Why does that matter?
It indicates that God has given you some blessings, such as excellent land, abundant rainfall and sunshine, the ability to grow maize, which is used to make flour and bread, and the ability to export all of this, as opposed to us, who import flour to make our bread.
We must reconsider.”
Ghanaian businessman, Kofi Amoah, has asserted that Ghana is more focused on importing goods to sell than manufacturing products.
He noted that the Ghanaian economy is largely service-based. This he said, leads the economy to fail.
Speaking on GhanaWeb’s The Lowdown programme, Kofi Amoah, who is otherwise known as Citizen Kofi said, “We have become a buy and sell country. We are not a make and sell. We are not manufacturing things. We are importing things outside, things we should be able to make. So until your economy has become more sophisticated, if, at the beginning stages, the service sector is the largest portion of your economy, you are on your road to failure. We must be an economy that is making things.”
He stated that government needs to re-strategise its plan to ensure that most of the goods are manufactured locally for Ghanaians perusal and to large extent exported.
Citizen Kofi noted that Ghana has favourable conditions to grow food crops, hence, the need for government and farmers to take advantage to produce more goods onto the market.
Added Dr. Kofi Amoah: “If you look at the list of goods that Ghana buys, you might wonder why this nation is doing this.
Although Brazil’s corn production is 14 times higher than ours, Ghana’s central area enjoys superior climate than Brazil.
Why does that matter?
It indicates that God has given you some blessings, such as excellent land, abundant rainfall and sunshine, the ability to grow maize, which is used to make flour and bread, and the ability to export all of this, as opposed to us, who import flour to make our bread.
We must reconsider.”
He said Ghana has a good climate condition to grow maize compared to other countries like Brazil where Ghana imports flour from.
According to him, it’s about time government and businesses rethink their decision of importing some basic commodities and rather invest more into the growing of agricultural produce.
Dr Kofi Amoah said, “The list of items that Ghana imports if you look at it, you ask why is this country doing this? The central region in Ghana has the best climatic conditions than Brazil but the yield in Brazil of maize is 14 times higher than ours. What does that mean? It means God has given you some gift; your land is excellent, your rainfall, your sunshine, you can grow maize that you use in making flour, and bread, you can export it all but instead of that, we are importing flour to make our bread. We need to rethink.”
“We are blessed people but if we don’t really unite our forces and start thinking properly and have a plan,” he added.
Kofi Amoah said this when he appeared on GhanaWeb’s The Lowdown programme hosted by the Editor-in-chief, Nii Akwei Ismail Akwei.
He said Ghana has a good climate condition to grow maize compared to other countries like Brazil where Ghana imports flour from.
According to him, it’s about time government and businesses rethink their decision of importing some basic commodities and rather invest more into the growing of agricultural produce.
Dr Kofi Amoah said, “The list of items that Ghana imports if you look at it, you ask why is this country doing this? The central region in Ghana has the best climatic conditions than Brazil but the yield in Brazil of maize is 14 times higher than ours. What does that mean? It means God has given you some gift; your land is excellent, your rainfall, your sunshine, you can grow maize that you use in making flour, and bread, you can export it all but instead of that, we are importing flour to make our bread. We need to rethink.”
“We are blessed people but if we don’t really unite our forces and start thinking properly and have a plan,” he added.
Kofi Amoah said this when he appeared on GhanaWeb’s The Lowdown programme hosted by the Editor-in-chief, Nii Akwei Ismail Akwei.
Chief Executive Officer of Progeny Ventures International, Dr. Kofi Amoah, has questioned why Ghana imports flour to make bread for consumption.
He said Ghana has a good climate condition to grow maize compared to other countries like Brazil where Ghana imports flour from.
According to him, it’s about time government and businesses rethink their decision of importing some basic commodities and rather invest more into the growing of agricultural produce.
Dr Kofi Amoah said, “The list of items that Ghana imports if you look at it, you ask why is this country doing this? The central region in Ghana has the best climatic conditions than Brazil but the yield in Brazil of maize is 14 times higher than ours. What does that mean? It means God has given you some gift; your land is excellent, your rainfall, your sunshine, you can grow maize that you use in making flour, and bread, you can export it all but instead of that, we are importing flour to make our bread. We need to rethink.”
“We are blessed people but if we don’t really unite our forces and start thinking properly and have a plan,” he added.
Kofi Amoah said this when he appeared on GhanaWeb’s The Lowdown programme hosted by the Editor-in-chief, Nii Akwei Ismail Akwei.
The International Monetary Fund and the government of Ghana have reached a staff-level agreement on a three-year program supported by an arrangement under the Extended Credit Facility (ECF) in the amount of Special Drawing Right (SDR) 2.242 billion or about US$3 billion.
An International Monetary Fund (IMF) team led by Mr. Stéphane Roudet, Mission Chief for Ghana, visited Accra during December 1 – 13, 2022, to discuss with the Ghanaian authorities IMF support for their policy and reform plans.
At the end of the mission, Mr. Roudet issued the following statement:
“I am pleased to announce that the IMF team reached staff-level agreement with the Ghanaian authorities on a three-year program supported by an arrangement under the Extended Credit Facility (ECF) in the amount of SDR 2.242 billion or about US$3 billion. The economic program aims to restore macroeconomic stability and debt sustainability while laying the foundation for stronger and more inclusive growth. The staff-level agreement is subject to IMF Management and Executive Board approval and receipt of the necessary financing assurances by Ghana’s partners and creditors.
“ The Ghanaian authorities have committed to a wide-ranging economic reform program, which builds on the government’s Post-COVID-19 Program for Economic Growth (PC-PEG) and tackles the deep challenges facing the country.
“Key reforms aim to ensure the sustainability of public finances while protecting the vulnerable. The fiscal strategy relies on frontloaded measures to increase domestic resource mobilization and streamline expenditure. In addition, the authorities have committed to strengthening social safety nets, including reinforcing the existing targeted cash-transfer program for vulnerable households and improving the coverage and efficiency of social spending.
“Structural reforms will be introduced to underpin the fiscal strategy and ensure a durable consolidation. These include developing a medium-term plan to generate additional revenue and advancing reforms to bolster tax compliance. This will help create space for growth-enhancing measures and social spending. Efforts will also be made to strengthen public expenditure commitment controls, improve fiscal transparency (including the reporting and monitoring of arrears), improve the management of public enterprises, and tackle structural challenges in the energy and cocoa sectors. The authorities are also committed to further bolstering governance and accountability.
“To support the objective of restoring public debt sustainability, the authorities have announced a comprehensive debt restructuring. Sufficient assurances and progress on this front will be needed before the proposed Fund-supported program can be presented to the IMF Executive Board for approval.
“Reducing inflation, enhancing resilience to external shocks, and improving market confidence are also important program priorities. Accordingly, the Bank of Ghana will continue to strengthen its monetary policy framework and promote exchange rate flexibility to rebuild external buffers. As part of the authorities’ debt strategy, a domestic debt exchange has been launched. The authorities are committed to taking the necessary mitigation measures to ensure financial sector stability is preserved.
“IMF staff held meetings with Vice President Bawumia, Finance Minister Ofori-Atta, and Bank of Ghana Governor Addison, and their teams, as well as representatives from various government agencies. The IMF team has also continued to engage with other stakeholders. Staff would like to express their gratitude to the Ghanaian authorities, Parliament’s Finance Committee and all the private sector, trade union, and civil society representatives for their open and constructive engagement over the past few months.”
He claims that young people in Ghana who are digitally savvy might use their skills to earn money and hire others to work in the industry.
Mr. Acolatse said investing in business ideas was essential to producing successful young people in the nation while speaking to the media at the Ghana to the Moon business and technology conference in Accra over the weekend.
The team with the best business plan received an amount of US$1000 to kick-start their project.
He said the youth can only be technologically inclined “By giving it to them, showing them how to use it and the monetization of it. So we have access to resources where with these trainings, we are able to literally sit at home on a laptop, computer, and be able to make money. We want to introduce them to a space that is not privy here [in Ghana].”
“The event is called Ghana to the Moon business and tech conference. It is a pitch competition where we are investing in ideas, we allow them to come together as a group and form company and provide business plan and the incentive we are providing them with is US$1,000 for the ideas,” he said.
On Friday, December 9, 2022, the Kempinski Gold Coast Hotel in Accra hosted the winners’ announcement for the 9th edition of the Ghana Oil and Gas Awards (GOGA).
The prestigious event, which was planned by Xodus Communications Limited in collaboration with the Ministry of Energy and Graphic News Plus, provides an opportunity for the oil and gas sector to highlight and celebrate achievements in important areas such as environmental stewardship, efficiency, innovation, leadership, corporate social responsibility, and health and safety.
Richard Abbey Junior, the chief executive officer of Xodus Communications Ltd., addressed the attendees of the event and stated that his company was close to applying ISO 20121 in its operations.
” Xodus communications is currently in the final stages of implementing ISO 20121 in our operations. The ISO 20121 standard specifies the requirements for an event sustainability management system. It would also help us improve our awards’ transparency, integrity, and professionalism while ensuring our resources’ efficient use”, he said.
Richard Abbey Junior also took the opportunity to call on stakeholders to support the establishment of petroleum hub in Ghana.
Support Initiative To Curb Cedi Depreciation, Reduce Import Of Petroleum Products – Abbey Jnr
0 seconds of 1 minute, 36 secondsVolume 90%
” I call on stakeholders to support the Petroleum Hub initiative so that we can curb the depreciation of our currency and reduce imports of petroleum products. This actions comes with a political will and we hope government and successive ones will align in that regard “, he said.
