Day: April 16, 2023

Ejisu MP and deputy finance minister John Kumah has spoken highly of Vice President Mahamudu Bawumia’s impact in Ghana’s challenging economic times.

He holds that view that despite the headwinds that have forced government to seek a bailout from the International Monetary Fund (IMF), which process is still being negotiated, Bawumia is one of the voices that gives hope of the good times ahead.

”In these difficult times, we need people who speak to give us hope and one of the voices in this country that speak to give hope is Dr Bawumia.

“You need individuals who understand how to reform the current system and add value to what President Akufo-Addo has started,” Kumah said on pro-NPP Asaase Radio on April 14..

“The ‘Ghana beyond Aid’ which must result in ‘Africa beyond Aid’ requires a new level of thinking, innovation and digitalisation,” Kumah stressed.

Bawumia is head of the Economic Management Team of government and has often been targeted for critique by members of the main opposition National Democratic Congress for among others, economic mismanagement.

Government has serially blamed the aftershocks of COVID and the Russia-Ukraine war for pushing the economy to the brink amid high interest rates, galloping inflation and depreciation of the Ghana Cedi.

The IMF bailout of US$3 billion is what government is banking on to reboot the economy ahead of the 2024 polls.

Source: Ghana Web

The Director of the Africa Department of the International Monetary Fund, Mr Abebe Aemro Selassie, has said the only thing standing in the way of Ghana getting Board approval from the Fund for the US$3 billion extended credit facility is the needed financing assurances from the country’s bilateral partners.

Speaking to journalists on the sidelines of the Spring meetings, Mr Selassie said: “We are now comfortable that all of the measures required for us to present the program to our Executive Board are complete, except for the required financing assurances from Ghana’s external creditors.”

The IMF, recently, urged Ghana’s creditors to hasten to grant the financing assurances needed promptly so the Board of the Bretton Woods institution can approve the cocoa-, gold- and oil-producing West African country’s $3-billion extended credit facility to restore economic stability to the nation.

“We’re calling on bilateral creditors to support Ghana’s effort to restore debt sustainability, form an official creditor committee, and deliver the necessary financing assurances as soon as possible,” the Fund’s communications director Julie Kozack told journalists at a news briefing in Washington DC.

A questioner had asked: “Ghana’s president has said he expects the programme request to go to the IMF Board by the end of this month. Is that realistic? Can you give us an update on that?”

Ms Kozack answered: “So, on December 12th, 2022, the IMF reached a staff-level agreement with Ghana on a three-year programme supported by an arrangement under the ECF. This programme was worth about $3 billion.”

“Ghana also requested a debt treatment under the G20 Common Framework,” she noted.

She said: “Financing assurances from partners and creditors are necessary for presenting the programme request to the IMF’s Executive Board for approval”, adding: “We continue to engage closely with the Ghanaian authorities while they seek these assurances.”

The IMF programme, Ms Kazack indicated, “aims to support Ghana’s efforts to restore macroeconomic stability, debt sustainability while also protecting the vulnerable, preserving financial stability, and laying the foundation for strong and inclusive growth.”

A few weeks ago, President Nana Akufo-Addo said his government is “making progress on the external debt negotiations” with its development partners “since the government announced an external debt service suspension on 19th December 2022 for certain categories of external debt, to ensure an orderly restructuring.”

The suspension, the president told parliament in his state of the nation address on Wednesday, 8 March 2023, “is an interim emergency measure toward a comprehensive external debt operation which will contribute to the restoration of our debt sustainability in line with our request for a debt treatment under the G20 Common Framework.”

“I want to express our appreciation to the members of the Paris Club and to the Peoples’ Republic of China for the cooperation they have, so far, exhibited to us in attempting to reach an agreement, and in their attempt to establish an Official Credit Committee.”

“We look forward to their fast-tracking the needed financing assurances for IMF approval. We are confident that, with their cooperation, we will reach our March deadline for going to the Fund,” he said.

Already, the government has restructured its domestic debt and now seeking to replicate it on the international front in order to clinch an approval for a $3-billion extended credit facility from the Board of the IMF.

Source: Ghana Web

Police in the Upper East Region have arrested a self-styled anti-corruption campaigner Tii-roug Yaro Zuma for attempting to blackmail a businessman in Bolgatanga.

Tii-roug Zuma who doubles as secretary to a group called National Patriots Against Injustice and Corruption Ghana (NAPAIC-Ghana) is in the grips of the police for allegedly scheming to extort money from a businessman with claims of having in his possession a damming video that captured the businessman having sex with another man’s wife at a prayer camp which is close to a drinking spot.

