Ghana’s president visits Burkina Faso over regional instability

Ghanaian President Nana Akufo-Addo made his first visit to neighbouring Burkina Faso on Wednesday after a storm triggered by remarks about Russian mercenaries, the Burkinabe presidency confirmed Thursday. The visit was closed to the press, but according to the presidency, Akufo-Addo met with military leader Captain Ibrahim Traore to discuss “major issues in the region regarding the security challenge.”

Source: France24.com

Robust financial system bedrock of sustainable economic growth – GSE MD

A robust financial system is the bedrock upon which sustainable economic growth can be achieved in Ghana and Africa, Managing Director of the Ghana Stock Exchange (GSE), Abena Amoah, has said.

“A robust financial system en­ables capital mobilisation, drives financial inclusion, promotes trade and investment, fosters innovation, and supports sustainable devel­opment,” she stated at the 2023 edition of The Money Summit.

She stressed the need for Africa explore the potential of its finan­cial systems to serve as a catalyst for progress, prosperity, and sustainability.

Organised by the Business and Financial Times, the day’s event was on the theme “Africa’s Robust Financial Sector: The Catalyst for a Sustainable Economic Growth”.

It assembled experts from across the financial industry to dis­cuss the latest trends and oppor­tunities in Africa’s rapidly-evolving financial landscape.

Ms Amoah, who delivered the keynote address, called for collaboration among stakeholders in the financial sector to promote transparency and integrity in the sector.

“We need to foster a culture of transparency, integrity, and accountability. By strengthening governance frameworks, enhanc­ing risk management systems, and promoting ethical behaviour, we can build a financial ecosystem that commands trust and attracts investment,” she stated.

The Managing Director of GSE highlighted capital mobilisation, financial inclusion, promoting trade and investment, fostering innovation, promoting sustain­able finance as the five key areas which could help drive sustainable economic growth in Ghana and Africa.

Particularly on capital mobilisa­tion, she said access to capital was vital for entrepreneurs, businesses, and infrastructure development, indicating that a robust financial system provided a platform for efficient capital mobilisation, allo­cation, and investment.

“A robust financial system facil­itates the flow of funds, allowing businesses to expand, innovate, and create job opportunities. By nurturing entrepreneurship and supporting the growth of small and medium-sized enterprises (SMEs), we can foster economic diversification and reduce reliance on traditional sectors,” she stated.

The Chief Executive Officer of Business and Financial Times, Dr Godwin Acquaye, said the fi­nancial sector was key to financial growth.

He said the sector was capable of efficiently allocating resources, assessing and managing financial risks.

Dr Acquaye emphasised that the current macroeconomic challenges and the Domestic Debt Exchange had impacted negatively on busi­nesses, particularly banks, saying most of the banks posted huge losses in the 2022 financial year.

He said current challenges presented opportunities and there was the need for the country to pull together to restructure the economy from service-driven to manufacturing and that was the reason his outfit was organising the Money Summit.

Source: Ghana Web

Today in History: Meat imports collapsing business of local traders

On May 12, 2021, the Ashaiman Main Market Butchers Association said importers of meat were collapsing the business of local traders.

The group said about 80% of their customers preferred cheap imported meat to fresh ones on the local market.

Read the full story originally published on May 12, 2021 by thebftonline.

The Ashaiman Main Market Butchers Association has decried the importation of meat products into Ghana, arguing that the situation is crippling their business activities. They fear losing their business for the reason that about 80% of their customers preferred cheap imported meat to fresh ones on the local market.

As a result, some traders in the meat market have abandoned their tables in search of other business opportunities, while others have spread out to vantage points within the market and other new markets in the Ashaiman municipality in order to meet sales targets.

“One of our major problems is the imported meat that is affecting our business. Locally cut fresh cow leg costs GH¢15, but the imported one cost GH¢5. Most of our customers are chop bar operators, and because they want more profit they now go to the cold stores and buy imported meat,” Yakubu Ibrahim and Abubakari Mohammed, members of the association, told the BandFT in an interview.

They bemoaned that some cow parts which include the intestine, head, legs and others are being imported onto the market. “That foreign meat is affecting our market too much,” they said, urging government to intervene in the matter by encouraging local livestock farming as well as consumption of fresh cow meat on the market.

Even as the local butchers cut and sell the meat, the cows are imported from the neighboring countries such as Burkina Faso, Niger, Mali, Ivory Coast and others – and to them, the challenge of accessing foreign exchange, the CFA, is hampering their ability to purchase cows.

The local butchers wish to venture into cattle farming but do not have the financial means. An informal survey points to a requirement of about GH¢80,000 to GH¢100,000 to commence cattle farming. Currently, a calf costs between GH¢2,000 to GH¢3,000 each; and a sucking calf also costs between GH¢1,000 to GH¢1,500.

“There is no support coming from government and so we feel rejected,” the local butchers lamented, leveraging the opportunity to appeal to government to nudge banks and other financial institutions to supporting their business. “We have applied for loans at the banks and the NBSSI but to no response.”