Mr Agyeman Duah the industry coordinator of the Association of Oil Marketing Companies in a solidarity speech encouraged nominees to keep thriving despite challenges. He congratulated Xodus Communications for its consistency in putting up such credible Awards scheme
Here are the winners of the 2022 Ghana Oil and Gas Awards;
HALL OF FAME 2022 (WITH CITATION – NO NOMINEES)
1. OIL MARKETING COMPANY OF THE YEAR
GOIL PLC
2. PETROLEUM RETAILER/DEALER OF THE YEAR
MADAM ARETHA BAKERS WOODE-BETHEL CONSTRUCTION AND TRADING ENTERPRISE
3. LUBRICANT PRODUCT OF THE YEAR
TOTALENERGIES – TOTAL QUARTZ 9000
4. EXCELLENCE IN CORPORATE SOCIAL RESPONSIBILITY – DOWNSTREAM
VIVO ENERGY GHANA, SHELL LICENSEE
5. BULK DISTRIBUTION COMPANY OF THE YEAR
JUWEL ENERGY
NO NOMINEES / SINGLE NOMINEES
6. HAULAGE COMPANY OF THE YEAR
KODSON PLUS COMPANY LIMITED
7. OIL AND GAS INSURER OF THE YEAR
STAR ASSURANCE
8. ENGINEERING AND CONSTRUCTION COMPANY OF THE YEAR
TECHNIPFMC GHANA LIMITED
9. LPG MARKETING COMPANY OF THE YEAR
ANDEV COMPANY LIMITED
10. OIL AND GAS LOGISTICS COMPANY OF THE YEAR
KODSON PLUS COMPANY LIMITED
DIVIDE / MULTIPLE WINNERS IN SAME CATEGORY
11. OIL AND GAS SERVICE COMPANY OF THE YEAR (GAS)
GHANA NATIONAL GAS COMPANY
12. OIL AND GAS SERVICE COMPANY OF THE YEAR (BUNKERING)
GOIL PLC
13. OIL AND GAS SERVICE COMPANY OF THE YEAR (UPSTREAM)
RIGWORLD GROUP
14. EXCELLENCE IN HEALTH, SAFETY, ENVIRONMENT & QUALITY (DEPOT)
TEMA TANK FARM LIMITED
15. EXCELLENCE IN HEALTH, SAFETY, ENVIRONMENT & QUALITY (HAULAGE)
KODSON PLUS COMPANY LIMITED
During a visit to one of his partner brands, he made this call.
After years of successful collaboration, Richard Nii Armah Quaye, CEO of Quick Angels, made a goodwill visit to Gold Coast food herbs and spices (Sankofa Natural Spices) at Gomaa.
The purpose of the visit was to take a look around their cutting-edge facility, learn about the status of the work being done on the goods and services, and learn what the company’s future holds.
The CEO of Sankofa spices acknowledged the challenging times the country as well as businesses are being confronted in our current economy however was quick to add that with a formidable partnership with quick angels, and good strategies the business will thrive and survive.
He mentioned and assured the board chairman, Mr. Quaye, that he and his team are ready and prepared for the years ahead.
The Board Chairman of Sankofa and CEO of quick Angels Mr. Quaye applauded the CEO of Sankofa and his team for the massive work done so far considering where the Joint venture business started amidst challenges however added that he has a strong trust in the Ceos ability and he isn’t surprised with the work done so far.
He added that he is proud Sankofa natural spices are one of Ghana’s finest and most healthy known products accepted by many.
Mr. Quaye used the occasion to call on more innovation for the business in the years ahead to stay in business.
He added that not all businesses can survive the current economic conditions we are facing. Salaries are paid in full, with no redundancy he’s proud of the business.
He used the occasion to call on businesses to be innovative and have new strategies if they want to see their business thrive in the coming years in our current economy. “You always have to have ways to face the fall he mentioned”
He disclosed that his brands will be among the few to challenge the status quo.
Richard Nii Armah Quaye is Ghana’s first angel investor supporting hundreds of businesses, Startups, and entrepreneurs with equity financing.
Quick Angels have successfully built over 25 world-class brands such as Burger King, Doughman foods, Sankofa natural spices, Coli network, Benjie and duke rice, Ridge medical centre, and many more in Ghana and other parts of Africa employing over 3000 direct staff across brands only in Ghana. He is an achiever and a great leader of our generation.
This is vital, according to Dr. Simon Bawakyillenuo, Project Lead of the Modern Energy Cooking Services at the Institute of Statistical Social and Economic Research (ISSER), to advise the nation and dispel myths that using electricity for cooking is an expensive option.
He claims that despite the fact that most people use certain electrical gadgets in their cooking, the majority still believes that using electricity to cook is expensive.
“In Ghana, we don’t have the policy that touches on cooking with electricity. We need measures that will help so that people can actually begin to understand that going through the pathway of using electricity to cook is not expensive, but because they do not have the empirical evidence, they always think it is expensive.”
“Because we are talking about Ghana transitioning to green energy usage or transitioning to the use of less polluting sources, we need to be thinking about the ways and means of how people can afford such appliances, for instance, the electric pressure cookers in order to actually begin to cook with,” he said.
Dr. Bawakyillenuo made these remarks on the sidelines of the dissemination workshop of the Household and Market Baseline survey on energy for cooking appliances on the market in Ghana.
“We focus more on electricity and if it is generated from a clean source, what we will be doing is that we’ll be meeting the SDG Goal 3 which is on health, and SDG Goal 7 which is on clean energy sources, and the one on climate change, because the country is also focused on, or is being encouraged to actually cut down on carbon dioxide emission.”
“Our biggest challenge is, if we continue to use more biomass in our cooking, it means that we are reducing the ability of the forest to actually capture the carbon, and so we are reducing our carbon sink. Once we are able to focus a bit more on the use of electricity, you realise that households will not actually place more burden on the forest stock, especially the cutting of trees for charcoal and what have you,” he added.
The workshop sought to announce the results of the survey they undertook in the phase one of the project, and to share plans and expectations in the second phase yet to be undertaken.
With regards to challenges, Dr. Bawakyillenuo mentioned that there is the issue of standards and affordability.
As a means of cutting down cost of appliances, he pushed for the local manufacture or assembly of some of these cooking appliances.
Another solution, he said, is for government to check electricity tariffs to ensure that citizens adopt the use of the appliances in the cooking.
He also called on the Ghana Standards Authority, the Customs Division of the Ghana Revenue Authority, and other authorities to ensure that only appliances that are energy efficient get into the country.
“It is important that we do it because if it is in the transition plan, then, critical strategies are needed and those strategies including having efficient electric cookers. When you are efficient, you do not consume much electricity. It is only when you have inefficient ones that you will have the challenge.”
“At the same time, it may also be very important for the various tariffs to be looked at; how people will actually consume electricity with their appliances for their cooking needs, but will not really feel the pinch. So it is about the determination to really help make sure that we provide the necessary conditions,” he noted.
The local economy will expand as a result of both domestic and foreign direct investment.
Alan Kyerematen stressed that Ghana needs to stop depending so heavily on access to the capital international financial market and instead concentrate on luring investors to pump money into the local economy by establishing businesses there. He was speaking at the opening ceremony of the third Annual Investment Week of the Ghana Free Zones Authority.
He said, “If we’re going to put investment at the centre of our development agenda then we need to appreciate the fact that we cannot continue relying only on access to the capital international financial market but we have to think seriously about how we aggressively promote private direct investments be it domestic or foreign.”
An increase in direct investments is often associated with a host country’s economic growth due to increased tax revenues and an influx of capital.
The amount given is larger than what Ghana anticipates from the IMF if an agreement is reached.
Additionally, Fitch predicted that Ghana will pay $3 billion in interest and amortization as part of its debt service obligations in 2023.
Ghana continues to borrow money to fund its projects and flagship programs, which has resulted in a debt-ridden economy.
Bloomberg in its December 9, report said “Ghana, a regular client of the IMF — this is its 17th request to the fund — has often failed to meet targets set in previous programs, including the last one, which ended in 2019 with a waiver from the fund, essentially rubber-stamping its lack of progress. The government’s decision to aggressively tap Eurobond markets in 2020, so soon after that program ended, spooked investors and led the agencies to revisit their ratings.”
“A government plan to slash expenditure by 20% did little to assuage the market,” it added.
After continuous downgrades by rating agencies since the beginning of the year which saw Ghana get kicked out of the international capital market, the country has battled with harsh economic conditions coupled with high inflationary pressures, soaring interest rates, and cost of borrowing as well as a depreciation of the cedi.
However, bondholders and creditors have expressed their disagreement with the programme. According to them, proper consultation and consensus-building have not been achieved.
“There is no more stigma around defaulting or restructuring, and this is quite unusual in the context of emerging markets history. It is part of the natural economic cycle,” Yerlan Syzdykov, a global head of emerging markets at Amundi SA, Europe’s biggest money manager that is a member of the Ghana bondholders committee was quoted by Bloomberg.
As part of the IMF conditionalities as noted, the finance minister also announced a freeze in public sector employment in 2023 and an increase in the Value Added Tax by 2.5%.
Sproxil works by providing consumers the means to do a quick authenticity test by SMS or app to check the unique number on the packaging of products on its platform.
Read the full story originally published on December 12, 2021, by face2faceafrica
Counterfeit drugs are among some of the leading causes of death in sub-Saharan Africa.
According to a report by the United Nations Office on Drugs and Crime, counterfeit drugs could be responsible for up to 270,000 additional deaths per year in sub-Saharan Africa.
In addition, the report notes that in some parts of Africa, more than 30% of medicines sold are substandard or falsified medical products. What is more, the continent is the most affected by the falsification of medicines, recording 42% of global seizures.
In order to help improve public health safety and ensure that consumers are buying the right drug and not a counterfeit, a Ghanaian entrepreneur, Ashifi Gogo, launched a tech startup called Sproxil which helps people to detect counterfeit products.
Sproxil works by providing consumers the means to do a quick authenticity test by SMS or app to check the unique number on the packaging of products on its platform. The platform/Sproxil was launched in 2009 and its first trial was done in Nigeria employing what was then called Mobile Product Authentication (MPA) on the well-known diabetes drug Glucophage, according to How We Made It In Africa.
Customers sent an SMS to the code on a pack of Glucophage at no charge and received a notification on whether the product was authentic or not. Since the trial, Sproxil now has over three billion unique digital codes for the products of brands using its platform.
Gogo’s decision to invest in detecting authentic drugs was influenced by a tragic event that occurred in Nigeria in 2008 where children died after ingesting teething syrup. It was later uncovered that the teething syrup contained a high concentration of a toxic chemical. It was alleged that the manufacturer got ingredients from an unlicensed chemical marker.
According to Gogo, his vision to sanitize the drug industry would not have been possible without the vision of the then director-general of the Nigerian National Agency for Food and Drug Administration and Control (NAFDAC), Professor Dora Akunyili. She wanted to adopt technology to solve the issue of counterfeiting and so invited Sproxil to make presentations to various stakeholders and trade groups.
Gogo funded the startup using his personal savings. Later, he got grants and prize money from competitions. Customer revenue also helped.
In its first year, the company achieved venture-style growth. “We tripled revenue each year for the first two years, then nearly doubled it again each year for the subsequent two years. It was in line with how venture capital investors expect companies they fund to grow,” he said.
The company in 2011 got a $1.8 million investment from Acumen Fund and a seven-figure loan facility from Deutsche Bank in 2015.
There are now other companies like Sproxil but Gogo believes his company can compete successfully. “We can accelerate sales but also plug holes in the supply chain where there might be security issues,” he said. “It’s two-for-one value.”
Born in Ghana, Gogo moved to the U.S. in 2001 to attend Whitman College. He studied mathematics and physics and completed his Ph.D. in engineering. The topic of his thesis was authentication technology designed for emerging markets.
