Day: March 27, 2023

The United States (US) says its partnership with Africa is for mutual benefit. ‘Our partnership with Africa is guided not by what we can do for Africa, but what we can do with Africa,’ Kamala Harris, the US Vice-President, told a press conference, at the Jubilee House, Accra, on Monday. The conference, addressed jointly by the US Vice-President and Ghana’s President, Nana Addo Dankwa Akufo-Addo, centred on a range of global and regional issues, including democracy, good governance, and human rights; regional security; long-term economic growth and macroeconomic stability and climate issues. According to Ms Harris, her visit was to build on the December summit hosted by President Joe Biden in Washington with US leaders and counterparts from Africa. African nations such as Ghana, she said, played a critical role in several global issues, citing food security, the climate crisis and ‘our resilient supply chains’. ‘African voices, including that of Ghana, are critical to global peace and security, including the defence of the United Nations Charter. ‘And, African ingenuity and innovation, I’m certain will shape the future of the world,’ the US Vice-President noted. She lauded Ghana for the gains made under democratic rule, stressing that under the leadership and personal engagements of President Nana Akufo-Addo, there had been strengthened ties with the Disapora and the African continent. ‘Our countries share a long history,’ Ms. Harris noted, saying Ghana’s independence in 1957 inspired many Americans and would-be independent African countries as it was the dawn of a new era. ‘The promise of Ghana continues to draw us near,’ the US Vice-President stated. President Nana Akufo-Addo wished the visiting Vice-President a happy stay in Ghana, saying it was his hope that her trip would be a memorable one. ‘It is of particular importance we are able to continue to work with you,’ he said. Kamala Harris arrived in Ghana on Sunday to start a three-nation African tour, as Washington looks to strengthen diplomatic ties on the continent. The trip to Ghana, Tanzania and Zambia until April 02, comes after a December summit hosted by President Joe Biden in Washington with US leaders and counterparts from Africa.

Source: Ghana News Agency

The Monetary Policy Committee of the Bank of Ghana has raised the lending rate by 150 basis points to 29.5 per cent from 28 per cent to tame inflation. Dr Ernest Addison, the Governor of the Bank of Ghana, said while headline inflation had declined marginally for two consecutive months, it continued to remain relatively high compared to the medium-term target of 8 plus 2 or minus 2 per cent. ‘To place the economy firmly on the path of stability and reinforce the pace of disinflation, it is important that the monetary policy stance be tuned further to re-anchor inflation expectations towards the medium-term target. Given these considerations, the MPC decided to increase the Monetary Policy Rate by 150 basis points to 29.5 per cent,’ he told a press conference in Accra. The Committee deliberated on recent macroeconomic developments and assessed the current state of the economy and risks to the inflation and growth outlook. Dr Addison said in the real sector, the Bank’s high-frequency indicators pointed to further moderation in economic activity in line with the challenging macroeconomic environment. He said the January 2023 update of the Bank’s Composite Index of Economic Activity (CIEA) indicated a contraction in economic activity by 7.6 per cent, compared to a growth rate of 4.2 per cent in the same period of 2022, weighed down by port activity, cement sales, imports, and credit to the private sector. However, he said, both business and consumer sentiments continued to show further improvement in February 2023. Consumer confidence improved due to easing inflationary pressures, which led to some optimism about future economic conditions. Also, business sentiments improved as companies met short-term targets amid positive company and industry prospects. Annual nominal growth in private sector credit was up by 29.5 per cent in February 2023, compared with 17.1 per cent in the corresponding period of 2022. However, in real terms, private sector credit contracted by 15.3 per cent compared with 1.2 per cent contraction, over the same period a year before, due to the high level of inflation. Dr Addison said the banking sector broadly reflected the challenging operating the environment in 2022 on account of macroeconomic conditions, and the recent implementation of the Domestic Debt Exchange Programme (DDEP). ‘Our preliminary assessment of the impact of the DDEP on the banking sector, based on December 2022 data, indicates significant losses on account of impairment of banks’ holdings in GoG bonds,’ he said. However, the impact of the DDEP as currently assessed is moderated by the timely introduction of regulatory reliefs by the Bank of Ghana to support the banking sector, similar to the reliefs provided to banks at the onset of the Covid-19 pandemic. Provisional data on budget execution for 2022 indicated a higher overall broad fiscal deficit (cash basis) of GHS49.7 billion (8.1 per cent of GDP), against the revised mid-year 2022 target of GHS38.9 billion (6.3 per cent of GDP). Despite the mixed performance in the prices of Ghana’s major commodities, the trade balance improved in the first two months of 2023, mainly on the back of higher export volumes. In the first two months, total exports expanded by 11.2 per cent year-on-year to US$2.8 billion, driven mainly by higher gold, cocoa, and other export receipts. The value of gold exports amounted to US$1.1 billion, representing an increase of 35.8 per cent, driven mainly by a 38.5 per cent increase in export volumes to 619,373 ounces. Cocoa beans and product exports increased by 15.5 per cent and 3.3 per cent to US$387.6 million and US$159.3 million respectively, mainly on the back of higher production volumes. Earnings from ‘other’ exports, including non-traditional exports, were estimated at US$538.2 million, representing a 10.8 per cent year-on-year growth. In contrast, exports of crude oil declined by 18.3 per cent to US$562.6 million, largely due to lower export volumes. The total import bill, on the other hand, declined by 11.8 per cent year-on-year to US$2.0 billion, driven by compression in non-oil imports. Non-oil imports also dipped by 17.6 per cent to US$1.4 billion, while oil and gas imports increased marginally by 4.8 per cent to US$622.9 million. The combination of export growth and lower imports resulted in a trade surplus of US$752.8 million for the first two months of 2023, higher than the trade surplus of US$205.8 million recorded for the same period in 2022. For the year 2022, the overall balance of payments recorded a deficit of US$3.6 billion. The capital and financial account recorded a net outflow of US$2.1 billion (2.9 per cent of GDP), mainly on account of lower FDI flows and significant portfolio reversals. Gross International Reserves declined to US$5.9 billion at the end of February 2023, providing cover for 2.8 months of imports of goods and services. However, Net International Reserves improved to US$2.6 billion, reflecting a slight decline in encumbered funds. In the year to March 22, 2023, the Ghana cedi cumulatively depreciated by 22.1 per cent, 23.5 per cent, and 23.1 per cent against the US dollar, the Pound, and Euro, respectively.

