Inflation to return towards medium-term horizon over next four quarters – BoG

The Bank of Ghana (BoG) has projected that inflation would trend back towards the medium-term horizon over the next four quarters.

In March 2022, Ghana’s inflation rate reached an all-time high of 19.4 percent from 15.7 percent in February.

The figure has largely been attributed to the global Coronavirus pandemic and the conflict between Russia and Ukraine that has affected the prices of commodities on the international market.

At the moment, headline inflation has shifted above the upper band of the medium-term target, driven mainly by food prices, upward adjustments in ex-pump petroleum prices, transport costs, and pass-through of exchange rate depreciation.

Delivering a speech on behalf of the first Deputy Governor of the central bank, Dr. Maxwell Opoku-Afari, BoG Director of Research, Mr. Philip Abradu-Otoo, said his outfit foresees inflation returning to the medium-term horizon in the next four quarters.

“The latest data shows that headline inflation rose sharply to 19.4 percent in March 2022 from 15.7 percent in February on the back of significant increase in food inflation. In addition to these trends, there are significant upside risks to the inflation outlook, including increased commodity prices, particularly crude oil, and intensified supply disruptions.

“The Bank’s forecast indicates that inflation would trend back towards the medium-term horizon over the next four quarters,” Mr. Philip Abradu-Otoo said during a workshop for financial journalists on Thursday, April 28, 2022, at the Ecobank head office in Accra.

He stressed that the remarkable resilience exhibited by the banking sector over the two-year period could be attributed to the comprehensive financial sector reforms that took place before the Covid-19 pandemic struck in 2020.

He assured that the banking sector continues to remain liquid, profitable, and well-capitalized.

While the industry’s measure of solvency, the Capital Adequacy Ratio, has remained well above the revised regulatory 13 percent prudential limit, the BoG notes that asset quality, however, declined marginally.

Source: Modern Ghana

Senegal legend El Hadji Diouf arrives in Ghana for Asamoah Gyan book launch

Senegal legend, El Hadji Diouf, has arrived in Ghana ahead of the launch of Asamoah Gyan’s autobiography this weekend.

Speaking on arrival, Diouf stressed the importance of footballers writing books and even revealed he had his own book on the way:

“In 50 years’ time, we probably will not be here to tell our own stories so it will be very important to have this written down so the younger generation can know about us,” the former Senegal striker said.

The book entitled, Le-Gyan-dary, has aroused interest from all over Africa with several football legends and dignitaries expected to arrive in the country for the launch.

The former Liverpool striker was also full of praise for Gyan, who he described as his brother, and even went as far as to add that current Senegal players Saido Mane, and Gana Gueye are big fans of the former Black Stars captain.

Le-Gyan-dary will be launched on 30th April. Before the launch, there will be a Legends game featuring various African legends such as Diouf, Jay Jay Okocha, and Khalilou Fadiga

Source: Modern Ghana

Mohamed Salah and Sam Kerr win English football writers’ awards

Liverpool forward Mohamed Salah has been voted footballer of the year by sportswriters in England, while Chelsea’s Australian striker Sam Kerr won the women’s award.

Salah took 48 percent of the vote for the Football Writers’ Association award, ahead of Manchester City midfielder Kevin De Bruyne and West Ham midfielder Declan Rice.

Salah, whose 30 goals this season have spearheaded Liverpool’s bid for a quadruple of trophies, is in talks about a new contract, with the club increasingly hopeful the Egyptian international will stay at Anfield.

The 29-year-old wins the football writers’ award for the second time.

Players from the two clubs locked in the Premier League title race, Liverpool and Manchester City, dominated the votes, with nine of manager Jurgen Klopp’s Liverpool squad nominated and a total of six City players recognised.

Kerr, whose 18 goals have helped Chelsea top the Women’s Super League table, claimed 40 percent of the vote with Arsenal’s Dutch international forward Vivianne Miedema in second place and Lauren Hemp of Manchester City third.

Salah and Kerr, 28, are set to receive their awards at the Footballer of the Year dinner in London on May 5.