It is estimated that Ghana loses up to $25 million annually via unfinished projects. This amount is equivalent to 667 additional three-unit classroom blocks per year which would accommodate an estimated 70,000 students, a study has shown.
The study was conducted in Ghana between 2014 and 2017 by Dr. Martin J. Williams, Associate Professor of Public Administration at the Blavatnik School of Government, the University of Oxford in collaboration with the National Development Planning Commission (NDPC) and the Local Government Service Secretariat (LGSS).
The study shows that about a third of projects started between 2011 and 2013, were never completed.
Presenting a paper on Spatial Infrastructure Data in Ghana, Dr. Williams said the costs of unfinished projects to Ghana, both economically and socially were huge, as shown by the administrative data that already exists within the government.
These administrative data included hardcopy reports or soft copy word documents submitted by local governments to MMDAs or the NDPC as part of normal annual performance reports.
By collating and transforming this data into a database covering about 14,000 projects across a wide variety of agencies and funding sources such as the District Assemblies Common Fund (DACF), GETFund, Internally Generated Funds, and central government funding.
He said 18.6 percent of MMDAs investment expenditure was on projects that were unlikely to ever be finished, noting: “that’s almost a fifth of infrastructure budget going straight into waste”.
He said, “these are mostly small projects that are being done by the MMDAs, so these are six-room classroom blocks, boreholes, wells, administrative blocks; the kind of projects that should take between four and 12 months on average”.
The study also found that contrary to popular opinion that unfinished projects were due to corruption and politics or elections, the findings showed that neither of these was the cause.
It said more work has been done on the projects than had been paid for and project completion rates were also consistent across the years.
Rather districts were spreading their resources for projects too thinly on too many projects than they could afford to complete every year, this notwithstanding, projects were more effectively delivered through local government than central government.
He said the findings were a demonstration of how administrative data could be valuable for policy preparation purposes as well as for academic work.
The Ghanacedi for the third-day running strengthened in value against the US dollar and the other major foreign currencies.
It is now going for ¢12.80 on the average to the American ‘greenback’, according to checks by Joy Business at some foreign bureaus.
The local currency is also selling at ¢12.85 to the euro and ¢15.00 to the British pound respectively.
It appears the continuous weakening of the dollar against major foreign currencies and clarity on Ghana’s debt restructuring programme is helping the cedi to improve in value against the US dollar.
Therefore, the rate of depreciation of the cedi has narrowed to about 48%.
Last week, the local currency gained 3.12% against the dollar, 0.88% to the pound and 3.79% versus the euro on the retail market.
Cedi sold at ¢13 to dollar yesterday
The cedi sold at ¢13.00 on the average at most forex bureaus on December 8, 2022.
He claims that the legislation will assist maintain some kind of civility in the nation while sanitizing the advertising industry.
He mentioned other African nations with the legislation that have made great strides in their advertising sectors.
“As a nation, we must pass this legislation.
All of our neighboring nations—Nigeria, Togo, and Cote D’Ivoire—have it, as does South Africa.
Only in Ghana did we not implement these controls when we liberalized the airwaves in 1995.
“So as an Association, we have spent time and resources trying to bring some level of decorum and order to our businesses. What you see around, especially your billboards and others, you can’t see it anywhere, not even in Lagos, so until we are able to have a bill that specifies who can practice as an advertising practitioner because now it is a free-for-all situation,” he said.
Dzadie also stated that due to the lack of the bill, persons who are not accredited have the luxury to advertise their products even though most of them are peddling falsehoods.
Although the bond market has recently experienced a modest uptick, distressed debt in emerging markets continues to be a serious weakness in the world economy that is gearing up for a downturn.
$215 billion in debt due in the next two years must be refinanced by governments of developing nations.
But many are no longer able to borrow.
Asset managers like Allianz SE, BlackRock Inc. ,and Fidelity Investments are amongthose with the greatest exposure to distressed debt.
“We expect the borrowing conditions for emerging markets to stay difficult and rates to remain high,” said Guillermo Osses, head of emerging-market debt strategies at hedge fund manager Man GLG, which has run the best performing EM fund this year.
“Around 15 countries have sovereign bonds trading at distressed levels, and there is no option for them to refinance the current level of debts at these rates. They will have to either go to the IMF, devalue their currencies or restructure the debt.”
Along with dozens of other developing countries,Ghana benefited from a debt-relief initiative run by the IMF and World Bank in the early 2000s, which wiped about $4 billion off its debt stock by 2006. That shift from mostly concessional funding before 2007 to largely commercial borrowing afterwards was transformational for Ghana, says Bright Simons, an analyst at the Accra-based think tank Imani Centre for Policy and Education.
“This new source of funding was completely different from what we’d experienced in the past — this money was going directly to the budget like a steroid injection straight into
the bloodstream,” said Simons.
The cathedral “is the perfect example of the spending spree: Ghana behaving like a fabulously
rich sultanate in the Gulf rather than a developing country just attaining frontier market status.” Erasing the ‘stigma of default’ Ghana spent years pitching itself as a business-friendly country that offered political stability, and a place for foreign investors to make outsized returns that they would easily be able to repatriate.
Foreign Direct Investment soared to nearly $4 billion in 2019, regularly outstripping neighboring
Nigeria, which has an economy over five times larger.
But, as Simons notes, Ghana’s FDI-stock-to-GDP ratio of nearly 80% — compared with a continental average of around 25% — makes it “highly vulnerable to global shifts in sentiment.”
Those shifts have caused domestic problems for President Nana Akufo-Addo. Store closures and street protests over the cost-of-living crisis have sprung up around the country.
And the majority of his own ruling party has called for the resignation of Ken Ofori-Atta, the finance minister, who faces a censure motion from parliament over his management of the economy, including spending on the cathedral.
The beginning of commercial oil production in 2010 helped shape Ghana’s economic ascent, but stresses in the system have become more apparent. Crude production figures have never matched government projections — it sits at under 200,000 barrels per day, less than half of earlier predictions — and investment in the sector has slowed in recent years.
Along with the impact of the pandemic and the Ukraine war on the economy the government and opposition largely blame each other’s overspending for the crisis that the country finds itself in. Some current ministers point to a slew of lucrative take- or-pay power contracts awarded by the previous government between 2013 and 2015.
Designed to solve a short-term electricity crisis, the deals resulted in private producers setting up plants that can supply 4,600 megawatts, nearly double national peak demand of 2,700 megawatts — leaving the country paying $500 million a year for power it does not use and cannot store.
Debt owed to fuel suppliers and the power companies could reach $12.5 billion by 2023.
Osei-Asare, the MP for Atiwa East who also spoke on the GTV Breakfast Show, argued that her government had not taken on too much debt.
She claimed, “We have not exceeded the financing that Parliament has approved for us.
According to her, the budget and appropriation are the guidelines for government expenditure and the government has always managed to spend within the deficit financing.
Ghana urgently needs to access the Fund due to the current economic difficulties, claims auditing and accountancy firm Deloitte Ghana.
“Based on history, the fund may force government to boost income which may be in the form of new taxes, which is likely to worsen the misery of Ghanaians especially within this current economic situation,” the business stated in its evaluation of the 2023 Budget Statement and Economic Policy.
“Some conditionalities may require government to implement expenditure cutting measures including halting new employment and ongoing and new capital projects in the public sector,” Deloitte Ghana added.
The authorities in Ghana say more than eight million unregistered Sim cards have been blocked in the country after their owners failed to meet a final registration deadline.
The disconnection of the mobile lines means their owners will no longer be able to make calls or access the internet, neither will they be able to use mobile money services.
Ghana’s Ministry of Communication and Digitisation and the National Communications Authority had said the mandatory Sim card registration was to help fight crimes such as fraud and to ensure digital security.
The process started in October last year when the government issued a directive for people to register their mobile lines.
The first stage of the registration involves mobile phone customers linking their Sim cards with their national identity card details.
A significant number of Ghana’s population of 31 million have yet to acquire a national identity card, making it difficult to register their Sim cards.
The authorities say more than 20 million lines have been fully registered so far. Individuals are allowed to register a maximum of 10 Sim cards with their national ID card.
A member of the National Democratic Congress(NDC) and representative for Ningo-Prampram, Sam Nartey George, has questioned the party’s current youth leadership.
According to the MP, the current youth leadership of the party has become too passive and has failed to rally the youth of Ghana to demonstrate against the corrupt Nana Addo Dankwa Akufo-Addo government.
Speaking in a Good Morning Ghana interview monitored by GhanaWeb, Sam George added that the failure of the current NDC youth leaders is the reason why he will be supporting Brogya Genfi, a national youth organiser hopeful, in the upcoming national executive elections of the party.
“I have seen leadership in diplomacy, one that engages in press conferences than actions. I want to see leadership of courage. I want to see a leadership that begins to raise the temperature of this country, galvanizing the youth front of our nation and saying to them that we need to demand better of the kleptocrats in government, the thieves in government, those who are running down and destroying the future of this country.
“This youth leadership is interested in press conferences, Akufo-Addo, at 50, did kumepreko… and that is why I support Brogya Genfi. I believe in the courage and fire of leadership that Brogya represents. And I believe that he will bring about a sterling turnaround in the next two years,” he said.
“We want to see a youth leadership that will raise the temperature in all 16 regions and make demands of this government. Demand accountability from this government. Enough of the press conferences. A youth wing that will open up the intellectual debates on campuses,” he reiterated.
The party’s national elections are slated for Saturday, December 17, 2022.
Candidates will be contesting for various positions, including the National Chairman, National Vice-Chairmen, General Secretary, Deputy General Secretary, National Organiser, and Deputy National Organiser, as well as the National Treasurer and Deputy National Treasurer.
Others are the National Communications Officer and Deputy, the National Women’s Organiser and Deputy, the National Zongo Caucus Coordinator, and the National Youth Organiser and Deputy.
The current National Youth Organiser of the party, George Opare Addo, is expected to face stiff competition from Brogya Genfi in the National Youth Organiser race.
When the demand decreases the value goes down as well. However, when the demand of a currency outweighs its supply it puts pressure on the local currency thereby reducing its value
Read full story below
For us Ghanaians, the exchange rate is simply the amount of Ghana Cedis we have to give up to acquire a unit of a foreign currency.
So, for example, if you have to give up GH¢6 to get $1, the exchange rate of the Ghana cedis (GH¢) to the dollar ($) is GH¢6.
On the other hand, for a traveller coming to Ghana, the exchange rate would be the amount of the currency of his country of origin that he would have to give up to get GH¢1.
For instance, with $1, a traveller from the US can get GH¢6, so the exchange rate of the GH¢ to the $ is approximately $0.17 – to get GH¢1, and traveller must give up $0.17.
