Violent Clash in Oti Region Leaves Woman Hospitalized, Homes Burnt
A renewed communal clash in the Nkwanta South Municipality of the Oti Region has left a 43-year-old woman, Mrs. Naomi Foligah, hospitalized with a gunshot wound, and several homes set ablaze. Apexnewsgh reports The violent incident occurred on Wednesday night in Tuobodon, a sub-community within the municipality, sparking concerns over the escalating tensions in the area. According to eyewitnesses, the clashes began on Wednesday night, with two houses being torched. Mrs. Foligah was reportedly protecting her children when she was shot below the breast. She was quickly rushed to St. Joseph Catholic Hospital, where she is currently receiving treatment. The Nkwanta South Municipality has witnessed numerous violent clashes in recent years, primarily over land and tribal disputes, resulting in several deaths. The area has been under curfew since last year due to the ongoing tensions. Despite efforts by authorities to restore peace, the violence has continued, disrupting education, forcing the closure of government offices, and leading many residents to flee the area for safety. Security personnel, including the Ghana Police Service, the Ghana Armed Forces, and the Ghana National Fire Service, were deployed to the area to contain the situation. However, they struggled to bring the flames under control, as several structures were already destroyed. The Nkwanta Divisional Police Command has launched an investigation into the latest clash, but the exact cause of the violence remains unknown. Authorities have urged residents to remain calm and refrain from any actions that could worsen the situation. Source: Apexnewsgh.com
UT Bank Founder Raises Concerns Over IMF’s Role in Bank’s Closure
Prince Kofi Amoabeng, the founder and former CEO of UT Bank, has expressed his concerns about the International Monetary Fund’s (IMF) involvement in the closure of his bank. Apexnewsgh.com In a recent interview on Joy FM, Amoabeng questioned the Bank of Ghana’s (BoG) decisions, suggesting that they may have been influenced by external pressures. Amoabeng’s concerns were sparked by the Bank of Ghana Governor’s assertion that the IMF influenced the decision to close UT Bank. Amoabeng stated that he had always suspected the IMF’s involvement, but couldn’t confirm it until now. He believes that this admission is a sad reflection on Africa’s leadership, which often lacks the independence and will to make decisions that benefit their own countries. Amoabeng also criticized the manner in which UT Bank was shut down, questioning whether the IMF had instructed the Bank of Ghana to take such drastic measures. He described the closure as a “Rambo-style” operation, with Bank of Ghana officials and police storming the premises at 6 a.m. to remove signage. Furthermore, Amoabeng argued that the entire UT Group was deliberately targeted, with the Bank of Ghana closing the accounts of all UT companies, including UT Holdings. He questioned whether the IMF had instructed the Bank of Ghana to go after him personally, despite having resigned as CEO 20 months prior to the bank’s closure. Amoabeng’s concerns extend beyond the closure of UT Bank, highlighting the lack of foresight and concern for stakeholders. He emphasized that the decision had significant implications for staff, investors, and the economy as a whole. In conclusion, Amoabeng expressed his disappointment in Ghana’s financial leadership and economic sovereignty. He believes that the country’s leaders are too quick to accept dictates from external powers, rather than making decisions that benefit Ghana. Source: Apexnewsgh.com
In farewell address, Biden warns of concentration of power and wealth
In his farewell address from the Oval Office Wednesday evening, U.S. President Joe Biden warned of the dangers of the concentration of power and wealth, highlighting the emergence of an “oligarchy” and a “tech-industrial complex.” “The dangerous concentration of power in the hands of a very few ultra wealthy people, the dangerous consequences if their abuse of power is left unchecked,” he said. “Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedom.” The president did not say who he meant by oligarchy. But some of the nation’s biggest billionaires including Elon Musk have forged close ties with President-elect Donald Trump, who will be inaugurated Monday. Musk spent more than $100 million towards Trump’s reelection, while Meta CEO Mark Zuckerberg and Amazon’s Jeff Bezos have made large donations to Trump’s