Category: General

Government’s recently reached agreement with local banks to restructure approximately GH¢15billion (US$1.35billion) of domestically issued USD bonds and cocoa bills appears to have run into trouble.

Under the agreement, the USD bonds will be converted into two-term loans with lower interest rates, while the cocoa bills will be transformed into a new bond with a 12 percent yield.

However, concerns are being raised by banks regarding the reduction in face value of the cocoa bills; thus highlighting challenges faced in the debt restructuring process.

Finding a balance between reducing debt burdens and ensuring the financial stability of banks will be crucial for the restructuring efforts’ success.

As negotiations continue between government, banks and pension funds, it remains to be seen how terms of the debt restructuring will evolve. The outcome of these discussions will have a significant impact on Ghana’s financial landscape and ability to address its debt challenges effectively.

Local banks are pushing for better terms in the restructuring of cocoa bill holdings as government proposes to replace them with five new bonds. The new bonds come with a coupon rate of 12 percent – significantly lower than the previous average entry rate of 30 percent on the bills.

The banks have expressed concern over the steep reduction in face value of the bills. The new loans will have a maturity of five years starting from 2025.

Government closed its Domestic Debt Exchange Programme (DDEP) for GHS-denominated notes and bonds issued by E.S.L.A. Plc. or Daakye Trust Plc. with over 80 percent participation of eligible bondholders.

The programme – which was voluntary – sought to tackle the current economic crisis, bring back macroeconomic stability and guarantee sustainable growth.

Government’s debt restructuring efforts also extend to negotiations with local pension funds to restructure their investment holdings in government securities, with a total value of approximately GH¢29billion.

To government, this agreement with local banks is seen as a positive step toward addressing the country’s debt challenges and improving debt sustainability as government demonstrates commitment to finding solutions and working with official creditors to address the debt situation.

The submission of a memorandum of understanding for the domestic USD bonds to the Securities and Exchange Commission further reinforces the country’s commitment to tackling its debt issues.

Source: Ghana Web

National Chairman of the National Democratic Congress (NDC), Johnson Asiedu Nketiah has asked for a full scale investigation into the alleged leaked secret tape which is calling for the removal of the Inspector General of Police, Dr. George Akuffo Dampare.

According to him, if the NPP government has nothing to hide then they should allow an investigation into the matter to enable those behind the despicable plot to be punished.

Speaking on Okay FM’s ‘Ade Akye Abia’ programme, he explained that though he sometimes did not agree with some of the modus operandi of the Inspector General of Police especially during the Assin North by-election, he believes that he is doing well and does not deserve to be kicked out in such a coup d’etat manner.

“What transpired on the leaked tape is a recipe for coup and that government should allow for a thorough investigation if it has nothing to hide and really want to get to the bottom of the matter.

“They should spare us the various explanations they are giving out and ensure an investigation is carried out in to the matter and gotten into its logical conclusion,” he said.

He further reiterated the need for the Vice President, Dr. Mahamoud Bawumia who is the Chairman of the Police Council to as a matter of urgency to have issued a statement about what is going on rather than going about campaigning.

“I think this is an opportune time for the Vice President who seems not to be a too proactive Chairman of the Police Council to quickly act on this matter, but he is rather busy going round campaigning whilst the Police Council is in turmoil over a leaked secret tape.”

Interior Minister Dismisses Allegation

Meanwhile, the Minister of the Inte­rior, Ambrose Dery, has dismissed allegation of the contents of a leaked secret tape in which the removal of the Inspec­tor General of Police, Dr George Akuffo Dampare, is being plotted.

In the about an hour long tape, a purported police commis­sioner and someone who identifies himself as a former Northern Regional Chairman of the New Patriotic Party(NPP) were heard plotting the removal of Dr Akuffo Dampare.

The voices in the tape ex­pressed the fear that the IGP would not allow the governing party to manipulate the 2024 elections.

“This IGP won’t help us. He won’t, he wants everything to be done fairly and we don’t win elec­tions that way. If we don’t remove him we can’t break the eight, in politics we need machinations and this IGP won’t allow that,” the purported Police Commissioner was heard saying.

But interacting with Journalists in Parliament, Accra, he said the tape should be treated with the contempt it de­served because government has no intentions of removing the IGP from office.

According to him, government was satisfied with Dr Dampare’s administration and would give him the free hand to operate as expected of an independent police service.

“Let me make it absolutely clear that this government is not going to tamper with the 2024 elections. The President does not want to stay one more hour beyond his term. We also want to make sure that we have a free and fair election.