You should be worried because the exchange determines the price of the majority, if not all, of goods and services in Ghana because most items are either imported or manufactured using imported inputs.
If you want to buy a phone made in the US which cost $1000 and the exchange rate of the GH¢ to the $ is GH¢6, the cost of the phone in GH¢ would be GH¢ 6000 (GH¢6 × 1000).
Should the exchange rate increase (the cedis depreciate) to GH¢ 8 for a dollar, then the new price of the phone would be GH¢ 8000 (GH¢8 × 1000).
When the rate decreases (the cedis appreciate) to GH¢4, the phone would cost GH¢4000 (GH¢4 × 1000).
Now, what causes the exchange rate to either increase or decrease? The demand and supply of the foreign currency, the dollar as an example.
The demand of the dollar is determined by the quantity of the goods and services imported to Ghana while the supply is by the quantity of goods and services Ghana exports.
For instance, a study by Konfidants Ghana showed that 82 percent of items in Ghanaian supermarkets are foreign brands.
Successive government have put in measures to ensure that the gap between our export and import is bridged including the setting up of the Free Trade Area where companies enjoy various incentives provided, they would export at least 70 percent of their products.
But this is not enough for Ghana to properly stabilize the price, there has to be a concerted effort by all, the government, private sector and households to patronise made in Ghana goods.
S&P Global downgraded Ghana’s long-term local currency bondsto “selective default” and cut the country’s foreign currency debt to “CC” from “CCC-plus,” with default a “virtual certainty,” the ratings agency said in a Tuesday statement.
S&P said Ghana’s proposed local debt swap is a “distressed exchange offer,” earning those bonds the “selective default” rating, while the foreign currency bonds downgrade responds to the government’s announced plans to restructure that debt.
Ghana’s parliament on Tuesday narrowly approved the proposed 2023 budget, overcoming resistance from opposition lawmakers over the inclusion of the debt exchange and a higher value-added tax.
Ghana’s request that private pensions forfeit some interest payments on government bonds to help it restructure debt and qualify for $3 billion of International Monetary Fund (IMF) support has received short shrift from local funds.
The West African country on Monday started offering domestic bondholders fresh local-currency bonds that won’t pay interest before 2024 in exchange for their existing debt.
But private pension funds, which held about 5.5% of domestic bonds as of the end of August, say the deal isn’t acceptable and want the government to discuss new terms.
“The proposal as put forth by the Minister of Finance is inferior to market expectation and will destroy the savings of Ghanaians and further undermine market confidence,” the Chamber of Corporate Trustees, an umbrella body for private pension trustees, said in a statement Tuesday.
“This is why we reject it outright.”
The West African economy launched a portal Monday where domestic bondholders can apply until Dec. 19 to replace about 137 billion cedis ($10.4 billion) of existing debt with new bonds maturing in 2027, 2029, 2032 and 2037.
Interest on the new bonds will not accrue until 2024 to reduce the country’s debt burden. Investors won’t receive annual coupon payments in 2023, 5% in 2024 and 10% from 2025 onward, according to the Ministry of Finance.
The pensions’ pushback could derail a debt-exchange program aimed at reducing Ghana’s debt burden and interest payments so it can qualify for IMF support.
Representatives of the Washington-based lender are in Ghana to complete talks with authorities in a mission set to end on December 13. Ghana and the organization, which have been in discussions since July, have said they are targeting an IMF staff-level agreement this month on a three-year program of as much as $3 billion.
The country had 393.4 billion cedis ($29.9 billion) of debt at the end of June, and debt-serving costs equivalent to 68% of tax revenue over the same period, according to budget data.
Ghana’s cedi, the world’s worst-performing currency against the dollar this year, has lost 53% of its value, increasing the cost of servicing the loans.
S&P Globalhas downgraded Ghana’s long-term local currency bonds to “selective default”.
Per the statement from the American credit rating agency, Ghana’s foreign currency debt has been cut from “CCC-plus” to “CC” with default a “virtual certainty”.
“S&P said Ghana’s proposed local debt swap is a “distressed exchange offer,” earning those bonds the “selective default” rating, while the foreign currency bonds downgrade responds to the government’s announced plans to restructure that debt,” the report said on December 6, 2022.
The downgrade is due to government’s debt exchange programme announced on December 5, 2022, by the government.
The government has made an invitation to “holders of domestic debt to voluntarily exchange approximately GH¢137 billion of the domestic notes and bonds of the Republic, including E.S.L.A. and Daakye bonds, for a package of New Bonds to be issued by the Republic.”
The move has been regarded as a clear admission of probable default on its bonds.
S&P DOWNGRADEs GHANA TO SD ( selective default) from CCC+, REFLECTING GHANA’s RECENT ANNOUNCEMENTS OF DOMESTIC BOND DEFAULT.
This comes after Ghana’s second biggest bank, GCB Bank, was downgraded by international rating agency, Moody’s.
GCB Bank’s long-term local currency deposit rating was downgraded to Caa3 from Caa2 and is one notch higher than the bank’s Ca long-term foreign currency deposit rating.
Again, its long-term foreign currency deposit ratings have also been downgraded from Ca to Caa2, its long-term Counterparty Risk Ratings (CRRs) to Caa3 from Caa2 and its long-term Counterparty Risk Assessment (CR Assessment) to Caa3(cr) from Caa2(cr).
The rating follows Moody’s action on December 2, 2022, to downgrade Ghana’s long-term issuer and senior unsecured debt ratings from Ca to Caa2 and place them on review for downgrade on November 29, 2022.
This is the second time in two years that Moody’s has downgraded the indigenous bank.
Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, has clarified that the 2023 budget statement and economic policy has not been approved by Parliament as reported.
On Tuesday, it was widely reportedly by media houses that Parliament has approved the budget statement.
According to Mr Ablakwa, Parliament has just concluded its debate and approval of the policy.
Parliament is however yet to approve the specific budgetary allocations to the ministries, which is the second stage of the Budget approval process, he noted in a Facebook post.
The final stage is the approval of the Appropriation Bill which is an itemized sum of all approved estimates by the House based on which government can spend in the ensuing year.
Some Ghanaians have criticised the Minority in Parliament for contributing to the alleged approval of the budget.
Reacting to this, Mr Ablakwa stated that “Ghanaians did not give the NDC a parliamentary majority, neither is it an NDC President destroying our economy and introducing bitter policies to further impoverish the citizenry.”
Nonetheless, he assured that they shall discharge their duties with “utmost integrity, good conscience, respect and solidarity with the suffering Ghanaians we represent.”
The Minority in Parliament has threatened to reject the GH10 million budget allocation to Defence Advisory Services under the Ministry of Defense.
Also, they have questioned why the allocation to the Contingency Vote has increased by over GH400 million from GH999 million to GH1.4 billion.
Some items in the 2023 budget presented by Finance Minister, Ken Ofori-Atta, include a reduction in the Electronic Transaction Levy also known as E-levy -from 1.5% to 1%. The GH100 daily threshold has also be removed.
However, the Minority has registered strong disapproval with the tax measures government is introducing.
Minority Leader, Haruna Iddrisu, argues that in an economy deemed to be in crisis, the e-levy should be at a rate of 0.5%. According to the minority, they disagree with an increase in VAT.
Meanwhile, Parliament is expected to adjourn its third sitting on Wednesday, December 21, 2022.
As a result, the government has proposed a debt exchange program, encouraging domestic investors to voluntarily exchange their current bonds for new ones.
The administration has also stated that the “haircut” will not apply to the principal of treasury bills or government bonds.
Ghana’s growing public debt stock has become a matter of great concern as conversations with the International Monetary Fund for financial assistance continue.
But if the country’s debts are found to be unsustainable, the IMF may not provide financial assistance to the country.
So, the government may have to consider debt restructuring, a move many have already hinted at as a solution to the country’s high debt issues.
What is debt restructuring
According to Investopedia.com, debt restructuring is a process used by companies, individuals, and even countries to avoid the risk of defaulting on their existing debts, such as by negotiating lower interest rates.
Instead of waiting to go bankrupt, most institutions are advised to restructure their debt in a manner that gives them a longer duration to pay their debts or makes them less expensive.
Usually, when an agreement to restructure is reached, the lenders either decide to reduce the interest rates on loans or extend the due dates for the repayment of the credit facilities.
This gives the country or business ample time to pay their loans and avoid bankruptcy.
Also, when debts are restructured, it makes it less probable to default on loans as payment becomes more flexible.
In Ghana’s case, debt levels have been on the rise as inflationary pressures, coupled with a deteriorating exchange rate have caused Ghana’s debt to skyrocket to GH¢402 million as of July 2022.
However, even though experts have noted that a restructuring may be the country’s best option, they have also explained that this may have grave effects on domestic investors.
A ‘haircut’ policy on the other hand is a debt restructuring method where the remainder of the debt is written off or the interest rates are reduced to make them less expensive.
Other types of debt restructuring include Debt-for-equity swaps and Issuing callable bonds.
Hanke, who has shown a particular interest in shedding light on the world’s economic troubles, claimed that Ghana is facing an impending debt catastrophe, which has led the nation to potentially seek economic assistance from the IMF for a 17th time.
The move meant that Ghana is inviting eligible holders to exchange GH¢137.3 billion of the domestic notes and bonds, including Energy Sector Levy Act Plc and Daakye Trust Plc, for a package of New Bonds to be issued.
Following the announcement, Prof. Hanke on his Twitter expressed further concern about Ghana’s local currency which he noted has depreciated by 56 percent since 2020.
“A debt crisis looms on the horizon in #Ghana. Since January 1st, 2020, the #cedi has depreciated ∼56%. Thanks to Ghana, my rogue’s gallery of JUNK CURRENCIES just keeps growing,” he wrote on December 4, 2022.
Ghana and the British government are poised to sign a nurse-for-cash contract.
Health Minister Kweku Agyeman-Manu stated on the floor of parliament on Monday, 5 December 2022 during a discussion of the 2023 budget that each nurse Ghana sends to the UK will likely cost the West African nation £1,000 once the arrangement is finalized.
In accordance with a previous agreement reached between the two nations, nurses from Ghana are already being dispatched to Barbados.
“Mr. Speaker, as you are aware, we have begun sending our nurses abroad on a bilateral basis, and the second cohort of nurses has been dispatched to Barbados as a result of the agreement we struck with that country.
Why would they come for both, Mr. Speaker?
Now that we’re hearing about it in Barbados, patients are asking for Ghanaian nurses to be by their bedsides, and I think that’s good news for us,” said Mr. Agyeman-Manu.
“And, out of these nurses, Ghana is going to benefit from some little monies that the UK government will pass on”, he noted, explaining: “For every single nurse that goes away – when we finish the agreement – it’s likely we’ll get a £1,000 to come back to support our health system”.
