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Tag: President Akufo-Addo

  • Salary cuts useless with a bloated government – Wereko Brobbey jabs

    According to Dr. Charkes Wereko-Brobbey, Chief Policy Officer at the Ghana Institute of Public Policy Options, President Nana Addo Dankwa Akufo- Addo’s announcement to decrease salaries for those in the executive branch of government was useless.

    He suggested that downsizing the government would be more wise than the 30% wage cut the President imposed earlier this year and recently confirmed will continue till 2023 due to economic concerns.

    The engineer by trade known as “Tarzan” explained his viewpoints in an interview with Joy FM on October 31, 2022. He also referred to some government agencies as “irrelevant” and in need of being abolished.

    “Everybody keeps talking about [the] downsizing of government, the government is far too large. Too many ministers, irrelevant development authorities, too many district assemblies and this issue of saying that Ministers will continue to give up 30% of salary, it is a completely useless thing to push.

    “Because it is not the nominal salary of the appointee that matters, it is the on-cost to the nation,” he stressed citing the fact that all of the appointees will be entitled to accommodation, security, PAs, etc., which will affect the cost of running the government.

    “Downsizing the government actually makes a substantial difference in the expenditure that we are having,” he added.

    President Akufo-Addo’s government has at times been referred to as elephant-sized and multiple calls have been made asking that it is pruned down but Akufo-Addo has defended the number explaining that the NPP agenda needed everyone to execute.

    What Akufo-Addo said about salary cuts in Oct. 30 address:

    In April, after the Cabinet retreat of the first quarter, and recognising the deteriorating macroeconomy, my government announced a thirty percent (30%) cut in budgeted discretionary expenditures, and a thirty percent (30%) cut in salaries of the President, Vice President, Ministers, Deputy Ministers, MMDCEs and political office holders, amongst other measures,” he said.

    In laying out some measures to help alleviate the current hardships, he submitted: “We have decided to review the reforms in the energy sector, capping of statutory funds, implementation of the exemptions Act and a new property rate regime.

    “We have decided also to continue with the policy of a thirty percent (30%) cut in the salaries of political office holders including the President, Vice President, Ministers, Deputy Ministers, MMDCEs, and SOE appointees in 2023, just as we will continue with the thirty percent (30%) cut in discretionary expenditures of Ministries, Departments and Agencies.”

  • ‘There is a huge financial crisis looming’ – ASEPA boss warns

    Executive Director of the Alliance for Social Equity and Public Accountability (ASEPA), Mensah Thompson, has insisted that Ghanaians who have invested in government bonds and other investment portfolios will lose some of their investment because of the ongoing economic crisis.

    Mensah Thompson’s remarks come after President Akufo-Addo refuted suggestions that his government would buy off government bonds at rates lower than their expected returns – “haircut on Government bonds”.

    Addressing the nation on measures being taken by the government to rescue the economy, Akufo-Addo said: “I also want to assure all Ghanaians that no individual or institutional investor, including pension funds, in government treasury bills or instruments will lose their money, as a result of our ongoing IMF negotiations.

    “There will be no “haircuts”, so I urge all of you to ignore the false rumours, just as, in the banking sector clean-up, government ensured that the 4.6 million depositors affected by the exercise did not lose their deposits.”

    He cautioned, “those who make it a habit of publishing falsehoods, which result in panic in the system, I say to them that the relevant state agencies will act against such persons”.

    But, Mensah Thompson, in an XYZ TV interview monitored by GhanaWeb, on Monday, October 31, said that Ghanaians should not believe the statement of the president.

    He added that some banks have already started sending notifications to their customers about the “government bond haircuts”.

    “Things are going to get worse… Officials of the IMF will be in Ghana in the next few weeks to do what we call the final assessment ahead of a debt restructuring. One of the things President Akufo-Addo and Ofori-Atta will be adding to the debt restructuring basket is pensions.

    “Pension funds are also going to receive those haircuts. I am not saying that people should believe me, but will you believe the president who has continuously lied to you for the past five years? Are they not the same people who said we will not be going to the IMF?

    “If such a person (Akufo-Addo) comes to tell you that your bonds, your securities and your pensions are not going to receive a haircut, you believe that person at your own risk. The point I’m making is that there is a huge financial sector crisis coming up,” he said in Twi.

    “Yesterday, EcoBank sent notices to their customers; their EDC fund holders have started receiving haircuts. Bondholders of Stanbic Bank have started receiving haircuts, and other commercial banks are doing same. The haircuts have even started before the debt restructuring,” he added.

    Source: Ghanaweb

  • NDC Polls: The wisdom of Solomon has nothing to do with the age of Methuselah – Otokunor

    Dr. Peter Boamah Otokunor, the Deputy General Secretary of the National Democratic Congress (NDC), has expressed confidence in his bid to become the party’s next General Secretary.

    Explaining why he is a stronger contender in the race, although he is the youngest person vying for the soon-to-be-vacant position of the party, he said age is the least of things that should be used to determine his capabilities.

    Speaking to GhanaWeb TV’s Nimatu Yakubu Atouyese on the Election Desk, Dr. Peter Otokunor stated that if it had to do simply with age, Methuselah would have been preferred over King Solomon in the Bible when it comes to the display of wisdom.

    “Let me emphasize that the wisdom of Solomon has nothing to do with the age of Methuselah. You don’t need to be old before you become efficient. Is Ghana huger than France? The Facebook that you’re on, the internet that you’re on, the website that you are on, they were all generated by young people,” he said.

    Dr. Peter Otokunor further stated that it is his firm belief that young people should be allowed to showcase what they are made of.

    “I think that young people should be allowed to grow because look at President Akufo-Addo, he is almost 78 or something. You have seen the bizarre performance, the disgraceful performance he and Bawumia have offered to this country. So, age is just a number; it does not signify competence,” he added.

    He also spoke about some issues that bother on internal NDC politics, as well as on a few national subjects.

     

  • Kumasi Traders turn down Akufo-Addo’s plea to reduce prices of goods

    Traders in the Central Business District of Kumasi, the capital of the Ashanti Region, say they will only reduce prices of goods if the local currency appreciates against other international currencies.

    According to them, though they are willing to sell their products at a relatively cheap price, the high exchange rate has forced them to inflate prices of goods.

    The traders were responding to a plea by President Akufo-Addo for them to avoid profiteering in the current economic turmoil.

    President Akufo-Addo during his address on the economy on Sunday, October 30, 2022, appealed to traders in the country to shun making utmost profits of the current economic quagmire to rip off consumers.

    The president who admitted that Ghana’s economy is in great difficulty urged all stakeholders to “keep an eye out for the greater good”, in the face of the cost of living crisis.

    The Ashanti Regional Chairman for Traders Advocacy Group Ghana TAGG, Mr. Owusu Boakye Samuel in an interview with OTEC News Kwame on Monday, October 31, 2022, however, pledged to support the government in measures rolled out to get the economy back on track.

    Mr. Boakye again called on traders across the country to cease the habit of slapping high margins on goods.

    “We as leaders of the traders have already told our members to take part in the country’s move to restore the economy.”

    “We have spoken to them extensively and so I believe our traders will be measured in their margins going forward.”

    He expressed optimism in the leadership of President Akuffo Addo and said they as traders are very sure the NPP government can turn things around.

  • GNAT: Akufo-Addo must revoke appointment of new GES boss

    The Ghana National Association of Teachers (GNAT) is mounting pressure on President Akufo-Addo to revoke the appointment of Dr Eric Nkansah as acting director general of the Ghana Education Service (GES).

    The teacher union has warned of dire consequences should the newly appointed GES boss remain in office by 4 November.

    Nkansah took over from Prof Kwasi Opoku-Amankwa, who was reassigned to the KNUST after serving as GES boss for nearly six years.

    In a communique read to the press at its annual meeting on Sunday (30 October), GNAT described the latest appointment as unfortunate, stressing that the appointee is not an educationist.

    The general secretary of GNAT Thomas Tanko Musah, who read the communique was also concerned about the contract extension for the deputy director general of the GES.

    “The position of the director general of Ghana Education Service is the preserve of educationists and has since been occupied by educationists since its creation in the 1970s and remains as such even in military regimes.

    “Council finds the replacement of Prof Opoku-Amankwa with Dr Eric Nkansah, a banker as unfortunate and untenable,” he said.

  • Ghana’s current economic woes due to Akufo-Addo’s reckless borrowings – John Jinapor

    A member of the Finance Committee in Parliament has laid the country’s current economic crisis solely on the doorsteps of President Akufo-Addo.

    John Jinapor said the woes is due the unprecedented and reckless borrowings by his government.

    According to him, despite the global economic situation, there is nothing to show for the huge borrowings.

    President Akufo-Addo
    President Akufo-Addo

    “The [crisis] is a Nana Akufo-Addo problem. There is a problem and what we are witnessing now is unprecedented. Something must be wrong somewhere because of excessive borrowing. We are borrowing as if there is no tomorrow. Going forward, government must move away from reckless borrowing”, John Jinapor said in an interview with Citi TV on Monday.

    The Yapei Kusawgu MP added that the government’s failure to invest in productive sectors is sinking the economy.

    “Managing an economy is not only about today but the short, medium and long term. If you borrow and invest it in productive sectors, it spurs economic growth, creates jobs and generates more revenue and can deal with the headwinds”, the MP added.

    Recent international ratings that saw Ghana’s economy downgraded to reflect the country’s inability to fix its liquidity and debt challenges.

    With limited access to the international financial market and challenges with domestic revenue mobilization to rescue the situation, Ghana has now turned to the International Monetary Fund (IMF) for a US$ 3 billion bailout.

    However, President Akufo-Addo addressed the nation on Sunday, October 30, about measures his government was taking to curtail the current economic crisis.

    In his address, the President hinted at possibly securing a deal with the IMF by the end of the year.

    According to him, the country is likely to arrive at an agreement by December to get the crucial bailout it seeks.

    Amidst the general economic difficulties facing Ghanaians, the President in the address to the nation on Sunday insisted that the government is committed to ensuring that the economy is back on track.

  • After begging for power, Akufo-Addo doesn’t respect public opinion – Haruna Iddrisu

    President Akufo-Addo and his government do not respect public opinion, Minority Leader, Haruna Iddrisu has observed citing recent pronouncements by the president.

    Iddrisu stated in an interview on Joy FM, on October 31, 2022, that it was unacceptable that a president who is on record to have pleaded with voters to try him will turn out to be disrespectful of public opinion.

    His comment was in respect of Akufo-Addo’s retort earlier his month that he was not moved by threats of some people to vote against the New Patriotic Party, NPP.

    “President Nana Addo Dankwa Akufo-Addo’s biggest headache is, he is just disrespecting public opinion and he does so at his own peril. This is the first time I am seeing a government just simply not respect public opinion…

    “He has forgotten that he used to beg, that vote for me, try me. They’ve voted for you, they’ve tried you now you are saying that you are not going to hold people’s hand into a ballot room?” Haruna Iddrisu asked rhetorically.

    What exactly did Akufo-Addo say?

    The president was answering a question by an OTEC FM journalist over threats by people of the two areas to vote against the NPP. “No problem, no problem,” Akufo-Addo is heard saying.

