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+{"doc_id": "01a7f2212730de383f709018b5ea24fc", "text": "The sanitation situation in Ghana is set to improve as a waste-to-energy project is being piloted at Gyankobaa in the Atwima-Nwiabiagya South district of the Ashanti Region.\nThe project, which will take 48 months to complete is expected to generate 400 KW of electricity from municipal waste. This will be scaled up to other parts of the country.\nThe German Government, through its Federal Ministry of Education and Research, signed a 5.8 million euro contract involving 4 institutions in Germany and 1 from Ghana.\nThese comprise 3 academic institutions, one research and development institution and a medium-scale industry.\nThe project’s overall aim is to develop concepts for waste segregation and the conversion of various fractions into energy by using biogas, pyrolysis and solar PV plants.\nThe project will also create business models to successfully replicate and propagate the models in 10 different regions in Ghana.\nIt will also build local experts to design, construct and maintain hybrid waste to energy facilities.\nAt a stakeholder consultation meeting at the Kumasi Technical University, the Project Coordinator and Head of the Renewable Energy Centre at the KsTU, Dr. Julius Ahiekpor said the project will begin full operation by the middle of 2022.\n“We want to produce energy and train people to manage such projects in the future. It’s a pilot that has a research component,” he summarized.\nHow the project started\nGermany's Federal Ministry of Education and Research (BMBF) of Germany in collaboration with Ghana’s Ministry of Environment, Science, Technology and Innovation, through the West African Science Service Centre in Climate Change and Adapted Land Use in Accra conducted feasibility studies on renewable energy resources in Ghana.\nThis was under the supervision of the Council for Scientific and Industrial Research.\nTwo scoping studies were commissioned around the same time by BMBF to examine the Bioenergy production and utilization in Ghana (BioGRAG) project and the possibility of producing bioenergy from cocoa husk through the Energize Ghana by Cocoa Husk (ENGHACOH) project coordinated by the University of Rostock and SRH-Berlin respectively.\nThe three individual studies and scoping reports crystallized into one project with the common objective of finding an appropriate treatment pathway for municipal solid waste generated in Ghana.\nLatest Stories\n-\nThe Roll Call of Biblical Financial Evangelists\n-\nMahama accuses Bawumia of dubbing NDC’s policy promises\n-\nMahama echoes vision for resilient governance and economic recovery at NDC LAB Policy Dialogue\n-\nGSE’s Abena Amoah not on Bawumia’s economy committee\n-\nNDC’s Policy Dialogue marks milestone in pre-election strategy – Mahama\n-\nEOCO to launch lifestyle audits targeting celebrities and individuals with suspected unexplained wealth\n-\nUpper West Akim MP cuts sod for the construction of Mepom to Esaaso Road\n-\nEngineers urged to embrace preview of their works\n-\nParis 2024Q: Zambia edges Ghana 1-0 for crucial first-leg advantage\n-\nDr. Christian Sewordor Mensah: The Role of Sector Skill Bodies in using ESG and CSR Principles in shaping Sustainable Education and Training\n-\nTyler Perry halts $800 film studio build over AI fears\n-\nAkufo-Addo appoints Ofori-Atta as Senior Presidential Advisor\n-\nMIIF aims to position Ghana as electric vehicle hub in Africa\n-\nAvatar: The Last Airbender receives mixed reviews from critics\n-\nMahama slams Police’s decision to dissociate itself from DCOP Waabu’s comments on election security", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/ashanti-region-to-get-waste-to-energy-plant/"}

clean/cc/04cd40ab310a2cb651a04decfde79535.json

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+{"doc_id": "04cd40ab310a2cb651a04decfde79535", "text": "The Ashanti Regional Police Commander, Deputy Commissioner of Police (DCOP), Afful Boakye Yiadom, is leading a special “bush operation” to arrest four suspects who allegedly shot and killed a gold buyer.\nThe attack occurred on Monday, January 24, 2022, when the gold dealer now deceased, was transporting gold from Attabrakoso towards Huu, in the Western Region.\nA news brief from the Police said the suspects made away with about 324 grams of gold.\nIt said they also took away unspecified amounts of money together with some mobile phones and fled into a nearby bush.\nThe brief appealed to gold buyers to be on the lookout for the gang.\n“Any suspicious gold dealer(s) should be reported to the Police for a possible quick arrest,” it said.\nThe brief called on the public to aid investigation with any information concerning the robbery.\nLatest Stories\n-\n9 awkward but completely normal things that happen during sex\n-\nSexy gift ideas for her any time of the year\n-\n4 fun & simple ways to upgrade your date night\n-\nOnion Sellers Association allays fears of price hikes\n-\nBanking sector clean-up served as a shock absorber during Covid-19, economic crisis – John Awuah\n-\nNorth Tongu Assembly members fail to elect PM after 4th attempt; DCE fumes\n-\nDigital industry players must shape digital landscape in Africa – Minister\n-\nAssociation of Sports Betting Operators presents learning materials to 939 pupils in flood-affected communities\n-\nMan, 30, dies in alleged attempt to steal ECG cables\n-\nAklakpanu bridge will be reconstructed to boost economic growth – North Tongu DCE assures\n-\nAwutu Senya West Assembly members reject President’s nominee\n-\nConsider the use of local rice for school feeding – Rice farmers\n-\nKyei-Mensa-Bonsu to address resignation issues today\n-\nCyber-attack hits Malawi’s immigration service\n-\nKenya scraps entry fee for South Africans and several other foreign nationals", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/ashanti-police-in-search-of-murderers-of-gold-dealer/"}

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+{"doc_id": "05ae8f14342efb0ab98e6f8e049d94a0", "text": "Advertisement\nGhana deindustrialising economy - AGI President\nThe President of the Association of Ghana Industries (AGI), Dr Yaw Adu Gyamfi, has bemoaned the dwindling fortunes of the manufacturing subsector in recent years, warning that the country risks losing its industrial base should the situation remain the same.\nRather than inspiring entrepreneurs to build new factories and sustain existing ones to employ people and grow the economy, Dr Gyamfi said Ghana had, in the recent past, lost a chunk of its “once vibrant” areas of manufacturing to various challenges.\nAddressing captains of industry and government officials at AGI’s Ghana Industry Awards on December 8, the president pointed to the phasing out of businesses in the textiles, alumina, vehicle assembly, glass manufacturing and those in the processing of agricultural products such as meat, sugar, tomatoes and citrus as evidence of a country which had its manufacturing base deteriorating rather than progressing.\n“Industry continues to shrink and we risk losing our industrial base,” he said at the event which was graced by President Nana Addo Dankwa Akufo-Addo.\n“On the occasion of our 60th anniversary, therefore, we are taking stock of developments in the industry over the past 60 years and I am sorry to say the picture of manufacturing has not been encouraging.\n“We are actually deindustrialising,” Dr Gyamfi, who is also the Chief Executive Officer of Danadams Pharmaceutical Industry Limited, said at the event.\nAGI, an advocacy body with over 400 members, has since its inception in 1958, become the voice of manufacturers and related businesses in the country.\nHow to reverse\nOn how to reverse the situation, the AGI said the country needed “a clear national strategy” on industrialisation.\n“That is why we appreciate government initiatives such as the one district, one factory (1D1F), the stimulus package, and the other initiatives of the Ministry of Trade and Industry.\n“We need to incorporate these initiatives into a comprehensive strategic plan in the form of an industrial policy that will drive the industrialisation agenda,” he said.\nWith the 2019 Budget Statement and Economic Policy keen on industry, the AGI president said: “we are anxious to see the impact on our industrialisation agenda.”\n“Our prospects for job creation will improve if local industry experiences sustainable growth to alleviate the unemployment situation.\n“Indeed, many of our school leavers spend longer times looking for jobs than the time they spent pursuing courses at their tertiary institutions.\nThis trend must change,” he said, pointing to a sustained revitalisation of manufacturing as a key relief.\nWoes of manufacturing\nFor over a decade, manufacturing businesses have been at the mercy of cheap imports, pricey loans and erratic power supply which has led to a contraction and the collapse of some firms, loss of jobs and a consistent decline in the subsector's contribution to national output.\nData computed and sourced from the Ghana Statistical Service (GSS) showed that from a share of 10.2 per cent in 2006, the contribution of the value addition arm of industry to gross domestic product (GDP) weakened consistently to a record low of 5.8 per cent in 2012 before wobbling further to 4.6 per cent in 2016.\nAt 4.5 per cent in 2017, the subsector's share of GDP is now the lowest in 11 years and an anti-climax of an industrial revolution story that was virtually truncated in the late 1960, right after the overthrow of Dr Kwame Nkrumah.\nDr Gyamfi said while Ghana’s manufacturing subsector accounted for 4.5 per cent of GDP, the average was 22 per cent in middle income countries.\n“Indeed, Ghana’s manufacturing value addition share to GDP has fallen since 1985, an indication of deindustrialisation,” he said.\nIn July this year, an Economist and Senior Research Fellow with the Institute for Fiscal Studies (IFS), Dr Said Boakye, told the GRAPHIC BUSINESS that the current state of manufacturing explained why the country was unable to achieve sustained development, also called prosperity in economics.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/business/business-news/hananew-ghana-deindustrialising-economy-agi-president.html"}

clean/cc/06d7b350ba4fe33e66711e177b130139.json

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+{"doc_id": "06d7b350ba4fe33e66711e177b130139", "text": "Advertisement\nOpen letter to GES Director General, Dr Eric Nkansah\nDear Dr Eric Nkansah,\nREQUEST FOR CLARIFICATION ON CHARGING FEES FOR BECE RESULTS AND SHS PLACEMENT\nI am writing to ask for further information on the fees associated with getting results from the Basic Education Certificate Examination (BECE) and Senior High School (SHS) placement.\nPreviously, it was optional to acquire a voucher in order to verify results. However, now it seems mandatory, and candidates who do not buy a voucher will be unable to check their results before the start of SHS.\nThis is because the results are sent to the schools one or two years later. Seeing a child pay for an exam, register, and then pay again to view the results is strange.\nIn terms of SHS placement, it is now evident that a candidate cannot attend a Senior High if they are unable to purchase the voucher necessary to view and print the SHS where they are placed. It's not fair.\nAs a concerned citizen and advocate for equal access to education, I believe it is essential to address the potential violation of guidelines set forth by the Ghana Education Service (GES).\nAccording to the GES, students are entitled to their BECE results for free, and the process of entering an SHS should not incur any additional costs.\nHowever, reports have emerged indicating that some students are being required to pay fees to obtain their BECE results or access their assigned SHS placement.\nThis situation raises significant concerns about equity and access to education for all deserving students, especially those from disadvantaged backgrounds who may not have the means to pay these fees. Education is a fundamental right, and it is crucial that every child has equal opportunities to pursue their academic aspirations without financial barriers.\nIn light of these concerns, I kindly request clarification on the following points:\n1. Why are fees in the form of voucher being charged for accessing BECE results or obtaining SHS admissions? If so, what are the reasons behind this implementation?\n2. Does this fee imposition align with the guidelines set by the GES, which clearly state that students should receive their BECE results for free and that admission into an SHS should not involve any additional costs?\n3. Will the education authorities consider reviewing the guidelines to ensure that they explicitly state that no fees should be charged for accessing BECE results or securing SHS placement?\n4. What measures are being taken to address the potential violation of these guidelines, and how will transparency and fairness be ensured in the future?\nI believe that clarifying this matter and taking appropriate action will help to protect the rights of students and maintain the integrity of the educational system in Ghana. Prompt and transparent communication on this issue is crucial in addressing the concerns of the public and ensuring that every child has an equal opportunity to pursue their education.\nThank you for your attention to this matter. I look forward to your response and trust that corrective actions will be taken to uphold the principles of fairness and equal access to education in our beloved nation.\nYours sincerely,\nEvans Mawunyo Tsikata", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/features/opinion/open-letter-to-ges-director-general-dr-eric-nkansah.html"}

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+{"doc_id": "0a7955c350f489f67bd6c95408eec1fa", "text": "On the lighter side of social discourse, there is a longstanding debate about whether bald men are more attractive than those with hair.\nWhile some feel men who wear a clean-shaven head are more appealing, others say their haired counterparts have far more inviting looks.\nThis difference in opinion was expressed on Joy FM's Super Morning Show on Friday, when listeners were asked to call in and share their views on the issue.\nSpeaking to hosts, Kojo Yankson and Winston Amoah, the audibly excited callers offered very interesting perspectives on the matter.\nA caller, in expressing her views intimated that, as far as she is concerned, she is not only intrigued by bald men, but also bald men who possess the Ghana Card.\nIn stating her unique angle, she said bald men with Ghana Card are the \"new deal\".\nApart from the callers, an invited guest, Bernice Esinam Batali, who also shared her thoughts noted that as far as she is concerned, bald men are as attractive as those with hair on the scalp.\nFor Esinam, her choice of a man is not based on whether they have hair or not; but rather whether the man in question possesses other good qualities.\nMeanwhile, the Chief Executive Officer of the Vinci Hair Clinic, Ayo Otubanju, says baldness is not a defect as many assume.\nAdding to the discussions, the expert said it is natural for men to be born bald.\nHe however explained that men who are bald can resort to special arrangements to grow their hair if they wish to do so.\nLatest Stories\n-\nThe Roll Call of Biblical Financial Evangelists\n-\nMahama accuses Bawumia of dubbing NDC’s policy promises\n-\nMahama echoes vision for resilient governance and economic recovery at NDC LAB Policy Dialogue\n-\nGSE’s Abena Amoah not on Bawumia’s economy committee\n-\nNDC’s Policy Dialogue marks milestone in pre-election strategy – Mahama\n-\nEOCO to launch lifestyle audits targeting celebrities and individuals with suspected unexplained wealth\n-\nUpper West Akim MP cuts sod for the construction of Mepom to Esaaso Road\n-\nEngineers urged to embrace preview of their works\n-\nParis 2024Q: Zambia edges Ghana 1-0 for crucial first-leg advantage\n-\nDr. Christian Sewordor Mensah: The Role of Sector Skill Bodies in using ESG and CSR Principles in shaping Sustainable Education and Training\n-\nTyler Perry halts $800 film studio build over AI fears\n-\nAkufo-Addo appoints Ofori-Atta as Senior Presidential Advisor\n-\nMIIF aims to position Ghana as electric vehicle hub in Africa\n-\nAvatar: The Last Airbender receives mixed reviews from critics\n-\nMahama slams Police’s decision to dissociate itself from DCOP Waabu’s comments on election security", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/bald-men-with-ghana-card-is-the-new-deal-joy-fm-caller/"}

clean/cc/0d91de4a601fd4be251c39172a229e85.json

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+{"doc_id": "0d91de4a601fd4be251c39172a229e85", "text": "President Goodluck Jonathan, Thursday, in Abuja sought the support of the organised labour in building a Nigeria that represents hope for her citizens in the now and the future.\nThe president’s plea is coming as Governor Adams of Oshiohmole and former president of the Nigeria Labour Congress (NLC) has expressed reservations about the readiness of the political class to support and give backing to free and fair elections come 2015 given the disagreement and crisis rocking the recent Nigeria Governors’ Forum’s (NGF) election which ended up in two governors, Rotimi Amaechi of Rivers and Jonah Jang of Plateau State, laying claim to the position of chairman.\nBoth spoke at the 9th triennial delegates’ conference of the Trade Union Congress of Nigeria (TUC) ongoing in Abuja.\nThe conference is expected to produce a new president-general of the TUC who, along with other elected national officers, will run the affairs of the labour centre for the next three years.\nPeter Esele, the incumbent president-general steps down today after a two-term tenure totaling six years.\nPresident Jonathan represented at the event by Emeka Wogu, minister of labour and productivity, recalled the critical role of labour in nation building which he emphasised should be brought to bear this time in rejuvenating the economy.\nHe said the ten-point agenda of his administration touching on various sectors of the economy including power, agriculture, oil and gas, manufacturing and job creation, security, education, infrastructure, among others, was beginning to yield results and all the government needed is the support of the labour movement for his team to continue to drive the reform process.\nThe president noted that the declaration of the state of emergency in Yobe, Borno and Adamawa states was to forestall further wastages in lives and properties and provide the enabling environment for economic activities. According to him, the action is already yielding the expected results as normalcy is returning to the troubled states.\nStill on efforts to strengthen the economy, Jonathan said that multi-billion dollar businessman, Aliko Dangote, has been given licence to build a private refinery which, in addition to existing ones in the country, will go a long way in creating jobs and reducing the nation’s dependence on imported refined petroleum products.\nOshiohmole, speaking at the event held at the International Conference Centre, expressed pessimism about the possibility of free and fair elections in 2015.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/africa/article/jonathan-seeks-labours-support-for-nigerias-rebirth/"}

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+{"doc_id": "1093df478788ca7dd06410d3a9306bb4", "text": "In a surprise move, the Central Bank of Kenya raised its benchmark interest rate by 200 basis points to 12.5 percent, the largest rate increase since 2011, amid efforts to stabilise the country’s struggling currency.\nThe move by the CBK bucks the trend of top African central banks from Nigeria to South Africa, all of whom have recently hit the brakes on rate increases.\nGhana’s central bank held its rate steady at 30 percent for the second consecutive meeting while Uganda and South Africa also held their interest rates at 9.5 percent and 8.25 percent respectively.\nRead also: Kenya offers 35 state assets for sale, another 100 to follow to shore up finances\nNigeria did not hold its scheduled meeting last month but has left its benchmark interest rate at 18.75 percent.\nThe CBK governor Kamau Thugge said the MPC concluded that there is a need to adjust the monetary policy stance to address the pressures on the exchange rate and mitigate second-round effects including from global prices.\nThe shilling has weakened by almost 20 percent against the dollar so far this year, making it one of the worst-performing currencies in Africa as investors balked at the potential repayment of a $2 billion Eurobond in June, Bloomberg reported.\nThe weakness has been despite additional financial support from the International Monetary Fund, which last month granted staff-level approval for an additional $938 million to bolster the East African nation’s reserves.\nHe said Kenya expects $1.25 billion to $1.5 billion from the World Bank, alongside as much as $500 million from the Regional Trade and Development Bank.\n“We will be getting a lot of external financing in the second half of the financial year,” he said. “So we should be able to reduce domestic borrowing quite significantly.”\n“Once we get the external financing, and also in particular the IMF funding in January, that would be liquidity into the system and that will reduce our domestic borrowing significantly,” Thugge said at a briefing following the interest rate announcement. “We are also getting some money from the World Bank Development Policy Operation, and all these amounts will help deal with the issue of the Eurobonds.”\nKenya’s consumer price inflation slowed to 6.8 percent in November from 6.9 percent the prior month. Still, the cost of imported food staples, as well as crucial commodities like oil, have become more expensive because of the strength of the dollar.\nRead also: Nigerians to benefit as Kenya mulls visa-free travel for Africans\nThe MPC noted that “exchange rate depreciation continues to exert upward pressure on domestic prices, thereby increasing the cost of living and reducing purchasing power.” It judged that currency weakness had contributed about 3 percentage points — or almost half — of November’s rise in prices.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/africa/article/kenya-bucks-africa-trend-with-biggest-rate-hike-in-over-a-decade/?utm_source=auto-read-also&utm_medium=web"}

