Former president, John Dramani Mahama has urged the Nana Addo Dankwa Akufo-Addo administration to cut costs, remove waste, and spend money wisely.
On Thursday, October 27, 2022, Mahama stated that one method to achieve this is by scaling back his administration. The event was titled “Building the Nation We Want.”
Additionally, he recommended that the government put on hold non-essential initiatives and eliminate or restructure governmental entities that served comparable purposes.
Again, the 2020 flagbearer of the NDC backed calls for the dismissal of the Finance Minister, Ken Ofori-Atta from office; adding that his removal will not affect the ongoing negotiations between Ghana and the IMF.
“A big contributor to the excessive public expenditure is the sheer size of government. President Akufo-Addo has been particularly irresponsible in keeping a needlessly large government. At a point, we had over 120 ministers in his government with hundreds of political appointees at the Presidency and others attached to ministers and state organisations.
“While the President has cut down this number, there is still room for a further reduction including merging some Ministries to reduce expenditure and cut down the number of Ministers to below 65. It is also necessary to trim the large number of political appointees who have sought refuge in the Flagstaff House. This will reflect the necessities of the time and the need for modesty and prudence” John Dramani Mahama noted.
The free decline of the Ghana cedi has made the economic crisis and mounting public debt more acute for President Akufo-Addo and the Economic Management Team, or EMT.
Dr. Forson warned that the technique and manner in which the government wishes to tackle the debt restructuring will harm Ghanaians, calling the initiative a “Mickey Mouse” strategy.
In offering some solutions to the government on how it can deal with what he described as ‘Ghana’s unsustainable debt’ through debt restructuring, the Minority spokesperson on Finance said:
“The announcement of debt restructuring will mean that Ghana has defaulted on its debt service obligation and will have to renegotiate.
“International credit rating agencies are most likely to downgrade Ghana to D in the coming months as soon as government officially announces debt restructuring.
“The process of Debt Restructuring is similar to the HIPC program. However, the HIPC targeted bilateral and multilateral loans, debt restructuring will target commercial loans.
“Commercial Lenders and others will have to accept a reduction in interest and principal payment or risk default and non-payment.”
“Reduce the Principal Amounts of the debt, (a Principal Hair-cut) and “Reduce the Interest Rate on the debt for bond indebtedness (coupon adjustment).”
He indicated that it is possible to mix and match the three methods above, e.g. maturity extension with a coupon adjustment.
“Debt restructuring is not a science but an art and can be tailored to suit particular debt crises such as Ghana’s problem.
“Creditors can be expected to express strong views about the method chosen to address the sovereign debt problem. Principal haircuts are unfriendly to creditors and maturity extension and coupon reduction are creditor friendly.”
Following continued discussions between the government and important stakeholders, the exchange rates have positively responded with an appreciation of the cedi, according to K. T. Dadzie, president of the Ghanaian Forex Bureau Association.
While the preceding three months of forex volatility have not been pleasant for forex operators, their clients, or the country as a whole, he claims that the cedi has strengthened greatly versus the dollar since the government’s active interventions.
According to him, this indicates that the situation in which the rates are out of control is not, in any way, the result of natural processes but rather the intentional actions of “people speculating and trying to make rainfall out of the position that we are in.”
Mr K.T Dadzie made this known when the leadership and members of the association met the President of the Republic, Nana Addo Dankwa Akufo-Addo, in an extended version of continuing engagements between the Association and the Bank of Ghana, to discuss the concerning behaviour and turbulence of the foreign exchange market.
According to President Akufo-Addo, at whose behest the meeting was occasioned, “the state of our currency and the turbulence in our foreign exchange market is a matter of notoriety now in Ghana and it’s a matter of very grave concern.”
He said, “the initial import for the creation of forex bureaux was at the time when the economy was opening up and liberalising. So, we had these forex bureaux, regulated by the Bank of Ghana; but which will make access to foreign exchange in a regulated and controlled manner easier.”
“This was necessary to curb trying to find a mechanism for putting an end to Black-Market operations in our currency,” he added.
“Unfortunately, somehow,” he continued, “these initial motivations for the Forex Bureau have still not materialised. The black market; you will hear public commentators, and the Bank of Ghana itself, that it is still driving both the supply as well as the rate of our foreign exchange transactions.”
The Forex Bureau Association pledged their commitment to support the government towards stabilising the rates and reducing drastically the influence of Black-Market activities within that space.
For instance, GOIL and TotalEnergies are selling petrol at GH¢13.99 a litre while Petrosol and Engen are selling petrol for GH¢17.45 pesewas per litre and GH¢17.54 pesewas respectively.
For a litre of diesel, Petrosol and Engen are selling at GH¢19.89 pesewas and GH¢19.44 pesewas respectively.
The rather significant hike in the price of petroleum has sparked renewed concerns for consumers. The development has since been attributed to the persistent depreciation of the cedi against the US Dollar.
Also, the move is reported to have forced some OMCs to make price adjustments ahead of the regularly bi-weekly review of the price of petroleum products.
The decision comes after the Union held extensive engagements with President Nana Addo Dankwa Akufo-Addo and other transport operators across the country.
There is a substantial precedent in Ghana’s politics under the leadership of President Nana Addo Dankwa Akufo-Addoas even MPs of the ruling party are calling for the resignation of the country’s Finance Minister, Ken Ofori-Atta for nonperformance.
These celebrities are yet to speak on the #OforiAttaMustGo campaign trending on social media
The country’s economic downturn has sparked constant calls from more citizens for the resignation of the economic gatekeepers, particularly the finance minister and the Minister of State at the Finance Ministry, Charles Adu Boahen.
Yet in the midst of all these, some celebrities who actively campaigned for the Nana Addo-led administration are yet to comment on the call for the aforementioned to resign or be sacked. Since the declaration was made, #OforiAttaMustGo and #KenMustGo have been trending on social media.
Although some of these ‘NPP celebrity activists’ have called out the government for overseeing a poor economic state, many are expecting them to further throw their weight behind calls for the sacking of the two personalities.
Samini who in the past criticised his colleagues for endorsing political parties and candidates took a U-turn in 2020 when he endorsed Nana Addo Dankwa Akufo-Addo through social media posts, interviews, and campaign songs. He mounted political platforms to defend his decision stressing he was convinced Nana Addo needed another term.
Despite the barrage of backlash and criticisms against him, the musician’s support for Nana Addo was inflexible.
Prior to the calls for the two personalities to be axed, Samini made a post and lamented the depreciation of the cedi and other factors that have contributed to the hardship being experienced.
“Dear Nana Akufo-Addo. I supported you to bring change and stability. I believed in the vision and your concept of change! But with 2 years to go, my soul bleeds. Our investments wash away daily as the dollar openly whips our Cedi. Your people are crying. We cannot pretend all is well. But if God has blessed Ghana with anything, it is our ability to stare difficulty right in the face and say, it will #bealright. Ghana must work again! Where is the Nana Addo who begged us for the mandate?” parts of his comments read.
But Samini is yet to add his voice to the campaign seeking to remove Ofori-Atta and Adu Boahen from office for overseeing a failed economy.
The actor was the first ‘Celebrity NPP campaigner’ to call out the government for what he described as the poor management of the country’s economy.
Prince David Osei has not only spoken against the country’s ailing economy but had also issued an ultimatum that should the economic situation in the country not improve by December, he will mobilize the youth to hit the street irrespective of party affiliation and protest.
“If things don’t change by December, we will mobilize the youth of this country and hit the street irrespective of party affiliations, whether NPP, NDC, CQQ, PNC whatever doesn’t matter now, we are all in this together.. God bless our motherland ???????? We want to see improvement in our livelihoods.. If you have to sack some people do it without fear or favor because your legacy is on the line Sir!!” parts of his post read.
However, the actor is yet to support the sacking Ofori-Atta and Adu Boahen.
Unlike Prince David Osei and Samini who have spoken about the economic hardship and the need for a change in the narrative, Kalybos is yet to comment, not to talk of supporting the call for the removal of Ofori-Atta and Adu Boahen from office.
Kalybos’ silence on the economy has been loud and considering that he was one of the celebrities who vigorously campaigned for the NPP, a section of the populace is eager to hear his assessment of the economy.
Bibi Bright
After campaigning her way up to being elected as the secretary for the Creative Arts Council under the current NPP government, Bibi Bright has been silent on political issues.
Like Kalybos, she has not spoken about the hardships in the country; neither has she supported nor kicked against calls for the dismissal of Ofori-Atta and Adu Boahen.
In order to wrap up talks with the International Monetary Fund (IMF) before he leaves office, President Nana Addo Dankwa Akufo-Addo has pleaded with parliamentarians from the ruling party to remove Ken Ofori-Atta from his position as finance minister.
He claims that by removing the minister from office, the economy’s confidence will be restored.
This was stated by President Nana Addo Dankwa Akufo-Addo during a meeting with the irate MPs on Tuesday, October 25 at Jubilee House.
The aggrieved MPs, according to some media reportage were unhappy about the President’s posture towards his cousin and were still insisting he must leave the finance ministry.
“Nana Addo Dankwa Akufo-Addo has asked Ken Ofori-Atta to be given three more weeks to conclude the IMF negotiations,” Accra-based Citi FM reported.
Some NPP MPs on Tuesday, October 25, 2022, organised a press conference to demand the dismissal of Ofori-Atta, and the Minister of State at the finance ministry, Charles Adu Boahen, in order to restore public confidence in the economy.
Andy Kwame Appiah-Kubi, Spokesperson for the MPs who describe themselves as the backbenchers said if the president fails to heed their call, they will also not do business with the government nor support the 2023 Budget.
“We have had occasions to defend allegations of conflicts of interest, lack of confidence, and trust against the leadership of the Finance Ministry.
“The recent development within the economy is of major concern to our caucus and our constituents. We have made our grave concern to our president through the parliamentary leadership and the leadership of the party without and positive response,” Andy Appiah Kubi said.
The majority caucus in parliament, at a press conference on Tuesday, have threatened they will not participate in any government business until Minister for Finance, Ken Ofori-Atta and Minister of State in charge of Finance at the Office of the President, Chares Adu Boahen are sacked by the president.
President Nana Addo Dankwa Akufo-Addo’s comment on North Star radio in Tamale in August that persons demanding the sacking of Ken Ofori-Atta were members of the opposition National Democratic Congress seem to have ruffled feathers within his own New Patriotic Party (NPP).
This is a suggestion by Eugene Boakye Antwi, a Member of Parliament for Subin, who says some NPP legislators from then took the position to demonstrate to the president that members from his own backyard also wanted the minister dismissed.
In an interview with Accra-based Joy News on October 25, the NPP MP stated that it was time to deliver ‘a very cold message’ from constituents to the president that Ofori-Atta should be shown the exit.
“The reason why some of us took the stance we took today….I think a month or two ago, the president was in the northern part of Ghana where he said that those calling for the head of Ken Ofori-Atta were NDC members.
“So we had to demonstrate to him after spending three months in our respective constituencies that our constituents have sent us to come and deliver to him a very very cold message that Ken Ofori-Atta must be asked to step aside,” he said.
Narrating events that led to over eighty (80) NPP MPs taking a public stance against Ofori-Atta, Eugene Boakye Antwi said tensions started brewing within the party over the minister’s stay at post before Parliament even went on recess.
He stressed, however, that a decision to begin engaging leadership of the caucus on the subject matter after recess was agreed.
The Subin MP continued that one Sunday, towards the resumption of Parliament, over forty (40) met the Majority Leader Osei Kyei-Mensah-Bonsu to discuss the controversial matter which had been put on hold.
The Majority Leader was then tasked to inform President Akufo-Addo of the decision by NPP MPs to have Ofori-Atta relieved of his post.
“What happened was that on Sunday, we could see tension brewing right from before we even went on recess. What we decided to do was that let’s go back, when we come back, we can then begin to engage leadership. I woke the Majority Leader up at dawn and said look we need you in Accra by 1pm because the way things are if you don’t come and things blow up in our faces, we are done.
“He said ‘don’t worry’. He was in Rock City, Kwahu. The Majority Leader got here around 1pm and we met. There were about 40 MPs at the time. I said if that is the case, the Parliamentary Affairs Minister should take the worries and the concerns of MPs who had just returned from their constituency to the president.
“We’ll not want a situation where we spring a surprise on him the Majority Leader or embarrass our president so go to him and sit with him and say ‘look, this is the position of your members of parliament’ and let us have a feedback,” Boakye Antwi said.
When he called the Majority Leader to inquire about the response from the president. Kyei-Mensah-Bonsu asked him to come to Parliament for a discussion on the matter.
He said the leader informed him in the presence of two other MPs that he did not have a ‘positive feedback’ from the president for the MPs demanding Ofori-Atta’s dismissal.
While discussing the matter, Boakye Antwi indicated that the Chairman of the New Patriotic Party, Stephen Ntim together with General Secretary, Justin Frimpong Kodua, walked into the office of the Majority Leader who also doubles as Suame MP.
The aggrieved MPs again tasked the NPP national executives together with the Majority Leader to meet President Akufo-Addo and reiterate their demands for the sacking of Ofori-Atta to aid them to make a decision in the morning of October 25 – however, there was a stalemate.
