Category: General

The President and Founder of IMANI Africa, Franklin Cudjoe has said that former President John Dramani Mahama during his tenure as president never recorded even half of the GH¢60 billion loss incurred by the Bank of Ghana.

The founder of IMANI Africa blamed the huge losses by the Central Bank on reckless financial actions to support the government.

In a Facebook post on Wednesday, August 9, 2023, Franklin Cudjoe lambasted the government for the huge losses incurred by the Bank of Ghana.

“($6bn) GH¢60 billion loss supervised by a series of happily reckless financial actions by the Central, bankrolling government waste to a drunken stupor. Mahama never did a fraction of this nonsense!! Tagborkuku! Moa saa! Nye sha!” he wrote on his Facebook page.

His comment comes on the back of calls by the Minority in parliament for the Governor of the Bank of Ghana, Dr Ernest Addison to resign over the gargantuan losses.

Background

The Bank of Ghana incurred a significant loss in 2022 largely as a result of the DDEP, its 2022 Annual Report, and Financial Statement have said.

According to the report, the central bank’s holdings of government debt were restructured whereas non-marketable holdings of Government of Ghana instruments including long-term stocks, a Covid-19 Bond, and overdrafts were subjected to a 50 percent haircut.

Bank of Ghana’s other claims (holdings of marketable instruments) were exchanged under similar terms as other financial institutions under the DDEP.

This led to an impairment of GH¢48.40 billion in 2022.

At the same time, the Central Bank incurred revaluation losses on its foreign assets and liabilities due to exchange rate depreciation. The impairments and revaluation losses led to a negative equity position of GH¢55.12 billion for 2022.

The report also stated that despite a healthy trade surplus, the balance of payments recorded a deficit of US$3.64 billion on account of significant net outflows in the capital and financial account.

This led to a drawdown of US$3.46 billion in Gross International Reserves from US$9.70 billion at end-December 2021 to US$6.24 billion at end-December 2022, providing 2.7 months of import cover.

The significant drawdown in reserves triggered immense currency pressures and the reduction in the Common Equity Tier 1 capital ratio to 5.5 percent, from 6.5 percent, and an increase in the maximum Tier 2 capital ratio to 3.0 percent, from 2.0 percent of total risk-weighted assets.

Source: Ghana Web

A video capturing lovey-dovey moments of A Plus and his wife, Akosua Vee, has sparked reactions on social media.

In the said video, A Plus and his wife were sharing intimate moments at a coded location.

Kwame A-Plus repeatedly showered praises on his wife, while making pronouncements about how gorgeous her body is.

Akosua Vee, on the other hand, was blushing and enjoying the beautiful moments with her husband.

This appears to be the first time A Plus has been spotted in public since his father’s death in July.

Clad in a black fit, it appears his wife, who resides in the United Kingdom, flew to Ghana for the upcoming funeral.

Source: Ghana Web

Prophet Azuka has slammed Bishop Ajagurajah for doubting his spiritual prowess and credibility.

Earlier after Azuka cursed and attacked a critic on his TikTok live, netizens extended the insults to Ajagurajah, as they claimed they both belong to the same league of spiritualists.

This didn’t sit well with Ajagurajah and in response, he disassociated himself from Prophet Azuka while stating that the latter isn’t a spiritualist.

He said what Azuka practices is witchcraft.

“We have types of spiritual churches but what this man is doing now just isn’t it. It is called witchcraft. People are tagging these wizards as spiritualists and it has to stop. They are embarrassing us. They are using schnapps and I don’t even use that. In spirituality, when you want to curse someone, you use florida water and not Schnapp. He is not a spiritual pastor. Period,” Ajagurajah stated in a viral video.

However, Prophet Azuka did not take Ajagurajah’s comments lightly.

During an interview with Zionfelix, he has asked the Ajagurajah movement founder to be wary of him.

In a quest to prove that he can make life miserable for Ajagurajah, Azuka touted himself as the former’s senior, while stating that he was once a notorious landguard.

“Tell, him what he did was wrong, he should humble himself. He isn’t stronger than me. I have been a land guard before. I have been a landgaurd in Aboabo, Zongo, Asawase and several places. He came to meet me in this business, let’s put him aside. I have been doing this for 10 years. There’s a difference between spirit and power. Nobody can claim ownership of spirituality or being an originator of spirituality. I won’t join their so-called association; I am bigger than that,” he fumed.

