Tag: president Akufo-Addo

  • Macroeconomic stability is fast returning to our country – Finance Minister

     

     

    Minister of Finance

     

    Finance Minister, Dr Mohammed Amin Adam, has reaffirmed that Ghana’s economy has come back to life following the difficulties faced in the last three years.

     

    He said macroeconomic stability is fast returning to our country

     

    The Karaga lawmaker said this while speaking at a rally in Saboba in the Northern Region last week.

     

    “Ghana’s economy has come back to life following the difficulties we faced in the last three years. Macroeconomic stability is fast returning to our country. We all can see the indicators improving by the day.

     

     

    “And now we want to focus on growth, economic growth, which has also already demonstrated that the economy has recovered strongly. Last year, we were supposed to grow at 1.5 percent, but we grew at 2.9 percent. Half this year, we were supposed to grow at 3.1 percent, but we grew at 5.8 percent.”

     

    President Akufo-Addo also made similar comments last week that the economy is recovering.

     

    President Akufo-Addo said on Wednesday, 20th November 2024, when he commissioned The Bank Square, the new headquarters of the Bank of Ghana, located in the heart of Accra that “Recent data from the Bank of Ghana shows that Ghana’s economy is firmly on the path of recovery. Provisional GDP growth of 6.9% in the second quarter of 2024, with a robust non-oil growth of 7.0%, highlights the strength of our agriculture, industry, and services sectors.

     

     

    “Inflation has been sharply reduced from 54.1% in 2022 to 22.1% as of October 2024, bringing relief to households and businesses alike. These achievements are further bolstered by a trade surplus of $2.78 billion and international reserves of $7.5 billion, which provide a strong buffer against external shocks,” he said.

     

    He added “This milestone is a testament to the Bank of Ghana’s commitment to sound monetary policies under the leadership of Governor Ernest Addison and his dedicated team. I applaud their efforts, as well as the creativity and expertise of the architects, engineers, and contractors—especially GoldKey Properties, a wholly Ghanaian entity—that brought this vision to life. Together, we are building a foundation for a resilient economy, inclusive growth, and a brighter future for all Ghanaians.

     

    “As we celebrate this achievement, I call on all of us to continue working together to build an economy that is stable, inclusive, and prosperous. The Bank Square is not just a symbol of what we have accomplished; it is an inspiration for what lies ahead. Let us remain united in our efforts to make Ghana great and strong!”

     

     

     

     

     

     

     

  • Newmont sells Akyem mine to China’s Zijin Mining Group for $1bn

     

     

     

    Newmont

    Newmont Corporation has announced that it will sell its Akyem operation in Ghana to Zijin Mining Group Co., Ltd. under a definitive agreement, for cash consideration of up to $1 billion.

     

    The sale is part of Newmont’s ongoing programme to divest non-core assets as the company makes a strategic shift to focus on its Tier 1 assets.

     

    Under the terms of the agreement, Newmont is expected to receive cash consideration of $900 million upon closing.

     

    A further $100 million is expected to be received upon the satisfaction of certain conditions.

     

     

    Newmont said in a statement that proceeds from the transaction will support its capital allocation priorities, including strengthening the balance sheet and returning capital to shareholders.

     

    “The sale of Akyem represents continued progress on the non-core asset divestiture program announced in February, supporting our focus on the Tier 1 assets in Newmont’s portfolio that will drive sustainable growth and the return of capital to shareholders,” saidTom Palmer, Newmont’s President and Chief Executive Officer.

     

    “We believe the proposed transaction results in the greatest overall value for Newmont shareholders and is the best strategic fit for Akyem. We are confident that Akyem will continue to thrive under new ownership with long-term benefits for local stakeholders and surrounding communities. The successful completion of this transaction will strengthen our confidence in Ghana as a favourable mining jurisdiction and Newmont will continue to support the growth and development of the region including our development of Ahafo North.”

