GEPA urges export strategy technical committees to move country away from imports dependency

Accra, Aug. 5, GNA – Chief Executive Officer (CEO) of the Ghana Exports Promotion Authority (GEPA), Dr Afua Asabea Asare, has asked the 10 technical committees tasked to drive the implementation of the National Export Development Strategy (NEDS) to be innovative in ensuring that the country moves away from its dependency on imports.

Speaking at a NEDS-African Continental Free Trade Area (AfCFTA) implementation workshop in Accra, Dr Asare said stakeholders needed to help to deliver the country from its current state of dependency on imports through tackling the situation from the grass roots.

“We are charting an integrated approach not only in terms of finding the right mix but also the need for partnerships for a groundbreaking approach to implement the strategy,” she said.

The NEDS was launched to provide a clear direction and intent, to increase non-traditional export (NTE) earnings to US$25.3 billion by 2029.

Dr Asare said after the first year of the NEDS implementation, records indicate a US$3.3 billion revenue from NTEs.

This represents a 17 per cent growth over 2020 earnings of US$2.84 billion, posting an increase in the annual average growth rate of 7.07 per cent.

“Despite this increase a lot more effort would have to be exerted to ensure significant increases for the achievement of the target,” Dr Asare stated.

Dr Asare hinted at plans for a district sensitisation programme on the National Export Development Strategy (NEDS) across the country.

Together with other stakeholders, it is expected that at the end of the sensitisation, stakeholders are not only aware of the content of the NEDS but also know and appreciate their roles and contributions towards attaining the target.

Deputy Minister of Trade and Industry, Mr Herbert Krapa called for institutional collaboration to ensure speedy but thorough deliberations in the drive to implement the export development strategy.

“We cannot implement the National Export Development Strategy without institutional collaboration. I mean institutional collaboration in the truest sense of the phrase: which naturally starts with a recognition that parties being invited to the table truly have something to offer, and parties sitting around the table, accepting in similar respectable fashion, that they must give everything they can to make what we do a success,” Mr Krapa stated.

The Deputy Trade Minister noted that “gradually, slowly, surely and steadily, we are shifting gear into full -blown implementation of the National Export Development Strategy. This is perhaps the junction they call ‘a point of no return’, and we cannot afford to retreat at this point. We have built enough momentum for take-off and we must do so with only one outcome in mind: a successful implementation.

Source: Ghana News Agency

National AfCFTA Policy Framework, Action Plan launched

Government has outlined interventions geared towards the harmonisation of existing laws, programmes, policies, and regulations to boost Ghana’s trade with Africa under the African Continental Free Trade Agreement (AfCFTA).

The interventions were highlighted in a National AfCFTA Policy Framework and Action Plan that provided policy prescription and strategic objectives with focus on trade facilitation, trade policy, infrastructure, enhancing productive capacity, trade information, market integration and finance.

The document was put together by the AfCFTA Inter-Ministerial Committee, National AfCFTA Steering Committee and seven Technical Working Groups that comprised of representatives from the private sector, Senior Government Officials, and other technical experts.

At the launch on Tuesday, Mr Kojo Oppong Nkrumah, the Minister of Information, who launched the document on behalf of President Nana Addo Dankwa Akufo-Addo, said the implementation of the framework was crucial to ensuring Ghanaian businesses exported significantly into the African continent.

He, therefore, cautioned against any delay in effective implementation of the policy and its action plan as that could impede the gains of the country from the agreement.

“The effective operationalisation of the AfCFTA in Ghana would significantly boost Ghana’s balance of trade, stimulate investment and innovation, diversify exports, improve food security, foster structural transformation, enhance economic growth, and above all, provide jobs for the youth” he said.

Mr Alan Kyeremanten, the Minister of Trade and Industry, called for stronger collaboration between public and private entities to empower the private sector in Ghana to harness the full benefit of AfCFTA.

“Government on its part, will provide the needed political impetus and create the enabling environment to ensure the successful implementation of AfCFTA in Ghana,” he said.

He noted that government had a vision of transforming Ghana into a modern industrialised country, which would become the new manufacturing hub of the continent.