In what various actors in the matter have said is his modus operandi, Zuma proceeded to narrate such claims to a bar operator who then called a meeting between him and the businessman to get the matter discussed.

Police in the Upper East Region have arrested a self-styled anti-corruption campaigner Tii-roug Yaro Zuma for attempting to blackmail a businessman in Bolgatanga.

He would be arraigned before the Bolgatanga circuit court on Monday, April 17, 2023.

Tii-roug Zuma who doubles as secretary to a group called National Patriots Against Injustice and Corruption Ghana (NAPAIC-Ghana) is in the grips of the police for allegedly scheming to extort money from a businessman with claims of having in his possession a damming video that captured the businessman having sex with another man’s wife at a prayer camp which is close to a drinking spot.

In what various actors in the matter have said is his modus operandi, Zuma proceeded to narrate such claims to a bar operator who then called a meeting between him and the businessman to get the matter discussed.

The said businessman who under the circumstance was Tii-roug Zuma’s target denied the allegations of having an affair with the said woman and called for the woman to be invited to the meeting together with her husband to watch the video Tii-roug claimed he had.

Reports further disclosed that the self-acclaimed anti-corruption campaigner bolted from the meeting venue leaving behind his sandals and motorbike when he sensed a looming attempt by affiliates of the businessman to accost him at the meeting spot.

Tii-roug demanded money from the businessman to prevent the video from being sent to the woman’s husband.

He was arrested by the Upper East Regional police command on Friday, April 14, 2023.

It will be recalled that the NAPAIC Secretary was interdicted by the Ghana Education Service on February 17, 2020, for fraudulently using his late brother Baba Zumah’s certificates to gain employment at Arigu D/A Junior High School in the West Mamprusi District of the North East Region.

Concerns have been raised amongst discerning residents of the region over his integrity as he continues to hold himself out as an anti-corruption crusader, speaking for several groupings with the latest being the National Patriots Against Injustice and Corruption Ghana (NAPAIC-Ghana).

Aside from his records of impersonation which led to his interdiction by the Ghana Education Service, one grave dark side which raises eyebrows is his several names on different documents which is believed to be used for questionable dealings.

He bears the name Baba Zumah on his educational certificates, Baba Zumah Yaro on his National Health Insurance card issued in 2008, and Teroug Zongbil Yaro Zumah when registered to contest assembly member elections for Tindongo-Sheaga in 1998.

Source: Ghana Web

Deputy Finance Minister John Kumah has assured that interest rates will come down in the next few months.

According to him, the government is putting up measures to ensure that the rates drop further than it has in recent times.

“At the moment T-Bill rate in January was at about 35%, today it is below 20%, and we are still forcing it down.”

“So that in the end once we tackle inflation and it also comes down, we are now going to see the cost of borrowing coming down within reasonable limits for businesses to have the liquidity to operate,” he was quoted by asaasenews.com.

He added, “So if you don’t have a solid macro-economic environment, businesses will suffer and we are working to restore a healthy macro-economic environment so that businesses will do well.”

The deputy minister of finance, John Kumah, had earlier stated that the coupon rate on Treasury bills would see a further decrease in the coming weeks due to the debt restructuring programme.

According to him, the Domestic Debt Exchange programme has accounted for the reduction in the rate of Treasury Bills from 35 to 24 percent.

The deputy finance minister argued the programme is yielding the results necessary for economic growth and transformation.

He said in Parliament: “Last week, the treasury bill rate in the country was at 35 percent. Today as we speak, the treasury bill rate has been reduced to 24 percent because of the DDEP. We had oversubscription and even at 24 percent, there is an oversubscription of 121 percent.”

Source: Ghana Web

The National Petroleum Authority (NPA) has announced the reversal of its earlier decision to increase the Fuel Marking Margin (FMM) from 4 pesewas to 9 pesewas.

In an earlier notice, it had directed all Oil Marketing Companies (OMC) to implement the new rates and apply them in their Price Build-Ups (PBUS) starting April 16, 2023.

But in a rejoinder statement on April 15, 2023, the NPA said the margin will remain at 4 pesewas per liter until further notice.

The reversal will however come as a sigh of relief since this will not have an effect on the prices of fuel at the pumps.

John Abdulai Jinapor, Member of Parliament for Yapei Kusawgu, has revealed that the Fuel Marking Margin (FMM) has been increased as of April 14, 2023.

In an April 14 post on his official Facebook timeline, he wrote: “The National Petroleum Authority has just increased the Fuel Marking Margin by a whopping 125%.