     

    “In line with President Akufo-Addo’s address in February we ensured that our robust divestment process provided equal opportunity for all potential buyers, Ghanaian and international, to participate,” saidRahman Amoadu, Newmont Managing Director, Africa.

     

     

    “Additionally, we have included the Minerals Income Investment Fund (MIIF) in the process in preparation for their potential investment in Akyem to further Ghanaian interest in the mine.”

     

    The transaction is expected to close in the fourth quarter of 2024, contingent on the satisfaction of customary conditions precedent, including regulatory approvals. As a result, the transaction is not expected to have a material impact on Newmont’s 2024 outlook and the Company has not adjusted its non-core guidance for the year.

     

    Newmont said it remains committed to Ghana including the investment of $950 million to $1,050 million of development capital in the Ahafo North gold mining project in the Ahafo region of Ghana.

     

    In connection with the transaction, Citi acted as Newmont’s exclusive financial adviser, Treadstone Resource Partners acted as strategic adviser, and Davis Graham & Stubbs LLP and Reindorf Chambers acted as legal advisers.

     

  • Maritime trade stakeholders want COVID -19 levy abolished

    Adnan Adams Mohammed

     

    The Importers and Exporters Association of Ghana, is calling for the immediate abolishment of the COVID-19 levy.

     

    The importers and exporters argue that government must completely do away with the Covid -19 levy as well as the Special import levy and the financial recovery levy as they place undue burden on individuals and businesses.

     

    “We cannot compromise that it should become part of government’s revenue target for the year. Government must think about the ordinary Ghanaian suffering at this point in time and should not impose the Covid levy,” Sampson AsakiAwingobit, the Executive Secretary of the Association said in an interview.

     

    “Not only are we requesting for the Covid levy to go off the books but we are also asking that government should also abolish the special import levy and the financial recovery levy. These are levies including the Covid levy that came with sunset clauses that means they have lived their usefulness thus they have to go off the books,” he added.

     

    The Covid-19 Health Recovery Levy is a stand-alone levy applied to the gross value of taxable supplies of goods and services provided under the Standard Rate and VAT Flat Rate Schemes.

     

    Meanwhile, some individuals and operators of small and medium enterprises in Accra are lamenting the negative impact the continuous payment of the Covid-19- Levy, is having on their businesses.

     

    Sharing their thoughts on government’s stance of maintaining the Covid- 19 levy, some said,” it was only unfair but also an exploitation of the already struggling business community by the AkuffoAddo led government and therefore, needs to be scrapped”.

     

    Apparently, the government still wants to raise more revenue through the COVID-19 Health Recovery Levy, despite the end of the pandemic in the country.

     

    While describing the 1% tax as unpopular, President Akufo-Addo emphasized that the government will continue to charge the levy to bridge the fiscal gaps generated by the pandemic while addressing other expenditure challenges.

     

    “The COVID Health Recovery Levy that was introduced to help fill some of the expenditure holes might not be the most popular tax, but I entreat all of you to bear with us”, the President said in his address on Sunday.

     

    The Covid-19 Health Recovery Levy is a stand-alone levy applied to the gross value of taxable supplies of goods and services provided under the Standard Rate and VAT Flat Rate Schemes.

     

    “Let me make it clear that COVID expenditures, essentially unplanned, have been subject, at my instigation, to audit by the Auditor-General, and are going through parliamentary processes. We all deserve to be reassured that the crisis was not used as a cover for corrupt practices”, the President added.

  • Economists, MoMo vendors and users respond negatively to E-Levy passage

    Economists, MoMo vendors and users respond negatively to E-Levy passage

    Adnan Adams Mohammed

    Senior economists including a former finance minister, Mobile Money vendors and users have reacted negatively to the passage of the Electronic Transactions Levy bill into law by the current government.

    The bill was passed into law last week by one-sided parliament due to a walkout staged by minority NDC members of parliament and subsequently filing court action at the Supreme Court for stay of execution to challenge the ‘lack of quorum’ in the House at the time of passage of the bill into law.