He added the difference between Ajagurajah and himself is that the former is an ‘apprentice’ and he (Azuka) is the spirit itself.

“I will do what I like and nobody can tell me how to run my business. Being a spiritualist or running a spiritual church isn’t about scary costumes, he should get out of here. He said he is a spiritualist; I am the spirit itself. He is just like an apprentice, and the gift can be taken from him anytime,” he claimed.

Source: Ghana Web

Ghanaian actress and socialite, Efia Odo, has established that she has no interest in men who are now trying to make it in life, adding that she can only date rich men.

She made these statements on the ‘Keeping It 100 percent’ podcast while discussing topics relating to relationships and money.

Buttressing her points, Efia Odo emphasized that since she is successful, it would be absolutely wrong to settle for a poor or ‘struggling’ man.

“I won’t take a man who is just trying in life, I’ve passed that stage…I am an already-made b*tch, so if you are not already made I am not going to f*ck with you,” she said.

When asked if she would consider a man who makes up to GH??3,000 cedis monthly and gives her GHC??1000 cedis from it, Efia Odo mentioned that she wouldn’t even consider getting close to such a person.

“I wouldn’t even ask you for that, I won’t take such an amount because you are not making that much. If you’re making GHC??3,000, I wouldn’t even talk to you if you’re making that little“ she argued.

Source: Ghana Web

The sanctions imposed on Niger by the regional bloc Ecowas since last month’s coup are intended to put pressure on the junta there.

But they may have an impact on other parts of the region.

There are concerns in Ghana that the sanctions could lead to an increase in price of some food items at a time when the country is already experiencing high inflation.

Ghana imports a large majority of its onions from Niger, according to traders in the capital city, Accra.

They have now raised an alarm over a possible shortage of the vital cooking ingredient.

Ecowas sanctions include a cut in trade ties with member states and this has resulted in over 70 trucks loaded with onions intended for Ghana being stuck at the Niger border.

Traders say the price of a bag of onion is likely to go up by 90% if the sanctions persist.

In 2021, Niger exported about $23m (£18m) worth of onions to Ghana and other West African countries.

Source: BBC

The National Peace Council (NPC) has asked students to be tolerant of one another to avoid violent conflict situations. Mrs Janet Sarney-Kuma, Director, Capacity Development and Outreach at the National Peace Council, noted that if emotions, disagreement, and violence were not appropriately managed, they could escalate into conflict, disputes, and war, endangering the country’s peace. She made the call at an outreach programme organised for students of the Accra Academy Senior High School (SHS). The mandate of the National Peace Council in Act 818 is to ensure mediation and management of conflict situations in the country. The goal of the outreach programme is to educate students about the Peace Council’s mandate and help them better manage conflict situations. Mrs Sarney-Kuma in an interview, told the Ghana News Agency (GNA) that the programme had become necessary due to some violent conflict situations being recorded in schools and communities. She said: ‘The young people are the future leaders, who will grow up to take very important positions so, it is very important to catch them young to teach them about conflict management, how to leave peacefully and coexist in the schools. And we think that if we give them a little pep talk, it can help manage some of these things. ‘ Mrs Sarney-kuma said the conflict was a natural phenomenon, and once people were from different backgrounds, mistakes, disagreements, and misunderstandings were bound to happen, adding that the ability to manage such situations was key. She urged the students to address conflict situations through appropriate channels and ensure peace prevailed at all times. She cautioned them against all forms of abuse. Mrs Sarney-Kuma said the outreach would be extended to other schools throughout the country. Mr Emmanuel Ofoe Fiemawhle, Headmaster of the School, said: ‘Violent situations are not exclusive to only one school, when such situations begin to happen, they get to almost every school and spread like bush fires so, getting the Peace Council to talk to them about tolerance and conflict management is very laudable. ‘ ‘Getting ready for examinations, the apprehensions, anxiety, and emotional imbalances make them a bit hostile to each other. Therefore, sessions like this will help to guide them,’ he added.

