Seth Asante Asiedu, aka Kwaku Rafik, was reported to have been picked up at his residence at Amasaman by some officials believed to be National Security operatives.
According to GhanaWeb sources, Kwaku Rafik’s arrest comes on the back of a series of tweets that seemingly addressed the government and some related issues.
The incident is reported to have happened on Thursday dawn at about 3.30 am.
He was, however, granted bail later in the night.
Kwaku Rafik’s lawyer, Beatrice Annan, in a tweet at 9.49 pm, Thursday, December 1, stated:
“Bail granted. Kwaku is free. Thank you all more the massive support. Free speech will win any day.”
Bail granted. Kwaku is free. Thank you all more the massive support. Free speech will win any day.
On November 6, Kwaku Rafik is said to have, in a post, suggested that Ghana was downgraded by major banks in Ghana because of risk levels, adding that commercial banks may be next to struggle.
“Investment firms are struggling, you know who is next? I believe commercial banks. It will be difficult for them to pay depositors. Moody’s has downgraded major banks in Ghana because of their risk levels,” he said.
In a more recent one posted on Wednesday, Kwaku Rafik suggested that some government officials had abandoned their official duties to go and witness the World Cup in Qatar.
“And so they left official duties to watch the World Cup. Really? A caring government indeed,” he posted 19 hours ago. Ban on foreign travels but they are in Qatar,” he posted on November 30, 2022.
Ghana will today play Uruguay in the ongoing 2022 World Cup tournament happening in Qatar.
At exactly 3pm GMT, Otto Addo’s side will ensure they do not break the hearts of Ghanaians by qualifying to the next stage, as well as beat Uruguay to atone for sins of the former team led by Asamoah Gyan.
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.
On the other hand, coach Otto Addo says he is not in search of revenge.
In his interactions with the media, he has stated that their match against Uruguay is just ‘normal’ and is optimistic that Black Stars will progress from Group H.
“For me, it’s a normal game, but like everyone, I was really sad in 2010 when that incident [of Luis Suarez denying Ghana a certain goal] happened and we missed our chance to proceed to the semis. But it is 12 years ago and Friday will be a different match with a different approach,” Addo said as quoted by the Ghana FA website.
“We are confident enough to know that we can beat them and make it to the next round. We are gradually picking up and I know the boys will show a lot of fight and a lot of passion.
“I am sure our efforts will be rewarded and we will go to the next stage.”
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.
“The first time, I don’t apologise about that,” he told the media at a press conference ahead of Uruguay’s final group game against Ghana at the 2022 World Cup.
“I take the handball – but the Ghana player missed a penalty, not me. Maybe I apologise if I injure a player but in this situation, I take a red card, the referee says penalty, it’s not my fault.”
In Group H, Ghana are second with three points following a 3-2 win over South Korea, while Portugal have already advanced with two wins over the Black Stars and Uruguay.
Uruguay drew with South Korea and are at the bottom of the group with a point, the same as the latter who have a superior goal difference.
Akim Abuakwa South Member of Parliament Samuel Atta Akyea has called for a change in Ghana’s Agricultural policies.
He wants policies that go beyond just farming to feed the people to rather focus on the ability to supply raw materials for industrial purposes.
In his view, Ghana will realize the full benefits of agriculture when the sector is able to supply to industry in large quantities.
He was speaking in Parliament on Wednesday November 30 after the Minister of Food and Agriculture Dr Owusu Akoto Afriyie briefed the House on the the 2022 Farmers’ Day celebration.
The event is on the theme “Accelerating Agricultural development through value addition.”
The Agric Minister told Parliament that it will take place at the Koforidua Jubilee Park on Friday December 2.
President Nana Addo Dankwa Akufo-Addo will be the special guest, the Minister said.
Contributing to a discussion on the floor of the House regarding the theme for the celebration, Mr Atta Akyea said “I am also of the humble view that the theme should translate into realities.
“If we continue in that kind of agriculture which is so agonistic and ancient, you will not have the benefit of agriculture
“I believe that the pillar and prop of the economy can be agriculture, there is no dispute about it at all. We should move from the kind of agricultural policies and undertakings which are stomach directed, that we want to feed our people, I think that is too basic for our forward movement.
“We should direct our efforts that agriculture should supply in substantial terms the raw materials for industry. That is where we begin to enhance the benefits of agriculture.”
FIFA has appointed the referees and assisting referees for Ghana’s game against Uruguay.
A release from Ghana Football Association (GFA) said Daniel Siebert from Germany has been appointed to officiate the Group H clash between Ghana and Uruguay at Al Janoub stadium on Friday, December 2, 2022.
The 38-year-old Berlin born referee who is ranked as a UEFA elite category referee started referring in 2005 and received his FIFA badge in 2015. Siebert is currently rated as one of the best referees in the German Bundesliga.
The release further stated that Daniel Siebert will be assisted by compatriots Seidel Jan (Assistant I) and Foltyn Rafael (Assistant II) while Yamashita Yoshimi serves as the 4th Referee.
Other Officials include:
Marinescu Vasile Romania – Reserve Assistant Referee
Dankert Bastian – Germany – Video Assistant Referee
Van Boekel Pol – The Netherlands – Assistant VAR
Carbone Ciro -Italy – Offside VAR
Valeri Paolo – Italy – Support VAR
Giallantini Alessandro – Italy – Standby Assistant VAR
Ghana is one of 17 African countries that have set in motion the long-awaited Single African Air Transport Market (SAATM) that aims to consolidate the aviation market at continental level.
The other countries are Senegal, Togo, Zambia, Niger, Gabon, Namibia, Kenya, Ethiopia, Rwanda, Cape Verde, Ivory Coast, Cameroon, South Africa, Morocco, Mozambique, and Namibia.
The Single African Air Transport Sector (SAATM), which aspires to unify the aviation market on a continental scale, has been launched by 17 African nations, including Ghana.
The other nations are Cape Verde, Ivory Coast, Cameroon, Senegal, Togo, Zambia, Niger, Gabon, Namibia, Kenya, Ethiopia, and Namibia. South Africa, Morocco, and Mozambique round up the group.
These 35 African nations that have signed the SAATM represent a tiny majority of the continent.
The Yamoussoukro Decision Day (YD Day), which was observed on November 14 in Dakar, Senegal, at the national, regional, and continental levels, was the occasion for the 17 nations to agree to this trial project.
According to the African Union (AU), the YD Day “entered into force in 2000 following its endorsement by Heads of State and Government of the African Union for the liberalisation of scheduled and non-scheduled air transport services within Africa and with an overall aim of removing restrictions on traffic rights, capacity, and frequency between city pairs.”
The SAATM the AU said is within the context of the continent’s Agenda 2063.
“Africa’s time has come. The full implementation of the YD and the operationalisation of the SAATM at the continental level should not be delayed any longer. The benefits for the continent are undeniable,” said Victoire Sidémého Dzidudu, the Prime Minister of the Republic of Togo.
The Single African Air Transport Market (SAATM) is a flagship project of the African Union Agenda 2063, an initiative of the African Union to create a single unified air transport market in Africa to advance the liberalization of civil aviation in Africa and act as an impetus to the continent’s economic integration agenda.
SAATM will ensure aviation plays a major role in connecting Africa, promoting its social, economic and political integration and boosting intra-Africa trade and tourism as a result.
Stéphane Roudet, the IMF’s Mission Chief for Ghana, will be in charge of the team that will be in Ghana from December 1 to December 13, 2022.
Prior to their trip to Ghana, Mr. Roudet pointed out that the Bretton Woods organization had constructive meetings with the Ghanaian government in recent months and was hoping for a more forward-thinking one to reach an understanding on the policies and changes put forth to the IMF.
He stressed that the IMF remains committed to help Ghana restore its macroeconomic stability for Ghanaians to heave a sigh of relief.
“We have had productive discussions with the Ghanaian authorities over the last few months and look forward to our engagement in Accra…our objective for this visit is to make further progress toward reaching agreement on policies and reforms that could be supported by an IMF lending arrangement,” he said.
“The IMF remains fully committed to help Ghana restore macroeconomic stability, bring relief to Ghanaians in this time of crisis, and lay the foundation for more inclusive growth,” he added.
“Mr Speaker, little did we know that a global pandemic and a war in Ukraine will bring us down to our knees…The quicker we do something about it, the better. It is in this respect that we are asking our colleagues on the other side to support the government in the revenue measures that we have stated in next year’s budget. Any delay in passing this revenue measure means we are pushing Ghana down the drain,” Abena Osei-Asare stressed.
The debate on the 2023 budget began on November 29, 2022 on the floor of parliament, after which it will be approved by the House in due course.
Some traders at the DomeMarket in Accra have admitted to overpricing their products in order to stay in business in the wake of the current economic crisis.
They disclosed this during an interaction with the Independent Ghana’s Jessie Ola-Morris, who paid a visit to the market on November 20, 2022.
The visit followed speculation that some traders are taking advantage of the economic crisis to price their products at exorbitant rates in order to make more profit.
Ghana’s economic woes continue to worsen unabated, despite various measures taken by the government to curb inflation and mitigate the hardships. Inflation remains high, and the prices of fuel and other essential commodities continue to surge.
A (25-litre) gallon of vegetable oil, which was selling for GHC360 at the beginning of the year, was increased to GHC600 in October and is now going for GHC1,000 and over. A bag of 5kg rice which was previously sold at GHC40 at the beginning of the year is now GHC105 and above.
Latest statistics from the Ghana Statistical Service indicate that the national Consumer Price Inflation (CPI) for the country reached a startling 40.4 percent rate in October 2022.
The hikes in fuel prices and the poor performance of the cedi against major currencies are the main contributing factors to the hikes in food prices.
As an import-driven economy that largely relies on international currency such as the U.S dollar ($), demand for such currencies has peaked in recent times, weakening the local currency (i.e the Ghana Cedi). The dollar, which used to sell at GHC5.87 at the beginning of the year, is now selling at GHC113.11 (interbank rate) and GHC114.85 at the forex bureau.
Amidst the hardships, traders have been accused of compounding the woes of the ordinary Ghanaian by overpricing their products in order to make enormous profits.
During a visit to Dome Market, some traders refuted the claim, however, others also conceded to overpricing their products in order to stay in business.
A baby diaper retailer, Auntie Yaa, who asserted that traders are not to blame for the development, explained factors that largely affect the pricing of products.
She used herself as an example to demonstrate how the cost of transportation heavily influences her pricing strategy.
Auntie Yaa mentioned that she buys a pack of diapers at GHC100 from the wholesale shop and slaps an amount of GHC10 on each pack to cover the operational cost, which includes the cost of transport and other expenses involved in getting the products to their final destination (i.e the Dome Market).
“[After] I deduct these expenses from the GHC10 I’m able to make a profit of GHC5 from each pack, then I’m okay,” she said.
She was however baffled over the fact that the prices of the products are not stable on the market: “You make a purchase today and the next day you go back to the market to buy the same product and the price has shot up drastically, that disturbs us a lot,” she lamented.
Her other concern was with how some traders hoard their products and sell them later at exorbitant prices when demand is high. She, thus, called on the government to implement measures to curb such activities.
Another trader, Mary Oforiwaa, did not mince words about the fact that some unscrupulous traders are taking advantage of the free market to overprice their products.
“Undoubtedly, times are hard and when we lament we are told Ghana is not the only country facing an economic crisis but I think we traders are part of the problem. We are doing what we like. Even with transportation that is regulated by GPRTU, every driver has his (/her) own fare they charge, so the government is not solely to blame for the hardships. And with traders, we also price our products how we like,” she said.
Proposing a solution, she called on the government to implement a strategy adopted by the Rawlingsregime. Recall that during the Rawlings administration some traders hoarded their products with the intention of selling them later at higher prices when the demand was high. However, the former President found this out, went for the products and conducted a clearance sale on them.
Going down memory lane to her youthful days, she mentioned that “growing up I witnessed the Rawlings regime and during that time, if you hoard your products with the intention of selling them later at an outrageous rate, Rawlings comes for the goods and sells them cheaply – ‘Donkomi’ (to wit clearance sale) – but this government has been dormant in this regard and as a result, everyone is doing what they like,” she said.
“But I believe things will go according to how it’s supposed to be when the government adopts the late former president’s strategy,” she said.
“There are traders who also have to consult other traders before they issue prices for their goods, and all these are not helping,” she lamented.
Kwabena Asiedu Nketiah, the third trader who spoke to the Independent Ghana, acknowledged that he prices his products at exorbitant rates, however, he attributed the development to the cedi-dollar depreciating rate and gross economic mismanagement by the government.
“Looking at the rate at which prices of products are increasing these days it’s above normal but then the dollar-cedi rate affects the prices. We import the products with dollars, so when the cedi falls against the dollar, the prices of our products also go up,” he added.
Additionally, he explained that overpricing the products was the only way to stay in business. According to him, traders risk losing their capital if they do not toe this line.
“With business, it is wrong to wait for your old goods to finish, go for another one before you increase the price of your products. You’ll run at a huge loss if you do that. The moment you hear of a price increment, you instantly have to adjust your prices to the new rate otherwise, you’ll collapse your business,” he said.
Ghana operates a free market. A free market is one where voluntary exchange and the laws of supply and demand provide the sole basis for the economic system, without government intervention. A key feature of free markets is the absence of coerced (forced) transactions or conditions on transactions. Consequently, traders largely decide how their products are priced.
We (the Independent Ghana) discovered that some traders are taking advantage of Ghana’s liberal market to overprice their products.
To curtail this, Martha Ofosuhemaa, another trader, suggested that the government should be keen on consulting manufacturers and market women regarding regulating the prices of products on the market.
She believes the solution to addressing the exorbitant rates at which goods are priced largely lies with manufacturers and market women.
If the prices of every product are embossed on its packaging, this will significantly help in regulating them to make them affordable, she noted.
“Take coke for instance, if the manufacturer writes on the label that the small bottle should be sold at GHC 3.50 pesewas, we traders will go for it and know that that is how we are supposed to sell it so we will,” she said.
“Government should also speak to the market women. I believe if such consultations and negotiations are held regularly, the prices of products on the market will drastically reduce,” she added.
Overpricing in one sector of the economy affects all other sectors since they are interrelated. Astronomical hikes in fuel prices influence transport fares, which in turn affect the prices of products on the market. This comes back to bite the ordinary Ghanaian since it escalates the cost of living. Consequently, Ghanaians continue to lament over the hardships and have on various occasions appealed to the government to roll out measures to check these developments on the market.
Ghana has been downgraded deeper into junk territory by Moody’s Investors Service on the likelihood that private creditors will incur steep losses during the government’s planned debt restructuring.
The country’s credit rating was slashed by two levels to Ca, the second-lowest score at Moody’s, according to a Tuesday statement. That puts Ghana on par with Sri Lanka, which is in default.
The downgrade follows plans in Ghana’s proposed 2023 government budget to restructure both local and foreign debts.
“The Ca rating reflects Moody’s expectation that private creditors will likely incur substantial losses in the restructuring of both local and foreign currencies debts planned by the government as part of its 2023 budget proposed to Parliament on 24 November 2022. Given Ghana’s high government debt burden and the debt structure, it is likely there will be substantial losses on both categories of debt in order for the government to meaningfully improve debt sustainability,” analysts Lucie Villa and Marie Diron wrote in the statement.