Ninety-five Ghanaian nurses (49 women and 46 men) on Thursday, 30 July 2020 arrived in Barbados on an Azores Airlines chartered flight for a two-year contract.
They were to help the Caribbean country’s healthcare system.
In March 2022, the Prime Minister of the Island nation, Mia Motley, said during Ghana’s 65th independence anniversary in the Central Region, at which she was the special guest of honour, that: “I stand here on your Independence Day to thank the people of Ghana for being able to support us in our need for nurses, with the first 95 nurses having gone to Barbados in July 2020.”
“We thank you, the government of the people of Ghana, for that most generous gesture, and we are heartened that they have made a huge difference to our public healthcare system; so much so that we have completed an interview for another 200 nurses to come to Barbados in the near future,” she added.
In November 2019, the Foreign Ministers of Ghana and Barbados, on behalf of the governments and peoples of their respective countries, signed an agreement for the recruitment of a total of 120 nurses from Ghana to complement the staffing needs of the island nation.
The agreement was signed on Friday, 15 November 2019 at Ghana’s Jubilee House, when the Prime Minister of Barbados, Mia Mottley, paid a courtesy call on the President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo, as part of her official visit.
The objective of the agreement is to provide the framework for the provision of nurses by the Republic of Ghana to Barbados, taking cognisance of the existing commitment of Barbados to accepted international workforce policies and practices, as well as the International Council of Nurses (ICN) Code of Ethics for nurses.
The scope of services and responsibilities include Ghana providing registered nurses to Barbados with a level of expertise as agreed to by both countries, with Barbados providing Ghanaian nurses safe and secure working conditions for professional practice, and medical treatment where needed.
Remuneration is commensurate with the terms and conditions of Barbadian local registered nurses. Barbados is also to provide professional support to Ghanaian nurses to comply with the guidelines and rules of the Nursing Council of Barbados.
A total of 150 short-listed candidates underwent interviews, out of which 120 were to have been chosen.
The qualified nurses possess a minimum of three years of experience, with specialities in the following areas: critical care, cardiac catheterisation, emergency room, operating theatre, and ophthalmology.
It will be recalled that on 15 June 2019, during an official visit to Barbados, as part of activities to promote the declaration of 2019 as the Year of Return, President Akufo-Addo, in principle, agreed to a request by Prime Minister Mottley to send some nurses to work in a number of medical facilities in Barbados.
Addressing a press conference in the aftermath of the bilateral discussions, and with Barbados facing an acute nursing shortage, the Barbadian Prime Minister stated that “we have indicated that we are searching for just under 400 nurses, so it is not a small number, and we really do believe that this is a wonderful opportunity of co-operation between our two countries.”
In addition, she noted that there was also an initial promise to secure the nurses and provide joint education programmes going forward, all in an attempt to secure Barbados’ healthcare sector.
For his part, President Akufo-Addo indicated that “we have a surplus of nurses in Ghana, and placing them all in our public health system is one of my headaches. There have been a lot (of nurses) produced, which, for several years, we have not been able to do anything with.”
He continued, “So, I am going back. I will be back in Accra on Monday, and, the week after, the Prime Minister will hear from me on this matter of nurses.”
Four teachers were among the six civilians murdered in a suspected jihadist attack on Sunday in Bittou, a town in Burkina Faso close to the Ghana-Togo border, according to security and local sources on Monday November 5.
A group of armed men burst into a neighbourhood in Bittou late Sunday afternoon and opened fire on a group of workers, killing six people, a security source told AFP.
“The defence and security forces as well as the Volunteers for the Defence of the Fatherland (VDP), civilian auxiliaries to the army, “immediately set off after the terrorists, who retreated to the nearby Nouhao forest”, according to this source.
Confirming the attack and the death toll, the regional coordination of the Federation of National Unions of Education and Research Workers (F-Synter), said in a statement that four teachers from the departmental high school of Bittou, including the headmaster, were among the victims.
“This cowardly and barbaric murder is the second to be suffered by education staff in our region after the one in Maytagou on 27 April 2019,” said Ouédraogo Al Hassan, regional coordinator of F-Synter.
Located in the Centre-East region, Bittou is on the road between Ouagadougou and Lomé. It is an important town close to the borders of Togo and Ghana where commercial activity is very important.
Since 2015, Burkina Faso has been regularly plagued by increasingly frequent jihadist attacks that have killed thousands and forced some two million people to flee their homes.
These attacks have increased in recent months, mainly in the north and east of the country.
On 26 November, four Burkinabe soldiers were killed in an improvised explosive device in the north of the country and three civilians died in another attack in the north-east, according to security and local sources.
Ghana is experiencing economic turbulence on a level not seen since the 1980s. Its currency, the cedi, is the worst performing in the world and Ghana’s debt-to-GDP ratio has risen to over 80 per cent.
Consumer prices rose over 40 per cent in October. Food prices in Ghana are now the highest in Africa, and there is a real risk of worsening food shortages in coming months.
Much of the international news coverage surrounding Ghana’s economic crisis has rightly focused on the impacts on Ghanaian businesses and consumers, responses from international investors and the government’s contentious relationship with the International Monetary Fund. Our analysis points out another important dimension of the crisis: changes in Ghana’s politics.
Since June, frustrated Ghanaians have protested the government’s management of the economy. They demand that President Nana Akufo-Addo dismiss Minister of Finance and Economic Planning Ken Ofori-Atta. On social media, critics are using the #KenMustGo hashtag to question Ofori-Atta’s handling of the economic crisis — and accuse him of benefiting personally from Ghana’s debt.
The president’s refusal to dismiss Ofori-Atta prompted an unusual response from Ghana’s parliament: a motion to censure the minister. If the motion passes, it would mark the first time that Ghana’s legislative branch has exercised its constitutional power to remove a minister. While the presidency remains very powerful in Ghanaian politics, we see this as a new chapter in which the parliament will have more leverage to hold the president and the cabinet to account.
Why the president won’t dismiss the finance minister
One of the more puzzling aspects of this controversy is why the president refuses to remove Ofori-Atta. Last month, for instance, British Prime Minister Liz Truss tried to save her government after a series of disastrous economic moves by firing her finance minister. In Ghana, the situation seems to leave the president at risk of the embarrassment of being overpowered by members of parliament (MPs) from both the opposition and his own party.
Our research in Ghana suggests two political reasons the president hasn’t fired his finance minister — a move that might help deflect the criticism of Ghana’s poor economic performance.
First, as Rachel Sigman demonstrates in her forthcoming book “Parties, Political Finance, and Governance in Africa,” ministerial appointments are tied to how African leaders finance their political operations. In Ghana, presidents often select loyal party elite to serve in minister positions, where they can steer contracts and other government business to party-aligned businesses in exchange for financial support to the party.
For Akufo-Addo, dismissing Ofori-Atta would probably jeopardize his ability to raise funds for the New Patriotic Party (NPP) in advance of the 2024 presidential elections. Having long served as the party’s chief financier, Ofori-Atta has deep experience fundraising for the NPP. Akufo-Addo would struggle to find a minister with the requisite technical, political and financial acumen to fill the role.
The difficulty of finding a replacement minister is further complicated by the presence of sharp divisions within the NPP — the subject of George M. Bob-Milliar’s research. The NPP is dominated by two factions: one that is aligned with Akufo-Addo and the other with former president John Kufuor.
Ghana’s term limits mean Akufo-Addo will step down in January 2025 — and the competition between the two factions to determine the next NPP presidential candidate will be fierce. There are rumors that the Kufuor faction is exploiting the #KenMustGo controversy to its advantage. Those aligned with Akufo-Addo, meanwhile, would look for a replacement finance minister that supports his faction’s efforts to maintain power within the party, further limiting the pool of potential appointees.
Will Ghana strengthen legislative oversight?
The president’s refusal to dismiss Ofori-Atta has led to a rare instance in which parliament may use its constitutional authority to remove a minister from office. Legislative oversight of the executive is weak in Ghana, even when compared with less-democratic African countries. Ghana’s presidents have been known to use their appointment powers to shore up their support in parliament, helping them to evade accountability for government actions.
The current events surrounding Ofori-Atta signal a change to this pattern. The censure motion appears to have support from both major parties. At least 98 MPs from the president’s party have indicated their support for Ofori-Atta’s removal. These MPs planned to boycott Ofori-Atta’s presentation of the 2023 budget until a last-minute intervention by party elders appealed to the MPs to attend the presentation. Nevertheless, MPs have sent a strong signal to the president.
The NPP members’ public support for Ofori-Atta’s removal is significant. The MPs appear frustrated that their constituents are suffering. By prioritizing constituent concerns over party loyalty, MPs in Ghana are pushing parliament — and, ultimately, Ghana’s democracy — in a more responsive and accountable direction.
Parliamentary moves to remove Ofori-Atta are bolstered by the unprecedented partisan composition. Since the reintroduction of multiparty democracy in Ghana in 1992, the current eighth parliament is the only one in which the president’s party does not enjoy an absolute majority. The hung parliament presents both opportunities and challenges for Ghana’s legislature.
No matter what happens with the vote to remove Ofori-Atta, these events in Ghana hold implications both within and beyond its borders. Other leaders in Africa face divided legislatures that threaten the primacy of executive power. Perhaps one silver lining of the looming economic turbulence that’s not unique to Ghana is that economic pressures could push legislatures to assert their independence — and strengthen democratic institutions.
*****
George M. Bob-Milliar is an associate professor in the Department of History and Political Studies, Kwame Nkrumah University of Science and Technology, Ghana. His research interests lie in the area of electoral politics, and Ghana’s social and political history.
Rachel Sigman is an assistant professor of democratic governance in the Josef Korbel School of International Studies at the University of Denver. She is the author of Parties Political Finance and Governance in Africa (Cambridge University Press, forthcoming).
According to a new research from the International Credit Corporation (IFC) and the World Trade Organization, Nigeria, Cote d’Ivoire, Ghana, and Senegal may make up to $26 billion by reducing costs and expanding access to trade finance (WTO).
The primary obstacles to trade finance in the four largest economies in the region were examined in the research, Trade Finance in West Africa.
Even though the four nations have had increased trade flows over time, particularly during the COVID-19 pandemic, they still experience a trade finance shortage of up to $14 billion annually.
The authors of the report predict that there are opportunities awaiting member countries of the Economic Communication of West Africa States (ECOWAS) once they can remove the barriers to trade and are able to trade with other African countries, and with developing countries outside the continent.
“Global trade finance gaps increased during the pandemic. Supply chain pressures, inflation, and the war in Ukraine have only exacerbated the problem,” said Makhtar Diop, managing director, IFC. “This study couldn’t be timelier. There is enormous potential for an economic boost in West Africa by harnessing intra-Africa trade, but we will need coordinated action from the government. The private sector, and the multilateral to build the capacity of local lenders and improve access to SMEs,” the report said.
