Ghana’s Economy Shows Remarkable Recovery Amid Global Challenges
Ghana’s Ministry of Finance has announced that the country’s economy is bouncing back strongly, despite global challenges and debt restructuring. Apexnewsgh reports According to the Ghana Statistical Service (GSS), the economy grew by 6.9% in the second quarter of 2024, making it the highest quarterly GDP growth in five years. The ministry attributes this robust recovery to the government’s efforts to restore macroeconomic stability and growth through the IMF-supported Post-COVID-19 Programme for Economic Growth (PC-PEG). The overall real GDP growth for the first half of 2024 averaged 5.8%, significantly higher than the 2.9% recorded in the same period in 2023. All three sectors of the economy – agriculture, industry, and services – contributed to this growth. The industry sector saw an impressive 8% growth, driven by expansions in mining and quarrying, oil and gas, construction, and manufacturing. Agriculture grew by 5%, with notable increases in crops, fishing, and livestock. The services sector expanded by 4.4%, fueled by growth in information and communication, accommodation and food services, and financial and insurance activities. This recovery is particularly remarkable given Ghana’s completion of its domestic debt restructuring program in 2023 and ongoing external debt restructuring. The ministry notes that Ghana’s growth performance surpasses that of countries with similar debt restructuring experiences, such as Jamaica, which saw average real GDP growth of only 1-2% over a decade. The government remains committed to maintaining macroeconomic stability, a crucial factor in promoting inclusive growth. With this momentum, Ghana’s economy is poised for continued recovery and expansion. Apexnewsgh.com/Ghana/Ngamegbulam Chidozie Stephen Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 0248250270/0256336062. .
Historic Milestone Achieved: President Akufo-Addo Signs Affirmative Action Gender Equity Bill into Law
In a groundbreaking move, President Nana Addo Dankwa Akufo-Addo has given his official seal of approval to the Affirmative Action Gender Equity Bill 2024, transforming it into law. Apexnewsgh reports This significant legislation, passed by Parliament in July, seeks to address the deep-seated disparities that have historically hindered women’s progress due to entrenched patriarchal norms and systems. The Affirmative Action Gender Equity Act, 2024, is designed to bridge the gender gap, promoting equity and inclusivity across both public and private sectors. This landmark law marks a crucial step towards creating a more balanced society, where women have equal opportunities to thrive. On Thursday, September 19, 2024, the Minister of Gender, Children and Social Protection, Dakoa Newman, took to X (formerly Twitter) to announce the development. “Update: President Nana Addo Dankwa Akufo-Addo @NAkufoAddo has assented to the Affirmative Action (Gender Equity) Act, 2024. Next Step: Implementation,” she tweeted. With the President’s signature, the stage is set for implementation, paving the way for meaningful change. The Act is expected to: (a) Promote gender equity in education, employment, and decision-making positions (b) Address socio-cultural, economic, and political disparities (c) Foster an inclusive environment for women’s empowerment This milestone legislation demonstrates Ghana’s commitment to gender equality and women’s empowerment, aligning with global efforts to achieve the United Nations’ Sustainable Development Goals. As implementation begins, Ghanaians look forward to witnessing tangible progress toward a more equitable society. Apexnewsgh.com/Ghana/Ngamegbulam Chidozie Stephen Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 0248250270/0256336062.
ECG Violates Revised Cash Waterfall Mechanism, PURC Reports
The Electricity Company of Ghana (ECG) has found itself in hot water with the Public Utilities Regulatory Commission (PURC) over its failure to comply with the revised Cash Waterfall Mechanism (CWM). Apexnewsgh reports Introduced in August 2023 under President Nana Addo Dankwa Akufo-Addo’s directive, the CWM aimed to boost financial stability in Ghana’s energy sector by ensuring transparency and fairness in revenue distribution. However, the PURC’s report reveals that ECG hasn’t made monthly payments to stakeholders as required, sparking concerns about the company’s commitment to transparency and fairness. The PURC stressed that ECG’s non-compliance undermines the purpose of the CWM, which is to allocate revenue fairly among sector players. The commission also criticized ECG for its inconsistent and opaque payment practices, citing these issues as major contributors to the sector’s dwindling financial stability and declining service quality. “The lack of transparency and consistency in revenue payments has severe consequences, including worsening financial sustainability and deteriorating service quality,” the PURC warned. It’s worth noting that ECG has since shown improvement in complying with the CWM, as reported by the PURC for March 2024 payments. However, the company must sustain this progress to regain stakeholder trust and ensure a stable energy sector. Apexnewsgh.com/Ghana/Ngamegbulam Chidozie Stephen Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 0248250270/0256336062. Key Concerns: – Lack of Transparency: ECG’s inconsistent payment practices hinder transparency in revenue distribution. – Inequitable Revenue Allocation: Non-compliance with CWM guidelines undermines fair revenue allocation among sector players. – Declining Service Quality: Inconsistent payments impact the overall quality of services provided by ECG. The PURC’s findings serve as a wake-up call for ECG to rectify its payment practices and prioritize transparency, fairness, and financial stability in Ghana’s energy sector.
Bongo Won’t Fall for DRIP – Bawadua Caution NPP
Lawyer Charles Bawadua, the National Democratic Congress’ parliamentary candidate for Bongo Constituency, believes the government’s distribution of the District Road improvement Programme (DRIP) machinery to various MMDAs, including his district, won’t sway voters to support the governing party in the 2024 election. Apexnewsgh reports Speaking to ApexnewsGh’s Ngamegbulam Chidozie Stephen, Lawyer Bawadua emphasized that the New Patriotic Party has left Ghanaians, including Bongo residents, struggling with poor roads and hardship since taking power. His concerns echo the longstanding rivalry between the NPP and NDC, with the NPP being a centre-right and liberal-conservative party, and the NDC leaning towards centre-left. The NPP has a history of advocating for free secondary education and anti-corruption measures, but Bawadua’s statement suggests that these efforts may not be enough to win over voters in Bongo Constituency. The DRIP program, aimed at improving district roads, may be seen as a last-ditch effort by the NPP to gain support. However, Bawadua remains skeptical, citing years of neglect and hardship under NPP rule. As the 2024 elections approach, it’s clear that the battle for Bongo Constituency will be fiercely contested. Apexnewsgh.com/Ghana/Ngamegbulam Chidozie Stephen Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 0248250270/0256336062.
NPP Commits to Settling NABCO Arrears– NPP National Youth Organizer
The National Youth Organizer of the governing New Patriotic Party (NPP), Mr. Salam Mohammed Mustapha, has publicly acknowledged the outstanding arrears owed to beneficiaries of the Nation Builders Corps (NABCO) program. Giving beneficiaries hope of their arrears soon. Apexnewsgh reports Speaking at a press conference in Bolgatanga, Mr. Salam revealed that Vice President Dr. Bawumia is actively working to settle these arrears. According to Mr. Salam, Dr. Bawumia has taken keen notice of the challenges faced by NABCO beneficiaries due to the unpaid arrears. In recent public appearances, Dr. Bawumia has expressed his commitment to resolving this issue, bringing hope to those affected. Many NABCO beneficiaries have struggled over the past year due to the government’s delay in settling their arrears. Mr. Salam’s assurance and Dr. Bawumia’s promise offer a lifeline to these individuals. With Dr. Bawumia at the helm, the NPP is gearing up for a strong showing in the 2024 elections. The Vice President has expressed confidence in the party’s prospects, urging party faithful to stay focused and work hard. Apexnewsgh.com/Ghana/Ngamegbulam Chidozie Stephen Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 0248250270/0256336062.