At the same time, Ghana’s outlook was changed to stable as the restructuring will likely happen in coordination with creditors and under a program with the International Monetary Fund, according to Moody’s.
“The stable outlook balances Moody’s assumption that the debt restructuring will happen in coordination with creditors and under the umbrella of a funding program with the IMF against the potential for a less orderly form of default that could result in higher losses for private-sector creditors.”
The West African country formed a committee last month to start talks with domestic bondholders to restructure its local-currency debt.
Ghana’s Eurobonds have been among the worst performers in emerging markets since Bloomberg reported the plans for the local debt recast in September, handing investors losses of almost 12% in that period, according to data compiled from a Bloomberg index.
The nation’s debt-exchange program will replace existing terms and exchange debts with longer tenors at cheaper rates, said Abena Osei Asare, a deputy minister of finance. The plans come after an analysis of debt sustainability showed the nation faces a high risk of distress.
Fitch Ratings scored the nation at CC, two notches above default. S&P Global Ratings also assigned it CCC+, seven levels into junk.
The coach of the Black Stars, Otto Addo, is quite certain that his team will defeat Uruguay in their final group match on Friday in order to advance to the round of 16 of the 2022 World Cup in Qatar.
The Black Stars will play Uruguay in their final group game, where they are currently ranked second in Group H.
Ghana will advance to the round of 16 whether they win or draw.
“It was really, really long time ago that this incident happened and I am a strong believer that if you don’t seek too much revenge on these kind of things, sometimes you get the blessings,” coach Otto Addo said.
“It will be very difficult but I am confident to know that we can win this game.”
Following their 3-2 victory over South Korea, Ghana became the third African nation, after Senegal and Morocco, to achieve a win in the tournament’s second round of fixtures.
The four-time African champions’ World Cup run got off to a bad start as they fell to Portugal, who advanced to the round of 16.
The Ghana National Chamber of Commerce and Industry (GNCCI) has described the government’s decision to increase Value Added Tax (VAT) by 2.5% in the 2023 Budget as insensitive.
“For me, it was insensitive for the VAT to have been increased in these times,” the chief executive of GNCCI, Mark Badu Aboagye, told sit-in host of The Asaase Breakfast Show Benjamin Offei-Addo on Monday (28 November).
“In our submission to the Finance Minister before the 2023 budget was read, we made it clear that an increase in any tax will be suicidal in respect to the current state of affairs,” he added.
Increment
Value added tax (VAT) is expected to increase by 2.5 percentage points, the Minister for Finance, Ken Ofori-Atta, has announced last week.
The standard rate of VAT is 12.5%, except for supplies for a wholesaler or retailer of goods, which are taxed at a total flat rate of 3%.
Ofori-Atta said the proposal to increase the rate forms part of the government’s seven-point agenda to revitalise Ghana’s economy.
Presenting the 2023 Budget Statement in Parliament on Thursday (24 November 2022), the minister said that the increase in the VAT rate by 2.5 percentage points is “to directly support our roads and digitalisation agenda”.
He also announced that the government will undertake major structural reforms in the public sector.
Ofori-Atta said the government is determined to change Ghana’s fortunes and he admitted that the country has been going through difficulty.
“The government is determined to change the negative narrative and rebuild for a better future,” the minister said.
The United Kingdom High (UK) Commissioner to Ghana, Harriet Thompson has indicated that by 2050, over 70 per cent of the lands in Ghana used to grow cocoa will no longer be suitable for that purpose.
She says this will happen if temperatures continue to rise as they are doing currently in the country.
Madam Thompson said this in a tweet on Tuesday November 29 after she paid a courtesy call on the Minister of Food and Agriculture Dr Owusu Akoto Afriyie.
The courtesy call was to enable the two of them deliberate on issues of relevance in the agriculture sector especially on the United Kingdom Support Climate Smart Agriculture in Ghana.
Madam Thompson said “Over 70% of land currently used to grow cocoa in Ghana will not be suitable for that crop by 2050 if temperatures continue to rise as they are doing currently.
“Now is the time to adapt – and the potential to do so is great.”
Over 70% of land currently used to grow cocoa in 🇬🇭 will not be suitable for that crop by 2050 if temperatures continue to rise as they are doing currently. Now is the time to adapt – and the potential to do so is great. https://t.co/FLNuE9NZhe
Former Black Stars captain, Asamoah Gyan, is among the many Ghanaians who had a nerve-racking experience while watching Ghana play against South Korea today.
The Black Stars were in a comfortable lead in the first half of the game after they scored two goals. However, the smiles changed to worry as South Korea equalised within 10 minutes.
With team work, Ghana scored a third, but their victory was hanging by a thread as South Korea mounted more pressure as the end of the game drew near.
South Korea for 10 minutes, pounced on the defence of Ghana and this left Asamoah Gyan in discomfort. He paced around, hoping to hear the final whistle to signal Ghana’s victory.
Just as for many Ghanaians, this was one of the longest 10 minutes in Asamoah Gyan’s life.
He was impatient and continued shouting “Referee, it is time. This referee.”
Immense joy after a victory today against South Korea today led Ghana fans to take up a role which the Japanese have happily assumed.
Supporters of the Black Stars to the surprise of many decided to clean up Education City Stadium in Qatar after the game, an action they failed to do when Ghana played Portugal.
Fans of Japansince the beginning of the tournament cleaned the stadium after every match they went to observe.
Ghana fans were cleaning up the stadium after their win against South Korea 🇬🇭❤️
Since the viral video, some Ghanaians on social media have expressed shock to the unanticipated act by their comrades in Qatar. Ghana beat South Korea by three goals. South Korea managed to score two goals.
The Chairman-elect of the Ghana National Council of the Great Commission Church International (GCCI), Apostle Samuel Vincent Ansah, has charged all citizens particularly Christians to stand up and lead the fight against corruption.
He explained that there is a huge responsibility on the body of Christ because it forms the larger population of the country and therefore requires Christians take the forefront in this fight, as it will have a rippling effect across the nation.
Speaking to GhanaWeb after the commissioning service of the church’s pastors in Accra on Sunday, November 27, 2022, Apostle Samuel Ansah stressed that the religious institutions must begin to walk in its function of living lives worth emulating.
He added that there is the need for Christians to work hard towards the fight against corruption, which he described as endemic.
“Our function is to pray, and our function is to lead the kind of life that will ensure that we come out because there is a lot of talk about corruption; it’s not just a talk – it is something that as you go through this nation, you go through schools, you go through institutions, the universities, the ministries, everything we have, you find out that corruption is endemic and to some extent, it will become a pandemic,” he said.
Apostle Samuel Ansah added that if indeed Ghana’s population is composed of more Christians than other religious faiths, then it behooves on the church to emulate traits that are synonymous with its teachings.
“Everybody is worried because once there is corruption, our visions and dreams as a nation become compromised and we are not able to succeed. Therefore, as Christians, it is important that our lives shine. We should be first and foremost against corruption. Our lifestyles, our functions in offices, in institutions, in the structures of this nation should be corruption-free.
“And gradually, if we are 71%, then if we begin to function well and our lives begin to shine well, within a short time, you’ll find that this country will change for the better; our economic woes will dwindle, and this nation will begin to function and be successful,” he added.
In all, there were 51 permanent elders of the church inducted into the church, with seven (7) reverend ministers ordained as well.
The newly-elected executives are: Apostle Samuel Vincent Ansah, Chairman; Apostle Richard K. Adanu, First Vice Chairman in-charge of Missions; Rev Moses Pinkrah, Second Vice Chairman in-charge of Finance and Administration; Rev Samuel Arthur, Director of Evangelism;
Others include; Rev Emmanuel Oppong, Director of Ministries; Rev Charles Samerset Adanunyo Director of Church Life; Rev Stephen Toku Cato, Director of Finance; and Rev Alex Obeng Oguamena, Director of Personnel.
President Akufo-Addo has praised the senior national team, Black Stars for their victory against South Korea today.
In front of a boisterous crowd at Education City Stadium, Ghana defeated South Korea in a thrilling game full of turns and turns.
Reacting to the news, President Akufo-Addo in a tweet said “Kudos to the Black Stars. Hard fought, but thoroughly well-deserved victory against South Korea. Proud of the entire team and the unalloyed support given to them by all Ghanaians.”
Ghana will on December 2 face Uruguay and the president wants the team to remain focus on qualifying to the next stage of the tournament.
“Now to the final group stage game against Uruguay,” President Akufo-Addo added.
Kudos to the Black Stars. Hard fought, but thoroughly well-deserved victory against South Korea. Proud of the entire team and the unalloyed support given to them by all Ghanaians. Now to the final group stage game against Uruguay. #WeCanDoIt#GoBlackStarsGopic.twitter.com/9ffkgil4pu
Ghana took a 2-0 lead after 10 minutes of play in the first half thanks to goals from Mohammed Kudus of Ajax and Southampton defender Mohammed Salisu.
However, South Korea’s comeback after the break subdued the boisterous celebrations of Ghana fans after halftime.
After 61 minutes, Cho Gue-sung, the top scorer in his domestic league, tied the score with two incredible headers in three minutes.
But the outstanding Kudus added a final twist when he hammered in a third goal for Ghana to break South Korea’s hearts. Kudus had skillfully headed in Jordan Ayew’s cross in the first half.
South Korea had more opportunities as they sought a second equalizer, but Ghana managed to hold on despite the addition of 10 minutes of extra time.
A Mohammed Kudusbrace helped Ghana beat South Korea 3-2 in a thrilling match to revive their hopes of reaching the last 16 of the 2022 World Cup at Doha’s Education City Stadium on Monday.
It was the first time in the history of the FIFA World Cup that a team like Ghana has been able to qualify for the knockout stages of the tournament,” the coach said. “The team has been able to get a good result in the last two years, but it’s not going to be easy. It’s a good thing we’re not going to be able to play in the World Cup,” he said. “We’re not going to be able to play in the World Cup,” he added.
It was the first time that the Black Stars had taken a 2-0 lead at the break, with Mohammed Salisu and Mohammed Kudus scoring the second. But Cho Gue-sung gave the South Koreans hope with a brace (58th, 61st), before Kudus followed suit to restore Ghana’s lead (68th).
The South Koreans were not to be denied, however, as Son Heung-min and his team-mates began to attack the goal in the opening minutes of the lively but fruitless match against Uruguay. But the six corners the South Koreans won in twenty minutes did not allow them to open the score against the Black Stars’ defence, which was not very reassuring.
It was the Ghanaians who finally took advantage of their second set-piece to open the scoring against the run of play.
Salisu took advantage of a free-kick from Jordan Ayew to give the Ghanaians the lead after a poor clearance by Napoli defender Kim Min-jae (24th). The goal was then ruled in as a result of a suspected handball by Andre Ayew, but the referee did not rule it out.
Ayew’s younger brother Jordan made full use of his coach’s confidence, setting up a second free-kick for the talented Ajax Amsterdam midfielder Kudus to head home (34′).
But the Taeguk Warriors showed great mental strength after the break. In the second half, the Taeguk Warriors showed great mental strength, with Cho of Jeonbuk Motors preferred to former Bordeaux man Hwang Ui-jo, who was ineffective against Uruguay (0-0), heading home a brace in the 58th and 61st minutes.
Kudus then put the South Koreans out of their misery with his second goal of the match, a left-footed strike (68th). He gave his team the right to dream of a place in the last 16.
It’s a great way to get back into the game,” he said, “but it’s not the only way to get back into the game.
Moroccan-American referee, Ismail ElFath, who has been heavily criticised for awarding Portugal a “controversial” penalty in a match against Ghana has broken silence.
According to reports, Ismail ElFath said he was in the right for awarding Ronaldo a penalty, which enabled Portugal to lead the game.
He indicated that he was professional and holds nothing against Ghana. He said based on what he saw at that moment, it was a penalty.
According to the referee, he used to play soccer with Ghanaians in the US in his neighborhood, thus regrets the uproar the game has brought.
The penalty decision handed 3 points to Portugal and sent Ronaldo into the top of FIFA World Cup records ahead of Pele and Maradona.
Many pundits around the world say the referee’s penalty call was wrong while a third goal by Rafael Leao has come up strongly as a possible offside.
All large-scale gold mining firms in Ghana will, effective January 2023, have to sell 20% of their refined gold to the Bank of Ghana (BoG) before exporting.
This is to ensure that the government has enough gold to purchase petroleum products under the government’s gold for oil programme, which is also set to begin next year.
The government made this known in a letter addressed to the Minerals Commission and Precious Minerals Marketing Company (PMMC) dated
Wednesday, November 23, 2022.
“Effective 1 January 2023, all large- scale mining companies (as agreed with the Bank of Ghana) shall sell 20% of all refined gold at their refineries to the Bank of Ghana (in Ghana cedis) before the export of the gold. The Bank of Ghana and the Precious Minerals Marketing Company (PMMC) will coordinate with the large-scale mining companies to ensure compliance with this directive,” the letter said.
“Effective 1 January 2023, all Community Mining Schemes (CMS) shall sell their gold outputs to Government through PMMC. All mining licences for CMS shall include a clause mandating licensees to sell their gold output to government.
“Effective 1st January 2023, all Licensed Small-Scale Gold Miners shall sell their gold to government through PMMC. All small-scale gold
mining licences shall include a clause mandating licensees sell their gold to government,” the letter read.
When implemented, the policy will fundamentally alter Ghana’s balance of payments and may significantly reduce the cedi’s persistent depreciation.
The policy, which is still at the negotiation stage, is expected to come into force by the second quarter of 2023, according to the Vice-President Mahamudu Bawumia.
“The demand for foreign exchange by oil importers in the face of dwindling foreign exchange reserves results in the depreciation of the cedi and
increases in the cost of living with higher prices for fuel, transportation, utilities, etc.” he said.
He noted that, “to address this challenge, government is negotiating a new policy regime where our gold (rather than our US dollar reserves) will be used to buy oil products.
The barter of sustainably mined gold for oil is one of the most important economic policy changes in Ghana since independence.”
Ghana is playing against South Korea and the tides are in favour of Otto Addo’s side.
The Black Stars are dominating the game. Two goals have been scored by Ghana before the end of the first half of the game.
At the 27th minute, Mohammed Salisu scored a goal. Mohammed Kudus, in less than 10 minutes added another for Ghana to lead with two goals.
The game is underway and social media users are singing the praise of Jordan Ayew, whom they say has been phenomenal.
As Ghana looks for a successful outcome, Jordan Ayew joins Andre Ayew and Inaki Williams in the front row.
Jordan Ayew is a good holder of the ball who links up play very well. He dribbles so well and knows how to draw fouls from his opponents. Drop the hate for the lad, he’s one of Ghana’s best playmakers.
Alidu Seidu, Daniel Amartey, Alexander Djiku, Mohammed Salisu, and Baba Rahman made up the back five. Tariq Lamptey and Gideon Mensah replace Seidu and Baba Rahman, and Djiku moves to the bench.
Otto Addo keeps the Abdul Salis Samed, Thomas Partey, and Mohammed Kudus trio in the center of the park.
