Author: hammad

As global economic dynamics continue to evolve, the International Monetary Fund (IMF) plays a crucial role in providing financial assistance to countries facing economic challenges.

One important aspect of this assistance is the provision of loans to member countries to help stabilize their economies and address financial imbalances.

As a result, countries accumulate debt to the IMF, reflecting their reliance on external financial support.

GhanaWeb Business delves into the top 10 countries with the most debt to the IMF, shedding light on the magnitude of their financial obligations and the implications for their economic outlooks.

Ghana is however ranked among these top countries that have accumulated the most debt owed to the Fund.

The list is generated from the IMF’s latest debt data.

See the full list below

1. Egypt

Egypt owes the IMF $11 billion.

2. Angola

Angola owes the IMF $3 billion.

3. Kenya

Kenya owes the IMF $3 billion.

4. Ghana

Ghana owes the IMF $2 billion

5. Cote D’Ivoire

Cote D’
Ivoire owes the IMF $2 billion.

6. Argentina

Argentina owes the IMF $32 billion.

7. Colombia

Colombia owes the IMF $3 billion.

8. Ecuador

Ecuador owes the IMF $6 billion

9. Ukraine

Ukraine owes the IMF $9 billion.

10. Pakistan

Pakistan owes the IMF $7billion.

Source: Ghana Web

The mobile money market in Ghana is becoming a fast-growing one as the adoption of electronic wallet service has increased considerably, with some 44 million accounts registered by the end of 2023.

This was disclosed by President Nana Addo Dankwa Akufo-Addo in a post on X on Tuesday, May 14, 2024, and sighted by GhanaWeb Business.

He said mobile money, which has become the most revolutionary product to have been introduced to the Ghanaian financial ecosystem, has recorded transactions of over GHS1 trillion.

President Akufo-Addo added that the percentage of adults with access to financial services has also risen from 58% in 2017 to 80% in 2023.

“Mobile money adoption has increased considerably, with some 44 million accounts registered by the end of 2023, and transactions surpassing GHS1 trillion. Meanwhile, the percentage of adults with access to financial services has risen from 58% in 2017 to some 80% in 2023, representing a remarkable achievement that has transformed countless lives and opened up new ho
rizons of opportunity,” President Akufo-Addo stated.

He said Ghana can boast of being one of the countries with the highest mobile money penetration rates in the world.

President Akufo-Addo pointed out that mobile money transactions exceed GHS900 billion annually.

Source: Ghana Web

Prosecutors of the Office of the Special Prosecutor (OSP) have apologised to the High Court in Accra for their inability to comply with orders of the Court to file disclosure documents in the case involving former Chief Executive Officer (CEO) of the Public Procurement Authority (PPA) Agyenim Boateng Adjei.

Justice Mrs. Marie-Louise Simmons, the presiding judge of the Criminal Court (2) had on April 22 ordered the Prosecution to file their disclosures before Tuesday’s May 14 court sittings for the Case Management Conference to be conducted.

However, when the case was called, a Principal Prosecutor, Adelaide Kobiri Woode, informed the Court that though they were unable to file full disclosures as per the orders of the Court, some had been filed early Tuesday morning.

While apologizing to the Court, the Principal Prosecutor said, their inability to comply was as a result of the bulky nature of their processes.

Justice Simmons has since adjourned the case to May 23 for the Case Management Conference to be co
nducted.

The accused person and his lawyers were present in Court.

The former CEO of PPA pleaded not guilty to all eight fresh counts which comprised four counts each of using public office for-profit and directly and indirectly influencing the Public Procurement Process using his office.

On Monday, April 22, 2024, the Court presided over by Justice Marie-Louise Simmons after taking his plea admitted him to bail in the sum of 4 million cedis.

He is to produce two sureties both of whom are to be justified with landed properties.

The Court also said the Registrar is to confirm with the relevant authorities the authenticity of the documents while the sureties are to produce copies of their Ghana Cards to the Registrar.

Justice Simmons said the Accused is to also produce every passport he has to the registrar.

The Court also said the registrar is to ‘further confirm with the relevant passports and the existence of any other passports issued in the name of the accused person.’

