News Guide Africa

Category: News

  • Rising inflation: BoG calls for resilient and thriving agric sector

    Rising inflation: BoG calls for resilient and thriving agric sector

    Adnan Adams Mohammed

    The Bank of Ghana is calling for promotion of a resilient and thriving agricultural and agribusiness sector.

    According to the Central Bank agriculture has broader implications on the economy, including price stability, exchange rate stability and generation export revenues from the sector.

    The Bank indicates that, inability to address food supply conditions could in the long run threaten price stability in the country. Since May 2021, the inflation data have pointed to gradual increase in food prices, and this trend has intensified in recent months on the back of the recent Russian-Ukraine crises. Food inflation hit 30.1% in May 2022, significantly up from 5.4% in May 2021.

    “Recognizing the important role of this sector to the economy therefore, the Bank of Ghana was instrumental in the initiation, design, and establishment of the Ghana Incentive-Based Risk Sharing System for Agricultural Lending (GIRSAL) and continues to support the scheme in various ways”, Second Deputy Governor, Elsie Addo Awadzi said when speaking at an Agriculture Stakeholder Convening and Advocacy Platform Launch, last week.

    GIRSAL was designed to be a holistic and integrated system of instruments designed to de-risk the agricultural sector and incentivize banks to lend to the sector to drive agribusiness development, and reduce capital constraints that limit competitiveness.

    At the onset, BoG provided ¢200 million seed capital and ¢10 million for the set-up and operational expenses to GIRSAL. However, in June 2018, BoG transferred its equity interest in GIRSAL Limited to the government (Ministry of Finance), but continued to support the initiative in a number of ways.

    These include the approval of a zero-risk weighting of credit exposures covered by GIRSAL’s Credit Guarantee Scheme, which demonstrates the confidence the central bank assigns to GIRSAL’s CRG scheme, and thus, improving its credibility and attractiveness to financial institutions.

    “Indeed, BoG is an invaluable partner to GIRSAL and looks forward to support its activities, including todays’ launch of an Agribusiness Public-Private Partnership Platform”, she further explained.

    “Indeed, BoG is an invaluable partner to GIRSAL and looks forward to support its activities, including todays’ launch of an Agribusiness Public-Private Partnership Platform. This newly created AG Platform should provide stakeholders the avenue to identify key bottlenecks in the agriculture and agribusiness value chain, stimulate discussions, and identify possible solutions to unlock the true potential of this industry”, she added.

  • Interest payments to rise further as cost of borrowing increases

    Interest payments to rise further as cost of borrowing increases

    Government interest payments are expected to rise in the coming months as the cost of borrowing on the domestic market surpassed 25%.

    Though liquidity has fairly improved in the market, the increasing interest payments will come at a huge cost to the government.

    The government spent about ¢10.6 billion to pay interest on loans in the first quarter of this year, with a chunk being used to service domestic debt.

    However, with the current trend of rising interest rates, the government may spend more in the second quarter and probably the third quarter of this year to settle interest on loans.  

    The other concern is the ‘crowding out effect’ which is depriving businesses and certain retail consumers from accessing loans.

    According to the auctioning results, the interest rate on the 91-day Treasury bills shot up to 25.6%, from 24.5% recorded the previous week.

    That of the 91-day T-bills went up to 26.4%, from 25.98% the prior week.

    The one-year bill also went for 27.4%.

    Meanwhile, the government T-Bills sale (24th June, 2022) was marginally oversubscribed by about 21%.

    The government secured about ¢1.59 billion from the investors, which will be used largely to finance the 2022 budget.

    The present situation occasioned by higher interest rates seems to have improved liquidity in the market.

