transfer money seamlessly across different mobile money providers and between bank accounts and mobile wallets,” the Vice President stated.
That vision has come full circle, with Ghana’s financial inclusion being hailed at the ongoing Mobile World Congress Africa 2022.
More recently, Kenya’s finest daily, the Standard, praised Ghana’s digital revolution and called on Kenya and the rest of the continent to follow in Ghana’s footsteps, writing that Ghana’s indefatigable Veep is leading a “digitization footprint that Kenya and Africa can emulate.”\
Ghana is currently dealing with a wave of economic difficulties, especially as of 2022’s first day.
Numerous residents are struggling with terrible conditions that have put all economic indicators in danger, including the depreciation of the Ghana cedi, skyrocketing inflation rates, and revenue generation limits, among others.
Ghanaians generally feel frustrated as a result of these circumstances.
In the face of such crisis, there have been calls for leadership, bearing in mind that managing a middle-income country like Ghana is no small feat.
For instance, one would have to be associated with varied expertise, knowledge and educational credentials spanning across development, strategy, policy, economics, statistics, political science, among others to be able to steer this ship.
To address the ongoing challenges in the economy, Ghana has resorted to the International Monetary Fund for an economic support programme.
The country is targeting about $3 billion once an agreement can be reached, with the money geared toward restoring macro-economic stability, as well as other economic indicators.
In the wake of the development, GhanaWeb Business takes a look at the key figures behind the management of the Ghanaian economy and their respective educational pedigrees, which have somewhat come under fire in the wake of the crisis.
Ken Ofori-Atta – Finance Minister
Ghana’s current Minister of Finance and Economic Planning, Ken Ofori-Atta, is a key figure in the management of the country’s economy, just like the others who have occupied the position.
Ken Ofori-Atta has been meeting with the officials from the IMF since the government made a decision to seek assistance from the Fund on July 1, 2022.
At the present, Ken Ofori-Atta has been under intense pressure from his own party, as well as many citizens for him to resign from his position as finance minister, along with Charles Adu Boahen, Minister of State at the Finance Ministry; also, a close ally of Ofori-Atta.
He is an economist, investment banker, and co-founder of Databank Group, a financial services firm.
Prior to being appointed as the Minister of Finance in 2017, Ken Ofori-Atta had his secondary school education at the Achimota School in Accra, after attending the Accra Newtown Experimental School (ANT 1).
He then proceeded to have a Bachelor of Arts in Economics from the reputable Columbia University in the United States (1984), and later earned an MBA from the Yale University School of Management also in the United States in 1988.
Ken Ofori-Atta is also a member of the prominent Ofori-Atta family which has been influential in politics, law, chieftaincy, and business.
He has been touted as an astute economist and is currently the Head of the Economic Management Team of Ghana, serving under the Nana Addo Dankwa Akufo-Addo administration.
Dr Bawumia has also come under intense pressure over this narrative especially in his position as the Head of the EMT, which overseas most economic decisions taken by government.
Prior to his political journey, Dr Bawumia worked as a former banker with vast experience from the International Monetary Fund, the Bank of Ghana, among others.
Dr Bawumia, who is currently serving as Ghana’s vice president, attended the Sakasaka Primary school in Tamale and gained admission to the Tamale Secondary School in 1975.
After graduating from the Tamale Secondary School, he went to the United Kingdom where he studied banking and obtained the Chartered Institute of Bankers Diploma (ACIB).
He earned himself a First-Class Honours Degree in Economics at Buckingham University in 1987 and later obtained a master’s degree in Economics at Lincoln College, Oxford.
Dr Bawumia has earned a Ph.D. in Economics at Simon Fraser University, Vancouver, British Columbia, Canada in 1995.
He is credited for championing the governing NPP’s digitisation agenda.
Dr Bawumia specializes in macroeconomics, international economics, development economics, and monetary policy.
