NPP election: I wasn’t surprised at the results- Former Organiser

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NPP election: I wasn’t surprised at the results- Former Organiser

A former Deputy Organizer of the New Patriotic Party (NPP) USA branch, Alhaji Ali Suraj has stated that he is not surprised about the results of the NPP election which was held last week.

The NPP will held its national delegates conference on Saturday, July 16, 2022 in Accra.

At the end of the election, Mr Stephen Ayesu Ntim was elected the National Chairman.

Lawyer Justine Kodua Frimpong unseated incumbent General Secretary, John Boadu by 313 votes to become the new General Secretary.

Substantive Women’s Organiser of the NPP, Kate Gyamfua was one of the Aspirants who retained her position.

Mr Henry Nana Boakye also won the National Organiser race whiles Dr Charles Dwamena won the National Treasurer competition.

Speaking on Atinka TV‘s morning show, Ghana Nie with Ama Gyenfa Ofosu Darkwa, he said the results indicated that most of the people were grieving inside.

“We saw a lot of surprises but those surprises did not really surprise me. I knew Stepehn Ntim would win, I knew the others will also win but sometimes the massive support of the party members and their voices tell they have been bitter for long.
He congratulated the newly elected executives and as well urged them to continue to do what they did for people to vote for them.

Read Also: Akufo-Addo’s full speech at NPP delegates conference

Ghana| Atinkaonline.com| Porcia Oforiwaa Ofori

Current Cocobod CEO gifted me borehole, irrigation, solar energy; flew me to Switzerland but I can’t lie; Lithovit fertiliser was good – Nat’l Best Farmer

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Current Cocobod CEO gifted me borehole, irrigation, solar energy; flew me to Switzerland but I can’t lie; Lithovit fertiliser was good – Nat’l Best Farmer

The National Best Farmer for 2017, Mr Baffour Kweku Agyamang, has told Justice Clemence Honyenuga’s court in the ongoing GHS271-million financial loss case against the ex-CEO of the Ghana Cocoa Board, Dr Stephen Kwabena Opuni, and businessman Seidu Agongo that despite the current CEO of Cocobod, Mr Joseph Boahen Aidoo, having been of tremendous help to him, he cannot lie about the fact that Lithovit liquid fertiliser – which is at the centre of the trial – was very effective for growing cocoa.

In his view, therefore, “punishing” Mr Agongo for supplying the state agency with the “immensely beneficial” Lithovit liquid fertiliser, which was, in turn, distributed to farmers for use, would be “very painful” to the beneficiaries.

Asked by Nutifafa Nutsukpui, who held brief for Mr Benson Nutsukpi, one of the counsel for Mr Agongo and his company, Agricult, about what his reaction was to the fact that Mr Agongo and his company have both been hauled before the court to be punished for causing financial loss to the state in connection with the supply of Lithovit fertiliser to Cocobod, Mr Agyemang said: “When that happens, it will be very painful” to the farmers because the “Lithovit liquid fertiliser we used was of immense benefit to us”.

Mr Agyemang said he was willing to buy more of the agrochemical with his own money after Cocobod proscribed its usage.

“It is so, my Lord. If I could get from an external source, I would have”.

In his view, the supply of Lithovit liquid fertiliser to Cocobod by Mr Agongo’s company for the 2014/2015 crop season, was not a waste of money?

In his considered opinion, Mr Agongo did not cause Coconod to lose any money.

Mr Agyemang said just as many farmers who used Lithovit liquid fertiliser had no qualms about it, he, too, had none.

He told the court on Monday, 18 July 2022 that throughout his dealings with the CHED officials, he never heard any of them mention that any farmer had lodged a complaint against Lithovit liquid fertiliser after applying it to their farm.

On the contrary, he said: “I heard from them that I wasn’t the only one who was looking for the Lithovit liquid fertiliser” after its proscription.

“The Lithovit liquid fertiliser I used really helped me”, Mr Agyemang, who said his cocoa farms, as of 2017, when he won the national accolade, totalled 184 acres, insisted, stressing: “If it did not, I will not sing its praise”.