inaugural committee. Without mentioning names, Biden made a jab at Zuckerberg’s recent decision that his social media company, which owns Facebook and Instagram, will stop working with fact checkers. “The free press is crumbling. Editors are disappearing. Social media is giving up on fact checking,” Biden said. “The truth is smothered by lies told for power and for profit.” Gaza ceasefire Biden ended his term on a high note on foreign policy. Just hours earlier, he announced that Israel and Hamas have reached a ceasefire-and-hostage agreement in Gaza. “It is the result not only of the extreme pressure that Hamas has been under and the changed regional equation after a ceasefire in Lebanon and weakening of Iran — but also of dogged and painstaking American diplomacy,” Biden said in a statement. “My diplomacy never ceased in their efforts to get this done.” The deal will largely be implemented by the incoming administration, and in his farewell Biden said he is instructing his team to keep the incoming administration fully informed. Trump immediately sought to take credit for the deal, posting on social media that “the ceasefire agreement could have only happened as a result of our Historic Victory in November.” On the foreign policy front, the administration insists it is leaving the incoming administration with a “very strong hand to play.” “We’re leaving an America with more friends and stronger alliances, whose adversaries are weaker and under pressure,” Biden said in his foreign policy address delivered Monday. “An America that once again is leading, uniting countries, setting the agenda, bringing others together behind our plans and visions.” The president again defended his decision to withdraw the United States from Afghanistan in 2021. Republicans and some Democrats have criticized the manner with which Biden ended America’s longest war as chaotic, costing the lives of 13 service members and dozens of Afghan civilians in a terrorist attack in Kabul. Winter of peril and possibilities In a letter released Wednesday morning, Biden reflected on how his administration began in the shadows of COVID-19 and the Jan. 6, 2021, attack on the U.S. Capitol by a mob of Trump supporters intent on overturning the result of the 2020 election that Biden won. “Four years ago, we stood in a winter of peril and a winter of possibilities,” he said in the letter. “But we came together as Americans, and we braved through it. We emerged stronger, more prosperous, and more secure.” It was Biden’s fifth and final formal address from the Oval Office. In his previous Oval Office address six months ago, he explained his decision to step aside and endorse his vice president, Kamala Harris, to run against Trump in the 2024 election. The president’s farewell address comes a day after Jack Smith, the special counsel who indicted Trump on charges of illegally trying to cling to power after the 2020 election, released his final report. Smith’s report said the evidence would have been sufficient to convict the president-elect in a trial, had his 2024 election victory not made it impossible for the prosecution to continue. Trump has repeatedly denied wrongdoing and attacked the special counsel’s work as politically motivated. In July the U.S. Supreme Court granted Trump sweeping protections from criminal liability over his role in trying to undermine his 2020 defeat. Biden used his farewell address to call for a constitutional amendment to end immunity for sitting presidents. Biden’s legacy Biden is leaving office with a 39% approval rating, according to Gallup. Thomas Schwartz, a presidential historian from Vanderbilt University in Tennessee, said the president’s legacy will be affected by how Trump governs in the next four years. “If Trump ends up being a disaster … either ushering economic chaos, or if there’s more world chaos from conflicts, Biden will be remembered more favorably,” he told VOA. “If Trump really proves to be as dangerous to democratic norms as Biden and the Democrats suggested, then I think he may be seen as very prophetic.” Conversely, by inheriting a strong economy and a winding down of U.S. foreign entanglements, Trump has the potential to become a president in the caliber of Ronald Reagan, Schwartz said. In which case Biden will be noted by historians for his legislative achievements but “won’t be remembered as fondly.” The White House also released an extensive fact sheet detailing the Biden-Harris administration’s achievements domestically and abroad. The sheet highlighted historic economic