FWA chair Carrie Brown said: “Both Mo and Sam have been outstanding this season, breaking records for both club and country.

“As well as their performances on the pitch, they are leaders and standard bearers of excellence at their clubs and respective leagues.”

Source: Modern Ghana

Stakeholders in governance advocate strong institutional structures to deepen democracy

Accra, April 29, GNA – Stakeholders in governance have called for the deepening of democratic norms, especially the rule of law, equity and inclusiveness, to build confidence in the governance system and ensure equal opportunities for citizens.

They advocated strong and effective institutional structures to deepen Ghana’s democratic process and restore citizens’ trust in the various arms of government.

At a roundtable on “Sustaining Democracy in the Context of Erosion: Lessons from Europe and Africa,” the stakeholders said there was the need for Ghana to live up to the accolade of being a beacon of hope in terms of democratic governance and sustenance in Africa.

It was organised by the Institute of Democratic Governance (IDEG), in collaboration with the Centre for Democratic Development, and the Danish Institute for Parties and Democracy (DIPD), in Accra on Friday.

Mr Johnson Asiedu Nketia, the General Secretary of the National Democratic Congress (NDC), said among the challenges affecting the country’s democratic practice was the lack of capacity to build public institutions to effectively perform their checks and balances roles.

The manner in which persons elected into the highest offices became dictators and autocratic, thereby manipulating and controlling state actors and institutions, was hindering Africa’s governance systems and economies, and Ghana was not an exception, he said.

“Africa has gone through coups, union governments, party politics…. and finally to multiparty democracy, which has been widely accepted as the best option. However, democracy is not a destination in itself but must be nurtured and built upon to ensure sustenance and restore confidence, especially in the youth,” Mr Nketia said.

“Africa is experiencing emerging youthful populations, who are beginning to question whether the democracy being practised can deliver the goods. Some even think it’s deceptive as it hardly responded to the needs of the marginalised.”

The NDC General Secretary attributed the challenges of governance partly to the winner-takes-all situation, where elected governments appointed public officers, who appeared to satisfy their (governments) interests, to the detriment of the state.

He said he disagreed with the school of thought that traditional authorities should be allowed to participate in active politics, because they held reputation and power, which enabled them to mediate effectively in times of conflict.

The framers of the Constitution discouraged traditional leaders from active politics in order not to allow any person(s) to tarnish their image, since they served as mediators anytime political parties “misbehaved,” he said.

Dr Emmanuel Bombande, Senior Mediation Advisor to the United Nations, said the increasing violence that had characterised Ghana’s elections, in recent times, was worrying as it undermined the progress of the country’s

democratic practice.

He attributed the phenomenon to the lack of political will to equip and empower institutions responsible for educating the populace on violence-free elections, to take control of their organisations and acquire the resources to deliver on their mandate.

To promote good governance, Dr Bombande advocated tolerance of opposing views among political parties, consensus building, and the creation of opportunities to the benefit of the people, especially women and the youth.

Mr Akwasi Osei Adjei, a former Minister of Foreign Affairs and Regional Integration, noted that the current system of governance “seem to empower any elected leader to marginalise the people, even if they have the capacity to contribute meaningfully to the wellbeing of the State.”

He called for the review of the 1992 Constitution to allow everybody, including chiefs, to participate in the governance system to strengthen the democratic principles of the state.

Mr Adjei suggested a Second Chamber of Parliament, composed of chiefs, to serve as checks and balances on the various arms of government.

Ms Lisbeth Pilegaard, the Executive Director, DIPD, said there could not be democratic rule when sections of society felt excluded, adding that all must be supported, especially women and the youth, to participate effectively in democratic governance to erase the perception of exclusion.

Dr Lawrencia Agyepong, a Lecturer at the Ghana Institute of Journalism, said the internal political party wrangling, being witnessed in the country recently, was troubling hence the leadership must ensure the governance structures worked to build confidence in the citizenry.

