I’ll refund ¢130m – Ato Essien tells court
Mr William Ato Essien, the founder of the now-defunct Capital Bank, has promised to refund ¢130 million of the ¢620 million liquidity support from the Bank of Ghana which his company is said to have embezzled that, in turn, led to the bank’s collapse. Mr Essien is standing trial together with the bank’s former Managing Director Rev. Fitzgerald Odonkor and a former Director of MC Management Services – a company belonging to the bank’s founder. They are facing 23 counts of money laundering, conspiracy to steal and stealing. The accused persons, according to the prosecution, opened bank accounts with the Capital Bank through which the central bank’s liquidity support was funnelled. Also, they are accused of paying Mr Essien huge sums of money in ‘Ghana Must Go’ bags for “business promotion”. Mr Essien, who had earlier indicated, through his lawyer that he would refund ¢27.5 million of the money, communicated to an Accra High Court on 13 January 2022 through his counsel Baffuor Gyau Bonsu Ashia, who held brief for Mr Thaddeus Sory, that: “We have also included GH¢130 million that also forms part of the charges”. He further told the court that talks were far advanced with the prosecution “to the extent that the prosecution has written to us dated December 30, 2021, where the prosecution has made its stance very clear.” “The only difficulty between us as defence counsel and the prosecution is the quantum, which an independent auditor can easily resolve.” The presiding judge, Justice Kyei Baffuor, upon reading the said letter, however, said it did not appear the two sides were on the same page. He said the trial will continue but noted that he will have no hand in deciding whether the prosecution should pursue the case any further once an agreement has been reached.
Gov’t ‘confident parliament’ll pass e-levy this month’ – MoF
Ghana’s Ministry of Finance has said it is confident parliament will pass the controversial e-levy this month once parliament reconvenes. In a statement, the ministry said “it is most unfortunate to note that foreign investors and market participants are on edge following the impasse in parliament, in relation to the passage of the E-levy Bill”. Parliament degenerated into mayhem in the dying embers of 2021 during a debate on the controversial 1.75% levy meant to affect most electronic transactions. The free-for-all brawl, as a result of a hung parliament, has left the levy, proposed in the 2022 budget, hanging. A recent article by Bloomberg said among other things that the era of cheap money draws to an end as bondholders are no longer prepared to cut Ghana any slack. It said the West African nation’s dollar bonds have slumped 10% in 10 days, moving deeper into distressed territory as investors judge that re-financing debt in the Eurobond market won’t be an option when the Federal Reserve hikes rates and budget targets remain elusive. The extra premium demanded on Ghana’s sovereign dollar debt, according to Bloomberg, jumped on Tuesday to an average 1,145 basis points, from 683 basis points in September while its $27 billion of foreign debt had the worst start to the year among emerging markets, extending last year’s 14% loss. Reacting to the article, the Ministry of Finance said: “The market seems to now be pricing into our bonds the perceived risks of having a slim majority in parliament and the consequences thereof”. Also, it noted: “The markets also seem to be concerned that this might impact the government’s ability to successfully pass and implement some of its major revenue policy measures as presented in the 2022 Budget”. The ministry said it would like to state that “a healthy debate in a vibrant parliament is a critical part of Ghana’s growing democratic credentials and by no means should it be deemed to be a fiscal risk”. It said the “government is confident that when parliament resumes sitting this month, the E-Levy Bill, which has already been discussed and approved by the Finance Committee of Parliament, will be passed”. Furthermore, the ministry said it wishes to state that the “government is on track to meet its non-oil tax revenue target for 2021 of GHS 57.05bn (13.16% of GDP)”, adding: “The 2022 non-oil tax revenue target of GHS 80.3bn moves us to tax revenue-to -GDP of approximately 16%, which is still below our medium revenue target of 18-20% of GDP”. “We are, however, confident that we can meet the 2022 revenue target and that the E-Levy will help us accomplish this”. Meanwhile, the ministry said the Bloomberg titled: ‘Ghana Debt Moves Deeper into Distress as Investors lose Patience’ was riddled with “serious factual errors” and reliant on “wrong historical debt-to-GDP figures”, which, if not corrected, could cause investors to have the jitters. “The Bloomberg article gave wrong historical debt-to-GDP figures”, adding: “It is essential we make the correction that Ghana’s debt-to-GDP figures, a decade ago, were 39.67% and 47.80% for 2011 and 2012, respectively, and not 31.4% as stated in the Bloomberg publication”. The Ministry of Finance said: “It is most unfortunate to note that