According to the report, trade finance in these countries only supports 25 percent of merchandise trade. This is low considering that, trade finance support 40 percent of Africa’s imports and exports, and up to 80 percent globally.
The low coverage is being driven by expensive offerings and high rejection rates from banks, which fail disproportionately on small and medium-sized enterprises, particularly those owned by women. Traditional banks are not helping matters as they see many loan seekers are high-risk and lacking collateral.
The financial institutions are also bogged down by difficulties in meeting the requirements of foreign correspondent banks and shortages of low-cost funding.
Nigeria and the three countries can unlock the opportunities by expanding the range of firms that can access trade finance through efforts like IFC’s Africa Trade Recovery Initiative.
There is also a need to build the capacity of local lenders and local firms, integrating trade finance into the implementation of the African Continental Free Trade Area (AfCFTA); strengthen foreign correspondent banking relationships; and support decision-making through better data and analytics.
“Trade finance is the indispensable oil for trade and the WTO is proud to be part of an effort to provide evidence-based solutions to help close the trade finance gap,” said WTO Director-General Ngozi Okonjo-Iweala. “At the WTO, we are happy to act as a conduit for a dialogue on trade finance, bringing together governments, banks, SMEs, and professional organizations. We look forward to partnering with financial institutions to transfer this knowledge locally.”
His name is Thomas Ayisah, married, a top personality at one of Ghana’s oil companies, the owner of a hundred and fourteen houses, all built with monies from his own pocket and an employer of over 300 people in Ghana.
Sounds luxurious for a lifestyle right? Perhaps! But his was a rather rough start, one that has earned him scars for life.
He was born in a village at Sefwi Wiawso in the Western North Region of Ghana, growing up in a relatively poor family. His childhood was tough he says. Though his father was a cocoa farmer, they had very little to boast of in terms of wealth as a family.
Young Thomas will return from the farm with his father in his dirty clothes only to see his classmates neatly dressed and returning from school.
He managed to do this, to get some money to support his schooling till it was time to progress to the tertiary level. At this point, he was helpless. His father said there was no money and his mother could only help if she borrowed money.
With a dream to attend the Institute of Professional Studies (IPS) what is now the University of Professional Studies (UPSA), he acquired some GHc500 which was borrowed by his mother for him and set off for the city; Accra.
This was when his struggles as an independent person began.
Speaking to Youtuber, Wode Maya in an interview, he said;
“So I picked that money and went to Nkawkaw to the sawmill, where they make wood and I started business and I enrolled in school.
“Every weekend, I’ll go the sawmill, go and pick products to sell in the market, then my first year in IPS was crazy. I had to perch in my friend’s hostel. When I was going to school, I had only 2 pairs of clothes and one shoe. In my first semester, it was like a curse from God but I survived it till today.
“I started scrap business with a couple of friends,” he said.
In his second year, with links from a friend, things got a bit better, he began working with a bank as a sales officer. It was through this he met and picked success tips from established people in various companies whom he was selling the bank’s products to.
After a while, in 2011, he moved to the Universal Merchant Bank where he worked till 2013 when he moved to work for an oil company.
Here, although he was promised better, Thomas was paid less – and during this period, his house and everything he owned got burnt. Life was hard all over again but his friends helped him out and linked him to some people who helped him start over.
“In the process, I visited oil companies etc. I did that till 2013 then I left for an oil company. They said they’ll pay me commission. They said they’ll give me 2,000 but they gave me 1,000 for the first month and after they were paying me 500 cedis.
“In 2014, one Sunday, I moved from the house and everything in the house got burnt, everything I own. Even customers’ monies with me at home got burnt.
“My company ceased my car before they gave me money to start up. Through this, I got a contract for the company but on that very day, I got fired.
“I got in touch with a friend who helped me, introduced me to someone who helped me get some products,” he said.
Thomas then explained that with some savings of about GHc1,500 which was 15 million cedis in the old Ghanaian currency, he decided to get married. Following this decision, his friends decided to gift him some money for his honeymoon. It was this money he used to establish his very first building which was a 6-bedroom house, after consultation with his wife.
“It is that money I used to start my building business. Within 6 months, we built a 5-bedroom house with a boy’s quarters.
“After this I started my own company, picking contracts to supply fuel oil to other factories and from there, my company started growing.
“I was living alone here in the bush so I sat and said why can’t I build a community for people to move in and settle,” Thomas added.
Today, he is the Head of Procurement at Akwaaba Oil Refinery and is the owner of a Real Estate Community; Agazy Homes – with some 114 houses.
Andre Ayew missed a penalty in the 21st minute before Giorgian de Arrascaeta hit a first-half double to put Uruguay 2-1 up.
It looked like it would be enough for Uruguay to qualify for the last 16 until Hwang Hee-chan netted a 91st-minute winner to send South Korea through, leaving Luis Suarez to end the tournament in tears.
Despite existing from the 2020 FIFA World Cup, Ghanaians are compensated with the failure of the Uruguay side also failing to move forward in the competition.
Despite the victory, Uruguay will now be eliminated alongside Ghana, as South Korea won its game against Portugal 2-1. Ghana failed to become the third African representative in the knockouts, alongside Senegal and Morocco.
The Ghana Blackstars did well. Regardless of everything, I’m proud of Ghana.🇬🇭🇬🇭🇬🇭🇬🇭🇬🇭🇬🇭🇬🇭🇬🇭
This game has had a lot of Ghanaians in their feelings as it was Ghana was tipped to win this game to take revenge for the Luis Suarez deliberate handball that knocked Ghana out of the 2010 World Cup and stopped Ghana from making history 12 years ago.
Among those people is Ghanaian actress Ama K. Abebrese, who despite all the disappointment of not defecting Uruguay and moving forward into the competition, the actress is still proud of the Black Stars for their performance during the ongoing welcome.
She wrote; “The Ghana Blackstars did well. Regardless of everything, I’m proud of Ghana”.
We all can attest that the Black Stars have indeed put their best into this year’s World Cup though the today’s outcome was not expected, Ghanaians are proud of the boys.
This iconic game has sparked a lot of hidden memories in Ghanaians and has had everyone in their feelings.
However, whatever went wrong, the Black Stars of Ghana will return home to a rousing welcome.
The media and journalists in Ghana have been advised to delve more into stories that seek to educate the public about human trafficking in Ghana and around the world.
Speaking to JoyNews after a one-day intensive workshop for the International Justice Mission’s (IJM) second cohort of the Young Journalists’ Fellowship program, National Director of Advocacy & Partnerships at the International Justice Mission, Worlanyo Kojo Forster, encouraged journalists to help complement the government’s efforts in fighting human trafficking by being more resourceful.
“The media needs to understand the space more. When you understand something, you can be a better advocate and so I encourage journalists to delve more into human trafficking and have an understanding of the laws that govern trafficking in our nation and even the world.
“I also encourage journalists to be more resourceful in terms of being investigative, being more on the field and helping to hold officials accountable and support the government agencies who are already doing the work so they can maximize their strength and skills”.
National Director of Advocacy & Partnerships at the International Justice Mission, Worlanyo Kojo Forster
Meanwhile, IJM has inducted 14 young journalists selected across Ghana into the one year long Young Journalists Fellowship Program cohort 2. Worlanyo Kojo Forster, says this is to train young journalists on issues of human trafficking for them to become better advocates.
“The purpose of this fellowship is to engage young journalists to train them on issues of child trafficking, to give them an understanding of it, help them to understand the policies we have as a country and how we can hold officials accountable so we can continue to maximize our efforts against child trafficking.
“Last year we started a cohort where we engaged 10 young journalists who are fairly new in the profession to have basic understanding of the issues of trafficking and help the to better advocates of it and have them in their line of work and it was hugely successful and this year we are launching a second cohort as well.”
JoyNews’ Nicholas Ekow Yamoah was one the journalists selected to be part Young Journalist Fellowship Program cohort 2 with others from Adom TV, Ghone TV, GBC, GNA, ZamiReports, and Beyond FM.
IJM Ghana is empowering 14 young and energetic journalists from various media houses, radio, television, and print media as part of its efforts to raise awareness of human trafficking through the use of mass media and also maintain a strategic relationship with journalists and media outlets through the Young Journalist Fellowship Program cohort 2.
The journalists are from different parts of Ghana, specifically from source and destination communities with a history of human trafficking. Over the course of their one-year fellowship program, these young journalists, who are connected to prestigious media outlets, will cover human trafficking and IJM’s activities.
Minister of Environment, Science and Technology, Kwaku Afriyie, has described Ghana’s fight against COVID-19 as spectacular.
As a medical practitioner who trained in the United States of America and compared the two countries, he said Ghana managed the outbreak far better than America with the resources and logistics.
The minister explained that the World Health Organization initially told the world that vaccination was unnecessary, but later reversed its position.
“Nana Addo has performed admirably. He handled the case in a spectacular manner. America, with its sophisticated logistics and resources, could not handle the situation as well as Ghana. Check the figures for Brazil and Ecuador to understand my point,” he said.
Dr. Afriyie said Ghana had done well, and per what we have gone through, more persons should have died, but our response to the Covid-19 outbreak was far better than in several countries.
“We had very good leadership. President Akufo-Addo did well and must be commended,” he stressed.
He further asserted that the current crisis is not caused by mismanagement as alleged by the opposition.
He said the outbreak of the virus contributed largely to the current economic crisis.
He assured Ghanaians that the President is competent and has what it takes to turn things around.
Otto Addo says he left his position as coach of Ghana in order to continue working for Borussia Dortmund as a talent developer.
The 47-year-old made his resignation known after the Black Stars were eliminated from the 2022 World Cup in the group stage following their 2-0 loss to Uruguay on Friday.
After Serbian coach Milovan Rajevac was fired following a terrible performance at this year’s Africa Cup of Nations in Cameroon, Addo took up the Ghana post in February.
“It has not got to do with the outcome of the result [Ghana’s World Cup elimination]. It would have ended if we were world champions. I have to respect the contract. I have to respect the club I am working for.” Addo told the media in Doha.”
“Surely maybe one day I will get the chance to work with the GFA again but for the next two and half years, I have a contract with Dortmund and I have to respect that,” he added.
After the Black Stars defeated Nigeria in the play-off round in March, Addo led them to the 2022 World Cup.
Reports have it that the daughter of Andre Dede Ayew, the captain of the Black Stars of Ghana, fell unconscious after her father missed a penalty against Uruguay on Friday.
Dede Ayew missed the opportunity to put Ghana in the lead in the first half of the game.
Apparently, the missed penalty had a more adverse effect on his daughter than many Ghanaians who hoped Ghana would beat Uruguay.