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+{"doc_id": "111548d945e57dab9d00242bbcd6d71a", "text": "The two suspects in custody over the violent clashes at the Kwame Nkrumah University of Science and Technology (KNUST) have been refused bail for the second time.\nThis is to allow the prosecution to arrest other suspects and gather enough evidence for the case pending at the Asokore Mampong District Court.\nDefense counsels are however unhappy with the court's decision, indicating a likelihood to seek redress at a higher court.\nFriends and family of the two were emotional after the proceedings. They had come to court optimistic about securing bail for the two.\nProsecution was in court to present a new charge sheet in correspondence to investigations.\nHead of Legal and Prosecution at Ashanti Regional Police Command, ACP Kofi Blagodzie, presented the names of eleven more suspects as well as evidence of the destruction caused by the riots.\n“We substituted the charge sheet and presented the court with a new charge sheet so we are on with the matter”, he said.\nProsecution further argued the suspects should remain in custody as investigators go after other suspects.\nDefense counsels argued otherwise, insisting the two should be granted bail.\nThey argued suspects Daniel Osei Bonsu and Francis Tutu Atuahene will have to report for the examination and work respectively.\nDaniel's counsel, William Asamoah Sarfo explained that \"the student is about to write examination.\"\n\"They have not committed murder, there is no way they are going to interfere with investigations so that is why we were pleading with the court to grant them bail whenever they are needed they will come. If the court decides not to grant the worker bail and his employer decides to sack him then it means we punish him twice. Article 19 (2C), he is innocent until proven guilty so if at the end of the day he is found innocent, what have we done to him?” he quizzed.\nHe added, \"we have another option to go to the high court so we will sit down and decide the next line of action”.\nThe Asokore Mampong District Court issued arrest warrants for 61 persons suspected to be involved in recent violence on the KNUST campus.\nThe court agreed prosecution will have to re-appear in two weeks with other suspects in custody for the matter to proceed.\nLatest Stories\n-\nToday’s front pages: Friday, February 23, 2024\n-\nKPMG to submit its audit report of GRA/SML contract today\n-\nIt’s incorrect to say we’re playing soft with Sentuo Oil Refinery – NPA replies IES, COPEC\n-\n9 awkward but completely normal things that happen during sex\n-\nSexy gift ideas for her any time of the year\n-\n4 fun & simple ways to upgrade your date night\n-\nOnion Sellers Association allays fears of price hikes\n-\nBanking sector clean-up served as a shock absorber during Covid-19, economic crisis – John Awuah\n-\nNorth Tongu Assembly members fail to elect PM after 4th attempt; DCE fumes\n-\nDigital industry players must shape digital landscape in Africa – Minister\n-\nAssociation of Sports Betting Operators presents learning materials to 939 pupils in flood-affected communities\n-\nMan, 30, dies in alleged attempt to steal ECG cables\n-\nAklakpanu bridge will be reconstructed to boost economic growth – North Tongu DCE assures\n-\nAwutu Senya West Assembly members reject President’s nominee\n-\nConsider the use of local rice for school feeding – Rice farmers", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/2-suspects-in-knust-violence-refused-bail-again/"}

clean/cc/14a0c406d01d08345c5bf9160b922245.json

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+{"doc_id": "14a0c406d01d08345c5bf9160b922245", "text": "Advertisement\nTransforming Ghana’s economy through agro-industrialisation\nAgriculture is the backbone of Africa’s economy.\nFor 70 per cent of the population, it is the primary source of livelihood and accounts for about 25 per cent of the continent’s Gross Domestic Product (GDP). However, Africa’s agricultural productivity and yields are among the lowest.\nYields in African agriculture are less than half of those achieved in Asia.\nAlthough the volume of agricultural production has doubled over the past three decades, the increase is largely on the extensive margin, owing to expansion of total area cultivated as opposed to increased factor productivity.\nFurthermore, the vast majority of agricultural activities are at subsistence level with farm sizes remaining small with more than 85 per cent of land holdings being less than two hectares.\nThese predominantly subsistent smallholder farmers use rudimentary farm technologies and inadequate levels of modern inputs.\nIn addition to small farm holdings and inadequate use of modern technologies, there are widespread market failures due to lack of physical infrastructure such as roads, telecommunications and electricity, absence of markets for credit and insurance, lack of property rights and land tenure system, and prevalence of corruption.\nThese are some of the fundamental problems that prevent efficient allocation of resources within the agricultural sector as well as other sectors within rural spaces.\nUnfortunately, despite the continent’s endowment with vast land and natural resources, Africa continues to be a net food importer, spending about US$ 35 billion per year.\nAgro-industry\nThe consensus is that Africa’s agriculture is not performing well, manufacturing remains one of the lowest in terms of value added and employment, and the services sector is positioned to serve mainly the domestic consumers.\nUndoubtedly, Africa needs to transform its economic structure to sustain growth.\nAgro-industry presents a promising prospect.\nWith the right policies and enabling environment in place, it has the potential to bring the best of agricultural, manufacturing and services sectors.\nDue to its backward and forward linkages, it increases value addition in GDP and elevates the continent through the global value chain, creating employment opportunities and increasing incomes, strengthening food security and improving nutrition to promote a healthier and productive workforce and ultimately alleviate poverty.\nAgro-industry is broadly defined as post-harvest activities involving the transformation, preservation and preparation of agricultural production for intermediary or final consumption.\nIt comprises of artisanal, minimally processed and packaged agricultural raw materials, the processing of intermediate goods and the fabrication of final products derived from agriculture.\nAn extended definition of agro-industry includes not only agriculture related industries but also distribution and trading activities.\nThe most important subsectors within the agro-industry sector are food-processing and beverages, accounting for more than 50 per cent of the total formal agro-processing sector in low and middle-income countries.\nConsidering the entire food system including the production of goods and commodities, marketing and retailing, which account for more than 50 per cent of the GDP of developing countries, agro-industry could play a vital role in the creation of income and employment opportunities in Ghana.\nChallenges\nAgro-industry could be the next natural stage in the quest for structural transformation of Ghana’s economy.\nIt has the potential to be the engine of growth by creating a well-paying, off-farm employment, increasing incomes, and alleviating poverty.\nFurthermore, it could improve the lives of Ghanaians through ensuring food security, improved nutrition, and a healthier and more productive workforce.\nPromoting agro-industry in Ghana is, however, not without challenges.\nMany of the problems hindering the promotion of agro-industry in Africa are specific to country, subsector and product category.\nThe following challenges are identified:\n• access to infrastructure\n• access to finance\n• access to market\n• entrepreneurship and managerial capacity\n• lack of enabling regulatory environment\nRecommendations\nIn order to materialise Ghana’s potential for agro-industrialisation, policymakers and development practitioners need to focus on getting the fundamentals right.\nEmphasis should be given on increasing competitiveness through closing the infrastructure and skills gap, reforming regulations and institutions, deepening value chains, attracting foreign direct investment through preferential taxes, and creation of industrial clusters and partnership with agro-allied industries.\nThe banks should recognise that agriculture can make an impact in African economies only when its production and distribution chains are substantially developed, its links to markets reinforced, and its transition to business-oriented activities accelerated.\nThis requires interventions in agriculture infrastructure, agro-processing and agricultural value chains.\nFinally, given women’s contributions to Africa’s agriculture and food security, the banks must commit themselves to ensuring that growth is inclusive of women.\nIt should increase its interventions in women-empowering projects and reduce gender inequalities in African agriculture.\nIn order to champion gender mainstreaming and woman empowerment, the banks should aim at promoting female agribusiness entrepreneurs along the value chain, through improved access to financing and credit as well as funding of agricultural infrastructure projects led by women.\nTo this end, giving due attention to the identified challenges, concerted efforts from related partners, African governments, multilateral and bilateral donors, and private sector will be required for broader results.\nThe writer is the Registrar,\nChartered Institute of Agriculture, Ghana (", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/features/opinion/ghana-news-transforming-ghanas-economy-through-agro-industrialisation.html"}

clean/cc/1512bba0e69ae3bacdb313db38fb20bb.json

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+{"doc_id": "1512bba0e69ae3bacdb313db38fb20bb", "text": "Advertisement\nBank of Ghana on why it made GH¢60 billion loss in 2022\nThe Bank of Ghana has responded to the Minority in Parliament's reaction to the bank's financial statements for 2023.\nBelow is a copy of the statement\nSTATEMENT ON BANK OF GHANA’S 2022 FINANCIAL STATEMENTS\nBank of Ghana released its full-year 2022 audited financial statements on 28th July 2023.\nThe financial statements reported a total loss of GH¢60 billion, which has since become a matter of unfortunate politicisation. It is noteworthy that GH¢53.1 billion of those losses were a direct result of the Government’s domestic debt restructuring exercise (phase 1 and II).\nIt is important to put the Bank of Ghana’s 2022 financial results in proper context with a clear statement of the problem that Ghana faced and the chronology of events in Ghana since 2019.\nThere was a clear mismatch between revenue inflows and expenditure financed in 2020 by exceptional support from the IMF and World Bank resources, and in addition to financing from the Bank of Ghana through the issuance of the GH¢10 billion Covid-19 bond.\nAs a result, sovereign spreads on Ghana bonds widened, signalling investor dissatisfaction with the stance of fiscal policy. The Budget for 2022, which was read in 2021, failed to address fiscal concerns as the Budget was even more expansionary by about 23% with a raft of revenue measures to raise financing. As a result, the Credit Rating Agencies further downgraded Ghana’s sovereign debt rating, which blocked Ghana’s access to international capital market borrowing.\nThis triggered a liquidity crisis, spilling over into a balance of payments crisis. External and domestic payments needed to be made, the domestic auction was failing, and the Bank of Ghana had to step in to arrest a major economic and social crisis.\nIn 2 months, the Bank of Ghana lost US$500 million in reserves and built significant overdraft with the government as a result of the auction failures.\nIt became clear that Ghana was on a path that was unsustainable, and the Government had to approach the IMF for support in July 2022.\nThe IMF process included putting into place a credible programme of reform, which included restructuring of the total government debt to sustainable levels. Until Staff Level Agreement with the IMF was reached in December 2022, the Bank of Ghana had to continue to provide the necessary support to keep the economy running.\nIn line with the provisions of the Bank of Ghana Act, (Act 612), as amended, the Bank informed the Minister of the developments in its finances.\nThe Minister reported this to Parliament as part of his briefing to Parliament on the IMF programme and the Domestic Debt Exchange.\nA major plank of the corrective action required for the IMF programme was the Domestic Debt Exchange, where the stock of Government of Ghana debt was to be halved from 105% of GDP to 55% of GDP by 2028.\nThe holders of Government debt had their debt instruments exchanged for new ones with lower interest payments and longer terms.\nDespite the losses inflicted on households and banks, the threshold of 55% of GDP was not met. The Bank of Ghana was used to close the gap to enable Ghana meet the debt threshold that qualified Ghana for the IMF programme\n(Bank of Ghana therefore, acted as a loss absorber). This means the Bank of Ghana had to absorb a 50% haircut on its non- marketable holdings of Government debt instruments.\nThis singular act led to significant impairment losses of GH¢32.3 billion to the Bank’s accounts. Impairments of marketable instruments also accounted for another GH¢16.1 billion, bringing the total impairments of Government holdings to GH¢48.4 billion.\nAs experienced by central banks globally, price and exchange rate movements led to a loss of GH¢5.2 billion whiles impairments of Cocobod loans amounted to GH¢4.7 billion. This is the reason the Bank of Ghana reported a loss of GH¢60 billion in 2022.\nCentral banks are not commercial banks. This financial outcome has very little implication for the operations of the Bank of Ghana as supported by evidence from other central banks. Technically, Central Banks cannot be insolvent or bankrupt.\nBank of Ghana assures key stakeholders and the general public that we are committed to the highest standards of prudent management, governance, and transparent accounting and audit practices.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/business/business-news/bank-of-ghana-on-why-it-made-60-billion-loss-in-2022.html"}

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+{"doc_id": "1604bad4708f9afe85dc6dbb5a04b08f", "text": "Police have arrested three men with arms at Kukuabila near Nasia in the West Mamprusi Municipality of the North East Region.\nThe suspects, including two Nigerians and a Ghanaian, were together arrested with a loaded Ak 47 riffle, a foreign-made pistol, and ammunition concealed in the vehicle that they were travelling in.\nThe suspects are currently in custody in Tamale after a Circuit Court in the Northern Regional capital, granted a remand application for further investigation.\nRegional Crime Officer, Superintendent Baba Ananga, said the Police are yet to establish the real motive of the suspects but added that based on preliminary investigation, they are looking to arrest accomplices.\nHe, however, wouldn't confirm or deny whether the suspects were on a mission to target a prominent politician in the North East Region.\nMeanwhile, some regional aspirants of the NPP in the region are calling on the Police to thoroughly investigate the incident.\nLatest Stories\n-\nGhanaians stranded in Ivory Coast not linked to us – QNET\n-\n92% of women businesses in Ghana have never exported before – Survey\n-\nWhen the time comes, it has come – Rudeboy shares video of Mr Ibu in the last moments\n-\nEC sets 3-day deadline for 2024 election results declaration\n-\nI bet Bawumia will choose Opoku Prempeh as his running mate – Ben Ephson\n-\nFinance Ministry fears losing $3.8bn in World Bank financing if Anti-LGBTQ+ bill becomes law\n-\nRainstorm destroys VIP stands of Sunyani Coronation Park\n-\nGovernment borrowed GH¢24bn via T-bills in February 2024\n-\nEdna Obiri: Unraveling the threads of unseasonable warmth: A climate wake-up call\n-\nAnti-LGBTQ+ Bill: Akufo-Addo won’t assent – Security Analyst\n-\nNollywood grieves as Kate Henshaw mourns loss of mother\n-\nInflation to inch up to 23.9% in February 2024 – Report\n-\nI was shocked – Former Oti Regional Minister speaks after reshuffle\n-\nDon’t assent to Anti-LGBTQ+ Bill – Finance Ministry tells Akufo-Addo\n-\nTributes pour in for Nollywood star Mr Ibu", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/3-arrested-at-kukuabila-in-north-east-region-for-illegal-possession-of-weapons/"}

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+{"doc_id": "163f085e50860c90a1c3f56939009b58", "text": "Advertisement\nAtiwa Rural Bank makes progress\nThe Atiwa Rural Bank, last year, posted a pre-tax profit of GH¢1.5 million as against GH¢1.2 million realised in 2021, a 24 per cent rise.\nWithin the same period, the rural bank increased the total deposits from customers to GH¢49 million as against GH¢34 million recorded the previous year, representing 43 per cent growth.\nThis paved the way for the rural bank to shore up its investments from GH¢21.5 million in 2021 to GH¢32.9 million in 2022. Again, a 53 per cent hike.\nThe Chairman of the Board of Directors of the bank, Samuel Adu Addo, made this known at the bank’s 35th annual general meeting of shareholders at Akyem Kwabeng in the Atiwa West District in the Eastern Region last Saturday.\nGrowth\nHe said the significant growth of the bank’s financial position was enhanced by increases in loans and advances from GH¢11 million in 2021 to GH¢14.9 million in 2022, representing a 35 per cent growth.\nShareholders last Saturday\nThe rural bank also grew its assets base by 41 per cent in 2022 and retained much of the gains to improve its shareholders’ funds position from GH¢3.9 million in 2021 to GH¢4.7 million in 2022.\nEconomic challenges\nMr Addo said it was remarkable that the bank could make such progress last year amidst the stiff economic challenges.\nHowever, the chairman of the board stated persistent and broadening inflation pressures, high interest rates, currency depreciation and growth in government debts to unsustainable levels were part of the factors that worked against the bank.\nReviewing the economy, Mr Addo explained that the challenges listed above led to a general slowdown in the economic activities of the country.\nDividend payment\nRegarding the payment of dividends to shareholders, he said the bank applied the Bank of Ghana directive to banks and specialised deposit-taking institutions not to pay dividends for them to address the impact of their participation in the Domestic Debt Exchange Programme (DDEP).\nWay forward\nThe bank, Mr Addo told the shareholders, had planned to open a branch and a mobilisation centre at Nkawkaw and Abomosu respectively, while a piece of land had been acquired at Anyinam for another branch.\nHe added that the bank would expand its operations at the Techiman mobilisation centre and upgrade it to the status of a full branch in the short term.\nMr Addo also informed the shareholders that the bank would continue to make its services accessible to all people through the development of agencies and mobile banking, adding that the introduction of the GhanaPay App had made banking easier and would continue to make it to clients.\nWriter's email:", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/business/business-news/ghana-news-atiwa-rural-bank-makes-progress.html"}

clean/cc/16412f8951b4ebec5a7811dc2b40540e.json

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+{"doc_id": "16412f8951b4ebec5a7811dc2b40540e", "text": "Farmers in the country will benefit from an agricultural insurance package called Ghana Agricultural Insurance Pool (GAIP) in 2023 as part of measures to help increase agriculture production.\nThe insurance package, estimated at $400 million, is to provide enough cover for the sector as it continues to be one of the biggest contributors to Ghana’s Gross Domestic Product (GDP).\nThis was made known by the Finance Minister, Ken Ofori-Atta during the presentation of the 2023 “Nkabom” Budget on the floor of Parliament on Thursday, 24th November, 2022.\nThe budget is on the theme: “Restoring and Sustaining Macroeconomic Stability and Resilience through Inclusive Growth and Value Addition”.\n“GAIP provides traditional agricultural insurance and index-based weather insurance products to commercial farmers and small-holder farmers. An estimated USD$400 million in agricultural insurance will be extended to eligible farmers in 2023,” he said.\nMr Ofori-Atta said the National Insurance Commission was spearheading the development of the insurance through the GAIP.\nTraditional agricultural insurance pays the insured for the actual loss or damage incurred; however, traditional insurance is too expensive for most smallholder farmers and thus non-existent in most rural areas.\nIn the area of promoting organic fertilizer, Mr Ofori-Atta said the recent global crisis had severely disrupted inorganic fertilizer supply chains and has resulted in sharp increases in prices.\nHe said the Ministry of Food and Agriculture was intensifying efforts to promote the local production and use of organic fertilizers.\n“Under the subsidy programme, the Ministry has increased the quota for organic fertilizer suppliers to cover the shortfall in supply of inorganic fertilizers,” Mr Ofori-Atta said.\nLatest Stories\n-\nOne Way Tour: Josh Blakk, Blakknoters deliver captivating performance in Nigeria\n-\nGACL apologises for power outage at KIA\n-\nWater Technology Certificate introduced at St Paul’s School in Kukurantumi\n-\nShowing of JoyNews’ ‘Sick Hospitals’ documentary causes stir in Parliament\n-\nGaza receives first airdrop of US humanitarian aid\n-\nAkatsi: Man in police custody found dead\n-\nVanuatu parliament welcomes Vanuatu Trade Commissioner to Ghana Prof. Hugh Keku Aryee in historic visit\n-\nGhana has become a ‘no-action, talk only’ country – Theo Acheampong\n-\nMan convicted over water meter theft\n-\nAnti-LGBTQ Bill: Parliament did not go against the constitution – Sam George\n-\nAnti-LGBTQ+ bill: All arguments remain personal opinions until SC makes pronouncement – Joseph Kpemka\n-\nAnti-LGBTQ Bill: Provisions in the bill do not impose a cap, gag the media – Sam George\n-\nNo regrets over move to Swansea in 2015 – Andre Ayew\n-\nAnti-LGBTQ+ bill: Ghana has done the right thing by passing the bill – Bokpin\n-\nAnti-LGBTQ+ bill is flawed and unconstitutional – Prof Audrey Gadzekpo", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/2023-budget-farmers-to-benefit-from-ghana-agricultural-insurance-scheme/"}