In preparation for the match against South Korea, Ghana’s head coach, Otto Addo, has made three adjustments to the Black Stars squad that played Portugal in the team’s opening match.
Alidu Seidu, Daniel Amartey, Alexander Djiku, Mohammed Salisu, and Baba Rahman made up the back five for the match against South Korea. Addo has since switched to a four-back.
Tariq Lamptey and Gideon Mensah replace Seidu and Baba Rahman, and Djiku moves to the bench.
The gaffer keeps the Abdul Salis Samed, Thomas Partey, and Mohammed Kudus trio in the center of the park.
As Ghana looks for a successful outcome, Jordan Ayew joins Andre Ayew and Inaki Williams in the front row.
Ghana was labeled a broke nation by financial analyst Joe Jackson last year. Therefore, he urged Ghanaians to prepare for a challenging economic climate.
Speaking to the host of Sunrise Morning on 3fm 92.7 Alfred Ocansey, Joe Jackson cautioned that government is broke and needs money, but that must not continuously increase the hardship and burden of the Ghanaian “Right now.”
Mr. Jackson believes government must focus on making borrowing “as painless as it can be.”
“For anyone who thinks life is going to be easy, it is going to be a tough time. Ghana is so broke, government must cut down on the luxurious lifestyle because it doesn’t send the right signals and at this time, the right perception must be created by the actions of government” he warned.
“The corruption and waste in government must be something that government must show the will and the commitment to address, else there is no point government coming back to us to pay more in taxes.
“Look we are being burdened with the increasing taxes and all we see is the lack of commitment to cut down on the waste in the system, this cannot continue,” he said.
He argued that Ghana would have to continue borrowing to keep the economy afloat, and the borrowing would have to be offset by revenue from taxes.
When Ghana travels to the Education City Stadium to play South Korea today, they risk being eliminated early from Group H of the 2022 World Cup.
On the first day, the Asian rivals impressively held Uruguay to a scoreless tie while the Black Stars suffered a heartbreaking 3-2 loss to Portugal.
On the opening day of the 2022 World Cup, there were a total of four 0-0 ties. South Korea put out a valiant effort in their 0-0 draw with Uruguay, however the woodwork did save them on a few occasions.
Paulo Bento’s team held on for a point against their South American opponents, displaying their defensive resiliency that was also present in their most recent games prior to Qatar. Federico Valverde and Diego Godin both saw shots crash off the goal frame.
The Tigers of Asiaenter their match against Ghana having only lost one of their previous 10 games across all competitions, and the Kim Min-jae-managed defense has kept three consecutive clean sheets during a four-game unbeaten run.
Despite their strength in the defensive third, South Korea failed to register a shot on goal during the Uruguay draw for the second time in four World Cup games, and Ghana undoubtedly had some experience holding teams at bay during the run-up to Qatar.
Another World Cup group game, another goal for Cristiano Ronaldo, but the five-time Ballon d’Or winner could only watch on from the bench in horror as A Selecao very nearly threw away a two-goal lead against Ghana on Thursday evening.
Following Ronaldo’s penalty, Joao Felix and Rafael Leao struck either side of Andre Ayew’s response before Osman Bukari reduced the deficit further, and the howler of the tournament award very nearly went to Portugal goalkeeper Diogo Costa, who rolled the ball out without knowing that Inaki Williams was behind him.
The Athletic Bilbao forward immediately tried to pounce on that gilt-edged chance right at the death, but he slipped at the vital moment as Ghana succumbed to a 3-2 loss, which leaves them bottom of the Group H standings and at real risk of an exit before the final matchday.
No matter what transpires in Uruguay’s showdown with Portugal, Ghana will be out if they suffer defeat to South Korea at the Education City Stadium, but a six-game scoring streak at the World Cup does stand the Black Stars in good stead.
Monday’s game will mark the 10th meeting between South Korea and Ghana in all competitions, with the last six yielding three wins apiece for both nations, but Ghana ran out convincing 4-0 winners during the most recent battle in a 2014 friendly.
South Korea fans rejoiced in the return to fitness of Son Heung-min, who donned a protective mask against Uruguay after his recent eye socket fracture and came through the game unscathed.
However, fellow Premier League attacker Hwang Hee-chan – who was an unused substitute on Thursday – is dealing with hamstring discomfort and will not be able to feature here.
Bento has also been handed a concern over key centre-back Kim Min-jae, who has been dealing with calf discomfort and is classed as a doubt for the contest.
As for Ghana, Otto Addo lined up in a defence-heavy formation for the showdown with Portugal, which very nearly paid dividends, but the need for victory could see the Black Stars shift to a four-man defence here.
Addo should be working with all 26 players for Monday’s meeting, where any change in system would likely put Mohammed Salisu’s place at risk as Bukari and Kamaldeen Sulemana push to return in a more attacking setup.
Andre Ayew won the battle of the brothers with Jordan Ayew to start in the loss to Portugal, and the Al-Sadd man’s goal last time out should be enough to see him retain his place alongside Williams.
Andre Ayew did train separately from the team alongside right-back Alidu Seidu on Friday, but there is nothing to suggest that the duo will not be ready for Monday.
South Korea possible starting lineup:
Seung-gyu; Moon-hwan, Min-jae, Young-gwon, Jin-su; Jung, In-beom; Na, Lee, Son; Ui-jo
Ghana possible starting lineup:
Ati Zigi; Lamptey, Amartey, Djiku, Baba; Partey, Abdul Samed; Sulemana, Kudus, A. Ayew; Williams
Ghana’s previous defensive resilience was broken with ease by Portugal, but they demonstrated plenty of attacking nous at the other end and should have no problem troubling this South Korea backline.
Bento’s side proved their worth against Uruguay, though, and we can only envisage a closely-fought battle ending with the spoils shared as the race for a top-two spot goes right down to the wire.
At the Education City Stadium in Qatar, the Black Starswill play again today when they take on the Taegeuk Warriors.
Following a 3-2 loss to Portugal in their Group H opening, Ghana will enter the game wanting revenge. South Korea and Uruguay were able to draw 0-0 in the meantime.
Prior to Monday’s match against South Korea in their second World Cup game, Ghana coach Otto Addo acknowledged feeling under pressure.
Ahead of the clash, Addo has revealed why they will face a difficult task against the Taegeuk Warriors.
The Black Stars will need a win to stand a chance of reaching the knockout stage. Heading into matchday two, Ghana are fourth without a point while Portugal are top with three points.
After facing South Korea, Ghana will conclude their group matches against Uruguay at Al Janoub Stadium on Friday.
On Thursday night against Portugal, Andre Ayew scored Ghana’s first goal at the 2022 World Cup.
Following his goal, he was replaced by his brother Jordan Ayew.
Before Andre Ayew’s equaliser in the 73rd minute, Ronaldo’s penalty kick made the difference in the 65th minute following an easy penalty awarded by the American referee of Moroccan descent.
Osman Bukari scored Ghana’s second goal to make it 3-2.
Since joining Ghana’s senior team in 2008, Ayew has amassed more than 100 caps. He played a key role for and served as captain of the under-20 squad that won the 2009 FIFA U-20 World Cup and the 2009 African Youth Championship.
He has participated in two FIFA World Cups (2010 and 2014), seven Africa Cup of Nations (2008, 2010, 2012, 2015, 2017, 2019 and 2021), and two Olympics. He helped Ghana finish second in 2010 and 2015 and was the tournament’s leading scorer in 2017.
In 2011 Ayew was named the BBC African Footballer of the Year and Ghana Footballer of the Year.
Andre Ayew previous played for FC Lorient, West Ham, Swansea City, Fenerbahce and AC Arles-Avignon. He currently plays for Qatar Stars League club Al Sadd SC.
Renowned International Guidebook company, Lonely Planet, has named Ghana as one of the best places to visit and connect in 2023 in its 18th annual Best in Travel list.
The 2023 edition of the list follows a slightly different format than it had been in the past years. Drawing on expert local perspectives from the heart of each destination, the Best in Travel report features cities, countries and regions to aid travellers planning their next trip.
The research is split up into five sections — Eat, Journey, Unwind, Connect and Learn — with each place chosen for its topicality, unique experiences, ‘wow’ factor, and ongoing commitment to sustainability, community and diversity.
Ghana made the list as one of the best countries to visit and connect in the world.
A statement published by Lonely Planet indicated that the ‘Year of Return,’ one of government initiative launched in 2019, contributed to Ghana’s appearance on the list. “As the world opened up after long COVID-19 restrictions, many travellers felt the urge to connect or reconnect with others. One way to do that is by looking into our own backyards. People with African heritage may want to head to Accra, Ghana, for their own sense of connection.
“The country, also on the list, observed a Year of Return in 2019, which brought people from all over the diaspora to Ghana for fellowship and community. Just because the year passed doesn’t mean that the sense of connection has gone: Ghana wants to hit a goal of eight million tourists per year,” the statement reads.
Commenting on the list, CEO of Ghana Tourism Authority, Akwasi Agyeman, expressed excitement on Ghana being named as one of the best countries to visit and connect in 2023.
According to him, the ‘Year of Return’ and ‘Beyond the Return’ were part of government effort to revive Ghana’s engagement with the African diaspora and the world at large. He noted that it did not only increase the number of visits to the country, but also gained interest from the media, celebrities and investors, which helped position Ghana as an attractive investment destination for the diaspora.
“It is a great honour to see how, over the years, Ghana continues to receive accolades for our dedication to promote ‘Year of Return and ‘Beyond the Return’. Indeed, we are immensely proud of the fact that Ghana has been named as one of the best places to visit and connect by Lonely Planet.
“I also recognise that we could not have come this far without the support of government and all stakeholders. Heading to December, we have started seeing the numbers coming in, and we are very positive that Ghana will host the world once again,” he said.
Recently, the Ghana Tourism Authority (GTA), under the auspices of the Ministry of Tourism, Arts and Culture, officially unveiled the schedule of events for the 2022 ‘December in GH’ campaign. December in GH is the country’s biggest celebration of all things – cultural, entertainment, adventure, nightlife, fashion, gastronomy, tours and community service. Since 2019, the ‘December in GH’ event schedule is one that many travellers look forward to when planning their activities for their holiday trip to Ghana.
There was an incident, according to Portugal’s head coach Fernando Santos, thus the American referee Ismail Elfath did not need to consult the Video Assistant Referee (VAR).
In their Group H opener on Thursday, Portugal overcame Ghana 3-2. Ronaldo’s controversial dive for the opening goal was controversial.
Since the American referee purchased the dive that Cristiano Ronaldo offered him without checking the VAR, the Black Stars felt tricked.
Cristiano Ronaldo scored the opening goal from the penalty spot, hammering in after the referee awarded a highly contentious penalty for Portugal after an apparent dive from the former Manchester United forward following a close incident with Mohammed Salisu.
The American referee immediately pointed to the spot resisting all attempts to have a second look at the incident on the video assistant referee despite protestation from the Ghanaian players.
“I think if the VAR team had felt the referee should consult the VAR, they would have prompted him. I also think Joao Felix was fouled at a point and I expected the referee to check the VAR but he didn’t. So I don’t think there was a call the VAR would have been necessary for the referee.”
The Black Stars improved in the second half as Mohammed Kudus’ shot went wide of the post after a decent build-up from midfield.
Ghana captain Andre Ayew equalized from close range as he tapped in a cross from Baba Abdul Rahman after the Portugal defense failed to deal with it.
A few minutes later, Portugal responded with two goals in two minutes to close the contest as Joao Felix converted a delightfully clipped finish and substitute Rafael Leao coolly stroked in just seconds after coming on.
With the heading to an end, Osman Bukhari headed in a late consolation for the lack of Stars and there could have been real drama in the ninth minute of stoppage time as Inaki Williams intercepted a ball from Diogo Costa but the Athletic Bilbao forward slipped at the crucial moment and a feeble shot was cleared off the line.
A father-of-three drowned in a river in Ghana after falling from a water bike, an inquest has found.
Iwan Gwyn, 49, from Llanaelhaearn, Gwynedd, disappeared on December 30 while with friends and family in Ghana, where he lived at the time.
His body was found by fishermen on the Volta River near Alorkpem island, close to the capital city Accra.
Coroner Sarah Riley recorded a conclusion of accidental death at the inquest in Caernarfon.
She said: “It appeared Iwan had an unwitnessed fall from the Jet Ski. He’d probably hit his head after it happened.”
A provisional post-mortem examination, held in Ghana, concluded Mr Gwyn died from asphyxiation or drowning, and a potential blunt head injury.
Mr Gwyn, a quantity surveyor who had lived in Ghana for nine years, was married to Annie and had three children – Ben, Megan and Laura.
In January the family said Iwan “will be deeply missed by everyone” adding that the support they had received had been “comforting for the whole family”.
The former rugby player had supported Pwllheli RFC since he was a child.
Paying tribute, the club called his death “tragic”.
Members of Parliament have commended the Black Stars for their performance in their World Cup match against Portugal.
Even though Ghana lost 2 goals to 3, the MPs said they put up a good performance during the match.
Member of Parliament for South Tongu, Kobena Mensah Woyome, in his statement on the floor, congratulated the team for being able to hold their opponent to a 3:2 scoreline.
Former Sports Minister, Isaac Kwame Asiamah in reference to the referee awarding a penalty against Ghana, said it affected the progress of the team.
He said the officiating has come to question and he will urge the Black Stars to do more concentration on the field of play.
“Going forward, next two matches, we urge the Black Stars to know that as Azumah Nelson once said, ‘bring your mother as a referee and I’ll still beat you’ that should be their mindset and we are happy they are doing the needful, they are protesting to FIFA.”
Member of Parliament for Talensi, Benson Tongo Baba also urged the players, and technical handlers to put the defeat behind them and look forward to the matches ahead of them.
He also called on Ghanaians to continue to support the team.
“Let us see that this should be the beginning for things to change in this country that we should work together as one nation with a common destiny.” He said.
Minority Leader, Haruna Iddrisu said Portugal did not deserve the win.
“Mr Speaker, the right thing to do is to congratulate Portugal as winners undeservingly. They don’t deserve the victory because we were robbed of our victory by poor officiating and not just the penalty awarded in favour of Ronaldo even the second goal of Portugal by VAR is kind of offside goal if you observe it but it was not confirmed.”
He urged the team to concentrate on their match, adding that the coach did not need to make any changes during the match.
He said they are proud of the Black Stars so far.
Majority Leader, Osei Kyei-Mensah-Bonsu said the second half was very explosive and the best so far in the tournament, adding that Ghana lost to the referee and not to Portugal.
“We lost to the referee and not to Portugal. Mr Speaker, in such instances the VAR will be resorted to. Who were the people manning the VAR system? Such that the referee was not prompted because clearly the two players went for the ball and they touched the two feet of the two players almost at the same time and there was no tangle. So how come did the referee whistle for a penalty against Black Stars and the people manning the VAR system did not prompt the referee? It wasn’t a conspiracy against Africa? Mr Speaker, the temptation to arrive at this conclusion is there for everybody.” He said
The Black Stars lost their opening Group H game 3-2 to Portugal at Stadium 974 on Thursday, November 25, 2022.