“I have to state that the CEO of Cocobod, Hon. Joseph Boahen Aidoo, has been of immense help to me. He knows my farms and has even constructed a borehole and irrigation for me for free. He and his Cocobod officials assisted in getting me solar energy on my farm. In 2018, he also sent me to Switzerland and bore all the cost associated with the trip. When I got Lithovit liquid fertiliser, it was not the tenure of Joseph Boahen Aidoo; and, so, if the Lithovit liquid fertiliser hasn’t helped me this much, I wouldn’t be here to give such testimonies”.

Answering a question about what he made of the testimony of the state’s third witness, Dr Yaw Adu-Ampomah, that the fertiliser was ineffective and some farmers drank it in place of water, as a result of its poor nature, Mr Agyemang said: “When you open Lithovit liquid fertiliser, it gives a burning sensation to the nostrils. It also smells like urine”.

He continued: “I don’t know PW3, Dr Adu-Ampomah, but what I know is that the Lithovit liquid fertiliser is good”.

“This is because I was not the only one who got some of the Litovit liquid fertiliser”, noting that “other farmers had it, too”.

Also, he said, “the CHED officers who visited my farms saw that the farms I applied the Lithovit liquid fertiliser [to], had better yield than the ones I didn’t apply [it to]”.

Asked what his reaction was to a test conducted by the Chemistry Department of the University of Ghana, which also indicated that the Lithovit liquid fertiliser was not effective, the national best farmer said: “My Lord, the Chemistry Department of the University of Ghana might have conducted their own test but when I used the Lithovit liquid fertiliser, the benefits I got from it is what I am testifying to”.

According to him, the Directors at Cocobod in the Bono Region, where he has his farms, “also came to see [that] the cocoa I planted had lots of yield”.

“Also, the farmers who used Lithovit liquid fertiliser also testified that they had more yield. I go through other farms to get to mine and I could see they had more yield. When I asked, I was told it was due to the Lithovit liquid fertiliser they used”, he said.

“Finally”, Mr Agyemang told the court, “Because the Lithovit liquid fertiliser was very effective, I and other farmers tried to get more. Due to that, I kept an empty bottle in order to use in search to get some to buy from agrochemical shops for my farms later on. I looked for some later on but I couldn’t get it”.

The case has been adjourned to 21 July 2022.

Source: classfmonline

Mensin Gold Mines demo: Angry Youth urged to cease fire

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Mensin Gold Mines demo: Angry Youth urged to cease fire

The Atipimhene of Anhwiaso Traditional Area, Nana Kwadwo Bonya has urged angry youth who went on demonstration on Wednesday over Mensin Gold Mines issues to cease fire and engage the right authorities to solve their issues amicably.

On Wednesday, 20th July 2022, some angry youths at Bibiani in the Bibiani Anhwiaso municipality of Western North Region embarked on a demonstration after which about six persons were hit by stray bullets.

According to sources, they went on the demonstration to prevent the Omanhene of Anhwiaso Traditional Area who is the Council of State President, Ogyeahoho Yaw Gyebi ll and his elders from performing rites for the Mensin god before operations at the Mensin Gold Mine will start.

Ogyeahoho Gyebi II, who doubles as the President of the National House of Chiefs, had gone to Bibiani to perform a rite to officially open the Mensin Gold Mine when the demonstrators began firing at the precinct of the Mine.

The demonstrators mostly youth, numbering more than a hundred, clad in red and black, gathered at the shrine to prevent the Chief from performing the rites with claims that Ogyeahoho Gyebi, was not the legitimate chief to perform the rite for the Mensin Gold Mine but rather, Nana Ngoah Anyimah Kodom ll, the chief of Bibiani.

The demonstrators also accused the Management of Mensin Gold Mines Limited, the Assembly and traditional authorities of refusing to employ the youth in the Municipality.

Read Also: We’ll continue to demonstrate if our roads are not fixed- Angry Suame artisans

But speaking on Atinka TV’s morning show, Ghana Nie with Ama Gyenfa Ofosu Darkwa, Nana Kwadwo Bonya explained that before the company employs anybody, it gives out forms for people to fill and allow the Chief and the Assembly Man to sign, adding that the form indicated that most of the employees were indigenes.

Although he admitted that some of the employees were foreigners, he said most of them were also indigenes.

