Ghana’s economy’ll cool off in 2023, rebound in 2024 – IMF
Opinion

Ghana’s economy’ll cool off in 2023, rebound in 2024 – IMF

The International Monetary Fund has said it expects Ghana’s economy to pick up steam in 2024. During the Q&A session at the just-ended World Economic Forum in Davos, Switzerland, Mr Daniel Leigh, Division Chief at the Research Department, told journalists, in response to a question that Ghana’s tottering economy will grow slowly this year but then pick up momentum the following year. “On Ghana, we do expect growth to slow this year”, Mr Leigh said, explaining: “This is partly because of the global headwinds…” “So, it’s a difficult time for the global economy that affects Ghana”, he noted. But also, he added, “there are some domestic headwinds. In particular, inflation has increased significantly”. “And, so, the central bank is tightening monetary policy, but that is cooling the economy domestically”, Mr Leigh noted, indicating: “Plus, the fiscal policies are tightening to address the elevated debt. This is the cooling in 2023”. “But in 2024, we see a rebound, in particular, in the extractive activities. And that is going to support Ghana in 2024”, he pointed out. “I would add that right now – so just very recently – the IMF team went to Ghana, reached agreement with the Ghanaian authorities on an economic reform programme that will be supported under a $3-billion extended credit facility”. “And the goal of that programme is to reestablish macroeconomic stability, debt sustainability, and create the foundations for higher and inclusive growth over the medium-term”. On the expected situation in the sub-region, Mr Pierre-Olivier Gourinchas, Chief Economist and Director, Research Department, said: “On Sub-Saharan Africa, what I can say is that we have a difficult year for the region that is very much affected by the external forces that are shaping the global outlook, whether it’s the Russian war in Ukraine and energy crisis or the fight against inflation and the tightening of global financial conditions that comes with that”. “But growth is projected to be around 3.8 per cent in Sub-Saharan Africa. And this is quite a bit below the typical growth rates that the region experienced before the pandemic”, Mr Gourinchas said. “And in addition, in the region, there is an issue of food insecurity. Even though food prices have come back – the food price index has come back to pre-war level, so levels we had about a year ago or a little bit more than that – they’re still elevated compared to pre-pandemic times. And there are in many countries a large portion of the population may be subject to food insecurity”. —Classfm— For publication please kindly contact us on +233256336062 or Email apexnewsgh@gmail.com

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We are working to grow the economy at a much faster rate this year—President Akufo-Addo
Opinion

We are working to grow the economy at a much faster rate this year—President Akufo-Addo

President Nana Addo Dankwa Akufo-Addo is hopeful that the deal with the IMF will bounce Ghana’s economy back to its feet. President Akufo-Addo made the pronouncement at the Abu Dhabi Sustainability Week in Dubai, he said: “We are working to grow the economy to a much faster rate this year, our target being a 5.6-per cent GDP growth rate”. “To enhance the prospects of a win-win situation for the private sector and the country, in our case, we see our collaboration with the IMF to repair, in the short term, our public finance and give credibility to our balance of payment which has taken a severe hit in very recent times”. “I am very confident that we will emerge from this as a stronger and more resilient economy and advance toward our goal of reaching the Ghana Beyond Aid goal.” Source: Apexnewsgh.com/GhanaFor publication please kindly contact us on 0256336062 or Email apexnewsgh@gmail.com

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Expect full-blown IMF programme in mid-Jan or Feb – Akufo-Addo
Business