    Mobile Money (MoMo) vendors across the country complained that, there were madrush withdrawals at their various mobile money vending outlets causing them to run out of cash which has tendency to collapse their petty business in the circumstances of the current economic hardship. However, it took the president, Nana Akufo Addo two working days to assent to the E-Levy law despite majority of Ghanaians haven openly kicked against the levy, especially taxing MoMo. An economics professor at the University of Ghana Business School shared his disappointment at the government for ignoring a better and progressive tax alternatives to push through the regressive E-Levy.

    “There are more efficient, progressive, fairer and equitable means of generating more tax revenue by improving efficiency along with existing tax handles. How much this e-levy can raise is far lower than what we could have gained if we had passed the exemption bill in 2019”, Prof. Godfred Bokpin intuited. “During the 2019 SONA, the President told us that the biggest threat to Ghana’s revenue base is an exemption and told us that in 2018 alone, Ghana lost GHS4.66 billion and assured us that the new bill is being sent to Parliament. After all these years, nothing has been done. But look at the urgency with which we want to pass the e-levy. When you do that, you’re creating some sort of imbalance that says that the economy is set up to favour foreign capital against domestic capital formation and that is unfortunate.”

    Also, Dr. Kwabena Duffuor, a former Finance Minister, reacted sadly to the news of the passage. He described the President Nana Akufo-Addo’s administration and the NPP MPs as not a ‘listening government’.

    Lamenting on his Facebook wall the morning after the e-levy was passed, Dr. Duffuor said, “The NPP has progressed in their passage of the unpopular e-levy bill. May it be on record that despite the hardship of the Ghanaian people and disaffection for the e-levy, the NPP ignored these concerns and added to our tax burden.”

    Just like many well-meaning and experienced economic specialists, Dr. Kwabena Duffuor has, in the past, offered several suggestions on alternatives to the E-levy.

    Dr. Duffuor, in an interview he granted on Starr FM in February this year, had said; “Currently in Ghana, foreign interests are largely the main beneficiaries of our extractive sector at the expense of Ghanaians who benefit from very little revenue from our natural resources”.

    “We must start looking at the sector we have ignored over the years – the extractive sector. A well-managed natural resources centre has emerged as the safest route to prosperity in many developed countries such as the USA, UK, and Germany. We must go back and renegotiate our mining agreements for higher revenues rather than stick to colonial agreements to the detriment of our people”.

    The levy rate was amended from 1.75 percent to 1.5 percent and will apply to electronic transactions that are more than GH¢100 daily.

    Critics of the proposal have warned that this new levy will negatively impact the Fintech space, as well as hurt low-income people and those outside the formal banking sector.

    The levy has been the source of tension in Parliament since it was introduced in the 2022 budget. The tensions culminated in a scuffle between lawmakers in Parliament in December 2021.

    The government has, however, argued the levy would widen the tax net and that could raise an extra GH¢6.9 billion in 2022.

    There are also concerns that the government may securitize proceeds from the e-levy to raise extra revenue.

  • “Live responsibly” – Pres Akufo-Addo to Ghanaians as he lift all COVID-19 restrictions

    “Live responsibly” – Pres Akufo-Addo to Ghanaians as he lift all COVID-19 restrictions

    Adnan Adams Mohammed

    President Nana Addo Dankwa Akufo-Addo addressed Ghanaians on Sunday, March 27, 2022, giving updates on the country’s fight against COVID-19.

    In his address, he announced the drastic easing of various restrictions including reopening the country’s land and sea borders as well as the no more negative PCR test for fully vaccinated travelers.

    Below is the President’s full address:

    1. I first came to your homes on Wednesday, 11th March 2020, five (5) days after our nation’s 63rd Independence Day celebration, a day before we recorded our first two (2) cases, with news of the measures Government was taking to limit the importation of the COVID-19 virus into the country. Even at that time, it was obvious to me, watching what was happening in Asia, Europe and Latin America, that, if it was not well-managed, it would disrupt our lives and livelihoods.