He contended that the legislature reigns supreme in any democracy thus to express their frustration against the refusal to sack Ofori-Atta, the MPs will not carry out government business in Parliament.
The move he said was to demonstrate to their constituents that their ‘cold message’ has been delivered to the president but was not being acted upon.
“As Members of Parliament, in any democracy, it’s the legislature that is supreme because you need them to conduct your business. The executive can be there but if you don’t have the numbers like it’s happening now, it’s difficult to transact any business.
“So if we are telling you the president that this is what is happening and also look at a trend everywhere the president has been, there has been a question about the performance of his Finance Minister,” he said.
“Can everybody be wrong and the president alone be right? This were all our concerns. Everywhere you go, they ask you. All the ministers, why him?
“So we felt that if the president does not want to listen to us, then the only way to let our constituents understand that we have articulated their concerns is to boycott Parliament and not participate in any government business so that they would know that the message they gave us has been communicated to the president but no action has been taken on the side of the president,” Boakye Antwi added.
The Member of Parliament (MP) for Team West, Carlos Ahenkorah, has explained why more than two-thirds of the majority caucus, including himself, are demanding that President Nana Addo Dankwa Akufo-Addo sacks the Finance Minister, Ken Ofori-Atta.
According to Ahenekorah, the MPs came to the decision after feedback from their constituents during their recess disclosed that most Ghanaians were unhappy with the government because Ofori-Atta was still at post.
He said that most of the majority caucus MPs spoke about how their constituents were suffering due to the economic challenges in the country.
Speaking in a Neat FM interview monitored by GhanaWeb, Ahenkorah intimated that they had to inform the president of the difficulties of their constituents so that it does not affect the NPP’s fortunes in the future.
“Most of the majority caucus came to this decision because it is what our constituents wanted. This is not something we wanted to do but it is what the people who voted for us, our constituents wanted. This was not by a rebel group in the caucus.
“There is a lot of pressure on us. If you go to your constituency office and you listen to the concerns of your constituents it is very disheartening. Just yesterday, three women visited my office and they were crying while narrating how they had lost their businesses because the price of a gallon of oil they used to purchase for GH¢60[600] is now selling for GH¢1000.
“The other MPs also shared their experience and we saw that it all boils down to the same thing. So, this is how we came to the decision that we have to let the president know what our constituents want. We had to let him know, otherwise, our people will not listen to us if we go to them again,” Ahenkrorah said in twi.
A group of New Patriotic Party (NPP) Members of Parliament has petitioned President Nana Addo Dankwa Akufo-Addo to sack the Minister of Finance, Ken Ofori-Atta, and the Minister of State at the finance ministry, Adu Boahen, to restore public confidence in the economy.
This was announced in a media briefing by their spokesperson, Andy Kwame Appiah-Kubi, who is the Member of Parliament for Asante-Akim North, in parliament on Tuesday, October 25, 2022.
The group said it will not do business with the government nor support the 2023 budget if the president fails to heed their calls.
According to them, the move follows previous concerns sent to the government that have not yielded any positive results.
Edudzi Kudzo Tameklo, a member of the National Democratic Congress’s (NDC) legal team, made a statement on contentious remarks allegedly made by the Okyenhene Osagyefo Amoatia Ofori Panin.
The Osagyefo has been quoted as saying that anyone who attack President Nana Addo Dankwa Akufo-Addo are either village children or witches or wizards.
Edudzi disagrees with the statement and believes that the chief would be better off remaining silent rather than insulting people.
The lawyer shared a video of the said comments with a caption that read:
“Can this chief be quite small? Your family member has destroyed this beautiful country and you are talking down and insulting people. Please keep quiet.”
The Okyenhene whiles making comments at a church service attended by the President over the weekend spoke about the two issues, defending the president over the economic downturn and citing global events.
On galamsey, he tasked chiefs to stand up to the task of rooting out the menace and not to look at short-term financial considerations and bequeath a long-term crisis to generations.
The Okyenhene’s controversial comments:
“We must appreciate the feat of the President and show him [some] appreciation for what he has done for Ghana. We must defend and protect him,” he said.
“Not all will like you. Even Jesus Christ was crucified. It won’t bother me if they speak with sincerity but when you speak with hate, witchcraft, and envy, you must be careful because one day! one day! one day! one day!
“One day! the truth will overcome evil lies and envy,” Osagyefo Amoatia Ofori Panin II added when he spoke at the inauguration of the Archdeaconry Service held at the St. Martin Anglican Church in Kyebi on Sunday, October 23, 2022.
The former president described the situation as critical and expressed doubts about whether the nation can even survive till an IMF programme is achieved given that the economy appears to be headed for a disaster.
On Friday, October 21, he addressed the leadership of the Ghana Journalists Association (GJA) in his office. He said that Ken Ofori-Atta, the minister of finance, had been concealing himself behind a dire economic situation while instead portraying a picture of prosperity.
“The government should come clean and tell us, ‘What is the state of the economy?’ You must put everything on the table,” he said.
“That is why I called for a national dialogue. I said, bring the best brains together. I have been president before, it served me well. I called the Senchi Forum, it didn’t reduce my stature as President.”
He said if immediate action is not taken, “it will be catastrophic for all of us”.
Ghana is currently at the International Monetary Fund (IMF) seeking a $3-billion cushion to save the ailing economy.
Government has come under criticism from a cross-section of the public due to the current economic crisis.
In the wake of this, Finance Minister, Ken Ofori-Atta, has been at the receiving end from almost all and sundry.
While the “ordinary citizens” have been agitating on and off social media, Ghanaian celebrities have also not held back from expressing their dissatisfaction against government.
In the past week, some Ghanaian celebrities have called on President Nana Akufo-Addo and the Minister of Finance to sit up and address the economic crisis fraught the country.
Below are some celebrities who have waded into the national conversation
The Ghanaian actor is one of the familiar supporters of the ruling government. He, alongside other celebrities like Kalybos was seen to be involved heavily clothed in NPP paraphernalia campaigning for the then Presidential Candidate, Nana Addo Dankwa Akufo-Addo.
However, the movie star has openly displayed his disappointment in the government. In a tweet sighted by GhanaWeb, Prince called on government to seek help.
“Can we all put aside politics, humble ourselves and seek help from whoever has the ideas or in-depth knowledge on how to stop the further depreciation of our currency and stabilize our economy,” he tweeted.
The movie producer and actress is another popular figure who has not held back from bashing the government and calling for urgent steps to change the current tides.
In 2015, Yvonne Nelson led a demonstration against power cuts in Ghana, popularly known as “Dumsor”. Being a citizen and not a spectator as President Akufo-Addo implored Ghanaians, the model has this time taken to Twitter to quiz the President over his governance.
“Are you still the President? Are you still in this country? Are you this heartless? Do you hear people crying? Are you this heartless? No more campaign ahead so you are unbothered. You obviously feel nothing for Ghanaians. Such a disappointment”, she lamented.
The Ghanaian actress and social critic have also been vociferous over the state of affairs. She has opined that the Minister of Finance, Ken Ofori Atta, needs to resign.
According to her, the minister has performed woefully and thus is unfit to continue occupying his position.
Furthermore, she has asked the government to take a cue from Britain, whose Prime Minister has resigned her inability to lead.
“I really wish Gabby Otchere Darko’s obsession & admiration for the UK parliament included taking pointers as well on resignations and firing. It makes absolutely no sense that Ken Ofori Attah is still the finance minister; how? He’s lost the confidence of the people! She said in a tweet.
The Ghanaian media personality and General Manager of GHOne TV and Starr FM has penned a long letter to Ken Ofori Atta.
The TV host in the letter discusses how the minister has failed in his capacity and needs him to resign. She called the minister an absolute failure in managing the economy and driving it into an abyss.
A portion of the letter reads, “Hmm. Maybe a part of you wants to leave and your cousin (President Akufo Addo-Addo) is backing you to the hilt on the altar of loyalty. But for God’s, spare the entire nation this prolonged spectacle of failure and let go of the burning rod.”
Prices of goods and services have risen sharply following the depreciation of the Ghana cedi against the dollar contributing to the economic situation in the country.
The cedi sells at GH¢14 to the US dollar at the forex bureaus or the retail market.
On the back of that, Nana Aba Anamoah has spoken against profiteering at such a critical moment in the country.
Highlighting the fact that some traders are charging unjustifiably high prices for goods, Nana Aba in a Twitter post said “Some traders are taking advantage of the current system to charge exorbitant prices for goods.”
Meanwhile, some Ghanaian celebrities have also complained bitterly about the hardships the country has been plagued with under the leadership of President Nana Addo Dankwa Akufo-Addo.
These celebrities, who seem ‘fed up’ have lamented the depreciating cedis to the dollar, the constant fuel price hikes, and the overall hardships that everyone in the country is currently experiencing.
The likes of Yvonne Nelson, Prince David Osei, Lydia Forson, Shatta Wale, Efia Odo, Kojo Cue, Sarkodie, and many others have cried out on social media.
The morning show host, Captain Smart, an ardent critic of the government, was arrested on Wednesday evening, October 19, after the close of work.
His arrest was because he recently tagged President Nana Addo Dankwa Akufo-Addo as being actively involved in illegal mining due to his failure to call some of his officials to order.
According to reports by his media organizers and some eyewitnesses, the National Investigations Bureau (NIB) formerly BNI, picked him up for questioning. He was, however, released hours after his arrest.
Many termed the arrest as an attempt to silence him, others have posited that a culture of silence has resurrected under the leadership of Akufo-Addo.
Broadcaster, Kwasi Kyei Darkwah, in a lengthy Instagram post, called out the government for attempting to silence persons who dare to expose the rot and corruption under the New Patriotic Party (NPP).
He urged citizens to speak up and not be discouraged by the attempts to silence them.
He cited Captain Smart as an example of the government’s target.
Read KKD’s statement below:
Sometimes joyfully, other times painfully but if you claim you are in a democracy, let the people speak their minds, for without freedom of speech we will never hear the truth.
No citizen of ???????? must be silenced.
We may wish every person in power does only good and lawful things. Unfortunately, the reality isn’t so. The promises and practices are oft enemies.
This is why the governed, especially the fourth estate, must speak truth to power to nudge leadership, and citizens, to do the right thing and call public attention to clear and present danger for urgent redress.
No person can silence truth. You may try but you can never silence truth forever.
Take all the praise you want whilst in power.
Remember that praise will not show you the wrong you do to our nation nor your neighbour. Most praise-singers only humour you and lick your backside for their selfish ends. Listen to the good about you as well as the bad, and you will learn much to do better.
To harrass, silence or harm those who tell you the truth, disagree with you, tell the truth about you or are just not impressed with you has never made anyone greater, more popular nor more powerful. It rather empowers and elevates the teller of truth whether they dispense it from a bottle of sugar or salt, refined or raw.
Emmanuel Barnnes, popularly known as Mr. Logic has asked Ghanaians to pay no heed to Captain Smart and what he described as his constant act of playing with the minds of Ghanaians.
Earlier, the Onua TV/FM morning host was picked up by operatives of the National Intelligence Bureau (NIB).
Although it is unclear the reason behind Captain Smart’s arrest, it can be recalled that he has been in the news for comments he made recently, accusing the President, Nana Addo Dankwa Akufo-Addo of being complicit in illegal mining in Ghana.
Not too long after his arrest on October 19, 2022, the Onua TV morning show host was released.
This isn’t the first time Captain Smart has been arrested by the BNI in similar fashion courting conversation on both traditional and social media with some describing the arrest as an attack on press freedom and freedom of speech.
Mr. Logic, however, thinks that Captain Smart is acting as though he has the interest of the citizens at heart when he really doesn’t.
According to Logic, Captain Smart usually tackles ‘corrupt’ politicians on air, only for him to dine with them and collect some cool cash from them after.
“The problem in Ghana is that the people who usually say these things are the same ones that go sneak behind and take some money from some leaders. Captain Smart should stop the hard guy, hard guy things for radio and TV. All the shouting and yelling are pure tricks and lies. Sometimes they think the ordinary Ghanaian does not have sense.
“You see those people who think they are smart enough to fool Ghanaians, we know them. They will come and be on TV and radio, talk plenty as though they are solving the problems and when they are done, they go and dine with the problem makers. So, who are you fooling?’, he established in a viral video.
The talent manager said Ghanaians shouldn’t trust Captain Smart’s fake ‘freedom fighting’ agenda adding that all he is doing is simply for his own interest.
“Don’t mind anyone. It’s all lies. Majority of people who are talking, it is for their own interests. Because they know after all the shouting, they will be sorted out. Stop liking and commenting on their posts too. That is what they use to collect their payola. When I sit behind and watch all these things, I think it is time for everyone to look for their own money,” he added.
Stressing that help isn’t going to drop like manna from heaven, the ‘Atta Adwoa’ hitmaker has advised Ghanaians to take the bull by the horn.
According to PYung, there are no signs that the government is interested in easing the country’s economic crisis, adding that the time to act is now.