    He continued: “I am saying people make those kinds of threats, me, they don’t frighten me. Somebody votes for you, somebody supports you, it is because they want you to do things for them, so I understand that.

    “There is no need for people to say if I do not do it, this or that. That is your own problem. Of course, I will fulfil my promises.

    “But if it so happens that you decide to vote for the NDC, that is your problem, that is not mine. Nobody will hold your hand to thumbprint for any candidate, the most important thing is that I understand the responsibility and we will deal with it,” he stressed.

  • Akufo-Addo should have rather used ‘L’argent n’a pas d’odeur’ – KKD

    A veteran broadcaster, Kwasi Kyei Darkwah (KKD), has expressed disappointment in President Akufo-Addo’s use of the term, ‘l’argent n’aime pas du bruit,’ to wit, ‘money does not like noise,’ during his recent address to the nation.

    According to the broadcaster, being a man of language, if the president wanted to appeal to the emotions of Ghanaians, he should have rather used the French phrase, ‘l’argent n’a pas d’odeur,’ to wit, ‘money has no odour.’

    Speaking during an interview on JoyNews on Monday, October 31, 2022, and monitored by GhanaWeb, KKD explained that what President Akufo-Addo said is not factual.

    “All of culture is embedded in language, and when he said it, I felt heartbroken because that was the statement to the populace who are speculating about where we are going and how the cedi is performing badly. He thinks if you talk down the money, then the money would go down. No! that’s not true,” he said.

    He continued that if by the translation of what the president said in French, he meant that he has no problem with money, then he should have rather used a more appropriate one.

    “If you talk down Joy FM, Joy FM will not come tumbling down so long as they have success criteria and are working assiduously to ensure that the success criteria is in place.

    “You know, as a French scholar too, I think the better one he could have used is what is actually about his governance, which is ‘l’argent n’a pas d’odeur’: ‘sika nni panpan’, because if you look at in Kufuor’s regime, a man who was known to be corrupt, eventually was appointed by Nana Addo to become the head of the Public Procurement Authority, then it tells you that he has no problem with money, no matter the smell of it,” he said.

    President Nana Addo Dankwa Akufo-Addo and, particularly, the Minister of Finance, have come under a lot of recent pressure over the management of the economy, which has seen many indicators looking bad for the country.

    For example, the Ghana cedi has fallen by approximately 50% against the US dollar in the last ten months.

    This has been coupled with inflationary pressures which have seen Ghana record a rate of 37.2 percent in September 2022 – the highest in about 20 decades.

    The current economic challenges have culminated in job losses, worker agitations, rising costs of living, and general frustration among the populace.

     

     

  • I have received threats for bashing government — Prince David Osei

    If asked for the name of one person likely to publicly criticise President Akufo-Addo and his New Patriotic Party (NPP) government, actor Prince David Osei would have been farthest from anyone’s mind.

    This is because the actor who was an astute promoter of NPP’s ‘4 More To Do More’ campaign in the last general elections has in the last few weeks been on “fire” – giving it back to back to the government for the country’s current economic distress.

    His outspokenness, however, seems to come with a price he is paying by receiving threats.

    “I have experienced my fair share of threats, insults, trolls and attacks, but I am unperturbed because seriously, I can’t control how people feel about me,” he told Graphic Showbiz in an interview.

    According to the actor, there is always a price to pay for an act one indulges in and he is ready for that.

    “God is with me in all that I do, so I shall not be moved. In life, you need to stand for something or you fall for anything,” he said.

    Prince David Osei noted he has always been enthusiastic about good governance and had been calling out successive governments since late President Atta Mills’ administration.

    “I am not someone who is easily pressured. I live by my own rules. I believe in integrity and value for humanity. I have always been outspoken since the era of the late President Atta Mills. I am first a citizen, before a party lover and an aspiring politician.”

    “I stood on political platforms to campaign for my party NPP and H.E. Nana Akufo-Addo, pleaded, persuaded, convinced Ghanaians to accept NPP’s 4 More To Do More, so it is just rational to speak for the same people when things aren’t going the way we all anticipated amid global economic issues,” he added.

    Prince David Osei started giving a hint about his displeasure with the NPP government last year.

    He however attracted attention when he threatened to stage a demonstration against the government if things didn’t change in a post on his social media pages early this month.

    He gave more impetus to his criticisms of the government when he asked the President to be humble and seek help to change the economic fortunes of the country.

    But while all these may seem too harsh coming from one who campaigned for NPP, Prince David Osei said his ultimate goal is to see a better Ghana for all citizens irrespective of their political affiliation.

    “The NPP faithful are rather happy I spoke up and it’s a big inspiration to them. I interact with the streets always, so I know the atmosphere every time. Sometimes, they give me a message to put out there since they know I have the voice and platform,” he stated.

    In addition to the country’s economic woes, the actor is also not happy with the Ministry of Tourism, Arts and Culture, saying “the ministry responsible for the creatives has failed us.”

    The last few years have not been good for the Ghanaian movie industry but, according to Prince David Osei, things are getting better with Akwaaba Magic on DStv and ROKGh also on DStv financing local productions and content.

    “We all are a little busy, especially the upcoming ones. We are filming series and movies.”

    Moving away from movies, Prince David Osei said he is now concentrating on his Pdo Travel and Tours Limited and planning a trip dubbed ‘London/Jamaica Fiesta’ in December with Kalybos as a way of building stronger bonds with their fans.

    Source:myjoyonline.com

  • Government to support specific industries to help close import gap

    Abena Osei-Asare, the deputy minister for finance has said the government will support specific industries in Ghana in a bid to close the country’s import gap.

    President Akufo-Addo on Sunday announced plans by the government to review the current import regime to create market for local products.

    “We will review the standards required for imports into the country, prioritise the imports, as well as review the management of our foreign exchange reserves, in relation to imports of products such as rice, poultry, vegetable oil, tooth picks, pasta, fruit juice, bottled water and ceramic tiles, and others which, with intensified government support and that of the banking sector, can be manufactured and produced in sufficient quantities in Ghana,” the president said.

    “Government will, in May 2023, that is six months from now, review the situation. We must, as a matter of urgent national security, reduce our dependence on imported goods, and enhance our self-reliance, as demanded by our overarching goal of creating a Ghana Beyond Aid,” he added.

    Appearing on The Asaase Breakfast Show on Monday (31 October), Osei-Asare said some goods have already been identified under the initiative.

    “Already, I know the Ministry of Trade has identified certain products that we believe within the short to medium term, we can produce to reduce our imports on these items,” she told the host Kwaku Nhyira-Addo.

    “Everything that the government will have to do in the form of financing, capacity building and any form of assistance, government is ready to do that to assist, so that these identified group of businesses will be supported to help close the import gap,” Osei-Asare said.

  • Watch how Akufo-Addo’s V8 convoys left Manhyia Palace

    The President of any country usually moves around with a convoy for official, sometimes ceremonial occasions; albeit with varying number of vehicles that escort same.

    In Ghana, President Akufo-Addo, like other presidents before him, are seen during many official and ceremonial events, being escorted by a number of vehicles, usually V8.

    It was a similar sight when President Akufo-Addo was captured leaving the palace of the Asantehene, Otumfuo Osei Tutu II in his presidential vehicle, being escorted by a convoy.

    This was after the President paid a courtesy call on the Asantehene at the Manhyia palace during his tour of the region earlier this month.

    A set of black V8 vehicles lined up at the frontage of the Manhyia Palace and drove off one after the other after the President sat and was ready to move.

    President Akufo-Addo, during his visit, touched on issues regarding illegal mining and how to deal with the canker.

    Meanwhile, the president has been criticized on some occasions in the past, for using a long convoy when going on trips around the country.

     

     

  • ‘Togo’s inflation has not increased by 16 times’ – Bright Simons ‘corrects’ Akufo-Addo

    The president claims that this rate is far lower than that of Togo, Senegal, and Cote d’Ivoire, which he claims have increased by 11, 7, and 16 times, respectively, over the same time period.

    Inflation grew five times in Ghana, sixteen times in Togo, eleven times in Senegal, and seven times in Cote d’Ivoire between the end of 2019 and the present.

    “In truth, however, the fact that there are petrol queues in France does not make it more tolerable that the ‘trotro’ price from Kasoa to Circle has doubled in the past one year, nor does it make it any more tolerable that the price of cooking oil goes up every other week,” President Akufo-Addo indicated.

    He continued, “It is important to state that mentioning the increases in prices worldwide is not meant to belittle the scope of suffering here, but simply to help us put things into some perspective, and, hopefully, learn some useful lessons about how other people are coping.”

    Reacting to this assertion via Twitter, Bright Simons pointed out some “factual inaccuracies” in the figures mentioned by President Akufo-Addo in his address to the nation on the economy on October 30, 2022.

    He wrote, “Minor issue: why the factual inaccuracies? No, inflation hasn’t increased by 16 times in Togo or eleven-fold in Senegal! Inflation has moved from 1.8% to 7.5% in Senegal. And 0.7% to 5.6% in Togo.”

    “The figures are still so low that the impact on citizens is far lower than in Ghana,” the policy analyst added.

    In a response to a tweet on the same subject, Bright Simons said, “A major presidential speech should NOT have elementary errors! And this did. Secondly, these movements are still within the single-digit band and also below the 8% range most central banks try to stay within. The comparison to our case is misconceived.”

    Meanwhile, Ghana’s current inflation is pegged at 37.2 percent in September 2022, making it the highest in 20 decades.

    3/
    Minor issue: why the factual inaccuracies? No, inflation hasnt increased by 16 times in Togo or eleven-fold in Senegal! Inflation has moved from 1.8% to 7.5% in Senegal. And 0.7% to 5.6% in Togo. The figures are still so low that the impact on citizens is far lower than in Gh. pic.twitter.com/T20hWUPaIh

    — Bright Simons (@BBSimons) October 30, 2022

    A major presidential speech should NOT have elementary errors! And this did. Secondly, these movements are still *within the single digit band* & also below the 8% range most central banks try to stay within. The comparison to our case is misconceived.

  • Cedi Depreciation: We’ll flush out all illegal forex operators – Akufo-Addo

    According to President Akufo-Addo, actions being taken to stop the cedi’s depreciation will not stop, and this includes shutting down forex operators who are not in compliance.

    In his speech to the country on October 30, 2022, President Akufo-Addo promised that the government will not give up on efforts to prevent the cedi from losing value relative to other major currencies.

    “In fact, actions have been made to bring order back to the foreign exchange markets, and we are already starting to notice a restoration of calm.
    We won’t give up until the order is fully reinstated. The following steps have already been taken:

    “Enhanced supervisory action by the Bank of Ghana in the forex bureau markets and the black market to flush out illegal operators, as well as ensuring that those permitted to operate legally abide by the market rules.”

    According to him, “already some forex bureaus have had their licenses revoked, and this exercise will continue until complete order is restored in the sector;

    “Fresh inflows of dollars are providing liquidity to the foreign exchange market, and addressing the pipeline demand;

    “The Bank of Ghana has given its full commitment to the commercial banks to provide liquidity to ensure the wheels of the economy continue to run in a stabilized manner, till the IMF Programme kicks in and the financing assurances expected from other partners also come in.”

