May 1, 2023

T-bills oversubscribed by GH¢480 million, interest rates still high

Government secured GH¢2.07 billion from the sale of treasury bills in its latest auction held on April 28, 2023.

Despite increasing interest rates, the auction saw an over-subscription of GH¢483 million.

The subscription surpasses the target of GH¢1.58 billion that was set by the government.

This week, only the 91-day bill and the 182-day bills were subscribed at an interest rate of 19.95% and 22.71% respectively.

According to the auction results from the Central Bank, the government secured GH¢1.53 billion from the 91-day bill and GH¢537.02 million from the 182-day bill.

Treasury bills have become one of Ghana’s only source of borrowing after it was shut out of the international capital market.

Source: Ghana Web

May 1, 2023

See first photos of the start of work on the $1 billion Trade Fair redevelopment

In March 2022, the government of Ghana, represented by the Ghana Trade Fair Company Limited, signed a Memorandum of Understanding (MoU) with Singapore-based developer Stellar Holding Pte. Limited.

The MoU was for a US$1 billion redevelopment of the Accra International Trade Fair, with the establishment of a joint venture company for the development of a 65-acres of the 140-acre large Trade Fair site.

Just about a year later, GhanaWeb has chanced on first photos of the commencement of work on the site.

In a post on Facebook by Kwame Panyin Bansah, he said that the first phase of the project will focus on the convention centre and the exhibition hall that would hold the World Economic Forum, Africa.

“The timing and capacity of the convention centre now is seen as most opportune, complimenting Ghana’s status as the ‘commercial centre’ of Africa, hosting the secretariat of the African Continental Free Trade Area (AfCFTA).

“It is expected to also serve as the best venue in Africa for concerts, also complimenting Ghana’s growing status as the destination of choice for young tourists during the Christmas festive season. Other developments coming up on separate sites of the Trade Fair will include a tech hub, built to serve a global market,” he wrote.

Source: Ghana Web

May 1, 2023

We’ll sue Ofori-Atta’s Databank when Akufo-Addo leaves office, they’ll vomit the money – Martin Kpebu

Private legal practitioner Martin Kpebu has vowed to take legal action against Databank, a company owned by Ghana’s Finance Minister Kenneth Nana Yaw Ofori-Atta, after President Akufo-Addo leaves office.

Kpebu is accusing Ofori-Atta, who is a cousin to the president, of advising the government on loans that benefit his own company, calling it a clear conflict of interest and an act of corruption, and has thus warned that he will initiate legal action to ensure the retrieval of such monies by the state.

“Less than 20 months or thereabout, President Akufo-Addo will be going with Ofori-Atta. They’re going to be out of government, then we’ll go to court. They will vomit it. We’ll take this money back. The money Databank made from the bonds, we’ll take ITback. Not here in Ghana. Are we fools?

“You come and promise that you’re the philosopher king, incorruptible, “I’m not corrupt” then we vote for you and then clearly, so blazingly, very nauseating, broad daylight then you put Databank there and they’re making hundreds of millions of dollars from our bonds,” he lamented on the Saturday, April 29, 2023, edition of KeyPoint on TV3.

He also criticized the Akufo-Addo government for causing hardship for Ghanaians while enriching themselves and called for the NPP to be voted out of government.

“Today our people are dying; today people can’t buy drugs; today people are starving; today people can’t pay rent; and you have become richer. We’ll take that money back as long as we live,” he added.

Ghana is currently going through severe economic hardship, which has had a serious impact on the cost of living for its citizens.

The government is seeking to remedy the situation through a $3 billion International Monetary Fund facility.

However, critics of the finance minister say the minister and, in extension, the government bear responsibility for the economic challenges arising fromA what they say is reckless borrowing since assuming office.

Source: Ghana Web

May 1, 2023

Who says the NPP isn’t aware they have lost power in 2024?

A government that serves its citizens always acknowledges failure and even apologizes to its citizens for broken promises. However, since Akufo Addo’s leadership is not for the people but rather for the survival of the political party, its politicians, and the appointees, the NPP government has failed to apologize to the people they have disappointed, since assuming power almost seven years ago.

Instead, greed and the thirst for continuous power wouldn’t let people like Richard Ahiagbah accept EIU’s assertions that the NDC will win in 2024. This article will reveal why the NPP government has failed.