Meanwhile, he urged the youth to calm down for the authorities to sit down and address the issues peacefully.

“Our youth lack education when it comes to employment issues. We know that times are hard and everyone is hungry, but if we are hungry, it does not mean we should use our two hands to eat, it is about patience. I will plead with the youth to exercise patience. Let us all sit and speak about the issue. It is possible that in the next five years, we will possess the mines. The mines were on hold for a long time, if we had gone to learn a trade, we would be doing something for ourselves by now. So, let us all be calm,” he added.

Ghana| Atinkaonline.com| Porcia Oforiwaa Ofori

“Akufo-Addo not serious about corruption fight” – PC Appiah Ofori

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“Akufo-Addo not serious about corruption fight” – PC Appiah Ofori

Former New Patriotic Party (NPP) Member of Parliament for Asikuma Odoben Brakwa and anti-corruption crusader, Paul Collins (PC) Appiah Ofori, says President Akufo-Addo has failed woefully in the fight against corruption.

This statement by the former lawmaker is in line with a joint Ghana Integrity of Public Services Survey by Statistical Service (GSS) and the Commission of Human Rights and Administrative Justice (CHRAJ).

The survey, which highlights bribery in public institutions in the country, placed the Ghana Police Service, Immigration, and Ghana Revenue Authority (GRA) as public institutions noted for collecting bribes.

According to the report, an estimated amount of 5 billion Ghana cedis representing 26.7% was paid as bribes in 2021. 

Presenting the survey, Government Statistician, Prof. Samuel Kobina Annim, said 2 out of 5 respondents interviewed admitted that they gained employment in public sectors through paying bribes or nepotism.

Read Also: “Number of terrorist attacks likely to triple ” – Adib Saani

He added that the survey revealed that in the 2020 elections, vote buying was rife highlighting that 10.3% of people were paid to vote. Oti region topped with 24% in terms of vote buying.

Reacting to the survey in an interview on Atinka FM’s Am Drive with sit-in host Nana Yaw Fianko (Mr Speaker), anti-corruption crusader, Paul Collins (PC) Appiah Ofori said Akufo-Addo has never been serious with the fight against corruption.

He explained that Akufo-Addo was never serious with the fight against corruption reason why corruption has become widespread in his era.

“I do not have any evidence against the Police. From the report we can see that there were no private institutions in it. Akufo-Addo tried to fight corruption but he wasn’t serious. If he was, all these corruption cases wouldn’t have happen in his time. Ghanaians should come together and fight against corruption at all cost”, PC Appiah Ofori told Nana Yaw Fianko (Mr Speaker).  

Ghana | Atinkaonline.com | Vivian Adu

Afrobarometer & Global Info Analytics Reports only confirm sufferings of global economies- Razak Kojo Opoku writes

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Afrobarometer & Global Info Analytics Reports only confirm sufferings of global economies- Razak Kojo Opoku writes

According to the Afrobarometer Report, most Ghanaians believe that the Country is heading in a wrong direction. Per the Sample Size of the survey, 2,400 Ghanaians were interviewed with a margin of error +/-2 percentage at a 95% confidence level. According to the Afrobarometer Report released 2022:

  1. Almost 9 out of 10 Ghanaians(87%) say the Country is heading in the wrong direction.
  2. 85% described the economic conditions of Ghana as “fairly bad” or “very bad”.
  3. 72% say that their personal living conditions are “fairly bad” or “very bad”
  4. By large majorities out of the 2,400 Ghanaians interviewed, Citizens say the Government is performing “fairly badly” or “very badly” on keeping prices stable(94%), narrowing income gaps(92%), improving the living standards of the poor(85%), creating jobs(83%) and managing the economy(82%).

Also according to a Poll conducted by Global Info Analytics with the sample Size of 5,490 Ghanaians with a margin of error of +/-1.737% concluded that:

  1. 76% of Ghanaians believe that the Country is heading in the wrong direction.
  2. 72% disapproved the performance of President Akufo-Addo. And this was largely attributed to the use of State Funds for the National Cathedral.
  3. Mahama to win by 58% if elections were held today.

