Akufo-Addo’s ‘yo- yo’ economy is not good for business – John Mahama
Former President John Dramani Mahama has criticised the current government led by President Nana Addo Dankwa Akufo-Addo for failing to create a business-friendly environment. According to the former president, the government has rather created an unstable environment that cripples business growth. “We are in competition in our sub-region for investment, both domestic and foreign and so we must create the environment that allows businesses to thrive and grow and one of the things will be to have a stable economy. This yo-yo economy that we have, boom and burst, boom and burst is not good for business. “And so the last time we went into an IMF program I said this must be the last time we go. We must manage our economy prudently so that it is predictable, it creates an environment where businesses are not surprised by new government policies in terms of taxes and so on and so forth, by declaration in the value of the currency and all that,” Mr Mahama said during his presentation as the keynote address at the 7th Ghana CEOs Summit in Accra on Monday, May 22, 2023. The former president further criticised the government over what he said is a lack of preparedness in the government’s recently approved International Monetary (IMF) economic support program. Last week, the IMF approved a $3 billion economic recovery facility for Ghana, which has faced severe economic pressure since late 2019. The government largely attributes the economic challenges to the COVID-19 pandemic and the Russia-Ukraine War, but the opposition believes the situation is due to mismanagement of the economy by the government. According to Mr Mahama, unlike the IMF program initiated during his leadership, the recently approved program failed to undertake proper prior reforms by the government, making it a badly negotiated deal. —Ghanaweb—
NDC spirit is down already in Kumawu—John Boadu
John Boadu, former general secretary of the governing New Patriotic Party, said he is optimistic the NPP will emerge victorious in the ongoing by-election at Kumawu. Mr. Boadu said, the NDC has been down spirited after coming to the realization that they have lost the elections battle already. He said the victory is surely going to be a one-touch victory for the NPP. “I know that even the NDC, they’re aware that this is a no-go area for them and you can see their spirit is down already and all that. So it’s not news at all. We only want to maximize our votes and bring back the Kumawu seat in our basket,” he stated. According to the former secretary, he stormed Kumawu to observe the electoral process in the various polling stations. Meanwhile, he also expressed hope that the election was going to remain peaceful and devoid of violence since Ghana was noted for such good records in our previous elections. Also speaking about the slow pace of the process, Mr. John Boadu disclosed that he was very optimistic that people were going to turn out in their numbers to cast votes. Voters in Kumawu will elect a replacement for their Member of Parliament, Philip Atta Basoah, who died on 27th March this year while still serving his 3rd consecutive term. Ernest Yaw Anim , is representing the New Patriotic Party (NPP) whiles Kwasi Amankwaa is the NDC candidate. There are two independent candidates with the name Kwaku Duah also battling to be elected. Source: Apexnewsgh.com/Ghana For publication please kindly contact us on 0256336062 or Email apexnewsgh@gmail.com
How Freddie Blay, GNPC tried to ‘sell’ 50% of Ghana’s oil interest in Cape Three Points to PetroSA
The Minister for Energy, Dr. Matthew Opoku Prempeh, alias NAPO, in letters sighted by The Chronicle, slammed the Board Chairman of the Ghana National Petroleum Corporation (GNPC), Freddie Blay, for championing his outfit’s quest to offload oil interest of Ghana contrary to the directives of the government. The minister criticised Blay, a former national chairman of the New Patriotic Party (NPP), in letters he wrote to the GNPC board chair and President Nana Addo Dankwa Akufo-Addo while referring to letters issued by Blay and the board chair of South African National Company (PetroSA), the company buying the oil interest from Ghana, Nkululeko Poya. In the letter issued by Blay, which was dated April 23, 2023, the GNPC indicated that it had agreed with the proposal of PetroSA for an equal split of the 7 per cent interest that the Government of Ghana recently acquired from Anadarko West Cape Three Points Company (“Anadarko”). It added that PetroSA, in turn, will surrender any interest in the Deep Water Tano (DWT) held by Jubilee Oil Holdings Limited (JOHL), a subsidiary of the GNPC. The GNPC did, however, indicate that the deal was subject to the approval of the Energy Minister, Dr Matthew Opoku Prempeh. “Consistent with the said advice, the GNPC Board has considered and are agreeable to your proposal to share the interest in an equal split in the DWT interest held by JOHL. Our Board, considering your strong views in maintaining PetroSA’s claim to pre-emptory rights afforded under the DWT Joint Operating Agreement, and being desirous to continue to cultivate the cordial relationship between our two entities, agree that this split is prudent to both parties’ interests. “In