    Meanwhile, the Bank of Ghana has revoked the license of Trade House and Airport City Forex Bureaux Limited in Accra effective October 27, 2022.

    The move is in accordance with the provisions of Sections 11 (1) and 12 (f) of the Foreign Exchange Act 2006 (723).

    Also, the action was based on the Non-compliance with rules governing the operations of the foreign exchange bureau including directives on customer identification and issuance of electronic receipt (Bank of Ghana Notice Number: BG/GOV/SEC/2018/16),

    (i)The Bank of Ghana reserves the right to revoke the license of any forex bureau if: in the Bank’s opinion, the conduct of any forex bureau is detrimental to the success of the Forex Bureau Scheme.

  • Why ‘Sika mmpɛ dede’ is social media’s takeaway from Akufo-Addo speech

    Government communicators over the past few weeks partly blamed the fast-depreciating local currency on speculations.

    This critique found expression in President Akufo-Addo’s speech on Sunday night.

    According to him, negative speculation about the cedi has an attendant effect on how the forex market reacts.

    At a time when the government is struggling to restore confidence in an economy in crisis, the president says such conversations are pointless.

    “Fellow Ghanaians, as the French would say, l’argent n’aime pas le bruit, to wit, money does not like noise, sika mmpɛ dede. Where there is chaos, where there is noise, where there is unrest, you will not find money. If you talk down your money, it will go down. If you allow some unidentifiable person to talk down your money, it will go down,” he said in his address.

    He was speaking on the state of the economy and measures taken to salvage the situation as talks with the International Monetary Fund (IMF) continue.

    The country is in an economic crisis leaving a dire impact on all sectors.

    Ghana is currently at the doors of the Fund seeking a possible $3 billion support amid intensifying hardship, skyrocketing fuel prices, a rising cost of living and a depreciating cedi.

    The reactions from social media to this comment are not even about the ‘what’ but rather, the manner in which he said it.

    Essentially, this will not be the first time the multi-lingual President has used a different tongue to articulate his point, especially regarding finances.

    Between his ‘y3te sika su, nanso 3kom di y3n’ comment in 2016 as a presidential candidate and today’s ‘Sika mp3 dede’ as President, something has to give, according to Ghanaians on social media.

    It is trending on the microblogging website, Twitter with nearly 3,000 tweets garnered so far.

    Here are some of the reactions:

    The president, Nana Addo says: Sika mp3 dede, we’re talking so much about the cedi. That is why it is dropping.

    — Samuel Sesah🇬🇭 (@Dr_Sesah) October 30, 2022

    “Sika mp3 dede…” – Nana Addo, 2022.

    Meaning you pple dey make noise that is why the economy is what it is.

    — Paul (@kojoayitey) October 30, 2022

    So I learnt the meaning of “sika mp3 dede” to wit means the noise y’all making about the economy and hardship in the country ain’t gonna solve our problems but rather worsen it. So lass lass y’all should shut up and suffer..herhh! Na so we dey for this country? Ei

    — Crystal 🦋 (@_thecrystal_) October 30, 2022

    NADAA says “sika mp3 d3d3” to wit, the noise y’all making about the economy been hard ain’t gonna solve shit! It’s rather gonna worsen everything 🤣🤣🤣💔💔💔 eeeeiiii GHANA 🇬🇭!!! https://t.co/mTVAfF5qiq

    — Fantse Girl Sika (@SikaWarmann) October 30, 2022

    The whole country is about to be silent because the president said Sika mp3 Dede 😭

    If you call me and I don’t talk… here’s my reason

    — Candace ✨ (@adwoa_lotty) October 30, 2022

    Nana Addo simply translated @stonebwoy‘s bawasaba lyrics “Sika mp3 rough, me mp3 dede” into French as “l’argent n’aime pas le bruit, to wit, money does not like noise, sika mpe dede.

    — AmpauPrince_ (@AmpauP) October 30, 2022

    “Sika mp3 Dede” this man really nor Dey take Ghanaians do anything 😂😂😂

    — Ara Maestro 🇬🇭🐬 (@_MukadasMaestro) October 30, 2022

     

  • Conduct a regular evaluation of your appointees – Former Energy Minister tells Akufo-Addo

    A former Energy Minister, Boakye Kyeremateng Agyarko, has asked President Akufo-Addo to constantly evaluate the performance of his appointees and prune those who are underperforming from his administration. 

    He believes this is one of the surest ways of keeping the Ministers on their toes.

    He made the call on Peace FM’s morning show, Kokrokoo where he also asserted that President Akufo-Addo owes Ghanaians the duty of regularly assessing his appointees and removing those who have so far not lived up to expectation from office.                        

    “There are Ministers who may not be necessarily underperforming but they are fit for the offices they hold. With that you [the President] can say I’m posting that person to another office where he probably may perform better,” Mr Agyarko noted.

    He, thus, asked the President to sit back and evaluate all the concerns raised and at least consider reshuffling the Ministers who have so far been labelled as incompetent. 

    Source: The Independent Ghana

     

  • Gov’t announces 5 measures to stop free fall of cedi

    The Government of Ghana has adopted five measures to prevent further free fall of the cedi.

    President Akufo-Addo announced these measures on Sunday, when he addressed the nation on the country’s current economic crisis.

    The measures he said are:

    1. Enhanced supervisory action by the Bank of Ghana in the forex bureau markets and the black market to flush out illegal operators, as well as ensuring that those permitted to operate legally abide by the market rules. Already some forex bureaus have had their licenses revoked, and this exercise will continue until complete order is restored in the sector.
    2. Fresh inflows of dollars are providing liquidity to the foreign exchange market, and addressing the pipeline demand;
    3. The Bank of Ghana has given its full commitment to the commercial banks to provide liquidity to ensure the wheels of the economy continue to run in a stabilized manner, till the IMF Programme kicks in and the financing assurances expected from other partners also come in;
    4. Government is working with the Bank of Ghana and the oil-producing and mining companies to introduce a new legal and regulatory framework to ensure that all foreign exchange earned from operations in Ghana are, initially, paid to banks domiciled in Ghana to help boost the domestic foreign exchange market; and
    5. The Bank of Ghana will enhance its gold purchase programme.

    President Akufo-Addo said he was confident that “these immediate measures designed to change the structure of our balance of payment flows, sanitise the foreign exchange market to ensure that the banks and forex bureaus operate along international best practices, together with strengthened supervision, will go a long way to sanitise our foreign exchange market, and make it more resilient against external vulnerabilities going forward.”

    The cedi was tagged by Bloomberg as the worst-performing currency in 2022 with its trading value at around GH¢14 to a dollar.

    Prices of products such as fuel, cooking oil, rice and other imported items have gone up astronomically within the last few weeks following the depreciation of the cedi.

    The continuous free fall of the cedi compelled the Ghana Union of Traders Association (GUTA) to declare a strike to force government to take steps to strengthen the currency.

     

     

     

  • I have always insisted Akufo-Addo is empty – Asiedu Nketiah

    Johnson Asiedu Nketiah, the General Secretary of the National Democratic Congress (NDC), has said he has always had the notion that President Akufo-Addo is empty ever since he, Asiedu Nketia, was a member of parliament.

    According to him, due to Akufo-Addo’s arrogance, he failed to learn from former President John Dramani Mahama’s address which had solutions and proposals.

    In a Facebook post, he indicated that President Akufo-Addo’s address on Ghana’s economy on October 30 was “nothing beyond the smoke”.

    “I have always insisted that President Akufo-Addo is empty. I formed this opinion many years ago as an NDC Parliamentarian. He was representing the NPP in Parliament. Listen critically to him, and you will know he is full of smoke. Nothing beyond the smoke.

    “President Mahama set the right tone in his brilliant address with solutions and proposals at the UPSA for Akufo-Addo to learn from. But arrogance and lack of capacity deprived him of the opportunity to drink from his predecessor’s fountain of wisdom,” he said.

    He urged Ghanaians to join the NDC to vote against the NPP in 2024.

    “But there’s hope! We have elections 2024 to win to rescue Ghana from this incompetent and clueless NPP government that is determined to use foul means, including violence, to steal the outcome of the elections,” he stated on Facebook.

  • Reshuffle brings accountability – Prof Gyampo tells Prez Akufo-Addo

    A Professor of Political Science and a former Director of the Centre for European Studies of the University of Ghana, Prof Ransford Gyampo, has asked President Akufo-Addo to evaluate and consider reshuffling or dismissing Ministers under his regime who are under performing.

    According to him, failure of the President to reshuffle or dismiss government officials who are under performing has largely contributed to what he described as a display of gross incompetence on the part of the Ministers. 

    He, thus, believes that reshuffling such officials will largely eradicate the high rate of incompetence displayed so far.

    “Reshuffling ensures efficiency in government; it brings about productivity and accountability,” he said.

    He added that a reshuffle will be a wake-up call on the Ministers to act.

    Meanwhile, President Akufo-Addo remains resolute on his decision to retain his appointees despite calls for the dismissal of some of them and a reshuffle of the Ministers.

    He has on many occasions justified his decision, with a claim that there is no reason to reshuffle any Minister since they are all performing. 

    Source: The Independent Ghana

  • How sports journalists reacted to Akufo-Addo’s address on economy

    “Sika mp3 dede” became the catchphrase during President Nana Addo Dankwa Akufo-Addo’s speech on measures his government is taking to address the faltering Ghanaian economy. Several Ghanaians expressed confusion at the president’s assertion that currency speculations are a major reason for the rise of the dollar against the cedi.

    In his speech, President Akufo-Addo explained some of the measures his administration has taken to stabilize the cedi and keep the Ghanaian economy from collapsing completely.

    Among the measures are restoring macro stability an IMF program, stabilizing prices of fuel, tackling currency speculation, and embarking on a process to stop the importation of certain items.

    These measures, adopted after a cabinet retreat are what the president and his appointees believe will lead to a turnaround in the downward direction of Ghana’s economy.

    If social media posts are to be used as an instrument of measuring the popularity of President Akufo-Addo’s speech, then it is safe to conclude that his speech did not inspire confidence in Ghanaians.

    Social media platforms have been awash with reactions of anger and sometimes amusement over some of the statements made by President Akufo-Addo.

    Among the section of Ghanaians who did not enjoy the president’s speech are some sports journalists who has voiced out their concerns on various social media platforms.

  • Akufo-Addo outlines 12 measures to restore economic stability by 2028

    As part of the measures to restore Ghana’s economy to prosperity, the government have outlined some steps to be taken to stabilise the economy by 2028.

    This was outlined by the president during his address on October 30.

    Here are some of the measures Akufo-Addo outlined

    1. To restore and sustain debt sustainability, we plan to reduce our total public debt to GDP ratio to some fifty-five per cent (55%) in present value terms by 2028, with the servicing of our external debt pegged at not more than eighteen per cent (18%) of our annual revenue also by 2028.

    2. We are committed to improving the revenue collection effort, from the current tax-revenue to GDP ratio of thirteen (13%) to between eighteen and twenty per cent (18-20%), to be competitive with our peers in the West Africa Region. The GRA is rolling out an extensive set of measures to support this enhanced revenue mobilisation. All of us must do our patriotic duty and support the GRA in this exercise.