Source: Ghana News Agency

Chery Tiggo 7 Pro premieres in Ghana in June

As one of the blockbuster models of the Chery Pro Family, the Tiggo7 Pro will premiere in Ghana in June.

Previously, the car had landed in various countries around the world, including Russia, Chile, Saudi Arabia, Ukraine, and Kazakhstan, and had achieved good market performance.

The Tiggo 7 Pro represents the Pro Family line of models, breaking through Chery’s original product image, with PRO fashion design, PRO intelligence technology; The power configuration of the 1.5 TCI + CVT, the fuel economy, the power, the performance of the class models, highlights the power of the PRO.

Pro Fashion Design

First, the biggest change to the new generation SUV Tiggo 7 Pro is in fashion design. It adopts the new Pro-Family series design diamond front

grille, suspended roof design to create fashionable sporty atmosphere, matrix LED smart headlights sharp eye-catching, through LED taillights with blackened taillight rhythm lamp belt embodies more youthful movement; Luxury cockpit enhances ride comfort, suspended central control zone capacitive multi-touch panel operation smoother, oversized panoramic sunroof, let users enjoy the experience of looking up to the vast stars.

Pro Technology Configuration

Second, the new generation Tiggo 7 Pro is equipped with a new technology configuration, sensing intelligent anti-clip memory electric tailgate, 1-meter range automatically open; EPB + AUTO HOLD ensures that the parking and braking experience is upgraded smoothly; 15W fast charging, easy and intimate; Electronic shift operation is more convenient and secure.

360 fully transparent bird’s eye view panoramic reversing image to make parking easier; LCD instrument, HD touch screen, air conditioning display three-screen linkage, enjoy free interaction experience.

Pro Comfort Experience

Finally, in terms of safety and comfort, the new generation Tiggo 7 Pro is equipped with ring-type 6 airbags to provide comprehensive and thoughtful protection. The whole system is equipped with Bosch ESP9.3 as standard. T1X comfortable chassis has better front and rear headspace and ensures better off-road performance.

A full winter heating package, even in the cold winter can be spent warm; Flexible oversized trunk space, in the case of second discharge, the tail space can reach 1500L; Leather luxury seats with wraparound thickened wing design, so that drivers can experience convenient, comfortable and noble enjoyment; Dual-mode EPS steering system, electronic power steering, low-speed lightness, high-speed stability; Dual-zone automatic air conditioning system, equipped with PM2.5 air filtration system, to create a high-quality interior environment.

The Tiggo 7 Pro will be available in Ghana as early as Q2 2022, offering users Chery high-quality automotive products. In the future, Chery will accelerate its global market layout, including a globally integrated R&D, production, after-sales, and service system to support the Chery brand’s operations in the global market and meet the demand for vehicles and after-sales services in the global market.

Source: Ghana Web

All is set for May Day celebration in Upper West

The Trades Union Congress (TUC) in the Upper West Region has called on all members and the general public to grace this year’s May Day celebration to make it a success.

The event, which would take place at the Jubilee Park in Wa, would be preceded by a route march through some principal streets in the Wa township.

Mr Godwin Gariba, the Upper West Regional Secretary of the TUC, told the GNA in an interview that all was set for the celebration on Sunday, May 01.

According to him, this year’s celebration, on the theme: “Protecting Jobs and Incomes in the Era of COVID-19 Pandemic and Beyond”, would also feature free health screening for the people.

He explained that the theme sought to highlight the negative impact of the COVID-19 pandemic on the jobs and the income of the people.

“Since 2019 when COVID-19 visited us some people lost their jobs and others died through the pandemic so it is now time for us to protect the leftover jobs and also our income beyond the pandemic”, Mr Gariba explained

Mr Samuel Berko, the Upper West Regional Industrial Relations Officer of the TUC, said it was unfortunate that the Civil and Local Government Staff Association of Ghana (CLOGSAG) had pulled out of this year’s celebration.

He, however, explained that the TUC was engaging the leadership of the CLOGSAG for the Association to rescind its decision and join the May Day celebration saying, “Union thrives on numbers”.