foreign investors and market participants are on edge following the impasse in parliament, in relation to the passage of the E-levy Bill”. “The market seems to now be pricing into our bonds the perceived risks of having a slim majority in parliament and the consequences thereof. The markets also seem to be concerned that this might impact the government’s ability to successfully pass and implement some of its major revenue policy measures as presented in the 2022 Budget”. Read the full statement below: On Thursday, 13th January 2022, the attention of the Ministry was drawn to a widely circulated Bloomberg article captioned – “Ghana Debt Moves Deeper into Distress as Investors lose Patience”. There are some serious factual errors in the article, which may give investors some cause for concern, if not corrected. For example, Bloomberg stated 81.5% as the end-of-year debt-to-GDP ratio. This is incorrect. Our provisional nominal debt-to-GDP, as of the end of November 2021, was 78.4%, which is the latest data available. December’s revenue collections are seasonally the largest for any year, it is unlikely that our financing requirements in December will result in us exceeding 80% debt-to-GDP by December 2021. The Bloomberg article gave wrong historical debt-to-GDP figures. It is essential we make the correction that Ghana’s debt-to-GDP figures, a decade ago, were 39.67% and 47.80% for 2011 and 2012, respectively, and not 31.4% as stated in the Bloomberg publication. Again, it is important to note that for the period prior to the COVID-19 global pandemic, Ghana experienced an average debt-to-GDP ratio of 56.4% from 2015 to 2019. In 2020, Ghana’s GDP grew by 0.4% because of the impact of the COVID-19 Pandemic on the economy. Financing of the additional COVID-19-related expenditures, in addition to revised revenue targets, due to the impact of the pandemic, led to an increase in debt-to-GDP from 62.4% in 2019 to 76.1% in 2020. The current 78.4% debt-to-GDP ratio as of the end of November 2021 indicates rather a reduction in the rate of debt accumulation (i.e. declined by half to 18% as of November 2021 from 34% in 2020). This attests to an improvement in our debt and liability management, contrary to what the article seeks to suggest. Furthermore, with the positive primary balance target for 2022 – one of the key fiscal anchors in 2022 – Ghana should see improved stability and reduction in the debt-to-GDP ratio in 2022 and through the medium term. It is most unfortunate to note that foreign investors and market participants are on edge following the impasse in parliament, in relation to the passage of the E-levy Bill. The market seems to now be pricing into our bonds the perceived risks of having a slim majority in parliament and the consequences thereof. The markets also seem to be
President Akufo-Addo has the shortest convoy in our history’–Pius Enam Hadzide
The former Deputy Information Minister and now the Chief Executive Officer (CEO) for the National Youth Authority (NYA) Pius Enam Hadzide is of the strong view that the administration of the governing New Patriotic Party (NPP) led Akufo-Addo government has enjoyed the shortest convoy in the history of the Republic of Ghana. Apexnewsgh.com report The NYA CEO made the revelation on the TV3 New Day programme monitored keenly by Apexnewsgh.com when a Deputy Youth Organizer of the opposition National Democratic Congress (NDC), Edem Agbana advised that government needs to cut down costs by reducing the number of convoys used by the President. Meanwhile, according to Mr. Hadzide who disagrees with Mr. Agbana position, “President Convoys are not long, he has the shortest convoy in our history”. He insisted that “What happens is that when the President is traveling, along the line many people join. So, they are not part of the President convoy”. He maintained Asking about how many convoy used by the President, Mr. Pius said he cannot disclose it but he is well aware of the number of conveys that follow the President as a former Deputy Information Minister. Apexnewsgh.com/Ghana/Ngamegbulam Chidozie Stephen Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 05555568093
‘I never asked for military bodyguards nor given any’ – Oquaye
Speaker Alban Bagbin’s immediate predecessor Prof Mike Oquaye, has denied ever being given military bodyguards while in office. In a signed statement issued on Monday, 17 January 2022, Prof Oquaye said claims to that effect were “palpable” falsehood and should be disregarded. “I was never offered military protection nor did I request for any”. “Indeed, I had only three policemen to move with me and provide security at all material times”. “This information can be easily verified by anyone who cares for the truth at the office of the Clerk to Parliament at any given time,” his statement read. It follows claims by Sagnarigu MP A.B.A. Fuseini that Mr Bagbin is not the first Speaker to enjoy military protection. According to him, Prof Oquaye enjoyed it, too. “What was the initial decision to beef up the [security] with the military? Even Speaker Oquaye enjoyed military protection as well; he