In that regard, the effective implementation of the AfCFTA in Ghana through the policy framework and action plan, would undoubtedly make a significant contribution in realising the vision.

Mr. Mohamed Ali, Director of Trade in Goods and Competition, speaking on behalf of Mr Wamkele Mene, Secretary General of the AfCFTA Secretariat, commended Ghana for the launch, especially after it had expressed interest in the secretariat-led initiative for guided trade under the AfCFTA.

The initiative would facilitate direct trade between Ghana and Egypt, Cameroon , Kenya as well as Mauritius.

“The Facilitated and Guided trade initiative will enable us to test the operational, institutional, legal and trade policy environment under the AfCFTA; allow commercially meaningful trading under the AfCFTA; and send an important positive message to the African economic operators about the veracity of the AfCFTA as well as its promise to create real opportunities in Africa.

“This initiative seeks to facilitate commercially meaningful trading, among interested State Parties that have met the minimum requirements for trade, under the Agreement,” he said.

Source: Ghana News Agency

PIAC urges District Assemblies to ensure effective utilization of petroleum revenues

ACCRA, AUG. 2, GNA – THE PUBLIC INTEREST AND ACCOUNTABILITY COMMITTEE (PIAC), THE STATUTORY BODY WITH OVERSIGHT RESPONSIBILITY OF THE MANAGEMENT AND USE OF PETROLEUM REVENUES HAS URGED MANAGERS OF THE DISTRICT ASSEMBLIES COMMON FUND (DACF) TO PRUDENTLY MANAGE REVENUES ALLOCATED TO THEM FROM THE ANNUAL BUDGET FUNDING AMOUNT (ABFA).

THE DACF HAS RECEIVED MORE THAN GH¢32,380,403.91 FROM THE ABFA IN 2021 FOLLOWING A 2019 DECISION OF THE SUPREME COURT IN THE CASE OF KPODO VS THE ATTORNEY-GENERAL.

SPEAKING AT A PUBLIC FORUM FOR RESIDENTS IN THE NZEMA EAST MUNICIPALITY IN THE WESTERN REGION, A MEMBER OF PIAC, DR EMMANUEL TENKORANG SAID FOR THE FIRST TIME SINCE GHANA STARTED RECEIVING PETROLEUM REVENUE IN 2011, THE DACF RECEIVED FUNDS FROM THE ABFA IN 2021.

HE SAID THERE ARE GUIDELINES GUIDING THE UTILIZATION OF REVENUES FROM THE ABFA, AND THUS, THE LATEST STREAM OF EXPENDITURE TO THE DACF SHOULD BE PROPERLY MANAGED AND ACCOUNTED FOR TO ENSURE THAT THE TRANSPARENCY AND ACCOUNTABILITY BEING DEMANDED BY PIAC WOULD BE HOLISTIC.

THE FORUM, WHICH WAS ORGANIZED IN LINE WITH PIAC’S SECOND MANDATE OF PROVIDING SPACE AND PLATFORM FOR PUBLIC DEBATE ON THE MANAGEMENT OF PETROLEUM REVENUES, BROUGHT TOGETHER PARTICIPANTS FROM DIFFERENT SECTORS OF THE ECONOMY.

2021 ANNUAL REPORT FINDINGS PRESENTING HIGHLIGHTS OF THE FINDINGS IN THE 2021 PIAC ANNUAL REPORT, DR TENKORANG NOTED THAT ANNUAL CRUDE OIL PRODUCTION DECLINED BY 17.7 PERCENT FROM 66,926,806 BBLS IN 2020 TO 55,050,391 BBLS IN 2021, DESPITE THE REBOUND OF ECONOMIC ACTIVITIES IN 2021, AFTER THE EASING OF COVID-19 RESTRICTIONS.

TOTAL PETROLEUM REVENUES, HE NOTED, ALSO INCREASED BY 17.5 PERCENT FROM US$666,390,751.22 IN 2020 TO US$783,325,849.87 IN 2021 DUE TO HIGHER CRUDE OIL PRICES. THIS IS IN SPITE OF THE DECLINE IN CRUDE OIL PRODUCTION IN 2021.

SURFACE RENTAL ARREARS ALSO INCREASED BY 22.22 PERCENT FROM US$2,110,212.23 IN 2020 TO US$2,579,170.21 IN 2021.