clean/cc/170b33237310bc725fd3f546caad1068.json

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+{"doc_id": "170b33237310bc725fd3f546caad1068", "text": "The Africa Cup for Club Champions Hockey tournament is nearing its conclusion as four teams battle it out in the final on Day 6.\nThe first semi-final match was between Kada Stars from Nigeria and Zamalek from Egypt.\nAfter taking a two-goal lead, the Nigerian side thought they already had a foot in the final but Zamalek, who showed character, left it all in the fourth quarter.\nThey came from behind to draw level to take the game into penalties which they later won to book their place in the final.\nThe two teams looking to join Zamalek in the final were Eastern Company and Tairat, who are both from Egypt.\nBoth sides were competitive, with a spot in the final up for grabs. Eastern Company opened the scoring early in the first quarter, but Tairat equalized and doubled their lead.\nThe game became more fascinating after Eastern Company got their equalizer in the 46th minute, but Tairat proved to be stronger after a well-worked team goal gave them a late win to see them book a place in the final with Zamalek.\nZamalek and Tairat will battle it out in all Egyptian finals while Kada Stars and Eastern Company face each other in the Bronze medal.\nThe finals will take place on November 30 at the Theodosia Okoh hockey pitch in Accra.\nGRA and Delta Queens will go head-to-head in the Gold medal match in the women's division, while Plateau Queens and Ghana Police also battle it out in the Bronze medal match.\nLatest Stories\n-\nNigerian Disney show Iwájú flawed but delightful – critics\n-\nStudents at Duu JHS and Primary in North East study on the floor, Old Students donate 20 desks and call for support\n-\nGhanaians stranded in Ivory Coast not linked to us – QNET\n-\n92% of women businesses in Ghana have never exported before – Survey\n-\nWhen the time comes, it has come – Rudeboy shares video of Mr Ibu in the last moments\n-\nEC sets 3-day deadline for 2024 election results declaration\n-\nI bet Bawumia will choose Opoku Prempeh as his running mate – Ben Ephson\n-\nFinance Ministry fears losing $3.8bn in World Bank financing if Anti-LGBTQ+ bill becomes law\n-\nRainstorm destroys VIP stands of Sunyani Coronation Park\n-\nGovernment borrowed GH¢24bn via T-bills in February 2024\n-\nEdna Obiri: Unraveling the threads of unseasonable warmth: A climate wake-up call\n-\nAnti-LGBTQ+ Bill: Akufo-Addo won’t assent – Security Analyst\n-\nNollywood grieves as Kate Henshaw mourns loss of mother\n-\nInflation to inch up to 23.9% in February 2024 – Report\n-\nI was shocked – Former Oti Regional Minister speaks after reshuffle", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/africa-cup-for-club-champions-hockey-tournament-set-for-an-all-egyptian-final-on-nov-30/"}

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+{"doc_id": "175662567682898e9a50f9519c1f582d", "text": "A former Chairman of Parliament's Finance Committee has stated what Ghanaians should expect in the the 2023 budget to be presented by the Finance Minister, Ken Ofori-Atta.\nAccording to Dr Assibey Yeboah, the citizenry will be happy if the budget restored micro stability by reducing inflation and interest rate.\n“The budget should result in sustainable development. There has not been any rigidity in our sustainable development, therefore, there should be ingredients in the budget to solve it,\" he said in an interview on Joy FM's Super Morning Show on Thursday.\nDr Assibey-Yeboah also explained that the budget should capture the social protection sector, that is, the health sector, education, and employment sector.\nHe further stated that the 2023 budget which will be read to the Parliament is not only for Ghanaians but for investors and shareholders as well. Therefore, it should capture important issues.\n“The budget is not for only Ghanaians. Investors are watching, and multilateral agencies are paying attention. So it is critical for us to get it right this time,\" he noted.\nGhana's economy is not stable currently.\nThe government has decided to go to the IMF for assistance.\nMany people blamed the Finance Minister for not managing the country's economy well. They have therefore called for his resignation.\nDespite this, Ghanaians are optimistic about what the 2023 budget entails since it will determine the future of our economy.\nLatest Stories\n-\nBayer Leverkusen set new unbeaten record with win over Mainz\n-\nAbena Osei-Asare appointed as Minister of State at the Finance Ministry\n-\nEnergy Minister gets SMRP International Leadership Award in Trinidad and Tobago\n-\nNPP’s decision to remove Kyei-Mensah-Bonsu was ill-considered – Dr Arthur Kennedy\n-\nThere was nothing criminal about Agyapa deal – Richard Ahaigbah\n-\nHassan II Golf Trophy: Yang tops leaderboard ahead of final round with minimum $300,000 at stake\n-\nAgyapa deal inimical to the interest of Ghanaians – Sammy Gyamfi\n-\nI am not a member of Bawumia’s Manifesto Committee – Okyeame Kwame\n-\nThe man Osei Kyei-Mensah-Bonsu: An architect of Ghana’s political landscape\n-\nGovernment must tell us that it has stopped pursuing Agyapa – Bright Simons\n-\nKelvin Kiptum funeral: Thousands mourn Kenya’s marathon star destined for greatness\n-\n15 dead, dozens more injured in China flat fire\n-\nPiers Morgan and Oprah Winfrey ‘deepfaked’ for US influencer’s ads\n-\nGWR sing-a-thon attempt: ‘I will announce my next line of action in a few days’ – Afua Asantewaa\n-\nPlayback: Newsfile discusses Agyapa deal, Majority Leadership drama, Tap & Go", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/2023-budget-should-restore-micro-stability-assibey-yeboah/"}

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+{"doc_id": "199dcb3366a1bbf0b0ac5bb1315ad76e", "text": "Advertisement\nTullow to default on $2.5bn debt repayment — Heads to debt market to raise additional\nThe Tullow Group has indicated that it may not be able to fully repay its US$2.5 billion notes outstanding which will mature in 2025 and 2026.\nThis is because the group’s Corporate Business Plan does not project sufficient free cash flow generation to allow it fully repay these notes when they fall due.\nThe group would ,therefore, need to access debt markets within the viability assessment period with the directors confident that the Group would be able to secure the funding required to maintain adequate liquidity headroom throughout the period.\nThis was disclosed in Tullow’s 2022 annual report and accounts which was released on March 24, 2023.\nThe report noted that management was focused on mitigating the risks around production, operating cost increases and potential outflows associated with disputes in order to reduce the likelihood of risks.\nFurthermore, the directors have considered additional mitigating actions that may be available to the group such as incremental commodity hedging executed in periods of higher oil prices and alternative funding options.\nIt is also considering further rationalisation of the group’s cost base including cuts to discretionary capital expenditure, portfolio management and careful management of stakeholder relationships.\n“Based on the results of the analysis and the ability to mitigate some of the risks associated with the downside scenarios, the board of directors has a reasonable expectation that the group will be able to continue in operation and meet its liabilities, including through refinancing activities as they fall due over the five-year period of their assessment,” the report noted.\nBusiness Plan\nThe report pointed out that a failure to grow the business via targeted investment in existing fields and/or investment in new fields could ultimately impact its ability to deliver the Business Plan and meet longer-term production targets.\nAs such, it said the group was focusing on the Jubilee Expansion project, Jubilee South East, North East and TEN Enhancement Projects.\nIt said its exploration strategy was focused on acreage close to existing infrastructure to enable discoveries to be converted to production quickly.\nThe group said it would also continue to invest in non-operated portfolio, including accelerating projects where possible; go into mergers & acquisitions; inorganic growth with a focus on producing assets and working to secure a long-term gas offtake commercialisation contract in Ghana as agreed in principle by the board.\n“Tullow remains exposed to erosion of its balance sheet and revenues due to oil price volatility, unexpected operational incidents, cost inflation and failure to deliver targeted farm downs of\nexploration assets and Kenya.\n“Failure to deliver our Business Plan could have a material negative impact on cash flow and our ability to reduce debt and strengthen the balance sheet, which may affect our ability to meet our financial obligations when they fall due,” the report noted.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/business/business-news/tullow-to-default-on-2-5bn-debt-repayment-heads-to-debt-market-to-raise-additional.html?__sta=vhg.hhksexovlelzhlzjnmjofs%7CTVYT&__stm_medium=email&__stm_source=smartech"}

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+{"doc_id": "1a6e1e88306a720d92805a697b90a258", "text": "Advertisement\nBoG maintains policy rate at 30% [VIDEO]\nThe Monetary Policy Committee of the Bank of Ghana (BoG) has maintained the policy rate at 30 per cent.\nDespite the broad improvement in economic conditions supported by a decline in inflation and stable currency, the committee decided to maintain a tight monetary policy stance to re enforce the current disinflation path.\nThe committee was of the view that the current inflation rate of 35.2 per cent was still high which required a tight monetary stance.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/business/business-news/bog-maintains-policy-rate-at-30-video.html"}

clean/cc/1afcaaeeeeb676314af2a826c3193f11.json

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+{"doc_id": "1afcaaeeeeb676314af2a826c3193f11", "text": "The ECOWAS Bank for Investment and Development (EBID) has officially released the 2022 edition of the West Africa Development Outlook (WADO).\nWADO takes stock of socioeconomic developments of the previous year and presents a macroeconomic outlook for the year 2022.\nIt discusses the socio-economic challenges of the times and postulates policy interventions that could help ease these challenges.\nThe 2022 WADO, which is on the theme: “Navigating Global Shocks through Structural Transformation and Trade”, also discusses how the ECOWAS sub-region can mitigate the recent price escalation by increasing local production capacities, improving intra-regional trade and embarking on a deliberate structural transformation agenda.\nAn official statement copied the GNA said the document also discussed the causes of the recent price hikes as being structural and the need for cautious monetary policy interventions.\nDr. George Agyekum Donkor, the President and Chairman of the Board of Directors of EBID, emphasised the importance of the review of key economic indicators as a way of highlighting the impact of recent global events on ECOWAS economies and postulating mitigating actions for policy makers’ consideration.\nHe stated that the WADO also highlighted the opportunities and threats in the sub-region to guide the investment decisions of existing and would-be investors.\nThe Director of Research and Strategic Planning of the Bank, Mr. MacDonald Saye Goanue, spoke about the challenging macroeconomic environment the Community was facing as a result of which growth prospects had been downgraded.\nThe elevated food and energy prices pose a great risk to fiscal consolidation and debt sustainability, while threatening to increase current account deficits and exerting pressure on local currencies.\nThere is the need for fiscal and monetary policy synchronicity to successfully navigate these challenges.\nEBID is a leading regional investment and development bank, owned by the fifteen (15) ECOWAS Member States, namely, Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.\nBased in Lomé, Togolese Republic, the Bank is committed to financing developmental projects and programmes covering diverse initiatives from infrastructure and basic amenities, rural development and environment, industry, and social services sectors, through its private and public sector windows.\nEBID intervenes through long, medium, and short-term loans, equity participation, lines of credit, refinancing, financial engineering operations and related services.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessghana.com/site/news/Business/268163/2022-West-Africa-Development-Outlook-proposes-increased-sub-regional-trade-structural-transformation"}

clean/cc/1b03bf20bc130e96a43e64fa14e61c2b.json

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+{"doc_id": "1b03bf20bc130e96a43e64fa14e61c2b", "text": "Compared to the benchmark market-wide Composite Index (GSE-CI), which lost 1.67 per cent at end of the period, the GSE-FSI has given investors a modest 1.07 per cent gain – maintaining its value at 2,174.96 points.\nThe latter’s rally gathered steam in March following the release of results for last fiscal year, as the financial index gained 2.64 per cent during the month.\nBoth indices, however, are at significantly lower levels than last year. For context, in 2021 the GSE-CI had returns of 13.9 per cent at end of the first quarter, while the GSE-FSI rallied at 3.5 per cent. The CI and FSI ended the full year at 43.6 per cent and 20.7 per cent respectively.According to a market analyst, the development is not surprising owing to a number of factors – including the respectable performance of financial services providers coupled with the overall muted activity of non-financial stocks, except MTN.\n“Despite the fairly suppressed level of activity on the market in the first quarter, the banking and insurance sectors performed admirably. The former has proven strong following the sector clean-up, and was not as affected by the pandemic as other sectors – although we have seen a marginal rise in non-performing loans in the recent earning reports. However, the same cannot be said for other areas,” stated investment analyst at Nimed Capital, Joshua Adagbe.\nA look at the market table indicates that the year’s biggest gainers have been financial stocks, including SIC – with Ecobank (ETI), Trust Bank Gambia Limited (TBL) and Guinness (GGBL) leading the charge. At the other end of the table, Produce Buying Company (PBC), Fan Milk and Benso Oil are the laggards, with Access Bank being the only financial stock in that category.\nThe analyst noted that the market continues to be swayed largely by MTN, with the non-activity of others weighing down the wider market. In 2021, non-financial stocks other than MTN were responsible for a combined 5.85 percent of volume and 10.56 per cent of value traded on the local bourse.\n“MTN remains an outlier for the rest of the market; and while we see this happen in other jurisdictions, it remains an issue in a market of our size. We however expect that with a return to normalcy other sectors will pick up, perhaps in quarter two and three,” he said.\nThe biggest culprits of inactivity in the market remain those listed on the Ghana Alternative Market (GAX). Established as a parallel market in 2015 and focusing on small and medium-sized enterprises with strong growth potential, the stocks listed on the GAX have seen little interest or subsequent activity.\nOperators of the Exchange have however given clear indication of a proposed re-launch of the alternate market, with adjustments to listing requirements in a bid to ramp-up additional listings and stimulate trade.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessghana.com/site/news/business/260231/Financial-stocks-outperform-others-on-GSE-in-first-quarter-2022"}

clean/cc/1cb3304138496e07ba372c8dd91a2d35.json

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+{"doc_id": "1cb3304138496e07ba372c8dd91a2d35", "text": "Advertisement\nWe have made significant strides in agric — Bawumia\nVice President Dr Mahamudu Bawumia has stated that the President Nana Addo Dankwa Akufo-Addo's government has achieved significant strides in the agricultural sector.\nHowever, he said there is the need for continued innovation and sustainable practices to ensure the long-term resilience and prosperity of the agricultural sector.\nHe made this known in his first major address to the nation following his election as New Patriotic Party (NPP) flagbearer, where he outlined the broad policy outlines of a Bawumia Presidency.\n“The stronger GDP growth performance in the 2017-2022 period is underpinned by a strong agricultural GDP growth which increased from an average of 2.9% between 2013-2016 to an average of 6% (double) between 2017 and 2022.\nWe have made a lot of progress in agriculture even though there is more to be done,” he said.\nNotably, he said there has been a remarkable 45% reduction in rice imports, declining from 805,000MT to 440,000MT between 2021 and 2023 alone.\nThis achievement, he said underscores government's commitment to transforming Ghana into a net exporter of rice by 2028, indicative of the effectiveness of policy interventions such as \"Planting for Food and Jobs (PFJ.”\nAccording to him, these initiatives have yielded tangible results, laying a foundation for further agricultural prosperity and self-sufficiency in the nation.\n“The goal is to be a net exporter of rice by 2028. It is clear that some of our policy interventions such as planting for food and jobs have born fruits,” he stated.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/business/business-news/we-have-made-significant-strides-in-agric-bawumia.html"}

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+{"doc_id": "1d8c22f6d4b7086b28819006c6156d2f", "text": "The Dormaa-Ahenkro Circuit Court in the Bono Region has sentenced a 24-year-old farmer to four years imprisonment for abetment of crime.\nThe convict, Asampana Akumbire, also a tricycle rider, aided two other suspects, Nana Kofi and Akwasi Boakye, who are at large, to damage an unregistered Apsonic Jaguar motorbike, a property of one Augustina Twumaa, a teacher.\nAkumbire pleaded guilty to causing damage to the ignition key and side covers of the motorbike and was sentenced accordingly.\nPolice Inspector Emmanuel Asare told the court presided by Mr Samuel Djanie Kotey that the complainant is a teacher resident at S.S, a suburb of Dormaa-Ahenkro while the convict is a farmer at Dormaa-Ahenkro.\nP/Insp. Asare said on December 19, 2022, around 0500 hours, the complainant woke and detected that thieves had broken through a wooden fence, behind her house and made away with her motorbike valued at GH₵4,850.\nThe complainant reported the matter to the Police and the convict was arrested based on police intelligence on December 23, 2022, around 1100 hours.\nDuring interrogations, the convict admitted the offence, but mentioned that the other two suspects brought him the motorbike and he sold the machine to one Ahmed also at large, at the cost of GH₵1,600.\nP/Insp Asare said the police proceeded to the house of Ahmed, but upon seeing the police he (Ahmed) fled and abandoned the motorbike, so the police retrieved the motorbike and discovered that the ignition key was damaged.\nIn another case, the convict pleaded guilty to conspiracy to commit crime and attempting to steal 11 boxes of eggs valued at GH₵5,082.00.\nP/Insp Asare told the court, the convict, together with other two accomplices only known as Dazie and Borga, tricycle riders, who are on the run, conspired and attempted to steal boxes of eggs, belonging to one Faustina Addai, a businesswoman at Dormaa-Ahenkro.\nOn October 30, 2022, at around 1500 hours, the convict and two other suspects used a tricycle and attempted to steal the eggs, which the complainant had parked a few metres from her beauty salon.\nP/Insp Asare explained the complainant sighted the convicts, who were riding the tricycle with the two other accomplices and raised an alarm, but the two suspects fled, and the convict was arrested.\nThey lifted the 11 boxes of the eggs, and while parking them in the tricycle, the complainant shouted and attracted the attention of some bystanders, he said, adding that while they attempted to arrest the suspects one of them stabbed a witness in the case.\nThe convict was then handed over to the police, and during police interrogations, he admitted the offence and was charged accordingly.\nLatest Stories\n-\nThe Roll Call of Biblical Financial Evangelists\n-\nMahama accuses Bawumia of dubbing NDC’s policy promises\n-\nMahama echoes vision for resilient governance and economic recovery at NDC LAB Policy Dialogue\n-\nGSE’s Abena Amoah not on Bawumia’s economy committee\n-\nNDC’s Policy Dialogue marks milestone in pre-election strategy – Mahama\n-\nEOCO to launch lifestyle audits targeting celebrities and individuals with suspected unexplained wealth\n-\nUpper West Akim MP cuts sod for the construction of Mepom to Esaaso Road\n-\nEngineers urged to embrace preview of their works\n-\nParis 2024Q: Zambia edges Ghana 1-0 for crucial first-leg advantage\n-\nDr. Christian Sewordor Mensah: The Role of Sector Skill Bodies in using ESG and CSR Principles in shaping Sustainable Education and Training\n-\nTyler Perry halts $800 film studio build over AI fears\n-\nAkufo-Addo appoints Ofori-Atta as Senior Presidential Advisor\n-\nMIIF aims to position Ghana as electric vehicle hub in Africa\n-\nAvatar: The Last Airbender receives mixed reviews from critics\n-\nMahama slams Police’s decision to dissociate itself from DCOP Waabu’s comments on election security", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/24-year-old-farmer-jailed-for-abetment-of-crime/"}