progress that added 16.6 million jobs, grew the GDP by 12.6% and raised median household wealth by 37%. It underscored investments in infrastructure, clean energy, and semiconductors through Biden’s signature legislation, the Inflation Reduction Act and CHIPS Act. The White House argued that through targeted relief and fair taxation, the Biden administration rebuilt a “stronger, fairer economy,” creating opportunity from the bottom up. Biden ended his farewell address by thanking the nation for the privilege to serve. “I still believe in the idea for which this nation stands, a nation where the strength of our institutions and the character of our people matter and must endure,” he said. “Now it’s your turn to stand guard.” Source: voanews.com
Ablekuma North collation to resume today
The collation of parliamentary election results for the Ablekuma North Constituency is set to continue today at 8 am at the old head office of the Electoral Commission (EC) in Ridge, Greater Accra. The collation process, marred by disagreements and delays, faced its most recent setback on January 8 when the Returning Officer, Vincent Obeng, resigned amid disputes over the authentication of pink sheets. Mr. Obeng had earlier explained to journalists that the collation was nearly complete, with results from four out of the seven remaining polling stations finalized. However, disagreements over the authentication of results from three polling stations led to the process being suspended for the sixth time. Controversy and Resignation The Ablekuma North Constituency, which has a total of 281 polling stations, has verified results from 278 of them. The remaining three polling stations remain a point of contention between the contesting parties—the National Democratic Congress (NDC) and the New Patriotic Party (NPP) Mr. Obeng expressed frustration over the drawn-out process, stating, “It’s so unfortunate for me to make this statement that I’m done with Ablekuma North,” as he announced his resignation. His decision has added another layer of complexity to an already tense situation. Dr. Serebour Quaicoe, the EC’s Director of Training, confirmed the suspension of the collation exercise and described Mr. Obeng’s resignation as “unfortunate.” He added that the EC would engage with the Returning Officer to determine whether he would reconsider his decision. Stakeholders React The NDC’s Ablekuma North Constituency Organiser, Musah Kalamu, objected to the use of scanned pink sheets for verification, calling for a rerun of results in the 62 polling stations where discrepancies had been alleged. Of these, 59 have since been verified, leaving three outstanding. On the other hand, the NPP, represented by its Director of Research and Elections, Evans Nimako, and its parliamentary candidate, Nana Akua Owusu Afriye, remains confident that the truth will prevail. What to Expect Today Today’s resumption of the collation process is expected to bring clarity to the contested results. Both parties will be present at the collation centre, with the EC striving to ensure a transparent and conclusive process. The contest for the parliamentary seat remains between the NPP’s Nana Akua Owusu Afriye and the NDC’s Ewurabena Aubynn, with tensions running high as the constituency awaits the final verdict. Source: Graphic.com.gh
NDC Ashanti Regional Chairman Urges President Mahama to Appoint More Ministers and CEOs
The Ashanti Regional Chairman of the National Democratic Congress (NDC), Mr. Augustus Andrews Nana Akwasi, has made a passionate appeal to President John Dramani Mahama to appoint more Ministers and Chief Executive Officers (CEOs) from the region. Apexnewsgh reports This call comes on the heels of the President’s nomination of Dr. Frank Amoakohene, the Regional Secretary of the NDC, as Regional Minister-designate for the Ashanti Region. Nana Akwasi expressed his gratitude to the President for the nomination but emphasized the need for additional ministerial and executive appointments to drive the region’s development agenda. He noted that the Ashanti Region, being the largest with 47 constituencies, requires more sector Ministers and CEOs to facilitate progress and development. President Mahama has consistently prioritized the Ashanti Region, and Nana Akwasi is confident that more appointments will be made to boost development efforts and strengthen the party’s electoral fortunes in future elections. In a related development, Nana Akwasi urged aspirants for the Metropolitan, Municipal, and District Chief Executive (MMDCE) positions to accept the vetting outcomes in good faith and continue to serve the party diligently. This call for unity and cooperation is seen as a strategic move to ensure the party’s continued success in the region. Source: Apexnewsgh.com