ANOTHER RECOMMENDATION HE HIGHLIGHTED, WAS THE USAGE OF PETROLEUM REVENUES TO PAY JUDGEMENT DEBT IN 2021.

“FOR THE FIRST TIME SINCE 2011, THE ABFA WAS USED TO PAY A JUDGEMENT DEBT OF GH¢12,475,426.01. THIS WAS UNDER THE ROADS, RAIL AND OTHER INFRASTRUCTURE PRIORITY AREA DURING THE PERIOD UNDER REVIEW,” HE STATED.

REPORT RECOMMENDATIONS

THE 2021 PIAC ANNUAL REPORT RECOMMENDED THAT THE MINISTRY OF FINANCE IN COLLABORATION WITH RELEVANT INSTITUTIONS SHOULD DEVELOP APPROPRIATE GUIDELINES ON THE UTILISATION AND REPORTING OF ABFA DISBURSED TO THE DACF.

“PIAC ALSO CALLS ON GNPC TO DOUBLE UP EFFORTS AT RECOVERING LOANS TO GOVERNMENT AND ITS AGENCIES TO ENSURE THAT THE CORPORATION’S WORK PROGRAMME DOES NOT SUFFER FROM NON-IMPLEMENTATION. FOR NOW, GNPC SHOULD DISCONTINUE GRANTING LOANS AND GUARANTEES UNTIL SIGNIFICANT RECOVERIES ARE MADE WITH RESPECT TO OUTSTANDING LOANS AND GUARANTEES OWED THE CORPORATION,” HE SAID.

NOTABLE PROJECTS IN THE NZEMA EAST MUNICIPALITY DR TENKORANG MENTIONED THAT SOME PROJECTS THAT HAVE RECEIVED FUNDS FROM THE ANNUAL BUDGET FUNDING AMOUNT (ABFA) INCLUDE THE CONSTRUCTION OF CHPS COMPOUND AT AKANGO-NZEMA EAST

(GHC194,614.70), CONSTRUCTION OF AKONU COMMUNITY SHED IN THE EVALUE GWIRA AJOMORO CONSTITUENCY (GHC86,772.88), CONSTRUCTION OF AXIM COASTAL PROTECTION PROJECT (GHC35,587,902.30), AND THE CONSTRUCTION OF AKOSONU COMMUNITY SHED IN THE EVALUE GWIRA AJOMORO CONSTITUENCY (GHC51,143.42).

IN HER ADDRESS, THE MUNICIPAL CHIEF EXECUTIVE (MCE) OF THE NZEMA EAST MUNICIPAL ASSEMBLY, MS DORCAS ELIZABETH AMOAH, WELCOMED MEMBERS OF THE PIAC TEAM TO THE MUNICIPALITY AND EXPRESSED HER EXCITEMENT OVER THE OPPORTUNITY TO EDUCATE CITIZENS ON THE USE OF PETROLEUM REVENUES IN HER MUNICIPALITY.

SHE URGED PARTICIPANTS TO TAKE ACTIVE PART IN THE DISCUSSION AND ALSO BRING OUT THEIR PRESSING ISSUES REGARDING HOW PETROLEUM REVENUES ARE UTILIZED FOR GOVERNMENT’S ATTENTION.

PARTICIPANTS ALSO HAD THE OPPORTUNITY TO ASK QUESTIONS AND ALSO GIVE THEIR SUGGESTIONS ON BEST WAYS TO MANAGE THE COUNTRY’S PETROLEUM REVENUES.

Source: Ghana News Agency

Agricultural value chain needs structural policies adjustment-GAWU

Tema, Aug. 1, GNA — Mr Edward Kareweh, General Secretary, the General Agricultural Workers Union (GAWU), says the country needs effective structural policies to optimize the competitiveness of the agricultural value chain.

He said enhancing the competitiveness of the agricultural value chains demanded improvement in productivity along the specific value chains for an effective and efficient input supply system.

Mr Kareweh was speaking on the theme: “Ghana’s Agricultural Value Chain,” at a day’s seminar organised by the Ghana News Agency to provide a platform for both state and non-state organisations to address national issues to enhance development.

