NPP’s Dr. Opoku Prempeh Dismisses Mahama’s 24-Hour Economy Promise as ‘Impractical
Dr. Matthew Opoku Prempeh, the Vice Presidential candidate of the New Patriotic Party (NPP), has rejected John Dramani Mahama’s promise to establish a 24-hour economy if elected in the upcoming December 7 polls. Apexnewsgh reports Speaking at a campaign rally in Accra, Dr. Opoku Prempeh argued that such an economy is unattainable in Ghana and would harm local businesses. He questioned the practicality of a 24-hour economy, citing the example of Abossey Okai, where businesses operate from morning till evening. “If we run a 24-hour disco, then Abossey Okai will collapse,” he warned, stressing that such a move would be detrimental to local traders. Dr. Opoku Prempeh emphasized that the idea of a 24-hour economy is unrealistic, stating, “There’s nowhere in the world where people work 24 hours.” He added, “Even God who created the world sleeps at night,” expressing skepticism about Mahama’s promise. The NPP Vice Presidential candidate’s comments highlight the ongoing debate between political parties ahead of the December 7 polls, with each side presenting their vision for Ghana’s economic future. Source: Apexnewsgh.com
Ghana Launches Bond Swap Offer to Restructure $13 Billion Debt
Ghana has taken a significant step towards restructuring its international debt by inviting holders of approximately $13 billion in bonds to swap their holdings for new instruments. Apexnewsgh reports This move comes over two months after reaching a preliminary agreement with two bondholder groups. The bond swap offer, published on the London Stock Exchange, allows holders to exchange their existing bonds for new ones with varying interest rates and maturities. Bondholders have until September 30 to accept the offer, with an early deadline of September 20 for those who want to receive a 1% consent fee. Ghana defaulted on most of its $30 billion international debt in 2022 due to economic strain from the COVID pandemic, the war in Ukraine, and higher global interest rates. The country is overhauling its debt under the G20 Common Framework, which has seen Zambia and Chad also reach agreements. Two bondholder groups, representing over 25% of the bonds, have expressed support for the restructuring offer. The agreement will see bondholders forego about $4.7 billion of their loans and provide cash flow relief of about $4.4 billion until 2026. Economist Godfred Bokpin hailed the announcement as an important milestone in Ghana’s restructuring efforts, saying it gives investors clarity on their losses and allows them to move forward. The new bonds are set to be issued on October 9. Source: Apexnewsgh.com
Ghana Mine Workers Union to Picket at Jubilee House Over FGR Bogoso-Prestea Mine Issues
The Ghana Mine Workers Union has announced plans to picket at the Jubilee House on Monday, September 16, 2024, to present a petition to President Nana Addo Dankwa Akufo-Addo regarding ongoing issues at the Future Global Resources (FGR) Bogoso-Prestea Mine. Apexnewsgh reports The union is demanding the termination of FGR’s mining lease, citing dissatisfaction with the company’s management and its failure to comply with regulatory conditions. According to Abdul-Moomin Gbana, General Secretary of the union, FGR’s operations have been marred by inaccuracies and a deliberate ploy to retain mineral rights. He criticized the company’s use of brute force by the military, intimidating and victimizing union members. The union plans to escalate its protest by extending picketing activities to Parliament and the Ministry of Lands and Natural Resources on Tuesday, September 17, 2024. This follows earlier demonstrations in April 2024, aimed at drawing attention to similar grievances. The union’s upcoming actions highlight their persistent effort to address serious mismanagement issues at the FGR Bogoso-Prestea Mine and their commitment to advocating for their members and the mining sector. Union members will gather in front of the Jubilee House at 9 a.m. on September 16 before moving to the Ministry of Lands and Natural Resources. Source: Apexnewsgh.com