agreeing to this split, we expect that PetroSA shall relinquish any further or future claims on the remainder of the DWT Interest held by JOHL. This agreement, however, as per the terms of Article 25 of the DWT Petroleum Agreement, remains subject to the written consent of the Minister of Energy for Ghana,” parts of the letter read. “We shall consider a long stop date of three (3) calendar months from the date of this letter to reach a final sale and purchase of the equal split in the DWT Interest held by JOHL subject to unforeseen and unexpected delays on the side of the Government of Ghana and its representatives on this matter,” it added. In response to the GNPC letter, PetroSA, in the letter dated May 7, issued by Poya, said that it agreed with the proposal. It added that it would approach NAPO to get his approval of the deal. “PetroSA, by extension PetroSA Ghana Ltd acknowledges and agrees that as part of the completion for this transaction, it will issue GNPC with a formal notice of relinquishment of rights to the remaining DWT interests held by JOHL. “We will formally approach your Honourable Minister for his consent to the assignment of the interest in question, to PetroSA Ghana Ltd,” the PetroSA letter read. “In looking to conclude the transaction optimally, we appoint Mr Linda Nene – General Manager-PetroSA Ghana Ltd as PetroSA’s senior responsible owner for this transaction supported by Miss Nombulelo Tyandela – PetroSA’s Group CFO. It would be appreciated to be informed who GNPC’s point of contact for this matter will be to facilitate expeditious exchange of information,” it added. Background: The Minister of Energy, NAPO, at a meeting with the Board of Directors of the GNPC, in October 2022, ordered the GNPC to cease the transaction it was having with the PetroSA regarding the sale of some of Ghana’s interest in the Anadarko West Cape Three Points Company (“Anadarko”). The government owns 7 per cent of the oil discovery in the West Cape Three Points block offshore Ghana which was discovered by Anadarko Petroleum Corporation, a US oil company. PetroSA owns 4.45 per cent interest in the Deep Water Tano (DWT) which is operated by Tullow Ghana Limited. By the proposed deal the government is seeking to exchange 3.5 per cent of its holdings in the Anadarko for the 4.45 per cent interest in the DWT owned by PetroSA. Stakeholders in the sector in the sector have warned against the move, saying that it is not in the interest of the country. Read the letters by the GNPC and PetroSA below: —Ghanaweb—
‘PetroSA deal is absurd and scandalous’ – NAPO calls out Freddie Blay, GNPC
The Minister for Energy, Dr. Matthew Opoku Prempeh, alias NAPO, has called out the Board Chairman of the Ghana National Petroleum Corporation (GNPC), Freddie Blay, over the PetroSA deal, which seeks to offload some of Ghana’s oil interests to the South African National Company (PetroSA). According to The Chronicle newspaper, NAPO, in a letter to Freddie Blay, which it sighted, accused the former New Patriotic Party (NPP) chairman of pushing for the deal despite a government directive for it to cease. The energy minister, who is also the member of parliament for Manhyia South, told Blay that it is scandalous for him to be pushing for the deal even though he has been told on a number of occasions that it will not be approved because it is not in the interest of Ghana. He ordered the GNPC board chairman to withdraw from the deal and to stop further engagements on it. “Subsequent to the meeting with my counterpart, Hon. Gwede Mantasha, Minister of Mineral Resources and Energy in South Africa, on the above subject, I have had cause to formally respond to him in two successive correspondences affirming the government’s position on the matter, and you were in copy in all instances. “It is therefore scandalous that, in spite of these directives, you have led GNPC to offer part of the government-acquired JOHL interest in the DWT to PetroSA. I direct that you cease and desist from any further flouting of the directives forthwith and withdraw the offer made to PetroSA in your letter of 23 April 2023 immediately,” parts of Napo’s letter to Blay is quoted by The Chronicle. In another letter to President Nana Addo Dankwa Akufo-Addo, NAPO complained that Blay was going on with the PetroSA deal even though he had been directed not to. He told the president that the GNPC was trying to sell 50 per cent of the 7 per cent interest the government recently acquired in the Anadarko West Cape Three Points Company (WCTPC). “The Chairman of the GNPC Board, in the letter under reference, is inviting PetroSA to preempt the 7% interest that was recently acquired by the Government of Ghana from Anadarko West Cape Three Points Company (“Anadarko”) and proposing an equal split of the Deep Water Tano (“DWT”) portion which would decrease the government’s interest. “We wish to bring this action of the Chairman, which is in direct contravention of the Government of Ghana’s express directives on the subject matter, to the urgent attention of His Excellency the President,” parts of the letter which was addressed to the secretary to the president, read. Read the letter NAPO wrote to Freddie Blay and Akufo-Addo below: —Ghanaweb—
Dr. Bawumia hits NDC hard in Kumawu with these two….