Revamp meet processing industry

Alhaji Moro Akakade, National Chairman of Livestock Breeders and Traders Association of Ghana, also called for revamping the meat industry – especially the Bolgatanga Meat Processing Factory, to create jobs for the youth and help develop the nation. He recalled the Bolgatanga meat processing plant collapsed in the 1970s due to the economic decline that led to lower demand for meat throughout the country.

To him, as a sector that currently employs over 2,000 youth and holds great potential to employ more, a concerted effort must be made to invest in the livestock sector so the country can save money and produce more meat to meet demand.

Alhaji Akakade said the country spends millions of cedis on importing meat that can be produced here in the country.

Research data

Data from the Ministry of Food and Agriculture shows that 90 percent of meat products consumed in the country are imported from Burkina Faso and Europe. It revealed that Ghana’s meat industry produces just 10 percent of the meat it consumes. According to the research, the livestock subsector contributed only 1.3% to Ghana’s GDP.

Source: Ghana Web

We are not doing something right with our revenue mobilization – Economist

An Economist, Prof. William Baah-Boateng, has intimated that Ghana may continually have challenges with revenue mobilization if the right structures are not implemented.

According to him, the tax net keeps expanding but Ghana still has challenges with revenue generation, adding that even the revenues that are collected are not properly channelled.

“I think we will continue to battle with revenue collection. We keep expanding the tax net, yet we are not getting what we want, which means we are not doing something right.

“We see government agencies collecting taxes yet we see less of these amounts for developmental projects,” he was quoted by myjoyonline.com.

He added that Ghana has a lot of policies that do not actually work, reason the country continues to face recurring challenges.

Prof. Baah Boateng advised that “policies made should be based on research, science, and data. We have a lot of policies that seem to be ineffective.”

Source: Ghana Web

Rotational nurse hangs himself over unpaid allowances

A young rotational nurse has been found dead by hanging in an uncompleted building at Asankragua in the Asante Akim South Municipality of the Ashanti Region.

Paul Dodzi was posted to the Church of God Hospital at Esieninpong in the Ejisu Municipality where he was offering his national service.

Colleagues in the hospital began making inquiries of him when they realized he had not turned up at work the whole day only to receive news later on Thursday, May 11, 2023, that he had allegedly hanged himself.

Some information gathered by Ultimate News’ Ivan Heathcote–Fumador indicates that the Youngman in his early twenties had lately been complaining of his service allowances which he claimed had been unpaid for some months.

A close colleague indicated that the situation had compounded his (the deceased) economic woes and rendered him unable to cater to his responsibilities.

Source: Ghana Web

Three Ghana Premier League stars who could make next Black Stars squad

New Black Star strainer, Chris Hughton was lauded by Ghanaians when he was seen at some match venues in the betPawa Premier League last month.

The presence of Chris Hughton at those match venues did not come as a surprise to many as the 64-year-old had promise to keep a close eye on the domestic league.

“I will be spending more time in Ghana. I will be watching more games. I am constantly being made aware of players who are doing well. I’ll be paying more attention to [GPL] games because it is important that we have a strong national league,” he said.

The former Brighton and Hove Albion manager, however, failed to handle call-ups to any local player when Ghana faced the Palancas Negras of Angola in the 2023 AFCON qualifiers last month.

Most football fans have attributed that to the lack of quality and the low patronage of the local game.

That Notwithstanding, the performances of most clubs have improved recently with some players standing up to prove a point that the league might lack good patronage but the quality of players can’t be overlooked.

With four more games left to climax the 2022/23 season, Ghanaweb dug deep to fish out three players who might be in the books of the next Black Stars when Coach Hughton names his final squad for the next AFCON qualifier against Madagascar on June 18.

Sampson Eduku – Tamale City

The former Karela United and Elmina Sharks forward quickly found his scoring boots on when he joined Tamale City in December 2022 after a poor campaign with Guinean outfit, AS Kamsar.

Currently leading the scorer’s chart with 14 goals, Eduku has earned the admiration of many, citing him as the most complete striker in the league. He has pace, aerial superiority, a good dribbler, and an eye for goals using booth feet.

He provides a lot of options upfront, playing from both flanks of attack and also a center-forward. With no efficient goal poacher in the team, Eduku could be a good fit.

Issah Kuka – Real Tamale United (RTU)

The 21-year-old has been the best player for RTU this season, having scored 10 goals in 22 games from his attacking midfield role. His calmness, finesse, and ability to break through defense with his tailored-measured make him one of the few to be named in the next Black Stars team.

Kuka is currently on loan from Hearts of Oak but a possible stay with RTU is possible to maintain their status in the league. Kuka demonstrates the play of a versatile midfielder and can fill in the role of either Partey, Samed, or Iddriss.

Vincent Atinga Addae – Medeama SC

Undoubtedly the best defender in the league, Atinga has been consistent for the Yellow and Mauves since he returned to the local scene to pen down a three-year deal with the Tarkwa-based outfit.

Popularly called “Barrier”, the former Hearts of Oak and Ebusua Dwarfs man has chalked 10 goals this season, the most scored by a defender this season.