“We the youth naa for rise then help wanna body. The Government will never help. It has been this way for ages. Are we still gonna wait? For how Long? We should wake up,” he wrote on Twitter
We the youth naa for rise then help wanna body💯. The Government will never Help. It has been this for Ages. Are we still Gonna wait? For how Long?. We should wake up.
Meanwhile, some Ghanaian celebrities have also complained bitterly about the hardships the country has been plagued with under the leadership of President Nana Addo Dankwa Akufo-Addo.
Mr President, @NAkufoAddo , this eye drop ( xalacom) was 120ghc , its now 273ghc and even 300ghc in some pharmacies. I need to use this every evening, without it, the pressures on my eye will go up and will result in glaucoma. How many Ghanaians do you… pic.twitter.com/RiVHTfokB2
These celebrities, who seem ‘fed up’, have lamented about the depreciating cedis to the dollar, the constant fuel price hikes, and the overall hardships that everyone in the country is currently experiencing.
The likes of Yvonne Nelson, Prince David Osei, Lydia Forson, Shatta Wale, Efia Odo, Kojo Cue, Sarkodie, and many others have cried out on social media.
Isaac Adongo, the member of parliament for Bolgatanga Central, blames Dr. Mahamudu Bawumia, the vice president, for the country’s current economic woes.
He claimed that the well-known economist was hailed as a financial wizard who knew how to stabilize Ghana’s economy. The nation’s actual position, however, does not reflect this.
“In all of this, the context must clearly place the principal person behind the current economic anxiety and the problem we confront,” the vice president stated, blaming him.
Adongo stated that the economic policies implemented by President Nana Addo Dankwa Akufo-Addo were influenced by Bawumia, however, these policies have not yielded the intended results.
In an article authored by the Bolga Central MP, he wrote: “Aside from his divisive politics, it is also quite clear that a significant portion of the economic policies implemented by the NADAA government is touted Bawumia ill-conceived ideas.”
“Do you remember the one district, one dam, one constituency, one million cedis, the development authorities as they then were, the quite clearly botched synohydro credit facility that had a shifting figure from 20 billion dollars to its current meager amount, and the bullish increase in the participation of foreign entities in the local bonds market?” he added.
“These initiatives were problematic on several fronts,” he said.
1. They only sought short-term reliefs, which were unsustainable with the dire consequence we face presently as an outcome. For instance, our exchange rate has suffered massively anytime international investors panicked and seek to move their funds.
2. They introduced unnecessary friction into the public sector bureaucracy, especially the disastrous development authorities and the supposed initiatives of about a million cedis per constituency. Why for instance was NABCO not situated under the national service scheme or YEA?
3. Were costly and a massive waste of money with no clear sustainable medium to long-term impact on social equity, upward economic mobility, improvement in livelihoods, and business growth.
4. Exposes Bawumia as a person who is not susceptible to reasoned argument, unwilling to engage experts, especially within the public sector bureaucracy, and who has dissenting opinions,” he detailed.
He also accused the Vice President of deliberately avoiding discussions on “the economic mess he has created” and is seeking to find new allies and new stuff to occupy his time.”
His comments come on the back of the country’s current economic challenges.
Ghana’s annual inflation rate accelerated to 37.2 per cent in September 2022, for the 16th straight month from 33.9 per cent in August.
This was the highest reading since July 2001.
Also, prices of imported goods accelerated faster than domestic items.
This is largely due to the weakening cedi.
Mr Nartey George, who referred to one of the icons the governing New Patriotic Party (NPP) used in the 2016 election campaign, Kalyppo, said despite the sweet taste of the fruit juice, Ghanaians are witnessing the opposite.
“Kalyppo is supposed to be sweet but what we are seeing is a completely different ball game, oh”.
“Even Akpeteshi would not burn us like this,” Mr Nartey George stated in a Facebook post on Monday, October 17, 2022.
He added: “The suffering is extreme! Only God can save us now.”
Prior to the 2016 elections, drinking Kalyppo became a trend as leading members of the NPP, including Vice-President Mahamudu Bawumia and his wife, Samira, among others were seen sipping on the drink.
President Nana Addo Dankwa Akufo-Addo has defended why Ken Ofori-Atta, the Finance Minister is still at post despite numerous calls for his dismissal from his government over abysmal performance.
According to him, Ken Ofori-Atta after the ruling party was sworn into office in 2017, was able to ensure that the economy which was on the verge of collapse grew at an average of 7 per cent.
He said he cannot turn his back on someone who was able to achieve that feat for the country.
He noted that he is keeping Ofori-Atta in office because his performance for the past six years has been excellent.\
“I came to office in 2017 when we were under an IMF programme. This same Ken Ofori-Atta was able to manage the economy for the first 3 to 4 years. We were then one of the fastest-growing economies in the world. We had an average growth rate of 7% a year.
“For someone who has been able to do all these, how do I turn my back on him? For me, his performance has been excellent. That is why I have great difficulty in understanding what is going on,” President Nana Addo Dankwa Akufo-Addo said while speaking on Kumasi-based OTEC FM, Monday, October 17.
The calls for Ken Ofori-Atta’s dismissal intensified when Kwasi Kwarteng, his counterpart in the UK was dismissed by the Prime Minister following a fallout from the country’s mini-budget he [Kwarteng] presented.
One such individual who is of the view that the minister is relieved from his duties is Samuel Okudzeto Ablakwa, North Tongu MP.
To him, just as Kwasi Kwarteng has been dismissed by the Prime Minister Liz Truss as the UK Finance Minister, Ken Ofori-Atta should also go.
In a tweet, Ablakwa said, “Kwasi Kwarteng hasn’t done a fraction of the damage Ken Ofori-Atta has caused the Ghanaian economy but he gets to be sacked and Ken is showered with praises from his family member, President Akufo-Addo as Ghanaians languish in more pain. Sad — no justice in the world.”
The top-ranked company was Zeepay Ghana Limited, followed by Multipro Private Limited in third, Amanex Co.Ltd. in seventh, and Express IDS Consult Agency Limited in eighth.
Other competitors in the top 20 include Nestle Ghana Limited, which is ranked 13th, Sage Distribution Limited, which is ranked 16th, Abosso Goldfields Limited, which is ranked 19th, and Benso Oil Palm Plantation Plc, which is ranked 20th.
In all, there were 43 newcomers on this year’s list of awardees who missed out on the 18th edition of the awards.
Companies whose ranking improved from previous edition included GBC Plc and Maphlix Trust Ghana Limited who both respectively moved from 16th to 10th and 27th to 6th position this year.
On the Other hand, Scancom Plc moved from the top position in previous edition to occupy the 5th position this year while GOIL Plc moved from 3rd position to 61st position in the 19th edition of the awards.
This year’s awards which was hosted by the Ghana Investment Promotion Centre (GIPC) to promote good corporate governance and work ethics was held under the theme, “Ghana’s Private Sector, A Catalyst for Post-Pandemic Economic Transformation.”
Mr Yaw Osafo-Maafo, Senior Presidential Advisor, who spoke on behalf of the President, Nana Addo Dankwa Akufo-Addo, as a Special Guest of Honour, commended the private sector for thriving amid economic hardship induced by the COVID-19 pandemic and the Russia-Ukraine war.
“It is important to recognise the difficulties our economy is facing. The depreciating cedi, the surging inflation, high interest rate and increasing utility tariff are taking a toll on businesses.
“Government is not oblivious of your challenges and is working hard to stem the tides of these macro-economic difficulties, ” he said.
Mr Osafo-Maafo said the private sector remained the biggest stakeholder and catalyst in turning around the fortunes of the country and for that matter the Government was focused on rebuilding the economy on the back of the private sector.
Mr Yofi Grant, Chief Executive Officer of GIPC said through initiatives such as the GIPC’s countrywide Regional Sensitization Tour (RST), organised with support from the World Bank, the Centre was reaching out to private businesses to capture investment opportunities across various sectors in the country.
“The private sector, the most important contributor to GDP and employment in the Ghanaian economy, has been resilient and indeed is the engine of Ghana’s post pandemic recovery.
“It behooves on us all, to accelerate that recovery with the innovations and the interventions that have been implemented thus far, ” he said.
Companies under the Club 100 Awards are divided into 13 categories across broad sectors of agriculture, industry, and services economy.
Those who applied to be ranked for the awards undergo an eligibility analysis, which required a company to be a limited liability company, privately owned with government interest not less than 50 percent or must be listed on the stock exchange market.
The company must also have a cumulative operating profit and should be tax compliant.
Qualified entities are then ranked based on size and profitability, growth, and Corporate Social Responsibility.
Samuel Okudzeto Ablakwa, the Member of Parliament (MP) for North Tongu, has expressed his disappointment that Kwasi Kwarteng, the UK’s finance minister, was removed just six weeks after Kwasi Ofori-Atta, Ghana’s finance minister, was appointed.
Ablakwa criticized President Nana Addo Dankwa Akufo-Addo for neglecting to dismiss Ofori-Atta, whom he claims is to blame for the current economic difficulties in the nation, in a tweet posted on Friday, October 14, 2022.
He implied that despite the finance minister’s poor handling of Ghana’s economy, the president never fires him and instead consistently defends and praises him.
“Kwasi Kwarteng hasn’t done a fraction of the damage Ken Ofori-Atta has caused the Ghanaian economy but he gets to be sacked and Ken is showered with praises from his family member, President Akufo-Addo as Ghanaians languish in more pain,” parts of the MP’s tweet read.
Ablakwa made these remarks while reacting to news reports that Britain’s Finance Minister, Kwasi Kwarteng had been sacked, following a meeting with Prime Minister Liz Truss at Downing Street on Friday, October 14, 2022.
“You have asked me to stand aside as your Chancellor. I have accepted.
“When you asked me to serve as your Chancellor, I did so in full knowledge that the situation we faced was incredibly difficult, with rising global interest rates and energy prices. However, your vision of optimism, growth and change was right.
“As I have said many times in the past weeks, following the status quo was simply not an option,” parts of Kwarteng’s letter read.
The National House of Chiefs has described as false some media publications attributed to the President of the House, Ogyeahoho Yaw Gyebi II, during an engagement of the House with the President Nana Akufo-Addo.
The false publications, which are being circulated on social and traditional media according to the House, quote Ogyeahoho Gyebi to have purportedly said that “anyone who claims to have evidence of galamsey operations being carried out by Mr Bernard Antwi Boasiako (Chairman Wontumi), the Ashanti regional chairman of the NPP, should provide evidence”.
A statement signed by Mr Stephen Owusu, Public Relations Officer, and issued in Kumasi, said the publications were mischievous and calculated attempts by some faceless people to twist what the President of the House said during the engagement with Nana Addo Dankwa Akufo-Addo.
It said during the meeting, which was held at the conference room of the House at Manhyia in Kumasi, Ogyeahoho stated the negative effects of illegal mining on the environment, especially on water bodies, farmlands and cocoa production in the country.
The statement said Ogyeahoho called on the government to apply the appropriate sanctions against any persons, who were found to engage in illegal mining irrespective of their status in society.
“It is therefore preposterous for the media to have twisted their publication with the House’s engagement with the President of the Republic”, it stated.
The statement called on anyone who has concrete proof of information being attributed to Ogyeahoho Gyebi to hand it over to the registrar of the House or make it public.
It called on whoever is circulating that false information to stop and apologize to the President of the House.
Because the leaders they chose to ensure that the country works smoothly seem to have utterly failed in their task, many of the citizenry’s everyday problems to make ends meet have been made worse by external issues that directly affect them.
On the basis of numerous economic statistics, many Ghanaians have come to the conclusion that Nana Addo Dankwa Akufo-administration Addo’s is underperforming.
In this GhanaWeb article, we take a look at some of the achievements of this government that have turned out as infamous because the NPP government which touted itself as ‘having the men’ have found it tough in dealing with the economic turmoil of the country.
For better perspectives, the article focuses on metrics since Ghana become a democracy in 1992 till date.
GhanaWeb’s daily reports on the performance of the Ghana cedi showed that on Wednesday, October 12, 2022, the Ghana Cedi is trading against the dollar at a buying price of 9.7176 and a selling price of 9.7274.
This is compared to trading of Tuesday, October 11, 2022, where there was a recorded buying price of 9.6427 and a selling price of 9.6523. At a forex bureau in Accra, the dollar is being bought at a rate of 11.03 and sold at a rate of 11.23.
Against the Pound Sterling, the Cedi is trading at a buying price of 10.7807 and a selling price of 10.7935 as compared to yesterday’s trading of a buying price of 10.6465 and a selling price of 10.6581.
At a forex bureau in Accra, the pound sterling is being bought at a rate of 11.98 and sold at a rate of 12.28.
The Euro is trading at a buying price of 9.4435 and a selling price of 9.4530 as compared to yesterday’s trading of a buying price of 9.3489 and a selling price of 9.3582.
At a forex bureau in Accra, Euro is being bought at a rate of 10.52 and sold at a rate of 10.77.
The South African Rand is trading at a buying price of 0.5372 and a selling price of 0.5374 compared to yesterday’s trading of a buying price of 0.5318 and a selling price of 0.5321.