The first Portuguese goal which was a penalty has reportedly triggered a petition to FIFA to investigate the conduct of the referee.
Ghana plans to purchase oil using gold instead of U.S. dollars following weeks of depreciation of the Ghanaian currency, according to a Facebook post by the country’s Vice President, Dr. Mahamadu Bawumia.
Data from the Government of Ghana show the country’s Gross International Reserves stood at around $6.6 billion at the end of September 2022, down from around $9.7 billion at the end of 2021. The international reserves figure also amounts to less than three months of import cover.
In a Facebook post, the Vice President said the move seeks to tackle dwindling foreign currency reserves affected by high demand for dollars by oil importers. He further noted that if the plan is implemented in the first quarter of 2023, the new policy “will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency.”
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According to him, using gold will no longer directly impact fuel or utility prices since all domestic sellers would no longer need foreign exchange to import oil products. He added that the move, which he calls the ‘barter of gold for oil’, represents a major structural change.
“The demand for foreign exchange by oil importers in the face of dwindling foreign exchange reserves results in the depreciation of the cedi and increases in the cost of living with higher prices for fuel, transportation, utilities, etc,” he said. “To address this challenge, the Government is negotiating a new policy regime where our gold (rather than our US dollar reserves) will be used to buy oil products.”
Reuters reports that the move by Ghana is uncommon, adding that such deals typically involve an oil-producing nation receiving non-oil goods rather than the opposite. Ghana is one of the oil-producing countries in the world but largely depends on imported refined cruel.
Ghana is currently negotiating with the International Monetary Fund for a bailout pack of $3 billion. The country is hoping to secure a staff-level agreement by the end of the year.
Pele, Uwe Seeler and Miroslav Klose have all netted at four World Cups but Ronaldo is now out in front in that regard after scoring at a fifth finals.
Here, Stats Perform looks at each of Ronaldo’s previous seven goals on the biggest stage of them all, three of which came in one game.
Portugal 2-0 Iran (Frankfurt, 2006)
Ronaldo scored from the penalty spot for the first of his World Cup goals against Iran in 2006, making him Portugal’s youngest ever scorer in the competition at 21 years and 132 days, a record that stands to this day. Despite Portugal finishing third that year, a teenage Ronaldo did not add to his goals tally.
The Selecao put seven goals past North Korea, with Ronaldo scoring the sixth of those to end a two-year wait for an international goal. Portugal failed to find the net in any of their other three matches in South Africa and were eliminated by Spain in the last 16.
Portugal 2-1 Ghana (Brasilia, 2014)
Ronaldo scored a late winner in Portugal’s final group match against Ghana — a simple finish following some poor defending — but it was not enough to prevent his side from exiting Brazil 2014 in the first round behind the United States and tournament winners Germany.
Entering the tournament as the world’s best player, Ronaldo lived up to his billing by scoring a hat-trick in what will go down as one of the all-time great individual World Cup performances.
After opening the scoring from the penalty spot, the superstar forward beat David de Gea with a shot from outside the box and then scored a late free-kick to rescue a point in a topsy-turvy thriller.
Portugal 1-0 Morocco (Moscow, 2018)
Ronaldo was not finished there, either, as he made it four goals for the tournament with an unstoppable header inside four minutes against Morocco, with that proving to be the winner.
However, his goalscoring touch eluded him in the knockout rounds as he fired a blank in the 2-1 loss to Uruguay in the last 16.
The finance ministers of Ghana and Zimbabwe have been delivering their annual budgets amid the cost-of-living crisis that has hit the whole world.
And both announced an increased in Value Added Tax (VAT), which you pay when you buy goods.
In Ghana, Finance Minister Ken Ofori Atta – who is under pressure to resign because of the deepening economic crisis – pushed it up from 12.5% to 15%.
But in some good news for Ghanaians, the finance minister cut the tax on all electronic transactions from 1.5% to 1%, barely a year after its introduction.
In Zimbabwe, the tax on foreign currency transactions has been halved to 2% while a banking tax for the purchase of wheat has been dropped to keep bread prices low.
Black Stars head coach Otto Addo has admitted his side are under pressure to qualify from Group H after losing 3-2 to Portugal in their 2022 World Cup opener on Thursday.
Black Stars began their campaign on a wrong note, losing narrowly to Fernando Santos’ side.
After the goalless first half, CristianoRonaldo opened the scoring for Portugal via the penalty spot but Ghana equalised through skipper Andre Ayew from close range.
Portugal responded with two goals in two minutes to seal the points, Joao Felix converting a delightfully clipped finish and substitute Rafael Leao coolly stroking in just seconds after coming on.
Osman Bukari headed in a late consolation for Ghana and there could have been real drama in the ninth minute of stoppage time.
“First of all, surely, we have a chance especially because they played a draw so if we win against South Korea and Portugal win hopefully against Uruguay then we will be second so the chance is still big,” coach Addo said after the game.
“And surely it will be very, very tough to beat South Korea because they are good. But now we have to win. We are under pressure but they too.”
The defeat means Black Stars are bottom of Group H after Uruguay and South Korea played out a goalless draw earlier on Thursday.
The Black Stars will now switch their attention to their attention to the match against South Korea on Monday before taking on Uruguay on December 2 at the Education City stadium.
Portugal edged Ghana for a 3-2 win at Stadium 974 on Thursday evening in the Black Stars’ 2022 World Cup opener as VAR was missing in action.
Cristiano Ronaldo converted a controversial penalty to give the Portuguese the lead just after the hour mark before Andre Ayew levelled for Ghana.
There was late drama as the European nation scored two-in-two minutes for a 3-1 lead. Substitute Osman Bukari headed in brilliantly late on to end the game 3-2.
The Black Stars became the first African team to score a goal at this year’s tournament.
Portugal leads Group H with three points after the win, with Ghana bottom. Uruguay and South Korea have a point each after drawing goalless earlier.
The Black Stars will next play South Korea on November 28 while Portugal faces Uruguay on the same day.
Cristiano Ronaldo got the first sight at goal but Ghana goalkeeper Lawrence Ati-Zigi was very proactive to run out of his line and put the ball to safety in 10 minutes.
The A Selecao restricted the Black Stars to their own half in the first 20 minutes, playing 76% of the ball while Ghana has only 24% of possession.
At the half hour mark, Ronaldo drilled the ball into Ghana’s net but he fouled Alexander Djiku in the process.
The Black Stars’ plan to catch Portugal on the counter wasn’t working as the midfield could not spot Inaki Williams, with the Euro 2016 champions getting 5 attempts, one on target against Ghana’s zero.
A half completed dominated by the two-time semifinalists ended in a goalless draw.
Ghana finally came out of their own half to play as Mohammed Kudus made a marvellous solo run to hit a great shot that missed the target narrowly 10 minutes into the second half.
Portugal was awarded a soft penalty that was not checked by the VAR after a least touch from Mohammed Salisu. The protestations of the Ghanaian players were ignored by the USA referee Elfath.
Ronaldo made no mistake from the spot as he converted brilliantly to break the deadlock in the 64th minute to make World Cup history. He became the first player to score in five consecutive tournaments.
Ghana pulled the equalizer through Andre Ayew, who latched onto a Kudus cutback in the 73rd minute.
Portugal caught Ghana’s backline sleeping on the break as Joao Felix picked a Baba Rahman missed ball to convert from the right side of the box in the 78th minute.
The same situation repeated itself two minutes later. This time on the right side, with substitute Raphael Leao converting from the left post.
With a minute to the end of the 90, Osman Bukari cut Portugal’s lead to one after heading in a Baba Rahman cross from the left.
Portugal held on to for the victory to ward off Ghana’s late pressure for an equalizer.
Ghana coach Otto Addo fumed at the decision to award Portugal a penaltyin their thrilling win over the Black Stars on Thursday, declaring: “I don’t know if the VAR wasn’t paying attention”.
Cristiano Ronaldo became the first player to net at five editions of the World Cup when he opened the scoring from the spot at Stadium 974, as Portugal eventually ran out 3-2 winners.
Ghana, however, were incensed by referee Ismail Elfath’s decision to award the spot-kick, believing Mohammed Salisu won the ball with his challenge on the five-time Ballon d’Or-winner.
Asked whether Ronaldo benefitted from a favourable decision, Addo said: “I think you’d have to ask the referee. I have no proof of that, but we were playing the ball, then there was a contact.
5 – Cristiano Ronaldo has become the first player to score five in different editions of the World Cup (2006, 2010, 2014, 2018, 2022). Limitless. pic.twitter.com/w6noDKxoVR
“If I look at that moment, it’s incredible. If you look at a replay, we played the ball. It was actually a foul against us.
“The game was hectic, we made a few mistakes to allow the second and third goals, opening the lines for them to pass it. It was a little bit unlucky.
“With a bit of luck, we could have got one point. The referee was not in our favour. In my view, our yellow cards were deserved, but for me, holding jerseys is also a yellow card. I don’t know what was wrong, but he was really not in our favour.
“I asked some people from FIFA if I could talk briefly to the referee in a calm and quiet way, but they said he is in a meeting and it’s not possible.
“I think they have match analysis, so it’s the truth, but surely you can have some minutes for the coach.”
Ghana full-back Tariq Lamptey was also asked about the decision, responding: “I think you saw it. You can give your opinion.”
The African nation have now lost their opening match on three of their four participations at the World Cup (W1), but Lamptey believes there were plenty of positives to take.
“Obviously, I would have liked to get the win,” Lamptey said. “They have a lot of world-class players in their team, but we felt like we could have got the result we deserved, and we were so close to getting that.
“We know we played well, but it’s a difficult one as we know we could have got something. We’ll put that energy into our next game and give it our best.”
4 – Portugal 3-2 Ghana was just the fourth #FIFAWorldCup match to see as many as five goals having been 0-0 at half-time, after:
Poland 5-1 Peru (1982)
Netherlands 2-3 Brazil (1994)
Belgium 3-2 Japan (2018)
Ghanaian President Nana Akufo-Addo has praised the national team’s “gutsy performance” in their World Cup opener against Portugal which ended in a 2-3 loss.
The Black Stars became the first African team to score a goal at this year’s tournament, but lie at the bottom of Group H. They will next play South Korea on November 28.
Gutsy performance by the @GhanaBlackstars in today’s match against Portugal. Very proud of the entire team. They live to fight another day, & have shown they have what it takes to mix it up against any team in the tournament. Looking forward to the next game against South Korea. pic.twitter.com/FiDWm5fO4b
The government of Ghana has announced some austerity measures in the 2023 budget.
The Finance Minister, Ken Ofori-Atta has announced a ban on employment for civil servants effective January 2023.
Finance Minister Ken Ofori-Atta told parliament on Thursday, 24 November 2022: “Mr. Speaker, as a first step toward expenditure rationalisation, the Government has approved the following directives which take effect from January 2023: All MDAs, MMDAs and SOEs are directed to reduce fuel allocations to political appointees and heads of MDAs, MMDAs and SOEs by 50%”.
“This directive applies to all methods of fuel allocation including coupons, electronic cards, chit system, and fuel depots”, he clarified.
“Accordingly, 50% of the previous year’s (2022) budget allocation for fuel shall be earmarked for official business pertaining to MDAs, MMDAs and SOEs”, the minister noted.
Also, he announced “a ban on the use of V8s/V6s or its equivalent except for cross-country travel”.
“All government vehicles would be registered with GV green number plates from January 2023”.
Further, there would be “limited budgetary allocation for the purchase of vehicles”.
“For the avoidance of doubt, the purchase of new vehicles shall be restricted to locally assembled vehicles”, the minister noted.
“Only essential official foreign travel across government, including SOEs shall be allowed. No official foreign travel shall be allowed for board members”.
“Accordingly, all government institutions should submit a travel plan for the year 2023 by mid-December of all expected travels to the Chief of Staff”.
“As far as possible, meetings and workshops should be done within the official environment or government facilities”.
“Government-sponsored external training and staff development activities at the office of the president, ministries and SOEs must be put on hold for the 2023 financial year”.
Also, the minister announced a “reduction of expenditure on appointments including salary freezes together with suspension of certain allowances like housing, utilities and clothing, etc”.
“A freeze on new tax waivers for foreign companies and review of tax exemptions for free zone, mining, oil and gas companies”.
“A hiring freeze for civil and public servants. No new government agencies shall be established in 2023”, he added.
Additionally, “there shall be no hampers for 2022”.
2023 BUDGET STATEMENT 1
2023 BUDGET SPEECH
Introduction 1.
Right Honourable Speaker, Honourable Members of Parliament, on the authority of the President of the Republic of Ghana, and in accordance with the requirement under Article 179 of the 1992 Constitution of the Republic of Ghana, I present to you the 2023 Budget Statement and Economic Policy of His Excellency Nana Addo Dankwa Akufo-Addo.
2. Mr. Speaker, I beg to move that this House approves the Budget Statement and Economic Policy of the Government of Ghana for the year ending 31st December, 2023.
3. I also respectfully submit to this House the following statutory reports:
● The 2022 Annual Report on the Petroleum Funds, pursuant to Section 48 of the Petroleum Revenue Management Act, 2011 (Act 815), (as amended); and
● The 2022 Report on the Utilisation of the African Union Levies, pursuant to Section 7 of the African Union Import Levies Act, 2017 (Act 952).
4. Mr. Speaker, this Budget Speech is an abridged version of the 2023 Budget Statement and Economic Policy of Government.
I request the Hansard Department to capture the entire Budget Statement and Economic Policy of Government for the year ending 31st December, 2023.
5. Mr. Speaker, at the outset, permit me to thank you, personally, the leadership of Parliament, Honourable Members of this august House for your individual and collective support, understanding and cooperation the past six years that I have had the honour and privilege to be the Minister responsible for Finance.
6. As we all are fully aware, a lot has happened this year in the economy and more so in recent weeks over my role in the management of the economy.
These are very erratic times and, on behalf of the President of the Republic and, for myself in particular, I am eternally grateful, first, to the leadership of the New Patriotic Party, and the majority leadership and caucus of this House.
And, to the Minority caucus of the National Democratic Congress in Parliament, I thank you, on your decision yesterday to participate fully in the process of passing this budget and, to quote, you stressed how “also mindful” you are “of the timeliness regarding the IMF negotiations and the crucial role a timely presentation of the 2023 budget will play in the advancement” of Ghana’s case in the negotiations with the Fund.
7. I wish to assure this House of my strong commitment and unflinching cooperation in our collective efforts to secure an historic IMF programme very soon; a programme that will assist the country in its post-covid recovery efforts.
Our disagreements notwithstanding, what should never be in doubt, especially in the eyes and ears of the general public, is our common desire to serve the Republic. Our democracy is richer for it.
Let me quote Simón Bolíva;
“In the unity of our nations rests the glorious future of our peoples.”.
8. But Mr. Speaker, The President of the Republic who is in Qatar enjoins us to remember Nehemiah when he said ‘Let us rebuilt the walls of Jerusalem and we will in disgrace.
They replied “Let is start rebuilding”. So they began to work.
9. Mr. Speaker, the year 2022 will go down as one of the most difficult and eventful years in the economic history of our country.