    2. Since then, we have experienced four (4) waves of the outbreak. One hundred and sixty-thousand, nine hundred and thirty-two (160,932) people have tested positive from the 2.4 million tests conducted, and one thousand, four hundred and forty-five (1,445) people have, sadly, died.

    3. Our comprehensive strategy has entailed living with restrictions that altered our daily routine; we have been restrained from shaking hands and hugging one another; we have had to keep a distance from each other; we have had to put up with the discomfort of wearing face masks every time we left our homes; we have had to endure distress caused by the poking of our nostrils and throats with swab-sticks, each time we underwent a PCR or antigen test; we had to endure, for three weeks, the painful lockdown in the Greater Accra Metropolitan Area and Kasoa and the Greater Kumasi Metropolitan Area and contiguous districts; and we have all borne the brunt of the ravages of the pandemic.

    4. As your President, I saw it as my duty to provide you with regular updates on the situation, the measures government is taking, and to seek your support and co-operation. That is why I have been a constant feature on your screens these past two years, in the addresses that have now become popularly referred to as “Fellow Ghanaians”, and I thank you for welcoming me so warmly into your homes.

    5. You have listened to me, you have co-operated with Government and with the health experts, you have adhered to the enhanced hygiene and mask wearing protocols, and a considerable number of you have taken the vaccine.

    6. I thank you for the opportunity you have given me to be your President in these difficult times. I do not take it lightly. The relative successes we have chalked in winning the fight against COVID-19 have been collective ones, which reinforce my belief that, if we are united, there is no obstacle or hurdle too high to surmount in our quest to build a progressive and prosperous Ghana.

    7. Fellow Ghanaians, undoubtedly, like in every country in the world, the effects of the pandemic have been devastating for us, in Ghana. We have felt the brunt of COVID-19, with every aspect of national life affected.

    8. I did say at the height of the pandemic that “we know what to do to bring the economy back to life; but what we do not know is how to bring people back to life”. We, thus, had to take drastic steps to protect lives and livelihoods by suspending, for the years 2020 and 2021, our pursuit of fiscal responsibility, which had made the Ghanaian economy the poster boy of rapid economic growth in the world in 2017, 2018, and 2019.

    9. You would recall that, in response to the pandemic, I mandated the creation of the Coronavirus Alleviation Programme to support households and micro, small, and medium-size businesses (MSMEs). Its intent was to help minimise job losses, and stimulate economic revitalisation, by mobilising private and public sector finances to expand industrial output for domestic consumption and exports.

    10. To this end, I instituted a GH¢1.1 billion health response package, which was used to procure supplies and equipment, and a relief package for health workers, which included tax waivers, allowances, transportation and COVID-insurance. Government also found the money to recruit, on a permanent basis, twenty-four thousand, two hundred and eighty-five (24,285) more health professionals.

    11. GH¢1.6 billion was made available to support vulnerable households across the country, which went into food packages and hot meals, and the provision of free water for all, free electricity for lifeline consumers, and 50% rebate for all others. Some seven hundred and fifty million cedis (GH¢750 million) in soft loans and grants were also disbursed to micro, small and medium sized businesses to help maintain their economic activity. The Government Statistician tells us that this expenditure has achieved its purpose.

    12. At the height of the pandemic, despite strong opposition in some quarters and the legitimate concern of some parents, we stood firm and were successful in ensuring that the education of our children was not truncated.

    13. We spent some GH¢1.9 billion providing PPEs and hot meals for students, teaching and non-teaching staff, hand washing facilities, training of teachers on COVID, development of content for online classes, and disinfection and fumigation of schools. This made it possible for students to return in conditions of safety, sit for their respective examinations, and achieve successful results. Indeed, the spectacular results of the first and second batches of the Free SHS graduates, whom I proudly call the Akufo-Addo graduates, are testament to this.