    3. We are aiming to restore and sustain macroeconomic stability within the next three (3) to six (6) years, with a focus on ensuring debt sustainability to promote durable and inclusive growth while protecting the poor.

    4. We have decided to review the reforms in the energy sector, capping of statutory funds, implementation of the exemptions Act and a new property rate regime. We have decided also to continue with the policy of thirty percent (30%) cut in the salaries of political office holders including the President, Vice President, Ministers, Deputy Ministers, MMDCEs, and SOE appointees in 2023, just as we will continue with the thirty percent (30%) cut in discretionary expenditures of Ministries, Departments and Agencies.

    5. we will review the standards required for imports into the country, prioritise the imports, as well as review the management of our foreign exchange reserves, in relation to imports of products such as rice, poultry, vegetable oil, tooth picks, pasta, fruit juice, bottled water and ceramic tiles, and others which, with intensified government support and that of the banking sector, can be manufactured and produced in sufficient quantities in Ghana.

    6. We must, as a matter of urgent national security, reduce our dependence on imported goods, and enhance our self-reliance, as demanded by our overarching goal of creating a Ghana Beyond Aid.

    7. We must work to ensure that the majority of goods in our shops and market places are those we produce and grow here in Ghana. That is why we have to support our farmers and domestic industries, including those created under the 1-District-1-Factory initiative, to help reduce our dependence on imports, and allow us the opportunity to export more and more of our products, and guarantee a stable currency that will present a high level of predictability for citizens and the business community. Exports, not imports, must be our mantra! Accra, after all, hosts the headquarters of the Secretariat of the African Continental Free Trade Area.

    8. Enhanced supervisory action by the Bank of Ghana in the forex bureau markets and the black market to flush out illegal operators, as well as ensuring that those permitted to operate legally abide by the market rules. Already some forex bureaus have had their licenses revoked, and this exercise will continue until complete order is restored in the sector;

    9. Fresh inflows of dollars are providing liquidity to the foreign exchange market and addressing the pipeline demand;

    10. The Bank of Ghana has given its full commitment to the commercial banks to provide liquidity to ensure the wheels of the economy continue to run in a stabilised manner till the IMF Programme kicks in and the financing assurances expected from other partners also come in;

    11. Government is working with the Bank of Ghana and the oil-producing and mining companies to introduce a new legal and regulatory framework to ensure that all foreign exchange earned from operations in Ghana is initially paid to banks domiciled in Ghana to help boost the domestic foreign exchange market; and

    12. The Bank of Ghana will enhance its gold purchase programme.

  • Akufo-Addo is in office but not in power – KKD

    Kwasi Kyei Darkwah (KKD) has stated that he does not believe President Akufo-Addo is in control of things in Ghana.

    The veteran broadcaster explained that many indications point to the fact that while the president is in office, he does not wield any power.

    Speaking in a Monday, October 31, 2022, interview on Joy News and monitored by GhanaWeb, KKD stated that the fact that Members of Parliament on his side of parliament have openly expressed non-confidence in his chief financial officer, Ken Ofori-Atta, should tell he is failing.

    “If nobody remembers anything I say today, please remember this; yesterday, I listened to our president for about half an hour and I learnt for sure that he’s in office but not in power.

    “If the people who make laws; the ones on your team… are saying that no, you’re failing us but we can’t tell you directly that you’re failing us, so we’re going to put the blame on your finance minister for now, eventually, we will get to you, are you really in power?” he stated.

    KKD also explained that issues such as the president’s recent chattering of private jets, a situation where the country does not even have the money to buy such luxurious planes, make it even more profound that he is actually not in charge of things.

    “If you give a speech of 30 minutes and instead of telling us how ashamed you are that you let some of the people you appointed, who had no common sense to tell you, Emperor, you have no clothes, but made you sign, or have somebody you’ve authorized sign to go and rent a plane your nation cannot afford, and they came and give us the stupid justification that by that way, he can have a shower in the sky… how are you in power?” he quizzed.

    Among the things that KKD has proposed to the Akufo-Addo government is for him to sack all his deputy ministers and further reduce the number of his ministers.

  • Standards required for imports to be reviewed in May 2023 – Akufo-Addo

    The requirements needed for imports entering Ghana will be reviewed in May 2023, according to President Nana Addo Dankwa Akufo-Addo.

    He claims that the decision aims to promote domestic export manufacturing while minimizing the effect of foreign exchange on imports.

    President Akufo-Addo stated in a speech to the nation on the economy on October 30 that the administration will also examine how Ghana’s foreign exchange reserves are managed with regard to product imports.

    He explained the decision comes on the back of the high rate of importation which has been a contributing factor to the cedi’s decline and Ghana’s current economic woes.

    “We must a matter of urgent national security, reduce our dependence on imported goods and enhance our self-reliance, as demanded by our overarching goal of creating a Ghana Beyond Aid.”

    “Products such as rice, poultry, vegetable oil, toothpicks, pasta, fruit juice, bottled water and ceramic tiles, and others which, with intensified government support and that of the banking sector, can be manufactured and produced in sufficient quantities in Ghana.” he added.

    “Government will, in May 2023, that is six months from now, review the situation,” he disclosed.

    Meanwhile, President Akufo-Addo has hinted that Ghana could be securing an agreement with the International Monetary Fund by the end of December this year.

  • Economic crunch: It is difficult to applaud Akufo-Addo – Martin Kpebu

    Private legal private practitioner, Martin Kpebu, has berated President Akufo-Addo for failing to transform the economy from a Guggisberg state within eighteen months as he promised while in opposition.

    According to him, the situation was painful to the extent that it compelled citizens like himself to discharge a constitutional obligation by ‘speaking truth to power’.

    Reacting to Akufo-Addo’s state of the economy address on Accra-based Joy News on Sunday, October 30, the lawyer said President Akufo-Addo’s speech was full of sloganeering stressing that nothing was going to change in terms of the prices of goods and services.

    Although he said some supporters of the New Patriotic Party (NPP) are not happy with the state of the economy, they expect persons like himself to applaud the president.

    Kpebu, who admits to being a staunch supporter of Akufo-Addo in the 2016 and 2020 elections, emphasized he cannot applaud the president since he has done nothing new in his administration to deserve it.

    He was reacting to a question on whether or not assurances from the president to move the economy from being largely import-dependent to becoming export-oriented was enough.

    “… that’s the one I made the point over and over. That’s what he [president Akufo-Addo] refers to as the Guggisberg economy that we are not adding much value, and so when he came, 18 months…now we have done six years…I have seen some of the comments on social media. It’s painful. Sometimes it’s difficult for me to comment this way, but there is nothing else we have to do.

    “The constitution says that citizens must also play their roles, and part of the role-playing is that we speak truth to power because sometimes when I look at some of the comments on the platforms, the one from NPP sympathizers, you can see they are not happy. They expect that we should applaud the president, but there’s nothing new. You heard what GPRTU said,” Kpebu stated.

    “Bottom line, the price from Accra to Kasoa is staying the same tomorrow. The price of kenkey is staying the same as GH₵3; Koko, that has increased from GH₵1 to GH₵3 tomorrow morning, will still be GHC3. Kufuor gallon that’s the oil that was GH₵500 has now gotten to GH₵1200. Tomorrow Kufuor gallon oil will still be GH₵1200. Nido, which about two weeks ago GH₵45 and was increased top GH₵60 a few days ago, tomorrow will still be GH₵60.

    “I have been checking prices over the past two weeks, and so the prices that increase from about two weeks ago, tomorrow when we go to the market will still be the same. So in such a case, it’s difficult to applaud the president,” he added.

    Martin Kpebu used the opportunity to further rally support for his upcoming ‘kume preko’ demonstration slated for November 5.

    Akufo-Addo, in his October 30 address on the economy, admitted that the country was in crisis while rallying support for various government interventions to stem the tide.

    “We are in a crisis; I do not exaggerate when I say so. I cannot find an example in history when so many malevolent forces have come together at the same time.

    “But, as we have shown in other circumstances, we shall turn this crisis into an opportunity to resolve not just the short-term, urgent problems but the long-term structural problems that have bedevilled our economy,” he said.

    But like before, President Akufo-Addo blamed the Covid-19 pandemic and the ongoing Russia-Ukraine war as causative factors for the economic woes.

  • IMF deal: Your investments, deposits are secure – Akufo-Addo assures Ghanaians

    In the midst of negotiations with the International Monetary Fund for a financial bailout,  “I also want to assure all Ghanaians that no individual or institutional investor, including pension funds, in Government treasury bills or instruments will lose their money, as a result of our ongoing IMF negotiations.”

    “There will be no ‘haircuts’, so I urge all of you to ignore the false rumours, just as, in the banking sector clean-up, Government ensured that the 4.6 million depositors affected by the exercise did not lose their deposits,” he added.

    Meanwhile, President Akufo-Addo has hinted that Ghana could be securing an agreement with the International Monetary Fund by the end of year.

    “We are working towards securing a deal with the IMF by the end of the year. This will give further credence to the measures Government is taking to stabilize and grow the economy, as well as shore up our currency,” he noted.

    He further explained that the funds will “repair the short term of public finances and restore our balance of payment whiles we continue to work on the medium to long term structural changes that are at the heart of our goal of constructing a resilient robust Ghanaian economy and building a Ghana Beyond Aid.”

    has reassured Ghanaians that their deposits and investments are safe.

    Contrary to claims made by some, he stated that there would be “no haircuts” on investments and asked the people to dismiss the aforementioned stories.

    On October 30, President Akufo-Addo promised investors and the broader public that their cash would be safe and secure throughout the IMF talks, which are aiming to raise $3 billion.

    “I also want to assure all Ghanaians that no individual or institutional investor, including pension funds, in Government treasury bills or instruments will lose their money, as a result of our ongoing IMF negotiations.”

    “There will be no ‘haircuts’, so I urge all of you to ignore the false rumours, just as, in the banking sector clean-up, Government ensured that the 4.6 million depositors affected by the exercise did not lose their deposits,” he added.

    Meanwhile, President Akufo-Addo has hinted that Ghana could be securing an agreement with the International Monetary Fund by the end of year.

    “We are working towards securing a deal with the IMF by the end of the year. This will give further credence to the measures Government is taking to stabilize and grow the economy, as well as shore up our currency,” he noted.

    He further explained that the funds will “repair the short term of public finances and restore our balance of payment whiles we continue to work on the medium to long term structural changes that are at the heart of our goal of constructing a resilient robust Ghanaian economy and building a Ghana Beyond Aid.”

  • We’re working to secure IMF deal by end of 2022 – Akufo-Addo

    The International Monetary Fund (IMF) bailout proposal for Ghana is in advanced stages of negotiation, according to President Akufo-Addo.

    In a speech to the nation on Sunday, President Akufo-Addo declared that by the end of the year, the nation would have unlocked an IMF-supported program.

    “I am pleased to inform you, my fellow Ghanaians, that the talks to obtain a robust IMF programme, which will support the implementation of our Post COVID-19 Programme for Economic Growth and additional funding to support the 2023 Budget and development program, are well along and at an advanced stage.