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+{"doc_id": "1dfdf4440588cb50762dfe7c867dfb33", "text": "Advertisement\nCan CFTA revive Ghana’s ailing manufacturing sector?\nAfter almost six years of emotions-laced negotiations and tedious ground work, the Africa Continental Free Trade Agreement (CFTA) came into force in May this year, when The Gambia emerged the crucial 22nd member of the African Union (AU) to ratify it.\nBy that gesture, the originators of the agreement, the AU, have successfully created a single market, call it the ‘African market’, that comprises more than 1.2 billion people, boasts of about US$3 trillion of income and is available to millions of goods and services from the 55-member States.\nWhen fully implemented, Ghanaian manufacturers and traders, like their counterparts elsewhere in the continent, will be allowed to export their goods and services to other African countries without paying duties or being restricted on a quota basis.\nThus, on paper, the union has done what its founding fathers – our own Dr Kwame Nkrumah, Emperor Haile Selassie of Ethiopia, Jomo Kenyatta of Kenya and Alhaji Abubakar Tafawa Balewa of Nigeria, among others – envisaged when they laid the cornerstone for the establishment of the Organisation of African Unity (OAU), now the AU, in 1963.\nIn reality, however, it has opened a new chapter in the history book of the continent. That chapter, which is full of opportunities and challenges, is capable of booming or drowning the economies of member countries, including Ghana’s..\nRelevance of manufacturing\nFor countries to be able to enjoy the full benefits of the CFTA, their manufacturing sectors must be robust, competitive and innovative to be able to churn out the goods that will be traded.\nThis is because trade, which is the driving force of the agreement, is a function of manufacturing.\nAs buyers and sellers of goods, traders survive on manufacturers. Therefore, in countries where manufacturing is booming, traders play a critical role in sustaining that growth by finding markets for the goods and in the process, freeing manufacturers to concentrate on their core jobs of value addition.\nHowever, in countries where manufacturing is ailing, traders equally play a critical role in impoverishing the value-addition business the more.\nThey do this by flooding the local economy with imported substitutes. These imports drown the few locally produced goods, strangle the manufacturing sector further and lead to loss of productivity and jobs. Ultimately, the imports expose the economy to the risks of import dependence, among them being a volatile exchange rate regime.\nIt is worth noting that imports, rather than industrial goods, are necessary only to the extent that there is a supply deficit fuelled by price, quality and taste in the local economy.\nState of manufacturing\nSadly, that is the state of Ghana’s manufacturing subsector.\nAfter a sensational start in the years following independence, the fortunes of the manufacturing business have been at the mercy of cheap imports, erratic and costly power, weak policies and pricey credit.\nFuelled by a sheer taste for foreign brands at a time when a myriad of challenges has stifled innovation in domestic manufacturing companies, imports have now displaced local products, resulting in the crumbling and fizzling out of giant local firms such as the Appiah Menkah Complex and its flagship product, the Apino Soap, the BA Mensah Group of Companies, the Nsawam Cannery, the meat and tomatoes processing factories and the textile manufacturers nationwide.\nBut for the history books, nobody would have believed that Ghana was once a producer of electronics and electrical gadgets such as pressing irons, television sets and electric bulbs.\nThe sorry state of the manufacturing sector is further amplified in the annual rate of growth and its share to total productivity, measured by gross domestic product (GDP).\nData from the Ghana Statistical Service show that the manufacturing subsector’s share of GDP averaged more than 30 per cent per annum in the early 2000s but has been on a consistent decline.\nFrom 13.2 per cent of rebased GDP in 2013, it fell to 12.2 per cent in 2018 as growth and momentum in the subsector waned.\nHow CFTA can help\nWhile various measures have been instituted to help reverse the situation, not much has been achieved.\nThis makes the coming into force of the CFTA a dicey situation for the country.\nOn paper, it opens countless opportunities for manufacturers.\nIn reality, however, it could further flood our economy with imports, this time round, from peer African countries, and that can easily result in the drowning of our largely weak manufacturing companies.\nTo avoid this, the private sector needs to first whip up the government and later partner it to draw up a comprehensive policy on how the country can build the capacities of the manufacturing sector to benefit fully from the agreement.\nThat policy must incorporate SMART (specific, measurable, attainable, relevant and timely) objectives that all of us as a country will work to achieve.\nIt must also be apolitical and be made the foundation of every political party’s manifesto.\nUnlike other policies on industrialisation and private sector support, this policy on how we can benefit fully from the CFTA must be implemented by a selected group of astute experts and funded by a sustainable funding source. In that regard, it will not be out of place to levy consumers and companies and use the proceeds to transparently resource a committee or a secretariat to build the capacities of manufacturers.\nWith majority of our manufacturing companies being small and medium enterprises, it goes without saying that they need hand-holding to be able to outcompete the imports that the CFTA will gush out into our economy.\nWe cannot do that with our usual lip service kind of supports.\nThis requires that we are deliberate, swift and tactful. Respectful private sector bodies such as the Association of Ghana Industries (AGI), the Private sector Federation (PEF) and the Ghana National Chamber of Commerce and Industry (GNCCI) need to lead that charge.\nBeyond them being the most exposed to whatever benefits or negatives that will arise, posterity will not forgive them if they join the politicians to do business as usual with the agreement.\nDouble blessing\nWhile at it, Ghanaians and Africans alike must relish this moment.\nAfter almost six decades of political unity, African governments are now meaningfully knocking down trade barriers to make way for a liberalised trade system, which has long been viewed as a credible route to lifting millions of our people out of poverty.\nWith trade being a key solution to Africa’s bulgy unemployment situation (variedly estimated at 50 per cent), the CFTA’s ability to more than triple intra-African trade from the current 17 per cent to 52 per cent by 2022, according to the Economic Commission of Africa (ECA), could prove the best antidote to the tetchy poverty that joblessness breeds in the continent.\nFor us in Ghana, it should be a double excitement.\nBeyond the pride and opportunities that a free trade area provides, Ghana being the host of the CFTA Secretariat is fulfilling for all the reasons.\nFor a nation that was a torchbearer of the African emancipation agenda in the better part of the 19th century, hosting the secretariat places us in the front role to further galvanise support for a meaningful economic independence.\nTo achieve that, however, we must first be sure that we are not neglecting the critical discourse, policies and structures that are needed to ensure that our economy fully reaps the benefits that the trade agreement promises.\nThat starts with a SMART blueprint on how we can support domestic manufacturers to build capacity and produce more for export.\nThrough this, we can make the CFTA a means to the revitalisation of our challenged manufacturing subsector.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/business/business-news/ghana-news-can-cfta-revive-ghana-s-ailing-manufacturing-sector.html"}