He attended the Methodist College and the Mfantsipim School for his primary and secondary. Dr. Addison then proceeded to the University of Ghana and earned a Bachelor of Arts Degree in Economics from 1982 to 1986.
From 1987 to 1989, he obtained an M.Phil in Economics and Politics from the University of Cambridge in England and later a Doctor of Philosophy degree in Economics from McGill University in Canada.
Before he was appointed Governor of the BoG, Dr Addison served as the former Director of Research at the Bank of Ghana from 2003 to 2011, as well as an Economist at the African Development Bank.
Dr. Addison specializes in financial policy and economic management.
He claimed that there were insufficient requests for the dismissal of Ken Ofori-Atta, the finance minister, and his staff.
In a Facebook post on October 25, he stated that Vice President Dr. Mahamudu Bawumia should also be asked to resign from his position as the head of EMT.
Kwakye Ofosu believes Bawumia has been ‘useless’ at the post thus he and other members of the EMT should be dismissed.
The former deputy minister stated that the dismissals were the only way President Akufo-Addo can demonstrate seriousness in addressing the “horrific economic crisis” that the country is being confronted with.
“It is not enough for Ken Ofori Atta and his team to go. Bawumia, who has been utterly useless as Head of the Economic Management Team, must be dismissed from that position together with all its members. That is the only way the President can demonstrate any level of seriousness at tackling the horrific economic crisis we are facing,” Kwakye Ofosu wrote on his page.
Ghana’s economy has been facing a downturn in recent months with economists pointing to record-high inflation rates, fuel prices hikes and the fast depreciation of the Cedi as signs of the crisis.
But the president has on a number of occasions kept faith with his appointees and shot down a ministerial reshuffle. He insists that his ministers are performing well.
On Ken Ofori-Atta, President Akufo-Addo touted his achievements stating that he was the one who turned the economy into one of the fastest growing economies in world in his first term and thus possessed the required skills to steer the country out the current crisis.
On Tuesday, October 25 however, over eighty (80) MPs from the New Patriotic Party demanded the sacking of Ofori-Atta and Minister of State at the Ministry of Finance, Charles Adu Boahen.
The minority caucus also filed a motion of censure to dismiss Ken Ofori-Atta from his role. The NPP MPs have threatened that they will boycott the 2023 budget debate if President Akufo-Addo fails to sack Ken Ofori-Atta and Charles Adu Boahen.
Menzgold is not a financial institution that is authorized, he declared.
We are referring to licensed financial institutions, but if you set up your 419 institutions and the Bank of Ghana repeatedly warned people not to do business with Menzgold because they were not a licensed financial institution, then you cannot use taxpayer money to release funds that have been frozen at a non-licensed financial institution.
The Akufo-Addo government will not use taxpayers’ money to pay depositors whose investments have been locked up in the now-defunct Menzgold Company Limited, Vice-President Dr. Mahamudu Bawumia has said.
Dr Bawumia told Agya Owusu on Techiman-based Link89.1 FM in the Bono East Region during his recent tour of that part of Ghana that, unlike the situation where the government rescued 4.4 million depositors whose funds got locked up in some banks and specialized deposit-taking institutions who were collapsed by their regulatory authorities over infractions and insolvency, the customers of Menzgold are not entitled to such rescue since they defied all warning from the Bank of Ghana to do business with an unlicensed financial institution.
“Menzgold is not a licensed financial institution. We are talking about licensed financial institutions but if you set up your 419 institutions and the Bank of Ghana warned repeatedly that people should not do business with Menzgold because they were not a licensed financial institution, so, you can’t use taxpayers’ money to pay locked-up funds of an institution that is not a licensed financial institution,” Dr. Bawumia said.
Two weeks ago, some aggrieved customers of the gold-trading company said they deserve a bailout just like the other companies that were licensed by the Securities and Exchange Commission (SEC) and collapsed with a “written letter” because their operations were contrary to their terms of the license.