    “We are determined to secure these arrangements quickly to bring back confidence and relief to Ghanaians. We are working towards reaching a deal with the IMF by the end of the year. This will give further credence to the measures Government is taking to stabilize and grow the economy, as well as shore up our currency.”

    For him, the move with the Washington-based lender is crucial as it will largely help to “repair the short term of public finances and restore our balance of payment whiles we continue to work on the medium to long term structural changes that are at the heart of our goal of constructing a resilient robust Ghanaian economy and building a Ghana Beyond Aid.”

    He assured that government is committed to restore the economy to good health following measures being taken to stabilize and grow the economy, as well as shore up the currency.

  • Fresh inflows of dollars providing liquidity to foreign exchange market – Akufo-Addo

    According to President Akufo-Addo, actions have been made to bring order back to the foreign exchange markets, and the nation is already beginning to experience a return of calm.

    In a speech to the nation on the economy on Sunday night, the President pledged more supervision by the Bank of Ghana in the forex bureau markets and the black market in order to root out illegal operators and make sure those who are legally allowed to operate follow by the market regulations.

    He claims that recent dollar infusions are addressing the pipeline need and supplying liquidity to the foreign exchange market.

    “The Bank of Ghana has given its full commitment to the commercial banks to provide liquidity to ensure the wheels of the economy continue to run in a stabilized manner, till the IMF Programme kicks in and the financing assurances expected from other partners also come in,” he added.

    According to him, government is working with the Bank of Ghana and the oil producing and mining companies to introduce a new legal and regulatory framework to ensure that all foreign exchange earned from operations in Ghana are, initially, paid to banks domiciled in Ghana to help boost the domestic foreign exchange market; and

    President Akufo-Addo further said the Bank of Ghana will enhance its gold purchase programme.

    “I am confident that these immediate measures designed to change the structure of our balance of payment flows, sanitise the foreign exchange market to ensure that the banks and forex bureaus operate along international best practices, together with strengthened supervision, will go a long way to sanitize our foreign exchange market, and make it more resilient against external vulnerabilities going forward” he said.

  • ‘Sika mpɛ dede’ – Shatta Wale reacts to Akufo-Addo’s viral quote on Ghana cedi

    In delivering his address on the state of the economy, President Akufo-Addo spent some time on the need for all Ghanaians to take steps to protect the Ghana cedi, which has been suffering massive depreciation against the United States dollar.

    In seeking to buttress his point, Akufo-Addo employed a French proverb about money stating thus: “Fellow Ghanaians, as the French would say, l’argent n’aime pas le bruit, to wit, money does not like noise, sika mpɛ dede.

    “Where there is chaos, where there is noise, where there is unrest, you will not find money. If you talk down your money, it will go down. If you allow some unidentifiable person to talk down your money, it will go down,” he stressed.

    Shatta Wale joined the hundreds of tweeps who commented on the quote hours after the address. He wrote: “Sika mp3 dede ???????????????? I for feature this man la ????”

    On social media, the proverb has gone viral with people poking fun with it, others analyzing it whiles others are giving it an interpretation of their own.

    See Shatta Wale’s quote below:

  • IMF negotiations are going well; ignore frivolous allegations – Finance Ministry

    The Ministry of Finance has denied claims that the government’s current negotiations with the International Monetary Fund for a bailout have been difficult.

    The government and the International Monetary Fund are currently negotiating a package to help the economy, according to renowned economist and senior statesman Kwame Pianim.

    In an interview with Accra-based TV3, he claimed that President Akufo-Addo and his troubled Finance Minister, Ken Ofori-Atta, were primarily to blame for the current state of affairs.

    The IMF, he said, was looking to Akufo-Addo to make a definitive pronouncement on the crisis. To own it and take critical steps to cure the issues before they come in with their support. Ofori-Atta’s continued stay in office despite removal calls, he added, was not helping issues.

    “It is not going well, the negotiations. I know that. That is my business, to keep my ears open, I am a Ghanaian, and I am interested in the economy moving in the right direction.

    “We have friends in Washington so what I am saying is that it is not going well,” he said

    But, the ministry in a statement issued Sunday, October 30, said that such statements are false.

    “The Ministry notes that in recent days, a number of persons have been making false claims about the ongoing negotiations with the International Monetary Fund (IMF or the Fund)

    “These include: that the negotiations are not going well because the Fund does not see any seriousness on the part of the government; that the government does not have a programme for consideration by the IMF; that officials of the Fund have discovered inaccuracies in the macroeconomic figures presented by the government’s Economic Management Team.

    “The allegation that the negotiations are not going well is categorically untrue. The IMF itself has on numerous occasions stated unequivocally that negotiations are progressing well, and affirmed that both parties are fully committed to reaching a deal as soon as feasible,” parts of the statement by the ministry read.

  • Negotiations with IMF are going well – Finance Ministry debunks false reports

    The Ministry of Finance has denied claims that the government’s current negotiations with the International Monetary Fund for a bailout have been difficult.

    The government and the International Monetary Fund are currently negotiating a package to help the economy, according to renowned economist and senior statesman Kwame Pianim.

    In an interview with Accra-based TV3, he claimed that President Akufo-Addo and his troubled Finance Minister, Ken Ofori-Atta, were primarily to blame for the current state of affairs.

    The IMF, he said, was looking to Akufo-Addo to make a definitive pronouncement on the crisis. To own it and take critical steps to cure the issues before they come in with their support. Ofori-Atta’s continued stay in office despite removal calls, he added, was not helping issues.

    “It is not going well, the negotiations. I know that. That is my business, to keep my ears open, I am a Ghanaian, and I am interested in the economy moving in the right direction.

    “We have friends in Washington so what I am saying is that it is not going well,” he said

    But, the ministry in a statement issued Sunday, October 30, said that such statements are false.

    “The Ministry notes that in recent days, a number of persons have been making false claims about the ongoing negotiations with the International Monetary Fund (IMF or the Fund)

    “These include: that the negotiations are not going well because the Fund does not see any seriousness on the part of the government; that the government does not have a programme for consideration by the IMF; that officials of the Fund have discovered inaccuracies in the macroeconomic figures presented by the government’s Economic Management Team.

    “The allegation that the negotiations are not going well is categorically untrue. The IMF itself has on numerous occasions stated unequivocally that negotiations are progressing well, and affirmed that both parties are fully committed to reaching a deal as soon as feasible,” parts of the statement by the ministry read.

  • Akufo-Addo to save Ghana’s economy in five ways

    President Akufo-Addo has formally admitted that Ghana is currently facing an economic crisis which has exposed the weakness of the economy.

    However, the President on Sunday, October 30, noted that the government has been able to pinpoint the causative agents disrupting its balance of payments and debt sustainability. “We are in a crisis, I do not exaggerate when I say so.

    I cannot find an example in history when so many malevolent forces have come together at the same time,” he said. “But, as we have shown in other circumstances, we shall turn this crisis into an opportunity to resolve not just the short-term, urgent problems, but the long-term structural problems that have bedeviled our economy,” the President added.

    He listed some five measures his government would be implementing to turn around the adverse impact the COVID-19 pandemic and the ongoing Russia and Ukraine war has had on the economy. President Akufo-Addo stated that the pandemic exposed government’s inability to effectively cushion Ghanaians against a crisis, therefore, his administration will be “improving the revenue collection effort, from the current tax-revenue to GDP ratio of thirteen (13%) to between eighteen and twenty percent (18-20%)”.

    This, he believes will enable Ghana to be competitive with its peers in the West Africa Region that have been able to provide for its citizenry during tough times. “The GRA is rolling out an extensive set of measures to support this enhanced revenue mobilisation.

    All of us must do our patriotic duty, and support the GRA in this exercise,” he implored. Due to the lack of funds to mitigate the effects of increased fuel prices that has been worsened by the geopolitical war, government has had to borrow to provide to the ordinary Ghanaian.

    This has worsened Ghana’s debt sustainability. To mitigate this, the President disclosed that the government will “reduce our total public debt to GDP ratio to some fifty-five percent (55%) in present value terms by 2028, with the servicing of our external debt pegged at not more than eighteen percent (18%) of our annual revenue also by 2028.”

     

    The President is hopeful of restoring and sustaining macroeconomic stability within the next three to six years, with a focus on ensuring debt sustainability to promote durable and inclusive growth while protecting the poor.

    Also, the President added that his administration will among other things, review the reforms in the energy sector, capping of statutory funds, implementation of the exemptions Act and a new property rate regime.

    According to him, the government has again decided also to continue with the policy of thirty percent (30%) cut in the salaries of political office holders including the President, Vice President, Ministers, Deputy Ministers, MMDCEs, and SOE appointees in 2023, just as it will continue with the thirty percent (30%) cut in discretionary expenditures of Ministries, Departments and Agencies. Economists and financial experts have been bemoaned the current state of the economy which is import driven.

    The President mentioned that this has had a toll on the growth of the economy, in view of this has decided to check the country’s high importation. “We will review the standards required for imports into the country, prioritise the imports, as well as review the management of our foreign exchange reserves, in relation to imports of products such as rice, poultry, vegetable oil, tooth picks, pasta, fruit juice, bottled water and ceramic tiles, and others which, with intensified government support and that of the banking sector, can be manufactured and produced in sufficient quantities in Ghana.

    Government will, in May 2023, that is six months from now, review the situation,” the President added. President Akufo-Addo stressed although his government believes in free trade, it must work to ensure that the majority of goods in the shops and marketplaces are those are produced and grown here in Ghana. Meanwhile, President Akufo-Addo has not ruled out the role of the International Monetary Fund in the recovery of the economy.

    He noted that the economic management team is working towards reaching a deal with the IMF by the end of the year. “This will give further credence to the measures Government is taking to stabilize and grow the economy, as well as shore up our currency,” he confirmed.

    Source: The Independent Ghana

  • Why should I go back into the frying pan? – Boakye Agyarko on replacing Ofori-Atta

    Boakye Agyarko, a former minister of energy, has declared that he will turn down any offer from President Nana Addo Dankwa Akufo-Addo to succeed Ken Ofori-Atta in the position of finance minister.

    Boakye Agyarko indicated that he would decline the offer in an interview with Peace FM that GhanaWeb was listening to since the president had previously said that Akufo-Addo and he couldn’t work together.

    He also hinted that he saw no reason to return to a failing government.

    “The president told me before he sacked me that he could not collaborate with me once more.
    He informed me of this by sending the Chief of Staff.

    “He (the President) said he cannot work with me and I accepted it. Now, I’m sitting in my own corner thinking about myself.

    “I was in a frying pan but I did not fall into the fire because of God’s protection. I didn’t fall into the fire; I fell on the side of the fire. What reasons can you give to convince me to go back into the frying pan?” he said in Twi.

    The President in a statement issued in August 2018 suggested that Boakye Agyarko had misled him into giving the green light to the AMERI deal. But Agyarko stood his ground that there was nothing wrong with the deal.

    For that action, President Akufo-Addo, on August 6, 2018, relieved Boakye Agyarko of his position after an ultimatum for him to resign expired.