While we continue to deal with the devastating impact of the COVID-19 pandemic which led to significant reduction in our revenues and increased our expenditures enormously, we also have had to contend with the double jeopardy of the Russian-Ukraine war.
What has resulted in unprecedented global crises ravaging all currencies and historic living and inflation levels
10. In the midst of these really challenging times, Parliament has in many, many instances supported Government’s programmes presented to this House.
The eventual passage of the E-levy Act, the Fees and Charges Act, the Exemptions Act and the US$750 million Afrexim Loan, among others, attest to the support received from this august House.
At the same time, the exceptional challenges that the Electronic Levy bill encountered months before it was passed, also attest to the challenges that we must be mindful of going forward.
11. Mr. Speaker, I also wish to express the deep appreciation of Government to the various stakeholders, including Employers’ Associations, Labour Unions, Civil Society, Faith-Based Organizations, Association of Ghana Industries, Ghana Union of Traders Association, Bankers, Academia and Think-Tanks for the support we have received throughout the year, as well as the inputs that have informed and enriched our policy choices. It is, Mr Speaker, when God’s people live together in unity- the Lord bestows His blessings.
A CHALLENGING YEAR
Mr. Speaker, a year ago, I came to present a Budget with significant revenue measures to tackle our fiscal difficulties, finance the transformative agenda of Government and sustain the post COVID-19 recovery. However, what started as a political disagreement over revenue measures in this House, triggered a series of events that significantly undermined the credibility of our budget, consequently leading to serious economic challenges, as investor confidence hit a new low.
13. This manifested in credit rating downgrades which triggered the closure of Ghana’s access to the International Capital Market; tightening domestic financing conditions; and increasing cost of borrowing.
The combined effects of the developments contributed to the rapid depreciation of the cedi and compounded the high debt service levels.
14. Mr. Speaker, our inability to access the International Capital Markets meant that, for the first time in our administration, we did not have the needed foreign currency to complement our forex earnings. ]
We have had to make strenuous efforts to meet our import bill, which exceeds US$10.0 billion annually.
Considering our low foreign earnings, it has been difficult to meet our import requirements including crude oil and petroleum products of about US$400m (GHc4.80 billion) a month.
At the same time, Ministry of Finance still needs to find about US$1.0 billion annually to keep our lights in our homes and workplaces.
15. Mr. Speaker, the demand for foreign exchange to support our unbridled demand for imports undermines and weakens the value of the cedi.
This contributed to the depreciation of the cedi, which has lost about 53.8 percent of its value since the beginning of the year.
Compared to the average 7 percent average annual depreciation of the Cedi between 2017 and 2021, the current year’s depreciation, which is driving the high costs of goods and services for everyone, is clearly an aberration – a very expensive one.
16. The increases in fuel prices (Diesel currently GHS20.5 and Petrol GHS16.8) has led to increases in prices of most goods and services.
Inflation which we managed to bring down from 15.4 percent at the end of 2016 to 7.9 percent at the end of 2019 and remained in single digits till the pandemic hit in March 2020 is now 40.4 percent.
17. It is not only the individuals and households who are adversely affected by the depreciation of the cedi. For us at the Ministry of Finance, the depreciation of the cedi seriously affects our ability to effectively manage our debt.
Indeed, our stock of debt has increased by GHc93 billion this year alone due to the depreciation of the cedi since the beginning of 2022.
Even as the State struggles to raise sufficient revenues, high inflation rates continue to eat away the already meagre wages of the average Ghanaian.
The lesson from this relapse in macro-economic stability makes us even more determined, as your government, to permanently restructure and transform this economy and build resilience.
18. Mr. Speaker, we have been honest with Ghanaians about the economic challenges that the country is facing. H.E. The President pointed out that, never have so many malevolent forces come together, in a perfect storm, to so dramatically impact our lives. The current challenges on the back of two difficult years, since March 2020, have really tested our people and our resolve.
We empathize greatly with all Ghanaians for the undue pressures this has placed on their livelihoods.
We want to commend all of you for your forbearance during these difficult times.
We are confident that together, and with God on our side, we will turn things around.
19. On behalf of His Excellency the President, let me assure all Ghanaians that Government is working to change this negative narrative and demonstrate our resilience as a people and our ability to rebuild for a better future.
We have demonstrated this many times in our country, but more recently between 2017 and 2019. We are resolved that in the next two years, Government would work with you all, with a restless determination, to turn around this economy.
20. Mr. Speaker, in a few hours, the Black Stars will be playing their first game in the 2022 FIFA World Cup tournament in Qatar.
It is clear that we stand united as a nation behind our Black Stars.
A successful passage of the 2023 budget, a successful conclusion of negotiations with the IMF; and, making Ghana’s performance in Qatar 2022, the most successful that is winning the Cup not only for the country but for any African side on the World Cup stage, will, I dare say, bring this most challenging year to a very successful end.
To this, Mr Speaker, we pray. As the bible says ‘behold How good and pleasant it is when God’s people live together in unity! ……… for there, the Lord commands the blessing” Psalm 133 verse 1-3 Resetting Our Economy
21. Mr. Speaker, events since March 2020 have taught us the pervasive volatility of our world today and the wisdom in the vision of President Akufo-Addo to reset our economy through industrialisation.
This budget reflects our resolve to reset the economy and restore macroeconomic stability. But, to do so, we need the support of the people of Ghana and the cooperation and approval of this Parliament.
Our goal now is to significantly enhance revenues, significantly cut down the cost of running government, significantly expand local production, invest more to protect the poor and vulnerable, continue expanding access to good roads, education and health for every Ghanaian everywhere in Ghana and the diaspora.
22. Mr. Speaker, this Budget is, therefore, anchored on a seven-point agenda aimed at restoring macro-economic stability and accelerating our economic transformation as articulated in the Post-COVID-19 Programme for Economic Growth (PC-PEG).
These comprise an agenda to:
i. Aggressively mobilize domestic revenue;
ii. Streamline and rationalise expenditures; iii. Boost local productive capacity;
iv. Promote and diversify exports;
v. Protect the poor and vulnerable;
vi. Expand digital and climate-responsive physical infrastructure; and
vii. Implement structural and public sector reforms.
23. To achieve these, there are three (3) critical imperatives: successfully negotiating a strong IMF programme; coordinating an equitable debt operation programme; and attracting significant green investments.
This will enable us to generate substantial revenue, create needed fiscal space for the provision of essential public services and facilitate the implementation of the PC-PEG programme to revitalise and transform the economy.
24. Mr. Speaker, we will undertake the following actions, initiatives, and interventions under the seven-point agenda.
● To aggressively mobilize domestic revenue, we will among others:
Increase the VAT rate by 2.5 percent to directly support our roads and digitalization agenda; Fast-track the implementation of the Unified Property Rate Platform programme in 2023; and
Review the E-Levy Act and more specifically, reduce the headline rate from 1.5% to one percent (1%) of the transaction value as well as the removal of the daily threshold.
● To boost local productive capacity, we will among others:
cut the imports of public sector institutions that rely on imports either for inputs or consumption by 50% and will work with the Ghana Audit Service and the Internal Audit Agency to ensure compliance;
support the aggressive production of strategic substitutes, including the list disclosed at the President’s last address to the nation;
Support large-scale agriculture and agribusinesses interventions through the Development Bank Ghana and ADB Bank;
introduce policies for the protection and incubation newly formed domestic industries to allow them to make the goods produced here competitive for local consumption and also for exports.
● To promote exports, we will among others: ○ expand our productive capacity in the real sector of the economy and actively encourage the consumption of locally produced rice, poultry, vegetable oil and fruit juices, ceramic tiles among others;
● To pursue efficiency in Government expenditures, we will among others:
Implement the Government directives on expenditure measures;
Integrate public procurement approval processes with GIFMIS to ensure that projects approved are aligned with budget allocation;
Review key government programmes to reflect relevance, promote efficiency, and ensure value for money; and ○ Review the efficiency of Statutory Funds
● To implement structural and public sector reform, we will among others:
Impose a debt limit on non-concessional financing;
Undertake major structural reforms in the Public Sector by reviewing the operations of 36 State-owned Enterprises, 8 Special Purpose Vehicles, 90 Joint Venture Companies, 38 Regulatory institutions, 68 Statutory Bodies and 6 Subvented Agencies;
Enforce compliance with legal and regulatory framework on foreign exchange; ○ Initiate measures to overhaul the tax structures in the extractive industry;
Expand the gold purchase programme by Bank of Ghana to support FX Reserve accumulation, promote an LBMA certified gold refinery in Ghana and promote local currency stability;
● To safeguard the social protection programmes, we will among others: Expand social protection programmes such as LEAP, School Feeding, and NHIS for the vulnerable and socially excluded.
25. Mr. Speaker, last year, I presented our plan to get us back to pre-pandemic macrostability and growth levels. More importantly, I shared the President’s strategy to improve the living standards of Ghanaians and address our central challenge – unemployment.
The strategy was anchored on building a Sustainable Entrepreneurial Nation through fiscal consolidation and Job Creation.
I am happy to report that we have piloted the YouStart Programme and launched the District Level programme.
2023 BUDGET STATEMENT 9
26. Mr. Speaker, we now have the commitment of our banks and development partners and are confident that the GHS10 billion, 1 million jobs will be achieved in the next three (3) years.
27. We are now embarking on a journey to fundamentally reposition our economy with the Post-COVID-19 Programme for Economic Growth (PC-PEG), to be supported by the IMF, World Bank and other friendly sovereigns and the private sector (domestic and international), as our blueprint.
We are mindful that it will require broad-based contributions and sacrifices.
There will be costs to the fiscal adjustments we intend to make in the coming years to sustain our stability, recovery and eventual transformation.
My pledge to this House is that there will be fiscal discipline.
That every pesewa that we ask the Ghanaian people and businesses operating in Ghana to contribute will be spent well.
28. The challenges we face are daunting but we must not lose sight of the greatest strength of being Ghanaian: resilience, entrepreneurial zeal, faith, courage, solidarity and hope.
I, therefore, ask all of us to play a constructive role in getting our nation fully back on track. Ours is a country with real prospects and the challenges notwithstanding, Ghana will rise again, and my faith is premised on the fact that a lot has already been achieved, especially over the course of the Fourth Republic and our policy, as outlined in this budget to reset the economy, if supported will ensure that, indeed, we have not wasted the current global crisis, but used it to make our economy stronger and the progress and prosperity of our people even more assured.
SECTION 2:
GLOBAL ECONOMIC DEVELOPMENTS AND OUTLOOK
Economic Growth and Inflation 29. Mr. Speaker, the global environment is fragile, and the outlook remains uncertain.
Global economic activity in 2022, has slowed down more broadly and sharply than anticipated. Economic growth in Emerging Markets and Developing Economies is expected to slow down from 6.7 percent in 2021 to 3.7 percent in 2022, with a similar pattern expected in 2023.
In Sub-Saharan Africa, growth is expected to slow down to 3.6 percent in 2022 and 3.7 percent in 2023, from 4.7 percent in 2021 due to low investment and a worsening trade balance.
30. Overall, global inflation has risen, driven largely by increases in energy and food prices. Inflation in Emerging and Developing Economies has also risen from an average 5.9 percent in 2021 to 9.9 percent in 2022.
The war in Ukraine has further heightened inflationary pressures.
31. The exchange rates across the major international currencies depreciated rapidly by the end of the third quarter of 2022.
As at 23rd November, 2022, the Ghana cedi depreciated cumulatively by 54.2 percent against the US Dollar. Similarly, the Ghana cedi depreciated cumulatively by a 48.5 percent against the British Pound.
Overview of Macroeconomic Performance (Jan-Sep. 2022)
32. Mr. Speaker, I now present to this august House the provisional macroeconomic performance for the first three quarters of 2022 based on available data for the period.
33. To better assess the macroeconomic developments for the first three quarters of the year, permit me to restate the macroeconomic targets set for 2022 as presented in the 2022 Mid-Year Fiscal Policy Review: Overall Real GDP growth of 3.7 percent;
Non-Oil Real GDP Growth rate of 4.3 percent; End-period inflation of 28.5 percent; Overall fiscal deficit of 6.6 percent of GDP; Primary surplus of 0.4 percent of GDP; and Gross International Reserves sufficient to cover at least three and half months of imports of goods and services.
34. Mr. Speaker, data on the performance of the economy at the end of the third quarter highlights the continued adverse impact of the challenging global and domestic environment on the economy.
As I indicated earlier, these developments have manifested through rapid exchange rate depreciation, high inflation, unsustainable debt burden, fiscal stress and external sector shocks, among others, despite the monetary and fiscal policy interventions that were deployed in the first three quarters of the year.
35. Mr. Speaker, the economic performance for the first three quarters of the year is summarised as follows:
36. Mr. Speaker, provisional GDP data from Ghana Statistical Service (GSS) published in September 2022 indicate that overall Real GDP for the first half of 2022 recorded an average year-on-year growth of 4.0 percent (3.4 percent in Q1 2022 and 4.8 percent in Q2 2022 respectively).
Non-Oil GDP expanded by 4.1 percent and 6.2 percent in the first and second quarters in 2022, respectively.
The latest data indicates that headline inflation accelerated to 40.4 percent in October 2022, from 37. 2 percent in September and 33.9 percent in August.
The rise in the October inflation was broad-based, driven by both food and nonfood prices.
The Monetary Policy Rate has increased by 1,000 basis points (from 14.5% to 24.5%) since the beginning year as the Central Bank deployed its monetary policy tools to anchor inflation expectations;
Developments on the money market broadly showed rising interest rates across the yield curve.
For example, the discount rate on the 91-day instrument has increased to 32.5 percent as at today from 12.5 percent in December 2021;
The Public Debt-to-GDP ratio stood at 75.9 percent at the end of September 2022, up from 76.7 percent at the end of December 2021.
Gross International Reserves (GIR) stood at US$6,591.8 million, equivalent to 2.9 months of imports cover, at the end of September 2022 from a stock position of US$9,695.2 million (equivalent to 4.3 months imports cover) at the end of December 2021.
Fiscal Developments Summary of Fiscal Performance Q1-Q3 2022
37. Mr. Speaker, the 2022 Mid-Year Fiscal Policy Review revised the 2022 fiscal framework against the backdrop of unfavourable global and domestic developments.
The fiscal deficit target was revised to 6.6 percent of GDP down from the 7.4 percent set in the 2022 Budget.
Similarly, the primary balance target was revised upwards to a surplus of 0.4 percent of GDP from a surplus of 0.1 percent.
38. This was on the back of revisions in GDP projections, adjustment in the expected yield from the 2022 revenue measures, adjustments to reflect the 30 percent discretionary expenditure cuts, adjustment in interest payments, and adjustments in the allocation for compensation of employees to incorporate a 15 percent Cost of Living Allowance (COLA), adjustment in exchange rate on account of higher depreciation, and adjustment to the Benchmark Crude oil price.
39. Mr. Speaker, provisional data on Government fiscal operations for January – September 2022 shows a shortfall in revenue performance and a faster execution of expenditures.
This resulted in an overall budget deficit of GH¢41,699 million (7.0% of GDP), against a programmed deficit target of GH¢36,684 million (6.2% of GDP).
The corresponding primary balance for the period was a deficit of GH¢9,597 million (1.6% of GDP), against a deficit target of GH¢5,794 million (1.0% of GDP).