    Securities Bids Tendered (GH¢) Bids Accepted (GH¢) Interest rate

    91 Day Bill 1.165 billion 1.165 billion 25.63%

    182 Day Bill 230.74 million 209.15 million 26.40%

     364 Day Bill  197.51 million 66.90 million 27.42%

    Total 1.593 billion  1.441billion

    Target 1.311 billion

  • All banks debit will need Ghana card authentication from July 1 – BoG

    All banks debit will need Ghana card authentication from July 1 – BoG

    The Head of Financial Stability at the Bank of Ghana, Dr. Joseph France, says starting July 1, all persons who have failed to link their Ghana cards to their bank accounts will be unable to withdraw funds from their bank accounts.

    According to him, unlinked accounts will, however, be able to receive deposits till such a time when the owner finally links their Ghana card details to the account.

    He noted that the process of linking Ghana cards to bank accounts has no expiry date and clients only have to go to their banking centres to have their Ghana card details and biometric data collected.

    The linkage of Ghana cards to bank accounts is a government initiative to weed out fraudsters from the banking sector.

    He said, “The position is that you cannot transact banking, you cannot be involved in banking activity from 1st July. And so what it means is that you cannot go and withdraw money from your bank if you haven’t linked your Ghana card to your account.

    “However, there is no expiry date to when you can do so. Si there’s an expiry date to when you  can transact business, but there’s no expiry date to when you can link your account to your Ghana card. So you go tomorrow, you want to withdraw from your account, if you haven’t linked your account to your Ghana card, you won’t be able to withdraw, but you’d have the opportunity to link your Ghana card to your account then you withdraw.

    “And you can continually do so, or anybody who is not should not rush tomorrow or tomorrow next to go and withdraw. If you don’t have business of doing banking transactions to withdraw money, you can go anytime and withdraw money, and you’d be allowed to withdraw only when your account is linked.”

    He further explained that “the only deviation which I may have to come in is that if you’re going to put in money – let’s say you have deposits, you’re going to put into your account – you’d be allowed to do so.

    “Otherwise, you’d have to take the money home and then these same fraudsters will apprehend you and take the money from you. You’d be allowed to do so, but you’d not be allowed to withdraw. There will be no debits on your account so you’d not be allowed to withdraw.”

    However, for Ghanaians who are non-residing in Ghana and diplomatic missions, they can use their passports to conduct all banking transactions.

    “The next proviso which is an expansion of what we have said and not to deviate from that but an expansion is that Ghanaians who are living abroad, in other words, non-residents who are Ghanaians who are living abroad who through no fault of theirs have not been able to have access to Ghana cardwill be allowed to use their passports.

    “Again the diplomatic missions, the embassies, will be allowed to use their passports to do banking business. aside of this all other persons should have their Ghana cards and should link their Ghana cards before they’re allowed.”

    Meanwhile, Dr. France has warned against linking your Ghana crad to your bank account  via social media links.

    According to him, this may be the nefarious activities of fraudsters trying to take advantage of the system and phish for the banking details of unsuspecting customers.

    He has warned the general public to instead report to their banking centres and have their detail taken there.

  • PURC extends announcement date of new utility tariffs by two weeks

    PURC extends announcement date of new utility tariffs by two weeks

    The Public Utilities Regulatory Commission (PURC), has set a new date for the announcement of its decision on the 2022-2027 Multi-Year Major Tariff Review.

    Last week Friday, 1st July 2022 was the initial date set for the announcement of the Commission’s decision on the review of water and electricity tariffs for 2022-2027, but, for the major interest of Ghanaians, had to extend the date to 15th July 2022.

    The Commission explained that the postponement was to allow for broadening of tariff consultation to solicit more independent views; independent verification of submitted projects (completed or work in progress) and deeper consultation with key stakeholders such as the utilities.

    “The above has led to the need for more time for further review of the tariff proposals submitted by the utility service providers, and to incorporate the findings of the regulatory audit and views of all stakeholders across the country”, a statement issued by the Commission and signed by Dr Ishmael Ackah said

    “The Commission has engaged most of its stakeholders, including the Parliamentary Select Committees on Finance; Mines and Energy; Water, Works and Housing; Development Partners; Civil Societies; Organized Labour; Industry; Media; Religious Groups; Academia, and the general public,” the statement added.