Vice President Mahamudu Bawumia has used Dumsor and Ghana fowl that escaped to Burkina Faso to round up his campaign at the final rally of the New Patriotic Party (NPP) in the Kumawu Constituency in the Ashanti Region. Pointing out some of the drama that happened during the time of the opposition National Democratic Congress (NDC), Dr. Bawumia pointed out ‘dumsor, as one of the reasons the NPP faithful must reject the NDC in Kumawu. According to the Vice President, “The NDC is roaming about that we should vote for the NDC candidate, do they think that we have forgotten about them or that we don’t think? He asked “Do you remember that during the NDC era, we slept in dumsor, for four years; is that not the case? Do you want us to go back to dumsor again? Or you want him to go and bring back the missing guinea fowls that escaped to Burkina Faso? During their time in office, the NDC established two factories, just two. We have established over 150”. Voters in Kumawu will elect a replacement for their Member of Parliament, Philip Atta Basoah, who died on 27th March this year while still serving his 3rd consecutive term. Ernest Yaw Anim , is representing the New Patriotic Party (NPP) whiles Kwasi Amankwaa is the NDC candidate. There are two independent candidates with the same name Kwaku Duah also battling to be elected. Source: Apexnewsgh.com/Ghana For publication please kindly contact us on 0256336062 or Email apexnewsgh@gmail.com
Kumawu by-election: Bawumia’s dabble in ‘cheap’ guinea-fowl politics shows how ‘low’ he’s sunk – NDC
The National Democratic Congress has said Vice President Mahamudu Bawumia’s recent comment that “guinea fowls flew to Burkina Faso under John Mahama” during one of his campaign tours in the lead-up to the Kumawu by-election slated for today, Tuesday, 23 May 2023, “is nothing but a deliberately contrived lie” that he and his ilk “continue to rehash”. “That the Vice President will continue to dabble in this cheap spin reveals how low he has descended”, a statement from the biggest opposition party signed by national communications officer Sammy Gyamfi said. “Indeed”, the statement noted, “it is noteworthy to remind Bawumia and his likes that Manasseh Azuri Awuni, the journalist who investigated the guinea fowl production and marketing joint venture project by the Savanna Accelerated Development Authority (SADA) and the Asongtaba Cottage Industry, is on public record to have refuted this claim”. Factories: Bawumia’s ‘NDC 2, NPP 150’ claim ‘barefaced lie’, NDC says VP must cure ‘own ignorance’ on ‘poor 1D1F’ At the same Kumawu campaign event, Dr Bawumia also said the Mahama administration built only two factories against the Akufo-Addo government’s 150. In the same statement, the NDC described the claim as “a barefaced lie”. “For the records”, the statement added, “the erstwhile NDC/Mahama administration established strategic, high-priority state-owned factories that anchored growth in key sectors of the Ghanaian economy”. “We must hasten to point out to the Vice President that if his so-called 150 factories claim relates to government’s poorly-implemented 1D1F programme, then he needs to educate himself and cure his own ignorance about the nature of their so-called 1D1F initiative”. “This is because none of the said 1D1F factories was actually built by the Akufo-Addo/Bawumia government”. —Classfm—