“So we should dismiss such reports with contempt. There’s no plot to remove anybody, as far as I’m concerned he (IGP) is doing a good job.”

Source: Ghana Web

Alfred Ocansey, the host of TV3’s weekend current affairs program, The Big Issue, had to activate a forced commercial break to save the Saturday, July 15, 2023 edition of his show from becoming an epicenter of unrestrained verbal bout after guests, Martin Kpebu, a private legal practitioner and Habib Iddrisu, Member of Parliament for Tolon Constituency and deputy majority chief whip lost their cool on the show.

It all started when Martin Kpebu cut into a delivery of Habib Iddrisu with a jab about his supposed legal battle at the Supreme Court over his eligibility to stand for elections in Ghana.

Habib Iddrisu who was defending the position of his government and the New Patriotic Party on the leaked tape that captures a senior police officer and some NPP bigwigs allegedly hatching a plot to oust the Inspector General of Police, Dr George Akuffo Dampare, took umbrage with the remarks from Martin Kpebu.

After Martin Kpebu, without the permission of the show host, threw the first shot “Honorable Habib, I thought you will be concerned with case against you at the Supreme Court.” The NPP MP fought back, defending his innocence that “There is no case against me.”

But Martin Kpebu appeared determined in his quest to unsettle the MP as he restated “Your eligibility. They said you are not eligible. You were convicted in Australia for something.”

The statement about the alleged conviction in Australia threw off the MP who went ballistic and issued his first threat “He has mentioned a certain statement and I’m telling you that I’m going to take action based on this record. You said I was convicted in Australia and that there is a case against me. The point is, have I been found guilty in any court of competent jurisdiction? I’m very disappointed in you. If you don’t withdraw it now, I will take action.”

But Martin Kpebu was adamant that he was on the right path. He dared the MP to “let’s go to court.

At this point, the Deputy Majority Leader had completely lost it. He fired again “You cannot sit down here and make reckless and stupid comments. To the best of my knowledge, I have not been declared guilty at any court.”

Martin Kpebu maintained that his allegations were credible and that it is trite knowledge that Habib Iddrisu was convicted in Australia. He quizzed “but it is in the public domain?”

His question irked the MP who blurted out and demanded withdrawal and apology from Martin Kpebu.

He said “That it is in the public domain doesn’t mean that I have been convicted so you don’t sit down here and make this stupid and reckless statement. What kind of nonsense is that? Very disappointing.”

Martin Kpebu in a sarcastic tone withdrew the statement, saying “I’ve withdrawn.”

His apology did little to assuage the anger of the lawmaker who attacked again “I’m not as useless as you are.”

At this point, the show host was left with no option but to pull the brakes on the show and go on a commercial break.

Tempers looked to have settled after the break as both men apologized and withdrew their respective statements.

Source: Ghana Web

It is no secret that a plot was hatched by a number of countries seeking to oust Ghana’s first president, Osagyefo Dr Kwame Nkrumah.

While detailed correspondents and accounts on the rationale behind his eventual overthrow in 1966 remain unsealed in secret files at the Central Intelligence Agency (CIA), some leaked documents over the years past have made it into the media space.

According to Risen Africa on YouTube, the CIA documents detail the close allies of Dr Kwame Nkrumah, members of his own government, security forces, the USA government, the UK government among others who all played a role in his eventual overthrow.

In February 1966, Dr Kwame Nkrumah was overthrown from office while he was on an international assignment in Hanoi, Vietnam. At the time, he was on a peace making trip over the Vietnam War, leaving a 3-person presidential commission in charge of the country.

His eventual overthrow was conducted by the National Liberation Council (NLC) with the code name “Operation Cold Chop,” bringing the entire country to a standstill.

Prior to his overthrow, Dr Nkrumah’s popularity had declined substantially in the mid 1961 following tax hikes, introduction of a compulsory savings system, a freeze on wages and salaries, large expenditures by government and other factors that were plaguing the country.

Portions of the unsealed documents, according to Risen Africa, showed that in the years leading to the coup, the United States of America began to withhold loans to Ghana impacting on the foreign exchange as well as lowering world cocoa prices through stockpiling measures in order to deprive Dr. Nkrumah of the much-needed financial backing in foreign exchange.

The next line of action was the deployment of the first African-American Ambassador to Ghana in the person of Franklin Williams.

In January 17, 1966, Williams presented his credentials to Nkrumah some few weeks before the coup took place. It is reported that Franklin Williams, before taking up his position as Ambassador to Ghana had exchanged correspondences with friends bragging about taking total control of the country.