According to GTV Sports, Dede Ayew quickly dashed off to the hospital where his daughter had been admitted to after the match ended.
It is said that she is doing fine and not in any danger.
🇬🇭 Black Stars captain, Andre Dede Ayew went from the stadium 🏟 straight to the hospital to see his daughter who collapsed when he missed the penalty against Uruguay. It was quite scary but thankfully, she’s doing fine.
now.#GTVSPORTS#FIFAWorldCupQatar2022pic.twitter.com/rjQdnjDnMW
Once every four years players from across the globe get a chance to perform on the world stage and force their way into the football zeitgeist.
Whether it is a young midfielder from Ghana who has been battling injuries the past couple of seasons, or a mercurial Dutch forward trying to push his way out of the Eredivisie, it is the perfect launchpad to alter the course of a player’s career.
Stats Perform has identified four players who have lit up Qatar and, in turn, have seen their profile and transfer stock skyrocket, opening the door to a new world of possibilities come the January transfer window.
Take a look at these young leading lights…
Cody Gakpo, the Netherlands
Cody Gakpo has perhaps been the breakout star of the tournament, finding the back of the net in all three of the Netherlands’ group matches.
Having spent his entire career with PSV, the 23-year-old six-foot-four forward took a huge step forward in the 2021-22 season when he shattered his best goal return, following up his 11 goals in the 2020-21 campaign with 21 last time out.
While those in the Netherlands set-up were waiting to see if he could replicate his terrific 12 months, he has taken another leap, with 12 goals and 14 assists in 19 combined Eredivisie and Europa League contests this term.
There were rumours in the most recent transfer window that Leeds United were among the clubs looking to lure Gakpo away from PSV for a fee in the range of €30million, but he opted to reject their contract offer in the hope of landing at one of Europe’s biggest clubs.
That bet on himself has proven to be a masterstroke, with his performances on the Qatar stage well and truly putting him on the radar of Champions League sides including Real Madrid, Liverpool and Bayern Munich, per Dutch journalist Marco Timmer.
He became the first player from any European nation since 2002 to score in each group match, while he also became only the second player to put his side 1-0 up in all three group fixtures.
Enzo Fernandez, Argentina
Just over six months ago, Enzo Fernandez was playing for River Plate back in Argentina, but just half a season after arriving at Benfica for a deal worth up to €18m, the attacking midfielder could be moving on to greener pastures.
Fernandez, 21, broke into the Argentina squad while still with River Plate, but did not receive his senior debut until September 24 this year.
His lead-up to the World Cup was strong enough to book his ticket to Qatar, and after coming off the bench in Argentina’s first group-stage loss to Saudi Arabia, he came on and scored against Mexico, forcing his way into the starting XI before contributing an assist against Poland.
His rapid rise has not gone unnoticed, and Marca is reporting Benfica have slapped a €100m fee on their new star if any team wants to pry him away while his contract still has another four seasons locked in.
Real Madrid are one side said to be accepting of that figure, with Marca claiming they now view him as an alternative option to Borussia Dortmund and England prodigy Jude Bellingham.
Mohammed Kudus, Ghana
Ajax’s Mohammed Kudushad begun to break out at the club level this season heading into the World Cup.
The 22-year-old central midfielder scored four goals – including one each against Liverpool and Napoli – while adding two assists in six Champions League fixtures.
After being awarded his first senior international cap for Ghana back in 2019, he was spotted at Danish side Nordsjaelland and brought over to Ajax for a €9m fee in 2020.
He missed extended stretches of both the 2020-21 and 2021-22 campaigns through injuries, and still has not been used as a guaranteed starter this season, but his emergence on the World Cup stage has been undeniable.
Against South Korea, Kudus delivered Ghana their only win of the group as he found the back of the net twice in a 3-2 triumph, and it was a performance that is said to have caught the eye of European powerhouses.
Fichajes named Liverpool, Chelsea, Real Madrid and Paris Saint-Germain as interested parties, and Sports Illustrated believe his price will be around £90m.
Harry Souttar, Australia
Australia have now qualified for five World Cups in a row, but after not winning a game at both the 2014 and 2018 editions, they had centre-back Harry Souttar to thank for finally taking three points against Tunisia.
Souttar, 24, stands at a towering six-foot-six and showed off an impressive ability to cover ground in a hurry when he was called upon for a potentially game-saving, last-man challenge to defend Australia’s 1-0 lead.
It was one of the most spectacular defensive efforts of the tournament so far and one that will go down in Australian football folklore, and it is even more significant when taking into account his recent history.
Tipped as a potential £20m transfer target late in 2021, Souttar then tore his ACL and missed 12 months of action, returning to the field in time to get three games under his belt with Stoke City before jetting off to the World Cup.
While he could be forgiven for needing time to work his way into form, he has instead started all three group games and been the Socceroos’ top performer, including his stellar efforts in a second clean sheet against Denmark to help his side through to the knockout stage.
Clearly back to the player he was before his injury – at least – Souttar’s showings on the world stage have been the kind that can take a career to a new level.
Statistics reveal that Ghana has become complacent as the number of annual infections rises as the globe observes World AIDS Day.
Ghana has documented an average of 21,000 new infections every year over the previous five years, said Dr. Kyeremeh Atuahene, Director General of the Ghana AIDS Commission.
He claimed that the country’s reaction to the virus had become complacent, which had led to this development.
He revealed the information during the National AIDS Durbar on Thursday in Accra.
Mohammed Kudussays the team has learnt valuable lessons from their participation in the FIFA World Cup Qatar 2022 finals.
The Ajax Amsterdam man who caught the eye of hundreds of thousands football fans across the globe scored two goals in the tournament and was also adjudged the Budweiser Player of the match against South Korea on Monday.
‘’It’s very disappointing but we stick together as a team and look forward to what lies ahead. This has given us a lot of lessons in this tournament but the feeling now is a big disappointment but we look forward to what lies ahead’’ he spoke the media after the game.
‘’Right now, it’s more about the team, we lost regardless of my performance so the disappointment is still there but we will reflect about my performance later after everything has settled down emotionally’’.
‘’For almost ninety percent of the guys, it’s our first World Cup and I think it’s a big lesson for myself and a lot of the guys and I know this will really make us tough and help our progress”
‘’I don’t think the penalty miss by Andre Ayew was the key moment in the match, the easiest thing we can do is to blame one person’’.
‘’In the second half I also got chances that I could have scored, it qualified as a penalty also so we all had chances to have an effect in the game so I don’t really think the penalty had an effect on the whole performance’’.
‘’Andre is a great leader and a great captain. After the penalty miss, he was still in the game and stood up for the team like everyone did but the result went the other way so we learn from it and stay positive’’.
‘’I think what happened in the past we can’t really change it, the focus was to get out of the group, that was the main thing’’ he added.
Reggae dancehall artiste, Stonebwoy, says Captain Andre Dede Ayewshould not have been made to take the penalty Ghana secured against Uruguay.
According to him, an oracle revealed that the Black Stars captain was not to play a penalty to ensure what happened 12 years ago did not repeat itself.
In 2010, Ghana and Uruguay faced each other in the World Cup tournament held in South Africa. Ghana lost because Asamoah Gyan, who was not yet the captain of the team, missed a penalty.
In a tweet, Stonebwoy revealed that “12 years ago, the captain should have played the penalty. Today, the captain shouldn’t have played the penalty.”
In 2010, Stephen Appiah was the captain of the senior national team.
Dede Ayew’s missed penalty has pained the musician and many Ghanaians who expected a lot from the Black Stars.
“This one hurt,” Stonebwoy wrote.
This one hurrrrrrrrtttttttttt!!
12 years Ago The Captain should have played the penalty.
Today The Captain Shouldn’t have played the penalty..
According to the oracle!! pic.twitter.com/hbfRlJCOOP
The Ghana Football Association has apologised to Ghanaians for the Black Stars’ inability to progress to the knockout stage of the 2022 World Cup tournament in Qatar.
“We regret our inability to progress to the knockout phase of the competition and offer our profound apologies to the government, the people of Ghana and all stakeholders across the globe,” part of its statement read.
The Authority, shortly after Ghana was dazed by Uruguay by two goals to nil on Friday, released a statement reacting to the disappointing performance exhibited by the Stars.
According to the GFA, “valuable lessons have been learnt from our qualification and participation in the tournament and aim to continue with the positives going into the future.”
— Ghana Football Association (@ghanafaofficial) December 3, 2022
They expressed gratitude to the government, the Ghanaian people, the football family, corporate Ghana, esteemed sponsors and supporters for their “unflinching, unwavering and unalloyed support during the Black Stars FIFA World Cup Qatar 2022 campaign.”
Meanwhile, the GFA has announced that it would in due course inform all stakeholders about any further developments concerning the Black Stars.
This has become imperative as the Black Stars are without a coach following the resignation of Otto Addo, who will now be focusing on Borussia Dortmund.
In the era of tweets being coughed up under the mantra of ‘The internet doesn’t forget,’ politicians are often the subject of social media posts that literally slap them in the face.
President Nana Addo Dankwa Akufo-Addo is facing one such social media post in the wake of the Black Stars exit from the 2022 World Cup in Qatar.
The Otto Addo-led team fell 2 – 0 to Uruguay in a must-win fixture on December 2, 2022; which result meant the two teams exited the tournament with Portugal and South Korea advancing.
A 2014 tweet by the president has resurfaced as people mock its content relative to recent happenings in the country.
It reads: “No water, no electricity, no petrol, no jobs, no mercy, no World Cup cictory! #Ghana”
The president had urged the team to take revenge on the Uruguayans after a 2010 incident where Luis Suarez, their captain in yesterday’s game thwarted Ghana’s prospect of making history by becoming the first African side to qualify for the semi-finals of the World Cup.
Akufo-Addo has yet to comment on the outcome of the match.
In 2014 when his tweet was made, the then Asamoah Gyan-led Black Stars made a disastrous outing in Brazil when they failed to win a single match yet ‘cooked’ a global spectacle that saw dollars being flown to pay their appearance fees for fears of a boycott.
Ghana ended bottom of Group H with Portugal topping whiles South Korea finsihed second ahead of Uruguay on goal difference – both teams finished with four points apiece.
The Black Stars recorded three points from three games – losing to Portugal and Uruguay and beating South Korea. They scored five goals and conceded seven.
Coach Otto Addo has resigned his position in the post-match press conference.
Match Report: Uruguay vs. Ghana
The Black Stars of Ghana had one task going into their final Group H fixture at the 2022 World Cup.
Win at all costs, worse case draw against Uruguay and secure passage into the Round-of-16 stage of the competition.