“Expect this to impact the price of fuel at the pump. The Akuffo-Addo/Bawumiah-led government has completely lost it.”

His post was accompanied by a letter from the NPA in which the Governing Board is said to have approved the increase of the FMM from 4 to 9 pesewas per liter to be implemented in the Price Build-Up (PBU).

The measure is expected to take place effective April 16 and it will affect all products from petrol, diesel, kerosene, kerosene mines, MGO local, premix fuel, MGO foreign, Gasoil Mines, and Gasoil rigs.

According to the NPA, “fuel marking margin” means a margin incorporated into the. The buildup of petroleum prices to pay for the marking of petroleum products to prevent tax revenue loss, smuggling, and adulteration of petroleum products.

Source: Ghana Web

Ghanaian actor and media personality George Quaye has revealed why he left Menzgold.

George Quaye was the Public Relations Officer for the investment bank which is Menzgold.

He worked with Menzgold for some time until the company was hit with some crises that led to its closure.

Amidst the challenges the bank was facing, George Quaye resigned from his position a few days after his appointment.

His resignation brought up rumours that, he couldn’t go through the pressure and tension the bank was facing which is why he left.

The actor, as a guest on United Showbiz, disclosed to the host that he left the investment bank because his family was being attacked.

He added that, because he wanted to protect his family from all the threats, he had no choice but to quit because, in the long run, it is the family we run to when one is in trouble; hence, there is a need for them to be protected.

“Look, I left Menzgold because people started attacking my family. I didn’t leave Menzgold because I felt the heat was too much. Everyone has a certain level for their family. A certain level of love for your family. At the end of the day, it is not the fans that we go to; it is the family that we go to. At the end of the day, the fans will not be there”, he said.

Customers of Menzgold have had their funds locked up after the Securities and Exchange Commission and the Bank of Ghana ordered them not to be taking on new customers.

The company has subsequently been shut down while its CEO, Nana Appiah Mensah, is facing trial in Dubai after he was embroiled in a gold deal.

The government has however given the assurance it will liquidate the properties of the company in order to refund customers their investments.

Source: Ghana Web

Ghanaian artist, Medikal, has spoken out against the issue of impersonation in the entertainment industry, particularly the growing trend of individuals claiming to be look-alikes of popular artists such as himself, Mr. Drew, King Promise, and Kumasi Eugene.

During his performance at the Vodafone Ghana Music Awards Xperience 2023, Medikal made it clear that these individuals are not to be mistaken for the real artistes.

“Those look-alike guys are impersonators. That’s what they are,” Medikal stated firmly.

“If you want to make it in this life, don’t be like someone else because you can be better than them. Be your pop ur f**king self,” he added.

In recent years, the issue of impersonation has become a growing concern in the entertainment industry.

With the rise of social media and online platforms, it has become easier for individuals to create fake profiles and claim to be someone else.

Source: Ghana Web

Telecommunications companies have been ordered to delink all disconnected SIM cards from their databases by April 17, 2023.

According to the Ghana Chamber of Telecommunications, telecommunication networks (AirtelTigo, MTN, and Vodafone) must comply with the directive received from the National Communications Authority (NCA) regarding the ongoing SIM registration exercise.

The directive issued on April 13, 2023, is as follows:

1. All disconnected SIMs are to be delinked from all databases by Monday, April 17, 2023. For the avoidance of doubt, this included SIMs that were blocked in November 2022 for not having completed both stages of the sim registration.

2. All sim cards registered after the limit of 10 per individual are to be delinked, deactivated, and removed from all databases by Monday, April 17, 2023.

A statement from the Chamber said, “Since November 2022, our members have been blocking services for subscribers who have not completed both stages of the SIM registration process, as directed by the Ministry of Communications and Digitalisation.”

However, the Chamber is encouraging all subscribers who have acquired Ghana cards but are yet to complete registration to do so before April 17, 2023. All subscribers with more than 10 SIMs registered to themselves have also been asked to visit their nearest mobile network operator’s service centres to urgently verify their SIMs on record.

“Our members are obliged by the directive to completely deactivate all impacted subscriber SIMs which have not completed the registration by the said date without any further notice or extension of time for subscribers.

“It is important that the cherished customers of the networks are not barred from using voice, data, USSD, and mobile money services and continue to have access to emergency and other important services.

“Subscribers with Ghana cards can avoid this inconvenience by completing stage 2 (the biometric capture) of the registration process,” the telcos Chamber said.

Source: Ghana Web