At a forex bureau in Accra, South African Rand is being bought at a rate of 0.45 and sold at a rate of 0.80.
The Nigerian Naira is trading at a buying price of 45.0656 and a selling price of 45.1827 as compared to yesterday’s trading of a buying price of 45.0656 and a selling price of 45.1827.
At a forex bureau in Accra, Nigerian Naira is being bought at a rate of 13.00 Naira for every 1 Cedi and sold at a rate of 15.50.
At the time of taking over power in 2017, the cedi to dollar rate was around GH¢4.
The debt stock which stood at GH¢392.1 billion in March 2022 dropped to GH¢388.1 billion in April 2022, and later went up marginally to GH¢389.2 billion in May 2022 and to GH¢393.4 billion in June 2022.
In early October 2022, Ghana was classified as a high debt distressed country, by the World Bank.
The Bank’s October 2022 Africa Pulse Report said that Ghana’s rising debt-to-Gross Domestic Product (GDP) is now projected to reach 104 percent by the end of this year.
This would represent an increase from 76.6 percent a year earlier with the report attributing the development to the depreciation of the cedi, widening government deficit and rising debt service costs.
It further attributed Ghana losing its access to international capital markets as another contributing factor.
“Debt is expected to jump in Ghana to 104.6% of GDP, from 76.6% a year earlier amid a widened government deficit, massive weakening of the cedi, and rising debt service costs,” the report noted.
Inflation hits 33.9%, highest in 21 years:
In August 2022, GhanaWeb reported that Ghana’s consumer price inflation had hit a 21-year record high of 33.9%, according to the Ghana Statistical Service.
This means that prices of goods and services went up by 2.2% between July and August 2022.
July’s inflation stood at 31.7%. Government’s statistician, Samuel Kobina Annim, who announced the rate on September 14, 2022, said for the first time in 2022, month-on-month inflation was 1.9%, the lowest this year.
This made it another of the infamous achievements under the Nana Addo Dankwa Akufo-Addo government because since the dawn of the fourth republic, no such inflation figures have been recorded before in the country.
Food prices:
Multiple reports have shown that in the history of Ghana’s fourth republic, the rates at which food prices have been increasing in recent years have been nothing as have been experienced before.
For instance, food vendors now sell one egg at GH¢2 compared to GH¢1 in 2021. The raw eggs on the shelves of provision shops are also being sold between GH¢1.20p and GH¢1.50p for one, whereas they were sold at 70 pesewas and 80 pesewas depending on size.
And those who sell cooked eggs with ground pepper, which is usually bought as a snack, also sell an egg at GH¢1.50p compared to GH¢1 previously.
“The profit I make initially has reduced significantly. I used to sell over 600 crates in a week and make a profit of GH¢2 on each crate. And now, because farmers are also complaining that their production cost has increased, they are unable to produce more for us, their clients. Presently, I sell about 500 eggs in a week,” a wholesaler at Mallam, Kuukua Krampah, told the B&FT in an interview.
The same situation has affected the prices of rice.
A 5-kilogram bag of rice now sells at almost GH¢80, GhanaWeb’s checks have revealed. The alarming rate of the increase has been attributed to the increase in fuel prices and the rippling effects on transport fares.
During a market survey by GhanaWeb on August 15, 2022, Ama Amoabea, a seller of grains, including rice, beans, and other products at the Lapaz Newmarket, said the price of rice had increased from GH¢300cedis for 25kg, translating to GH¢60 for each 5kg bag.
“The foreign ones too are becoming expensive, it was 300cedis at first but it is 350cedis and 400cedis currently. They told us that since transportation fares have been increased, the prices of everything have increased as well so they should reduce transportation so that we can also reduce the prices,” she said.
Fuel prices:
At the fuel pumps in 2022, Ghanaians are having to pay more than they have ever paid for before. The prices of petroleum products have been soaring since the start of 2022, with petrol currently selling at GH¢11.55 per litre, while Diesel is selling at GH¢14.50 per litre across various pumps in the country.
Public transport fares have also been affected by this, with all other forms of products and food items eventually being affected.
Government explanation
The government has admitted to the challenges in the economy but maintains it is a global phenomenon triggered by the aftermath of the Covid pandemic and exacerbated by the recent Russia and Ukraine war.
In Ghana today, there is a general consensus that things are no longer working as smoothly as they should have been in the country.
The daily struggles to make ends meet, for many of the citizenry, have been compounded by external factors that directly affect their struggles because the leaders they have elected to ensure that the country runs smoothly appear to have woefully failed at it.
It is the same understanding that has given a number of Ghanaians course to rank the Nana Addo Dankwa Akufo-Addo government as a poor-performing government, premised on many economic indicators.
In this GhanaWeb article, we take a look at some of the achievements of this government that have turned out as infamous because the NPP government which touted itself as ‘having the men’ have found it tough in dealing with the economic turmoil of the country.
For better perspectives, the article focuses on metrics since Ghana become a democracy in 1992 till date.
Worst exchange rate against foreign currencies:
Under the Nana Addo Dankwa Akufo-Addo government, Ghana has experienced its worst exchange rate on the Ghana cedi against foreign currencies such as the United States dollar.
GhanaWeb’s daily reports on the performance of the Ghana cedi showed that on Wednesday, October 12, 2022, the Ghana Cedi is trading against the dollar at a buying price of 9.7176 and a selling price of 9.7274.
This is compared to trading of Tuesday, October 11, 2022, where there was a recorded buying price of 9.6427 and a selling price of 9.6523. At a forex bureau in Accra, the dollar is being bought at a rate of 11.03 and sold at a rate of 11.23.
Against the Pound Sterling, the Cedi is trading at a buying price of 10.7807 and a selling price of 10.7935 as compared to yesterday’s trading of a buying price of 10.6465 and a selling price of 10.6581.
At a forex bureau in Accra, the pound sterling is being bought at a rate of 11.98 and sold at a rate of 12.28.
The Euro is trading at a buying price of 9.4435 and a selling price of 9.4530 as compared to yesterday’s trading of a buying price of 9.3489 and a selling price of 9.3582.
At a forex bureau in Accra, Euro is being bought at a rate of 10.52 and sold at a rate of 10.77.
The South African Rand is trading at a buying price of 0.5372 and a selling price of 0.5374 compared to yesterday’s trading of a buying price of 0.5318 and a selling price of 0.5321.
At a forex bureau in Accra, South African Rand is being bought at a rate of 0.45 and sold at a rate of 0.80.
The Nigerian Naira is trading at a buying price of 45.0656 and a selling price of 45.1827 as compared to yesterday’s trading of a buying price of 45.0656 and a selling price of 45.1827.
At a forex bureau in Accra, Nigerian Naira is being bought at a rate of 13.00 Naira for every 1 Cedi and sold at a rate of 15.50.
At the time of taking overpower in 2017, the cedi to dollar rate was around GH₵4.
Debt to GDP:
The current Debt to Gross Domestic Product (GDP) in the country is at all-time high, at GH¢402.4 billion as of July 2022.
The debt stock which stood at GH¢392.1 billion in March 2022 dropped to GH¢388.1 billion in April 2022, and later went up marginally to GH¢389.2 billion in May 2022 and to GH¢393.4 billion in June 2022.
In early October 2022, Ghana was classified as a high debt distressed country, by the World Bank.
The Bank’s October 2022 Africa Pulse Report said that Ghana’s rising debt-to-Gross Domestic Product (GDP) is now projected to reach 104 percent by the end of this year.
This would represent an increase from 76.6 percent a year earlier with the report attributing the development to the depreciation of the cedi, widening government deficit and rising debt service costs.
It further attributed Ghana losing its access to international capital markets as another contributing factor.
“Debt is expected to jump in Ghana to 104.6% of GDP, from 76.6% a year earlier amid a widened government deficit, massive weakening of the cedi, and rising debt service costs,” the report noted.
Inflation hits 33.9%, highest in 21 years:
In August 2022, GhanaWeb reported that Ghana’s consumer price inflation had hit a 21-year record high of 33.9%, according to the Ghana Statistical Service.
This means that prices of goods and services went up by 2.2% between July and August 2022.
July’s inflation stood at 31.7%. Government’s statistician, Samuel Kobina Annim, who announced the rate on September 14, 2022, said for the first time in 2022, month-on-month inflation was 1.9%, the lowest this year.
This made it another of the infamous achievements under the Nana Addo Dankwa Akufo-Addogovernment because since the dawn of the fourth republic, no such inflation figures have been recorded before in the country.
Food prices:
Multiple reports have shown that in the history of Ghana’s fourth republic, the rates at which food prices have been increasing in recent years have been nothing as have been experienced before.
For instance, food vendors now sell one egg at GH₵2 compared to GH¢1 in 2021. The raw eggs on the shelves of provision shops are also being sold between GH₵1.20p and GH₵1.50p for one, whereas they were sold at 70 pesewas and 80 pesewas depending on size.
And those who sell cooked eggs with ground pepper, which is usually bought as a snack, also sell an egg at GH₵1.50p compared to GH¢1 previously.
“The profit I make initially has reduced significantly. I used to sell over 600 crates in a week and make a profit of GH₵2 on each crate. And now, because farmers are also complaining that their production cost has increased, they are unable to produce more for us, their clients. Presently, I sell about 500 eggs in a week,” a wholesaler at Mallam, Kuukua Krampah, told the B&FT in an interview.
The same situation has affected the prices of rice.
A 5-kilogram bag of rice now sells at almost GH¢80, GhanaWeb’s checks have revealed. The alarming rate of the increase has been attributed to the increase in fuel prices and the rippling effects on transport fares.
During a market survey by GhanaWeb on August 15, 2022, Ama Amoabea, a seller of grains, including rice, beans, and other products at the Lapaz Newmarket, said the price of rice had increased from GH¢300cedis for 25kg, translating to GH¢60 for each 5kg bag.
“The foreign ones too are becoming expensive, it was 300cedis at first but it is 350cedis and 400cedis currently. They told us that since transportation fares have been increased, the prices of everything have increased as well so they should reduce transportation so that we can also reduce the prices,” she said.
Fuel prices:
At the fuel pumps in 2022, Ghanaians are having to pay more than they have ever paid for before. The prices of petroleum products have been soaring since the start of 2022, with petrol currently selling at GH¢11.55 per litre, while Diesel is selling at GH¢14.50 per litre across various pumps in the country.
Public transport fares have also been affected by this, with all other forms of products and food items eventually being affected.
Govt explanation
The government has admitted to the challenges in the economy but maintains it is a global phenomenon triggered by the aftermath of the Covid pandemic and exacerbated by the recent Russia and Ukraine war.
From the beginning of 2021 to September 2021, the President, Nana Addo Dankwa Akufo-Addo commissioned some factories under the 1 District 1 Factory program.
Some of these factories were newly constructed while others were revamped.
Rubber factory
Phase 3 KEDA Ceramics Factory
Rice Factory
Cassava factory
Darko Farms
Garment factory
Shoe Factory
President Nana Addo Dankwa Akufo-Addo has commissioned some factories in the past two months under his government’s flagship program, the 1 District 1 factory initiative.
Some of the factories were built from scratch while others were revived from their almost-dead state.
GhanaWeb in this article outlines the 7 factories President Akufo-Addo commissioned during his regional tour of the nation beginning September to now.
Rubber factory
President Akufo-Addo on September 3, 2021, commissioned a $2.1 million rubber processing plant at Wassa Dompim in the Western region.
The Ghanaian-owned rubber company, Narubiz Rubber Factory can process 20 tonnes of rubber a day and 6240 tonnes a year.
The rubber can be exported to foreign countries like Malaysia, Turkey, and Hong Kong.
The income generated from this export amounts to $9.6 million.
Phase 3 KEDA Ceramics Factory
During the president’s tour of the Western region four months ago, he opened Phase 3 of the KEDA ceramics factory.
The factory has employed 7,000 people both directly and indirectly, according to reports.
The ceramics factory currently exports 60% of the tiles produced on the West African market.
Rice Factory
A 6.7 million rice processing factory was commissioned at Sefwi Akontombra in the Western region on September 5, 2021.
It produces between 1.5 to 2.8 tonnes of processed rice in one hour.
Reports say 118 people have been employed so far and over 600 farmers from the Akontombra district have been engaged to supply paddy rice for processing.
Cassava factory
CH Global Limited, a cassava and yam processing factory was commissioned by the President on September 9, 2021, at Addo Nkwanta in the Krachi East District of the Oti region.
The facility is expected to process yams into frozen chips and yam balls.
The first phase of the project aims at processing 120 yams per hour. This means that 216,000 tubers of yam will be processed for yam chips and yam balls in a year.
Phase 2 of the project is expected to commence in 2022.
Darko Farms
During President Akufo-Addo’s tour of the Ashanti region, he visited the oldest and largest private poultry farm in Ghana, Darko farms.
The government pumped GH¢18 million into the poultry farm to revamp the almost-dead company.
The financial support, which was channeled through the Ghana EXIM Bank, followed the inclusion of the company in the 1 District 1 Factory (1D1F) program.