Mr Kareweh explained that formulating the right policies and allowing it to be championed by competent leaders would improve crop productivity and product quality along the agricultural value chains.

He said there was a need for the government to create an enabling environment to help facilitate linkages between core value chain actors and support services, including financial services, technical advisers, and mechanisation services to producers.

“Things are not done properly. Incompetent application of laudable policies had created a problem where food is cheap at the farm but expensive on the side of the final consumer. There is food in Ghana but locked up at the farm gate, things are not well,” he said.

According to the GAWU General Secretary, poorly formed relations along most value chains in the country were fostering a high degree of predatory behaviour between actors, affecting the sector negatively.

This predatory also worsens and weakens the reinforcing system that limits investments and decreases efficiency and resiliency, preventing competitiveness which in the long run affects the incomes and willingness of the ordinary farmer to purchase inputs.

He said government policies must provide specific incentives to agricultural equipment dealers and users to help expand smallholders as key stakeholders.

“So we must not blow our own trumpets that we are working. Let those we are serving judge. We must not praise a project because of its beautiful features, we must rather do that after seeing results,” he said.

Mr. Kareweh said that the financial sector was weak and poorly structured to take on capacity-building investments needed to effectively support the agricultural sector in general, specifically the equipment sector, which was hindering the value chain from its massive potential.

He noted that wholesalers had limited interest in building branded retail channels, which passed through to the farmer making it less important as a leverage point for improving broader and more appropriate access for smallholders.

He added that there were larger retailers with multiple outlets that were keenly interested in expanding their distribution networks but were concerned by the risks and cost of setting up new stores.

Mr Francis Ameyibor, Ghana News Agency Tema Regional Manager, said the GNA recognised “the excellence in stakeholder engagement to deliver and ensure that society plays an active watchdog role so that institutions perform.”

Mr Ameyibor said the Agency was strategically placed as a credible news organisation that needed to deepen its relations with its stakeholders for mutual benefit and to advance the prospects of the agency and the country as a whole.

Other speakers at the stakeholders’ engagement were Mr Richard A. Quayson, Deputy Commissioner, Commission on Human Rights and Administrative Justice; Mr Richard Kovey, a convenor at Campaign Against Privatisation and Commercialisation of Education (CAPCOE); and Mr Papi-Paulo Zigah, Director of International Operations, Future Careers Ghana.

Source: Ghana News Agency

Three ladies win UDS Vice-Chancellor’s Business Innovation Award

Three students of the University for Development Studies (UDS) have emerged tops in the third edition of the Vice-Chancellor’s Business Innovation Award qualifying them to receive GH¢15,000.

00 funding support each for their businesses.

Ms Fuseini Hannatu Bawre, a final year Early Childhood Care and Education student, Ms Alhassan Nimatu Amban, a level 300 Early Grade Education student and Ms Naa Ayeley Tagoe, a final year midwifery student, won the first, second and third positions in that order.

They were declared winners out of 12 individuals and groups, who pitched their business ideas on food, nutrition, poultry production and aquaculture.

The awardees would undergo business incubation sessions and support from the Business Innovation and Incubation Centre (BIIC) of UDS to nurture their entrepreneurial capacities and sustain their businesses.

This year’s Vice-Chancellor’s Business Innovation Award formed part of the activities lined up to commemorate the University’s 30th anniversary celebration as well as the BIIC’s effort to inculcate the sense of entrepreneurship in UDS students and the youth.

It is an initiative under the BIIC of the University’s Business Directorate (UDS-BD) aimed at developing the business acumen of students to enable them take advantage of available opportunities.

The event, sponsored by the UDS Alumni Association, adb bank, Yara Ghana, Ghana National Petroleum Corporation, Ecobank, Agrisolve, Stanbic Bank and Amaati Company Limited was on the theme: “Unearthing the Potentials of the Youth for Job Creation: The Role of Academic Institutions”.

Professor Gabriel Ayum Teye, Vice-Chancellor of UDS, speaking during the event at the University’s Tamale Campus, said the award sought to provide financial support to enable UDS students and alumni to implement their business ideas, which would put them in positions to support the school’s development.