    The Commission assured all stakeholders of its commitment to ensuring a transparent, fair, and all-inclusive process in determining the multi-year tariff.

  • News Guide’s Q&A with Alex Mould on IMF program

    News Guide’s Q&A with Alex Mould on IMF program

    News Guide Africa’s Adnan Adams Mohammed, engaged a renowned finance and energy expert, Alex Mould, in a question and answer session on Ghana’s economy and the engagement with the  International Monetary Fund (IMF) for a relief.

    This was to help our readers grasp with what the picture of the economy looks and what IMF program can bring to better the outlook of the economy.

    Below is the full Q&A:

    ET: Q1i. What does going to the  IMF actually mean?

    1ii. What do we gain by returning to IMF?

    1iii. Does IMF “bail” a country out?  What exactly does that mean ?

    1v. What is the alternative if we do not go into an IMF Programme  ??

    Alex Mould: By going to IMF the managers of the economy can become disciplined and reduce the expenditure especially the discretionary expenditures are focused on the Manifesto policies that do not increase the Gross Domestic Product (GDP).

    IMF will ensure discipline and that’s bringing credibility back. So yes, If a country is disciplined then no need for IMF

    IMF don’t lend much but act as credit “derivative “ where’s bilateral and other multi-laterals are under the “IMF umbrella”and seek such comfort to “assist” either by extension of tenor, Grace period on interest payments , and sometimes haircuts (though rare) and sometimes additional funds

    The only way out for them are as follows; Refinance principal that is amortized.

    Issue here is capital markets are “closed to Ghana. Our bonds are trading at 70% of their Par value (100%), yield is now 12.5%.

    If Ghana goes to capital markets today the interests rate will be 12.5%. So they won’t go (or can’t go).

    ET: Q2i. Can’t Ghana manage its own affairs out of this situation on its own without going to the IMF?

    2ii. Can’t Ghana raise anymore debt on its own without going to the IMF?

    2iii. Does IMF impose any conditionalities?

    2iv. How are these conditionalities arrived at?

    2v. Is Ghana as a going concern bankrupt or going into an ICU?

    Alex Mould:

    TOP 20 LIST OF THE MOST INDEBTED NATIONS IN THE WORLD.

    1. USA ($18,286 trillion)

    2. UK ($7,499 trillion)

    3. France ($5,250 trillion)

    4. Germany ($5,084 trillion)

    5. Netherland ($4,124 trillion)

    6. Luxembourg ($3,900 trillion)

    7. Japan ($3,408 trillion)

    8. Italy ($2,285 trillion)

    9. Ireland ($2,236 trillion)

    10. Spain ($2,036 trillion)

    11. Canada ($1,791 trillion)

    12. Switzerland ($1,699 trillion)

    13. Australia ($1,563 trillion)

    14. China ($1,437 trillion)

    15. China Hong Kong ($1,416 trillion)

    16. Singapore ($1,300 trillion)

    17. Belgium (($1,194 trillion)

    18. Sweden ($938 billion)

    19. Austria ($629 billion)

    20. Norway ($623 billion)

    TOP 10 MOST INDEBTED AFRICAN NATIONS TO CHINA, IMF AND WORLD BANK.

    1. Angola ($25 billion)

    2. Ethiopia ($13.5 billion)

    3. Kenya ($7.9 billion)

    4. Republic of Congo ($7.5 billion)

    5. Sudan ($6.4 billion)

    6. Zambia ($6.5 billion)

    7. Cameroon ($5.5 billion)

    8. Nigeria ($4.8 billion)

    9. Ghana ($3.5 billion)

    10. DR. Congo ($3.4 billion)

    SOURCE: World Bank Annual Report for 2021.

    From the data above we can deduce that, the issue is not about the quantum of a country’s debt.