Revenue Performance
40. Mr. Speaker, Total Revenue and Grants amounted to GH¢65,399 million (11.0 percent of GDP), compared with a target of GH¢67,307 (11.4 percent of GDP) and the GH¢49,108 million (10.7 percent of GDP) recorded in the corresponding period in 2021.
The outturn for Total Revenue and Grants represents a shortfall of 2.8 percent compared to the period’s target and year-on-year growth of 33.2 percent.
The shortfall in revenue stemmed from the less robust performance recorded in all the revenue handles for the period.
41. Mr. Speaker, Domestic Revenue for the period amounted to GH¢64,601million (10.9 percent of GDP), falling below the target of GH¢66,503 million (11.2 percent of GDP) by 2.9 percent.
The outturn, however, represents a year-on-year growth of 34.0 percent and constituted 98.8 percent of Total Revenue and Grants.
Expenditure Performance
42. Mr. Speaker, Total Expenditure (including arrears clearance and discrepancy) for the period amounted to GH¢109,421 million (18.5 percent of GDP), above the target 2023 BUDGET STATEMENT
14 of GH¢103,992 million (17.6 percent of GDP) by 5.2 percent. Compensation of Employees amounted to GH¢27,146 million (4.6 percent of GDP), 2.9 percent below the budgetary provision of GH¢27,947 million (4.7 percent of GDP).
The Wage bill constituted 91.3 percent of the total Compensation and amounted to GH¢24,734 million.
43. Interest Payments for the period amounted to GH¢32,101 million (5.4 percent of GDP), against the target of GH¢30,890 million (5.2 percent of GDP) reflecting the higher cost of borrowing and the adverse impact of the currency depreciation on external interest.
Domestic Interest Payments constituted 78 percent of total Interest Payments for the period. Financing Operations
44. Mr. Speaker, the fiscal operations for the period resulted in an overall budget deficit of GH¢44,022 million (7.4% of GDP), against a target of GH¢36,684 million (6.2% of GDP).
The corresponding primary balance for the period was a deficit of GH¢11,921 million (2.0% of GDP), against a deficit target of GH¢5,794 (1.0% of GDP).
45. The fiscal deficit for the period was financed mainly from domestic sources amounting to GH¢37,491 million (6.3% of GDP), accounting for 85.2 percent of the total financing.
Foreign financing for the period amounted to GH¢6,531 million (1.1% of GDP) and accounted for the remaining 14.8 percent of the financing.
Public Debt Developments for January – September 2022
46. Mr. Speaker, provisional debt data as at end September 2022 shows a significant increase in Ghana’s public debt largely due to exogeneous factors.
47. The end-September 2022 provisional figures indicate that total gross public debt stood at GH¢467,371.31 million (US$48,871.34 million), representing approximately 75.9 percent of GDP.
48. The domestic debt component is GH¢195,657.60 million, which is 31.79 percent of GDP, whilst external debt is GH¢271,713.71 million, representing 44.15 percent of GDP.
The increase in the domestic debt is largely on account of rising interest costs. Domestic debt as a share of total public debt reduced from 51.6 percent in 2021 to 41.9 percent as at end September 2022.
49. Mr. Speaker, the external debt as a percentage of the total debt stock is 58.1 percent as at end September 2022.
The sharp growth in the external debt stock is largely driven by the depreciation of the local currency. The depreciation of the Ghana cedi added GH¢93,855.15 million to the external debt stock.
50. Overall, debt accumulation increased from 20.7 percent in 2021 to 32.7 percent as at end September 2022, reflecting the impact of the depreciation of the Ghana cedi on the external debt side.
Outlook for External Sector in 2023 and the Medium Term
51. Mr. Speaker, the external sector performance in the outlook will depend largely on the quick resolution of the Russia-Ukraine war and the outcome of recession fears in advanced economies.
The thrust of the external sector will focus on rebuilding external buffers enough to cover at least three and half months of imports of goods and services to cushion the economy against adverse external shocks.
This will be underpinned by, among others, bilateral support, and strong remittance inflows. Measures by BOG to address the Exchange Rate depreciation
52. Mr. Speaker, the Bank of Ghana will continue to monitor inflation developments and respond appropriately to contain price pressures. Monetary Policy will focus on using the monetary policy rate to, among others, contain inflationary pressures.
53. Since August 2022, the Bank of Ghana has successfully been working with the mining firms, international oil companies, and their bankers to purchase all foreign exchange arising from the voluntary repatriation.
UPDATE ON THE GHANA’S ENGAGEMENT WITH THE IMF FOR A FUNDSUPPORTED PROGRAMME
54. Mr. Speaker, since Government announced its engagement with the International Monetary Fund (IMF or the Fund) for a supported Programme on 1st July, 2022, we have made substantial progress.
The Fund assured Government of its strong commitment and support in these difficult times.
55. Mr. Speaker, Government and the IMF have agreed on programme objectives, a preliminary fiscal adjustment path, debt strategy and financing required for the programme to be in line with the Government’s Post-COVID-19 Programme for Economic Growth (PC-PEG).
The PC-PEG is Government’s blueprint to restore macroeconomic stability, promote debt sustainability, sustain economic recovery and support structural reforms.
2023 and Medium-Term Overall Macroeconomic Targets
56. Mr. Speaker, guided by the medium-term policy objectives, the following macroeconomic targets are set for the medium-term (2023-2026):
i. Overall Real GDP to grow at an average rate of 4.3 percent;
ii. Non-Oil Real GDP to grow at an average rate of 4.0 percent;
iii. Inflation to be within the target band of 8±2 percent;
iv. Primary Balance on Commitment basis to average 0.8 % of GDP in the 2023- 2026 period; and
v. Gross International Reserves to cover at least 4 months of imports.
57. Mr. Speaker, based on the overall macroeconomic objectives and the mediumterm targets, the following macroeconomic targets are set for the 2023 fiscal year:
i. Overall Real GDP growth of 2.8 percent;
ii. Non-Oil Real GDP growth of 3.0 percent; iii. End-December inflation rate of 18.9 percent
iv. Primary Balance on Commitment basis of 0.7% of GDP; and
v. Gross International Reserves to cover not less than 3.3 months of imports.
Resource Mobilisation and Allocation For 2023
Resource Mobilisation for 2023
58. Mr. Speaker, Total Revenue and Grants is projected at GH¢143,956 million (18.0% of GDP) and is underpinned by permanent revenue measures – largely Tax revenue measures – amounting to 1.35 percent of GDP as outlined in the revenue measures.
Resource Allocation for 2023
59. Mr. Speaker, Total Expenditure (including clearance of Arrears) is projected at GH¢205,431 million (25.6% of GDP).
This estimate shows a contraction of 0.3 percentage points of GDP in primary expenditures (commitment basis) compared to the projected outturn in 2022 and a demonstration of Government’s resolve to consolidate its public finances.
60. Mr. Speaker, the following projections underpin the resource allocation for 2023:
Compensation of Employees is projected at GH¢44,990 million (5.6% of GDP).
Mr. Speaker, Use of Goods and Services is also projected at GH¢8,048 million (1.0% of GDP).
Mr. Speaker, Interest Payment is projected at GH¢52,550 million (6.6% of GDP).
Mr. Speaker, Grants to Other Government Units is estimated at GH¢30,079 million (3.8% of GDP).
Mr. Speaker, Capital Expenditure (CAPEX) is projected at GH¢27,694 million (3.5% of GDP).
Mr. Speaker, Other Expenditure, mainly comprising Energy Sector Levies (ESL) transfers and Energy Sector Payment Shortfalls is estimated at GH¢26,739 million.
Budget Balances and Financing Operations for 2023
61. Mr. Speaker, based on the estimates for Total Revenue & Grants and Total Expenditure (including arrears clearance), the overall Budget balance to be financed is a fiscal deficit of GH¢61,475 million, equivalent to 7.7 percent of GDP.
The corresponding Primary balance is a deficit of GH¢8,925 million, equivalent to 1.1 percent of GDP.
62. Mr. Speaker, I wish to notify you that, Budget items such as Interest Payments, Amortisation and Financing will be adjusted accordingly once Government’s debt management strategy and financing to be provided by international partners in the context of the Fund-supported programme have been finalised.
Revenue Measures
63. Mr. Speaker, Government has consistently indicated its intention to improve the revenue collection effort by leveraging technology to enhance tax administration, identify and register taxable persons and improve tax compliance. 64.
Mr. Speaker, Government has received several proposals for review of the Electronic Transfer Levy and is working closely with all stakeholders to evaluate the impact of the Levy in order to decide on the next line of action which will include revision of the various exclusions.
As a first step, however, the headline rate will be reduced to one percent (1%) of the transaction value alongside the removal of the daily threshold.
65. To this end, the income tax regime will undergo reforms to among others, review the upper limits for vehicle benefits and introduce an additional income tax bracket of 35%.
2023 BUDGET STATEMENT 20
Expenditure Measures
66. Mr. Speaker, key expenditure measures will also be pursued to support the fiscal consolidation process.
In this regard, it is proposed that Government:
i. Reduce the threshold on earmarked funds from the current 25 percent of Tax Revenue to 17.5 percent of Tax Revenues;
ii. Migrate all earmarked funds onto the GIFMIS platforms and ensure they use the GIFMIS platform to process all their revenue and expenditures transactions.
v. Continue with 30% cut in the salaries of the President, Vice President, Ministers, Deputy Ministers, MMDCEs, and political office holders including those in State-Owned Enterprises;
vii. Place a cap on salary adjustment of SOEs to be lower-than-negotiated base pay increase on Single Spine Salary Structure for each year;
Fiscal Contingency Planning
67. Mr. Speaker, given the uncertainties about the macroeconomic environment, Government stands ready to deploy additional tools if fiscal outturns require further interventions. On the revenue side, some of the measures that will be identified for the Medium Term Revenue Strategy being designed by Government in the context of the IMF programme could be implemented early on.
On the spending side, MDAs budget allocation for Goods and Services or Domestic CAPEX would be strictly controlled by the quarterly budget allotment system. Key Government Interventions 68.
Mr. Speaker, the present economic challenges have heightened the need to transform our economy through a renewed focus on boosting local capacity for increased export promotion, to expand job creation while protecting the vulnerable.
69. Government is therefore taking active steps to address the impact of these economic shocks on Ghanaians through the seven-point agenda to restore macroeconomic stability and accelerate our economic transformation as articulated in the Post-COVID-19 Programme for Economic Growth.
DEVELOPING LOCAL CAPACITY FOR PRODUCTION
70. Mr. Speaker, as I have already indicated, Ghana’s heavy dependence on imports places tremendous pressure on the Cedi, creating an unfavourable balance of payments position.
On average, Ghana’s import bill exceeds US$10 billion annually and is accounted for by a diverse range of items that include iron, steel, aluminum, sugar, rice, fish, poultry, palm oil, cement, fertilizers, pharmaceuticals, Toilet roll, toothpick, fruit juices, etc.
71. We currently have the capacity as a country to locally produce items that account for about 45 percent of the value of our annual imports. These include rice, fish, sugar, poultry, cement, pharmaceuticals, jute bags, computers, etc.
To this end, Government will target these products for import substitution by supporting the private sector, through partnerships with existing and prospective businesses to expand, rehabilitate and establish manufacturing plants targeted at producing these selected items.
GhanaCARES “Obaatan pa” Programme
72. Mr. Speaker, it has been two years since the launch of the GhanaCARES programme to mitigate the severe impact of the COVID-19 pandemic on the economy.
Significant achievement has been made with the implementation of agreed activities despite the current macroeconomic challenges.
73. Mr. Speaker, the high food prices and pressures on the local currency validates the current focusof the GhanaCARES Programme to bolster the productive and export capacity of the private sector.
To this end, an Economic Enclave project with focus on providing support for the cultivation of up to 110,000 acres of land in the Greater Accra, Ashanti, Central, Savannah and Oti Regions is being pursued.
74. Mr. Speaker, this initiative which seeks to expand our production and productivity in rice, tomato, maize, vegetables and poultry is being led and coordinated by the Millennium Development Authority (MiDA) in collaboration with other Government institutions such as the Ministry of Food and Agriculture (MoFA), Ministry of Energy, Ghana Irrigation Development Authority (GIDA), 48 Engineers Regiment of the Ghana Armed Forces (GAF) under the Ministry of Defence, the National Entrepreneurial and Innovation Programme (NEIP) and the National Service Secretariat (NSS).
75. Mr. Speaker, consistent with the private sector-led approach, the programme will engage interested private sector actors to expand and agricultural production and processing in the Asutuare-Tsopoli Economic Enclave area based on a Partnership Framework.
The same approach will be adopted for the lands secured in the Ashanti, Central, Savannah and Oti regions.
76. Mr. Speaker, we have also initiated discussions with the Graphic Communication Group Limited to explore the feasibility of producing paper locally using the by-products of the cultivated rice in the Economic Enclave at Asutuare as raw material.
It is envisaged that the imports of paper will be replaced, and more jobs created.
77. Mr. Speaker, in addition to the Enclave Project, GhanaCARES programme in 2023 will continue to offer catalytic support in the following targeted areas.
To this end, the programme will:
● work with DBG to provide funding to interested and targeted farmers
● support MoFA to adopt and deploy the farmer registration database for the farmer input subsidy programme to enhance efficiency;
● support the Ministry of Communication and Digitalisation (MoCD) to establish a tech hub to improve knowledge in Technology and innovation by the youth, in collaboration with the University of Ghana;
● ensure the operationalisation of the Foundry under a sustainable private sector management framework;
● provide interest rate subsidies and direct financing; including supporting prioritised sectors in the rural economy through the ARB Apex Bank and its network of banks as agreed under the AfDB-supported Post-COVID Skills and Productivity Enhancement Project.
YouStart
78. Mr. Speaker, in fulfillment of our pledge of building an entrepreneurial state, the implementation of the YouStart programme began this year.
The programme was successfully piloted with 70 beneficiaries and an amount of GH¢1.98 million was disbursed to support youth-led (below the age of 40 years) SMEs in poultry, agro processing, ICT, textiles, and food processing sectors.
79. Government has successfully signed an MoU with the Ghana Association of Banks (GAB) and eleven (11) other commercial Banks for the implementation of the commercial component of the programme.
80. Mr. Speaker, a launch for the District Entrepreneurship Programme (DEP) component of the programme was held on 14th November, 2022 and it is expected that the launch of the Commercial component of the Programme will occur by the end of 2022 to enable qualified beneficiaries access support.
One District One Factory (1D1F)
81. Mr. Speaker, the One-District-One-Factory (1D1F) Initiative continued to make remarkable progress in 2022.
To date, a total of 296 1D1F projects are at various stages of implementation, out of which 126 are currently operational, 143 are under construction, and 27 are pipeline projects.
82. In 2023, Government will intensify support to existing and new manufacturing enterprises with technical assistance, credit facilitation, and access to electricity and other infrastructure. Automotive Assembly Programme
83. Mr. Speaker, in addition to the Automotive Assembly Programme, Government has developed a new Components Manufacturing Policy which seeks to support the local production and supply of components and spare parts for the automotive industry.