did. Let them not project this as if this is the first time, it’s not”. Mr Fuseini also said at a time that the government has stripped Mr Bagbin of his military bodyguards, there are still soldiers who carry things for some ministers of state. “Are you not aware that even some ministers have military people carrying things for them? As they have withdrawn Mr Speaker’s team, there are some of the military people carrying things for the ministers. I know that as a matter of fact”, Mr Fuseini told Valentina Ofori-Afriyie on Class91.3FM’s midday news 12Live on Monday, 17 January 2022. The Ghana Armed Forces withdrew the four military personnel detailed to the office of the Speaker with the reason that they were improperly assigned. A letter from the Chief of Staff of the Ghana Armed Forces, NP Andoh, addressed to the Speaker, identified the four military men as WO1 Jafaru Bunwura, WOII Apugiba Awine David, S/Sgt Agbley Prosper and Sgt. Bonney Prince. They have been protecting the Speaker since January 2021. The letter to Mr. Bagbin said: “It is humbly requested that the personnel are withdrawn with effect from 14 January 2022 while efforts are made to regularize their attachment”. The minority in parliament is, however, furious about the development. Condemning the move, Mr. Fuseini said the government is up to no good. “When they have a sinister motive and others, we can read into it and that is what they are trying to do”, he observed. “But let them be aware that no force can intimidate the right honorable Speaker or we, the members of the NDC on that side. No force. Let them get it right. No force can petrify us or intimidate us and cow us into submission”, he warned. “It will never happen. So, let us make it clear”, he stressed. Mr Fuseini advised the army to shield itself from political interference so as to safeguard its enviable world reputation. “I’ve always said that our military has one of the most professional standards; they should not allow this government to compromise them and use them to do their dirty work. They should stand up”, he urged. In his view, “the image and integrity of our armed forces is so high across the world; they should not allow this government to compromise them for the sake of their integrity and for the sake of this country”. “They are up to something”, he alleged in connection with the development, adding: “It is a signal to be sent to the Speaker that we can take out some of your cover and your security will be more compromised and you have to think twice”. The opposition lawmaker believes the government is orchestrating the move to force the Speaker to play ball as far as the controversial e-levy is concerned. “Look at the timing; why are they doing it now? They are doing it because it’s at this time that this e-levy has become a problem for this government. We are not kids in this country and we are all political animals and we know – we can tell a ripe corn by its look”. —classfm Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 05555568093
Withdrawal of Bagbin’s military politically motivated–Minority
The minority in parliament has said the action of the military high command in connection to the withdrawal of the Speaker of Parliament’s military security detail is a politically motivated and calculated one to diminish the speaker Alban Sumana Kingsford Bagbin confidence in his bid to impartially and independently steer the affairs of the legislative arm of government. The minority’s position came after the military high command announced the withdrawal of the military protection of the Speaker. According to the military command, the soldiers assigned to the Speaker did not follow the proper procedure. Below is the full minority statement: STATEMENT BY THE PARLIAMENTARY CAUCUS OF THE NDC ON THE WITHDRAWAL OF THE MILITARY SECURITY DETAIL OF THE SPEAKER OF PARLIAMENT, RT. HON ALBAN BAGBIN BY THE NANA AKUFO ADDO LED GOVERNMENT. The Minority in Parliament is saddened and strongly denounce the withdrawal by President Akufo-Addo’s government of the military detail attached to the office of the Speaker of Parliament, Rt. Hon Alban Bagbin with effect from the 14th January 2022. It is pertinent to note that the only reason given for the shameful withdrawal of Mr. Speaker’s security detail is that the attachment was done without following the proper procedure. Curiously, the government fails and/ or omits to spell out the procedure for the attachment of military personnel to high profile personalities such as the speaker of Parliament. If the action of the military high command is in good faith, the irregularity in relation to the attachment could be rectified without necessarily having to withdraw the personnel. The only logical conclusion a reasonable mind would draw with respect to the failure of government to indicate the nature of the procedure supposedly breached by Mr Speaker’s outfit is that proper procedure was followed for which reason the military high command had no difficulty attaching the military personnel in question to his office. Indeed, the Clerk to Parliament on the 21st January 2021 did write to the chief