    14. I want to state, without any equivocation, that should our nation, God forbid, be confronted by such a pandemic again, and I, Nana Addo Dankwa Akufo-Addo, am, by the grace of God, your President, I will not shy away from taking such essential steps to protect you and your businesses again.

    15. Whilst we count the costs, COVID-19 also inspired our domestic manufacturing capabilities, and deepened our self-reliance. The pharmaceutical industry, at my instigation, responded positively to the need for domestic production of sanitizers, disinfectants, and liquid soaps. Furthermore, Government was able to procure some eighty-one million cedis (GH¢81 million) worth of personal protective equipment, such as face masks, headcovers, medical scrubs and hospital gowns from domestic garment and textiles manufacturing companies for health workers, and for students going back to school to prepare and sit for their final examinations.

    16. COVID-19 also highlighted the unequal distribution of healthcare facilities in the country, as we have tended to focus our healthcare infrastructure in Accra, Kumasi and one or two of our other big cities. As we have seen, epidemics and pandemics, when they emerge, can spread to any part of the country.

    17. Whilst appreciating COVAX and other donors in COVID-19 vaccine supply initiatives, and Government also procuring further vaccine consignments through AU and AVATT initiatives, Ghana, Rwanda and Senegal, in partnership with the German biotechnology company, BioNTech SE, are venturing into vaccine development and manufacturing, with the three countries determined to become vaccine manufacturing hubs in sub-Saharan Africa.

    18. We want to achieve self-sufficiency in vaccine production to meet future national, regional and continental needs for health security. We shall not then, in the future, be at the mercy of foreign vaccine nationalism and geopolitics.

    19. Last year, I set up a Vaccine Manufacturing Committee, under the chairmanship of the world-renowned Ghanaian scientist, Prof. Kwabena Frimpong-Boateng, which will, soon, be transformed by Act of Parliament into the National Vaccine Institute.

    20. We have committed twenty-five million dollars ($25 million) to develop our domestic vaccine production capability, and facilitate the capacity of domestic pharmaceutical companies to fill, finish and package mRNA COVID-19, malaria, tuberculosis and other vaccines, as a first step towards vaccine production.

    21. Fellow Ghanaians, we have reached a critical point in our fight against COVID-19. Government has undertaken a comprehensive review of the raft of measures put in place to help win the fight against the virus.

    22. This review is premised on the background of rapidly declining infections, the relative success of the vaccination campaign being supervised by the Ghana Health Service, and the increased capacity developed in the public and private health sectors over the last two (2) years.

    23. Indeed, as at Friday, 25th March 2022, the total number of active cases stood at seventy-two (72). There are no severely or critically ill persons. Our COVID-19 treatment centres are empty, and the 4th wave appears to be over. In addition to these very low reported cases is the considerable improvement in the availability and uptake of vaccines by the population.

    24. Whilst we have not achieved our national vaccination coverage target, it is significant to note that reasonable vaccination coverages have been achieved in the hotspots of infections, particularly in the urban areas of Greater Accra and Greater Kumasi. Government is determined to use all means to increase the deployment of vaccination across the country to achieve our target of vaccinating some twenty million (20 million) Ghanaians by June.

    25. To my Fellow Ghanaians who have not received the jab, I urge you to take it. To those listening to the propaganda by the conspiracy theorists and those who are still sceptical about the efficacy of the vaccine, it has been a year since my wife and I got vaccinated; it has not disrupted our physical wellbeing, neither has it caused us to be sick. We are, touch wood, hale and hearty, like the other 13.1 million Ghanaians who have been vaccinated.

    26. With countries in the ECOWAS Community, especially in our neighbouring countries, presently, like us, recording very low levels of infections, and having significant numbers of our people vaccinated, and on the advice of the national COVID-19 Taskforce and the health experts, I have taken the decision to revise the COVID-19 Restrictions, enacted under E.I. 64.

    27. At this point, I want to express the great gratitude of the nation to the leadership and membership of the Ghana Health Service, to all other health workers, and to members of the COVID-19 taskforce for the outstanding work they have done in bringing us this far.