Source: Ghana News Agency

The Ministry of Employment and Labour Relations has cautioned the public against an ongoing recruitment scam where an email, purportedly emanating from the Ministry, is notifying the public of an interview. The purported interview was being held at the Ministry of Foreign Affairs and Regional Integration, which started on March 7, 2023, and is ongoing. A statement issued by the Ministry of Employment and Labour Relations, copied to the Ghana News Agency, said the email directed persons interested in the job offer to pay 300 Ghana cedis into mobile money account numbers 0203536390 and 0560785536. That was meant to facilitate the interview and subsequent completion of Public Service Interview Evaluation forms. It noted that additionally, text messages titled: ‘Ministries’, had been sent to the public to contact one Romeo Adams, designated as the human resource manager on 0203536390 to confirm participation in the said interview. However, contacts of unsuspecting job seekers, who sent monies, were blocked from making calls to the recipient’s number, the statement said. ”The Ministry of Employment and Labour Relations is seizing this opportunity to inform all and sundry, especially jobseekers and Ghanaian youth that the Ministry had not officially notified the public of any recruitment interview at the Foreign Affairs Ministry…’ ‘Romeo Adams is not a staff of the Employment and Labour Relations Ministry and the Ministry is not a recruitment body.’ Its website is www.melr.gov.gh while the Facebook page is Ministry of Employment and Labour Relations-Ghana and urged the public to take note.

Source: Ghana News Agency

Major hospitals and other health facilities in the Volta and Oti regions owe the Electricity Company of Ghana (ECG) about GHC 8.9 million, Mr Michael Buabin, the Acting Volta Regional Manager of the company, has disclosed. The debt, which spans 2021 till date, has accrued over the years by the Ho Teaching Hospital (HTH), Regional Hospital, Municipal and District hospitals, Community-based Health Planning System (CHPS) Compound, Bungalows, Health Directorate among others. The debt owed by the Ho Teaching Hospital (HTH), Regional Hospital, municipal and district hospitals, Community-based Health Planning Services (CHPS) compounds, staff bungalows, and the Health Directorate, spans 2021 till date. The HTH, leading the pact with debts accruing to some GHC 1.4 million, was able to pay GHC40,000 on March 24, after several engagements with the ECG. The Ho Municipal Hospital, the Peki Government Hospital, and the Keta Municipal Hospital owe GHC 420,000, GHC362,000, and GHC 465,400, respectively. Mr Buabin confirmed the figure to the Ghana News Agency after engagement with some hospital stakeholders on measures to redeem their indebtedness to the company. He said the ECG was embarking on a one-month nationwide exercise to retrieve about GHC 5.7 billion from its debtors with about GHC220 million in the Volta and Oti regions alone. The company has, however, not disconnected any hospital yet, he said. Mr Philip Agbezudor, the Public Utilities Regulations Commission (PURC) Regional Manager, said hospitals were not exempted from power and water disconnection. ‘Legislative Instrument (L.I) 2413, section 37, clearly states that any customer that owes ECG or GWCL has 14 days to settle their arrears,’ he said. However, there was special protection for hospitals due to the nature of their enterprise as essential service providers. ‘So after the 14 days moratorium the utility Company are enjoined by law to draw a payment plan with its clients and offer additional 21 days for payment before any disconnection can be occasioned if such individuals or institutions default in the payment plan’ he noted. Mr Agbezudor said the ECG had not adhered to those regulations as it had allowed facilities, including the hospitals, to owe for more than two years. He urged the health facilities to make conscious efforts to pay their utility bills to enable the company to stay in business. Mr Benjamin Obeng Antwi, the Volta Regional Public Relations Officer, ECG, in an interview with the GNA, debunked reports that the ECG had disconnected the vaccine storage area of the Keta Municipal Health Directorate. He said the ECG officials carried out a disconnection of the meter that owed the company but not the entire Health Directorate and appealed to customers to settle their arrears.