If the Ghanaian media is not afraid of Akufo Addo and is doing an excellent job, the NPP government wouldn’t have any platform to lie about its accomplishments or declare that it will break the 8th cycle. On November 25, 2022, I wrote “1,000 Years Of The NPP Being In Opposition, Won’t Be Enough Of A Punishment For What Akufo Addo And The Party Have Done To Ghanaians,” after analyzing the destructive nature of this government and how they deceived Ghanaians.

As director of communications, Richard Ahiagbah is paid to make nonsensical and illogical comments; therefore, he will continue to do that. He will continue to claim that the NPP will break the eighth cycle even if the party has destroyed Ghana, and stolen COVID funds that should have been used to create employment for the thousands of unemployed youth.

Despite the widespread corruption that caused both domestic and foreign investments to decline, Ahagbah will still tell Ghanaians his party will win.

On what basis can Richard Ahiagba or any NPP politician claim to have delivered the best government ever seen in Ghanaian political history and that, as a result, they are deserving of victory in 2024? According to Akufo Addo, Mahama is unqualified, dishonest, and corrupt; as a result, the people ought to grant him the authority to improve the country.

He was handed power, but today Ghana is a wasteland, its poor people are jobless, leading to crime and suicides.

Akufo Addo claimed that if he is elected, he will protect the public’s finances, but instead of doing so, he advanced corruption by refusing to remove any NPP officials involved in significant corruption scandals from office.

The country is deeply in debt, with Ghanaians unaware of the purpose of the funds, even though they failed to finish all the uncompleted projects of the previous administration. He could not even complete one-tenth of the projects that were started by the previous administration.

So, Richard Ahiagbah, if you don’t mind, what has the NPP government achieved to ensure that this dismal political party wins in 2024? Akufo Addo is the most criminal president in Ghana’s political history, not just the most corrupt. Even though many people came up against Mahama’s best administration, including heads of churches, Mensa Otabil, Ace Ankoma, and others, we are unable to locate the same individuals to protest against this destructive cartel that has been institutionalized as a democratic government.

In the eyes of any intelligent person, what does a president appointing his relative as finance minister mean? Though Ghanaians permitted, such appointments are uncommon in politics. Are you not naive to think that appointment will advance Ghana? The NPP government has failed because such appointments merely expand the corruption’s tendrils.

Since it appears that many NPP politicians fear Akufo Addo, none of them were able to stop the tragedy that has befallen the country. The only thing left for the NPP government to do is to place the blame for their apparent failure on Mahama, COVID, and the Russia-Ukraine war after the economic collapse.

There have been compilations on several platforms, including the official website of the NDC government, revealing the achievements of John Mahama, although Ghanaians have been requesting the same from the NPP government, it has never been provided because they have nothing to offer.

However, idiots like Richard Ahiagba and Bawumia will come to tell Ghanaians that “We will break the 8th cycle,” which even tells Ghanaians that the entire government has a mental problem.

Who claims the NPP is unaware they will no longer be in power in 2024? Akufo Addo is aware of this, which is one of the reasons he stated twice that he would do everything in his power to keep the NPP in power. This was followed by Bryan Acheampong’s idiotic statement that the “NPP will never hand over power.”

Since everything they said against Mahama has increased by 500%, under the NPP government, they are aware that they have lost their trust and are completely rejected by the people.

As domestic and foreign investments crashed, widespread corruption destroyed the nation’s infrastructure and stopped the thriving business activities at the ports. The president is approving the illegal mining he professes to be fighting against.

The government has neglected to look into several murder cases, including the Ayawaso shooting incident, and the murders of journalist Ahmed Hussein-Suale and J.B. Danquah-Edu, among others.

This indicates to Ghanaians that the goal of this regime is not to aid the poor but rather to plunder by using force or murder to gain power. How much money has Ghana lost since the foundation of the bogus cathedral hasn’t even been started?

How much money has Ghana lost as a result of the destruction of governmental buildings, including judges’ bungalows, and the hospital that served the people of La-Teshie-Nungua? And how many businesses did Akufo Addo ruin once the scam E-Levy failed?

Akufo Addo has been exposed in his illegal gold trades, which cost Ghana billions of dollars annually by Al Jazeera. He now threatens the media company to apologize.

Does he think Al Jazeera is one of the weakest media outlets in Ghana that he can threaten? Do NPP leaders, such as Richard Ahiagba, believe that Ghanaians as a whole are foolish because they are silent despite the harm that Akufo Addo and Ken Ofori-Atta have done to the country?

Is Akufo Addo foolishly hoping that Jean Mensa will rig the elections once more like they were rigged the last time?