ECG operating over 80 active bank accounts
The Electricity Company of Ghana (ECG) is facing significant operational challenges due to its management of over 80 active bank accounts, according to a recent audit report by PricewaterhouseCoopers (PwC). Apexnewsgh reports This decentralized financial structure hampers transparency and accountability, contravening International Monetary Fund (IMF) conditionalities tied to Ghana’s financial support program. The PwC audit reveals that ECG’s fragmented financial systems make reconciliation and cash flow management difficult. The company’s reliance on multiple accounts also contravenes the Ministry of Finance’s directive to consolidate revenue collections into a single account. This directive aims to enhance financial transparency and streamline operations within state-owned enterprises. The audit report notes that all funds from district and regional accounts are transferred to 14 head office accounts at the end of each month. However, this process may have contributed to a GHS 490 million discrepancy between the figures reported by ECG and those found by PwC. The use of multiple bank accounts leads to inefficient reconciliation processes, increasing the risk of unaccounted funds and cash flow management issues. These issues disrupt payments to independent power producers (IPPs) and other stakeholders, eroding confidence in ECG’s ability to manage revenues effectively. The Cash Waterfall Mechanism (CWM), designed to equitably allocate revenues among sector stakeholders, is also compromised due to inaccurate and timely financial reporting. This exacerbates Ghana’s energy sector debt crisis, which now exceeds GHS 8 billion. To address these challenges, PwC recommends: Account Consolidation: ECG should transition to a single revenue collection account to reduce administrative complexity and enhance oversight. Automated Reconciliation: Implementing real-time reconciliation systems can improve cash flow management and minimize discrepancies. Capacity Building: Training ECG staff in modern financial management practices is essential to foster accountability and efficiency. Periodic Audits: Regular third-party audits can help identify and rectify gaps in financial oversight. As public scrutiny intensifies on ECG’s operations and power delivery challenges, Ghanaians await the appointment of a new leader to steer the company. The Minister of Energy designate, John Jinapor, has indicated his alignment with President Mahama’s position on privatization of ECG. However, the new leadership’s ability to enforce financial reforms and ensure compliance with directives will be critical in addressing the company’s operational inefficiencies. Source: Apexnewsgh.com
Missing Millions: Forensic Audit Exposes GHS 303.48 Million in Unexplained Tax Offsets at ECG
A shocking forensic audit has uncovered a staggering GHS 303.48 million in unexplained “tax offsets” at the Electricity Company of Ghana (ECG), raising serious concerns about financial transparency and revenue allocation within the power sector. Apexnewsgh reports The audit, conducted by PricewaterhouseCoopers (PwC), covered the period from October to December 2023 and revealed that ECG made these substantial deductions without providing supporting documentation or a clear rationale for the transactions. The audit report shows that ECG recorded GHS 253.48 million in tax offsets in November 2023 and an additional GHS 50 million in December 2023. These deductions were made before calculating revenue available for Level B beneficiaries in the Cash Waterfall Mechanism (CWM), a system designed to ensure fair payment distribution across Ghana’s energy sector. The PwC audit highlights several discrepancies, including unexplained tax offsets, weak reconciliation processes, and non-compliance risks. The report notes that ECG could not provide evidence supporting these tax offsets and the rationale for doing so, exposing the company to potential regulatory scrutiny and penalties. The audit also reveals a troubling pattern in ECG’s statutory payment practices. Despite being required to allocate 12.5% of net collections for statutory payments, ECG made no direct statutory payment allocations in November and December 2023. Instead, the unexplained tax offsets reduced the pool of funds