The company, which faced operational challenges due to financial constraints before the capital injection was due for an additional GH¢4 million, to enable it to expand and produce at maximum capacity.
Garment factory
A garment factory located in Koforidua was revamped on October 5, 2021.
Maa Grace Company Limited specializes in the production of utility clothing, uniforms for security forces, hospital scrubs, hotels, schools, and standardized uniforms.
The GH¢6.2 million shoe manufacturing company operates under Government’s 1D 1F initiative.
It is producing 800 pairs of high-quality shoes, including security boots, school shoes, and casual shoes for men, women, and children, per day.
According to the promoters of the project, the siting of the factory in the Akuapem North District is going to create jobs for the residents, which will help reduce rural-urban migration.
Shoe Fabriek, according to reports, has, so far, created jobs for one hundred and forty-four (144) people in the district.
Kow Essuman, lawyer for President Nana Addo Dankwa Akufo-Addo has expressed belief in the ability of Finance Minister, Ken Ofori-Atta, to steer Ghana out of the current economic downturn.
Essuman’s belief is anchored in the fact that the Minister has steered Ghana out of a crisis and that “he will do it again.”
“I am confident that Finance Minister, Ken Ofori-Atta, will get a good deal for Ghana and steer us out of these times very soon. He has done it before, and he will do it again,” tweeted on October 11, 2022.
His views accompanied a GhanaWeb curated publication from the Business and Financial Times portal, in which Ofori-Atta expressed satisfaction with progress made so far with regards to negotiation with the International Monetary Fund for an economic programme.
“This has been a very productive mission and I thank the IMF Team and all stakeholders for their commitment over what has been a marathon fortnight. The Government of Ghana is deeply encouraged by the progress made so far,” he said.
“We look forward to continuing our engagement and remain committed to working tirelessly to create a stable and resilient macroeconomic environment, ensure debt sustainability, and maintain social cohesion.
“Ghana is at a pivotal moment in her history and we are grateful for the IMF’s support, and indeed the support of all Ghanaians, as we work together to bolster Ghana’s build back effort,” he is quoted to have said.
His views come after the IMF mission team led by Stéphane Roudet completed its work in assessing the state of the Ghanaian economy.
Ghana’s First Lady on Tuesday morning took to her official social media pages to express her profound love to her husband for always making their family proud through his work and achievements.
The president on October 10 was honoured with a doctorate degree from Sorbonne University based in Paris, France.
The honorary doctorate from the prestigious European University was handed over to Nana Addo in the presence of his wife, Rebecca, who graced the ceremony wearing a custom-made dress.
Her heartfelt message reads: “Congratulations sweetheart on your honorary doctorate from The University of Sorbonne, in Paris, an honour previously bestowed on the likes of Pablo Picasso, Kofi Annan, Amartya Sen and Nelson Mandela. I am proud of you.”
In photos published by the First Lady, she was caught up in a public display of affection with her husband, who was beaming with smiles.
George Mireku Duker, Member of Parliament for Tarkwa-Nsuaem, has denied being involved in illegal small-scale mining, galamsey, activities.
Nana Nyowah Panyin IV, the Chief of Dompim-Pepesa in the Tarkwa municipality in an interview with Accra-based Joy FM alleged that the MP, together with Benjamin Kesse, the Tarkwa MCE, as well as Kobby Okyere Darko Mensah, the Western Regional Minister were all involved in galamsey activities in the region.
The chief indicated that he is not just throwing out allegations against the three appointees of President Nana Addo Dankwa Akufo-Addo, who has promised to put his presidency on line to ensure that galamsey which is polluting water bodies and destroying farmlands become a thing of the past.
But in a reaction, Mireku Duker stated that the allegation levelled against him were unfounded and it is a form of distraction from his duties as MP and Deputy Minister of Lands and Natural Resources.
“I do not own a concession, I do not have a concession, I do not invest into any mining of any kind and I am not into mining. Let me make that clear and I have said this time and again that mining is not done in a hidden place, it is done in an open place.
“You cannot just speculate if you know a concession owned by Mireku Duker everybody will testify, the community will testify…You know it is also a strategy to in a way distort your assignment, your focus and all that…,” George Mireku Duker said in a Joy News report.
The Deputy Minister of Lands and Natural Resources is of the view that the traditional ruler is throwing this allegation at him because the chief is his distant nephew and he [Mireku Duker] did not support his bid to ascend the throne.
The minister further noted that he has no knowledge of any mining firm engaging in illegal activity in the area.
“I have told you the background of the one making the allegation. He was the one who led the Independent candidate campaign in the 2020 elections…he is my distant niece (sic) and he feels I did not support him in becoming chief of my community and he is gone against me ever since,” the MP said.
Mireku Duker urged the public to disregard such accusations as they are untrue. He noted that he will engage his lawyers for the Chief to be summoned to show proof of his allegations.
What the Chief said about the MP
Nana Nyonwah Panyin IV, on Monday, October 10, 2022, to Joy FM that he has incontrovertible evidence to implicate the trio in galamsey activities.
“I know not of any company but I know of the very people who are behind the operations of ‘galamsey’ in my area. First and foremost the Regional Minister, Kwabena Okyere Darko-Mensah is involved.
“The MP for the area, Tarkwa Nsuaem, Honorable George Mireku-Duker is also involved and the MCE, Benjamin Kessie is also involved. I have told you I am not going to disclose my arsenals to you.”
He did not state the exact nature of their involvement in galamsey, which has become an issue of national concern with increasing pressure on government to curb its growing spread.
“They said they were going to sue, so let them sue. I’ll let out my arsenals at the right time,” Nana Nyonwah Panyin IV alleged.
The sole maker of safety footwear in Ghana, Shoe Fabriek, is now celebrating its year anniversary after Nana Addo Dankwa Akufo-Addo, the president of Ghana, officially opened its new facility in Akropong-Akuapem on October 6, 2021.
The business has a facility that employs cutting-edge technology and a complete infrastructure to make 32,000 pairs of various shoe models each month, including security boots, safety boots, school shoes, and casual shoes.
Additionally, in its effort to change the shoe-making environment in Ghana and West Africa, Shoe Fabriek trained approximately 60 people to improve and polish their shoe-making abilities on the Akuapem Ridge over the course of the previous year.
The company expects to train a minimum of 300 more young people in the area by 2025.
“Furthermore, we delight our clients by making high-quality shoes and apparel for men, women, and children. Due to this, this past year, we have been privileged to work with local and international companies; to produce various kinds of high-quality shoes within our portfolio, from factory workers to students,” the company said.
“Shoe Fabriek, therefore, urges all manufacturing, construction and Security companies to source their security boots, safety boots and PPEs from us. Our strategic location, an hour’s drive from Accra, facilitates short production lead times and ease of delivery, ensuring cost-effectiveness and timeliness”.
Commenting on the occasion, the General Manager of Shoe Fabriek, Beauty Larbi, mentioned that “we are committed to transforming the African shoe-making industry. The quality and delivery of the shoes we make is strong evidence of our commitment.”
“As a people-focused, socially inclusive, and sustainable business, over 70% of our staff are women aged below 35 years. This is a deliberate move to ensure that women in the Akropong Akuapem enclave are empowered”.
Additionally, the company has donated security boots to cadets of six Senior High Schools on the Akuapem Ridge, and school sandals to students of the Akropong School for the Blind.
Regarding its commitment to the environment, Shoe Fabriek uses efficient technology and processes that enable it to recycle and upcycle our raw materials thereby protecting the environment and enhancing economic development.
A chief in the Western Region has alleged that the regional minister, a Member of Parliament and a Municipal Chief Executive in in his jurisdiction are into illegal small-scale mining, galamsey.
Nana Nyonwah Panyin IV, the Dompim-Pepesa chief told the media on Monday, October 10, 2022; that he had incontrovertible evidence to implicate the trio.
He has subsequently dared the trio to sue him over the allegations he has made stressing that already he had become the subject of threat following his resolve to root out galamsey from his jurisdiction.
“I know not of any company but I know of the very people who are behind the operations of ‘galamsey’ in my area. First and foremost the Regional Minister, Kwabena Okyere Darko-Mensah is involved.
“The MP for the area, Tarkwa Nsuaem, Honorable George Mireku-Duker is also involved and the MCE, Benjamin Kessie is also involved. I have told you I am not going to disclose my arsenals to you.”
He did not state the exact nature of their involvement in galamsey, which has become an issue of national concern with increasing pressure on government to curb its growing spread.
“They said they were going to sue, so let them sue. I’ll let out my arsenals at the right time,” he alleged.
Meanwhile, the MP who also doubles as deputy Minister for Lands and Natural Resources has denied involvement in the illegal activity.
“The situation keeps getting worse, and my heart is bleeding,” the chief said when asked how he feels about the galamsey scourge.
Galamsey has become topical in recent months with the resurgence of news on its continued negative impact on the environment.
President Nana Addo Dankwa Akufo-Addo at a recent meeting with the National House of Chiefs and selected Metropolitan, Municipal and District Chief Executives, MMDCEs, restated his resolve to root out the canker.
The issue has also been given impetus following the rearrest last month of a notorious galamsey kingpin in the person of Aisha Huang.
The Chinese national who had as at 2018 been repatriated from Ghana after the state discontinued a criminal trial against her for galamsey, reentered the country on the blind side of the authorities.
Sunday, 9 October 2022, the memorial and thanksgiving service for the late musician Nana Kwame Ampadu took place at the Obo Community Centre, in his home town Obo Kwahu.
In the same town, on Saturday, his funeral service was held following a state burial on Friday, 7 October 2022, at the forecourt of the State House in Accra.
In attendance at the state burial were hundreds who came to pay their last respects to the music icon who came to prominence in 1967 when he released his song ‘Ebi Te Yie’ which was believed to be a protest song against the then-governing National Liberation Council (NLC) which toppled Ghana’s first President, Dr Kwame Nkrumah.
Aside from members of the Clergy, members of the Musicians Union of Ghana (MUSIGA), members of the Obra Drama Group among family, friends and the general public, creative arts stars like Kojo Antwi, Akosua Agyepong, Obour, Grace Omaboe (Maame Dokono), Adwoa Smart and David Dontor were in attendance.
Also present were dignitaries like the Speaker of Parliament Rt Hon Alban Bagbin, the Minister for Interior Hon Ambrose Dery, the Chief of Staff Akosua Frema Osei Opare, former First Lady Nana Konadu Agyeman-Rawlings, the Clergy and H.E. President Nana Addo Dankwa Akufo-Addo who noted the outpouring of grief following Nana Ampadu is testament to how dear and impactful he was to the music industry in Ghana.
“Talk of the commencement and growth of Highlife music and one of the people whose name would be on the lips of every Ghanaian would be Nana Kwame Ampadu,” the President eulogised.
“Indeed, the outpouring of grief by many Ghanaians, following the news of his death, is an appreciation of the impact his music had on successive generations of Ghanaians. He was one of Ghana’s music icons and undoubtedly, a legendary Highlife artiste whose music transcended our national borders,” Mr Akufo-Addo noted.
“Nana Ampadu believed in my vision for the transformation of Ghana and assisted me tremendously on the campaign trail in the run-up to the victory of my party, the New Patriotic Party (NPP), and myself in the elections of 2016 of which we remain eternally grateful,” he revealed.
“His was a life well-lived, and he will be sorely missed by all who had the opportunity and privilege of knowing and meeting him,” the President concluded.
The MUSIGA, which Nana Ampadu once served as President, also extolled him for his immense contribution to the growth of the union over the years and in particular the role he played in the establishment of the Ageing Musicians Trust Fund.
Known since 1973 as the ‘Ndwontofoohene (King of Singers)’, the man who is acclaimed for composing more than 800 songs is survived by a wife, Madam Joyce AB Frimpong, 24 children and 30 grandchildren.
The founder and leader of the United Progressive Party (UPP) has said that the meeting President Nana Addo Dankwa Akufo-Addo had with chiefs and Metropolitan Municipal and District Chief Executives (MMDCEs) on the fight against galamsey will amount to nothing.
In an Onua TV interview monitored by GhanaWeb on Thursday (October 6), Akwasi Addai Odike alleged that most of the participants at the meeting, including the president, are beneficiaries of “galamsey.”
He added that the president’s meeting can be akin to a meeting of shareholders of a company who are meeting to discuss how they will share their profit.
“The meeting the president had in Kumasi had no benefit. The president went to meet MMDCEs, is he not the same person who appoints them? Does he not have a Chief of Staff who is supposed to sack MMDCEs who are misbehaving? Do you have to call all of them together?
“The meeting the president held in Kumasi was a galamsey shareholders’ meeting. The chiefs are blaming the government for the menace, the government is also blaming the chiefs. These are the two groups who went to meet. They are the shareholders in galamsey.
“The president just went to make a speech. He did not state any strategy to stop the menace, and he is not going to because he is a direct beneficiary of the galamsey proceeds. Everything shows that Nana Addo is a direct beneficiary of galamsey proceeds. The chiefs are also beneficiaries of galamsey,” he said in Twi.
He added that Akufo-Addo, after all the resources at his disposal, including the army and putting his presidency on the line, is now asking chiefs to help in the fight against galamsey.