My Response to the Afrobarometer Report and Global Info Analytics Poll 2022

For the purpose of this article, I, Razak Kojo Opoku would not make any attempt to discredit the figures established by the Afrobarometer Report and Poll by the Global Info Analytics. However, it is important to state that, the outcomes of the two Polls clearly confirmed the prevailing global economic crisis affecting the entire Countries of the World and truly speaking Ghana is not an exception.

The major Economies such as United States of America and United Kingdom are all suffering from the current global economic crisis caused by:

  1. Disruptions of global supply chain caused by Russia-Ukraine War especially Food, Oil and Gas. It is a 100% fact that, Russia and Ukraine make up 30% of the global exports.
  2. Exacerbation of global COVID-19 and the renewed lockdowns in China, one of the largest emerging markets.

As a matter of fact the:

  1. International Monetary Fund(IMF) cuts its 2022 Global Growth Projection to 3.6% from the initial Growth Forecast of 4.4% in January 2022 citing Russia-Ukraine War.
  2. The World Bank in April 2022 reduced the 2022 Global Growth Forecast to 3.2% and in June 2022 further reduced it to 2.9% from the initial projected Global Growth of 4.1%, citing the impact of Russia’s invasion of Ukraine is having on the World Economy. The World Bank even warns of 1970s- style Stagflation.

According to both the International Monetary Fund(IMF) and World Bank:

  1. War in Ukraine and COVID-19 is reducing growth and raising poverty.
  2. Supply disruptions to the Ukrainian Agricultural exports(including Fertilizers, Grains, Wheat etc.) are also contributing factors to driving prices higher across the World.

The global economic crisis caused by COVID-19 and Russia-Ukraine War has made every Government across the World unpopular among its citizens including Ghanaians. It has forced the Prime Minister of UK, Boris Johnson to resigned, Sri Lanka President to resigned and all leaders around the world are faced with multiple protests as a result of the current global economic crisis.

Comparing Ghana to other World Economies such as USA, UK and China as a benchmark clearly makes Ghana not the only Country that its Citizens are suffering from the rising living conditions. From Canada, Japan, Asia, Europe including Germany and France are all suffering from the impact of the Russia-Ukraine War and COVID-19.

Ghana Economic Outlook
Before the impacts of COVID-19 and Russia-Ukraine War, Ghana’s economy was relatively doing well with Growth rate of 8.13% and 6.2% respectively for the year 2017 and 2018. Inflation Rate for 2017, 2018, 2019, 2020 and 2021 were 12.4%, 7.8%, 7.1%, 10.4% and 12.6% respectively. Clearly, the adverse effects of the recent War in Ukraine has increased Ghana’s Inflation rate to 29.8% leading to low quality of living, slower growth and economic hardships among majority of Ghanaians. This is not the cause of Akufo-Addo’s Government but certainly global uncontrollable factors.

To mitigate the effects of the global economic crisis on Ghanaians, Akufo-Addo’s Government has been forced to IMF for balance of payments support after E-levy failed to meet its revenue expectations as well as the inability of Government to timely access the US$ 1 billion syndicated loan.

The economic indicators before COVID-19 and Russia-Ukraine War under Akufo-Addo’s Government are FAR BETTER than that of John Mahama’s administration. It is therefore absolutely false for Global Info Analytics to conclude that Mahama will win by 58% if elections were held today. Mahama has NOT proven to be a better alternative to NPP. Maybe Mahama’s 58% data was collated from the Volta Region, the traditional stronghold of the NDC.

United States of America Economic Outlook
According to CNBC News, “the increasing economic issues are driving Biden’s approval rating to depths not seen during his presidency or any of the prior two presidents as Americans”.

According to AP-NORC survey released June 2022:

  1. 85% of Americans say the Country is heading in the Wrong Direction.
  2. 79% of Americans say the US Economy is very Poor and things keep getting worse under Joe Biden’s leadership.

Before the impacts of COVID-19 and Russia-Ukraine War, the inflation rate of America for 2017, 2018, 2019, 2020 and 2021 were 2.1%, 2.4%, 1.8%, 1.2% and 7% respectively.

But currently the inflation rate of Almighty America for 2022 is 9.1%, a record experienced since 40years ago. Americans are suffering from higher Food and Fuel Costs, worsening the living conditions of Majority of Americans(85%).