    It’s about the quantum of debt relative to your earnings from taxes and even more specific is the sustainability of your payments of your debt service from your unencumbered revenue without going to borrow again to pay for paying your debt service.

    The fear they have of going to IMF is that, IMF will only go into agreement with Ghana government on a program of discipline. Note this, IMF never imposed anything on a government.

    The government provides their plan, a Performance Improvement Plan (PIP), which the IMF agree. The IMF only monitors that they follow their own plan.

    ET: Q3i. Why are we in the position we find ourselves since we just came out of an IMF Programme?

    3ii. What were we supposed to do?

    3iii. What did we do wrong after coming out of the last programme to send us back to the IMF again?

    Alex Mould: Issue here is that, capital markets are “closed to Ghana. Our bonds are trading at 70% of their Par value (100%), yield is now 12.5%. If Ghana goes to capital markets today the interests rate will be 12.5%. So they won’t go (or can’t go).

    Ghana could not manage its expenditure very well and generating much less revenues. This forced the government to resort to borrowing incessantly. So, the fiscal deficit and debt accumulation kept widening.

    Ghana’s current outlook on the debt market is not positive. The Market never lies. Our debt price has dropped 30%. Why is Capital markets saying so? Are they wrong?

    The price dropped far before Fitch released the bomb. The market players (investors) always knows before the rating agencies report their findings. Rating agencies only report numbers already known to the market.

    Why is it that Nigeria and Ivory Coasts – our immediate peers- Bond prices are close to par (100%).

    First of all  let’s get the numbers right. GDP is not government income; it is total income in the country.

    Government income is about 12-16% of GDP. 2022 Domestic Tax income is going to be about GHS74 billion.

    Total debt is GHS350 billion (approx) and goes up even if they don’t do anything because 50% of it is in US Dollars and when the Cedi depreciates our debt gets bigger. The debt service is principal and interest

    Interest debt service is GHS37.5 billion and Wages and compensation is GHS36 billion. These two expenditures are greater than our Domestic tax revenue.  

    Principal repayment this 2022 is about US$8 billion but in 2025 will be over US$22 billion. That is when the problem will arise if we can not get into the capital markets to refinance and get the bilateral and multi-laterals to support us.

  • Finance experts support gov’t decision to engage IMF

    Finance experts support gov’t decision to engage IMF

    Adnan Adams Mohammed

    Some finance experts have indicated the need for government to engage the International Monetary Fund at this moment of the country’s economic conditions.

    They believe the continuous depletion of the country’s reserves as a major concern that requires urgent support from the Fund to enable the country secure concessionary loans at cheaper rates as well as the low domestic revenue mobilization entangled with rising global and local inflation due to the uncontrollable fuel and food price hikes.

    Although, the government had in the past indicated its fear for the Fund’s fiscal disciplinary measures (expenditure restrictions), an Associate Professor of Finance at Andrews University in the United States has dismissed such misconception explaining that, the Fund does not impose restrictions on member countries, but rather helps with structural changes which may not affect government policies.

    “IMF does not impose restrictions. What they focus on is structural changes and in that, some may affect government policies”,  Dr. Williams Kwasi Peprah has said in an interview, last week, for his reaction on government’s decision to go to the IMF.

    Also, in an interview with a former finance, banking and energy industry expert, Alex Mould, who was also the former Executive Director at Standard Chartered Bank and CEO of Ghana National Petroleum Corporation (GNPC), for his take on the ramification for going to the IMF said, it will restore discipline in the fiscal system which will intend restructure the economy for better outlook in the bond market.

    “IMF will ensure discipline and that will bringing credibility back. They (government) can become disciplined and reduce the expenditure especially the discretionary expenditures are focused on the Manifesto policies that do not increase the Gross Domestic Product.”

    He indicated that, IMF do not lend much but act as credit “derivative” where’s bilateral and other multi-laterals are under the “IMF umbrella” and seek such comfort to “assist” either by extension of tenor, grace period on interest payments, and sometimes haircuts (though rare) and additional funds.