President Akufo-Addo, during his meeting with chiefs and MMDCEs in Kumasi on Wednesday (October 5), urged chiefs across the country to get themselves involved in the fight against illegal small-scale mining since they are the custodians of lands in the country.
“80 percent of the lands in this country continue to be under your custody, much of it having been acquired through the blood and sacrifices of your ancestors. The remainder of 20 percent, which I hold in trust of the people of Ghana, derived from state acquisition from you.
“What this means is that ultimately, the welfare of the state of the lands is our joint responsibility, although by statute the minerals in the soil belong to the president in trust for the people,” he noted.
The largest opposition party in Ghana, the National Democratic Congress, has described the current efforts by the Nana Addo Dankwa Akufo-Addo government against illegal small-scale mining (galamsey) as mere ‘window dressing’.
According to the party, the Akufo-Addo government only engages in rhetoric rather than cracking the whip on its own officials and officials of the New Patriotic (NPP) who have been caught engaging in ‘galamsey’.
It has, therefore, demanded that President Akufo-Addo, as the first sign of his seriousness in the fight ‘galamsey’, orders the prosecution of five persons including his past appointees and leading members of the NPP.
Here are the five people NDC wants Akufo-Addo to prosecute
Former Minister of Environment, Science, Technology and Innovation, Prof. Kwabena Frimpong Boateng
The first person the NDC is demanding that the government prosecutes is the first Minister of Environment, Science, Technology and Innovation under Akufo-Addo’s presidency, Prof. Kwabena Frimpong-Boateng, for allegedly fuelling and profiting from illegal mining.
The former minister, in 2006 contested in the NPP flagbearership race for the December 2008 National Presidential Elections but lost to the current president, Akufo-Addo.
Kwabena Frimpong Boateng is a Ghanaian physician and cardiothoracic surgeon who established the National Cardiothoracic Centre and the Ghana Red Cross Society. He is also the President of the Ghana Heart Foundation and was the Chief Executive Officer of the Korle Bu Teaching Hospital in Accra.
Prof Boateng has been accused by some Ghanaians including veteran journalist Kweku Boateng of owning a ‘galamsey’ site.
Claims that the renowned medical practitioner was involved in ‘galamsey’ heightened in 2020 when 500 excavators seized from illegal miners went missing under his watch.
Former secretary to the Inter-Ministerial Committee on Illegal Mining, Charles Bissue
The second person the NDC wants prosecuted is the former secretary to the Inter-Ministerial Committee on Illegal Mining, under President Akufo-Addo, Charles Bissue.
Mr. Bissue, in addition to his rule as the secretary to the Inter-Ministerial Committee on Illegal Mining, was a presidential staffer. He was also a two-term Western Regional Secretary of the NPP and a member of the National Council of the party.
He recently indicated that he was going to contest in the race for the NPP’s General Secretary position but withdrew at the last minute.
Charles Bissue was implicated in an investigative documentary by Anas Aremeyaw Anas in 2019 as an alleged enabler for galamsey.
Bissue allegedly facilitated for ORR Resource Enterprise, a company seeking to circumvent laid down processes to be given clearance for its mining operations.
The matter was referred to Special Prosecutor, then Martin Amidu, but Bissue was cleared of any wrongdoing by the Criminal Investigations Department of the Ghana Police Service before Amidu could finish with his investigations.
Ashanti Regional Chairman of the NPP, Bernard Antwi Boasiako
The Ashanti Regional Chairman of the NPP, Bernard Antwi Boasiako, a.k.a. Chairman Wontumi, is one of the names on the list of the NDC.
He has since 2018 been often accused without evidence of being the El Chapo of galamsey in Ghana.
The involvement of Wontumi in galamsey was highlighted by then Minority lawmaker Adam Mutawakilu in a July 2018 press conference in parliament.
“…The chief of Jakobu came out clearly [to tell me] that the CEO of the forestry commission and Wontumi, chairman of NPP in the Ashanti Region, are engaged in galamsey,” the former MP said.
Wontumi’s name came up again recently, when the Minister for Lands and Natural Resources, Samuel Abu Jinapor, directed the Forestry Commission to suspend the operations of Akonta Mining Company in the Tano Nimiri Forest Reserve of the Amenfi West Municipal Assembly.
According to a statement issued by the Public Affairs office of the Ministry on Friday, September 30, 2022, the company owned by Wontumi, has been engaging in mining activities in the forest without a permit.
Former First Vice-Chairman of the New Patriotic Party (NPP) in the Central, Horace Ekow Ewusi:
The former First Vice-Chairman of the New Patriotic Party (NPP) in the Central, Horace Ekow Ewusi, is another name on the list of the NDC.
Ekow Ewusi was supposedly arrested by the police over the 500 missing excavators used for illegal mining in 2020.
His arrest was after Prof Frimpong Boateng issued a letter directing the Criminal Investigation Department to arrest and interrogate him after learning that former Ekow Ewusi had sold some of the confiscated equipment from illegal miners.
Horace Ekow Ewusi also was caught on tape discussing galamsey plans with a former Minister of Environment, Science, and Technology.
In the said tape, Ekow Ewusi was heard detailing to Professor Frimpong Boateng how they can use galamsey to finance party activities.
He stated: “The last time you met my MP [Elvis Donkor] in Parliament, he told you that he will also need a machine to work with and you even asked him to come and see me because I have a lot of these excavators.”
Professor Frimpong Boateng however denied the content of the leaked audio in a GhanaWeb interview.
Former aide to the Ashanti Regional Chairman of the NPP, Bernard Antwi Boasiako, Andy Owusu
The last name on the list of five names is the former aide to the Ashanti Regional Chairman of the NPP, Bernard Antwi Boasiako, Andy Owusu.
Andy Owusu was captured on tape with other persons who were purported to have received bribes in the exposé by Anas Aremeyaw Anas on galamsey in 2019.
Investigative journalist Anas Aremeyaw Anas claimed that Andy Owusu charged GH¢50,000 for his services during undercover investigations and was paid a total of fifteen thousand cedis (GH¢15,000.00).
“Mr. Andy Owusu, a link man for Mr. Bissue charged us fifty thousand cedis (GH¢ 50,000.00) to get us through to him. We negotiated for forty thousand Cedis (GH¢40,000.00) and he accepted it. Out of this amount he accepted part payment of fifteen thousand cedis (15,000.00). Mr. Andy Owusu was also the one who told us how much Mr. Bissue was ready to accept to fast track the process for us. Mr. Andy Owusu also linked us to “school boy” a national security operative for our safety at the illegal mining site”, he posted on his Facebook page.
Speaking at the funeral ceremony of Nana Ampadu held this morning at the forecourt of the State House in Accra, he highlighted the musician’s contribution to the music industry and how he impacted his [Akufo-Addo’s] political life.
“Talk of the commencement and growth of highlife music, and one of the people whose names will be on [the lips of] most Ghanaians is Nana Kwame Ampadu. The outpouring of grief by many Ghanaians following the news of his death is in appreciation of the impact his music had on successive generations of Ghana”.
“He was one of Ghana’s musical icons and undoubtedly a legendary highlife artiste whose music transcended our national borders.”
The President spoke of how supportive the late Nana Ampadu was of his vision “for the transformation of Ghana.”
“He assisted me tremendously on the campaign trail in the run-up to the victory of my party, the NPP, and the elections of 2016, for which we remain eternally grateful.”
The President consoled the family and said the late highlife artiste will be “sorely missed by all who had the opportunity of knowing and meeting him.”
The final part of the funeral rites will be held tomorrow at Obo Kwahu in the Eastern Region, where his remains will be taken for interment.
Nana Kwame Ampadu passed on at the age of 76 on Tuesday, September 28, 2021, after he was admitted at the Intensive Care Unit of the University of Ghana Medical Centre (UGMC) in Accra.
He is known for songs like Ebe Te Yie, Agatha, Obra, Oman Bo Adwo, among others.
A one-time host of The Seat show on Net2 TV, Kwaku Annan, has made an allegation against the President of Ghana, Nana Addo Dankwa Akufo-Addo, claiming that he directly interfered with his work while he worked at the pro-NPP station.
Speaking in an interview on Kingdom FM and shared on Facebook, Kwaku Annan explained that the president used his Director of Communications, Eugene Arhin, to send him an order to back down on exposing what he had on the pastor.
“Don’t pretend that we’re in a spirit world. We are in a physical world. President Akufo-Addo looked at my face and told me that we should stop that expose,” he claimed.
Asked by the host of the program he was on, on why the president would want to do such a thing, Kwaku Annan replied that this is something Nana Akufo-Addo should respond to.
“He is the only one who can answer this question. The point is that we’re not speaking in isolation. Eugene Arhin, the president’s spokesperson should call into this program and tell me what the president told him to tell me.
“His Excellency was the one who gave him the instruction when they landed at the airport. Eugene cannot speak in isolation and give instructions. I know what was going on and I have all the records there,” he added.
The broadcaster fell out with his boss, the Member of Parliament for Assin Central, Kennedy Agyapong, after the latter took him off the show, The Seat, on Net2 TV, and eventually sacked him.
Since then, Kwaku Annan has been on a rant, exposing some of the deep secrets that pertained to his work with the MP and other persons in the current government.
Dear Ace Ankomah, let’s continue to think alike, for even though ages apart, you and I have one thing in common: Akim Achiase, where you come from and where I did a year of my basic education (Please don’t ask me in what year).
I am not an Akim, but I derive part of my schooling therefrom: Akim Ehyiamu, Akim Achiase, Akim Osenase, etc. I am proud of my former student, Gyasi Obeng from Akim Asuom, my late Professor, Boadi from Akim Akropong, Gyimah Boadi from Abirem, etc. The list is endless.
Today, our Birim river and the pride of my Akim colleagues is gone. And Oh that is home of the President himself, Nana Addo Dankwa Akufo-Addo, the great Akim born and his great ancestry.
The Birim river is gone, suffering a terminal paralysis. Lost to Galamsey. So then what happens to the great appellation of the Akim people: Akyemkwaa a onom Biremu.
The proud Akim born that drinks of the great Birim river? Today the river is gone. My Dear Ace Ankoma, you are gone. It is a virtual declaration of your non-existence.
The rivers have been part of our defining features as a nation, our cultural and natural heritage, apart from the huge economic benefits derived. They are sites that have nurtured our great statesmen: the Ofori Attas. They were all Akim Akyemkwaa that derived pride and sustenance from Birim. But where is Birim?
The Ankobra river is gone too. Amputated by galamsey. The river that nurtured Osagyefo himself.In his autobiography, Kwame Nkrumah refers to the river traversed by his mother, Nyaneba, while he was firmly clutched on her back as a baby. Rivers of Nkroful, Nkrumah’s birthplace are currently flooded with galamsey! A shameful dedication to the great leader!
But the rivers were also great enough to impart greatness to beneficiaries. The mudfish, even though tiny,
is arrogant because it lives in the big Firaw (Volta) river, the people of Akwamu would say. And the Ayensu river. We boasted of you. Even in times of drought, you Ayensu overflowed your banks.
The Volta is not gone; but Pra is at the precipice, raped and dripping in blood; ravaged beyond parental recognition: the site that was a boundary between Asante and the Southern protectorate.
But Pra is also evocative in Asante history. Even though reminding us all of an unspeakable tragedy, this was converted to strengthen the Asante judicial system of ntam. These great landmarks of our history and heritage are under attack.
The sovereign nation Ghana is currently under attack from a merciless terrorist within. This is not the time for business as usual, please. If our collective heritage is terminated, so are we as a nation.
Ace, I am sad; please let’s have lunch one of these days and continue to sing dirges.
I am going to Duakwa. Please come over.
DISCLAIMER: Independentghana.com will not be liable for any inaccuracies contained in this article. The views expressed in the article are solely those of the author’s, and do not reflect those of The Independent Ghana
President Nana Addo Dankwa Akufo-Addo will today Wednesday, October 5 meet with the National House of Chiefs and various Metropolitan, Municipal and District Chief Executives (MMDCEs) over the illegal small-scale mining, galamsey, menace.
The meeting will take place at Manhyia, in the Ashanti Regional capital. It is expected that the meeting will see the various stakeholders proffer solutions on how to deal with the galamsey menace which has become very topical in recent weeks due to the polluted nature of water bodies and general environmental degradation.
Many civil society organizations have expressed concerns over the heavy pollution of water bodies which has compelled the Ghana Water Company Limited to threaten to shut down operations in some mining communities.
Pressure group, Occupy Ghana, has urged President Akufo-Addo to declare a state of emergency in mining areas and to recommit to the fight against the illegal activity.
The President, it will be recalled placed his presidency on the line in 2017 over the galamsey menace. However, many hold the view that the fight has not been a success as a result of the state of water bodies as well as the face that some top officials have been found complicit in the fight.
Nana Akufo-Addo opines that he paid a political price for his fight as he lost votes and in some cases, NPP lawmakers also lost their seats in mining areas in the 2020 elections.
Otumfuo Osei Tutu II has had cause to speak on the matter when US Ambassador to Ghana, Virginia Palmer, paid a courtesy call on him.