Akufo Addo ought to be aware that a silent voice is more dangerous than one that is protesting. Never refuse to give someone what they want when they are sick, tired, hungry, or in need.

Everyone is aware that Akufo Addo does as he pleases and doesn’t even give a damn if people die in the process, but this time, Mr. President, there is a season for everything.

Following the president’s Al Jazeera exposé, which went viral globally, Akufo Addo gained notoriety as one of Africa’s most nefarious leaders. Now that a large number of people, even non-Ghanais, want this administration down, the NPP has no right to instigate violence and lay the blame at Mahama’s feet as they have in the past.

Source: Ghana Web

May 1, 2023

‘Ghana’s Statistical Service continues to churn out rubbish’ – Steve Hanke

A professor of Applied Economics at Johns Hopkins University in the United States, Steve Hanke, has called out the Ghana Statistical Service for releasing inaccurate figures as far as Ghana’s inflation is concerned.

According to him, inflation currently stands at 65.75%. This sharply contradicts the figures released by the GSS last month.

The figures released by the GSS showed that inflation had reduced to 45% in March 2023.

In an assessment of inflation rates for African countries, Steve Hanke wrote: “Today, I accurately measure inflation in #Ghana at a stunning 65.75%/yr, 1.46x the Ghana Statistical Services’ phony official rate.”

“The GSS just continues to churn out rubbish,” he added.

Steve Hanke has attributed Ghana’s current economic status to President Akufo-Addo’s “mismanagement” of the economy.

In April, the professor pegged Ghana’s inflation at 53.76%.

In a Twitter post on April 10, 2023, he said, “Today, I accurately measure inflation in #Ghana at a stunning 53.76%/yr. Under Pres. Akufo-Addo, Ghana’s economic death spiral just keeps spinning.”

He also added that “By my measure, the Ghanaian #cedi has depreciated 43.26% against the USD since Jan. 1, 2022. Thanks to Pres. Akufo-Addo’s ECONOMIC MISMANAGEMENT, the cedi is JUNK.”

However, the Ghana Statistical Service noted that inflation stood at 52.8% as of February 2023.

Ghana is currently seeking to obtain a financial bailout from the International Monetary Fund to the tune of $3 billion.

This is expected to help the country adjust its balance of payments and also restore some confidence in the economy.

Source: Ghana Web

May 1, 2023

Government will protect workers’ incomes and pensions – President Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has assured Ghanaian workers that despite the economic challenges facing the country, government will take all necessary measures to protect their incomes and pensions.

‘Since the onset of COVID-19 which effects have been exacerbated by the Russian invasion of Ukraine, one of my major preoccupations continues to be the protection of lives and livelihoods.

‘Indeed, it is a responsibility bestowed on me by the Constitution and I want to reassure you that government will do whatever it takes to protect your incomes and pensions in these challenging times’, he said.

President Akufo-Addo gave the assurance in an address to Ghanaian workers during the celebration of the national May Day held at Bolgatanga in the Upper East Region.

It was held on the theme, ‘Protecting incomes and pensions in an era of economic crisis; our responsibility’.

President Akufo-Addo who described the current global economic crisis as the worst in the last 50 years which had impacted every economy globally, affecting businesses and production, said government had managed the impact on the Ghanaian economy well by protecting lives and jobs.

Despite the challenges, he said, public sector worker had not lost their jobs, demonstrating the commitment of government to the wellbeing of Ghanaians.

President Akufo-Addo noted that the payment of 15 per cent of Condition of Living Allowance (COLA) to public sector workers in 2022 and the 30 per cent increment in the base pay single spine salary structure of public sector workers in 2023 was a sign of government’s resolve to protect incomes and pensions of workers.

‘Indeed, the 30 per cent increment of the 2023 base pay is the highest since the introduction of the single spine salary structure in 2010 and it was made possible by the 2.5 per cent increase in Value Added Tax (VAT).

That increment, he said, would help mitigate the difficult conditions workers were facing, largely rising from the effects of global inflation and urged Organised Labour to continue to work with the rest of the Tripartite body to conclude negotiations for public sector salaries and the minimum wage for the 2024 financial year as soon as possible.

On pensions, President Akufo-Addo noted that government acknowledged the challenges of low pensions resulting from relatively low incomes workers received during their working lives and noted that government would not act any way to short-change the pensions of workers.