    Dr. Peprah,further expatiated that, going to IMF will help the country’s exchange rate to stabilise, trading with ease with the rest of the world.

    “Normally, the IMF’s main aim is to ensure that international trade does not go into challenges. If you notice, the other side of the world is into manufacturing and they sell their goods in Africa. So Africa must have the money to pay for them. That’s why they asked governments to keep all the reserves so that they will be able to pay their bills [foreign] when they are due.”

    “The second point is that the Fund facilitates international trade. So that is the reason why they provide lending to governments when they see that an impact on a country’s position will affect the other parts of the world. They do that to ensure that every country’s balance of payments is ok”, he explained.

    “You will see another point when they are talking of balance of payments so that the international trade will not be distorted”, he added.

  • IMF Program: Mould answers FAQ as gov’t starts formal engagements

    IMF Program: Mould answers FAQ as gov’t starts formal engagements

    Adnan Adams Mohammed

    After months of rejecting proposals, the government has finally accepted to engage the International Monetary Fund (IMF) for a relief program.

    President Akufo-Addo, last week, ordered the Minister for Finance, to commence formal engagements with the Fund after a telephone conversation with the president and the IMF managing director, Kristalina Georgiev.

    Earlier this year, Ken Ofori-Atta, who has been hesitant about going to the IMF for a relief program, indicated that, going to the IMF again will have dire economic implications. But, in an interview with a finance, banking and energy industry expert, for his take on the knottiness for going to the IMF, said, it will restore discipline in the fiscal system which will intend restructure the economy for better outlook in the bond market.

    “IMF will ensure discipline and that will bringing credibility back”, Alex Mould, former Executive Director at Standard Chartered Bank and CEO of Ghana National Petroleum Corporation (GNPC) in a question and answer session with Economy Times. “They can become disciplined and reduce the expenditure, especially, the discretionary expenditures which are focused on the manifesto policies that do not increase the Gross Domestic Product.”

    A statement signed by the Information Minister, Kojo Oppong Nkrumah, announcing government’s readiness to engage the IMF said, government is looking for balance of payment support.

    “The engagement with the IMF will seek to provide balance of payment support as part of a broader effort to quicken Ghana’s build back in the face of challenges induced by the COVID-19 pandemic and, recently, the Russia-Ukraine crises.”

    For past months, domestic revenue mobilization was not performing to budgetary expectations, coupled with the inability to raise money from the international capital market due to the downgrade of the economy by credit rating agencies, some experts have suggested to the government to seek the support of the International Monetary Fund (IMF).

    Meanwhile, Mr Mould has ‘slapped Ghanaians in the face’ for our lack of reading attitude as many keep asking him for answers on what IMF programs is all about although he had issued answers to some Frequently Asked Questions (FAQ) some five months ago in February this year.

    “I wrote a paper in February 2022 (just 5 months ago) explaining this. No one reads – that’s the problem. Everyone thinks it’s normal NPP bashing.”

    Below are Alex Mould’s answers to IMF ProgramFAQ:

    1.  So how much is the govt looking to get from the IMF?

    It’s not the quantum of money that The IMF will give Ghana.

    It’s more serious than that !!

    It’s what The IMF bring to the table – Credibility

    IMF is a credit enhancer – Acts as credit derivative at low cost

    Ghana is basically filing for bankruptcy

    It’s like Chapter 11 – a reorganization of debt with a performance improvement plan (PIP) managed by a trustee

    IMF is the Trustee

    So, basically (a useless word), Ghana needs to reschedule its debts – mainly with the multi and bi-lateral Creditors (other Govt controlled financial institutions)  that lend us money – and also be given new debt (fresh liquidity) by these same institutions to balance our budget (especially the essential expenditure lien wages and arrears on projects already started) since our revenue (mainly from Taxes) are not enough to cover the ff:

    – our wages (of Govt workers mainly civil and public servants , Parliament, Office of the President, judiciary, teaches , nurses/doctors etc etc);

    – our debt service (mainly interest payments , and some principal repayments)

    – our Arrears of projects and programmers started (free SHS, Roads, Energy subsidies (mainly to Power generators; and subsidies paid to underperforming SoEs that are not profitable – TOR, and many others)

    – new programs approved in the budget; (some of which are unnecessary and

    So, we have a credit crunch and a liquidity crunch.