He wondered why the country has failed to stop the menace of ‘galamsey’ even after the President, Nana Addo Dankwa Akufo-Addo, had put his political career on the line to stop it.
Asantehene also questioned why the security apparatus in these ‘galamsey’ areas and the taskforce set up by the government have failed to stop the menace.
He intimated that small-scale mining was something that had been done for serveral years but never to the detriment of the environment.
“It has gotten to a point where people are now using equipment and all that. They do not care about the environment.
“But the question is who is in control of the security around the area. From the district level to the highest level. We are all talking about ‘galamsey’. The government set up this military cum police to stop galamsey. Why have we not been able to stop it? Why?” he asked.
The revered king further absolved traditional authorities from blame over the menace stating that the political class ought to rather be blamed.
But speaking at the 40th anniversary celebration of the Faculty of Renewable Natural Resources (FRNR) at the Kwame Nkrumah University of Science and Technology (KNUST), Lands and Natural Resources Minister Samuel Abu Jinapor insisted that traditional authorities as well local assembly members were complicit in the matter.
“I can say without a shred of equivocation no one can bring a chain saw to harvest rosewood in the forest or an excavator to mine in the bush, to work on river bodies in the community without the knowledge or passive approval somehow of the chief, elders, the assemblymen, opinion leaders and local authorities in the community,” he stated.
He has charged him to listen to the cry of citizens as they believe that their president hasn’t made any major impact on their lives ever since he came into office.
Shatta, on Monday afternoon, took to his social media page to detail the true state of the nation under Akufo-Addo, adding that the president’s officials have failed to tell him the real state of Ghana’s economy.
“It is just that some of us in this country are cowards,” Shatta said.
According to the famous singer, the president needs to be made aware of his shortcomings, which people on the streets say are worse than the former president, John Mahama.
“Let me tell you the truth about what is happening on the streets. The street is hot. Mr President, the street is hot, I am telling you something…Mr President, I am telling you, the country is not going well.
“People just want to come follow you and make money and just go, and your legacy won’t be the legacy you’ve dreamt of. I beg you, ebi Ghana, we all dey oo,” said Shatta Wale in the video sighted by GhanaWeb.
The Ghanaian entertainer added that not much has been achieved in the entertainment sector under the leadership of the president, adding that Ghanaians are pissed at his leadership.
“We were in Ghana when they said Mahama wasn’t doing anything, but as for you, the people say you are not even trying. Mr President, forget everything. That is what I am telling you. They say you no dey try. Common entertainment sef they say you no dey try. People are pissed on the street, I am telling you something,” he said.
The country is not going well – Shatta Wale calls Nana Addo to action
According to the President, Nana Addo Dankwa Akufo-Addo, two out of every ten employment in the nation are now being created by the hospitality subsector.
The sub-sector, which ranks after cocoa and oil and gas in terms of the country’s overall productivity as assessed by the GDP, was also disclosed by the President.
According to the President, the COVID-19 pandemic caused a decline in the sector’s growth in 2020, as evidenced by a 75% drop in international tourist arrivals for that year and a 45% drop in 2021, but this year’s recovery of the sector was dependent on very strong initiatives by the government to boost growth.
At the opening of the Tema branch of the indigenous hotel range, Alisa Hotel, in Tema last Friday, President Akufo-Addo indicated that the government was a cheerleader for the private sector and would continue to introduce policy initiatives aimed at creating an enabling environment for the private sector to flourish.
The 52-bed hotel, an addition to the Alisa Hotels Group, now brings to three the group’s hotel offerings, having started with a small branch in Labone and then its signature facility at North Ridge, both in Accra.
President Akufo-Addo acknowledged the economic difficulties confronting the country and said in spite of the current difficulties, “we will continue to build a business friendly environment that will enhance entrepreneurship, a vital component of economic growth and development which has been globally embraced as an important driver of economic activity and transformation.”
To that end, the government would use tourism as an effective tool for economic transformation to create jobs and prosperity for the people, the President stated.
“That is why the government, with the support of international partners, is investing heavily in key tourism attractions which will in turn boost tourism arrivals this year and beyond,” he said.
President Akufo-Addo reiterated plans to build a state of the art tourism and hospitality training school in Accra, and stated that the $10million facility would serve West Africa and provide customer care training to operators in the hospitality value chain.
He emphasised that the development of the capacity of tourism players was critical to Ghana’s quest to be the best tourism destination in West Africa.
“When customers are happy and delighted they do not only stay longer in hotels but also spend more, hence our focus in the next 18 months is to exploit our culture, heritage, history, hospitality and beautiful natural scenery to attract tourists, fun lovers and leisure seekers to gain an experience in our country,” the President said.
The President pointed out that as part of a product improvement initiative, several tourist sites, including the Aburi Botanical Garden, the Yaa Asantewaa Memorial Museum and the Kente Museum in Kumasi, were being rehabilitated.
“This year alone, it is expected that some $25 million will be expended to upgrade some of our iconic sites, including the Elmina and Cape Coast Castles, the Kwame Nkrumah Memorial Park, the Mole and Kakum National Parks and Cultural Museums in Yendi, Ejisu, Akropong and Ho under the Ghana Tourism Development Project supported by the World Bank,” President Akufo-Addo stated.
He commended management of the Alisa Group, particularly its Group Chairman, Kwame Ofosu Banfo for the investments and noted that the new facility and other associated investments were as a result of dedication, commitment and hard work which he said, would go to support the government’s vision to market the country as an exciting destination for leisure, conferences, sports, health, education and cultural tourism.
Training
The Deputy Minister of Tourism, Art and Culture, Mark Okraku Mantey, indicated that the ministry was determined to train about 2,000 people in the sector, particularly in the area of customer service.
So far, he said, about 800 people had undergone training aimed at improving service delivery which had been lacking in the sector.
Alisa
Alisa Tema has standard facilities such as conferencing halls, a swimming pool with cabbanas, a tennis court, gym, bars and restaurants, a sky bar which offered a scenic view of the Tema Township, among other facilities.
Mr Bamfo, said the defunct Meridian Hotel provided an inspiration for the Alisa Tema dream.
He said the company had grown significantly and succeeded in providing employment for over 750 persons as a group, with the Alisa range of hotels alone employing up to 500 people.
The hospitality industry, Mr Bamfo said, was a powerful generator of career opportunities.
“Ghana is no exception and the hospitality industry has great prospects in assisting the government to achieve one of its key agenda of employment creation,” Mr Bamfo said.
He also appealed to the government to offer some incentives to the industry in relation to access to cheaper credit to help boost operations in the industry and create more jobs for the youth, both skilled and unskilled.
Minority leader and Tamale South Member of Parliament, Haruna Iddrisu, has berated President Nana Addo Dankwa Akufo-Addo and his appointees over management of the economy.
Speaking to veteran journalist Kwesi Pratt Jnr in an interview on Pan African TV, he posited that the economy has grossly been mismanaged by ‘incompetent’ people placed at the helm of affairs.
The situation he lamented has forced many to reel under economic pressures while the government has also resorted to ‘irresponsible, reckless borrowing.’
He mentioned for instance that President Akufo-Addo’s promise to protect the public purse during his inauguration in 2017 has not seen the light of day.
The legislator premised his remark on the number of ministers the president appointed in his first term, referencing the infamous terminology of an ‘elephant size government’.
He feared that given how the economy and the country at large was being managed, the situation may degenerate into scenes that were witnessed in South Asian country, Sri Lanka, months back.
Haruna Iddrisu made the comment while making a case for a cap to be placed on the number of ministers a president can appoint.
“When you hear President Nana Addo Dankwa say that he will protect the public purse and come and appoint an elephant-sized government, that’s incongruous. I mean you cannot reconcile that and then you see him spend profligately on travel when other heads of states will be on business class and either first class, you want to fly with the comfort of a private jet that adds to the cost.
“What is now catching up with them is that they didn’t keep faith with the Ghanaian electorate. At the time the NDC and President Mahama explained that they will not be able to pay allowances, it will affect the compensation budget, to be able to recruit more to the public service….there are those who think we need a downsizing of the Ghanaian public sector.
“I have read Professor Wood’s book and he is very articulate that our public sector is too large. 700,000 workers but how do you downsize it when you are not even providing an enabling environment for the private sector. What is happening today in Ghana and Kwesi, I am afraid Ghana may dip into a Sri Lankan situation even before the end of December,” he said in the October 1 interview.
Sri Lanka dominated the news following days of massive protests by citizens over an economic downturn.
The situation culminated in the protesters storming deposed President Gotabaya Rajapaksa’s residence in July.
Amidst the upheaval, Rajapaksa resigned and fled the country to Maldives, BBC reported.
At present, Sri Lanka’s consumer inflation according to official data showed surged to an annual record 69.8% in September.
Ghana’s economy has also in recent times faced a downturn with economists pointing to inflation rates, hike in petroleum products, and increased cost of living.
The worsening economic situation has compelled government to initiate contact with the International Monetary Fund for a programme owing to downgrades of the economy by rating agencies which prevented it from accessing the international capital market.
He blamed the impossibility of the December deadline to the nation’s mounting debt in the face of its economic difficulties.
The economist asserted during an appearance on Citi TV’s Big Issues program, which GhanaWeb was watching, that the government must first restructure its debt before concluding the agreement with the Bretton Woods institution.
Dr. Theo Acheampong argued that the time frame for this exercise was too short and that Ghana may realistically finalize its agreement with the IMF by the first quarter of 2023.
“The most important thing is how to bring your creditors together to restructure the debt. That is what could potentially actually extend the duration of the engagement exercise and that then means that the December timelines that we were looking at to conclude the IMF deal may actually slip a little bit,” he said,
“From where I sit, we only have barely three months to conclude all of this. [debt sustainability analysis] and given past experience, I struggle to see how we will conclude the debt sustainability analysis and then sit down with the creditors and agree on some sort of debt restructuring package and eventually goes to the IMF board for approval and the programme itself signed off. I think we are looking probably in about 6 months time period which may go into first quarter of next year,” the economist added.
On September 5, 2022, the Managing Director of IMF, Kristalina Georgieva, stated that a deal between Ghana and the IMF should be reached and finalized before the end of the year.
Former lecturer at Kwame Nkrumah University of Science and Technology (KNUST), Dr. Richard Amoako Baah, has urged Ghanaians to keep pressing President Nana Addo Dankwa Akufo-Addo for accountability despite his resistance to do so.
He is especially worried about Ghana’s current economic crisis, which he claims has the potential to cause the system as a whole to crash.
Despite the difficulties, he is concerned that the president is not taking advice and is being permitted to rule the country whatever he pleases.
He asserts that the current situation must alter.
“You advise him, he doesn’t take it. There is nothing left for you to do but to be quiet and watch him.
“It is our country; it belongs to all of us and it is about time we stand up and stop behaving as if the country belongs to the President and his friends and family and cronies and we are just guest workers in it.
“We are not. If we don’t speak up now. There will be nothing left, pretty much right now, nothing left,” he said in an interview on Joy FM, September 29.
Rising cost of living, galloping inflation and a depreciating Ghana Cedi are some of the main pointers to the economic crisis that Ghanaians are putting up with.
The government is in talks with the International Monetary Fund, IMF, for a reported US$3 billion rescue facility to help stabilize the economy and reset it on the path of growth.
Government has partly blamed the Russia-Ukraine war and the impact of the COVID-19 pandemic for the headwinds, insisting that all was being done to stem the tide.
President of the Republic Nana Addo Dankwa Akufo-Addo‘prophesied’ the economic woes that have befallen Ghanaians, according to former Central Regional Minister Kwamena Duncan.
Kwamena Duncan claims that the President made steps to save lives during the Coronavirus outbreak while well aware that the nation would eventually confront these crises.
He stated that the President made a hard choice when the deadly viral disease swept the country.
“It is by his efforts that we all have lived today to go up and down, that today it’s impossible that thousands and thousands of our Ghanaian youth could gather at the Independence Square. He chose to protect, to save lives. That’s what the President did; so he must continue to hold his head high . . . If you save lives, it will be at the expense of some other thing. Akufo-Addo was prophetic when he made the hard choice and which was the best choice. So, he knew the consequences would come,” he said.
But the former Minister was however confident that the President will not let down the citizenry.
He assured Ghanaians that the President and his government is set on the right course to salvage the economy, therefore called on them to rally behind the Akufo-Addo administration.
“This country, we need to stay together. What has happened nowis a major hurdle but I trust the leadership, we will go over this hurdle and we get back on course,” he stated.
Kwamena Duncan made these submissions on Peace FM’s “Kokrokoo” morning show while discussing the Government of Ghana’s resort to the International Monetary Fund (IMF) for a bailout.
According to the journalist, considering that the president’s speech during his inauguration was plagiarised, his decision to use the works of a musician without permission should not come as news to anyone.
“Why is anyone surprised at @NAkufoAddo taking creatives content without asking for permission? his inaugural speech as president was plagiarized. When someone shows you who they are, believe them the first time – Maya Angelou,” she tweeted.