Expect full-blown IMF programme in mid-Jan or Feb – Akufo-Addo

Ghana’s ongoing negotiations with the International Monetary Fund are expected to reach a full-blown agreement either in January or February, President Nana Akufo-Addo has announced. Speaking at a meeting with some African-American students from the Harvard Business School at the Jubilee House, the president acknowledged the challenges facing the economy: “We’ve had difficulties in the past few years trying to reposition our economy to grow again”. He said: “Some basic statistics that all of you are familiar with have pushed us back: the energy sector crisis, the global food crisis, and many others and Ghana is yet to escape from all of these crises”. Giving an update on the IMF talks, Mr Akufo-Addo said: “We are going through the processes with the International Monetary Fund right now and hopefully, by the middle of this month or February, a full-blown IMF programme will be put in place which will help us repair our public finances which took a big hit from external forces.” In December 2022, the IMF and the Ghanaian authorities reached a staff-level agreement on economic policies and reforms to be supported by a new three-year arrangement under the Extended Credit Facility (ECF) of about US$3 billion. The IMF said the Ghanaian authorities’ strong reform programme is aimed at restoring macroeconomic stability and debt sustainability while protecting the vulnerable, preserving financial stability, and laying the foundation for strong and inclusive recovery. To support the objective of restoring public debt sustainability, the government of Ghana has launched a comprehensive debt operation. In addition to a frontloaded fiscal consolidation and measures to reduce inflation and rebuild external buffers, the programme envisages wide-ranging reforms to address structural weaknesses and enhance resilience to shocks. An IMF team led by Mr Stéphane Roudet, Mission Chief for Ghana, visited Accra from December 1 – 13, 2022, to discuss with the Ghanaian authorities IMF support for their policy and reform plans. At the end of the mission, Mr Roudet issued the following statement: “I am pleased to announce that the IMF team reached a staff-level agreement with the Ghanaian authorities on a three-year program supported by an arrangement under the Extended Credit Facility (ECF) in the amount of SDR 2.242 billion or about US$3 billion. The economic program aims to restore macroeconomic stability and debt sustainability while laying the foundation for stronger and more inclusive growth. The staff-level agreement is subject to IMF Management and Executive Board approval and receipt of the necessary financing assurances by Ghana’s partners and creditors. “The Ghanaian authorities have committed to a wide-ranging economic reform program, which builds on the government’s Post-COVID-19 Programme for Economic Growth (PC-PEG) and tackles the deep challenges facing the country. “Key reforms aim to ensure the sustainability of public finances while protecting the vulnerable. The fiscal strategy relies on frontloaded measures to increase domestic resource mobilisation and streamline expenditure. In addition, the authorities have committed to strengthening social safety nets, including reinforcing the existing targeted cash-transfer program for vulnerable households and improving the coverage and efficiency of social spending. “Structural reforms will be introduced to underpin the fiscal strategy and ensure a durable consolidation. These include developing a medium-term plan to generate additional revenue and advancing reforms to bolster tax compliance. This will help create space for growth-enhancing measures and social spending. Efforts will also be made to strengthen public expenditure commitment controls, improve fiscal transparency (including the reporting and monitoring of arrears), improve the management of public enterprises, and tackle structural challenges in the energy and cocoa sectors. The authorities are also committed to further bolstering governance and accountability. “To support the objective of restoring public debt sustainability, the authorities have announced a comprehensive debt restructuring. Sufficient assurances and progress on this front will be needed before the proposed Fund-supported program can be presented to the IMF Executive Board for approval. “Reducing inflation, enhancing resilience to external shocks, and improving market confidence are also important program priorities. Accordingly, the Bank of Ghana will continue to strengthen its monetary policy framework and promote exchange rate flexibility to rebuild external buffers. As part of the authorities’ debt strategy, a domestic debt exchange has been launched. The authorities are committed to taking the necessary mitigation measures to ensure financial sector stability is preserved. “IMF staff held meetings with Vice President Bawumia, Finance Minister Ofori-Atta, and Bank of Ghana Governor Addison, and their teams, as well as representatives from various government agencies. The IMF team has also continued to engage with other stakeholders. Staff would like to express their gratitude to the Ghanaian authorities, Parliament’s Finance Committee and all the private sector, trade union, and civil society representatives for their open and constructive engagement over the past few months.” Classfm—

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Good News: President Akufo-Addo intervenes, instruct Director General to….
Education, Opinion

Good News: President Akufo-Addo intervenes, instruct Director General to….