Source: Ghana News Agency

The Ghana Police Service Wednesday bid farewell to one of its most distinguished horses, P/H Corporal Queen Mother after it passed away on August 8, 2023. The gallant horse, known for its unwavering dedication to service, left a legacy of remarkable ceremonial performances at State functions. A news brief from the Police said P/H Corporal Queen Mother, a symbol of honour and loyalty, had been with the Police Mounted Squadron since 2019, embodying the values of the Service through its tireless contributions. It said the majestic horse had taken part in numerous significant events, including Independence Day Parades, the opening of Parliament during the State of the Nation’s Address and the graduation of Cadet Officers. The brief said the Service’s bond with P/H Corporal Queen Mother extended beyond duties, with the horse becoming a ‘beloved member of the Police family’. ‘Its imposing presence and dignified demeanour made it a crowd favourite during public events, evoking a sense of pride and respect. ‘As the Ghana Police Service mourns the loss of its distinguished horse, it also celebrates the invaluable contributions it made to the Service and the nation as a whole.’ The brief said in honour of its contributions to the Service, P/H Corporal Queen Mother had been posthumously promoted to the rank of Sergeant. It said P/H Corporal Queen Mother, now P/H Sergeant Queen Mother, left behind three offspring, the youngest, two weeks old.

Source: Ghana News Agency

Automation Solution Limited (ASL), a subsidiary of The Automation Ghana Group (TAGG) and partners of Endress+Hauser Instrumentation International and Goldfield Ghana Limited, have inaugurated a state-of-the-art training rig that enables training in process instrumentation and automation. The Goldfields Ghana state-of-the-art instrumentation training rig, facilitated by ASL, to train its engineers and young people from communities surrounding the company’s Tarkwa and Damang mines in the Western Region, was built by Endress and Hauser with Festo Didactic. Speaking at the commissioning of the pound 450,000 training rig at the Tarkwa Mine in the Western Region, Mr Kweku Asmah, the Chief Executive Officer of the Automaton Group Ghana, suppliers of the rig, said it exemplified its organisational mission, showing its commitment to transforming stakeholders by providing unique electrical and automation services and products through innovation and training. The training rig has been designed to simulate all control systems used in a typical mining process, such as froth flotation and thickening processes, providing the best possible practical training experience for all mining personnel, with a specific focus on pressure, flow, and level metering systems. He said the partnership with Goldfields Ghana signified a dedication to excellence in all its endeavours, recognising that investing and knowledge-sharing was pivotal in building a sustainable future for industries and enhancing the competency of employees. The TAGG CEO said the training rig was a testament to the power of collaboration, ‘where Endress+Hauser Instrumentation AG and Festo Didactic joined hands with ASL to create a platform that will elevate the expertise of professionals in the mining industry.’ Mr Asmah said as the mining industry significantly influenced economies and societies, it became imperative to equip its workforce with cutting-edge tools and knowledge, commending the management of Goldfields for their commitment to investing in employee growth and development through training and retraining. The training rig, he said, embodied its shared vision of empowering the workforce with the necessary skills to drive progress and sustainability in mining operations with focus on operational efficiency, employee safety, and environmental responsibility. ‘Let this training rig serve as a symbol of hope, progress, and resilience. Together, we have opened the doors to a world of possibilities for the mining industry, and we eagerly look forward to witnessing the transformative impact it will have on professionals and the sector as a whole,’ the CEO of TAGG, representatives of Endress+Hauser in Ghana, said. Mr Simon Egloff, Business Development Manager, Endress+Hauser, manufacturers of the rig with Festo Didactic, said with the investment in the training rig, employees would respond with a higher skill set with great enthusiasm to get familiar with the latest technology. He said, ‘They will be able to apply the process improvements in their daily work and through this achieve a higher productivity over the next years. The possibilities which this powerful tool offers makes the Goldfields Tarkwa Mine unique in Ghana and throughout West Africa.’ Mr Joshua Mortoti, Executive Vice President and Head of Gold Fields West Africa, said the rig would ‘offer intensive and practical training as it simulates real-world conditions in the process plant in a safe classroom environment,’ adding that Goldfield instrumentation engineers would be equipped with the technical know-how which would enhance their competences. Mr Mortoti noted that the rig would also be used to train community youth when the ‘Gold Fields Training School launches the instrumentation apprenticeship programme for young people in the host communities’. The Executive Vice President said the company was committed to the skills development of its workforce and that, ‘since 2014, we have invested close to $17 million in various competency-enhancement, leadership and professional development programmes for our employees and business partners.’ Some of those training programmes, he said, catered to the specific needs of employees to develop their individual potential.

Source: Ghana News Agency