  • Kwesi Pratt ‘fights’ Sefa Kayi, Henry Kokofu over long presidential convoys

    The duration of presidential convoys was the topic of a lengthy discussion on the Wednesday, October 26 edition of Peace FM’s Kokrokoo show between host Kwame Sefa Kayi, Henry Kwabena Kokofu, the CEO of the Environmental Protection Agency, and veteran journalist Kwesi Pratt.

    The debate’s initiator, Henry Kokofu, lamented the large number of vehicles and urged an immediate end to the practice.

    He explained that the official convoy of the president usually has six cars and those other cars usually spotted are those of sector ministers, members of parliament, and chief executive officers of public institutions, among others.

    In his narration, Kokofu claimed that the practice became normalized under the fourth republic and has existed since the days of the late president, Jerry John Rawlings.

    “This convoy trend did not start under President Akufo-Addo. It has been around for a long time. Whenever the president is moving, there is a cutoff point, which is a police vehicle with sirens. Its mostly six cars. All the cars that follow are ministers, MPs, CEOs, and others. When the president is going on a tour, he talks about a lot of issues. If it’s about roads, the Road Minister will be around. He will talk about agriculture, roads, and even the MP will be part of it. “, he said.

    Kwesi Pratt took issue with his statement, pointing out that “It is not true. It has not been the case always”.

    But Kwame Sefa Kayi came in, corroborating Kokofu’s assertions that “from President Rawlings, Kufuor, Atta Mills, Mahama, and Akufo-Addo, it has always been there.”

    This led to an over close to ten minutes of banter, between the three men, with Kwame Sefa Kayi eventually giving in and reluctantly agreeing to Kwesi Pratt’s assertion.

    Below are excerpt of the conversation Pratt: It is not true that it has been the case under the fourth republic

    Sefa Kayi: It is true, it has always been there.

    Pratt: It hasn’t been there forever, and you know it is not true. Under President Mills, he directed that if they are all going to the same place, they must go by bus.

    Sefa Kayi: It happened once, twice, and that was it.

    Pratt: So it has not been there forever. It is not true.

    Sefa Kayi: So why did President Mills make that directive? It is because that trend has existed and it hasn’t stopped.

    Pratt: My argument is that it is erroneous to say it has been there forever.

    Sefa Kayi: President Mills gave that directive because he realized it was a trend. Unfortunately, it didn’t last. Under Rawlings, it was there. Under Kufuor, all the way through the fourth republic and it was a trend. President Mills asked that it be stopped, and they did it a few times.

  • We are jokers to think Ofori-Atta’s sack will curb Cedi depreciation – Nhyiaeso MP

    The removal of Ken Ofori-Atta as finance minister, according to Stephen Amoah, a member of parliament for Nhyiaeso, may not stop the local currency’s free fall against important trading currencies like the US dollar.

    In an interview with Accra-based Metro TV, he claimed that anyone who believe that the Cedi will appreciate as a result of the ouster of Ofori-Atta are “jokers.”

    The legislator claimed that because the nation’s economy was heavily dependent on imports, it had not been robust for more than 40 years.

    Stephen Amoah was responding to a question premised on calls for Ofori-Atta’s sack and Speaker Alban Bagbin’s comment that the Cedi was appreciating against the dollar as a result of motion filed by the Minority side of Parliament for a vote of censure against Ofori-Atta.

    “So right now, if we sack the finance minister, dollar will come to GH₵5? We are jokers as a country. When you come to finance and economics, there is nothing like may be. It’s lazy man’s approach.

    “We need to accept the fact that our economy hasn’t been strong for over 40 years. We run something we call negative effective tax rate country. Monies from government to the households and monies that government gets from households…the monies going to households are always higher than what we get as revenue,” the MP said.

    President Akufo-Addo has in recent times come under pressure to reshuffle or sack some of his ministers particularly Ken Ofori-Atta over worsening economic conditions under his watch.

    However, the president has rejected reshuffle calls insisting that his ministers are performing well.

    On October 25, some NPP MPs organized a press confidence to demand the dismissal of Ofori-Atta and the Minister of State at the Ministry of Finance, Charles Adu-Boahen.

    The group said failure by President Akufo-Addo to heed to their call will mean they will not pursue government business in Parliament.

    Following this, the president held meetings with the MPs where it is reported that he has appealed to them to allow Ken Ofori-Atta in particular complete the IMF negotiations and also present the 2023 Budget and see to its appropriation.

    The Majority Caucus in a statement confirmed that the demands of the MPs will be ‘acted upon’ after the conclusion of IMF negotiations and the presentation of the Budget Statement and Economic Policy in November 2022, and the subsequent passage of the Appropriation Bill.

  • Don’t respond to Mahama in your national address – Jantuah to Akufo-Akufo

    President Akufo-Addo has been warned not to respond to the most recent concerns brought up by former President John Mahama in his Sunday national speech, according to Kwame Jantuah, the Chairman of the Political Affairs Committee of the Convention Peoples Party (CPP).

    At the “Building The Ghana We Want” lecture on Thursday night at the University of Professional Studies in Accra, Mr. Mahama harshly criticized the Akufo-Addo government’s poor economic management, which has left many Ghanaians struggling to make ends meet.

    The former first gentleman, however, proffered some solutions to the current economic challenges facing the nation including cutting the budget to the Office of The President and stopping public funding of the construction of the National Cathedral.

    Speaking on the Weekly Review segment on the Morning Starr on Starr FM Friday, Lawyer Jantuah said the President must rather heed the positive advice from his predecessor and not use his upcoming address as a counter platform.

    “I expect on Sunday that the President will not come and repeat some of the things he’s been repeating. He should come and give fresh alternatives, fresh things that Ghanaians can say we are gradually beginning to have confidence in our President. By the next two years when he leaves we can all say that we went wow, we went through a crisis but President Akufo-Addo was able to take us out of it. That is what we are looking for, he shouldn’t even go to Mahama’s speech, he shouldn’t go there. That is ex-President Mahama’s speech, he knows why he said what he said. People will look at it and say yes he said this and that.

    “He is the President, so the speech that he gives to us should give us confidence, and comfort and move the country forward. I would have loved it after President Akufo Addo’s speech on Sunday, that week he’ll call a meeting of himself, ex-President Mahama, ex-President Kufuor if he can make it, reps of Chiefs, reps of civil society, MPs, Judges, let’s all sit around the table and let’s see how we can bring what the former President has said, and what I have said together as a template to move this country forward. That will be fantastic.”

     

  • Either sack Ofori-Atta or reassign him – Economist to government

    Daniel Anim, an economist, has urged President Akufo-Addo to either fire or transfer Ken Ofori-Atta to another ministry.

    This follows a petition to remove the finance minister from office signed by roughly 80% of the majority caucus.

    According to Daniel Anim, the Finance Minister should either be fired or moved so that others may work to strengthen the economy. Daniel Anim was speaking to UniversNews.

    “I have stated that right from that day where the president had introduced so many ministerial appointments and thereafter. it is about time the president reshuffled the ministers by probably moving the finance minister to another ministry.

    “So we’ve gotten to a stage where it is becoming important where we either reassign the finance minister or say bye-bye to him, and I am of the view that it will serve well for the government”.

    Daniel Anim also said that he believes appointing a new finance minister would introduce new ideas that would help sharpen the economy and reduce the hardships in the country now.

    “Psychologically, if we bring in a new person, it sends some kind of signal to the citizens and the universal community, and you realize that there’s the need for a new brain, manager, so psychologically, you earn the support of the citizens so I am of the view that His Excellency the President should consider the call and I see it to be a very instructive, significant for the first time I started following”.

    Daniel Anim further called on Ghanaians to learn from other advanced economies.

    ”Changing tactics is not a new thing, and it is something that is done by a leader when you get to a point where the people you have on board are running out of ideas and no longer have the solutions to the challenges that you face, bringing new people on board could turn things around some, it will not have any impact on the economy, but it will send a positive signal that we are taking steps to kind of address the kind of difficulties the economy is facing”.

  • Reconstitute Economic Management Team – Dr. John Kwakye to Akufo-Addo

    Dr. John Kwakye, director of research at the Institute of Economic Affairs (IEA), has lent his support to calls for President Akufo-Addo to reassemble his Economic Management Team in order to give it new vitality and perspective.

    He asserted that, in light of the current challenges, the President ought to think about assembling a fresh group of specialists and pros to save the nation’s economy.

    Dr. Kwakye tweeted, “One of the needed confidence-building measures would be reconstituting the Economic Management Team and bringing in experts and professionals.”

    Although Cabinet has commenced a meeting in earnest to find solutions to the challenges, it is not clear if President Akufo-Addo will heed calls to bring in fresh limbs to save the precarious situation.

    Meanwhile, President Akufo Addo is expected to address the nation on the economy on Sunday, October 30.

    Mr. Akufo-Addo, meeting with a couple of groups at the Presidency, said he is fully aware of the problematic times Ghanaians are going through.

    Mr. Akufo-Addo admitted that times are hard. The local currency is not doing well against the dollar, and prices of goods and services, including sachet water, are rising.

    The President indicated that he needs the support of everyone to deal with the issues.

    “I have seen the difficulties that our currency has been having. I have seen the difficulties and dramatic rise of price levels, significant rise in the cost of living and difficulties generally, in the manner the economy is rising,” he told journalists at the Jubilee House, on Thursday, October 27, 2022.

    Mr. Akufo-Addo added, “We have to understand that all sectors and actors of the economy, either on the side of management, labour and workers, have to find a way of balancing the various considerations so that we can all progress and continue, hopefully, in building a stronger economy.”

  • We all have an interest in the NPP; we will not sit for you to destroy it – Kofi Kapito to Akufo-Addo

    The Chief Executive Officer of the Consumer Protection Agency, Kofi Owusu Hene, a.k.a. Kofi Kapito, has bemoaned the current state of his party, the ruling New Patriotic Party (NPP).

    Speaking in a Neat FM interview monitored by GhanaWeb, Kofi Kapito accused the party’s leadership and council of elders of looking on unabated as some members, including President Akufo-Addo and his appointees, destroy the image of the party through their actions.

    He also bemoaned the failure of the NPP government to address the challenges Ghanaians are facing and the recent utterances of the president against persons who have been criticising his government.

    “… today, [the] president is telling his critics that he is unconcerned whether people vote for the NPP or not. I think he was not feeling well that day and so I will forgive him.

    “But what I am trying to say is that when it comes to the party (NPP), as they have been saying in their hometown that they will [not] sit for Okyeman to be destroyed, I, Kofi Kapito, will not sit aloof for the NPP to be destroyed,” he said in Twi.

    He went on to commend the NPP Members of Parliament (MPs) who demanded that President Akufo-Addo sacks the Finance Minister, Ken Ofori-Atta, for his poor management of the economy.

    “God bless Eugene Antwi Antwi. God bless Patrick Boamah. Andy Appiah-Kubi, all of them, have done well for their courage to take this step,” he added.

  • Ofori-Atta must go, I support NPP MPs’ demand – Agyeman-Duah

    A Governance Expert Professor Baffuor Agyeman-Duah has said he supports the call by the New Patriotic Party (NPP) Members of Parliament to the President to sack his Finance Minister Ken Ofori-Atta and the Minister of State at the Finance Ministry Charles Adu Boahen.