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+{"doc_id": "1ee0491c483be4a5d113d8526acedd30", "text": "Advertisement\nOne Year on Lessons from the Domestic Debt Exchange and its Impact on the Economy\nBy the end of the 3rd Quarter of 2021, Ghana’s fiscal vulnerability had been evident to the market resulting in a loss of market access largely consistent with the country’s struggle to manage its public debt since independence.\nIn all of Ghana's program engagements with the International Monetary Fund (IMF) debt unsustainability has been recurring reflecting a weak fiscal regime of expenditure rigidities and low domestic revenue mobilization.\nThe latest IMF Supported Program is unique given the number of prior actions the country had to undertake in order to qualify for help from the IMF including taking a comprehensive approach to restructuring the country’s public debt with the domestic debt restructuring being a condition precedent to getting IMF Board approval.\nUnlike the case of Zambia, which excluded the domestic debt from its debt restructuring to protect the domestic financial system, Ghana applied the most aggressive debt restructuring which was first announced on December 5th, 2022. Arguably the first of its kind in the history of the country.\nGovernment instruments (excluding only treasury bills) held across households (including pensioners), financial institutions, body corporates, and resident and non-resident investors were considered to be in the universe of eligible bonds.\nThe country’s economic fundamentals had deteriorated to the extent that the traditional fiscal consolidation measures embodying expenditure restraint and revenue enhancement measures were considered to be inadequate and therefore restructuring had become fundamental to restoring fiscal sustainability.\nGhana’s economy entered a full-blown macroeconomic crisis in 2022 on the back of pre-existing imbalances and external shocks. Large financing needs and tightening financing conditions exacerbated debt sustainability concerns, shutting-off Ghana from the international market. Large capital outflows combined with monetary policy tightening in advanced economies put significant pressure on the exchange rate, together with monetary financing of the budget deficit, resulting in high inflation.\nThese developments interrupted the post COVID-19 recovery of the economy as GDP growth declined from 5.1% in 2021 to 3.1% in 2022.\nThe 2022 fiscal deficit was well above target at 11.8%. Public debt rose from 79.6% in 2021 to over 90% of GDP in 2022, as debt service-to-revenue reached 117.6% (World Bank., 2022).\nThe monetization of fiscal deficits and Bank of Ghana lending to government through ways and means advances has risen to GHS 50billion in 2022, exceeding the threshold set by Bank of Ghana Act 2002 Act 612 as amended Act 2016 Act 918 Section (30:2) the total loans, advances, purchases of treasury bills shall not at any time exceeds 5% of the total revenue of the previous fiscal year.\nThese ways and means advances are temporary overdraft facilities provided to Government of Ghana (GoG) to help with financial difficulties caused by a cash flow mismatch by bridging the gap between expenditure and revenue receipts.\nThis level of borrowing from the Bank of Ghana to finance fiscal deficit was clearly unsustainable, fueled inflation and endangering growth. In Ghana, deficit financing has led to borrowings from the multinational finance institutions, such as the International Monetary Fund (IMF), the World Bank, African Development Bank (ADB) and Euro-markets amongst others.\nUnfortunately, the rising national debt in Ghana begun to outweigh the country’s revenue generation capacity and drawing down on foreign reserves, hence stifling the much-needed public capital investments and economic productivity.\nAlso, it has been reported that these borrowed funds are often mismanaged and misapplied, hence, were not used for economically productive activities, leading to debt burden, capital flight and economic instability in the long-run.\nGhana was in a critical situation with regard to its public debt as the country’s debt to GDP has exceeded the dreadful limit of 100% recently after the joint Debt Sustainability Analysis by the Government/IMF and World Bank.\nIt is the world’s second- most severely indebted developing countries after Sri Lanka.\nGhana has become the latest among a number of smaller emerging markets from Sri Lanka to Zambia to buckle under its debt burden as the economic fallout from Covid 19 pandemic and Russia and Ukraine war fueled by high inflation and rising borrowing costs around the globe.\nGhana was a severely indebted developing country with her total public debt burden stood at approximately US$ 58 billion or 105 percent of GDP at the end of 2022 (World Bank,2022). High debt – and debt service – levels coupled with limited access to external finance has meant the government has had little fiscal space with which to increase expenditures in public investment and poverty reduction programs.\nThe joint Debt Sustainability Analysis by Ghana Government/International Monetary Fund (IMF) demonstrated that Ghana’s debt servicing absorbs more than 50% of total government revenues and almost 70% of the tax revenues.\nAdditionally, the total public debt stock, including that of state-owned enterprises among others. exceeded 100% of the Gross Domestic Product (GDP).\nAt the beginning of December 2022, World Bank announced that the country’s public debt-to-GDP ratio had reached 100 percent, a figure projected to climb to 107 percent by the end of December 2022.\nGhana entered the world economic downturn in the beginning of April 2022 from a position of growth rate of 3.4% of GDP with high, increasing debt levels with inflation at 50.3% in November, 2022 highest in 21 years. As a result, Ghana’s fiscal situation quickly became unsustainable after Covid 19 pandemic and Russia and Ukraine war\nThe Original Domestic Debt Exchange Programme\nThe Ministry of Finance invited on 5th December 2022 holders of old domestic debt to voluntarily exchange GHC 137.3 (US$14.3) billion domestic bonds and notes including E.S.L.A and Daakye Bonds, for a package of four new domestic bonds.\nUnder the debt swap or exchange announced on 5th December 2022, local holders including domestic banks, Bank of Ghana, Firms and Institutions, insurance companies, foreign investors, Rural and Community Banks and SSNIT have until 15th January, 2023 to exchange GHC 137.3 billion (US$14.3) worth over 60 domestic bonds for 12 new bonds, one maturing each year starting January 2027 and ending January 2038. Under the Ghana’s debt exchange arrangement, the Government of Ghana proposed to exchange existing domestic bonds as of 5th December,2022 for 12 new bonds maturing on 2027, 2028, 2029,2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037 and 2038. According to the Ministry of Finance these new bonds would pay 0% in 2023, 5% in 2024, and subsequently 9.1% interest per annum until final maturity in 2038.\nThe predetermined allocation ratios are 17% for the short- term bonds, 17% for intermediate bonds, 25% for medium term bonds and 41% for long term bonds. If the debt exchange is completed successfully it is expected to afford the government some fiscal space to reduce the domestic interest costs starting from 2023 to the end of 2038.\nFrom our data analysis of the original debt exchange of the total NPV of Bond value calculation of Domestic banks, Bank of Ghana, Firms and Institutions, Foreign investors, Retail and Individuals, Insurance companies, SSNIT and Rural banks of GHS 428,133,044, showed the estimated losses of GHS85,749,328,052 in (NPV) to local bondholders, with maturity extension from 5 (3.8) years to 15 (13.8) years with average coupon rate declining from 19.1% to an average of (8.3%) 9.1% for new bonds. Given the significant losses to bondholders which produced very large cash debt relief of GH₵85.7 billion.\nDetailed Breakdown of Revised Domestic Debt Exchange\nThe breakdown of the GH₵203bn restructured domestic debt is as follows:\n• GH₵87bn restructured from Treasury bonds, ESLA and Daakye bonds excluding pension funds. The average coupon rate and maturity period of the restructured bonds currently stands at 9.1 (previously 19.1%) and 8.3 years (previously 13.8 years). Furthermore, the average maturity of domestic debt was significantly extended from 3.8 years before the exchange to 8.3 years after the exchange.\n• GH₵29.6bn restructured Pension Fund holdings in Treasury bonds, ESLA and Daakye bonds excluding pension funds. The coupon rate and average maturity period remains the same at 20% and 4 years respectively\n• US$742m restructured from dollar-denominated local bonds with average coupon rate and maturity period being 3% (previously 5.3%) and 1.5 years (4.5 years).\n• GH₵7.7bn restructured from Cocoa bills with the coupon rate and maturity period being 13% (previously above 30%) and 4.4 years (previously 0.7 month)\n• GH₵70.9bn principal haircut on the non-marketable debt instrument of the Bank of Ghana with the current coupon rate and maturity period 10% and 15 years respectively.\nThe government offered most bondholders a set of new bonds at fixed exchange proportions with a combined average maturity of 8.3 years instead of the original 13.8 years and coupons of up to (9.1)10 percent (with part of the coupons capitalized rather than paid in cash in 2023 and 2024). It started by launching a voluntary Domestic Debt Exchange Program (DDEP), which is intended to increase average debt maturity from 3.8 years to 8.3 years instead of the original13.8 years and reduce average coupon payments from 19.1% to 9.1%, with only 5% paid in cash in 2023 and 2024.\nCrucially, the completed DDEP has also produced cash debt relief for the government of almost GH₵61.7 billion in 2023, relieving pressure on the domestic financing market. The average haircut on Ghana of Ghana and Bank of Ghana bonds of GHS 203 billion has resulted in government savings of GH₵61.7 billion or 30% which at same time represented a significant loss to all bondholders especially Bank of Ghana that has taken massive hit to its balance sheet.\nDetailed Fiscal Space of GH₵61.7 billion on Government Bonds valued GHS 203 billion on the DDEP implementation.\nThe Government issuer of Treasury bonds (Daakye and ESLA) valued GHS 87.1 billion made approximately savings of GH₵12.4 billion (14%) with banking sector holdings of GHS 50.6 billion made a savings of GHS 7.3 billion while the rest of the holders of Treasury bond valued GH₵36.5 billion made a savings of GH₵5.1 billion.\nThe holders of US $ Dominated local bonds valued at US$742 million made a fiscal savings of GH₵7.2 billion. The Government made saving GH₵4.5 billion (58.4%) on the Cocoa bills valued GH₵7.7 billion while the government made savings of GH₵37.6 billion (53%) on the Bank of Ghana’s marketable and non-marketable bonds valued GH₵70.9 billion.\nOn the Pension fund bonds valued GH₵29.6 billion the government made no savings (0%) on the DDEP because of complete exemption from the program. The government made total savings of 61.7 billion on the Government bonds valued GH₵203 billion.\nThe revised DDEP marginally impacted on the banking sector, while NPV losses of the Bank of Ghana impacted significantly and negatively, and the Cocoa bills suffered negatively likewise US$ dominated local bonds with the pension suffered no hair cut at all.\nThe largest holders of domestic debt in the country included domestic banks, the Bank of Ghana, non-bank financial institutions, private individuals, insurance companies, rural and community banks and foreign investors. Investor losses ranged from 14% to 58.4%, with an average haircut of 30% based on comparing the market value of the new debt with the net present value of the old debt evaluated at the sovereign yield immediately following the debt exchange.\nThe NPV haircuts—defined by comparing the present value of new instruments received with that of old instruments tendered, both evaluated at yields prevailing immediately after the debt exchange—varied substantially across the debt restructurings studied.\nThe DDEP has offered important lessons for other countries in similar situations. With hindsight, the DDEP led to a stronger reduction in debt in NPV terms. The “toughest” restructuring was Argentina’s 2005 exchange with an average haircut of almost 75%, followed by the Russian GKO exchange (50-70%), with Ghana’s milder haircut of 30% while the mildest was Uruguay’s international bond exchange, with a haircut close to 10%.\nThe revised DDEP has shifted the losses burden from the banking sector to the Bank of Ghana which took hit of DDEP loss of GH₵37.6 billion and followed by the Cocoa bills which also took a hit of DDEP loss of GH₵5.4. billion.\nLessons from Other Countries’ That Have Implemented DDEP\nLearning from other countries that have gone through a sovereign debt exchange program, like Greece and Jamaica, adoption of the DDEP is likely to trigger financial challenges that may threaten the stability of various sectors of the economy markets, making government support necessary, especially for banks identified as systemically important.\nTo its credit, there are plans by the government to extend support in the form of a stabilization fund. As seen from the swift action of the US and Swiss regulators to resolve banks considered systemic, the fund would be key to stabilizing the financial services sector and instilling confidence in the system to ward off threats of an accelerated economic crisis.\nIf we take Greece as an example, their debt restructuring achieved a reduction in the debt, but led to a contraction in consumption, driven by the effects of the austerity measures put in place e.g., cuts in public spending and a decrease in social welfare benefits. This resulted in a decrease in living standards for many individuals, as well as increased poverty and unemployment.\nLooking further to the Caribbean, Jamaica underwent a similar domestic debt exchange program. Initially there was a decrease in disposable income by households as the Jamaican dollar was devalued resulting in inflation.\nThis effect was felt more by low-income earners. However, the fiscal space created by reducing the debt repayment burden allowed the government to redirect freed funds to infrastructure development and spend more on social intervention programs in the longer term.\nLessons from the Revised DDEP on the overall economy\ni. One lesson from the restructuring of the country’s domestic debt had marginally impacted on individual households, whether through direct ownership of debt or through investments in mutual and insurance companies as the tenor has been reduced from 13.8 years to 8.3 years with coupon rate from 19.1% to 9.1% where the pension funds suffered no nominal NPV losses. The revised DDEP has affected the access to bank credit and the cost of borrowing for Ghanaian businesses and households, which could have further distributional consequences. Ghana’s debt restructuring achieved a reduction in the debt, but led to a contraction in consumption, driven by the effects of the austerity measures put in place e.g. cuts in public spending and a decrease in social welfare benefits like Leap.\nThe DDEP negative impact with other unfavorable macro-economic challenges have resulted in a decrease in living standards for many individuals, as well as increased poverty and unemployment. In 2023, around 2.99 million people in Ghana lived in extreme poverty, the majority in rural areas. The count of people living on less than US$1.90 a day in rural regions reached around 2.8 million while 214,000 extremely poor people located in urban areas (World Bank, 2023).\nIt also affected the ability of domestic banks and businesses to grow, resulting in a decrease in overall economic output. Additionally, restructuring including a “haircut”, has led to a further loss of confidence in the government’s ability to repay its debts and in the country’s economy.\nii. Another lesson from the debt exchange has caused the Ghanaian financial sector to deleverage. In doing so, banks cut off credit to the private sector — the now infamous “credit crunch.” Because credit is a fundamental ingredient in the smooth operation of asset markets, the crunch adversely affected the value of all types of tangible business capital. The steep drop in the value of assets owned by the bank and non-bank financial sector also lowered the sector’s net worth and raised the frequency of business failures. Ghana’s bigger debt servicing burdens have reduced available fiscal space for development and stabilization and growing sovereign debt financing also needs have crowded out domestic investment.\niii. One important lesson learnt is the presence of collateral damage on the country’s financial credibility in the Post DDEP which is evidenced by the inability of Ghana to secure international financiers for 2023 Cocoa Loan Syndication Facility on a favorable terms. For the first time in 30 years of international syndicated loan facilities, Ghana’s credit rating is so broken that the global banks don’t want to participate in international syndicated loan facility.\nThe presence of collateral damage on Ghana post DDEP has affected the country’s international trade finance and payment system. Domestic debt exchange has caused reputational spill over that has depressed Foreign Direct Investment and other foreign capital inflows into the country including international cocoa syndicated loans for 2023. The domestic debt exchange has negatively impacted on 2023 international syndicated loan of US$800 million as result of reputational spillover with international financiers (The Thomson Reuters;07/11/2023). Ghana’s credibility and financial standing is now being questioned by international financiers.\niv. Another lesson from the domestic debt exchange is that it has hampered economic growth through the debt overhang effect and the crowding out effect. Heavy public debt service obligations resulted in a large risk premium on interest rates, periodic bouts of financial market instability, and a crowding out of bank credit to the private sector, all of which had contributed to a very low potential growth rate. One negative effect of domestic debt restructuring is that it has caused investors to lose confidence in the country's ability to repay its debt on time.\nThis has led to a decrease in domestic investment and an increase in the cost of borrowing for the government and local businesses. The decreased domestic investment has a ripple effect on the local economy. As businesses including SMEs have struggled to access the funds they need to grow and hire workers, the unemployment rate in Ghana has dramatically increased. This lack of investment has also led to an increase in the cost of borrowing for the government and local businesses, making it more difficult for them to finance their operations and invest in growth. In terms of the effects on the domestic bond market and local financial institutions (banks, insurance, asset management companies & specialized deposit taking institutions), domestic debt exchange had both direct and indirect effects.\nThe direct effect was that the restructuring has resulted in a loss of value for domestic bondholders. This has led to a decrease in demand for Ghana government bonds and a decreased in the overall value of the bond market. The indirect effect was that the restructured domestic debt has affected the stability of local financial institutions, especially in the area of liquidity and solvency.\nIf the government was unable to manage its domestic debt exchange process properly, the economy would suffer as a result, Cocoa Board had face increased risks and potentially experienced financial difficulties. This has led to a decrease in the availability of credit for local businesses as well as higher cost of credit and households, thus hindering economic recovery and growth. Ghana’s balance of payments is expected to continue to deteriorate further in 2024, on the back of continued capital outflows, and the continued Cedi depreciation because of decline inward remittances, low returns on extractive industries like gold and poor cocoa syndication loan of US $ 800 million lowest recorded over the past two decades.\nv. One major lesson from the domestic debt exchange is that it has negatively impacted through debt overhang which has caused investors to lose confidence in the country's ability to repay its debt on time. This has led to a decrease in foreign investment and an increase in the cost of borrowing for the government and local businesses with yearly Treasury bill rates had increased from 22% to 33.7% post DDEP era. The higher interest rates on treasury bills also affect the country’s banking institutions thus creating an adverse selection problem. As interest rates rise more conservative, risk-averse borrowers shy away from the credit market.\nA larger proportion of the people and companies applying for loans are thus those who are willing to take risky bets. The likelihood of default increases and so therefore does the banks’ proportion of non- performing loans. The domestic debt exchange has resulted in the government regularly mopping liquidity from the banking sector through purchasing considerable volumes of Treasury bills at increasing high interest rates.\nThe domestic debt exchange has also weakened the financial sector through impaired financial intermediation that led to a hesitance of financial institutions to provide funds to individuals and businesses. Credit to the private sector has contracted in the third quarter of 2023 as Banks continued to deploy their resources towards treasury bills as opposed to extension of credit facilities in response to the increased risks associated with lending due to the deteriorating macroeconomic conditions and the impact of the domestic debt exchange program thus confirming the crowding out hypothesis. This has thus threatened future economic growth and development.\nIndeed, the present economic challenges that have compromised the ability of individuals and businesses to pay their loans which impacted negatively on the non-performing assets of the banking sector.\nvi. Another key lesson from the revised DDEP revealed that recent Bank of Ghana’s report on the increases in the non-performing asset ratio from 15% to 20% confirmed the debt overhang hypothesis. The weakened financial sector has impaired financial intermediation that has led to a hesitance of financial institutions to provide funds to individuals and businesses. This has threatened future economic growth and development.\nIndeed, the present economic challenges that has compromised the ability of individuals and businesses to pay their loans which impacted negatively on the non-performing assets of the banking sector. Weaker economic activity has translated into higher non‐performing loans by both firms and households which could increase bank distress through higher non-performing assets in the banking sector. The 2022 currency depreciation has exacerbated non‐performing loan volumes through currency mismatches.\nvii. Another lesson from the domestic debt exchange is that it has caused debt overhang which has also led to stagnant growth and a degradation of living standards from reduced funds to spending in critical areas such as healthcare, education, and social care like Leap. The debt overhang had resulted in non-payment of some road contractors as well as food suppliers to the National Food Buffer Stock Company that have resulted in higher non-performing assets of the banking sector.\nBecause of the way they affected balance sheets and bottom lines, debt overhangs have distressed entities including banking institutions in different ways. The decreased domestic investment has a rippling effect on the local economy. As businesses including SMEs have struggled to access the cheaper funding to grow and expand their businesses and also impeded the hiring workers, and thus unemployment rate in Ghana has dramatically increased. This lack of investment has also led to an increase in the cost of borrowing for the government and local businesses, making it more difficult for them to finance their operations and invest in growth.\nOne important lessons of the domestic debt exchange which has caused debt overhang that has led to the government introducing a myriad of taxes to settle it’s domestic and external creditors. The domestic debt exchange has caused debt overhang arose when debt stock exceeded government’s ability to repay. This has led to an increase in various taxes towards generating adequate revenue to settle both foreign and domestic creditors, thus discouraged investments due to a sudden increase in taxes.\nAs part of the country’s debt overhang, the government introduced myriad of taxes in 2023 including Income Tax Amendments Act, 2023 (Act 1094). Minimum chargeable income system: Tax is imposed on a minimum chargeable income of five percent of turnover where a person has been declaring tax losses for the previous five years of assessment. This excludes persons: within the first five years of commencement of operations; and engaged in farming, ii) Unification of the provision on carry-forward of tax losses; All taxpayers are allowed to carry forward tax losses from business for a period of five years.\nRestriction of foreign exchange loss deduction; The deductibility of foreign exchange loss in respect of debt claim, debt obligation or foreign currency holdings is limited to realized losses incurred in the production of income. Exchange losses on transactions with resident persons are also not deductible. Taxpayers are allowed to capitalize foreign exchange losses of a capital nature and claim capital allowance accordingly. iii)Realization of assets and liabilities; A person who realizes an asset or liability is required to file a return, in the form prescribed by the Commissioner-General of the Ghana Revenue Authority, within 30 days after the realization. Qualifying consideration payments for the realization of assets and liabilities will attract a withholding tax of three and ten percent for resident and non-resident persons respectively, iv) Broader definition of controlled relationship; The scope of association of persons in a controlled relationship has been broadened by reducing the minimum control threshold to 25% direct or indirect control.\nThis means that a person is an associate of an entity and deemed to be in a controlled relationship where the person has directly or indirectly at least 25% of the voting right of the entity, v) Increase in the income tax rate for persons entitled to temporary concessions.\nThe income tax rate for persons entitled to concessions such as those engaged in the business of farming, agro-processing, cocoa by product, rural banking, waste processing, low cost housing, unit trust, mutual fund and venture capital financing has been increased to 5%. Taxation of lottery operations and winnings from lottery.\nThe gross gaming revenue from lottery operations, including betting, gaming and any game of chance is taxed at an income tax rate of 20%. Payments in respect of winnings from lottery are subject to a final withholding tax rate of 10%. vi) Increase in the upper limits of quantifiable motor vehicle benefits. The upper limit of motor vehicle benefits to be included in the employment tax computation has been increased as follows: Driver and vehicle with fuel - GHS1,500; Vehicle with fuel - GHS1,250; Vehicle only - GHS625; and Fuel only - GHS625. vii) Revision of the personal income tax bands and rates: The personal income tax bands and rates for individuals have been revised to align with the 2023 minimum daily wage.\nThere is an introduction of an additional tax rate of 35% on income exceeding GHS600,000 per year. Growth and Sustainability Levy, 2023 (Act 1095) Act 1095 repeals the National Fiscal Stabilization Levy, 2013 (Act 862) and introduces the Growth and Sustainability Levy (GSL or levy).\nThe GSL is payable by entities categorized into three groups as follows: Category A- Existing National Fiscal Stabilization Levy entities plus six additional sectors: 5% of profit before tax; Category B- Mining companies and upstream oil and gas companies: 1% of gross production); and Category C- All other entities not falling within Category A or Category B: 2.5% of profit before tax.\nThe levy is applicable for the 2023, 2024 and 2025 years of assessment. It is payable quarterly and due on 31 March, 30 June, 30 September and 31 December of the year. The above new taxes introduced by the government has affirmed the debt overhang hypothesis. Excessively high rates of tax exact a high cost in terms of lower private investment and growth.\nThey reduce the incentive to invest because the after tax returns to investors are lower. In addition, the cost of compliance with the administration of taxes can be high.\nThe literature shows that lower rates of tax can increase investment and growth. Higher rates of tax can decrease business entry and the growth of established firms, with the medium sized firms hit hardest, as the small can trade informally, and the large avoid taxes. As well as reducing tax rates, policies that broaden the tax base, simplify the tax structure, improve administration, and give greater autonomy to tax agencies help to reduce this constraint.\nvii. Another lesson from the DDEP, it has affected and discouraged private investments depend on how government has raised fiscal revenue necessary to finance local debt-service obligations (an inflation tax and excessive government expenditure that has contributed increased the domestic inflation that also discouraged private investment).\nThese combined effects had discouraged private investment and thus have a negative impact on national output growth. As part of domestic debt restructuring the country has experienced debt overhang which has led to recent increase in taxes towards generating adequate revenue to settle domestic creditors, thus discouraged investments due to a sudden increase in recent taxes.\nThus, the indebted country like Ghana retained only a fraction or nothing from domestic output and export revenue. This implied that accumulation of debt has hampered economic prosperity through tax disincentive. Tax disincentive denoted debt overhang has impaired investments as potential investors foresee a possible tax increase on future income in a bid to repay the borrowed funds. Excessive taxes on production are hampering the growth and competitiveness of domestic businesses.\nTaxing production excessively has already affected local industries and worsening the already high unemployment situation in the country. As such, the debt overhang theory posited that borrowed funds be well invested in productive sectors capable of generating adequate revenue for repaying the debt and financing domestic investments but that is not the case of Ghana because of higher unplanned government expenditures.\nIn those developing economies such as Ghana with heavy indebtedness “debt overhang” was considered to have led to cause of distortion and slowing down of economic growth. Ghana’s economic growth has slowed down because it lost their pull on private investors. Additionally, servicing of debts has exhausted up so much of the Ghana’s revenue to the extent that the potential of returning to growth paths is abridged. The theory asserts that if there is a probability that Ghana’s future debt will be more than its repayment ability, then the anticipated cost of debt-servicing can depress the investment. However, the extent to which investment is discouraged by debt overhang depends on how government generates resources to finance debt service obligations.\nviii. One important lesson from the post- DDEP is that it has resulted in the crowding out that seemed to be occurring as the government has been borrowing from money market rate surge from 22% per annum in 2022 to 33.7% per annum in 2023 which have affected the private sector to source funds to expand as well as grow their businesses to expand the economy.\nAs the government continued to borrow from domestic market at higher prevailing rates between pre-DDEP era of 22% per annum and 33.7% per-annum post-DDEP period could cause a serious crowding out of the private sector which is said to be the engine of growth.\nThis postulated that Ghana’s economic stability could be undermined by debt burden if debt service cost weighs down excessive public expenditures. This implied that public investments are crowded out as rising national debt obligations consume a large proportion of government revenue.\nThe current situation where the government is currently borrowing from the short-term end of money market through treasury bill rate has pushed from 22% last year to 33.7% in October,2023 thus crowded out the private sector to slow down the expansion and growth of Ghana’s economy.\nHeavy public debt service obligations resulted in a large risk premium on interest rates, periodic bouts of financial market instability, and a crowding out of bank credit to the private sector, all of which had contributed to a very low potential growth rate.\nAs government continued to waste resources through loose public expenditures such as the government flagship program as ‘one district, one factory’, as the entire economy has faced a resource shortage, thus preventing sufficient private-sector investment. As the crowding-out mechanism has triggered, private-sector capital accumulation had been consequently become insufficient, which led to economic stagnation.\nA crowding-out have caused a rise in real interest rates in the post DDEP era. By the crowding-out effect, a decreased in public investments had transmitted to a reduction in private investments due to the complementarily of some private and public investments. In as much as extreme national debt can result in liquidity constrain by crowding-out domestic investments in the debtor country; reliance on debt is a necessity for unindustrialized economies at their early stage of development since available financial resources at that phase could be inadequate to enhance the needed growth and development.\nThe crowding out could also impact negatively on economic growth as it slowed down because Ghana has lost their pull on private investors while servicing of debts exhausts up so much of the indebted country’s revenue to the extent that the potential of returning to growth paths is abridged.\nThe most severe negative effects of domestic debt are, however, also channeled through the financial sector. The crowding out effect of domestic debt on private investment is a serious concern. Bank credit to the private sector has been empirically proven to be a contributor to economic growth. However, when governments borrow domestically, they use up domestic private savings that would otherwise have been available for private sector lending.\nAs increasing public financing needs push up government debt yields, this has further caused a net flow of funds out of the private sector into the public sector and this has pushed up private interest rates. In shallow financial markets, especially where domestic firms have limited access to international finance, domestic debt issuance of treasury bills could lead to both swift and severe crowding out of private lending.\nIn most developing countries like Ghana, only large, well established firms have access to international finance, suggesting that the burden of crowding out fell heavily on small and medium-sized enterprises and rural borrowers. The higher interest rates on treasury bills have also affected banking institutions in Ghana thus created an adverse selection problem.\nAs interest rates rise more conservative, risk-averse borrowers shy away from the credit market. A larger proportion of the persons applying for loans are thus those who are willing to take risky bets. The likelihood of default increased and so therefore does the banks’ proportion of non-performing loans.\nPhilosophy behind the crowding out effects concept assumes that government debts expend a greater part of the national savings meant for investment due to increase in demand for savings while supply remains constant, the cost of money therefore increases to make it difficult for the private sector to source funds for production which is expected to be engine of growth.\nThe long-term evidence showed that economic stability has collectively undermined by indicators of debt burden. In the short run, shortages of foreign exchange reserve, revenue inadequacy and unstable exchange rate had adverse and significant impact on real GDP growth rate. Thus, it was concluded that excessive borrowing on the money-market by the government has deprived Ghana of the revenue and reserves required to fund domestic investments and enhance economic stability\nix. One of the lessons learnt from was the design of the domestic debt exchange did rely some analysis of critical issues, such as: (i) stress testing of the debt exchange to secure the integrity of the financial system was done but not detailed and comprehensive; (ii) bond holders’ balance sheet needs to maximize the demand for the new instruments; (iii) legal implications of the exchange, including constitutional issues matters that was addressed by Ministry of Justice and Attorney General, to minimize potential sources of contention; and (iv) potential reaction of rating agencies to minimize the international fallout from the operation.\nx. Another lessons learnt from the DDEP was that the burden sharing was not explicit as the government didn’t review its expenditure including cutting down of the some of the flagship programs: There was a perception that the burden of the exchange was being shared across the society to achieve a better outcome for the country as a whole but this was not comprehensive done. This was critical for making the accompanying fiscal consolidation plan acceptable to those directly affected, including tax payers and public sector employees.\nxi. One important lesson from DDEP was poor communication strategy as the participation rate was lower than envisaged (100% vs. 85%), resulting in significantly lower fiscal saving: The debt exchange was not presented as a critical component of a broad macroeconomic program (including comprehensive structural reforms) instead of a stand-alone operation. During the launching of the exchange, it was made clear that holdouts would not be allowed to gain any competitive advantage\nxii. The final lesson from the revised DDEP is that it has revealed that the banking sector losses has been reduced as per the original DDEP there-by prevented needed huge recapitalization and shifted losses to the central bank. The ability for Bank of Ghana to operate with negative equity does not imply fiscal risks are reduced when crisis interventions were undertaken on the Bank of Ghana’s balance sheet.\nAs the losses from the Bank of Ghana’s non-core operations were large enough that generated an overall net operating loss, they may be financed through equity buffers (where sufficient) or with government transfers, both of which imply fiscal costs. Alternatively, Bank of Ghana may operate with negative equity but finance itself through issuance of additional Bank of Ghana debt.\nHowever, this outcome could also lead to fiscal costs - for example, if it jeopardizes the central bank’s ability to achieve its core policy mandates (so-called policy insolvency). As part of the revised DDEP policy intervention conducted on the Bank of Ghana’s balance sheet, there were strong arguments for the fiscal authority, Ministry of Finance to directly bear any associated financial risks.\nGovernments faced incentives to let the Bank of Ghana bear the risks and costs from its domestic debt exchange policy interventions, partly due to the NPV losses in the original DDEP impact on the banking sector from GHS41.3 billion to the revised NPV losses of GHS7.3 billion where the differences were passed onto the Bank of Ghana. But when associated losses were eventuated, these impacted Bank of Ghana’s profitability and balance sheets, and in turn could jeopardize the conduct of monetary policy and undermine macro and fiscal stability.\nThe NPV losses of GHS 37.6 billion of revised domestic debt exchange on Bank of Ghana could impact negatively on the functioning of the central bank. Bank of Ghana may be able to continue its monetary policy and regulatory functions in spite of the debt restructuring. But Bank of Ghana’s ability to be in a position to continue its other functions, such as operating payments systems, provision of emergency liquidity support for the banking system and the ability to conduct corresponding banking operations could be compromised.\nDepending on its ex- ante equity position, any losses on the central bank balance sheet that may result from the DDEP would have to be addressed, including through recapitalization (Liu, Y; Savastano, M & Zettelmeyer, J. 2021). Another finding revealed the negative effect of the revised DDEP has shifted the massive previous NPV losses (GHS41.3 billion) of the banking sector to Bank of Ghana’s NPV losses of GHS 37.6 billion, in the revised-DDEP which has thus reduced the central bank’s ability to (i) manage liquidity in the banking system through open market operations and emergency liquidity support ; (ii) define and implement collateral policy given the decline in the stock of available government securities; and (iii) hold government securities as counterpart to central bank liabilities, such as currency in circulation and commercial bank deposits with the central bank. In the case of Bank of Ghana, a recapitalization of the central bank by the government (to compensate for the losses from haircuts on its holdings of government securities) may be unavoidable.\nBank of Ghana’s liquidity facilities was designed to provide emergency support to banking institutions affected by DDEP have been key elements of the financial safety net in the recent episode. A liquidity backstop served as a lifeline for banking institutions which might lose access to market or deposit funding. It could be especially useful for a banking system with a high degree of interconnectedness and for financial institutions which otherwise do not have access to Bank of Ghana window for liquidity support.\nCollateral eligibility requirements for ‘Repos’ (Repurchase Agreement) might need to be reviewed, especially as banks faced marginal haircuts on government bonds typically used as collateral for central bank operations. In countries such as Ghana where financial market is not well developed, however, the size and scope of liquidity backstop facilities would be limited.\nConclusion\nEconomic recovery from domestic debt exchange could be slowed down, through the debt overhang and crowding out problems accompanied a financial crisis lower country’s net worth. if the country has been carrying debt, the loss of net worth brought Ghana closer to default which has impacted negatively on country’s reputation and credibility.\nDomestic debt exchange has caused debt overhang which occurred as there was a significant probability that a Ghana could go bankrupt in the near future. The debt overhang has reduced the incentives of new domestic investors to invest in business capital because, in the event of default, part of the return on new investment accrues to existing creditors. Debt overhang has also led deterioration of the fiscal outlook which has resulted to fiscal measures such as tax increases and without government spending cut which has reduced economic activity, thus lowered household and firm incomes. This has led to a deeper reduction in tax revenues and further undermined the fiscal position.\nDebt overhang also has decreased country’s incentives to invest their current revenue in financial assets because these assets are easier to liquidate when business conditions deteriorate and bankruptcy becomes more likely. On both counts, the rate of investment in social infrastructure is adversely affected. Thus, debt overhang has been one of potential explanations for why domestic firms have been reluctant to expand capacity in this recovery. The macroeconomic consequence of this reluctance to invest is a slow recovery. Post- DDEP experience showed that crowding out has led to higher interest rates on banking credit facilities that has slowed down economic growth. As the government has aggressively borrowed funds from money market (Treasury Bills market) to finance its spending, it has been competing with private borrowers for available funds. According to reports, the government has cumulatively as at 20 November, 2023, issued GHS 128.93 billion on the money market, surpassing the GHS 119.77 billion target (GCB Capital, 11/20/2023).\nThis competition between government, banking institutions and private sectors have driven up interest rates (i.e. higher treasury bill rates), which has made it more expensive for businesses to borrow money for both working capital and expansion. Crowding-out has occurred when increased government borrowing reduces investment spending. Higher interest rates also reduced consumer spending, as people chose to save their money instead of spending it. In the medium term, crowding out could also reduce private investment. When interest rates rise, businesses may choose to delay or cancel their investment plans. This could lead to lower levels of economic growth and fewer job opportunities. Crowding out has led to higher inflation. As the government spent more money, it increased the demand for goods and services. As the supply of goods and services did not increase to meet this demand, prices rose, leading to higher inflation over the past two years. Crowding out could also reduce long-term economic growth rate to 1.5% of GDP in 2023.\nAccording to the World Bank. Ghana’s economic growth will remain depressed in 2024 at 2.8% of GDP but the economy is expected to recover to its potential growth by 2025. Bretton Wood institution posited that the economic growth rate would be held back by high and persistent inflation, lower credit as a result of elevated interest rates and weakness in the energy sector. According to the World Bank, these drivers would operate through a slowdown in the growth of household consumption and investment. As the government spent money on projects that do not generate a return on investment, such as social welfare programs, it may divert resources away from more productive uses. This could lead to lower levels of economic growth over the long term. As the government issues more treasury bills to finance its deficit, banks shift their portfolio away from risky private loans and opt for lazy behavior characterized by a shrinking overall credit tilted more and more toward government debt-instruments. To the extent that a slow recovery engenders pessimism, it exacerbates the crowding out and debt overhang problems in post DDEP period. It could be inferred from this study that domestic debt exchange has a negative impact on economic stability in consonance with the debt overhang, and crowding-out effects. Thus, policymakers should ensure that public debt is used to finance high income generating investments capable of attracting adequate revenue required to amortize the debt and also create future streams of revenue that would help reduce national debt and enhance future economic growth.\nThe Ghana’s domestic debt restructuring was both unavoidable and partially successful in the sense of being a bit orderly, reasonably quick, and in providing significant government savings of GHC 61.7 billion at the expense of bondholders. At the same time, it has been subjected to a battery of criticisms such as lack of transparency and openness, bad faith efforts for a collaborative process to restore debt sustainability; partiality and unfair treatment across various creditors. Ghana’s domestic debt restructuring was bedeviled with poorly and untimely flow of information, lack of transparency, bad faith actions and unfair treatment of some domestic creditors. Most importantly, it was too little, too late, or both; hence failing to clearly restore Ghana’s debt sustainability. The question is whether this reflected avoidable policy mistakes or unavoidable trade-offs – in the sense that Ghana and its domestic creditors faced difficult choices, and did their best given what was feasible.\nRecommendation\ni. The domestic debt exchange, must be underpinned by strong fiscal consolidation, to be necessary to reverse the adverse fiscal dynamics and reduce the debt overhang and crowding out that had plagued Ghana for the past decade. These significant efforts to reduce fiscal dominance were to be aimed at encouraging private sector investment in order to catalyze the underlying conditions for robust economic growth. The experiences of many of the countries that have undertaken some form of debt restructuring suggests that the transformation to virtuous cycle of sustained macroeconomic improvement hinged strongly on a substantially improved external environment which facilitated an export‐led recovery. Russia (1999, 2000) and Ecuador (2000), for example, benefited from the dramatic rise in oil prices following their restructuring. Similarly, Uruguay (2003) and Argentina (2001) had significant positive terms of trade windfalls arising from commodity prices with average growth rates of about 8.0 per cent between 2004 and 2008. Ukraine’s post‐crisis recovery was primarily driven by a rapid expansion in exports to Russia The x‐axes in the graphs depict quarters, where quarter 2 coincides with the debt exchanges and China as well as buoyant international liquidity conditions in 1999. However, the global conditions to reinforce a meaningful post‐restructuring recovery did not exist at the end of both debt transactions for Ghana especially given its very narrow export base. Notwithstanding the absence of a favorable external economic climate, a depreciated but stable real exchange rate is a critical component of Ghana’s economic program which will increase profitability of the tradable sector. This boost in competitiveness is expected to catalyze strong GDP growth, reduce unemployment and strengthen the current account which should result in a more sustainable reduction in Ghana’s debt‐to‐GDP.\nii Despite its achievements, DDEP arguably did not directly address the debt overhang problem. The stock of debt and its structure continue to pose risks for fiscal sustainability and policy slippages could put Ghana right where it started before the DDEP. Ghana’s debt outlook remains vulnerable to a wide range of issues including fiscal and structural, as well as to the external factors (such as the path of the global recovery after Covid 19). DDEP did not trigger any meaningful fiscal consolidation beyond the reduction of the interest bill especially the recent rises in the Treasury Bill rates. Instead, the sense of additional fiscal space created by lower interest bill gave way for more pressures on the public wage front in the recent 23% wage increases for the public sector, building permanent pressures into the fiscal outlook and weakening the overall/net impact of the exchange in the medium term. Another critical aspect that may have gotten worse around the timing of DDEP (having been exacerbated by the global commodity prices and its implications on the domestic economy) that could jeopardize its achievement and debt sustainability in general is the contingent liabilities. All in all, there is an urgent need to implement policies that would help restore debt sustainability and investor confidence, as well as safeguard the stability of the financial sector. A multi-year credible fiscal adjustment framework would be required to put the debt ratio on a downward trajectory. In contrast to consolidation attempts in the past, this effort would have to be underpinned by efforts that would aim to substantially strengthen expenditure management including reduction of the government size and expand the scope of public liability management to include state owned enterprises, which have in the past had a significant drain on public resources, mostly taking place off budget. Ghana’s debt overhang is likely to be a key factor behind the weak economic growth and financial market volatility and until/unless addressed would remain a drag on economic progress for years to come.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/business/business-news/one-year-on-lessons-from-the-domestic-debt-exchange-and-its-impact-on-the-economy.html"}