    28. So, from tomorrow, Monday, 28th March, the wearing of facemasks is no longer mandatory. I encourage all of you, though, to continue to maintain enhanced hand hygiene practices, and avoid overcrowded gatherings.

    29. All in-person activities, such as those that take place in churches, mosques, conferences, workshops, private parties and events, cinemas and theatres may resume at full capacity, as long as the audience and/or participants are fully vaccinated. Hand washing and hand sanitising points should be made available at these venues.

    30. Outdoor functions at sporting events, entertainment spots, political rallies and funerals may resume at full capacity, again, as long as all persons at these events are fully vaccinated.

    31. From tomorrow, Monday, 28th March, fully vaccinated travellers into Ghana will not take PCR tests from the country of embarkation to allow them entry into the country through the KIA, and will not be tested on arrival.

    32. Citizens and foreign residents in Ghana, who are not fully vaccinated, would, however, need to provide a negative PCR test result of not more than 48-hours, will undergo an antigen test upon arrival at KIA, and will be offered vaccination there.

    33. It is worth noting that the establishment of the COVID-19 testing infrastructure at the Kotoka International Airport by Frontier Healthcare Services Ltd, at its own cost, has been key to our ability to limit successfully the importation of the virus into Ghana through the airport. The efficacy of the testing regime at KIA has won global admiration, and has been applauded by all those who have undergone its testing. It has been one of the reasons why Ghana was not at the receiving end of several of the travel bans imposed by the West at the height of the pandemic, for which many African countries were affected.

    34. As from tomorrow, Monday, 28th March, all land and sea borders will be opened. Fully vaccinated travellers will be allowed entry through the land and sea borders without a negative PCR test result from the country of origin. Citizens and foreign residents in Ghana, who are not fully vaccinated, will have to produce a negative 48-hour PCR test result, and will be offered vaccination on arrival.

    35. Fellow Ghanaians, it has been a difficult two (2) years for all of us, and we are seeing light at the end of a very long tunnel. I appeal to all of us to live responsibly, protect ourselves at all times, and do everything…

  • ‘It’s a matter of being fiscally disciplined and not E-Levy versus IMF’ – finance expert to gov’t

    ‘It’s a matter of being fiscally disciplined and not E-Levy versus IMF’ – finance expert to gov’t

    Adnan Adams Mohammed

    A finance expert has rubbish the government obsession and justification for the implementation of the Electronic Transaction Levy (E-Levy) to save the economy.

    The experts says, it is a matter of the government being disciplined with it’s expenditure. Although, some economists and financial analysts have advised the government to go to the International Monetary Fund (IMF) for a bailout to restore credibility to the economy and debt sustainability, the government have proofed adamant.

    In a latest twist, www.newsguideafrica.com has picked that, government is expected to hold a crunch cabinet meeting to find solutions to the raging economic challenges. Among other things, the meeting is expected to take place at the Peduase Lodge, from Thursday, March 17, to Sunday, March 20, 2022, is to discuss whether the government force E-Levy on the citizens or seek bailout from IMF. But, the finance expert disagree with the government posturing.

    “It’s not between IMF and e-Levy ohhhh”, former executive director at Standard Chartered Bank, Alex Mould has insisted in a quick response to a teaser of the crunch meeting on Gabby Okyere Darko’s Twitter account. “It is between being disciplined and doing the right thing versus rampant spending on foolish political manifesto promises that only result in state capture.”

    The crunch meeting will be chaired by President Akufo-Addo, together with all NPP MPs, ministers, government appointees, and the governing New Patriotic Party (NPP) leadership.

    According to JoyNews’ sources, the meeting will discuss whether government should continue to push through with the E-levy Bill or resort to the International Monetary Fund (IMF), in the face of the current fiscal hurdles.

    Confirming the retreat on Joy FM’s Midday News on Thursday, the source further said the meeting will discuss other pertinent issues relating to the country’s development.