The Ministry of Trade and Industry will launch and commence implementation of the policy in 2023 which is expected to expand job creation.
Promotion of Organic Fertilizer
84. Mr. Speaker, the recent global crisis has severely disrupted inorganic fertilizer supply chains.
This has resulted in sharp increases in prices making it difficult for farmers to access the commodity and thus threatening food security.
85. The Ministry of Food and Agriculture is intensifying efforts to promote the local production and use of organic fertilizers.
Further to this, under the subsidy programme, the Ministry has increased the quota for organic fertilizer suppliers to cover the shortfall in supply of inorganic fertilisers.
86. Additionally, Government is facilitating the establishment and the expansion of local organic fertilizer production plants with support from the EXIM Bank.
African Continental Free Trade Agreement (AfCFTA)
87. Mr. Speaker, we will pursue strategically, opportunities that ensure that we take full advantage of the African Continental Free Trade Agreement (AfCFTA) as part of efforts to pursue an export-led economic recovery.
The Ministry of Trade and Industry is working with over 200 Ghanaian companies to facilitate their entry into the African market including about 70 1D1F companies.
Additionally, the AfCFTA Guided Trade Initiative (GTI) has been launched to start commercially meaningful trade.
The products identified for the Initiative include batteries, tea, coffee, ceramic tiles, processed meat products, corn starch, sugar, and pasta, amongst others, in line with the AfCFTA focus on value chain development.
88. Mr. Speaker, the Ghana Export Promotion Authority will enhance its coordination role by facilitating support to key export-sector stakeholders. Export Trade Houses (ETHs) will be established in selected markets to promote made-in-Ghana products brands, including the completion of the first ETH in Kenya.
Additionally, opportunities will be created for local Ghanaian businessmen and investors to invest in export product transformation and value addition at the district level in partnership with the Ministry of Local Government and Rural Development. Development Bank Ghana
89. Mr. Speaker, Government through the Development Bank Ghana (DBG) has established a GH¢500 million special credit programme: the DBG Emergency Economic Programme (DEEP) to support businesses in the agribusiness value chain over the next five years.
The priority sectors are Poultry, Rice & Cereals, Pharmaceutical manufacturing, Tourism, Textiles & Garments for investments to help build economic resilience.
90. Mr. Speaker, to support SMEs with equity funding, DBG is also in the process of establishing a private equity fund with an initial capitalization of about GH¢400m (US$30m).
DBG has fully on-boarded four Participating Financial Institutions (PFIs) and will engage other financial institutions to expand its loan channels.
A total of seven loans amounting to GH¢ 245,322,000.00 was disbursed to SME’s saving over 1,000 jobs.
DBG has partnered with a PFI to build a digital lending platform to shorten the processing time for lending to SMEs and increase its ability to reach a lot more businesses across the country.
Ghana Agricultural Insurance Pool (GAIP)
91. Mr. Speaker, the National Insurance Commission, is spearheading the development of agricultural insurance for farmers through the Ghana Agricultural Insurance Pool (GAIP).
GAIP provides traditional agricultural insurance and indexbased weather insurance products to commercial farmers and small-holder farmers.
An estimated USD$400 million in agricultural insurance will be extended to eligible farmers in 2023.
EXPANDING INFRASTRUCTURE DEVELOPMENT
92. Mr. Speaker, as part of effort to ensure power is affordable for industrial, commercial and residential use, Government has substantially completed a renegotiation and restructuring exercise of Power Purchase Agreements (“PPAs”) with 6 operational Independent Power Producers (“IPPs”), namely, Karpower, Cenpower, Early Power, Twin City Energy (formerly Amandi), AKSA Energy and CENIT Energy.
93. Government has also pursued cost-cutting and green initiatives, including conversion to a tolling model, refinancing of expensive debt, profiling of tariffs and switching power plants from imported liquid fuel to locally produced natural gas as primary fuel.
94. On connectivity to the national grid, a total of 157 communities were linked to the national grid as of September 2022.
The Ministry of Energy will further connect an additional 400 towns under the SHEP-4, SHEP-5 and Turnkey Projects in 2023.
The Coastal Fishing Ports And Landing Sites Redevelopment Project
95. Mr. Speaker, substantial progress has been made in the development of 12 coastal fish landing sites and 2 fishing ports along the coast of Ghana namely, Axim and Dixcove in the Western Region, Moree, Mfantsiman, Ekumfi, Mumford, Winneba, Senya Beraku, Gomoa Feteh and Elmina, in the Central Region, Teshie, Osu and James Town in the Greater Accra Regions and Keta in the Volta Region.
96. Mr. Speaker, overall, the project is about 95 percent complete and will ensure safe launching and landing of artisanal fishing canoes and promote hygienic environmental conditions. Climate Change
97. Mr. Speaker, global warming poses major threats to the economies of climate vulnerable countries like Ghana.
According to the Vulnerable Twenty (V20) Loss and Damage Report, Ghana lost US$15.20billion from 2000 to 2019 to climate change.
According to the World Bank Group’s new Country Climate and Development Report (CCDR) for Ghana, incomes could reduce by up to 40% for poor households by 2050, if urgent climate actions are not taken.
98. At COP27, the Government took the opportunity to leverage its bilateral engagements to expand consultations on debt-for-nature swaps as well as increased private sector investments to accelerate our transition to low carbon growth and finance our climate action measures.
99. Mr. Speaker, I can report that Ghana has assumed the Presidency (from 2022 to 2024) of the Climate Vulnerable Forum (CVF) and Chair of the Vulnerable Twenty (V20) Group of Ministers of Finance.
Government will leverage this opportunity to accelerate our climate agenda which is outlined in Ghana’s Climate Prosperity Plans.
SOCIAL PROTECTION
100. Mr. Speaker, even amidst the current difficulties, we remain committed to implementing Ghana’s social protection programmes.
We will not renege on our responsibilities towards the vulnerable and socially excluded and the implementation of our various social protection programmes will be expanded.
Livelihood Empowerment Against Poverty (LEAP)
101. Mr. Speaker, the Livelihood Empowerment Against Poverty (LEAP) Programme has since its inception in 2008, supported extremely poor and vulnerable households; increasing beneficiary coverage from 143,552 in 2015 to 344,389 households comprising 1,827,035 individuals as of September 2022.
102. Government is committed to expanding coverage to all 2,500,000 extreme poor individuals as estimated by the Ghana Living Standards Survey (GLSS 7) by 2024.
While improving efficiency through digitalisation and assessment, Government will, in 2023, increase the value of the LEAP grant from the average of GHC 41.75 per household to GH¢95.19 bi-monthly.
Ghana School Feeding Programme (GSFP)
103. Mr. Speaker, the Ghana School Feeding Programme (GSFP) which provides one hot nutritious meal each day for 3,448,065 beneficiary pupils in public basic schools as of December, 2021 will be sustained.
104. In 2023, the feeding grant will be increased to reflect the current cost of living.
The programme will also strengthen domestic production by sourcing locally produced food from the National Buffer Stock company.
Capitation Grant
105. Mr. Speaker, the Government abolished the charging and payments of all forms of fees/levies in all public basic schools and replaced them with the capitation grant in 2005.
This has contributed to steady increases in enrollment over the years.
106. Mr. Speaker, Government will continue to strengthen monitoring to address teething challenges in the implementation of the policy which include; timely release of the grant, misuse of funds, transparency and poor book keeping and value of grant amount.
EXPANDING INFRASTRUCTURE
107. Mr. Speaker, in fulfillment of Government’s commitment to improve road infrastructure, the Ministry of Roads and Highways continued its Nationwide Road and Bridge Construction Programme.
108. Works on the La Beach Road Project and the construction of a 3-tier interchange at Nungua Barrier are progressing steadily.
Works on the interchange currently stand at 62 percent.
Construction of the Kumasi Lake Roads and Drainage Extension project is almost complete and stands at 97 per cent.
109. Work is ongoing on the 17.85 km Ofankor Nsawam dual carriage road which is scheduled to be completed in May 2024 110.
Mr. Speaker, dualisation on the Tema – Aflao and the Tema – Akosombo roads has commenced. Works are ongoing on the rehabilitation of Assin Fosu – Assin Praso road including the dualisation of 1.2km of Assin Fosu township roads into a 4-lane carriageway is at 53 percent.
Additionally, works on the reconstruction of Bechem – Techimantia – Akomadan and Agona Nkwanta – Tarkwa roads are at 21 percent and 7 percent completion, respectively.
111. Works on Phase II of the Obetsebi Lamptey Circle Interchange and ancillary work is at 71 percent completion.
Additionally, construction of the Flyover over the Accra-Tema Motorway from the Flower Pot roundabout is 56 percent complete.
112. Mr. Speaker, to improve connectivity within areas cut off by waterways, work on the construction of 50No. prefabricated bridges continued in 2022.
Progress of the new bridge being constructed over River Pra to separate vehicular traffic from the rail along the Twifo Praso-Dunkwa road is at 87 percent completion. 113. Mr. Speaker, the Critical Regional and Inter-Regional Road Projects initiated in 2019 are at various stages of completion. Completed projects include:
● Upgrading of Golokwati-Wli Road;
● Upgrading of Nsuta – Beposo, Lot 3;
● Rehabilitation of Nkonya Wrumpong – Kwamikrom;
● Partial Reconstruction of Bawjiase – Adeiso; and
● Resealing of Tamale – Salaga Road – Lot.
114. Progress on the following roads, among other have achieved significant progress:
● Upgrading of Navrongo – Naga Road
● Upgrading of Wa-Bulenga-Yaala Road
● Upgrading of Salaga – Ekumdipe – Kpandai Road
● Kpandai – Nkanchina Road (10.8km)
● Rehabilitation of Atebubu – Kwame Danso Roads
● Upgrading of Anwiankwanta – Obuasi Road
● Rehabilitation Of New Abirem – Ofoasekuma Road
● Upgrading of Sefwi Wiawso – Akontombra Road
● Upgrading of Akrodie – Sayereso Road
● Rehabilitation of selected roads in Greater Accra.
115. Mr. Speaker, contract works under the Master Project Support Agreement (MPSA) with Sinohydro Corporation Limited are stages of completion:
● Tamale Interchange Project (100%)
● Western Region and Cape Coast Inner City Roads (100%)
● Upgrading of Selected Feeder Roads in Ashanti and Western Regions (100%)
● Construction of Hohoe-Jasikan–Dodi-Pepesu (100%)
116. Mr. Speaker, in 2023, a number of pipeline projects which are at various stages of preparation will be pursued.
These include:
● Construction of Accra – Kumasi Road: Anyinam Bypass;
● Construction of Accra – Kumasi Road: Konongo Bypass;
● Construction of Adidome – Asikuma Junction and Asutsuare – Aveyime including 2No. interchanges at Dufor Adidome and Asikuma Junction;
● Kasoa – Cape Coast Dualisation;
● Dualization of Sekondi and Adiembra Roads;
● Takoradi -Agona-Nkwanta- Apemanim
● Construction of Bridge over the Volta River at Volivo;
● Buipe, Yapei and Daboya Bridges;
● Adawso-Ekyi Amanfrom Bridge; and
● Dikpe, Iture and Ankobra Bridges. Road Financing 117. Mr. Speaker, Government is pursuing the strategic decision to procure the 27.7km of the Accra-Tema Motorway and Extensions Project through the Ghana Infrastructure Investment Fund (GIIF).
A PPP Concession Agreement backed by an appropriate toll arrangement will be presented to Parliament for approval to facilitate its execution.
Provision has also been made in the 2023 and the Medium-Term Budget for the Equity and Viability Gap Funding required by a GIIF Special Purpose Vehicle (SPV) to enable the project to start in earnest in 2023.
The project will be delivered in phases.
118. Mr. Speaker, the iconic nature of the project is such that when completed, there will be five lanes each on both sides of the main Accra-Tema Motorway stretch, 33 and six lanes each on the Tetteh Quarshie-Apenkwa stretch of the road.
The project will include the remodeling of Tetteh Quarshie Interchange, the reconstruction of the Apenkwa Interchange and the construction of new interchanges at the Fiesta Royale cross roads and Neoplan area.
Debt Exchange Programme
119. Mr. Speaker, the Debt Sustainability Analysis (DSA) based on the macroeconomic outlook has been conducted by the Ministry of Finance. It analyzes the country’s capacity to finance its policy objectives and service its debts.
It covers public, publicly guaranteed debt of central government and partial non-guaranteed debt of SOEs.
120. The sustainability of our debt has been continuously affected by the negative impact of exchange rate depreciation, particularly on external debt, as well as the crystallization of significant contingent liabilities in recent years.
The current debt sustainability analysis conducted reveals that Ghana is now considered to be in high risk of debt distress.
121. Mr. Speaker, despite the heightened debt levels, Government remains committed to ensuring that debt is brought to sustainable levels over the medium to long-term.
To this end, we will implement a debt exchange programme to address the challenges identified in the portfolio in collaboration with all relevant stakeholders including the Ghanaian public, investor community and development partners.
122. Furthermore, Government will continue to strengthen its oversight of all SoEs, in particular, financial and energy sectors.
The reforms and discipline at the SoEs will reduce potential fiscal risks from incidence of contingent liabilities.
123. Preferred financing option for projects.
We, however, recognize that there may be cases where non-concessional borrowing may be required to finance critical transformative projects.
Such financing will be determined within limits that are consistent with our debt sustainability programme.
124. We will inform this House, at the Mid-Year Fiscal Policy Review, of projects that will be financed within our non-concessional borrowing limits.
Accordingly, we will not publish any list of projects to be financed from external non-concessional loans in this budget, previously titled ‘Appendix 10C’. Implementation of the Cabinet directives on expenditure measures
125. Mr. Speaker, as a first step toward expenditure rationalisation, Government has approved the following directives which takes effect from January, 2023:
● All MDAs, MMDAs and SOEs are directed to reduce fuel allocations to Political Appointees and heads of MDAs, MMDAs and SOEs by 50%.
This directive applies to all methods of fuel allocation including coupons, electronic cards, chit system, and fuel depots. Accordingly, 50% of the previous years (2022) budget allocation for fuel shall be earmarked for official business pertaining to MDAs, MMDAs and SOEs;
● A ban on the use of V8s/V6s or its equivalent except for cross country travel.
All government vehicles would be registered with GV green number plates from January 2023;
● Limited budgetary allocation for the purchase of vehicles. For the avoidance of doubt, purchase of new vehicles shall be restricted to locally assembled vehicles;
● Only essential official foreign travel across government including SOEs shall be allowed.
No official foreign travel shall be allowed for board members.
Accordingly, all government institutions should submit a travel plan for the year 2023 by mid-December of all expected travels to the Chief of Staff; 2023 BUDGET STATEMENT 35
● As far as possible, meetings and workshops should be done within the official environment or government facilities;
● Government sponsored external training and Staff Development activities at the Office of the President, Ministries and SOEs must be put on hold for the 2023 financial year;
● Reduction of expenditure on appointments including salary freezes together with suspension of certain allowances like housing, utilities and clothing, etc.;
● A freeze on new tax waivers for foreign companies and review of tax exemptions for free zone, mining, oil and gas companies;
● A hiring freeze for civil and public servants
● No new government agencies shall be established in 2023;
● There shall be no hampers for 2022;
● There shall be no printing of diaries, notepads, calendars and other promotional merchandise by MDAs, MMDAs and SOEs for 2024;
● All non-critical project must be suspended for 2023 Financial year
CONCLUSION
126. Mr. Speaker, Government cares deeply about our people, and is very much concerned about their current plight and the future of our country.