The Court has further directe
d that the copies of the bail bond is to be given to the prosecution for easy access.

The charge sheet preferred four counts each of using public office for profit, contrary to section 179(a) of the Criminal Offences Act, 1960 (Act.29) and indirectly influencing the procurement process to obtain an unfair advantage in the award of a procurement contract, contrary to section 92(2)(b) of the PPA Act 2003 (Act 663).

The State dropped the previous charge sheet against him which pressed 18 counts against him and his brother-in-law Francis Kwaku Arhin.

Brief facts

The brief facts of the case state that, by a letter signed by his Secretary, the President of the Republic, H.E. Nana Addo Dankwa Akufo-Addo referred allegations of corruption against the Accused to the Office of the Special Prosecutor.

It stated that the referral was on the back of and based on an audio-visual documentary titled: Contracts for Sale – an investigative journalistic piece conducted by Manasseh Azure Awuni and aired by the Multimedia Gr
oup.

According to the brief facts, the evidence will establish that the Accused was at all material times the Chief Executive of the Public Procurement Authority; a member of the Governing Board of the Public Procurement Authority; and a member of the Due Diligence Unit of the Public Procurement Authority by virtue of his position as the Chief Executive of the Public Procurement Authority.

The OSP states that ‘the Accused and another person incorporated Talent Discovery Limited in Ghana as a company limited by shares on June 19, 2017, three (3) months after the Accused was appointed as Chief Executive of the Public Procurement Authority.’

‘At all material times, the Accused was the majority shareholder and a director of Talent Discovery Limited.

‘Talent Discovery Limited, during the tenure of the Accused as the Chief Executive; a member of the Governing Board; and a member of the Due Diligence Unit of the Public Procurement Authority, participated in several restricted tenders in respect of public works c
ontracts awarded by the Ministry of Works and Housing, Ministry of Education, and the Ghana Ports and Harbours Authority.

‘The Accused, in his capacity as the Chief Executive; a member of the Governing Board; and a member of the Due Diligence Unit of the Public Procurement Authority, conducted the procurement processes in respect of tenders in which Talent Discovery Limited was shortlisted; and he actively participated in the due diligence and decision-making processes leading to the selection of Talent Discovery Limited as the contractor in respect of the tenders, without disclosing his personal interest as the majority shareholder and a director of the company,’ the OSP explained.

‘The Accused also employed his position as the Chief Executive of the Public Procurement Authority to improperly alter the decision of the Governing Board of the Public Procurement Authority in respect of two(2) Ministry of Education contracts in favour of Talent Discovery Limited leading to the improper award of the contracts t
o Talent Discovery Limited.

‘The Accused benefited personally and pecuniarily through the use of public office for profit and influencing the public procurement process to obtain an unfair advantage in favour of Talent Discovery Limited, in respect of which he had a financial interest as the majority shareholder.

‘After investigations, the Accused was duly charged with the offences on the charge,’ the OSP stated.

Source: Ghana Web

The pre-tertiary teacher unions of the Eastern Region took to the streets of Koforidua on Wednesday, May 15, 2024, demanding the immediate disbursement of their allowances.

The demonstration, which is part of a series of labour activities, aimed to express dissatisfaction with the government’s failure to implement the allowances agreed upon in their Collective Agreement since 2009 and after the 2020 agreement.

The allowances, which the unions say have been magnanimously reduced from 17 to 4 due to the current economic hardship the country finds itself in, include the deprived area allowance, extra assessment allowance, book/data/online teaching support allowance, and the upward adjustment of the continuous professional development allowance.

After marching through the principal streets of Koforidua amidst cheers from some pupils in schools along the streets, the unions presented a petition to the Eastern Regional Minister, Seth Kwame Acheampong, which was received on his behalf by the Regional Coordinating
Director, Samuel Donkor.

They highlighted the challenges faced by teachers due to harsh economic conditions and the government’s inaction.