United Kingdom Economic Outlook
UK inflation currently in 2022 is at 9.4%, a 40year higher since 1982 thereby worsening the living conditions and standards of UK Citizens.

Before the impacts of COVID-19 and Russia-Ukraine War, inflation rate in the United Kingdom for 2017, 2018, 2019, 2020 and 2021 were 2.6%, 2.3%, 1.7%, 1% and 2.5% respectively. The cost of living in UK is very high now and Citizens of UK are unhappy with the Government forcing Boris Johnson to resigned as the Prime Minister.

Based on responses from the Voluntary Fortnightly Business Survey(BICS) under the theme, Business Impact of COVID-19:

  1. Businesses turnover have been lowered.
  2. 50% of businesses currently trading in the United Kingdom reported that the prices of goods or services had increased.
  3. 35% of businesses in the United Kingdom reported that their production and suppliers had been affected by the recent increases in energy prices.

With energy costs soaring, the UK Government imported 9.8 billion pounds of fuel goods in April 2022 alone, the highest since 1997.

China Economic Outlook
All the Emerging Market Economies including the four largest ones such as Brazil, Russia, India and China(BRICs) are suffering from the War in Ukraine and COVID-19.

Before the impacts of COVID-19 and Russia-Ukraine War, the inflation rate of China for 2017, 2018, 2019, 2020 and 2021 were 1.6%, 2%, 2.9%, 2.4%, and 1% respectively. However the inflation rate of China has increased to 2.5% June 2022.

China’s relatively lower inflation is as a result of:

  1. Plunging domestic demand caused by Beijing’s Zero-Covid Policy.
  2. Weighting of goods and services in its CPI Basket
  3. Prices Reform.

China’s economy contracted sharply in April 2022 due to lockdowns. The retail sales of consumer goods shrank to 11.1%, the highest contraction since March 2020 according to the Data released by China’s National Bureau of Statistics. Industrial production fell by 2.9%, the largest decline since February 2020. Manufacturing also declined by 4.6%.

China set a growth target of 5.5%, however it is expected to reduced to 2.9% for the year 2022 partly due to China’s COVID-19 containment restrictions.

In conclusion, all the economies of the World are suffering and Citizens are unhappy with their respective Governments across the World therefore there is nothing new under the sun as far as the Afrobarometer Report and Poll by Global Info Analytics are concerned. This feedback from 2,400 and 5,490 Ghanaians respectively interviewed by Afrobarometer and Global Info Analytics are the true reflection of the global economic suffering trends.

The War in Ukraine has disrupted global markets and supply chain for raw materials, oil, gas, petroleum products, fertilizers, grains and other commodities leading to higher cost of living among Citizens of all Countries globally.

European Central Bank policy makers, led by President Christine Lagarde, are said to be ready to consider doubling the size of their next rate increase, to 50 basis points, given Europe’s worsening inflation.

There is still hope under Akufo-Addo’s Government. If the Government is able to get its policies right, correct some administrative weaknesses and with coming onboard of IMF plus E-levy funds certainly the economy of Ghana will bounce back stronger and the narrative will completely change in favour of NPP Government and the love of Ghanaians for NPP will be brought back in the 2024 general elections.

Dr. Siaw Agyepong formally invites Akufo-Addo, Bawumia to his Late father’s funeral

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Dr. Siaw Agyepong formally invites Akufo-Addo, Bawumia to his Late father’s funeral

A delegation from the bereaved family of the Founder and Executive Chairman of the Jospong Group of Companies (JGC), Dr. Joseph Siaw Agyepong, has paid a courtesy call on President Nana Addo Dankwa Akufo-Addo, and Vice President, Dr. Alhaji Mahamudu Bawumia.

The delegation, led by Abusuapanyin Barima Osei Berko, met both President Akufo-Addo and Vice President Dr. Mahmoud Bawumia on Wednesday, July 20, 2022, at the Jubilee House, the seat of government, and formally invited them to the funeral of the late father of Dr. Siaw Agyepong—Opanyin Samuel Kwame Agyepong.