Source: Ghana News Agency

The Vice President of the United States, Kamala Harris, moments after finishing her rather brief address on arriving in Ghana Sunday, made a momentary stop to exchange pleasantries with some pupils from Chorkor, a fishing community in Accra, who had come to welcome her. The pupils, visibly excited about the Vice President’s presence, continued to wave their miniature Ghana and American flags, which caught the eye of the Vice President. She walked up to them with the unique opportunity for the children to have some smiley moments and quick handshakes. Accompanied by her husband, Douglas Emhoff, the Vice President wore her accustomed broad infectious smile and uninhibited by her heavy Secret Service details, had direct exchanges with some of the female pupils, igniting optimism in them. That gesture, Christabel Naa Larley Mensah, a Basic Six pupil, and beneficiary of the BASICS International initiative, says brings her a lot of hope to aspire for greatness and strive to be the next ‘Kamala Harris’. ‘I am happy to see her,’ Ms Mensah, who wants to be a medical doctor, says with a wide smile. She was part of the 150 children from Chorkor under the BASIC International initiative, who joined other dignitaries, including Ghana’s Vice President, Dr Mahamudu Bawumia; Madam Shirley Ayorkor Botchwey, Minister of Foreign Affairs and Regional Integration; Madam Virginia E. Palmer, U.S Ambassador to Ghana; Hajia Alima Mahama, Ghana’s Ambassador to the US, at the Jubilee Lounge of the Kotoka International Airport. Others were Mr Kojo Oppong Nkrumah, Minister for Information; Mr Samuel Abu Jinapor, Minister for lands and Natural Resources and Mr Henry Quartey, Greater Accra Regional Minister, among other dignitaries from Ghana and the United States. To achieve her dreams and become a great medical doctor, Ms Mensah says she must ‘learn hard and obey instructions in class’. Obed Tagoe, a graduate of the Kwame Nkrumah University of Science and Technology (KNUST) and a beneficiary of the BASICS International programme since age eight, says ‘Indeed, yesterday’s visit of the Vice President of the United States of America to Ghana was history made for Ghana and every single individual present at the event but most especially to us the Basics beneficiaries and the organisation as a whole’. Her visit, Mr Tagoe adds ‘is a moment where the hopes to become great despite gender is reassuring’. Now volunteering at BASICS International, he says ‘there is a great future that we will all play our collective role and also help others…’ The Brothers And Sisters in Christ Serving (BASICS International) is a faith-based organisation in Ghana founded by Patricia Wilkins in 2000. The Organisation’s initiative provides education and resources to impoverished communities in Ghana, particularly Chorkor in the Greater Accra Region, where most of the children are schooling. Founder and CEO, Patricia Wilkins, says BASICS International has been a recipient of grants and support from the US Embassy in Ghana and offers support to the Organisation for its programmes and activities. Ms Wilkins, an American Ghanaian, notes that the relations between Ghana and the US is long-standing and their presence at the Airport is to give the pupils and other beneficiaries of the BASIC International initiate some glimmer of hope to achieve more despite the odds. She expresses appreciation to Kamala Harris for ‘inspiring women of colour and young girls around the world. Wherever a young girl is sitting today, they are looking at her and saying that could be me. This is something that we as girls and children are not being afforded; we have to fight for so many things. She sets an example that anything is possible.’ Vice President Kamala Harris, welcomed to Ghana amidst drumming and dancing by the Ghana Dance Ensemble, National theatre, said she was excited about the future of Africa. ‘I am excited about the impact of Africans on the US and the rest of the world.’ The Vice President said the economic empowerment of women and girls, empowerment of youth entrepreneurship, digital inclusion, and support to increase food security, including adaptation to the effects of the climate crisis, would be her focus while in Ghana. Her visit, she noted, reinforced the work the US and Ghana continued to do in increasing investments on the African continent and facilitating economic growth. Kamala Harris, who will be in Ghana from March 26 to 29, said she looked forward to building on previous meetings with Ghanaian leaders to strengthen democracy and good governance, promote peace and security, build on long term economic growth and strengthen business ties.

Source: Ghana News Agency