‘Government is resolved to improve pension payouts effective first January this year and all pensioners on the Social Security and Insurance Trust (SSNIT) pension roll as of December 31, 2022, have had their monthly pensions increased by 25 per cent. A significant improvement over the 2022 of 20 per cent and also the highest annual increase since 2005,’ he said.

President Akufo-Addo called on the organised labour to support government’s efforts at restoring the economy which was imperative to protecting jobs and incomes.

Dr Yaw Baah, the Secretary General, TUC, noted that as part of efforts protecting jobs and incomes of workers, government needed to complete the review of the labour law to reduce incidences of intimidation and discrimination.

He also appealed to the President to reduce the size of government and desist from spending on non-essential projects.

Source: Ghana News Agency

May 1, 2023

Youth call for re-enrollment of teenage mothers in school

The Voices of Youth Coalition (VYC), a group of young advocates in Wa, has initiated a campaign for the re-enrollment of girls who dropped out of school over pregnancy and were willing to continue with their education after child birth.

The group said teenage pregnancy and child birth should not be an impediment to the education of any girl and called for support for victims of teenage pregnancy for them to return to school after child birth.

Miss Rahinatu Haruna, the President of the VYC, speaking at a stakeholder’s engagement in Wa, noted that some victims of teenage pregnancy who dropped out of school were willing to return to school but were discouraged by fear of mockery and discrimination against them by their peers and teachers.

The engagement was to present a research finding on the school dropout rate among school children in the Wa Municipality dubbed: ‘Re-enrollment of Teenage Mothers Post COVID-19’.

That formed part of the Youth on Board (YoB) project, implemented by the VYC, an initiative of the Youth Opportunities and Transformation in Africa (YOTA), in partnership with 100% For The Children with funding from CISU.

The research sampled 35 basic schools out of 81 schools in the Wa Municipality, as well as conducted desk reviews in some departments including the Wa Municipal Health Directorate.

It revealed that between May and August 2021, 39 females dropped out of school in the Wa Municipality, while the entire year 2021 had the highest number of recorded post-covid-19 school dropout cases, with a total of 623 against 578 in 2020, and 539 in 2022.

Miss Haruna, therefore, said targeted interventions and strategies, and strong stakeholder collaboration could address the issue of teenage pregnancy in Ghana as it was affecting girl child education in the country.

Mr Sumaila Chakurah, Chief Executive Officer (CEO) of Noni Hub, said there was the need for appropriate infrastructure, and facilities in schools to create conducive environment for the pregnant girls or teen mother to stay in school.

‘If we want teen mothers to go back to school then we have to reassess the infrastructure that we have available, like desks and whether those infrastructure are conducive for teen mothers.’

He also called for intervention for economic empowerment for parents to enable them provide for the basic needs of their girl children to help curb the menace of teenage pregnancy.

Naa Sidik Osman of the Waala Traditional Council, said issues of teenage pregnancy were of great concern to the traditional leaders and that measures had been instituted to help reduce it.

He said for instance that the Duori Chief had directed that people who sold food, especially Indomie Noodles, at night must close by 2300 hours as those activities encouraged girls to engage in illicit activities that led to pregnancy.

Source: Ghana News Agency

May 1, 2023

Proud moments as Education Minister pays surprise visit to his class three teacher

How would you feel if a Minister of State you taught in class three walks into your home unannounced just to say thank you for the role you played in shaping his or her life.

It would surely be one of your proudest moment as a teacher, I daresay.

Well, that sums up how 87 year-old retired teacher, popularly known as Teacher Dapaah felt when Dr. Yaw Osei Adutwum, Ghana’s Education Minister visited him at Juaben in the Ashanti Region.

Looking feeble with speech difficulties, the octogenarian could only exhibit excited facial expressions as his family introduced his former pupil who had risen to become a Cabinet Minister to him.

Although he could not respond to the pleasantries of the Minister, the demeanour of the old man depicted a happy man seeing the fruits of his labour.

He wore a warm smile as he shook the hands of Dr. Adutwum with so much pride and honour – suggesting he will die a happy man having lived to witness that proud moment.

The Minister who has been on a four-day working visit in the Ashanti Region, took some time off his itinerary to see his former teacher who had long retired from active service.

Meeting his teacher for the first time after many years, according to him, brought fond memories of his primary school days at Jachie in the Bosomtwe District where he grew up as a child.

He thanked Mr. Dapaah for being part of his formative years and asked for God’s continuous blessings for his sacrifices in shaping many lives as a teacher.

Source: Ghana News Agency