“After observing the one week observation, the extended family and the children of late Samuel Agyepong met to decide on the burial and funeral date. So we are here to officially inform you Mr. President and formally invite you to the funeral of late Samuel Agyepong which is slated for September 10, 2022, and would be held at the forecourt of the State House,” Abusuapanyin Osei Berko said.

However, he indicated that the family have agreed that the burial of their later father will take place in Obo Kwahu in the Eastern Region on the same day (September 10, 2022).

“And on Sunday, September 11, 2022, a service of thanksgiving will be held in honour of the late Samuel Kwame Agyepong at the Teshie Nungua Estate of the Church of Pentecost.”

“…From the church, the family will continue with the funeral of late Samuel Agyepong at his residence at Teshie Nungua Estate,” he further disclosed.

Abusuapanyin Osei Berko, therefore, used the opportunity to express his family’s appreciation to the President, especially for delegating his chief of staff and other ministers to participate in the one week observation of Dr. Agyepong’s late father.

As custom demands, Abusuapanyin Osei Berko presented a box of schnapps and some foreign drinks which were received by the President’s Secretary.

While commiserating with the family of Dr. Siaw Agyepong for their loss, President Akufo-Addo eulogised late Samuel Agyepong, stressing that he has given Ghana Dr. Siaw Agyepong, who continues to contribute his quota in various sectors, towards the development and growth of the country.

He minced no words in asserting that under his presidency, Dr. Siaw Agyepong was one businessman who has contributed immensely towards the development of Ghana.

Though the President was not too sure whether he could travel to Obo for the burial, he gave the assurance that he will ensure that he participates in the funeral at the State House.

He thanked them for the courtesy call and the invitation extended to him to attend the funeral, assuring that the presidency will take active part in the burial and funeral.

For the part of Dr. Bawumia, he condole with the family of Dr. Siaw Agyepong, saying that “God willing on September 10, we will come and support you to ensure that everything goes on smoothly.”

He thanked God for blessing the late father of Dr. Siaw Agyepong with longevity, expressing that “we love him [late Samuel Agyepong] but God loves him more.”

Producer Price inflation hits 38%

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Producer Price inflation hits 38%

The Producer Price Inflation (PPI) shot up from 4.7% to 38.0% in June 2022, figures from the Ghana Statistical Service have revealed.

This is consistent with the Consumer Price Index (CPI).

However, the month-on-month change in the producer price index between May 2022 and June 2022 was 4.6%

According to the figures, the producer inflation for the Manufacturing sub-sector, which constitutes more than two-thirds of the total industry, increased by 7.2 percentage points to 51.8%.

The PPI in the Mining and Quarrying sub-sector however increased by 1.6 percentage points over the May 2022 rate of 23.9% to 25.5% in June 2022.

Also, the utility sub-sector recorded a 1.2% inflation rate for June 2022.

Again, the manufacturing sub-sector recorded the highest monthly inflation rate of 6.8%, followed by the mining and quarrying sub-sector with 0.1%. The utility sub-sector recorded no inflation in June 2022.

For the manufacturing sub-sector, one out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 51.8%.

Read Also: Parliament approves $750m loan agreement

Manufacture of coke, refined petroleum products, and nuclear fuel recorded the highest inflation rate of 135.9%, while the Manufacture of machinery and equipment n.e.c. recorded the least inflation rate of 0.0%.

Trends

In June 2021, the producer price inflation rate for all industry was 10.1%.

The rate decreased to a record 8.1% in August 2021 but increased to 8.8% in September 2021. Subsequently, the rate resumed an upward trend and increase consistently to a record 38.0% in June 2022.

Parliament approves $750m loan agreement

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Parliament approves $750m loan agreement

Parliament has approved a $750 million loan agreement to finance capital and growth-related expenditures in the 2022 budget.

The facility forms part of the government’s international capital market programme (ICMP) aimed at raising funds to finance critical infrastructure projects in sectors such as roads, energy, railways and health, as captured in the 2022 budget.

Proceeds from the facility will also enable the government to meet its revenue projections in the budget and support government’s liability management.

Read Also: You can’t transform economies with just brick and mortar – Bawumia

The agreement, which is between the government of Ghana and the African ExportImport Bank (AFREXIMBANK), is also expected to provide the needed foreign exchange to shore up the reserves of the Bank of Ghana (BoG), which have declined from $9 billion to $3 billion.