President Akufo-Addo intervenes, instruct Director General to initiate disciplinary action not dismissal Following the issuance of a dismissal letter by the Management of Ghana Education Service to the eight students of Chiana Senior High School in the Upper East Region who were seen in a viral video insulting the President of the Republic of Ghana. The general public condemned the students actions but however, considered the decision of the Management of GES to be too harsh. A lot calls coming from the families of these students and members of the general public calling on President to intervene has yielded good results. The President of the Republic of Ghana, Nana Addo Dankwa Akuffo-Addo in a release signed by Kwasi Kwaeteng, the Spokesperson of the Ministry of Education, has finally intervened in the matter after his attention was drawn to it. Read the full statement: Source: Apexnewsgh.com/Ghana For publication please kindly contact us on 0256336062 or Email apexnewsgh@gmail.com

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You have a penchant of protecting your appointees and other close associates of any wrongdoing– JDM
Opinion, Politics

You have a penchant of protecting your appointees and other close associates of any wrongdoing– JDM

Former President His Excellency John Dramani Mahama says, President Nana Akufo-Addo has consistently put pressure on state anti-corruption institutions by announcing clearance of appointees and companies that are under investigation for wrongdoing.” an attitude he described as an unacceptable. Apexnewsgh.com report Mr. Mahama views came as a result of the President’s defense of Akonta Mining Limited, a company owned by the Ashanti regional chairman of the President’s party, the New Patriotic Party (NPP), which was investigated for illegal mining activities. Read full statement “It is unacceptable that President Nana Akufo-Addo has consistently put pressure on state anti-corruption institutions by announcing clearance of appointees and companies that are under investigation for wrongdoing. That penchant by the president to absolve his appointees and other close associates of any wrongdoing as he has done with the ongoing investigations into the operations of Akonta Mining Company is a serious dent on the already deteriorating image of the Office of the President. As though proud of that dishonourable badge, ‘the clearing agent’, Nana Akufo-Addo has yet again justified the appropriateness of his nickname with the seeming presidential exoneration of Akonta Mining, a company owned by a member of his political party (NPP) and accused of illegal gold mining in the country’s forest reserves. The shocking impudence is how and when he even did that at a public event called by the country’s catholic clergy. Fortunately, and unfortunately, we are told by the owner of Akonta Mining that the Minister has explained to him they were forced to unwillingly act against his company because of public pressure from the National Democratic Congress (NDC), CSOs and NGOs. He also very alarmingly said the President called him ostensibly to appease him over Government’s action and that the Office of Special Prosecutor cannot touch him. This is a sad commentary for a country that has in the past been held up in Africa as the poster boy for rule of law and democratic governance. This sad development also erodes the years of hard work, which have earned Ghana international appeal in climate change and sustainable development discourse globally. In addition, the President’s comment cannot be allowed to override or become a substitute for the statutory mandate granted the investigative bodies of Ghana by the Constitution. Such acts fly in the face of justice and the fight against corruption, and of course erodes the faith of our citizens in our democracy. As enjoined by our National Anthem to “cherish fearless honesty” and “resist oppressors’ rule,” we must all as citizens support the anti-corruption institutions to carry out their duties fairly and courageously without undue interference by any influences. John Dramani MahamaTuesday January 10, 2023. Source: Apexnewsgh.com/Ghana For publication please kindly contact us on 0256336062 or Email apexnewsgh@gmail.com

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Iconic U-turns made by the Akufo-Addo government in 2022
Politics