    In a tweet on Thursday, a leading member of the ruling New Patriotic Party, Gabby Otchere-Darko also indicated that given the current deadlock on the controversial E-Levy Bill, there’s the need for a ‘national debate’ on the way forward.

    “2022 began without the usual $3 billion injections of Eurobond cash. Govt’s post-COVID recovery GhanaCARES programme hinged partly on an E-levy which Parliament may not even OK.

    “There should be a national debate: do we want IMF or E-Levy or both or none? Tough decisions confront Ghana”, he tweeted.

    Meanwhile, an Economist and former Board Chairman of the Ghana Revenue Authority (GRA), Professor Stephen Adei has refuted claims that Ghana’s economy is on the verge of collapse.

    Speaking in an interview on JoyNews’ Upfront, he said the economy is not collapsing but “we are in difficult times.”

    According to him, the country’s economy is stronger “than the word broke.”

    His comment comes after an economist with the University of Ghana Business School (UGBS), Prof. Godfred Alufar Bokpin, warned of possible collapse of Ghana’s economy.

    Speaking on the Super Morning Show, Prof. Bokpin reiterated that as the country’s debt stock hits high distress levels, the current debt situation could get worse by the end of September if proper interventions are not implemented.

    Ghana’s current public debt stock stands at a staggering ¢341.8 billion with a corresponding debt to GDP ratio of more than 77% as of September ending 2021.

    This means if the country should share this amount across the country’s 30.8 million population, everyone will owe approximately ¢11,000.

    In terms of interest payments on our borrowings, Ghana has spent on average 147 billion Ghana cedis, which is 47 billion Ghana cedis more than our projected revenue plus grants for 2022.

    In the first quarter of 2022, government has indicated that it will borrow a total of ¢24.5 billion from the domestic market of which ¢20.7 billion will be used to service existing debt in the local market, leaving government with just ¢3.8 billion to finance other expenses.

    Commenting on the country’s debt stock, Prof Adei proposed that the country’s expenditure be reduced.

    “If you are exceeding your income, then you must accept to live below your income, which is the easy way, otherwise if you are earning ¢3,000 and you are in debt of ¢10,000 you cannot day to day spend ¢3,000.

    For you to get out of the rag you will have to cut your expenditure to ¢2,000 because you must service your debt. So we are in that situation as a country,” he said.

    He explained that although cutting expenditure might be difficult for the government, especially nearing an election period, that is the right way to go.  

    “… And they [government] must thank God that this crisis has come now and not 2023, because if they don’t go for the hard one now, which normally will take about 18 months to go over this type of hunch, then they have a good chance by the middle of 2023 to see some good results in 2024.

    If not, things would get worse and they want to prevent being thrown out of government, they would be thrown out anyway,” he said.

  • Ghana @65 catches eye of Putin amidst Ukraine invasion

    Ghana @65 catches eye of Putin amidst Ukraine invasion

    Adnan Adams Mohammed

    President of the Russian Federation, Vladimir Putin, has sent his congratulations Ghanaians on the occasion of the 65th year of independence celebration.

    Ghanaians yesterday, March 6, 2022, marked one of the ‘modest’ and ‘cost managed’ independence day celebration across the country.

    The Russian Embassy in Ghana, in a letter released on Twitter by Russian President Vladimir Putin emphasized the positive connections that exist between the two nations.

    He expressed the hope that the “bilateral dialogue and partnership meets the interests of our people, contributing to the peace and security on the African continent.”

    “I wish you good health and every success, as well as happiness and prosperity to all your compatriots,” the statement added.

    The Russian president’s message of congratulations came only days after his country started an invasion on Ukraine.

    As a result of the incident, Ghana and many other nations have been frantically attempting to evacuate their people who are now in Ukraine.

    Recently, the government of Ghana announced that it had achieved an agreement with the government of Russia to enable for the safe movement of Ghanaians, mainly students, who are now residing in the concentrated zones of the continuing conflict.