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+{"doc_id": "1f2b2b19f9cb33b9d72f123ff387c0d8", "text": "Absa Bank Ghana’s commitment to the environment remains one of the strengths of the company’s strategy in the country.\nBeyond establishing an undisputed leadership in financial performance and sustainability, the bank’s dedication to addressing key environmental, health and education issues is an example of what a modern bank must stand for.\nBank colleagues from various units across the country recently embarked on an extensive tree planting campaign to support climate change and the government’s Green Agenda.\nThe Green Ghana Agenda initiative was introduced by the government last year to alleviate the country's high rate of rainforest loss. Several organisations and groups, including Absa, responded to the call, and over five million trees were planted nationwide last year.\nThis year, thanks to a partnership with the Forestry Commission, Absa has planted 10,000 seedlings with the support of 1,000 employees across the bank. The planting activity, which has now become an annual affair, is titled \"Green Care Initiative\" and aligns with the bank's purpose of playing an impactful role in society.\nCommenting, Director of Marketing and Corporate Relations at Absa Bank, Nana Essilfuah Boison, said, \"We all want a safe, easy to live in and sustainable world. At Absa, we are in the business of supporting a society that enhances our work for our clients and customers.\n\"Planting trees has become very important, especially in our world today, where matters of the environment, social and governance (ESG) concern all.\n\"We are proud of our colleague volunteers who always show energy and willingness to be part of our various community initiatives. It speaks to our purpose of bringing possibilities to life.\"\nThe Green Care Initiative was launched by the bank last year to create opportunities for employees to volunteer and contribute to activities supporting the environment and climate change issues.\nLatest Stories\n-\nElection 2024: I intend to keep my promises – Mahama assures Ghanaians\n-\nBawku conflict: NCA, NMC to be petitioned over closure of 4 radio stations\n-\nMinisterial reshuffle: Akufo-Addo names caretaker ministers\n-\nUK-Ghana Science, Technology & Innovation Strategy: Ghanaian delegation arrives in London to explore opportunities for implementation\n-\nFGR to recapitalize Bogoso Prestea Mine as part of planned restructuring\n-\n”Some people are bringing Hearts of Oak to a lower level; I won’t accept that” – Coach Aboubakar Ouattara\n-\nUniversity of Ghana revises plagiarism policy to include AI\n-\nPrivate tertiary institutions must charter before August 31 – GTEC warns\n-\nKenneth Mitchell: ‘Star Trek’ and ‘Marvel’ actor dead at 49\n-\nBawumia lauds Ahmadiyya Muslim Mission for contributions to Ghana’s development\n-\nIf I can do it, you can too – Adekunle Gold to sickle cell survivors\n-\nReview BoG’s Inflation Targeting framework – US-based economist\n-\nBright Simons’ full argument against Agyapa Deal\n-\n2024 Elections: More pink-slime websites to outnumber legitimate news sites – Research\n-\nParis 2024Q: ‘We showed we are able to play amazing football’ – Nora Hauptle on performance against Zambia", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/absa-bank-plants-10k-trees-in-support-of-climate-change/"}

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+{"doc_id": "2079a1557f50c75a08f81e7b39834eee", "text": "Advertisement\nSee BoG's list of 97 unlicensed entities providing loans through mobile apps\nThe Bank of Ghana has cautioned unlicensed entities that are engaged in the provision of loans through mobile applications to the Ghanaian public.\nThe central bank said this was in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).\nIn a notice, the BoG said it would continue to take action against these entities in collaboration with relevant state agencies to promote the integrity of financial service delivery.\n“The general public is therefore advised to desist from doing business with all unlicensed loan providers. Banks, Specialised Deposit-Taking Institutions and Payment Service Providers are cautioned not to facilitate the illegal transactions of unlicensed loan applications.\n“The Bank reiterates that the activities of these entities significantly breach customer data and privacy laws, as well as consumer protection requirements and norms, with unfavourable implications on the integrity and wellbeing of their patrons,” the notice pointed out.\nThe BoG also encouraged the public to patronise the various types of digital credit products approved by Bank of Ghana and delivered by banks and specialised deposit-taking institutions in partnership with mobile money operators.\n“The general public is advised to consult the Bank’s website using the link below for the approved list of licensed institutions, before transacting any business with an institution,” it stated.\nBelow is a list of loan applications offered on the market without a licence or authorisation from Bank of Ghana.\nFlash Cash\nAccra\nGhLending\nMoLoan\nRapidcedi\n100 Cedi\nCedi Help\nMascedi Consult\nCediboom\nCashLoanPro\nAircash\nAkwaaba Payment\nFourCredy\nGhanalending\nAcornCredit\nGana Loan\nMach Loans Ghana\nMbose\nSika Bus\nUltra Loan FundCedi Ghana\nLoan App\nMika Cash Loan App\nNew Loan Ghana\nZip Loan Onloan/WantCAsh\nCredit Ghana App\nBloomcash\nHome Credit\nAkwaaba Cash Agyenkwasika-\nPersonal loan\nCash Way\nMomo cash loans\nPrime Loans\nEasy Access Loans\nCashpal Online Loan\nHappy Loan\nMoney Loan App\nPlus Loan\nMega Credit\nBoeing Cash\nLemon Wallet\nKoko Cash\nCola Cash/Cash Cola\nRapid money\nCash Star\nLoan Galaxy\nBitcash\nUkash\nFuncash\nHelloCedi Sunny Cash/Sunny\nLoan\nGoldminer\nEnjoy Credit\nCedi Wallet\nPro Kash\nCedi Fie\nHelaCash\nDaily Cash\nFiCash\nSikadua\nPK Loans\nQuick Cash\nTrue Cedi\nRobin Personal Loan\nKudi Credit\n1 Rapid cedi\nCedistory\nSteadycash\nSoft kash\nEasy Kash\nDatesCash\nBoseapa\nYooCash\nFufucredit\nTopCredit\nDeriveCash\nEagle Cash\nCash wave\ncud loan\nsmatloan\nLoanPapa\nCoolCash\nMoLoan\nRapid Cedi\ncedifie\nMOCO\nSikakasa\nChasteloan\nJoy Cash\nCocoaloan\nPopcash\nLoan hub\nCreditmall\ncedipros\nMomcash\nGETwallet\nKeeploan\nCashCocoa", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/business/business-news/see-bogs-list-of-unlicensed-entities-providing-loans-through-mobile-apps.html"}