Three weeks to the coup de’tat, an editorial piece was published in a newspaper named; ‘The Spark’, which was founded by Dr Nkrumah. It had the words written; “Why Would the US Send an African American Ambassador to Ghana When They Did Not Support Racial Equity in Their Own Country and Would Surely Not Send a Black Ambassador to a European Nation.”

This was based on speculation that Dr. Nkrumah saw the appointment as a sign of disrespect and felt the US was sending a Black Ambassador to ‘do their dirty work’ in Ghana.

Three days to the coup, Dr Nkrumah went to Hanoi, Vietnam on a peace making mission to negotiate a peaceful settlement to the US war with Vietnam.

The US government had earlier encouraged him to visit the country with a diplomatic mission with the promise that it would halt the bombing of North Vietnam in order to ensure his safety and others who were also on the mission.

While this is taking place, some 600 Ghanaian soldiers, who were stationed at the Northern barracks were given marching orders to proceed down to the South of the capital in Accra.

They made a 435-mile (700 km) journey with the intention of mobilizing in response to the situation taking place in Southern Rhodesia which is now known as Zimbabwe. Upon their arrival, the coup leaders told the soldiers that Nkrumah was meeting with Vietnam leader, Ho Chi Minh in preparation for their deployment to the war-torn country.

Shortly after, the coup leaders informed the soldiers that they were going on a mission to fight against the white nationalist movement led by Ian Smith in Zimbabwe. They [coup leaders] were however able to rile up the soldiers in believing that Nkrumah’s administration was abusive and corrupt, giving them the justification to oust him from office.

The soldiers were then divided into various numbers who then went on to capture key members of the government and its allied institutions including the national broadcasting house and the international communications building.

The heaviest fighting however took place at the Jubilee House, the seat of the presidency where General E.A Kotoka vowed to bomb the entire building. This then forced the first lady Fathia Nkrumah to request that the guards at Nkrumah’s residence surrender.

At dawn of February 24, 1966, the coup leaders made the announcement to the entire nation on Nkrumah’s overthrow.

Despite his overthrow, Dr. Kwame Nkrumah’s unwavering commitment to Ghana’s progress and his belief in the potential of the Ghanaian people were evident in his speeches, books and memoirs.

He rallied his fellow countrymen to stand strong in the face of adversity and work towards securing both political and economic independence.

The legacy of Dr. Kwame Nkrumah as a visionary leader and advocate for African liberation continues to inspire generations.

Source: Ghana Web

Highly Spiritual record label’s renowned music producer, sound engineer, and CEO, Kaywa, has chosen to leave his former signees, including Lasmid and Mr Drew, to God after feeling abandoned by them.

Despite investing significantly in their careers and propelling them to fame, Kaywa expressed his disappointment with their decision to part ways with the label.

Kaywa, whose real name is David Kojo Kyei, in an interview with Graphic Showbiz, revealed his perspective on the matter and rather than harboring bitterness or uttering negative remarks about his former artistes, explained that he preferred to leave them in God’s hands.

“I know how painful it can be to invest in new artistes only for them to leave when they reach their peak, but that is life. If I should consider all these, I would not sign on any artiste again but one thing I tell myself is that I am building national assets.

“Everyone knows the role I played in the lives of all the artistes who left my record label. The little impact I made in their careers is enough joy for me and if they become like the Sarkodies, Shatta Wales and Stonebwoys, I will take the credit for that. Dr Duncan might not be very wealthy but everyone knows what he did for Sarkodie,” he said.

He described poaching as a major challenge with signing artistes.

“These musicians are poached by individuals or other record labels that feel they have the money to buy anyone. Most of these musicians will leave when they come with juicy offers.

“I want to appeal to the poachers to rather work with the original record labels where the artistes are signed on instead of going through the back door and convince the artistes to leave”, he said.

Regarding the possibility of working with his former signees if they were to return, Kaywa made it clear that his policy at Highly Spiritual was against such a scenario.

“I have a policy at Highly Spiritual record label and that is no come-back after exiting. That is not good for the brand, however, we can have a good relationship but you can’t work with the label again.

“The likes of Krymi, Kurl Songx, Yaw Berk and others still come to my office or call me anytime but as for coming back as a former signee that won’t be possible”, he disclosed.

Popular artistes including Kurl Songx, Yaw Berk, Krymi, Keche among others were once upon a time signed to Kaywa’s Highly Spiritual record label.

Source: Ghana Web

The Social Workers Association of Ghana (SWAG) says the sentencing of two persons for the murder of 90-year-old Madam Akua Denteh after being branded a witch will serve as a deterrent to others.