Kirani Ayat while reacting to a post by Nana Addo Dankwa Akufo-Addo, Tuesday, accused the president of using graphical excerpts in his music video to promote his tourism agenda.
On September 27, 2022, a video was shared on Twitter by the President of Ghana to promote tourism in the country and welcome expatriates into the country.
The video caption read, “Beneath the deep blue sky, the Black Star is calling. Follow the stars and let them take you on a journey of our people. I invite everyone to the country at the centre of the world.”
In a tweet that highlighted the tweet, Kirani Ayat said the president had used his video without consulting him.
According to Ayat, this was after the Ministry failed to heed his [Kirani Ayat] plea to use the song ‘GUDA’ to endorse tourism in the North.
Why is anyone surprised at @NAkufoAddo taking creatives content without asking for permission? his inaugural speech as president was plagiarized.
When someone shows you who they are, believe them the first time – Maya Angelou 🙏🏿
The president of Ghana has used my video “GUDA” in this ad to promote Ghana. I was actively reaching out to the Ministry of Tourism in 2018/19 to use this video to push tourism in the North and got NO reply, yet today it’s in an ad and no one reached out to me for permission. 🤦♂️ https://t.co/vLnAP0bRqf
On September 27, 2022, a video was shared on Twitter by the President of Ghana to promote tourism in the country and welcome expatriates into the country.
The video caption read, “Beneath the deep blue sky, the Black Star is calling. Follow the stars and let them take you on a journey of our people. I invite everyone to the country at the centre of the world.”
In a tweet that highlighted the tweet, Kirani Ayat said the president had used his video without consulting him.
“The president of Ghana has used my video “GUDA” in this ad to promote Ghana. I was actively reaching out to the Ministry of Tourism in 2018/19 to use this video to push tourism in the North and got NO reply, yet today it’s in an ad and no one reached out to me for permission,” he shared.
After the disclosure by the artiste, some concerned citizens have taken up the issue to address it with the hopes that the president will give the artiste the needed decorum for using his property.
Ghanaian comedienne, Afia Schwarzenegger, has asked Ghanaians to fasten their seat belts and wait for new fare increment for mocking the president, Nana Addo Dankwa Akufo-Addo at the just-ended Global Citizen Festival.
In a video shared on the socialite’s social media, she called Ghanaians disrespectful for booing at the president when he appeared on stage to read a speech.
“You have made us understand that as the world is going in this direction, you guys can’t control yourselves.
“Since you have finished hooting at Nana Addo, you have to find money for transportation because fares are going to go up again,” she shared.
According to the mother of three, even Nigerian President Buhari, who has performed poorly than Akufo-Addo, has never been treated terribly by Nigerians.
“…when we were having a program, a president we have queued to vote for, you decided to show your foolish side to him. We have heard you. Nana Addo, Away! Where should he go?
“Have you seen Buhari go anywhere in Nigeria for them to hoot at him? Is it calm in America? You have done well. Disrespectful attitudes you guys have,” she added.
On September 24, 2022, the leader of Ghana, His Excellency Nana Addo Dankwa Akufo-Addo, was booed at the 2022 Global Citizen Festival stage at the Black Star Square in Accra.
This was when H.E. Nana Addo was about to read his keynote address.
Kosi Antwiwaa Yankey, the Chief Executive Officer (CEO) of the Ghana Enterprises Agency, has disclosed that the government has started collecting payments on the loans it provided to companies through her organization.
She made a suggestion that more than GH20 million cedis had been obtained from borrowers of the loans.
President of the Republic of Ghana Nana Addo Dankwa Akufo-Addo declared in 2020 that the government had established a GH600 million soft loan program with a two-year payback plan to aid micro, small, and medium-sized enterprises as part of the Coronavirus Alleviation Program.
Following the outbreak of COVID-19 in Ghana and a partial lockdown on Accra and Kumasi as a result of the disease, most businesses in major economic hubs were rendered inactive, limiting the income of most citizens.
In an exclusive interview with host of Atinka FM’s AM Drive Kaakyire Ofori Ayim, Kosi Antwiwaa Yankey revealed that government through the Ghana Enterprises Agency supported over 300,000 Ghanaians during the outbreak of Covid-19.
She added that added that aside from the 300,000 people, the Ghana Enterprises Agency also supported 200,000 people through the support of the Master Card Foundation.
Antwiwaa Yankey added that an assessment by the Ghana Statistical Service, the UNDP and the World Bank revealed that the revenue of SMEs who received funding in the third wave of covid-19 increased by 22%.
She also refuted claims that her agency supported only members of the New Patriotic Party (NPP).
According to her, over 900,000 people applied for the grants and loans and there was no way she could have fished out only members of the NPP.
“Some people used wrong details in applying which contributed to their disqualification’, she added.
H.E. Nana Addo finished his keynote address amidst jeering from the crowd. He spoke about the government of Ghana’s involvement in eradicating poverty and upholding national unity.
Started off his speech with, “Ladies and gentlemen, I extend a hearty Akwaaba, our word of welcome, from a very hospitable people. To all of you, who have come from afar and wide, to our vibrant city of Accra, Ghana’s capital, to join us on this great occasion.” His Excellency addressed the impact of climate change and the Russian-Ukraine war on the economy of Ghana and the world.
President Nana Addo challenged the youth to be creative and fearless in finding solutions to world problems.
Many have called the crowd’s reaction brazen as no stateman has received this kind of reaction.
The 2022 Global Citizen Festival has received massive reviews from patrons, who were physically present and those who joined online from their homes.
Stormzy, Sarkodie, Usher, Gyakie, Stonebowy and others have left massive footprints on Ghana’s memory as this concert is being touted as the most organised sound engineering ever!
Honourary Vice President of IMANI Africa, Bright Simons, has criticized the Akufo-Addo government for constantly painting a false narrative about the impact of the Russia-Ukriane war on Ghana.
According to him, there is no available data that seeks to point out that Ghana is adversely being hit by the ongoing crisis.
Speaking at the 2022 Baah-Wiredu Lecture in Accra on September 21, Bright Simons argued that Ghana’s economy is not as exposed to that of Russia and other countries hence government’s justification for blaming the crisis on the current economic challenges in Ghana does not hold water.
“When we start to do the comparative analysis, you cannot use some other factor that has had a uniform effect. I tried my best to give you factors that could have shown that Ghana has been affected more, and as you saw I struggled with the data. I went to jobs, I went to growth, I went to how many people were killed and none of it bears out that we were affected worse,” he is quoted by Joy Business.
“So, if you are the worst performing in terms of currency, you cannot complain and say it is because of some factor that has affected everybody uniformly. It is as simple as that,” Bright Simons added.
The IMANI Vice president, however, blamed the current economic challenges on continuous wastage in expenditure by government and its other auxiliary agencies and institutions.
Meanwhile, President Nana Addo Dankwa Akufo-Addo recently speaking at the 77th United Nations General Assembly in New York reiterated the impact of the Russia-Ukraine war especially on African economies.
According to him, “Every bullet, every bomb, every shell that hits a target in Ukraine, hits our pockets and our economies in Africa. The economic turmoil is global with inflation as the number one enemy this year”
IMF bailout
Government has routinely explained that recent economic headwinds are attributable largely to the ravages of the COVID-19 pandemic, the ongoing Russia-Ukraine war and the banking sector clean-up.
The rippling effect has been an increase in the cost of living, record high inflation rates and downgrades of the economy by rating agencies such as S&P and Fitch – a situation which has dealt a heavy blow to government’s ability to access the international capital market.
The Cedi has also been on a free fall compelling the Bank of Ghana to resort to hiking its monetary policy rate to deal with the situation.
The worsening economic situation compelled the government in July to initiate contact with International Monetary Fund for an economic support programme.
Ghana is targeting an amount of US$3 billion over three years from the Fund once an agreement on a programme is reached.
Government hopes to complete negotiations by end of this year in order to receive the funds in the first quarter of 2023.
The urgent necessity for the international financial system to be changed in order to accommodate expanding and developing economies has been emphasized once more by President Nana Addo Dankwa Akufo-Addo.
He asserted that “the need for system reform is compelling” and that the current framework was heavily skewed towards emerging and developing nations like Ghana.
He continued by saying that tiny countries did not have access to the same pathways that were open to large nations, allowing them to take actions that would relieve pressure on their economy.
He further said the structure, from its prejudiced tags, denied Africa access to cheaper borrowing and pushed the continent deeper into debt.
Earlier in the day, the UN Secretary General, António Guterres; the President of the United States, Joe Biden; the Presidents of Iran, Ebrahim Rais; Hungary, Katalin Novák; Cote d’Ivoire, Alassane Ouattara, and Sierra Leone, Julius Maada Bio, had taken turns to make statements in the General Debate at the assembly.
He described the situation as savage lessons that African nations had to take in, as the world emerged from the grip of the COVID-19 pandemic to energy and food price hikes and a worldwide rise in the cost of living, noting: “The necessity for the reform of the system is compelling.”
Credit ratings
“To make matters worse, credit-rating agencies have been quick to downgrade economies in Africa, making it harder to service our debts. The tag of Africa as an investment risk is little more than, in substance, a self-fulfilling prophecy created by the prejudice of the international money market, which denies us access to cheaper borrowing, pushing us deeper into debts,” the President added.
Background
This is the fourth time the President has made this call.
At the Summit on Financing African Economies in Paris, France on May 18, last year, he said the Bretton Woods Conference, which took place as World War II drew to a close, created a global financial architecture which had, over the last 77 years, proved to be unfavourable for Africa.
There too, he called for the restructuring of the global financial architecture.
At the 35th Ordinary Session of the Assembly of the African Union (AU) in Addis Ababa, Ethiopia, on February 6, this year, the President urged members of the union to work collectively to reform the global financial architecture and build and strengthen the union’s financial institutions.
At the 57th African Development Bank and the 48th African Development Fund Annual General Meetings in Accra on May 24, this year, the President threw the challenge again to the global community.
COVID-19
Quoting from the World Bank observation last Thursday, that the global economy was enduring its steepest slowdown since 1970, President Akufo-Addo recounted how COVID-19 had brought in its wake serious health issues, coupled with a devastating global economic pandemic.
He explained that high budget deficits were no longer the concerns of only developing nations, and that by 2021, COVID-19 had pushed Africa into the worst recession for half a century, with a slump in productivity and revenues, increased pressures on spending and spiraling public debts confronting the continent without relent.
War in Ukraine
He noted that while grappling with the consequences of COVID-19, Russia invaded Ukraine, aggravating the already difficult situation.
“It is not just the dismay that we feel at seeing such deliberate devastation of cities and towns in Europe in the year 2022; we are feeling this war directly in our lives in Africa. Every bullet, every bomb, every shell that hits a target in Ukraine hits our pockets and our economies in Africa,” he explained.
He said several African countries had inflation rates surging three to four times,
He said the current global economic slowdown, which has left many African economies in upheaval, was a pointer that the continent required a larger influence on the global economic order when speaking at the 77th annual high-level debate of the United Nations General Assembly.
A watershed moment: Transformative solutions to interlocking difficulties served as the focus of the high-level General Debates of the UNGA77, which began on Tuesday, September 20, 2022, and ended on Monday, September 26, 2022.
Reinforcing his point, the President noted that the COVID-19 pandemic, coupled with the Russian war in Ukraine, had seen inflation rates surging a record four times higher in several African countries, including Ghana, making the cost of food very unaffordable, especially for the urban poor.
“Moreover, the spillover from central banks raising interest rates to combat inflation has been severe beyond borders, as global investors pull money out of developing economies to invest in bonds in the developed world.
“This has led to depreciating currencies and increased borrowing costs; meaning we need to raise and spend more of our own currencies to service our foreign debts in US dollars.”
He emphasised that the international financial architecture was skewed significantly against developing and emerging economies like Ghana, saying, “the tag of Africa as an investment risk is little more than, in substance, a self-fulfilling prophecy created by the prejudice of the international money market, which denies us access to cheaper borrowing, pushing us deeper into debts.”
“It has become clear, if ever there was any doubt, that the international financial structure is skewed significantly against developing and emerging economies like Ghana… The avenues that are opened to powerful nations to enable them take measures that would ease pressures on their economies are closed to small nations.
“The financial markets have been set up and operate on rules designed for the benefit of rich and powerful nations, and, during times of crisis, the façade of international co-operation, under which they purport to operate, disappears.
“These are the savage lessons that we have had to take in, as the world emerged from the grip of the coronavirus to energy and food price hikes, and a worldwide rise in the cost of living. The necessity for reform of the system is compelling,” he stressed.
Touching on the theme of the 77th session, President Akufo-Addo stated: “We do not have the luxury of being able to pick and choose which big problem to solve.
None of them can wait; the economic turbulence requires urgent and immediate solution; the turmoil and insecurity in many parts of the world require urgent attention; and so does the need to tackle the problems posed by climate change.”
“A watershed moment, indeed, it is, and history will judge us harshly if we do not seize the opportunity to make the changes that will enable us deal with the many problems we face,” he told the gathering.
Many of the speakers at the Assembly focused their debates on the war in Ukraine, the soaring energy and food prices, climate action and ending COVID-19 pandemic.