The 2023 Budget has been prepared with high consideration for the aspirations of Ghanaians and the brighter prospects of our economy to transition into Upper Middle Income within a decade.
It reflects our determination and resolve to confront the current daunting economic challenges facing our nation head-on and reset the economy.
127. In the immediate term, we will work towards securing an agreement with the International Monetary Fund, execute the debt exchange programme, improve the management of foreign exchange, and support our local productive capacity for food security. We are confident that the measures outlined in this 2023 Budget will redirect us on the path of macroeconomic stability and growth.
128. Mr. Speaker, the mission ahead is for the determined and not the pessimist. We acknowledge that our people have been severely impacted by the current economic challenges. As a responsive Government, we have acted swiftly and boldly by developing the PC-PEG and will work with local and international partners to implement it.
129. Mr. Speaker, the 2023 Budget, will focus on Government’s resolve to structurally transform the economy. We plan to:
● Aggressively mobilise domestic revenue;
● Boost local productive capacity;
● Promote a diversified and vibrant value-added export sector;
● Streamline expenditures;
● Protect the poor and vulnerable;
● Expand digital and physical infrastructure; and
● Implement structural and public sector reforms. 130. We will continue the implementation of key interventions like the YouStart, Economic Enclaves, 1D1F, and Tech Hubs with the limited resources that we have complemented with the support from Development Bank Ghana.
131. Specifically, on the YouStart, we intend to support 30,000 youth and under the Economic Enclaves, we intend to develop 110,000 acres of land for rice maize, soya bean as well as poultry. Funding will be sought from the GHc500 million DBG fund and GoG sources. We will also be aligning support from our development partners to boost growth in the real-sector, focusing mainly on agriculture, entrepreneurship and value addition.
132. Mr. Speaker, as I have indicated it has become even more urgent to mobilise domestic revenue especially in times like this when our access to the international capital market is largely closed. We urgently need to restore debt sustainability, macroeconomic stability and grow the economy. As a responsible Government, we will take the hard, unpopular, but necessary decisions to build back better and emerge stronger.
133. Mr. Speaker, post-COVID, we identified the need to ramp-up our domestic revenue mobilisation efforts to match the performance of our peers and finance our development agenda. Last year, we started with the E-Levy which has not yielded the resources as expected.
134. Mr. Speaker, we know that we have to:
● Keep the lights on at the cost of US$1billion annually;
● keep the hospitals running and ensure that the over 15.5m Ghanaians on NHIS are properly catered for;
● Keep our schools running and pay the over 300,000 teachers every month;
● Keep our hospitals running and pay the over 119,000 nurses every month;
● Keep the law courts open and ensure timely access to justice; and
● Keep the local assemblies working to deliver essential social services to our people.
135. Mr. Speaker, it has also become clear that we cannot take the territorial integrity and internal cohesion of our country for granted. In the last couple of years, we have invested significantly in retooling the security sector to maintain territorial integrity and improve internal security (we have procured CCTV cameras, motor bicycles, vehicles,
Forward Operating Bases, and recruitment of security personnel among other interventions). We can all attest that police visibility has increased tremendously.
136. Mr. Speaker, our ability to continue to deliver all these critical public services will require significant resources and we believe that together we can raise the necessary revenues to implement them.
137. Mr. Speaker, the demand for roads has become the cry of many communities in the country. Unfortunately, with the current economic difficulties and the absence of dedicated source of funding for road construction, it is difficult to meet these demands.
In that regard we are proposing the implementation of new revenue measures. The major one is an increase in the VAT rate by 2.5 percentage points.
138. This increase is expected to yield GHc2.70 billion which will be used to augment funding for our road infrastructure development. This will be complemented by a major compliance programme to ensure that we derive the maximum yields from existing revenue handles.
139. Mr. Speaker, in this Budget, we have highlighted the need for robust public sector reforms to complement the existing public financial management regime.
Here, the focus is to introduce private sector participation in the retail sub-sector of the Energy Sector to reduce system losses and improve delivery of service for Ghanaians.
140. Mr. Speaker, this afternoon, the senior National Team, the Black Stars, will be representing our nation for the fourth time at the Football World Cup in Qatar.
Let us continue to bear them in prayers and offer our support. Working together after missing the last tournament, we have risen again and taken our place on the world stage.
141. Mr. Speaker, we must be inspired by the re-emergence of the Black Stars on the world stage. We must work together to ensure that our economy rises again to the comfort of our people.
This Budget offers us a better opportunity to jointly work towards rebuilding the economy and rediscovering our providential way towards our manifest destiny.
142. Together let us arise!
143. Mr. Speaker, let us not squander the opportunity to turnaround, and reset our economy and create a bright medium-term for our country and its people. This is the time to rebuild, not to destroy and tear down. Let us work together for our collective benefit as is said in Nehemiah 2:18, with unity of purpose, service to the Republic, and the abiding grace of God.
144. Mr. Speaker, I repeat, Mr. Speaker, N) fiaa n) baa hi!! 145. Mr. Speaker, let us go forward, believing in the assurance of the Psalmist that “For the sake of the house of the LORD our God, I will seek your prosperity”. 146. Mr. Speaker, I present to you the ‘NKABOM’ Budget.
To be honest Ronaldo hasn’t been actually that bad. He just just need to work on his passing, shooting, movement, ball retention, dribbling, crossing, decision-making, set pieces, man-marking, ball control, tackling, shooting & few others things.
Traditional medicine practitioners have indicated that government should refocus its attention on their operations because it can earn the country billions of cedis to deal with the current economic crisis.
According to them, the herbal medicine sector can fetch Ghana more than 30 billion cedis in revenue if government refocuses its attention on the area.
Prof. Samuel Ato Duncan, the newly elected president of the association describes the initiative as the ‘green gold agenda’.
At a recent ceremony to swear in new members of the Ghana federation of traditional medicine practitioners, Prof. Duncan urged the government to pay critical attention to the sector to reap the benefits.
‘We will pursue the green gold agenda. If gold and cocoa have failed in turning the economic fortunes of the country, then we must turn to green gold. When I say green gold, what I mean is, we have traditional medicine that we can package properly and sell for deprived exchange to benefit our country,” he said on November 23.
“I will help find solutions to the challenges confronting the country. This is practical, not just talking. We are ready to help redeem the crisis, Ghana is facing,” Prof. Samuel Ato Duncan added.
The President of the Ghana federation of traditional medicine practitioners noted that herbal medicines in Ghana are being rebranded to ensure packaging and quality of the products meet global standards.
Ghana, ranked 61st in the world, are the tournament’s lowest-ranked team and that is partly because of their poor showing at the Africa Cup of Nations (Afcon), where the Black Stars failed to win a game and finished bottom of their group.
Since that failure coach, Otto Addo has recruited from the diaspora and Belgium-born Odoi, who plays for Club Bruges, is one of the newcomers who helped the squad qualify for Qatar ahead of fierce West African rivals Nigeria.
“The journey has been positive,” Odoi, 34, told the BBC World Service.
“I think sometimes you have to be deep to grow from that and learn from that. I think that’s what these these experiences brought.
“Obviously, Afcon was a very bad performance – one of the worst in the last few years and decades. We managed to grow and learn from that process.”
Addo won only one of his first seven games in charge of Ghana but the side have recorded victories in their past two friendlies against Nicaragua and Switzerland.
The latter was an impressive 2-0 triumph in Abu Dhabi last week, and Odoi says fellow new recruits, including Athletic Bilbao forward Inaki Williams, are settling in well.
“We’ve used this last week to fit everybody in and to get used to the system and practice the defensive and offensive battles,” the former Fulham full-back said.
“And everybody gets to know each other a little bit better on the pitch.”
Despite their low ranking, Odoi believes Ghana are capable of upsetting Portugal, who were European champions in 2016.
“Everyone knows Portugal players are of a high level,” he said.
“We still have to play the game. It is not like Portugal has won this game. I am sure they are aware of that.
“If you look at the performances of other African counties, and Saudi Arabia[against Argentina], you still have to play the game.”
Lamptey ‘settling in quickly’
Tariq Lamptey’s first two caps for Ghana have come in friendlies against Brazil and Switzerland
Meanwhile, Brighton & Hove Albion wing-back Tariq Lamptey is among those poised to make his competitive debut for Ghana.
The former England Under-21 international has featured in two friendly matches since switching allegiance in July – a decision his parents supported.
“They always said to me that they’re proud of whoever I represent,” Lamptey, 22, told the BBC’s World Football podcast.
“Ultimately, I was born in England, and they’re from Ghanaian background. Making my debut against Brazil was a really proud moment for both me and my family. It was a surreal feeling against some of the best players in the world.
“It’s every little boy’s dream to play football at the highest level. If I’m selected, then I will try and do my best.”
Lamptey joined Ghana for friendlies against Brazil and Nicaragua in France in September, and says he settled into the squad quickly.
“They were very welcoming and I was just able to get on the training pitch and get to work,” he said,
“Off the pitch, I knew a few of the boys before but it was really good to get to know everyone. It’s a good group.”
The reaction of the Black Stars fans, both on social media and from the stands, has also been important to Lamptey.
“I just want to say a massive thank you to the fans, because their love and support has definitely been received well,” the former Chelsea youngster said.
“I’m really grateful to have great fans like that.”
According to Ayew, Portugal are the better side in terms of quality, and he added that the Black Stars will be playing against a tough opponent.
Despite his admission about Portugal, the most capped Ghanaian player stated that they will go all-out to surprise the 2016 European champions on Thursday.
“We all know that if we’re going to get into this game Portugal are the ones who are favourites on paper.
“But after, we have to show on the field that what is on paper is not what will happen on the pitch, so we are ready. We are ready, and we know we are playing a big side that were European champions some years back and have top players,” he said in a post-match interview.
Austria-based Ghanaian, Richard Owusu, has stated that he has no hope that Ghana can develop in the future because the leaders and the people do not love each other enough to want the best for them.
In an interview on Daily Hustle Worldwide, Richard Owusu indicated that the opportunities available for Europeans cannot be compared to Ghana despite the current global economic crisis.
He disclosed that Austria is also experiencing price hikes, but the prices don’t go up as often as in Ghana. Moreover, he mentioned some of the benefits Austrian citizens enjoy now.
“I bought fresh tomatoes after work today, and it was 3 Euros, 50 cents. If you don’t work here, you won’t eat. Even if someone gives you bread today, you can’t go back for more tomorrow. You have to pay bills and all. But you can always find a job here with whatever qualification you have, so people are well off,”
Speaking on the economic situation in Ghana, Richard noted that he has no hope when it comes to the development of Ghana and that the country will continue to wallow in poverty because there is no love among Ghanaians.
“It is not the same in Ghana, and it is a big problem. There are no manufacturing companies for skilled workers to do. I’m sorry, but we have allowed a lot to go, so we can’t compare ourselves to the whites. I have no hope for Ghana to develop. What we are going through now will continue forever because we don’t have love,” he told DJ Nyaami on SVTV Africa.
Labour consultant Austin Gamey has asked the government to be more open and transparent with the labour unions, who are currently asking for a 60% increment in their salaries.
According to him, this will enable the unions to have a perfect understanding and appreciation of the dynamics of the current economic challenges; and thus agree to a realistic increment.
“Let the employer be extremely very open and let them know of the truth, this is what we have, if we pay this, this will be the consequence and if we pay that, this will be the consequence. So let them (government) make a humble appeal to them (labour) and give them (labour) the assurance that come from next year going the right things will have to be done” Mr. Gamey explained.
Labour unions in Ghana are currently in negotiations with the government for a 60% increase in their salaries citing harsh economic conditions but the government has since proposed a 12% increase.
But speaking to Alfred Ocansey, host of the Ghana Tonight show on TV3, Austin Gamey stressed that “what they are demanding may be too much but it thus appear we’re not transparent and open enough for them (labour) to appreciate where we are, let them (government) open up and let them (labour) appreciate the dynamics of the situation in which we find ourselves and let’s agree that we’ll pay them very well and put in place systems to cheek it”.
He also urged the government to begin to develop a system that will help track the productivity of public sector workers, to enable the government to compensate them (lobour) appropriately.
He explained that “let us agree for once as a nation to develop a salary structure that is reasonable, that the national purse can accommodate and it can, except that the people will have to work for it and they do know that organized labour is not against productivity, the employer appears to be the one that is not taking the proper steps in accordance with the law”.
He indicated that a proper salary structure that will ensure workers are well paid will also set targets for the workers and that will improve productivity in the country.
Mr. Gamey also stated that the government should be able to develop a proper salary structure for the Ghanaian public sector workers before 2025 to avert further labour agitations.
Former President John Agyekum Kufuor says it is time Ghana abolished the Council of State concept in its governance structure.
He said the Council has outlived its usefulness in the current democratic dispensation.
“I have had a chance to express my views on the Council of State, very honourable distinguished institution, well-meaning. But, I can say I don’t think it is fit for purpose given the state of development of our country and given the fact that the nation is committed to practicing democratic governance.”
The former President said this at a seminar organised by the Professor Mike Oquaye Centre for Constitutional Studies at the Institute for Economic Affairs (IEA), in Aburi, Eastern Region, on Tuesday.
The seminar formed part of a series of engagements the Institute is undertaking to solicit input toward a possible review of Ghana’s 1992 Constitution.
The former President proposed that, instead of the Council of State, the country should set up a second chamber of Parliament to play the advisory role to the government.
In recent times, the relevance of the Council of State has been questioned with some political commentators, academia and civil society organisations suggesting that the body has outlived its usefulness, thus should be abolished.
Former President Kufuor explained that though the framers of the Constitution thought it wise to set up such a body to advise the President, the Council is no longer useful.
He said: “… We limit the uses of Council of State to advising just the President,” and that often, the President decided whether or not to take the advice.
“So, I have gone through all these periods and I have come to a conclusion, perhaps, what our Constitution should have to temper the extremes of democracy is not a Council of State, but a second chamber. A second chamber well composed not on basis of democracy so much. Democracy should always be implied in there though, but not entirely democratically but more on experience, prove in public spiritedness, prudence, maturity, care for the nation, inclusive.
“If we do that, and allow this second chamber to operate openly, in the full glare of publicity, then the wisdom that would be issued from their deliberations would impact not only the President… ,” he added.
The former President added that the term of the second chamber must not be tied to the tenure of any government to ensure that there is continuity in the provision of development for the people.
On limiting the appointing powers of the President, the former President said the country must practice the checks and balances in its pure form, especially among the lead organs of State.
He called for the amendment of sections of the Constitution that empowered presidents to appoint about 50 percent of Ministers from Parliament.
“The legislature should be apart, people being elected there should be encouraged to professionalise themselves as legislators so they will play the guard dogs or watchdogs on the executive,” he said.
The former President also urged that political parties should be allowed to participate in elections at the local level.