At 6.3ft, Atinga is timely with his tackles and interventions and commands his back line well with good aerial abilities, these qualities make him a good fit for the defensive duties assigned.

Source: Ghana Web

Throw out Duffuor’s ‘incompetent’ suit – NDC tells court no right of aspirant breached

The opposition National Democratic Congress (NDC) has prayed the high court to dismiss an injunction suit filed by flagbearer aspirant Kwabena Duffuor against the party’s 13 May 2023 presidential and parliamentary primaries.

In his writ, Dr Duffuor argued that data from only 220 out of the 275 constituencies have been verified.

He also said an exceptional list of 74,799 has been created which cannot be verified because of scanty information.

For no credible reason, he noted, among others that 3,910 eligible voters at the 220 constituencies have been disenfranchised.

However, the party, in a response, said: “We submit that the plaintiff’s suit is incompetent and, therefore, ought to be dismissed in limine”.

“Again, the plaintiff has not been able to demonstrate on the face of his pleadings and affidavit that it is just or convenient for the honourable court to grant the injunction that he seeks”.

“We, therefore, pray that the court refuses the instant application.”

The party added: “Our respectful submission is that the plaintiff has been unable to demonstrate that by reason of the NDC guidelines for the presidential primaries and the NDC constitution, he has a right to be given a photo album which the NDC has refused to give same to him”.

“No provision has been cited by the plaintiff to support his claims”, the party averred.

The lawyers counter-submitted: “In fact, Article 42 of the NDC constitution deals with the election of presidential candidates”, explaining: “In that provision, nowhere is it mentioned that a contesting presidential candidate is entitled to a photo album”.

“That being the case, the plaintiff cannot claim that his right is about to be breached or has been breached and, hence, deserves the protection of this court.

“Our humble submission is that the plaintiff, having failed to establish a legal right, the instant application ought to be dismissed as being frivolous.”

Source: Ghana Web

We are waiting for Dr. Bawumia

This article is not meant to suggest that Dr. Bawumia will win the presidential slot of the NPP. Far from it but last week, Dr. Bawumia met a hand full of NPP MPs and declared his intention to contest for the presidential slot of the NPP.

The good news is, we are waiting for him.

Is Dr. Bawumia not the head of the economic management team who introduced his ‘what a solid team’ members?

Is he aware that inflation is 45%, from 15% in 2017?

Our credit rating with the international credit agencies is below junk, from a B- in 2017. Is he aware?

Wasn’t Dr. Bawumia who told us they can fix all the road problems in Ghana by tolling the roads in the country? He said we don’t have to borrow to do that. Few weeks later, taking money at our toll booths were cancelled. We are waiting for him.

Dr. Bawumia said they are not going to have a friends-and-family government. His government ended up having over 60 members, who are direct family and friends, including in-laws.

In 2016, he said when the fundamentals of your economy are weak, the exchange rate will expose you. In 2021, he said it is a warp logic to think that when your currency is depreciating, it means the fundamentals of your economy is weak. We are waiting for him.

“I worked as deputy Governor of Bank of Ghana. I know the money is here and we don’t have to borrow for the country’s development”. When Dr. Bawumia said that Ghana’s total public debt was GHC122 billion today, it is over GHC 600 billion, and he wants to become president. We are waiting for him.

“I prefer one Ghana card to a thousand inter-changes”. He was making reference to how secure and credible the Ghana card is. Today, we know one Rev. Victor Kusi-Boateng, a. k. a, Kwabena Adu Gyamfi has two Ghana cards, two biological mothers and two TINs. . He is still the secretary to the National Cathedral Board.

Dr. Bawumia said GHC 33 billion can build 16 regional hospitals, all district hospitals, solve all water problems, railway from South to Paga etc. They have borrowed over GHC 450 billion but not one regional hospital has been built. Railways is still from Accra to Tema as it was in 2017. They have done absolutely nothing with the GHC 450 billion borrowed.

“We have arrested the Cedi and given the keys to the IGP”. When he made that statement, the dollar was GHC4.2. Today, the dollar is GHC 13.00 and counting. We can’t wait for Dr. Bawumia to win the presidential primaries.

“We are building an airport and a harbor for the people of Cape Coast”. That statement he made in 2020 has turned out to be a hoax. Another lie was that he said was that by 2018, every Ghanaian above 18 years will have a bank account.

“Taxing your people is a lazy way of governance. We will move from this Guggisberg economy of taxing people to a productive economy. We will abolish all the nuisance taxes”. Today, Ghanaians are still paying ‘borla’ and COVID taxes. Two weeks ago, three new nuisance taxes were passed by his government.

What Dr. Bawumia has not said is his position on LGBT+ and galamsey. He thinks Ghanaians are still vulnerable as they were in 2016. If he wants to be president, no problem.

School feeding caterers, domestic bond holders, nursing and teacher trainees GUTA members, TUC members, concerned drivers and other wise thinking Ghanaians, who don’t wash their faces upwards are waiting for him.

Source: Ghana Web