He noted that it was important for academic institutions to be creative to empower graduates to move from job seekers to job creators, adding “This doesn’t mean that academic institutions must depart from their academic roles of providing knowledge and skills.”

Professor Felix Kofi Abagale, Pro-Vice-Chancelor of UDS encouraged the awardees to be more diversified to reflect the objectives of BIIC’s imitative of identifying innovative and viable business ideas among students and alumni.

Mrs Salma Abdulai, Chief Executive Officer of Amaati Company Limited and an alumnus of UDS, urged the contestants of the award scheme to define their business purposes and persevere to achieve target goals.

Ms Fuseini Hannatu Bawre, who placed first with the business name “Manare snack” with a packaged powdered “sobolo” concept, expressed her excitement over the gesture and said it would enhance her ability to establish her business and employ others.

Source: Ghana News Agency

Cocoa Cooperative leaders receive training on CBS, Child Labour at Kpando

Leaders of Cocoa Cooperatives in Kpando and Vakpo Operational Areas in the Hohoe District of the Volta Region have on 20th July 2022 received training on Cooperative Business School (CBS) and Child Labour at Kpando.

The training, which was organised by Extension Officers in the Area, includes Mrs. Lucy Dagba Extension Officer, Kpando Operational Area Mr. Emmanuel Mawuli Agbezuge, Extension Officer Vakpo Operational Area and joined by Mr. Francis Eshun Extension Officer, Nkonya Operational Area was to equip the leaders of the Cooperatives on CBS and Child Labour in Cocoa farming and navigate how the Cooperatives can use the knowledge of CBS to make their cooperatives self-sustaining and generate good income.

Mr. Emmanuel Mawuli Agbezuge gave a presentation on CBS. Guiding the farmers, a business was defined as any activity (legal) that is able to satisfy a need/wants and provides profit (money). He linked this to help farmers understand that Cooperative Business School is “the needs/wants in the cocoa farming value chain that cooperatives can capitalise on (school) to be able to generate income (revenue).” The CBS, he added aims to strengthen Farmer Based Organisations (FBOs) capacities to provide business services to their members by way of capacity building in areas such as market orientations, entrepreneurship, knowledge of value chains, knowledge of good governance as well as economic viability.

Mr. Mawuli Agbezuge added that there are categories of business services that Cooperatives can render to their members. He stressed business services centred on the cocoa value chain, such as Marketing and Labour Services like Cooperative pruning of cocoa, Cooperative Spraying of cocoa, Cooperative Weeding of cocoa, Cooperative Lining and Pegging of cocoa, Cooperative Harvesting of cocoa, Cooperative group purchase of inputs for cocoa, to be able to generate income for the cooperative and make them self sustaining. He used mathematical calculations to demonstrate, why going for group input purchase is better than individual farmers going solo.

To be able to offer business services, he added, five key questions must be answered: What? How? How Often? Which quantity? And Financing. He also expatiated on economic tools such as fixed cost, variable cost, profit margin, group profit, break even and service fee.

Mr. Mwauli Agbezuge further stated further that transparency, strong bargaining power and strong financial position as major elements that will ensure the sustainability of the Cooperatives.

Mr. Francis Eshun made a brief presentation on improving the cooperatives. He narrated a key verse in Ephraim Amu’s ‘Yen Ara Asaase ni’ song which states “Nimde3 ntraso, nkoto-krane, ne pesemenkomenya adi yen bra mu dem” to wit, “bragging of educational achievements, useless greed for material things, and bad lifestyle is destroying our nation”. He said Cooperatives will only work if farmers work on certain behaviours among their members and allow trust, honesty and integrity be the hallmark of leadership. He quoted the adage, “we listen to our ears, not our brothers” to buttress his appeal for leaders to follow law and order in their dealings with members. “Doing what you say you will without giving excuses will build trust.”

Mr. Eshun further stated that cocoa farmers should learn from the Abrahamic principle of giving, which is practiced by Muslims across the world, thus, ensuring that, “ they motivate various pruning and spraying works ongoing in their area”. He encouraged the Cooperative leaders to play an advocacy role in ensuring, problems associated with land tenure systems and excessive litigations among cocoa farmers on lands is reduced so that the cocoa industry can be peaceful for formers to operate. He thanked the Cooperative Executives for their continual support to Extension Officers and assured them, that their efforts will not go in vain. “The vision of COCOBOD is to achieve 1500 kg of dry beans per hectare by 2025, and this can only be attained if the Cooperatives becomes vibrant and self-sustaining to offer business services,” he added.