Iconic U-turns made by the Akufo-Addo government in 2022

Effective communication, many experts have said, is a very critical part of the governance process of any nation. According to experts, this builds trust between the government and the citizenry. It, therefore, does not help when the leader of the government, the president, makes public pronouncements that are contrary to statements his appointees have made or makes statements that later have to be explained or clarified by his appointees. Yet, there were instances in 2022 when President Nana Addo Dankwa Akufo-Addo made some statements that led to some mistrust in his government, which left his appointees scrambling to explain. Here are some of these instances: ‘I’m not so sure Aisha Huang was deported’ – Akufo-Addo President Nana Addo Dankwa Akufo-Addo, in an interview in Ho, during his 2022 tour of the Volta Region, contradicted statements by some of his appointees that illegal small-scale mining (galamsey) kingpin, Aisha Huang, was deported from Ghana in 2018. “… I am not still sure whether she was, in fact, deported or whether she fled the country the first time and has now come back or whatever. There still seems to be some uncertainty about it. “Whichever way it is, she has become a sort of nickname for all that the ‘galamsey’ represents and also, unfortunately, for the involvement of Chinese nationals in this illicit trade,” he said. But Information Minister Kojo Oppong Nkrumah, in an attempt to explain the president’s comments, said the president used a figure of speech and the most important thing was that Aisha Huang was repatriated in 2018, contrary to earlier reports that she was deported. He went on to explain the difference between deportation and repatriation. To him, the Minister of Interior has the power to “deport” while the Immigration Service has the power to “repatriate” via notice. “While the Minister for Interior can deport, the Immigration Service cannot. The instrument which the Immigration Service uses in such circumstances is a repatriation notice. Either way, the effect was that she was caused to exit from Ghana at the material moment,” Kojo Oppong-Nkrumah tweeted. There will be no haircuts – Akufo-Addo: President Nana Addo Dankwa Akufo-Addo refuted suggestions that his government would buy off government bonds at rates lower than their expected returns – “haircut on Government bonds”. Addressing the nation on measures being taken by the government to rescue the economy, on Sunday, October 31, Akufo-Addo said: “I also want to assure all Ghanaians that no individual or institutional investor, including pension funds, in government treasury bills or instruments will lose their money, as a result of our ongoing IMF negotiations. “There will be no “haircuts”, so I urge all of you to ignore the false rumours, just as, in the banking sector clean-up, government ensured that the 4.6 million depositors affected by the exercise did not lose their deposits.” He cautioned, “those who make it a habit of publishing falsehoods, which result in panic in the system, I say to them that the relevant state agencies will act against such persons”. But the Minister of Information, Kojo Oppong Nkrumah, later came out to explain Akufo-Addo’s assurances that there will be no haircut covers only principals. “My understanding is that no principals will be touched. No principals will have a haircut. The debt sustainability strategy is yet to be announced in full. “When they are done with the rest of the strategy, and they come out and do a full announcement, we will have clarity on the form that the debt restructuring will take,” the information minister said. My government has constructed 10,875 kilometres of new roads – Akufo-Addo President Akufo-Addo during his presentation of the State of the Nation Address, stated that the greatest infrastructure achievement his government has registered is in the road sector. Addressing the country in parliament, he said his government had completed, upgraded, and improved over 10,000 kilometers of road in the space of 5 years. President Akufo-Addo even gestured that the Members of Parliament (MPs) should open their eyes to see the roads. “It is in the road sector that we have registered the greatest infrastructure achievement. I know that the word ‘unprecedented’ is often used with careless abandon in our public discourse, but I use it carefully and purposefully”, the President said. “In the five years of my government, so far, more roads have been built, improved, and upgraded than at any other equivalent period under any government in the history of Ghana. Some ten thousand, eight hundred and seventy-five (10,875) kilometres of new roads have been constructed in these five (5) years,” the president said. In an attempt to clarify the president’s figures, the Roads and Highways Ministry said the 10,875 kilometers of roads constructed included ongoing work on unpaved roads. According to the ministry, any activity on the road amounts to construction. The construction work the Ministry said it does on unpaved roads includes grading, gravelling, re-gravelling, and spot improvement. “In 2017, the total network size was 78,402 kilometers. As of the end of 2021, the projected network size has increased to 94,203 kilometers. The data on completed works has subsequently been updated to 10,875 km as of the end of February 2022. “Over the past 5 years, a lot of investment had gone into both the paved and unpaved roads to improve the riding quality on our roads. The 10,875 kilometres of roads constructed have been on both paved and unpaved roads,” a statement by the ministry read. Ghanaweb—

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Seat of the Presidency is now a barbershop–Sam George
Opinion, Politics

Seat of the Presidency is now a barbershop–Sam George

The Ningo Prampram Member of Parliament Samuel George has mocked President Akufo-Addo for the ongoing experience by citizens at various banks regarding their savings and investment across the country. The Ningo Prampram legislator posted “I thought President Nana Addo Dankwa Akufo-Addo assured Ghanaians that there would be NO haircut! Did he lie? Was he lied to?” “The seat of the Presidency is now a barbershop giving haircuts to citizen’s savings and investments”. “We are in troubling times!🦁🇬🇭😪 Source: Apexnewsgh.com/Ghana For publication please kindly contact us on 0256336062 or Email apexnewsgh@gmail.com