    Prof Agyemang Duah said he personally made this call in the past when the economy started deteriorating.

    Speaking in an interview with TV3’s Alfred Ocansey on the Ghana Tonight show, the CEO of the Kufuor Foundation said “I will be a hypocrite if I say I don’t agree [with the calls] because personally, I have made this call over the past several months since the economic started nose down.”

    Pressure is being mounted on President Akufo-Addo by some Ghanaians including his own Members of Parliament, to sack the Finance Minister Ken Ofori-Atta and Mr Adu Boahen.

    The Majority caucus in Parliament have threatened to boycott the presentation and debate on the 2023 budget statement if President Akufo-Addo does not remove Mr Ofori-Atta and Adu Boahen.

    The NPP MPs believe that the prevailing economic situation in the country does not make it right for the two gentlemen to remain in office hence the President must ask them to go.

    Addressing a press conference in Parliament on Tuesday, October 25, a lawmaker for Asante Akyem North, Andy Appiah Kubi said “We are unhappy with the developments in the country, we consulted our constituents who also expressed same sentients.

    “We want the President to remove Ken Ofori and Chares Adu Boahen.

    “We are by this medium communicating our strong desire that the President changes the Minister of Finance and the Minister of State in the Finance Ministry without further delay.

    “We want to serve notice, and notice is hereby served that until such persons as aforementioned are made to resign or removed from office, we members of the Majority Caucus here in Parliament will not participate in any business of Government by or, for the president by any other Minster.

    “We hope that those of us in the back bench and members of the Majority caucus will abide by this prayer.

    “We are saying that if our request is not responded to positively, we will not be present for the budget hearing neither will we participate in the debate.

  • Court adjourns Sarfo Kantanka bribery case to 27 February 2023

    A Kumasi High Court has adjourned the alleged bribery case, involving Alexander Sarfo Kantanka, the ex-nominee for the position of Chief Executive for the Juaben Municipal Assembly in the Ashanti region.

    Kantanka was alleged to have paid monies to some assembly members to influence them to confirm his nomination by President Akufo-Addo.

    The case was adjourned to 27 February 2023, after the court granted a request by the prosecution to hear the case omnibus.

    “The prosecution had pleaded with the court to fix the trial for a week to help reduce the risk and cost of travelling from Accra to Kumasi for the trials and that request was granted.

    The judge also fixed 28 February, 1 March and 2 March for the hearing”, reported Asaase News’ Jonathan Ofori.

    Meanwhile, a second prosecution witness Prince Opong Kyekyeku an assembly member for Bomfa Ahenbronum electoral area mounted the box and was cross-examined by the counsel for the accused person, Denis Osei Antwi.

    Oppong Kyekyeku has also denied receiving a bribe from the accused person.

    He, however, recalled that he received an amount of GHC1000 from a personal assistant of the accused person to take a mentally challenged person to the hospital.

    Amadu Emmanuel Basintale, who represented the Office of the Special Prosecutor, told journalists after the proceedings at the court that the prosecution intended to call five witnesses for the trial.

    They would include three assembly members, a police officer, and an officer from the Office of the Special Prosecutor.

     

  • Times are hard – Nana Addo admits

    President Akufo-Addo says he is much aware of the difficulties Ghanaians are facing in the face of the current economic challenges.

    Nana Akufo-Addo says government is working to mitigate the plight of the citizenry.

    “I have seen the difficulties that our currency has been having. I have seen the difficulties and dramatic rise of price levels, significant rise in the cost of living and difficulties generally, in the manner the economy is rising”, he said.

    Speaking to journalists at the Jubilee House, Nana Akufo-Addo said he will need the support of all.

    “We have to understand that, all sectors and actors of the economy either on the side of management, labour and workers have to find a way of balancing the various considerations so that we can all progress and continue hopefully in building a stronger economy.”

    Ghana’s economic indicators keep worsening.

    The Ghana cedi for instance has seen a huge depreciation as it has lost close to 50 percent of its value since the beginning of the year.

    Bloomberg has also rated the currency the worst-performing worldwide after considering a basket of 148 currencies worldwide.

    Ghana’s inflation for September 2022 stands at 37.2 percent while Producer Price Inflation for the same month has risen to 45.5 percent putting majority of Ghanaians in a tight situation because their purchasing power keeps reducing amidst poor salaries.

     

    Prices of food items are high, coupled with the increasing cost of transportation.

    On the labour front, workers are demanding better working conditions. Manufacturers are also adopting ways to cut down on operations in the wake of these economic difficulties.

    There are ongoing discussions between the government of Ghana and the International Monetary Fund (IMF) for a US$ 3 million bailout to salvage the economic downturn.

    The President and his cabinet have begun a retreat to deliberate on the economy as government’s negotiation with the International Monetary Fund (IMF) nears completion.

    The President for the past days engaged relevant stakeholders on how best torevive the economy.

    Meanwhile, Nana Akufo-Addo will on Sunday, October 30, 2022, address the nation on the current economic situation in the country.

     

     

  • Asking Ofori-Atta to stay until IMF negotiation is done untenable – Mahama

    Former President John Dramani Mahama has argued that it is unsustainable for the Finance Minister to depart after concluding the budget and IMF negotiations, which is the ostensible compromise made by the majority in parliament.

    In response to President Akufo-Addo‘s request, the Majority Caucus in Parliament has agreed to let the Finance Minister, Ken Ofori-Atta, and the Minister of State for the Finance Ministry, Charles Adu Boahen, continue in their positions until the conclusion of the IMF negotiations.

    Per the press statement released by the Majority Leader, Osei Kyei-Mensah-Bonsu, the Minister of Finance will stay “until the conclusion of the round of negotiations with the International Monetary Fund (IMF) and the presentation of the Budget Statement and Economic Policy in November, 2022 and the subsequent passage of the Appropriation Bill after which time the demand will be acted upon.”

    But the former leader maintained that the Minister’s removal will have no ramifications on the IMF negotiations and the preparation of the 2023 Budget.

    “Budget preparation and IMF negotiations are the result of teamwork, not the work of one individual. I fail to see how the absence of the Minister will affect the preparation of the budget or the negotiations with the
    Fund,” he said while speaking at a lecture on the economy on Thursday.

    He reiterated that the President must not only replace the finance minister, but also reconstitute and take control of the Economic Management Team himself.

  • It’s about teamwork, not an individual – Mahama tells Akufo-Addo over Ofori-Atta’s stay in office

    Former President John Mahama is perplexed as to why the current administration, which asserts that it “has the guys,” is focusing the IMF negotiations and the 2023 budget presentation on “one individual.”

    His remarks follow a meeting between President Akufo-Addo and the majority caucus, which was called in response to their demand that Finance Minister Ken Ofori-Atta be fired.

    You may recall that nearly 80 NPP MPs asked for the dismissal of Charles Adu Boahen, the Finance Minister, and the Minister of State in the Ministry of Finance, for their failure to address the current economic situation.

    But in a meeting on Tuesday, the President asked that Ofori Atta be allowed to conclude talks with the International Monetary Fund (IMF) and also present the 2023 Budget Statement of government in November.

    Speaking to this at a lecture on the economy on Thursday, Mr Mahama described this as “untenable”.

    “Budget preparation and IMF negotiations are the result of teamwork, not the work of one individual. I fail to see how the absence of the Minister will affect the preparation of the budget or the negotiations with the Fund”.

    He continued: “There surely must be persons with the requisite experience to carry on this work. After all, what happened to the “We have the men” mantra?”

  • Let’s unite to break the NPP’s resolve to ‘break the 8’

    A national chairman hopeful on the ticket of the main opposition National Democratic Congress (NDC), Nii Armah Ashitey, is urging the rank and file of the party to unite and challenge the governing New Patriotic Party’s ‘Break the Eight’ mantra in 2024.

    “We can alone break the NPP’s break the eight mantra if we solidly unite for a purpose,” he rallied.

    The former NDC Member of Parliament (MP) for Klottey Korley Constituency in the Greater Accra Region made this comment speaking in an interview with Emmanuel Quarshie (The Hitman), host of the Ghana Yensom morning show on Accra 100.5 FM on Thursday, October 27 2022.

    “Unless the NDC unites after the elections that it can devise a strategy to break the NPP’s quest to break the eight,” he said.

    “It is incumbent on the winners in the last elections to reach out to the losers in last Saturday’s Constituency elections to achieve the purpose of breaking the NPP’s break eight,” he added.

    “Unfortunately, as a party, we have not taken any interest in the NPP’s mantra to break the eight but we can break the NPP’s quest to break the eight,” Mr Ashitey bemoaned.

    “I have always shied away from scoring the president on his performance because he has failed on all cylinders,” he noted.

    He added that NPP has failed to give Ghanaians hope by not bringing the needed change in the country.

    “Ghanaians have had enough of the bad governance of president Akufo-Addo,” he put forth.

    The former Minister of Manpower and Labour Relations said Ghana as a nation, ‘we have it all but we have not been able to fix the problems of the country because all economic measures being churned out favour foreigners in the country.”

    He called for the need for Ghana to domesticate its economic gains.

    The man who is a lawyer by profession said he had worked in various capacities within the rank and file of the party hence he is capable to lead the party as a national chairman.

    “I’m ready to share my experience in the leadership of the party” he said, adding that the NDC has a problem because it lost elections in 2016 and in 2020.

     

  • It’ll be very bad for Akufo-Addo and NPP if they decide to repeat history in 2024 – Otukonor

    The Aspiring General secretary of the National Democratic Congress (NDC), Dr Peter Buamah Otukonor has revealed that the NDC will do everything possible to win the 2020 general elections.

    According to him, the 2024 elections will be a ‘do or die affair’ as they will not let history to repeat itself.

    In an interview with GhanaWeb, he said they don’t expect the NPP to repeat whatever they did in the 2020 elections.

    “(2024 elections) do or die it will certainly be because we can not afford to stand a minute with this incompetent and clueless government. Most importantly and particularly too, on behalf of the people of this country, we cannot tolerate the continuance of this government and so whatever it will take to win political power in 2024 we are going to do that together with the people of this country to make sure we change government and bring a government to understands the plight and need of people,” he said.

    He added that the power of the people should not be underestimated.

    He said the signs are already clear that the Ghanaians have lost trust in the President Akufo-Addo.

    He cited the booing in his recent public appearance and the during his tour as clear examples of the mistrust.

     

  • Bawumia outlines measures to get Ghana out of economic hardship

    Vice President Dr. Mahamudu Bawumia has admitted that Ghana is currently going through an economic crisis which has brought untold hardships on many Ghanaians.

    Speaking at a Standard Charted Bank event in Accra on Wednesday (October 26), Dr. Bawumia intimated that to get out of this current situation, Ghanaians must prepare themselves for more hardship because the government will soon commence implementing tough measures to help resolve the crisis.

    The vice president went on to list the measures which he indicated the President Akufo-Addo, will soon address Ghanaians on.

    Fiscal and debt sustainability

    Dr. Bawumia indicated that the government would put together expenditure and tax measures that will ensure a reduction in government debts.