available for distribution to Level B beneficiaries, including critical power sector stakeholders. Furthermore, the audit uncovered a GHS 500 million credit note issued by ECG to the Ghana Revenue Authority (GRA), intended to offset liabilities through April 2024. This arrangement affects the settlement of electricity bills by Ministries, Departments, and Agencies (MDAs), effectively depriving beneficiaries of the CWM of their share of collections. The tax offset findings are part of a larger pattern of financial irregularities at ECG. The audit also revealed: GHS 1.14 billion in underdeclared revenues GHS 136.74 million in emergency fuel purchases, with only GHS 18.2 million declared Operation of 84 bank accounts across 20 banks, contrary to Ministry of Finance and IMF directives GHS 47.50 million in unauthorized vendor commissions These findings pose a significant challenge to Ghana’s energy sector, already struggling with debt exceeding GHS 8 billion. Achieving financial sustainability and transparency will require addressing these irregularities and ensuring accountability within ECG. Source: Apexnewsgh.com
Republic Bank Ghana Appoints Venus Francis Frith as Chief Operating Officer
Republic Bank (Ghana) PLC has appointed Mr. Venus Francis Frith as its new Chief Operating Officer (COO), effective December 20, 2024, after receiving approval from the Bank of Ghana. Apexnewsgh reports As COO, Mr. Frith will oversee Republic Trust, Corporate Banking, Custody, and International Trade Services, while providing key support to the Managing Director. Mr. Frith brings over two decades of banking experience to the role, having worked with Republic Bank Limited in Trinidad & Tobago since 2000. He has risen through the ranks, from apprenticeship to General Manager, and has held key positions, including General Manager of Credit at Republic Bank (Guyana) Limited. His expertise spans various business areas, including Operations, Retail Lending, and Investment Banking. The Managing Director of Republic Bank, Mr. Benjamin Dzoboku, welcomed Mr. Frith, stating that his experience and expertise are crucial in achieving the bank’s 5-year strategy, dubbed the Republic Verse. Mr. Frith expressed his eagerness to work with the Republic Bank Ghana team to achieve excellence in the Ghanaian banking landscape. As a subsidiary of Republic Financial Holdings Limited (RFHL) of Trinidad and Tobago, Republic Bank (Ghana) PLC is Ghana’s leading Universal Banking institution, offering a wide range of services, including Corporate, Commercial, and Retail Banking, Investment Banking, and Microfinance. The bank focuses on four SDG goals as part of its Corporate Social Responsibility initiative, Power to Make a Difference (PMAD). Source: Apexnewsgh.com
Mahama Appoints Sammy Gyamfi to Head PMMC, Paving Way for Ghana Gold Board
President John Dramani Mahama has appointed Sammy Gyamfi, the National Communications Officer of the National Democratic Congress (NDC), as the Acting Managing Director of the Precious Minerals Marketing Company (PMMC). Apexnewsgh reports This appointment, effective January 16, 2025, marks a crucial step towards fulfilling the NDC’s 2024 manifesto promise of establishing the Ghana Gold Board (GoldBod). Felix Kwakye Ofosu, the Acting Spokesperson to the President, announced the appointment, highlighting the administration’s commitment to economic revitalization and sustainable development through the GoldBod initiative. The Ghana Gold Board, operating under the direction of the Minister for Finance, will be responsible for the sustainable management and marketing of Ghana’s gold resources for the benefit of the Ghanaian people. As the Acting Managing Director of PMMC, Gyamfi’s mandate includes formalizing the small-scale gold mining sector and providing mining support services for the industry. His extensive background and expertise make him an ideal candidate for the role. Gyamfi holds a BSc in Environmental Science and a Bachelor of Law from Kwame Nkrumah University of Science and Technology, as well as an MA in Economic Policy Management from the University of Ghana. With his experience working with Exton Cubic Group Limited, a reputable mining company in Ghana, and his current role as the National Communications Officer of the NDC, Gyamfi is well-equipped to drive the successful establishment and operation of the Ghana Gold Board. This development is expected to boost transparency, economic growth, and the equitable distribution of benefits from Ghana’s gold resources. Source: Apexnewsgh.com