News Guide Africa

Tag: President Nana Addo Dankwa Akufo-Addo

  • My govt will honour Eurobond holders with $346m – Akufo-Addo

    President Nana Addo Dankwa Akufo-Addo

    President Nana Addo Dankwa Akufo-Addo has announced that the government will pay $346 million to Eurobond holders, effective January 3, 2025.

    The President emphasized the government’s commitment to honoring its financial obligations and avoiding any defaults on debt repayments. He stressed the significance of maintaining the country’s credibility and financial stability through these timely payments.

    Delivering his final State of the Nation Address (SONA), last week, President Akufo-Addo said, “I am happy to inform the House that today, 3rd January 2025, my government will honour coupon payments to our Eurobond holders amounting to three hundred forty-six million US dollars ($346 million). We cannot afford to default on our debt repayments.”

    The government of Ghana on June 24, 2024, reached an agreement in principle with the Committee of holders of its Eurobonds on a restructuring of its debt in a step towards the country’s economic recovery.

    The agreement was expected to offer significant cash flow and debt stock relief to help Ghana’s economic recovery in line with the International Monetary Fund-financed programme.

    The Committee, representing the bondholders, reaffirmed its support for Ghana’s dedication to sustainable economic policies, intended to strengthen macroeconomic stability, enhance investor confidence, and institutionalize fiscal credibility.

     

     

     

     

  • Ghana Shippers’ Authority Act 2024 assented to enhance regulatory powers

     

     

    Ghana’s Shippers Authority

    President Nana Addo Dankwa Akufo-Addo has signed the Ghana Shippers’ Authority Act 2024, a transformative piece of legislation aimed at strengthening the Ghana Shippers’ Authority (GSA) and enhancing the regulation of Ghana’s commercial shipping sector.

     

    This legislation, passed by Parliament on July 29, 2024, was formally signed into law on Friday, October 18, marking a pivotal development in the GSA’s 50th anniversary year.

     

    The Ghana Shippers’ Authority Act 2024 significantly broadens the GSA’s regulatory powers, allowing it to oversee all modes of transport—sea, air, and land.

     

    The Act’s provisions are expected to foster a fair, efficient, and competitive shipping environment, a milestone that positions Ghana’s shipping and logistics sector to meet global standards.

     

    With this strengthened regulatory mandate, the GSA aims to enhance transparency in pricing and fairness in service delivery, boosting Ghana’s appeal as a preferred destination for international trade.

     

    Established in 1974 as the Ghana Shippers’ Council, the GSA was rebranded in 1998 to better reflect its enhanced regulatory responsibilities.

     

    Over the years, the GSA has championed policies that promote a balanced trade environment, working to create conditions for a sustainable and competitive commercial shipping landscape in Ghana.

     

    This new Act underscores the GSA’s commitment to achieving a resilient trade ecosystem that benefits all stakeholders, including shipping, logistics, and other trade-related sectors.

     

    In light of the new Act, the GSA has launched a nationwide sensitization campaign to inform stakeholders about their rights and responsibilities under the new regulatory framework.

     

    The Authority is also actively engaging stakeholders to contribute to the drafting of a Legislative Instrument (L.I.) that will support the Act’s implementation.

     

    The GSA has called on all involved parties to participate in shaping this critical instrument, which will play a key role in operationalizing the Act for the good of the sector and the nation.

     

    Management of GSA made this announcement in a statement dated October 31, 2024.

     

     

  • Public expectations of new finance minister low 

    Dr Mohammed Amin Adam

     

    Adnan Adams Mohammed

     

    The Ghanaian public including finance experts has acclaimed that, not much should be expected from the newly appointed Finance Minister, Dr. Mohammed Amin Adam.

     

    They explained that, the Ghanaian economy, which is currently under International Monetary Fund (IMF) has ‘no room’ for any miracle to turn the economy around. Most experts believe his appointment came a little too late.

     

    In his first reshuffle of ministers in the past seven years of governance, President Nana Addo Dankwa Akufo-Addo replaced Ken Ofori-Atta with Dr. Mohammed Amin Adam as Finance Minister. There were other eight ministers and more than 10 deputies ministers also reshuffled. A Former Finance Minister is one of the skeptics who do not foresee any miracle coming in the economic management.

     

    “The change comes at a critical time when the country is under an IMF programme, it might be too late for Dr. Adam to make a substantial impact on the economic policy of the president and government”, Seth Terkper posited in an interview last week while reacting to the reshuffle.

     

    Mr. Terkper pointed out that the budget and economic policy are ultimately under the President’s authority, and with the limited timeframe until the next general elections. He expressed concerns that Dr. Adam may face challenges in implementing significant policy changes.

     

    “We are a country where we could not do a turnaround of the economy, and we were preemptive, with everybody blaming it on COVID-19 and the Ukraine war, where some $6 billion flowed into the economy without the ability to turn it around.”

     

    “This administration is not the only one that has suffered global or domestic setbacks, from droughts or floods to the global financial crisis, and so I think the situation is dire, and so we have to ask ourselves if nine months is enough time to do a turnaround.”

     

    However, Dr. Mohammed Amin Adam, in an interview after his reassignment, has pledged to prioritize revenue mobilization efforts to bolster the nation’s finances and achieve its expenditure goals.

     

    He has also assured the IMF of the government’s commitment to the ongoing program, promising not to stray from the government’s policies and programs as outlined in the 2024 budget.

     

    Dr Amin Adam highlighted the pro-poor initiatives outlined in the recent budget, expressing his commitment to maintaining and advancing those initiatives.

     

    He stated, “I do not intend to depart from those pro-poor initiatives, and I will ensure that business follows as usual as it should.

     

    “We will make sure that we move faster to implement the tax reliefs that were made in the budget, and I am going to make sure the poor are insulated.”