Mrs. Lucy Dagba gave her presentation on Child Labour in the Cocoa Value Chain. She stated that “since 2000, there was global pressure against major cocoa producing countries: Cote d’Ivoire, Ghana, Nigeria. Cote d’Ivoire especially was accused of using children from Mali and other areas on their cocoa plantations. Thus, consumers felt: “eating chocolate from the sweat of children..” This tag led to a call to stop the exploitation of children or else face the consequences which include boycotting the purchase of cocoa. In response to this, a protocol was signed, code-named ‘Harken-Engel Protocol’ to put systems in place to eliminate forced labour & the worst form of Child Labour in the cocoa sector.”

Mrs. Dagba in the participatory method, guided the leaders to define child labour as “any work that is exploitative, and deprives a child of his/her education, affects the health, the moral and wholesome development of the child now or in future or Work that is mentally, physically, socially or morally dangerous and harmful to children; and interferes with their schooling – by depriving them of the opportunity to attend school or by obliging them to leave school prematurely.”

Mrs. Dagba further expatiated that poverty, unemployment, under employment, irresponsibility of parents, unbudgeted expenditure/impulse buying, Unplanned births, teenage pregnancy, breakdown of social /extended family support and other socio-economic issues (pull & push factors from cities) as the major causes of child labour. She added that child labour can lead to boycott of the purchase of cocoa, unplanned pregnancies, poverty, drug addiction leading to an increase in social misfits, school drop-out, illiterate society and low H/R development, low-self esteem, depression and suicide or pre-mature death of victims all interconnected and in a cycle.

Mrs. Dagba further stated that International Labour Organisation (ILO) convention 182 on Worst Form of Child Labour(WFCL) defines four classes of work as worst forms i.e. the engagement or recruitment of children into:

i. Slavery and all forms of slavery-like practices e.g. forced labour and bonded labour- child trafficking

ii. Illegal/ illicit activities e.g. child soldiers, smuggling. Selling alcoholic drinks, narcotic/ chemical substances etc

iii. Pornography/pornographic performances e.g. prostitution, club dance

iv. Hazardous labour e.g. fishing, farming, quarrying & others that affect the health, safety and morals of the child

Mrs. Dagba further stated children have rights according to Children’s Act 560 (1998), Part 1, Sub-part 1 which deals with the rights of children and parental duties.

• Non-discrimination (colour, sex etc)

• Right to name and nationality

• Right to grow up with parents

• Right for parental duty/ responsibility & property

• Right to Educ., well-being, opinion

• Protection from exploitative labour etc

She further touched on child trafficking as basically “the recruitment, transportation, transfer, harboring or receipt of persons, by means of threat, force or other forms of coercion, of abduction, of fraud, of deception, of the abuse of power or of a position of vulnerability or of the giving or receiving of payments or benefits to achieve the consent of a person having control over another person, for the purpose of exploitation”.

She added, “Even though children should be involved in cocoa farming, but under acceptable conditions/circumstances, under the care and supervision of parents, during weekends & school holidays, with good protective clothing and with an appropriate tool that commensurate with the age of the child.”

In conclusion, Mrs. Dagba stated that for a secured future and sustainable cocoa farming or production, there’s a need to develop the full potential of all children in farming communities, need for holistic approach to eliminate child labour by all stakeholders including chiefs, farmer Coop, parents, schools/teachers, Ministries/governments etc.

The Cooperative leaders expressed their appreciation and thanked the extension officers for the training and assured it will be put into good use for sustainable cocoa industry.

Over 50 leaders benefited from the training programmme.

Source: Modern Ghana

Parliament approves $750 million loan for 2022 Budget support

Accra, July 22, GNA – Parliament on Wednesday approved a loan facility agreement between the Government and African Export-Import Bank (Afreximbank) for an amount of $750 million to finance capital growth-related expenditures in the 2022 Budget.