The two, Hajia Serina Mohammed and Latifa Bumaye, were sentenced to a 12-year jail term each by a Tamale High Court for two counts of manslaughter after they changed their plea to guilty after three years of trial.

Divine Arnold Kodjo Exorgbe, the National President of SWAG, reacting to the closure of the case, told the Ghana News Agency in an interview that even though it had been long in coming, it was appropriate to serve as a deterrent to others against lynching.

Exorgbe said: “We believe this will go a long way to sending a signal to other communities who carry out such unwarranted attacks on vulnerable persons in our society.”

He said SWAG commends Civil Society Organizations (CSOs), the Ghana Police Service, the Ministry of Gender, Children, and Social Protection, and other stakeholders for their relentless effort in the arrest and prosecution of the perpetrators.

He said families and the community must extend a hand of help to vulnerable people, such as the elderly, instead of accusing them of being witches and giving them inhumane treatment.

Source: Ghana Web

New Patriotic Party flagbearer hopeful, Kennedy Ohene Agyapong’s campaign trail hit the Berekum East Constituency in the Bono Region this week.

The Assin Central Member of Parliament met with delegates of the party in the constituency on July 11, 2023, where he appealed to the to them for their votes.

Unusual of his tough talking self and demeanour, Kennedy Agyapong got to a slow start when the time came for him to address the delegates having been overcome by emotions as he was being introduced.

Introduced to the sound a smooth, slow and touching worship song, an emotional Kennedy Agyapong took to the stage while wiping away tears and with a shaky voice, eventually started to deliver his message.

Consistent with his campaign message, Kennedy Agyapong sold himself as the most viable candidate to help the NPP win the 2024 presidential election.

He appealed to the delegates to vote for him as flagbearer promising to work for their interest and welfare while delivering a presidency that will put Ghana on a path of development.

Source: Ghana Web

The Tema Metropolitan Chief Executive, Yohane Amarh Ashitey, has mounted a stand-up objection to accusations by former President John Dramani Mahama, that President Akufo-Addo is plotting to rig the 2024 election.

In a statement that was published on social media, the MCE said the allegation is spurious and rather unbecoming of a former President.

“It is worth noting that this allegation has been made without any proof whatsoever and I think that it is rather unfortunate that it is coming from the former president who otherwise has been a very respectable person,” Hon. Amarh Ashitey wrote.

He adds that, “Given the known fact that former President Mahama is a noble human being, I would want to call on him to apologize to his colleague, President Nana Akufo-Addo and by extension, the New Patriotic Party (NPP) because this allegation unfairly rubs mud on all of us in the ruling party.”

The MCE also urged Mr. Mahama to apologize to the Electoral Commission and its Chairperson, Mrs. Jean Adukwei Mensah.

The call comes in the wake of the former President alleging that president Akufo-Addo is nursing a plot to use the Electoral Commission, which he described as pliant and partisan, to rig the 2024 election.

According to him, Jean Mensah who heads the EC is also a pliant asset of the NPP who has began rolling out the plan through insistence on using the Ghana card as the only identification Card for electoral registration.

Mr. Mahama was speaking to the Alumni Connect of the NDC’s Tertiary Education Institutions Network (TEIN) KNUST Chapter when he made the allegation.

“We all know that the NPP lacks prioritisation because I dare say that the money that was spent in buying votes and building ad-hoc roads in Kumawu and Assin North could have cleared all the arrears of the NaBCo trainees and also cleared the arrears of the buffer stock food suppliers,” he said.

“The New Patriotic Party led by President Akufo-Addo has shown that they are prepared to resort to electoral manipulation through the pliant and partisan leadership of the Electoral Commission to hang on to power.

“It is our responsibility to give expression and manifestation to the desire of the Ghanaian people for change by remaining eternally vigilant and ensuring that the change is secured through democratic means and that no effort at undermining the change through rigging or other forms of manipulation will succeed”, the former president alleged.

“It is in this light that we in the NDC wish to make clear that we will resist and prevent any sinister plot by the EC to manipulate the outcome of the 2024 election, even before the first ballot is cast, through the needless and unacceptable insistence on the Ghana Card as the only means of registration.”

According to Hon. Yohane Amarh Ashitey, this allegation is dangerous because it has the propensity to incite people.

“What this does is that, it imprints in the minds of people that unless the NDC is declared victorious in the 2024 election, the election should be considered as rigged. This is not healthy and I think the earlier we backed away from such misimpression, the better for our country and our democracy.” The hardworking MCE wrote.

Source: Ghana Web