“Despite this gesture of good faith from the Unions at the current negotiations, the government is still adamant and has demonstrated bad faith. This has often culminated in high-level despondency and disaffection for leadership, and the ongoing negotiations are not an exception,” a portion of the petition read by Kafui Kwame Kusefe, Regional Secretary of the Ghana National Association of Teachers, stated.

The petition continued, “We have had to hang on the thin line, with our members complaining bitterly. These complaints have become worse, especially as our members are reeling under the utter hardship imposed on us all by the current economic conditions in the country.”

The teachers have given the government until May 31, 2024, to address their grievances, or else they will escalate their industrial actions.

“We wish to stress that we have had enough of the nonchala
nce, complacency, and aloofness of the Employer, and would thus not countenance this situation any longer because the Ghanaian teacher also deserves better. Consequently, we are giving the Employer until May 31, 2024, to address our concerns.”

“We wish to state in the strongest terms that, should the Employer fail to address our demands on or before May 31, 2024, then we shall call on leadership to take decisive action in the interest of members.”

Samuel Donkor, the Regional Coordinating Director, said the petition would be handed over to the Regional Minister, who was attending to an emergency assignment in the Akuse area, for swift action.

The unions, made up of members of the Ghana National Association of Teachers (GNAT), National Association of Graduate Teachers (NAGRAT), and Coalition of Concerned Teachers Ghana, also urged the government to deliver the laptops under the “one teacher one laptop” program to many teachers who have yet to receive them since they have already been deducted.

Dr. Mrs. Ivy
Asantewaa Owusu, Eastern Regional Director of Education, assured the teachers that their concerns would be addressed and therefore urged them to ensure that their industrial actions do not disrupt academic activities.

Source: Ghana Web

Energy expert and Managing Director of the Bulk Oil Storage and Transportation Limited (BOST), Edwin Provencal has suggested that a stabilisation of foreign exchange rates in the country could lead to more consistent fuel pricing.

In an interview with Joy News on May 15, 2024, Dr Provencal pointed out that since January 2023, the stabilisation of local fuel prices has been largely due to the forex stability brought about by the Gold for Oil (G4O) programme and other factors.

However, he noted that the Bank of Ghana faces limitations on how much it can intervene in the forex market, as dictated by the International Monetary Fund (IMF).

‘Because there are other factors also affecting the price of dollars, there’s a ceiling to what the Bank of Ghana, can intervene in the market.

‘So, at the top level, the IMF tells the Bank of Ghana to shore up the reserves and at the bottom level, it says there’s a ceiling on the amount of intervention you can make in the market when it comes to demand,’ he said.

With the
first quarter of the year seeing significant dividend declarations and portfolio reversals, the demand for dollars has surged.

Dr Provencal expressed relief that the G4O programme has mitigated what could have been a more severe situation.

He also mentioned ongoing discussions between the cabinet and the Bank of Ghana to potentially release more reserves to counteract the rising dollar trend.

‘Had it not been that Gold 4 Oil had held the fort for all this while, I can tell you for a fact that the situation would have been worse. I’m also happy to know that cabinet has spoken to the Bank of Ghana to talk to the IMF to ensure that we can provide because we have quite some reserves so that we can release some reserves onto the market to help alleviate the upward trend of the dollars,’ he added.

Acknowledging the multifaceted nature of inflation, Dr Provencal emphasised that both monetary and fiscal pressures influence the dollar’s value.

He warned that unresolved negotiations with debtors and market expecta
tions could further impact the dollar’s demand and, consequently, fuel prices.

‘If we haven’t resolved our negotiations with our debtors, they haven’t gone on as planned actors in the market will act in a certain way. If the demand for the dollar goes up more than what the Bank of Ghana is putting on the market, it would affect the price of the dollar,’ he said.

Despite the G4O programme covering about 40% of the market and importing 1.2 million metric tonnes of oil since last January, Dr Provencal cautioned that other determinants beyond demand and supply could undermine the programme’s effectiveness in stabilizing prices.

‘If those other variables are not anchored well, it may negate the influence of gold for oil.

‘We can all see what’s happening to the price of the dollar. The Gold 4 Oil is not the only panacea to the inflation problem. There are other variables as well,’ he said.

Source: Ghana Web