According to the aggrieved customers, they deserve a bailout since Menzgold was under the regulation of SEC.
Latest election survey by Global InfoAnalytics has predicted former President John Dramani Mahama as the preferred candidate to win the 2024 general elections.
The survey indicated should the 2020 NDC flagbearer be given the mandate by his party, Ghanaians will vote for him as the next president over any of the frontrunners of the governing NPP thus, Vice President Dr Mahamudu Bawumia or Alan John Kwadwo Kyerematen.
The October 2022 report sampled views across the length and breadth of the country and stated that presently, Mahama has more appeal than both the Vice President and the Minister for Trade and Industry.
“In the general elections, the poll shows Mahama (JDM) continues to lead his potential rivals from the NPP, Bawumia (DMB) and Alan Kyeremanten (AKK) by a significant margin if the elections were held today.
“The poll shows further that among voters who are likely to vote in the 2024 elections, JDM leads DMB 62% to 33%, representing a 29% lead. 6% of voters prefer to vote for someone else (SO). In the race between JDM and AKK, JDM leads AKK 60% to 36%, representing a 24% lead. 5% prefer to vote for SO”, excerpts of the survey read.
The report continued: “The poll also shows JDM regaining the Northern region after lagging behind in earlier polls. JDM continues to lead in the North East region, the home region of the Vice President, according to the poll.
“JDM lead DMB 69% to 28% and leads AKK by 29% to 69%. In the North East, JDM leads DMB by 53% to 45% and AKK by 52% to 48%.”
In the race for the NDC’s flagbearership, the report said John Dramani Mahama is ahead of all other contenders.
“He leads Dr. Kwabena Duffour (DKD) 71% to 19%. Hon. Kojo Bonsu, attracts 3% of the votes with someone else,7%. DKD’s improvement in the polls suggests that people who had earlier said they intended to vote for someone else in the July polls, opting for him instead”, the survey said.
Global InfoAnalytics
Global InfoAnalytics Ltd, is a research company based in Accra. The company describes itself as “the trusted foundation for decision making; we earn that trust through the application of sophisticated methodologies to the real-world problems of companies, political organisations and policy and strategic decision-makers.”
Global InfoAnalytics has uniquely addressed the market demand for big data analytics solutions and services and provide clients with cost-effective and result-oriented service offerings that enable them to gain a competitive edge.
DrMahamudu Bawumia, Vice President of the Republic of Ghana has been likened to a shining star that cannot be stopped.
According to former Member of Parliament for Tempane constituency Joseph Dindiok Kpemka, Dr Bawumia has spotted his time to lead the New Patriotic Party into the next election I’m 2024.
“Dr Bawumia is going to get a massive endorsement because it is his star that is shining and nobody can stop it. God has destined him. Anybody who had attempted in the past to support others are now backtracking because they have all seen that this is the man to lead us to the promised land. When he cane to this region, you saw those who were with him. Some of them very close to other aspirant. They have said they were very close to others but now they are with him [Bawumia] because they have seen that he can give the NPP power,” he said.
The former Deputy Attorney General intimated that the Vice President has distinguished himself and served the party well, hence it will land the party a bad image and loss if Dr Bawumia fails to be elected flag bearer.
“For a man who has served us well from election petition through to now, delivered several lectures that gave us power and the party throws hinn away? What will be our message to Ghanaians? We need him and the NDC themselves know. Everyday when they go on radio and TV, they are on one man,” he added.
Lawyer Kpemka disclosed that he will personally embark on a rigorous campaign including door to door campaign to get the Vice President elected as President.
According to him, Dr. Bawumia who is the Head of the Economic Management of the country has not been able to accurately calculate the inflation of the country and also ascertain the rate at which the cedi is depreciating.
Adongo said the Vice President is the one to blame for the economic woes in the country.