    Our domestic Borrowing ranges between 20-26% from 12-19%

    The short term rate (relative to the 7-10Yr rates) have jacked up exponentially indicating more or a liquidity crunch for Govt

    No institution or country  is going to reschedule  Ghana’s  debt if they don’t have credibility; they have shown ineptitude and lost all credibility and by going directly to capital markets in the past, to borrow heavily, they avoided the clutches of astute lenders – the multi and bi- lateral creditirs – who would demand good financial management and best practice in good governance

    These Capital market debt is held by institutional investors who only worry about the price of these bonds and just make their money on trading the bonds ie selling and buying these bonds (and that by the ways is Ken Ofori Atta’s strength – not managing an economy)

    Hence we had to go to the IMF!!!

    2. Is it anywhere near what they have borrowed so far?

    The IMF itself does not lend that much

    What the IMF brings to the table is credibility and allows other creditors lend more to Ghana by giving  them the comfort that *someone* is watching these “maverick” managers of Ghana’s economy

    What the IMF basically is telling all the other lenders is that they (IMF) will institute measures via a performance improvement plan to put a stop to bad management so that the managers of our economy do not revert to their bad management practices which got them into this  mess i.e they will watch the Govt so that they do not mess up again

    So, IMF will put Ghana on a “program”and will have a performance improvement plan (PIP) which will detail how they’re going to bring back stability to the economy; reduce inflation; stop the run on the Cedi; and manage the economy properly basically- by focusing on what really matters i.e creating real jobs and letting majority of the people have an income that can meet their needs; as well as providing the social net for the vulnerable;

    Ghana needs to improve its credibility among its lenders  (and credit Rating issued by Moody’s, S&P and Fitch) ) and that’s why Ghana is going to the IMF; it’s like going to the park with your mother – she won’t let you do stupid things!!

  • Ghana-IMF Program: Sammy Gyamfi Writes On His Facebook Wall

    Ghana-IMF Program: Sammy Gyamfi Writes On His Facebook Wall

    The attempt by NPP communicators to equalize and rationalize the decision of the Akufo-Addo/Bawumia government to go for an IMF bailout is pathetic and ridiculous to say the least. This is particularly so given the kind of negative commentary that President Akufo-Addo, his Vice, Alhaji Bawumia and other leading figures of the NPP have made about IMF programs in time past.

    If the erstwhile NDC/Mahama administration had revenue inflows of over US$5 billion to manage “Dumsor”, (a crises that was largely inherited) and the external shocks we suffered in 2015 like this NPP government had to manage COVID-19; If the erstwhile NDC/Mahama government had three (3) oil fields with an average daily production capacity of 170,000 barrels and an average international market price of $80 per barrel like the Akufo-Addo/Bawumia government has had in the last five (5) years; I dare say, that there would not have been any need for Ghana to have joined an IMF program in the year 2015.

    It is indisputable that the current Akufo-Addo/Bawumia-NPP government is the most resourced government in Ghana’s history. They have had access to more oil revenues, tax revenues and borrowed funds than any government in history. In all, they have had access to over GHS500 billion in total revenue as compared to the about GHS200 billion that accrued to the NDC/Mahama government.