Source: Ghana News Agency

Crime Brothers granted GH¢400,000.00 bail each over bank theft

GNA- April 29, GNA – An Accra Circuit Court has granted a GH¢400,000.00 bail with two sureties each to two brothers over an alleged GHS476,450.

00 bank theft.

The Court ordered that the two sureties should be justified with a landed property.

Kwadwo Berko Antwi and Kwabena Appiah Mensah Antwi have, however, denied conspiring to steal the money from a customer’s commercial bank account.

They are to make their next appearance on May 25, 2022.

Police Inspector Jonas Laweh told the Court that Mr Frank Abdulai Iddrisu is the complainant and a Financial Investigator with the Bank, whilst Kwadwo Berko Antwi, was a banker and Kwabena Appiah Mensah Antwi, a graphics designer. They live in North Legon.

He said Kwadwo, a relationship officer at the Bank’s Ridge Branch Accra, was appointed to manage three accounts – a customer of the Bank.

The Prosecution said on March 10, 2022, the customer reported to the Bank that a total of GH¢476,450.00 and US$1,200 had been withdrawn from her accounts without her consent.

A review of the customer’s accounts showed that between the period May 7, 2020, and March 19, 2021, Kwadwo created a Mobile App of the Bank and a funds transfer form with a forged signature of the customer and then transferred a total of amount of GH¢435,400.00 from her account into another account with the name Ankusa Media, belonging Antwi Kwabena Appiah Mensah.

Inspector Lawer said that Kwadwo also transferred GH₵24,000 into another account with Kwabena Appiah Mensah’s name and on March 3, 2021, Kwadwo again transferred GH¢7,050.00 to a different account name, William Osei, now a witness in this case.

He said that on May 25, 2021, Kwadwo also transferred from the customer’s US dollar account a total amount of US$1,200 into an account that belonged to Kwabena.

The Prosecution stated that a formal complaint was lodged with the Police, leading to the arrest of the accused persons. The Police later discovered that Kwabena and Kwadwo were brothers.

He said Kwadwo operated two accounts at the Bank with Kwabena as the sole signatory to the accounts.

Kwabena withdrew monies paid into the two mentioned accounts and repaid it into Kwadwo’s personal account or sometimes paid the monies into his Momo account.

This, Prosecution said, was to cover up Kwadwo’s underhand dealings as a staff of the bank.

During investigation, the Police found out that Kwadwo used the monies he stole to pay off his personal debt, bought two iPhones for himself and his wife and then used the rest of the amount to complete his house at Agbogba, the Court heard.

The Prosecution said on March 3 and 22, 2022, the accused persons refunded a total of GH₵180,000 to the Police, which had been kept as exhibit.

Source: Ghana News Agency

ECG not disconnected power to parliament – Kate Addo

Parliament has denied reports that its power has been disconnected by the Electricity Company of Ghana, although Citi News can confirm that the legislature has been served notices by ECG to clear its debt.

According to the Director of Public Affairs, Kate Addo, on Wednesday, the house suffered two power outages due to an internal fault and not as a result of disconnection over non-payment of bills.

“My conversation with the head of the Development Department shows that there was no such disconnection. On Wednesday, we had two power trips, and it had nothing to do with ECG coming to disconnect power from parliament,” she said.

The ECG in recent times has embarked on an aggressive disconnection exercise of defaulting institutions including state organizations.

A task force of the Electricity Company of Ghana earlier this month visited Parliament to embark on a disconnection exercise as a result of debt the company said the legislature owed it.

On March 14, 2022, ECG disconnected power to Terminal 3 of the Kotoka International Airport (KIA) and other offices of the Ghana Airports Company over unpaid bills.

The disconnection exercise was undertaken after the KIA failed to settle its indebtedness to the power distribution company. Ghana News Agency sources say KIA owes ECG close to GHC49 million.

An attempt by the management of the KIA to pay the debt by cheque when the disconnection exercise was underway was rejected by the task force.

Power has since been restored to the Airport company.

Source: Modern Ghana