“However, in all of this, the context must clearly situate the main person behind the current economic anxiety and the mess we face. How did Ghana end up with a Vice President and Head of Economic Management team who cannot correctly calculate inflation or even the depreciation rate of the cedi and had to be thought this elementary lesson by one of the professionals of the NDC that he so gleefully touted as incompetent?” he queried.
Inflation rates have continued rising to hit 37.2% in recent times.
Adongo noted that “the most important qualities, in my view, that the leader of the EMT must have are (a) credibility (b) a consensual approach underpinned by balanced thinking. My view is that Bawumia lacks these qualities. Credibility is key because stakeholders must trust your utterances and believe in your good intentions.”
He however stated that leaders of EMT must know when to reconsider their actions and initiatives and be bold to admit failures when they occur.
“Nations such as the UK and the USA have in recent times had leaders of their economic management team admit failures, accept blame, and chart a new course based on scientific evidence,” he said.
Naa Puowele Karbo IV, the Paramount Chief of the Lawra Traditional Area, has commended the Vice President Dr Mahamudu Bawumiafor his efforts in supporting and assisting the president in steering the affairs of the nation.
He expressed his admiration and lauded the Vice President for his hard work, focus and bringing dignity to the high Office of the Vice President and hoped that his efforts would be rewarded for his digitisation and transformation agenda to assist President Nana Addo Dankwa Akufo-Addo.
“Since assuming the high Office of the Vice President, you have brought dignity, respect and prestige to that office and we pray your efforts are sustained and your competence, effectiveness, efficiency, commitment, hard work, determination and dedication to the duties and responsibilities of the office are widely acclaimed locally and internationally,” Naa Karbo stated.
He made the commendation when the Vice President, Dr Mahamudu Bawumia, paid a courtesy call on him at his palace.
Touting the achievements of the vice president, Naa Karbo noted that his conduct, demeanour, focus, steadfastness and working harmoniously with the president should enable both of them to achieve their vision so as to galvanise the youth to take appropriate steps to take leadership roles and transform society.
“In particular, you have shown by your conduct, demeanour and steadfast support and assistance to the president that a vice president can work harmoniously with a sitting president and enable him to achieve their common vision.
“It is my prayer and hope that your effort at galvanising the youth to remain focus, steadfast and determined to realise the common vision of both the president and his vice will be rewarded by the youth with the appropriate price of leadership at the appropriate time,” Naa Karbo stressed.
The founder and leader of the United Progressive Party (UPP), Akwasi Addai Odike, has urged Ghanaians to seriously start praying for divine intervention with the rapid depreciation of the Ghana Cedi.
According to him, the current government seems to have no clue as to how to stabilise the cedi against the major currencies, including the US dollar, and without God’s intervention, one might need GH¢50 in order to acquire $1 before 2025.
He added that the Vice President, Dr. Mahamudu Bawumia, who, as the head of Ghana’s Economic Management Team, is supposed to outline measures to get the country out of the current situation, has suddenly gone quiet.
“During the time of Atta-Mills, the dollar to cedi rate was relatively better. During the time of Mahama, it depreciated, but now the depreciation is worse.
“We have to pray because if care is not taken, the dollar will be falling at GH¢50 before Akufo-Addo leaves power.
“We need someone who will come and tell us that these are the measures we are implementing to stop the cedi from depreciating. Because this can’t continue. Is the vice president still alive,” he said in Twi in a Power FM interview monitored by Ghanaweb.
Meanwhile, the Ghana cedi is currently the world’s worst-performing currency against the US dollar, Bloomberg reports have indicated.
The currency has continually depreciated against the dollar in the last couple of months.
This has been attributed to the situation where “wait-and-see investors continued to squeeze foreign capital to the west African country before its deal with the International Monetary Fund.”
Bloomberg noted that the cedi lost about 45.1% to the US dollar this year to sell at GH¢11.2625 per dollar.
This makes the cedi’s depreciation the worst among 148 currencies tracked by Bloomberg, overtaking Sri Lanka’s rupee, whose depreciation has been 44.7%.