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+{"doc_id": "20cd711d323143a528b23f4891469c95", "text": "Government through the 2023 Budget Statement and Economic Policy is seeking to intensify efforts at mobilising domestic revenues to help finance its transformative agenda.\nThis is also to help build back the Ghanaian economy from the ravages of the Coronavirus pandemic and the adverse effects of the geopolitical tension between Russia and Ukraine.\nFinance Minister, Ken Ofori-Atta revealed this during the 2023 Budget Statement and Economic Policy presentation in Parliament on Thursday, November 23.\nWith dwindling revenue streams attributable to a slowdown in business activities occasioned by a global recession, Ghana is behind most of its peers within the West African sub-region as far as Tax to Gross Domestic Product (GDP) is concerned.\nWhile Ghana is doing below 15 per cent, countries in the sub-region like Cote d'Ivoire and Nigeria are hovering around an average of 18 per cent.\nThis, Minister Ofori-Atta in his budget presentation, explained has led government to expand the tax net and implement tax-efficient measures to increase its revenue streams and shore up government finances.\nOne of such revenue measures he said is the introduction of a common platform for property rate administration to enhance property rate collection by all Metropolitan, Municipal and Districts Assemblies (MDAs) in the country.\nHe said property rates have the potential to increase revenue mobilization for MMDAs and release resources for the provision of basic infrastructure as well as the needs of the generality of Ghanaians at the local level.\nMr Ofori-Atta also indicated government plans of increasing the Value Added Tax (VAT) by two and a half percentage points.\nThe VAT, which was last increased in 2014, coincidentally when Ghana was under a Fund programme will now be set at 15 per cent.\n“Mr Speaker, the demand for roads has become the cry of many communities in the country. Unfortunately, with the current economic difficulties and the absence of a dedicated source of funding for road construction, it is difficult to meet these demands.\n\"In that regard, we are proposing the implementation of new revenue measures. The major one is an increase in the VAT rate by 2.5 percentage points,” he said.\nExplaining the rationale behind the increment, the Finance Minister said this would enable the country to raise resources to build the economy back to its pre-COVID-19 levels as the cost of borrowing to finance government expenditure has become increasingly expensive.\nLatest Stories\n-\n92% of women businesses in Ghana have never exported before – Survey\n-\nWhen the time comes, it has come – Rudeboy shares video of Mr Ibu in the last moments\n-\nEC sets 3-day deadline for 2024 election results declaration\n-\nI bet Bawumia will choose Opoku Prempeh as his running mate – Ben Ephson\n-\nFinance Ministry fears losing $3.8bn in World Bank financing if Anti-LGBTQ+ bill becomes law\n-\nRainstorm destroys VIP stands of Sunyani Coronation Park\n-\nGovernment borrowed GH¢24bn via T-bills in February 2024\n-\nEdna Obiri: Unraveling the threads of unseasonable warmth: A climate wake-up call\n-\nAnti-LGBTQ+ Bill: Akufo-Addo won’t assent – Security Analyst\n-\nNollywood grieves as Kate Henshaw mourns loss of mother\n-\nInflation to inch up to 23.9% in February 2024 – Report\n-\nI was shocked – Former Oti Regional Minister speaks after reshuffle\n-\nDon’t assent to Anti-LGBTQ+ Bill – Finance Ministry tells Akufo-Addo\n-\nTributes pour in for Nollywood star Mr Ibu\n-\nGhana at 67: Centre seems to be shattering, breaking hearts and minds", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/2023-budget-government-intensifies-revenue-mobilisation-efforts-to-build-back-economy/"}

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+{"doc_id": "21c2c910d4cf2c90f7145d26b10f4370", "text": "Advertisement\nRevise harmful tax treaties for companies\nActionaid Ghana has asked the government to revise the tax treaties granted to multinational corporations operating in the country.\nThis is to halt the harmful and generous tax breaks granted foreign business entities in the country.\nSpeaking to the Graphic Business on the sidelines of a tax, education privatisation and right to education workshop in Accra, the Country Director of Actionaid Ghana, Mr Sumaila Abdul-Rahman, said the over-generous tax treaties granted to foreign companies by the government had compelled the country to rely more on indirect taxes such as the Value Added Tax (VAT) which has impacted more negatively on the poor because it is regressive in nature.\nA policy brief by the international organisation indicates that the country loses about US$1.2 billion annually in harmful tax incentives.\nIt estimated that even if only 20 per cent of the colossal amount lost in tax incentives had been allocated to education, it could have paid for additional places in schools for the 319,000 children estimated to be out of school or about 10,000 additional teachers or free school meals for 557,892 children.\nMr Abdul-Rahman, therefore, recommends the plugging of tax loopholes to grow the county’s stagnating tax to GDP ratio.\nThis will enable the government to increase the resource envelope of education to about 20 per cent of the national budget and help to reduce the cost of education on parents while improving quality in education.\nStudies show that despite government’s commitment to education, resource allocation to the sector has not kept pace with the increasing enrolments and accompanying demands of new reforms in the education sector.\nThe share of education as total government expenditure has declined from 27.2 per cent in 2012 to 13.5 per cent in 2016, which is far below the international benchmark.\nThe decrease shows that the percentage of other sectors of the national budget is increasing or new sectors are being introduced at the expense of education.\nFinancing gap\nThat, Mr Abdul Rahman said, widened the financing gap in meeting the needs for basic education in the country.\n“As more and more children have enrolled in schools, already-constrained budgets have been stretched even thinner with government neglecting critical areas and compelling schools to turn to unauthorised levies to be able to function,” the Actionaid boss said.\n“Privatisation of basic education tends to increase social inequalities and promotes a stratified social system that denies equal opportunities in the country,” he said.\nAccording to a research by Actionaid Ghana, the country’s ambitious education laws and its strategic plans over the years will fail unless they are adequately and sustainably financed.\nDomestic revenue taxation is the most predictable and sustainable way of financing education and other national expenditure.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/business/business-news/revise-harmful-tax-treaties-for-companies.html"}

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+{"doc_id": "223d8b0ab9f51b8745fe968737f9326b", "text": "Advertisement\nCentral Bank losses: Potential impact on the economy\nThe possibility of central bank losses may look like a \"science fiction story\" in most developed countries.\nIt is indeed expected that a central bank carrying out traditional central banking functions in a stable macroeconomic environment will make profits.\nHowever, in the unstable macroeconomic environment of many developing countries like Ghana, central bank losses have emerged as a complex \"real world drama: At times, central bank losses have created problems in the effective design and implementation of International Monetary Fund programs because of large and unexpected or unexplained movements in \"other items net\" in the balance sheet of central banks (Leone 1991).\nDalton and Dziobek (2005) opined that under normal circumstances, a central bank should be able to operate at a profit with a core level of earnings derived from seignorage.\nLosses have, however, arisen in several central banks from a range of activities including: open market operations; sterilization of foreign currency inflows; domestic and foreign investments, credit, and guarantees; costs associated with financial sector restructuring; direct or implicit interest subsidies; and non-core activities of a fiscal or quasi-fiscal nature.\nFailure to address ongoing losses, or any ensuing negative net worth, will interfere with monetary management and may jeopardize a central bank's independence and credibility.\nTransparency and accounting standards require net losses to be recorded as such in the income statement, charged against capital, and any resulting negative net worth to be properly disclosed in the equity section of the balance sheet.\nNet losses should not be presented in the balance sheet as assets unless they have been formally covered by the government.\nAccording to Honohan (2023) also opine that central banks running with negative equity does not matter but however economic logic compels that functioning of central bank to have positive equity.\nHowever, some central banks over the years that ran on negative capital were Central Bank of Israel, the Czech National Bank and the Central Bank of Chile.\nAccording to Honohon (2023) if the central banks’ losses persist with sizable net liabilities denominated foreign currency and restructured domestic debt could disable a financially weak central bank.\nFailure to address ongoing losses, or any ensuing negative net worth, will interfere with monetary management and may jeopardize a central bank's independence and credibility.\nMoreover, central banks are not subject to capital adequacy requirements or bankruptcy procedures and can operate effectively even with negative equity, as the central banks of Chile, the Czech Republic, Israel and Mexico have done over several years (Bell et al., 2023).\nHowever, losses or negative equity can pose communication challenges. For instance, some policy decisions, such as retaining rather than selling government bonds, could be misinterpreted as being motivated by a desire to contain losses rather than as actions to pursue specific policy mandates.\nCentral bank credibility\nThis would reduce central bank credibility. Likewise, financial flows from government, including actions to strengthen central bank capital positions, could be perceived as being inconsistent with central bank independence.\nThis underscores the importance of clear communication about the reasons for losses and of a transparent framework for financial flows between the central bank and the government.\nCentral bank losses are not an indication of a policy error and need not hamper the effectiveness of monetary and financial policies.\nThe policy mandates of central banks include price stability and financial stability, but not profit maximization.\nTheir current losses, as well as their earlier gains from QE, are a by-product of policy actions designed to help achieve their mandates.\nMoreover, central banks are not subject to capital adequacy requirements or bankruptcy procedures and can operate effectively even with negative equity, as the central banks of Chile, the Czech Republic, Israel and Mexico have done over several years (Bell et al., 2023).\nCentral bank losses affect the public finances by reducing or ending central bank payments to the Treasury in the form of income taxes or remittances.\nMoreover, reverse cash flows (i.e., payments from the Treasury) may occur if central banks are entitled to be compensated by the government for certain losses, such as Quantitative Easing-related losses.\nFor instance, in the United Kingdom, the Bank of England Asset Purchase Facility (APF), through which QE asset purchases were conducted, is fully indemnified by the Treasury.\nImpact on economy\nThe Bank of Ghana’s losses in 2022 is not the first in the past decade, in 2017 Bank of Ghana recorded loss of (US$ 347 million) GHC1.64 billion, according to its annual report announcing a pre-tax profit of (US$ 150 million) that was GHC 709.5 million\nHowever, the report showed an impairment loss of US$ 85.5 million in 2016 and rebound of 208% to US$275 million in 2017.\nThe analysis of the dismal financial performance showed that the situation was attributable to the regulator’s support to the insolvent local banks that operated between 2013-2016 as the biggest contributor to the central bank loss position.\nBank of Ghana posted losses totaling GHC 60.81 billion (US$5.3 billion) for the 2022 financial year compared to a profit of GHC 1.21 billion for 2021.\nAccording to IMF Country report (23/168) opined that the Bank of Ghana’s balance sheet could be affected by the debt restructuring, and requested that the Government and the Bank of Ghana would be required to assess the impact and develop plans for its recapitalization with technical assistance support from IMF.\nBank of Ghana engaging in quasi-fiscal activities has been responsible for most such losses because it increased the Bank of Ghana’s expenditures.\nThe Bank of Ghana reported a loss of GHC 60.8 billion as reported in the audited financial statement of the year end 2022.\nThe main reason for this huge loss is the impairment of the holding of marketable Government stocks and non-marketable instruments of Government all being held in the books of the Bank of Ghana.\nIn addition, the Bank of Ghana’s exposure to COCOBOD, which has been built over the years, was also impaired.\nAs we all know, the Government of Ghana embarked on both domestic and external debt restructuring.\nThe holdings of Government instruments and COCOBOD exposures were all part of the perimeter of the debt exchange.\nWhereas all other stakeholders that participated in the Domestic Debt Exchange (DDEP) did not have principal haircuts, but rather had new instruments with new tenors and coupon structure, the Bank of Ghana, served as the loss absorber to the entire debt exchange program, a key requirement that allowed the Government of Ghana to meet the threshold for the approval of the IMF program.\nAs a result, the Bank of Ghana had to take on a 50 percent principal haircut on the total principal (which stood at GHC 64.6 billion at the time of the exchange). Consequently, Bank of Ghana had new instruments with extended tenor and significantly reduced coupon.\nIFRS 9 requirements\nBy applying the full requirements of IFRS 9, this means that from the principal alone, a 50% haircut on the non-marketable (government accommodation finance of GHC64.6 billion by Bank of Ghana) amounted to a loss of GHC32.3 billion.\nRestructuring of marketable instruments amounted to a loss of GHC16.1 billion. The impairment from exposure to COCOBOD also amounted to GHC4.7 billion.\nThese three DDEP items (i.e. marketable, non-marketable and COCOBOD) accounted for GHC53.1 billion out of the total loss of GHC 60.8 billion for 2022.\nIn addition to these three items, price and exchange rate valuation effects accounted for GHC 5.2 billion of the total loss, whereas interest expense on cost of monetary policy operation accounted for GH3.3 billion.\nBank of Ghana losses occurred for three main reasons. First, market securities valued GHC16.1 billion held by the central bank are sold at a value inferior to the one they were bought (DDEP).\nSecond, losses occurred because of 50% haircut of non-market debt of GHC 64.5 billion in the form of accommodating finance of government in 2022. Third, there was a revaluation of foreign exchange holdings, i.e. that the domestic currency devalued against reserve currencies, this can lead to a loss.\nThe central bank’s holdings of government debt were restructured. Non-marketable holdings of government of Ghana instruments including long-term stocks, a COVID-19 Bond and overdraft were subjected to a 50 per cent haircut.\nBank of Ghana’s other claims (holdings of marketable instruments) were exchanged under similar terms as other financial institutions under the DDEP. This led to an impairment of GH¢48.40 billion in 2022.\nAt the same time, the Bank incurred revaluation losses on its foreign assets and liabilities due to exchange rate depreciation. The impairments and revaluation losses led to a negative equity position of GH¢55.12 billion for 2022”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/business/business-news/central-bank-losses-potential-impact-on-the-economy.html"}

clean/cc/22b27634894eaf755a0cdbfd3bf399b9.json

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+{"doc_id": "22b27634894eaf755a0cdbfd3bf399b9", "text": "Advertisement\nLicensing Imports\nThe whole thing has been hurriedly and shoddily done. When you have such a huge dependence on imported products, you can only replace them in stages.\nThere are some very basic things that we don’t have the competence to do now. But we can plan our next steps.\nRice Imports\nGhana cannot produce enough rice, which is why we import it. We must increase our production capacity and then gradually put restrictions on imports.\nWanting to save scarce foreign exchange and strengthen one’s currency by reducing imports is not altogether a bad thing.\nImplementing it the way they want to, through an import licensing regime, is the problem. And it smacks of self-interest, given all we know about many government appointees. They will give themselves all the contracts.\nRestricting the import of Offals is something we can live with. But the same cannot be said for sugar.\nJust imagine the amount of porridge on Ghanaian breakfast tables. It is in such high demand that if you restrict it, the price will go through the roof.\nThere are some products that we can, with relatively short notice, put import restrictions on; such as onions.\nWith a six-month harvest period, this is something you can confidently start to restrict in six months without upsetting the equilibrium of things. But even here, you have to put in place what it takes to do it.\nHave we sorted out our land ownership system? Where are land banks for use in the commercial kind of agriculture that will enable us to produce the amounts needed to make certain imports unnecessary and take measures to restrict their import? Onions are a low-hanging fruit.\nThere are many other low-hanging fruits. In my opinion, the list is poorly thorough. They’ve just looked at the items with high import bills and come up with it.\nWe know we need to cut imports. But we need to replace imports with those that our pocketbooks will allow us to do. What can we produce in six months? What can we produce in 12? There are challenges with local production that we must fix.\nOur interest rates alone will make our products uncompetitive. Why must imported items be cheaper than the same items produced here? Well, in the case of poultry, we don’t produce enough poultry feed, so we import it, which translates into more expensive poultry.\nAs a country, are we saying we can’t produce enough poultry feed? So let’s focus on what we can do and schedule it in stages so that we can do away with many unnecessary imports with scarce foreign exchange.\nLet’s think through it properly\nRestricting imports can be done but it must be done in stages. After all, what is being proposed doesn’t really prevent imports. You’ve just introduced permits, killing price competitiveness in the process and creating business monopolies. Actually, you know what?\nIf we were to eat our stuff more, we wouldn’t be having this debate about the food component of our imports; and we would be eating healthier, fresher products.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/business/business-news/licensing-imports.html"}

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+{"doc_id": "23119dc1f7b0bf11a28eeac9cbec2a56", "text": "President Akufo-Addo has directed the Customs Division of the Ghana Revenue Authority to pull the breaks on the implementation of the reversal of discounts on benchmark values.\nAccording to reports from Accra-based Asaase Radio, the President’s directive is to create more room for broader stakeholder consultations on the subject. The decision is also to enable the concerns of traders to be adequately heard, before a final decision is taken on the matter.\nIndications from Asaase Radio further reveal that the consultations have begun in earnest, with a consensus to be reached by January 17, 2021.\nOn January 2, 2022, the Ghana Revenue Authority (GRA) issued a directive which stated that from January 4, 2022, the Customs Division of the Ghana Revenue Authority will begin the effective implementation of the reversal of discounts on some specified category of goods.\nFollowing this development, scores of aggrieved individuals decried the policy and called on government to rescind the decision accordingly. In this regard, the opposition National Democratic Congress organized a press conference addressed by the party’s National Communication Officer, Sammy Gyamfi, and called on the GRA to reverse its decision.\n“Any policy that seeks to increase import duties and ultimately the prices of goods, will lead to more hardships in the country. The sensible thing for government to do under the circumstances if they are genuinely minded to support AGI and boost local production is to reduce the cost of doing business and the factors of production by stabilizing the Ghana cedi, reducing the tax burden on businesses and by ensuring that businesses have access to cheaper credit, low utility tariffs and subsidized inputs. This is the surest and sustainable way of boosting local production without necessarily increasing the level of hardships in the country.\nIn conclusion, we wish to make the point, that Ghanaians have had enough of the deception and callousness of the Akufo-Addo/Bawumia/NPP government.\nThe NDC holds the view, that this is not the time for more taxes and draconian revenue measures such as the reversal of benchmark value discounts. We share in the view expoused by GUTA that the GRA withdraws the statement announcing this measure which will only go a long way to stifle the already burdened businesses in the country”, Mr. Sammy Gyamfi said.\nIn an apparent reaction to the disagreement with the policy by stakeholders, government has directed its reversal for the concerns of traders to be “sufficiently considered before a decision on implementation and its timing is finally taken”; Asaase Radio reports.\nLatest Stories\n-\nThe Roll Call of Biblical Financial Evangelists\n-\nMahama accuses Bawumia of dubbing NDC’s policy promises\n-\nMahama echoes vision for resilient governance and economic recovery at NDC LAB Policy Dialogue\n-\nGSE’s Abena Amoah not on Bawumia’s economy committee\n-\nNDC’s Policy Dialogue marks milestone in pre-election strategy – Mahama\n-\nEOCO to launch lifestyle audits targeting celebrities and individuals with suspected unexplained wealth\n-\nUpper West Akim MP cuts sod for the construction of Mepom to Esaaso Road\n-\nEngineers urged to embrace preview of their works\n-\nParis 2024Q: Zambia edges Ghana 1-0 for crucial first-leg advantage\n-\nDr. Christian Sewordor Mensah: The Role of Sector Skill Bodies in using ESG and CSR Principles in shaping Sustainable Education and Training\n-\nTyler Perry halts $800 film studio build over AI fears\n-\nAkufo-Addo appoints Ofori-Atta as Senior Presidential Advisor\n-\nMIIF aims to position Ghana as electric vehicle hub in Africa\n-\nAvatar: The Last Airbender receives mixed reviews from critics\n-\nMahama slams Police’s decision to dissociate itself from DCOP Waabu’s comments on election security", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/akufo-addo-directs-gra-to-suspend-reversal-of-discounts-on-benchmark-values-for-broader-consultations/"}