The match was, however, settled with three major incidents in the first half. A penalty miss by Black Stars skipper Andre Dede Ayew, when the score was goalless.
Then Giorgian de Arrascaeta’s two goals for Uruguay which came in quick sucession, consigned the Black Stars to a second World Cup defeat against the South Americans who broke hearts of Africans in 2010.
Their 2 – 0 victory over the Black Stars was, however, not enough to get them through to the next round of the tournament as South Korea beat Portugal 2-1.
With Uruguay in dire need of a third goal to progress to the next round of the World Cup, Suarez was reduced to tears as efforts to score another goal proved futile.
Portugal and South Korea advanced from Group H as Uruguay and Ghana exited the tournament after finished 3rd and 4th respectively.
Member of Parliament for Ningo-Prampram, Sam Nartey George, has called on government officials who traveled to Qatar to make their way back to Ghana following the country’s exit from the World Cup tournament on Friday.
Uruguay kicked Ghana out of the ongoing tournament by two goals to nil.
Reacting to the news, Mr Nartey George provided four takeaways from the defeat which included “Now can our government officials come back home to their real jobs.”
Communications Minister, Ursula Owusu-Ekuful, is among the government officials who flew to Qatar to support their Black Stars.
During the debate on the 2023 budget statement presented by Finance Minister, Ken Ofori-Atta, only 21 MPs on the Majority side were present. Also, the Minority was infuriated by the absence of Ministers who were to be present to defend the budget allocation to their respective ministries.
It is unknown where the remaining Majority MPs were on November 29, when Parliament debated the budget.
It comes as no surprise that Mr Nartey George has jabbed his colleagues who he says should return to do what they are being paid to do.
The remaining three takeaways provided by the heartbroken MP are that Ghana needs a “proper coach with technical know-how”, and “the GFA executives need to stop interfering in team selection.”
Despite Ghana’s defeat, he was pleased that “we are going home with Uruguay.”
Four take aways from this defeat;
1. We need a proper coach with technical know how
2. The GFA Executives need to stop interfering in team selection
3. Even if we lost, we are going home with Uruguay
4. Now can our government officials come back home to their real jobs.
Ghana Black Stars have once again failed to live up to expectations and have left Ghanaians in shambles as a result.
Ghana faced Uruguay today in the ongoing World Cup tournament with hopes of progressing to the round of 16.
Just as hopes were built, dreams came crashing down when Uruguay tossed and ravaged Ghana.
What was to be a revenge game turned into an eyesore, particularly when captain Andre Ayew missed a penalty that would have put Ghana in a lead position.
Luis Suarez’s side scored a few minutes after Dede Ayew missed a penalty in the 21st minute.
G. de Arrascaeta took advantage of a confusion that hit Ghana and scored in the 26th minute.
Arrascaeta doubled his side’s dominance in the 32nd minute.
Ghana’s defense proved to be porous.
Uruguay’s victory however did not materialize as they missed the bullseye, which is a place in the round of 16.
South Korea ensured Uruguay’s absence when they won their game against Portugal which took place simultaneously.
South Korea beat Ronaldo’s side by two goals to one. Portugal led Group H with 6 points.
South Korea and Uruguay followed with 4 points. Ghana was at the bottom with 3 points.
Uruguay have taken the lead position in their game against the Black Stars of Ghana.
Luis Suarez’ side scored a few minutes after Dede Ayew missed a penalty in the 21st minute.
G. de Arrascaeta took advantage of a confusion that hit Ghana and scored in the 26th minute.
Arrascaeta doubled his side’s dominance in the 32nd minute.
Ghana’s defense has proven to be porous.
Uruguay are on their toes to win today’s match to ensure they progress to the round of 16 at the World Cup tournament.
Black Stars captain Andre Ayew is leading Ghana once again. Ghanaians on Twitter are not pleased with him. They are pissed that he missed the opportunity to score.
Ghana head coach Otto Addo has released his first eleven who will be playing against Uruguay Al Janoub Stadium in Qatar.
Black Stars captain Andre Ayew will be leading Ghana once again. He will be receiving support from his brother, Jordan Ayew, who exhibited great skills when Ghana played against South Korea.
The other players in the list include Zigi, Seidu, Baba, Amartey, Salisu, Salis, Partey, Kudus and Inaki.
Tariq Lamptey who has been on the minds of many Ghanaian women is among the substitutes.
The remaining substitutes are Danlad, Odoi, Fatawu, Osman, Aidoo, Semenyo, Barnieh, Manaf, Kyereh, Mensah, Sulemana, Sowah and Djiku.
Players and the technical team of the Ghana Black Stars have set off to Al Janoub Stadium in Qatar, where they will play against Uruguay.
Ghana would decide whether they progress to the round of 16 in the World Cup tournament in today’s match.
At exactly 3pm GMT, the much-anticipated game will commence.
The two teams have history. For Ghana, it is a bad memory as Luis Suarez, who at the eleventh hour, decided to become a goalkeeper, robbed Ghana of a semi-final slot in the 2010 World Cup held in South Africa.
Former Black Stars captain, Asamoah Gyan, failed to capitalize on the penalty awarded to Ghana. But coach Otto Addo says he is not in search of revenge.
On his part, Uruguay forward, Luis Suarez, says he owes Ghanaians no apology for the Black Stars’ quarter final exit at the 2010 FIFA World Cup.
Ghana will be seeking retribution and all three points against Uruguay, after been denied a spot in the 2010 World Cup semifinals by controversial scorer Luis Suarez’s red card 12 years ago.
A tie would be sufficient to disqualify Uruguay from the 2022 competition and is likely to be sufficient to do so. However, the Black Stars might believe they need a win as backup in case South Korea defeats already-qualified Portugal.
The likes of Suarez, Edinson Cavani, and Diego Godin are no longer essential to La Celeste’s success, despite the fact that some of the Uruguayans from 2010 are still present. Instead, they are being propelled forward by a superb midfield trio consisting of Matias Vecino, Federico Valverde, and Rodrigo Bentancur.
In a 2-3 loss to Portugal, Ghana’s own 2010 veteran Andre Ayew energized his previously sluggish team. Meanwhile, Jordan Ayew pulled up two assists to help his nation upset South Korea 3-2, putting them on the edge of their first knockout stage appearance since 2010.
Team news
Gideon Mensah of Ghana had to leave the match against South Korea in the closing minutes, but it has subsequently been revealed that the left-back was just experiencing cramp, leaving Otto Addo with a fully healthy squad.
Mexican center back Since Ronald Araujo is still recovering from thigh surgery, he is expected to sit this one out as well. However, Diego Alonso is the only other reported absence.
The stats
Ghana will lean heavily on striker Andre Ayew if they are to have any chance of progressing
Ghana’s 3-2 victory over South Korea last time out was their first win at the World Cup since losing on penalties to Uruguay in 2010. They took just one point from the 2014 World Cup, did not qualify in 2018 and lost to Portugal in their opening match in Qatar.
But the Black Stars were hugely fortunate against South Korea. Addo’s men were outperformed on almost every metric, claiming just 37% possession, completing 270 passes to Korea’s 601, taking only seven shots to South Korea’s 22 and scoring with each of their three shots on target.
Uruguay have yet to score at Qatar 2022 but have been unlucky not to, hitting the woodwork three times across their two games against South Korea and Portugal.
Prediction
Uruguay will be frustrated with their one point from two games in Group H, and understandably so.
They were the better team against South Korea but twice hit the post in a 0-0 draw. And they deserved at least a point against Portugal, again hitting the woodwork and having a harsh penalty awarded against them in a 2-0 defeat.
By contrast, Ghana have been the great entertainers of the World Cup.
The Black Stars have been involved in two five-goal thrillers and could be involved in another in their final group-stage outing, so over 2.5 goals looks like a wise addition to BetBuilder selections with LiveScore Bet.
But Ghana’s fortune from their South Korea success may not follow them into this clash.
Uruguay are more technically accomplished in midfield and have been rock-solid in defence since Diego Alonso took over, with La Celeste conceding just one goal in five competitive matches before the start of the World Cup.
It should be a more entertaining match than their previous Group H outings, and this time Uruguay can celebrate in style. A win for La Celeste and over 2.5 goals looks the way to go and is available at 9/5 with Livescore Bet.
At the current World Cup in Qatar, many fans’ favorite team is still Ghana’s Black Stars.
The Daily Show host, Trevor Noah, has publicly expressed his support for the West African team, the Black Stars, who will play Uruguay in their third match on December 2 in an effort to advance from the Group stages.
On his show, the South African comedian and writer revealed that whenever his nation is eliminated from the competition, he automatically switches sides to Ghana.
Since 2002, the South African national side has failed to earn a spot in the World Cup.
On November 14, 2021, Ghana’s penalty ended their chances of moving on to the next round of World Cup qualification, shattering all of their dreams.
“If South Africa is not in the World Cup which is most of the time, we used to be but now we are not anymore. I then immediately switch to Ghana.
“Ghana is the number one for me. I am glad that they actually won the game,” said Trevor Noah.
The popular TV host also named Senegal, Brazil and France among his favourite teams at the World Cup.
Today’s highly anticipated encounter between Ghana and Uruguay is a game with a special significance for Ghana’s Afropop singer KiDi.
It’s a “revenge match!” he declared on Twitter.
“Go Black Stars, go,” he also cheered.
He once more used the emoji for crossed swords to criticize Uruguay.
The tweet was posted on Monday, November 28, in the jubilation of Ghana’s 3-2 victory over South Korea in the 2022 FIFA World Cup in Qatar.
Ghana had lost 3-2 to Portugal in their Qatar 2022 Group H debut, but this victory gave them reason for optimism.
The West African nation faces off against Uruguay, their bitter rivals who prevented them from achieving history at the 2010 FIFA World Cup in South Africa, on Friday, December 2.
Ghana was on the verge of becoming the first nation from Africa to advance to the World Cup semifinal round.
However, Luis Suarez parried the ball with his hand, denying Ghana the victory in the frantic match’s closing seconds.
Asamoah Gyan’s subsequent penalty, which was similarly unsuccessful, broke the hearts of many supporters throughout Africa, but especially in Ghana.
To advance to the round of 16, the Otto Addo-led Ghana Black Stars must defeat Uruguay tomorrow.
Luis Suarez has emphasized that tomorrow’s game is a must-win while noting that Portugal and Ghana are leading Group H with 3 and 6 points, respectively.
“We have one point and the final match against Ghana is do and die. We have no option than to win to make our fans happy,” he has noted to the press.
“We are going to put our lives and soul in this last match,” he emphasised, adding confidently that: “Ghana is a good team but we know them, we have beaten them before and we know how to beat them again.”
National Director of Advocacy & Partnerships at the International Justice Mission, Worlanyo Kojo Forster
&w=707&quality=100)