Per a report submitted by the Chairman of the Finance Committee, Kwaku Kwarteng, who moved the motion for the House to approve the loan yesterday, proceeds from the loan would be applied to finance the Ofankor-Nsawam road ($200 million), the Ejisu-Konongo road ($75million) and the completion of the NsawamApedwa road project ($10 million).

The others are the Suame Interchange and local roads projects ($47 million), the completion of Flower Pot Interchange, LegonAccra ($35 million), completion of the Sofo Line Interchange ($35 million), the construction of the Kwabenya-Peduase road ($10 million) and the completion of the Eastern Corridor Lots 5 and 6 ($70 million).

The rest are the Enkyikrom-Adawso road project ($98 million), purchase of rolling stock and spare parts ($30 million) and the construction of stadia infrastructure for the African Games ($140 million).

Justification for loan Per the report, the credit facility had become necessary because of the decision by the government not to use the capital market to raise financing until market conditions improved.

Additionally, it said the increasing withdrawal of non-resident investors in Ghana’s domestic bond market, with its implications for the level of reserves of the BoG and foreign exchange management, generally required the injection of additional foreign currency to shore up the country’s reserves to enable it to meet its obligations when they fell due.

“The withdrawal of non-resident investors in the domestic bond market means that the government will need to adopt other innovative means to mobilise fi nancial resources to support the implementation of the 2022 budget and finance liability management operations,” it said.

The report noted that the government’s total foreign financing requirement for 2022 was estimated at $1.45 billion (equivalent of GHÐ9.09 billion), comprising exceptional financing of $700 million from the $1 billion International Monetary Fund’s (IMF’s) special drawing rights (SDR) allocation — which has been secured — and foreign financing of $750 million to be raised through the ICMP, with an option to raise a further $750 million for budget support and liability management.

The financing requirements were provided for in the 2022 Budget Statement and Economic Policy of the government. This means that the approved budget authorised the government to raise foreign financing of up to $1.5 billion to support the implementation of the 2022 budget.

Importance of facility

Per the report, the Minister of Finance explained to the committee that the approval of the facility was urgently needed to avoid the country going bankrupt.

“The minister indicated that the government had, over the past recent years, accessed financing from the international capital market and the domestic bond market to support the implementation of its budget.

“However, the international capital market is not available to Ghana this year as a result of the downgrade of the country’s credit rating by international rating agencies,” it quoted the Finance Minister as saying.

The report further explained that the government’s intention to raise funds from the domestic bond markets did not also yield the desired result.

“Consequently, the economy is presently challenged with rising inflation, rising interest rates, exchange rate depreciation and increasing energy cost.

“These challenges are further exacerbated by the rapidly dwindling reserves of the BoG, which have declined from $9 billion to about $3 billion,” it said.

“With a monthly demand of over $600 million, the reserves of the central bank may be exhausted in a few months if urgent steps are not taken to shore up the country’s reserves,” the report said.

Maturity of debts

Per the report, the committee noted that a significant proportion of Ghana’s debt would fall due in the early part of 2025 and 2026.

According to the 2021 debt management report issued by the Ministry of Finance, about $3 billion would fall due in the first quarter of 2025 and 2026.

“However, the MoF has not put in place any measure to make available resources to retire the maturing debt, thereby setting the country on the path of default in the next two years,” it said.

Debt sustainability

Although he supported the motion, the Ranking Member of the Finance Committee, Dr Cassiel Ato Forson, raised concern over Ghana’s debt sustainability.

He said per data made available by the Ministry of Finance, the country recorded total tax revenue of GHÐ12.9 billion in the first quarter of this year.

Of that amount, Dr Forson said, debt service obligations alone, made up of interest payments and amortisation, amounted toGHÐ13.9 billion.

“Mr Speaker, this simply means that total tax revenue is not enough to service Ghana’sdebt, and this calls on all of us to come together and work in a way to ensure that our country turns back to debt sustainability levels,” he said.