of staff of the Armed Forces and duly requested the attachment of the military personnel in question. At this point, the chief of staff did not detect any procedural irregularities in relation to Mr Speaker’s request. However, one year on the same chief of staff who on behalf of the military high command granted the request now wants Ghanaians to believe that he acted in error in the first instance? The posturing of the chief of staff in this regard is, to say the least, preposterous. The minority states further without any equivocation that the attachment of military personnel to the office of the speaker is not an isolated incident at all. For instance, members of the executive branch of government other than the president and Vice President who are below the speaker of Parliament in terms of status and rank as provided for in the constitution have at various times had soldiers attached to their offices. A notable example is the current Attorney General and Minister for Justice who, even as deputy Attorney General had a soldier for his bodyguard. Another example of a state official below the speaker in terms of status and rank who roams town with military protection is the chairperson of the Electoral Commission, madam Jean Mensa. Flowing from the above, the minority is certain that the action of the military high command relative to the withdrawal of Mr Speaker’s security detail is politically motivated and calculated to diminish his confidence in his bid to impartially and independently steer the affairs of the legislative arm of government. In the circumstances, the minority shall hold the government of President Akufo-Addo responsible should the security of Rt. Hon Alban Bagbin, the speaker of Parliament be compromised in any way. We further call for the immediate withdrawal of the letter with ref no: GH/ 1002/ 01/ COS written on behalf of the armed forces by the chief of staff and purporting to withdraw the military personnel attached to Mr Speaker’s office. Signed: Minority leader Hon Haruna Iddrisu.
Obiri Boahen says, he condemned the suspension of alleged Alan supporters, if their allegation is true
The National Deputy Secretary of the governing New Patriotic Party (NPP) Nana Obiri Boahen has said, it will be bad if party members are suspended and maltreated for expressing their views on any of their preferred personalities within the party. He added; The Akan has a proverb that, the Maize is not different from the Kenkey, we used the maize to prepare the Kenkey. So, we should maltreat the maize as equal as we treat the Kenkey” Few weeks ago, members of the ‘North For Alan’, a group affiliated to Trade Minister Alan Kyerematen, have registered what they call their strongest protest at the selective application of party rules and sanctions ahead of the New Patriotic Party (NPP) flagbearership race. Their protest came as a result of the suspension of some party members believed to be a loyalist of Trade Minister Alan Kyerematen. However, speaking to the National Deputy Secretary Nana Obiri Boahen was also mentioned in one of their press conferences as one of those who declared support for Vice President, he said “I have said that, if what they are saying is true then that is bad. Because you see, in our party we don’t have Alan group and Bawumia group, we have one party known as NPP is only that we have individual idiosyncrasies but generally, we are one party and that party is the NPP. He said According to Mr. Obiri Boahen, it will be unfortunate to suspend someone because of the view expressed by the person as a party member if the group is saying is the truth. “So, if somebody expresses the view that he wants to be with Mr. A and you disagree, you don’t suspend the person or don’t maltreat the person. The Akan has a proverb that, the Maize is not different from the Kenkey, we used the maize to prepare the Kenkey. So, we should maltreat the maize as equal as you treat the Kenkey” He said the party must be guided by the 2007 experience which caused the party to lose the general election “So, we must be guided by the experience of 2007. If it is true that people have been suspended unfriendly for openly campaigning or somebody showing sympathy that is not good, we should be seen advising ourselves, is not right to create enemies especially those of us who are matured enough and witnessed the event which happened in 2007 and 2008, we should be advising the present generation. In 2007 there was such a division and that antagonism was so much so that the end result was that the NPP lost the elections and we don’t want the repetition of that”. He stressed Responding to the allegation of supporting Dr. Mahamudu Bawumia, the general secretary said: “I am bringing him. So, when they accused me that some of us are supporting, am not supporting, I am bringing him. They are saying that we should not support him but am saying that am bringing him, it could be that when I go to him he will decline my invitation. Mr. Obiri Boahen told Apexnewsgh.com Apexnewsgh.com/Ghana/Ngamegbulam Chidozie Stephen Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 05555568093