The Government had expressed its intentions in the 2022 Budget Statement and Economic Policy of the Government to raise the Ghana Cedis equivalent of the $750 million under a syndicated term loan facility arrangement to support the implementation of the 2022 Budget.

The loan syndication approach was chosen following the Government’s announcement that no Eurobond would be issued in 2022 under the International Capital Market Programme (ICMP) until market conditions improve.

This approach was necessitated because at the time of the 2022 Budget approval, the spread of the new COVID-19 variants had led to the re-imposition of restrictions worldwide coupled with incidences of energy price increases and supply side disruptions thereby limiting access to the international capital market.

The $750 million facility for budget support comprises two Tranches – Tranche A is made up of Euro200 million and $101 million while Tranche B is made up of $350 million.

The financing terms of the loan facilities include three years grace period for each of the stated amounts, whereas the repayment period for both the Euro200 million and the $101 million is four each, while that of the $350 million in seven years.

The interest rates for the Euro200 million, the $101 million and the $350 million are 5.57 per cent per annum, 8.81 per cent per annum and 8.81 per cent per annum respectively.

Proceeds from the loan would be used to finance critical infrastructure related to sectors such as roads, energy, railways, and health as captured in the 2022 Budget.

The list of projects to be financed from the $750 million loan facility include Ofankor-Nsawam Road $200 million; Ejisu-Konongo Road $75 million; completion of Nsawam Apedwa Road Project $10 million and the Suame Interchange and local road network project $47 million.

The rest are completion of Flower Pot Interchange, Legon-Accra $35 million; completion of Sofoline Interchange $35 million; construction of Kwabenya-Peduase Road Project – Government of Ghana Funding $10 million; completion of Eastern Corridor Lots 5 and 6 $70 million; completion of Enkyikrom-Adawso Road Project $98 million, purchase of rolling stock and spare part $30 million and construction of Stadia Infrasructure for all Africab Games $140 million.

Mr Osei Kyei-Mensah-Bonsu, the Majority Leader, appealed to Members of the House to approve the loan facility to enable the Government execute its infrastructural agenda in the 2022 Budget.

Mr Haruna Iddrisu, the Minority Leader, said the country was suffering from a debt overhang, which could lead to the stagnation of the growth of the economy and that it was going to further worsen the cost of living for Ghanaians.

He noted that Minority Caucus was not against the $750 million facility and that they were only against the addition of $250 million, which was not captured in the 2022 Budget and Economic Policy Statement of the Government.

Mr Kwaku Agyeman Kwarteng, the Chairman of the Finance Committee of Parliament, in his report, noted that the approval of the facility would enable the Government to meet its projections in the 2022 Budget and support the government’s liability management and ensure exchange rate stability.

Source: Ghana News Agency

TMA/CNC train 43 women in Tema

Tema, July 21, GNA – The Tema Metropolitan Assembly (TMA), in collaboration with the Tema Metro Office of the Centre for National Culture has provided skill training for 43 women within communities four and seven.

The women received free training in liquid soap making, bleach production, bar soap, beaded fascinators, bridal fan making and beaded slippers.

Ms Sandra Nana Efua Boison, Tema Metro Cultural Director, told the Ghana News Agency in an interview at Tema that the training was the first phase of a series to be held in the metropolis adding that each electoral area would have 20 women benefiting from it.

Ms Boison said the objective of the project was to reduce the unemployment rate, and reduce poverty, and other social vices within Tema while empowering the women to be economically independent.

She urged the women to take advantage of the project and join the two-day training session when it reach their electoral areas adding that having skills was an important asset to increase one’s income.

On the selection of beneficiaries, she said the centre liaised with the Assembly members of the area to get women who needed such skills to be trained for free.

Meanwhile, participants have appealed to the government, the TMA, and other organizations to help them acquire the needed materials to invest in the skills they have acquired to enable them to derive their objectives.

Responding to their request, Mr Yohane Amarh Ashitey, Tema Metropolitan Chief Executive said the government has initiated a number of programmes such as the YouStart which is being run by the Ghana Enterprises Agency to help provide the needed star-up grants for people with skill training to create jobs.

Source: Ghana News Agency