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Akufo-Addo will go down in history as the president who mostly disrespected public appeal–Haruna Iddrisu
Opinion

Akufo-Addo will go down in history as the president who mostly disrespected public appeal–Haruna Iddrisu

Members of the minority caucus in parliament have said they feels betrayed by the majority caucus vis-à-vis the pending censure motion against Finance Minister Ken Ofori-Atta, who is billed to present the 2023 budget on Thursday, 24 November 2022 despite an earlier-but-twice-U-turned demand by some 98 government MPs that a new face other than Mr Ofori-Atta read the budget. Minority Leader Haruna Iddrisu said this whiles addressing the media on Wednesday, 23 November 2022. According to Mr. Iddrisu, “President Akufo-Addo will go down in history as the president who mostly disrespected public appeal because, as far as we are concerned, public opinion is not supportive and favourable to the continuous stay in office of this failing, beleaguered lame-duck Finance Minister Ken Ofori-Atta.” “We feel let down and we feel betrayed by the majority caucus, who have shown no wits in supporting us with our impeachment process”, Mr Iddrisu added. Despite the jolt suffered, Mr Iddrisu said: “We are not abandoning our censorship motion”, adding: “We are in it for the long haul”. Source: Apexnewsgh.com/Ghana For publication please kindly contact us on 0256336062 or Email apexnewsgh@gmail.com

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You and Ken Ofori-Atta should take better decision before the censure- Prez. Akufo-Addo told
Opinion

You and Ken Ofori-Atta should take better decision before the censure- Prez. Akufo-Addo told

One of the outspoken member of the Upper East Regional NPP Communication Team Johnson Ayine has advised President Akufo-Addo and Finance Minister Ken Ofori-Atta to take a better decision before the censure debate and voting tomorrow to avoid a possible precedent that may compound their situation as a governing party. Apexnewsgh.com report. According to Mr. Ayine, even if one member of the NPP side voted in favor of the motion it would be a bad day for the party and government politically and economically. The Party Communicator, went ahead to say, “I love Ken but let’s do what the majority of Ghanaians want”. “Mr president the day is still young, do something before we regret it”. Source: Apexnewsgh.com/Ghana For publication please kindly contact us on 0256336062 or Email apexnewsgh@gmail.com

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Direct your attention to Gender Ministry immediately NDC Women’s Organizer Hopeful to President AKufo-Addo
Opinion

Direct your attention to Gender Ministry immediately NDC Women’s Organizer Hopeful to President AKufo-Addo

The Upper East Regional aspiring Women Organizer’s hopeful Fawzia Yakubu has made an interesting call to the President of the Republic of Ghana Nana Addo Dankwa Akufo-Addo to immediately give quick attention to the Gender Ministry. According to the Women’s Organizer hopeful, the current economic hardship gives clear reasons that require immediate attention to the said Ministry. “It’s therefore very key, the president should be given the Ministry not just attention, but quickly enable it economically to be able to help its target audience. Read the full statement below: FAWZIA YAKUBU – NDC UPPER EAST REGIONAL WOMEN ORGANISERHOPEFUL writes The Gender Ministry is a very strategic Ministry and it’s not surprising it’s usually manned by a female.Considering its strategic importance regards formulation and implementation of practical policies to aid the venerable mostly women and children it can’t be left under the care of a caretaker minister. The current economic hardship is a case point that requires the immediate attention of the said Ministry. It’s therefore very key, the president should be given the Ministry not just attention, but quickly enable it economically to be able to help its target audience: LEAP should be increased. Widows and orphans should be prioritized with additional social interventions like food/staples handouts. The school feeding should be immediately increased regards per head and nutrition should be key. Metro mass transport should give fare rebates, not free rides to women of 70 yrs and above as well as girls of 16 yrs and below with priority to students who have ID cards. MDAs should ensure PLWDA – People Living With Disabilities funds are disbursed in time and if possible increase it. If there’s or has been a time very crucial for the timely releasing of DACF – District Assemblies Common Fund, then this trying moment is the time. Together we can. Source: Apexnewsgh.com/Ghana For publication please kindly contact us on 0256336062 or Email apexnewsgh@gmail.com

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