    They are left with no other choice than to seek an IMF bailout now because they have wasted all the unprecedented revenues that have accrued to them on consumption, profligacy and corruption. Today, posterity has exposed their hypocrisy, deceitfulness, recklessness and emptiness. The least they can do under the circumstances is to burry their arrogance, swallow their pride, accept responsibility for the mess they have created, accept that they have been useless in the manner they have mismanaged the economy and apologize for the excruciating hardships they continue to impose on the Ghanaian people.

    To continue in this vainglorious attempt to defend their new low will only expand the bottomless pit they have plunged themselves into. Leadership that accepts responsibility and shows sensitivity to the plight of the people is what Ghanaians yearn for in a time like this and not the puffed up arrogance and intransigence this government continues to display.

    Sammy Gyamfi Esq.

    National Communications Officer, NDC

  • COVID Blame-Game And Mismanagement: Makes Ghana a candidate for an IMF program

    COVID Blame-Game And Mismanagement: Makes Ghana a candidate for an IMF program

    By: Prof. John Gatsi

    Generally, countries opt for an IMF program when the economy is under economic and financial distress with the aim of  achieving stability.

    The pandemic provided Ghana with opportunities and challenges. There has been expanded expenditure but also quicker access to resources.  Weak prioritization of  the use of abundant  supply of funds created huge fiscal gap . Election related expenditure , travel expenses and National cathedral expenses did not indicate the country was really in distress.  Unexplained  high borrowing beyond unsustainable levels , entangled the inbuilt resilience of the economy as interest payment burden undermine fiscal prudence. Policy credibility and confidence have been compromised and mutilated .

    In 2001, NPP government engaged the IMF for the HIPC Initiative , inherited and extended an IMF program from 2017 to 2019.  In 2022  an NPP government has officially requested for an IMF program  for the restoration of policy credibility and confidence .

    In terms of expenditure and funds related to Covid-19 , Ghana experienced positive net benefits as the funds raised were more  than the expenditure incurred.   So if the fresh  and ongoing engagement with the IMF is pandemic induced, then it is  pandemic mismanagement.

    The intention of government to engage the IMF is to stabilize the economy and  learn some basic lessons of prudence and productive expenditure.

    All the statements made against going to IMF including  only lazy governments go to the IMF and the global economy is in distress cannot change the fact that Ghana has opted for an IMF program.

    Though we have global economic challenges , not all countries are going to the IMF due to the pandemic and Russia- Ukraine war. If you are going to the IMF it must be related to the way the pandemic has been managed. Global economic developments are always contributors to economic instabilities that direct countries to the IMF , be it international crude breakdowns, droughts,global financial meltdown, global commodity price collapse etc.

  • Maiden National Muslims Leadership Consultative Forum Takes off On Sunday, July 3

    Maiden National Muslims Leadership Consultative Forum Takes off On Sunday, July 3

    Press Statement

    30th June 2022

     National Muslims Leadership Consultative Forum

    The Coalition of Muslims Organizations, Ghana (COMOG) and its collaborators; National Council of Zongo Chiefs, Conference of Regional Chief Imams, Tijaniya Muslim Community, Ahlu Sunna Wal Jama’a and Shia Muslim Community are organizing a National Muslim Leadership Consultative Forum scheduled for Sunday July 3rd, under the theme *”Islamic values and Identity in Ghana:  Challenges and Strategies”.*

    The Forum, organized under the auspices of the His Eminence the National Chief Imam, will take place at the Cantonment Police Mosque Conference Hall. It is planned to start at 8.30am and ends at 4pm without press coverage.

    Some of the main objectives of the forum are as follows: To review and reinvigorate inter-faith dialogue which will promote peaceful coexistence in Ghana; To examine issues surrounding the relocation of the Accra Central Mosque to Kanda, in order to bring the debate to a closure; and To develop guidelines that would serve as a blue print that will guide and ensure that, all actions and omissions of public, quasi public, private institutions that threaten the person secular status of the country.

    Thank you.

     Signed

    Bro Shaibu M. Shamsu

    Chairman, Media, Research and PR Committee.