Source: Graphic

New GNPC CEO leads delegation to Appo Conference in Abuja

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New GNPC CEO leads delegation to Appo Conference in Abuja

The Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC), Mr. Opoku Ahweneeh-Danquah, is leading a high-powered government delegation to attend a meeting of Chief Executive Officers (CEO’s) of National Oil Companies (NOC’s) of African Petroleum Producers’ Organisation (APPO) in Abuja, Nigeria.

The African Petroleum Producers’ Organization (APPO) is an intergovernmental energy organization created to serve as a platform for African petroleum producing countries to cooperate, collaborate, and share knowledge and competences, with a view to maximizing the developmental and welfare benefits accruable from petroleum exploitation activities in its member countries.

APPO currently has sixteen (16) member countries which includes Algeria, Angola, Benin, Cameroon, Chad, Congo, DR Congo, Cote d’Ivoire, Egypt, and Gabon. The rest are Equatorial Guinea, Libya, Niger, Nigeria, South Africa, and Ghana.

It will be recalled that Mr. Opoku Ahweneeh Danquah took over as the Chief Executive Officer of GNPC about three months ago and is fervently seeking strategic partnerships to reposition the Corporation considering the global energy transition.

His vision is to leverage on the competencies of GNPC into becoming a strategic partner in the paradigm shift from fossil fuels to renewables. Commenting on his expectations prior to his departure, Mr. Opoku Ahweneeh Danquah said the time has come for policy makers and operators to work in harmony to find a solution to the threat posed by the energy transition. “At a time when traditional financiers of oil and gas are threatening to discontinue, do we leave all natural deposits untapped?”, he asked.

He added that GNPC is continuously looking for strategic partners in financing Ghana’s oil and gas projects and is seeking for investors who will commit greatly to research and financing renewable energy projects in the country”.

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Speaking specifically about the conference, Mr. Opoku Ahweneeh Danquah noted that the seriousness of the energy transition calls for a complete rethink of the oil and gas industry’s operational model in Africa.

He stated that “for Africa to maximise returns from our fossil fuel, it behoves on us to collaborate in cross border oil and gas projects, the development of cross border oil and gas infrastructure and the creation of regional energy markets.

I believe this begins with the commitment of the CEOs of all the NOC’s and thus the significance of this conference.

The conference is being hosted by the CEO of Nigeria National Petroleum Corporation (NNPC), Mr. Mele Kolo Kyari and the keynote address will be given by Dr. Omar Farouk Ibrahim, the Secretary General of the APPO.

Ghana| Atinkaonline.com

DCOP Kwesi Ofori pulled out after 35 years of service

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DCOP Kwesi Ofori pulled out after 35 years of service

After 35 years of committed service to the Ghana Police Service and the nation, DCOP Kwesi Ofori has received a pull-out ceremony as he retired on Wednesday.

At a beautiful ceremony at the Police Training School in Tesano, the outgoing Director of Public Affairs of the Ghana Police Service received numerous accolades for his contribution to the police service.

The ceremony was graced by Members of Parliament, colleagues from the security agencies, family and friends.
DCOP Kwesi Ofori started his police career over 35 years ago and rose through the ranks to his present rank as Deputy Commissioner of Police.

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He obtained his diploma in Public Relations from the Ghana Institute of Journalism in 1988, his first degree and likewise his Master’s degree from the same institution in 2015. He also holds a Master’s Degree in Conflict, Peace and Security from the Kofi Annan International Peace Keeping Training Center (KAIPKTC).

He was the Deputy Director of Public Affairs, became the Director of the Department and now General Director of the Ghana Police Service.

He also served as the District Commander for Adabraka and Dodowa, the divisional commander for Dodowa and Tema, the deputy commander, VVIPU, office of the President of Ghana and Accra regional operations commander.

He conceived programmes such as ‘’YOU AND THE POLICE, CRIMEFIGHTERS, POLICE CADET CORPSE IN SECOND CYCLE INSTITUTIONS’’ and many more.

DCOP K. Ofori thanked the good people of Ghana, the media, the gallant men and women he’s worked with and his family for the support given him during his service.

He charged Ghanaians to support the police to bring sanity on our roads to aid in the country’s development.

He also urged Ghanaians to give their unflinching support to the Inspector General of Police, Dr. Akufo Dampare

Ghana| Atinkaonline.com| Abena Nyamesem

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