    He said that these measures are being discussed as part of the ongoing discussions with the International Monetary Fund (IMF) and will soon be made known to Ghanaians.

    “In Ghana specifically, we are dealing with an economic crisis that we have to address in different dimensions. The first and most important, which affects the confidence that we have in the economic system, is to make sure that we have fiscal and debt sustainability. This has been one of the areas where we are having discussions and negotiations with the International Monetary Fund about,” he said.

    “Restoring fiscal and debt sustainability will no doubt is not going to be easy. It will require very bold, difficult, but firm decisions. And I think these are part of the discussions that we’re having with the IMF. I’m sure once those are concluded, it will be clear that it will not be and it should not be business-as-usual because we have to adjust to the new global and domestic realities,” he added.

    Tightening foreign exchange regime:

    Dr. Bawumia went on to say the government will also be looking at the foreign exchange regime, which he described as being very loose.

    “We also have to look very clearly at our foreign exchange regime. It’s very clear that it is quite loose, and this is why we are going to be working to see how we can tighten the foreign exchange regime.

    “When the President addresses the nation, hopefully by the end of the week, some of these details will be fleshed out in more specifics. But in broad terms, I think you cannot address the current economic crisis without addressing the fiscal and debt sustainability, without addressing the production side, without addressing the foreign exchange regime and what allows us to lose a lot of foreign exchange,” he said.

    Digitalising Ghana’s economy

    The vice president further stated that addressing the digitalizing needs of Ghana is very critical to resolving the difficulties in the country.

    “But more importantly, if we are going to address this, this economy must be digitalized. And that is something we started since 2017 in earnest because no economy can really participate in the Fourth Industrial Revolution without the digitalization of the economy,” he said.

     

  • President Akufo-Addo meets Council of State, others over state of economy

    To discuss how to revive the faltering economy, President Akufo-Addo has met with representatives of the Council of State, the Ghana National Chamber of Commerce and Industry (GNCCI), and important stakeholders.

    The conference gave the President a forum to speak with economic players about the best ways to ease the burden on businesses and the hardship of everyday Ghanaians.

    The GNCCI’s concerns on the state of the economy currently.

    The cost of doing business in the country is rising due to the rapid depreciation of the cedi against major foreign currencies, interest rates, high fuel prices, and high inflation policy rates.

    More specifically, the outlook for the country’s economy is getting worse due to rising public debt, weak domestic revenue performance, the balance of payments issues and a lack of fiscal restraint, which led to a credit rating downgrade and the loss of external financing.

    According to the Chamber, this situation is causing low confidence and speculative activity which are harmful to the resilience and growth of businesses.

  • Meet Dr. Mark Assibey-Yeboah; NPP’s ‘favourite’ to replace Ken Ofori-Atta

    Calls for the sack or the resignation of the Finance Minister, Ken Ofori-Atta, have been relentless over the past few weeks, with even Members of Parliament (MPs) of his own party, the New Patriotic Party (NPP), joining the calls.

    One of the names that have come up as a possible replacement for Ken Ofori Atta should President Akufo-Addo heed the calls for his sack or should he resign from his post, is Dr. Mark Assibey-Yeboah.

    Even though Dr. Assibey-Yeboah has been an ardent critic of the Akufo-Addo government, some Ghanaians including broadcaster Paul Adom-Otchere have said that he (Assibey-Yeboah) is considered as the favourite among the rank and file of the NPP to replace Ken Ofori-Atta.

    Dr. Assibey-Yeboah has, on a number of occasions, criticised the implementation of a number of policies of the Akufo-Addo government, including the Free Senior High School and the Electronic Transfer Levy (E-Levy). Prior to Ghana returning to the International Monetary Fund (IMF) for a bailout, Dr. Assibey-Yeboah warned of harsh economic conditions and therefore called on the government to resort to the Fund at an earlier time ahead of its July 1, 2022 decision.

    Who is Dr. Assibey-Yeboah?

    Dr. Mark Assibey-Yeboah is a Ghanaian politician and member of the 6th and 7th Parliament of the Fourth Republic of Ghana (from 2013 to 2021), representing the New Juaben South Constituency in the Eastern Region on the ticket of NPP.

    He is a Christian and was born on March 2, 1974. He comes from Obo-Kwahu, a town in the Kwahu South District of the Eastern Region of Ghana.

    During his term as an MP, Dr. Assibey-Yeboah served as the Chairman of the Finance Committee of Parliament. During his tenure as chair, he led many engagements toward sound economic indicators of government and was noted for demanding accountability from the government. He was also a member of the Sports Committee of the 6th Parliament.

    Before venturing into politics, Dr. Assibey-Yeboah was a lecturer between 2009 and 2010 at the Ghana Institute of Management and Public Administration (GIMPA), a senior economist at the Bank of Ghana between 2011 and 2012 and a lecturer at the Ghana Technology University College from 2011 to 2012.

    He had also previously worked as a lecturer at the University of Tennessee and as an adjunct faculty at Milligan College – both in the United States of America. He was also a board member of the ADB Bank Ghana from August 2018 – 2021.

    He is a member of the American Economic Association.

    Educational background of Dr Assibey-Yeboah

    The former MP attended Presbyterian Boys’ Secondary School, Legon and the Ghana Secondary School, Koforidua, where he obtained his GCE Ordinary Level and GCE Advanced Level, respectively.

    Dr. Assibey-Yeboah holds a BSc (Hons) in Agricultural Economics degree from the Kwame Nkrumah University of Science and Technology (KNUST). He also holds an MS (Agricultural and Resource Economics) from the University of Delaware, USA.

    He also holds an MA and a PhD, both in Economics from the University of Tennessee, USA specialising in International Macroeconomics, Monetary Economics and Econometrics.

    Some of his research work has been published in reputable journals, including the Economic Record, the International Journal for Finance and Economics, the Journal for International Trade and Economic Development, and The North American Journal of Economics and Finance.

     

  • Minority urged to engage disgruntled Majority MPs to remove Finance Minister

    A political science lecturer, Dr. Abdul-Jalilu Ateku, has urged the Minority in Parliament to engage the Majority MPs opposed to the Finance Minister to ensure their support in having him removed.

    Speaking on The Point of View on Citi TV, Dr. Ateku said he did not expect the President to heed the calls of 80 disgruntled Majority MPs for him to remove Ken Ofori-Atta as Finance Minister.

    They also want the Minister of State at the Finance Ministry, Charles Adu Boahen, removed.

    “The Minority needs to engage with the other people from the other side since they all have the same objective of getting the Finance Minister out.”

    “Leaving it for the President, the President will not remove the Finance Minister,” Dr. Ateku said.

    The Minority has filed a motion for a vote of censure on the Finance Minister and made calls for support from the Majority MPs.

    But the Majority MPs have indicated that they will not back the Minority.

    Previous calls for the removal of Ken Ofori-Atta have been rebuffed by President Akufo-Addo, who said he would continue to back Mr. Ofori-Atta.

    Responding to the recent demands by the group of Majority MPs, the President appealed to them to hold on until Ghana concludes negotiations with the International Monetary Fund.

    The President noted that terminating the appointment of Mr. Ofori-Atta will disrupt the programme.

     

  • Will IMF negotiations cease if Ofori-Atta dies or falls sick? – Manasseh asks

    Investigative journalist, Manasseh Azure Awuni, has suggested that it is untenable that Ken Ofori-Atta’s dismissal as Finance Minister will derail Ghana’s negotiations with the International Monetary Fund (IMF).

    His comments come on the back of reports that President Akufo-Addo has asked the over eighty (80) NPP MPs demanding the sack of Ofori-Atta to allow him complete the IMF negotiations.

    In a Facebook post, the award-winning journalist wondered if the negotiations with the Bretton Woods institution will grind to a halt if Ofori-Atta fell ill or passed away.

    He wrote: “God forbid, but if Ken Ofori-Atta falls sick or dies, will the IMF negotiations cease? The excuse that his removal will derail the IMF negotiations is what we call in Gurune “nagenbeto”.

    Background

    On Tuesday, October 25, a group of NPP MPs held a press conference to demand that want Finance Minister Ken Ofori-Atta and Minister of State at the Finance Ministry, Charles Adu Boahen be sacked from their respective roles.

    According to them, new faces in their stead will inject confidence in the economy which is on slope of decline.

    Andy Kwame Appiah-Kubi, the Member of Parliament for the Asante-Akim North Constituency, who spoke on behalf of the over 80 MPs said they will boycott the 2023 budget reading and debate if President Akufo-Addo fails to dismiss his appointees.

    Following this, the president has held meetings with the MPs where it is reported that he has appealed to them to allow Ken Ofori-Atta in particular complete the IMF negotiations.

    Meanwhile, the majority caucus in Parliament have said in a statement that there is a consensus to dismiss Ofori-Atta however it should be deferred to after the IMF negotiations.

     

  • Resign now or we’ll confront you with unprecedented resistance – NDC Youth Wing to Akufo-Addo

    The National Democratic Congress (NDC) Youth Wing has made a strong-worded call on President Akufo-Addo to not only sack Ken Ofori-Atta but for him to also resign as Head of State.

    Issued under the hand of the National Youth Organiser of the party, George Opare Addo, the group said that Ghanaians have had enough of the performance of this administration that has plunged the country into a lot of hardships.

    The statement added that many Ghanaians have lost their investments and livelihoods because of the kind of government the president has run in the last six years.

    “Over the past six years, you, your cousin the Finance Minister, your Economic Management Team headed by your incompetent Vice President, as well as your entire Government have pursued economic and fiscal policies that have wreaked havoc on our nation’s economy and resulted in untold hardships for the Ghanaian people.

    “Today, because of your reckless governance, Ghanaian families are unable to put food on the table. People’s entire life savings are going down the drain, and our currency, the cedi, is depreciating at a rate never seen in the history of our nation in the past four decades. Yours has been a failure of historic proportions; one that has plunged our nation into its most acute economic downturn in an entire generation,” the statement said.

    The NDC Youth Wing, therefore, called for an immediate resignation from the president else they would embark on an unprecedented resistance to his government.

    “Enough is enough! Ghanaians did not give you the mandate to put us through this level of suffering that has spared no family nor business. The Ghanaian people cannot continue to suffocate under your repressive and destructive misrule. It has become apparent that you lack the fortitude to properly govern this country. We demand that you sack your finance minister and resign now, to stem the suffering that has engulfed our nation and save our country from further collapse and international ignominy!

    “If you remain headstrong and refuse to sack the finance minister and resign from office as President, we will confront you with a level of resistance never experienced by any President in the history of our country,” it added.

    The group further called on the youth of the country to be on standby to picket against the government.

    “We are by this medium calling on all young people of this country to picket at Government offices and protest across the country whenever they are called upon by the Leadership of the Youth Wing to do so,” the statement said.

    Already, there has been a call by 80 Members of Parliament from the New Patriotic Party (NPP) for President Nana Addo Dankwa Akufo-Addo to sack the Minister of Finance, Ken Ofori-Atta, as a way of restoring public confidence in the economy.

    The president has since met with the MPs and urged them to give the minister some time to complete some pertinent government business, including the completion of an IMF negotiation.