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+{"doc_id": "248401807a672b5ae7bb67741b2ef3b8", "text": "Member of Parliament for Bantama Francis Asenso-Boakye on Wednesday, September 7, commissioned a new Police Station for the Bantama Ahenbronum community, a suburb in the Constituency.\nHe handed over the fully furnished building to the Ashanti Regional Police Commander, DCOP Mr. Afful Boakye-Yiadom.\nThe building which has been constructed as part of efforts to improve security in the area would house the Ghana Police Service in the area.\nIt forms part of government’s Infrastructure for Poverty Eradication Programme (IPEP), an initiative by President Akufo-Addo.\n“Security as a whole is not the preserve of government nor one person. It is a collective responsibility. As citizens we have the responsibility to contribute our quota in making our communities safe.” said Mr. Asenso-Boakye.\nHe added that, “since I became your MP, we have initiated several projects to ensure the safety of constituents including a new Police station for Ohwim and Bohyen.\nThis goes to demonstrate my willingness to improving security and safety in Bantama.”\nTo this end, he reaffirmed President Akufo-Addo’s commitment to empowering the Police with the requisite tools and facilities to deliver on its mandate.\nDCOP Mr. Afful Boakye-Yiadom, the Ashanti Regional Police Commander, on his part expressed appreciation to the government and in particular to the Member of Parliament for his effort in the fight against the crime and ensuring the peace and security of residents in the area.\nHe noted that the new edifice is indicative of the fact that collaborations between government and the Police Service could bring improved development to the communities.\nHe stated that there is the need for more infrastructure and logistical support to enable the Police to ensure effective policing.\nHe also cautioned that the station is the property of government, and therefore advised against any form of interferences from political office holders in the discharge of their duties.\nFormer Member of Parliament for Bantama, Mr. Daniel Okyem Aboagye expressed appreciation to his successor, Mr. Asenso-Boakye for seeing to the completion of the project.\nHe called on all the constituents to support their MP in seeing to the overall development of Bantama.\nLatest Stories\n-\nParis 2024Q: Nora Hauptle confident Black Queens can overturn Zambia first leg deficit\n-\nAfrican Games 2023: LOC to spend GHS 33.4 million a day on ‘operational expenses’\n-\nAfrican Games: Abdulai Mukarama & Stella Nyamekye join Black Princesses as late call ups\n-\nElection 2024: I intend to keep my promises – Mahama assures Ghanaians\n-\nBawku conflict: NCA, NMC to be petitioned over closure of 4 radio stations\n-\nMinisterial reshuffle: Akufo-Addo names caretaker ministers\n-\nUK-Ghana Science, Technology & Innovation Strategy: Ghanaian delegation arrives in London to explore opportunities for implementation\n-\nFGR to recapitalize Bogoso Prestea Mine as part of planned restructuring\n-\n”Some people are bringing Hearts of Oak to a lower level; I won’t accept that” – Hearts Coach\n-\nUniversity of Ghana revises plagiarism policy to include AI\n-\nPrivate tertiary institutions must charter before August 31 – GTEC warns\n-\nKenneth Mitchell: ‘Star Trek’ and ‘Marvel’ actor dead at 49\n-\nBawumia lauds Ahmadiyya Muslim Mission for contributions to Ghana’s development\n-\nIf I can do it, you can too – Adekunle Gold to sickle cell survivors\n-\nReview BoG’s Inflation Targeting framework – US-based economist", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/asenso-boakye-commissions-new-police-station-for-bantama-ahenbronum-community/"}

clean/cc/252930e1f3638369f3dd4e4198880a38.json

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+{"doc_id": "252930e1f3638369f3dd4e4198880a38", "text": "A UN trade official has warned a US plan to raise tariffs on Chinese goods next month would have \"massive\" implications for the global economy.\nThe US plans to increase tariffs on Chinese goods if the two sides fail to make progress on a trade deal by 1 March.\nThe comments followed a report by a UN trade agency on the impact of the US-China trade war.\nIt said Asian countries are likely to suffer most from protectionism.\nThe US and China are locked in a damaging trade dispute that has seen both sides levy tariffs on billions of dollars worth of one another's goods.\nIn December, both countries agreed to hold off on new tariffs for 90 days to allow for talks.\nThe US and China have a deadline of 1 March to strike a deal, or the US has said it will increase tariff rates on $200bn (£152bn) worth of Chinese goods from 10% to 25%.\nThe UN Conference on Trade and Development (Unctad) has warned that there will be huge costs if the trade war escalates.\n\"The implications are going to be massive,\" Pamela Coke-Hamilton, Unctad's head of international trade, said at a news conference.\n\"The implications for the entire international trading system will be significantly negative.\"\nSmaller and poorer countries would struggle to cope with the external shocks, she said.\nThe higher cost of US-China trade would prompt companies to shift away from current east Asian supply chains.\nUnctad's report estimates that east Asian producers will be hit the hardest, with a projected $160bn contraction in the region's exports.\nBut it warns the effects could be felt everywhere.\n\"There'll be currency wars and devaluation, stagflation leading to job losses and higher unemployment and more importantly, the possibility of a contagion effect, or what we call a reactionary effect, leading to a cascade of other trade distortionary measures,\" Ms Coke-Hamilton said.\nThe higher cost of US-China trade would prompt companies to shift away from current east Asian supply chains, but report suggests it's unlikely that US firms would pick up that business.\nThe study found that US firms will only pick up 6% of the $250bn in Chinese exports that are subject to US tariffs.\nOf the approximately $85bn in US exports that are subject to China's tariffs, only about 5% will be taken up by Chinese firms, the UN research shows.\nThe study found that European exports will grow by $70bn, while Japan, Canada and Mexico will see exports increase by more than $20bn each.\nOther countries that could benefit include Australia, Brazil, India, the Philippines and Vietnam, the report said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessghana.com/site/news/business/181473/UN-warns-of-%27massive%27-impact-of-tariff-hike"}

clean/cc/2569cbd7b393caccc0223e50650a9932.json

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+{"doc_id": "2569cbd7b393caccc0223e50650a9932", "text": "The Finance Minister, Ken Ofori-Atta has announced some measures in the 2023 Budget aimed at boosting the local productive capacity of the economy.\nOutlining the measures on the Floor of Parliament, Mr. Ofori-Atta said government will cut the imports of public sector institutions that rely on imports either for inputs or consumption by 50%.\nIt will therefore work with the Ghana Audit Service and the Internal Audit Agency to ensure its compliance.\nHe added that government will support the aggressive production of strategic substitutes, including the list disclosed at the President’s last address to the nation.\n“We will also support large-scale agriculture and agribusinesses interventions through the Development Bank Ghana and ADB Bank and introduce policies for the protection and incubation for newly formed domestic industries to allow them to make the goods produced here competitive for local consumption and also for exports”.\nTo promote exports, Mr. Ofori-Atta assured that government will expand the productive capacity in the real sector of the economy and actively encourage the consumption of locally produced rice, poultry, vegetable oil and fruit juices, ceramic tiles among others;\nHe stated that government will also enhance efficiency in the public sector and implement the Government directives on expenditure measures to integrate public procurement approval processes with GIFMIS.\nThis, he said will ensure that projects approved are aligned with budget allocation.\n“We will review key government programmes to reflect relevance, promote efficiency, and ensure value for money; and also review the efficiency of Statutory Funds”.\n“To implement structural and public sector reform, we will among others impose a debt limit on non-concessional financing and undertake major structural reforms in the Public Sector by reviewing the operations of 36 State-owned Enterprises, 8 Special Purpose Vehicles, 90 Joint Venture Companies, 38 Regulatory institutions, 68 Statutory Bodies and 6 subvented Agencies” he added.\nOn the exchange rate market, Mr. Ofori-Atta stated that government will enforce compliance with legal and regulatory framework on foreign exchange.\nHe added that government will initiate measures to overhaul the tax structures in the extractive industry and expand the gold purchase programme by Bank of Ghana to support FX Reserve accumulation, promote an LBMA certified gold refinery in Ghana and promote local currency stability.\nLatest Stories\n-\nKyei-Mensah-Bonsu steps down as Majority Leader; Afenyo-Markin in the saddle\n-\nArtists should pay particular attention to the contents of their story – Tulenkey\n-\nHajia4Reall pleads guilty in $2m romance scam case\n-\nLet’s leverage on expertise to save Ghana sports – Asamoah Gyan to sporting greats\n-\nNDC holds Policy Dialogue ahead of 2024 Elections\n-\nZambian player passes away days before Olympics 2024 qualifier against Ghana\n-\nFailure to pay 2016 bonuses retired some players – Exiled Black Queens star reveals\n-\nI’m ready for change, to stay off the street – ‘Homeless’ rapper Agbeko pleads for help\n-\nBeyoncé becomes first black woman to top Billboard country chart\n-\nRDA to work with OPEC, others to deliver robust intra-African oil and gas industry – Dr. Abdul-Hamid\n-\nCaucuses in Parliament cannot appoint leaders independent of parties – Bagbin\n-\nIES, COPEC accuse Sentuo Oil Refinery of selling unwholesome products; threaten to drag NPA, GSA to court\n-\nUBA Group MD pays a working visit to BoG Governor\n-\nECG restores power to Barekese, Owabi dams: GWL assures of water supply\n-\nReplace National Identification cards of victims of the Akosombo Dam spillage – Bedzrah", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/2023-budget-government-to-cut-imports-of-public-institutions-by-50/"}

clean/cc/276ed4e385eb2bd098f473011fc73e05.json

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+{"doc_id": "276ed4e385eb2bd098f473011fc73e05", "text": "President Akufo-Addo on Thursday wished farewell to two envoys whose duty tour of Ghana has ended.\nThe pair are; Ambassador Augustus Da Silva Cunha of Angola, and Ambassador Ron Strickker of The Netherlands.\nAt separate events at the Jubilee House Accra, President Akufo-Addo commended both envoys for their sterling performance during their duty tour of Ghana.\nHe said relations between their respective countries and Ghana had grown stronger during their tenure, and wished them well in their future endeavours.\nWhen he met Ambassador Cunha, President Akufo-Addo spoke of the strong ties that existed between the two countries, and the determination to build their respective nations on the basis of democratic values, and the commitment to see to the total development of the continent.\n\"These are the things that continue to link Angola and Ghana and I'm very happy that the visit of your President gave us an opportunity to reaffirm these common commitments that we have and also to sign these important agreements we were able to do to encourage a further strengthening of the relationship between our two countries,\" he said and wished him well in his new endeavor as his country’s envoy to Russia.\nOn his part, Ambassador Cunha said though his stay in the country was short, he contributed to strengthening the relations between the two countries, which led to President Akufo-Addo's visit to Angola and the subsequent recent visit of the Angolan President to Ghana.\nHe said he was leaving Ghana with fond memories, and would for long cherish the Ghanaian hospitality that he had been accustomed to.\nDuring interaction with Ambassador Strickker of the Netherlands, President Akufo-Addo described him as one of the liveliest members of the diplomatic community in Ghana, and thanked the envoy for his contribution to Ghana’s development during his duty tour.\n\"We have lots and lots of regards for you for the works that you have done here\", he said.\nThe President was grateful to the Netherlands for supporting the ongoing dialogue with the European Union on sustainable cocoa production, describing the negotiations as positive, considering the importance of the crop to Ghana’s economy.\n\"We are clear in our mind that the support we are having from your government is one of reasons for that...we want to put on record our appreciation,\" he said.\nAmbassador Strickker, who was accompanied by his wife, described Ghana as a beloved country, saying, \"I just want to say that we have appreciated our period in Ghana...our last 5 years has been fantastic.\"\nHe was happy about the collaborations between the two countries in the areas of agriculture, and in the water and sanitation sector, as well as the President commitment to make Accra the cleanest city in the West African sub region.\nMr. Strickker commended President Akufo-Addo for his exceptional leadership in the handling of the Coronavirus pandemic, which had saved many Ghanaian lives.\nHe also congratulated the President on his re-election as President of Ghana and Chairman of the Economic Community of West African States (ECOWAS) region.\nThe envoy told the President that \"we all in the Netherlands view Ghana as a historic friend,\" and asked him to consider a visit to the Netherlands on his European tour, to which the President replied, that he had a reciprocal visit to that country, which he would fulfil.\nLatest Stories\n-\n9 awkward but completely normal things that happen during sex\n-\nSexy gift ideas for her any time of the year\n-\n4 fun & simple ways to upgrade your date night\n-\nOnion Sellers Association allays fears of price hikes\n-\nBanking sector clean-up served as a shock absorber during Covid-19, economic crisis – John Awuah\n-\nNorth Tongu Assembly members fail to elect PM after 4th attempt; DCE fumes\n-\nDigital industry players must shape digital landscape in Africa – Minister\n-\nAssociation of Sports Betting Operators presents learning materials to 939 pupils in flood-affected communities\n-\nMan, 30, dies in alleged attempt to steal ECG cables\n-\nAklakpanu bridge will be reconstructed to boost economic growth – North Tongu DCE assures\n-\nAwutu Senya West Assembly members reject President’s nominee\n-\nConsider the use of local rice for school feeding – Rice farmers\n-\nKyei-Mensa-Bonsu to address resignation issues today\n-\nCyber-attack hits Malawi’s immigration service\n-\nKenya scraps entry fee for South Africans and several other foreign nationals", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/akufo-addo-bids-angola-netherlands-envoys-farewell/"}

clean/cc/27cd70440f012f41b08c50deda5d5cba.json

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+{"doc_id": "27cd70440f012f41b08c50deda5d5cba", "text": "Lands and Natural Resources Minister, Samuel Abu Jinapor has assured that ‘Galamsey’ queen Aisha Huang will be convicted and imprisoned in a Ghana jail if found guilty of the charges against her.\nSamuel Jinapor said this would be possible due to the government’s legislation and policy intervention such as Act 559 which has been amended to proffer stiffer punishment to persons found guilty of illegal mining.\nThe Minister while speaking to journalists in Accra said per facts in his possession, he is convinced Aisha Huang is guilty of the charges proffered against her.\n“Aisha Huang has been arrested today. She is being prosecuted and she will be prosecuted under Ghanaian law in Ghanaian court if she is found guilty which I believe she should be found and I think I am not making prejudicial comments but I am saying that given the fact that I have, I am expecting that Aisha Huang will be found guilty, convicted and sentenced and thrown into Ghanaian jail,” he said.\nAccording to Samuel Abu Jinapor, the fight against 'galamsey' does not focus on Aisha Huang as it is been projected.\nHe said other 154 persons of different nationalities have also been arrested which is a testimony to the government’s fight against the menace.\n“Not just related to Aisha Huang but generally deal with foreigners. Three or four days ago, we arrested 154 foreigners who were involved in illegal small-scale mining and even how to keep them was a problem…Aisha Huang’s case should not be looked at in isolation, it should be looked at in the context of foreigners being involved in Ghanaian criminality and how we deal with it.\n“The assumption that the President’s whole might and effort revolve around Aisha Huang [not true],\" he added.\nReacting to the Minister’s assurance to prosecute Aisha Huang, Executive Director for the Media Coalition Against Illegal Mining says the government must demonstrate its will by seeing through the prosecution of persons, especially, foreign nationals who are found culpable.\nKen Ashigbey in an interview on Top Story, Tuesday, indicated the need to translate the rhetorics into action.\n“There is no better story to be told than that...We have heard the President speak and now we’re hearing the sector Minister speak. We’re not going to take their word for it,” he said on Joy FM.\nThe Chinese national who is set to reappear in court on September 27 was accused of engaging in mining without a license after she was re-arrested in Ghana some weeks ago.\nThis was after she was deported back in 2018 over a similar incident.\nThough the nature of her exit is still being debated, the Attorney General has already communicated his support to see the prosecution through.\nLatest Stories\n-\nThe Roll Call of Biblical Financial Evangelists\n-\nMahama accuses Bawumia of dubbing NDC’s policy promises\n-\nMahama echoes vision for resilient governance and economic recovery at NDC LAB Policy Dialogue\n-\nGSE’s Abena Amoah not on Bawumia’s economy committee\n-\nNDC’s Policy Dialogue marks milestone in pre-election strategy – Mahama\n-\nEOCO to launch lifestyle audits targeting celebrities and individuals with suspected unexplained wealth\n-\nUpper West Akim MP cuts sod for the construction of Mepom to Esaaso Road\n-\nEngineers urged to embrace preview of their works\n-\nParis 2024Q: Zambia edges Ghana 1-0 for crucial first-leg advantage\n-\nDr. Christian Sewordor Mensah: The Role of Sector Skill Bodies in using ESG and CSR Principles in shaping Sustainable Education and Training\n-\nTyler Perry halts $800 film studio build over AI fears\n-\nAkufo-Addo appoints Ofori-Atta as Senior Presidential Advisor\n-\nMIIF aims to position Ghana as electric vehicle hub in Africa\n-\nAvatar: The Last Airbender receives mixed reviews from critics\n-\nMahama slams Police’s decision to dissociate itself from DCOP Waabu’s comments on election security", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/aisha-huang-will-be-convicted-and-thrown-in-ghanaian-jail-lands-minister/"}

clean/cc/2ac36fa94a491edec97371578379a2c3.json

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+{"doc_id": "2ac36fa94a491edec97371578379a2c3", "text": "Alex Kwasi Awuah has been appointed Managing Director of ARB Apex Bank Plc.\nThe appointment followed a recommendation from the Board of Directors of the Bank after a competitive and thorough interview and a no-objection letter issued by the Bank of Ghana (BoG).\nThe Managing Director’s role of the ‘mini’ Central Bank of the 145 Rural and Community Banks (RCBs) in the country became vacant in July 2021 upon the retirement of the former Managing Director, Kojo Mattah who served a four-year tenure and attained the statutory retirement age of 60 years in July 2021.\nFollowing the retirement of the former Managing Director, Mr. Awuah was appointed as Acting Managing Director on July 26, 2021, a position he held until his confirmation as the substantive Managing Director of the Bank. Prior to that, he served as the Deputy Managing Director of the Bank from June 2015.\nThe Chartered Banker with vast experience covering central banking, universal banking, and rural banking, begins his four-year mandate on January 1, 2022.\nThe astute banker begun his banking career in 1996 at the defunct Rural Finance Inspection Department of the BoG and later moved to the Banking Supervision Department as an Examiner until March 2005 when he joined the Agricultural Development Bank (ADB).\nHe worked in various capacities at ADB; first as an Auditor in the Internal Audit and Assurance Department, a Manager in the Research and Planning Department and the Strategic Policy Coordinating Unit.\nHe headed the Budgets, Planning and Strategy Unit at the Finance and Planning Department of the Bank before moving to ARB Apex Bank Plc in November 2013 as the Head of the Internal Control Department.\nIn that capacity, he was responsible for the audit of departments and branches of the Bank. He was also in-charge of the inspection of the RCBs in Ghana as a complementary service to the regulatory role of the Bank of Ghana.\nMr. Awuah is a Chartered Banker and holds an Executive Master of Business Administration (Finance option), a Bachelor of Science in Administration (Banking and Finance option) from the University of Ghana Business School. He has also passed the Association of Chartered Certified Accountants, UK examinations up to the professional level.\nHe is a Fellow of the Chartered Institute of Bankers, Ghana and serves on the Executive Committee of the Institute, having previously served as a Council Member. He is also a former member of the Boards of Konrad Adenauer Memorial Credit Union (KAMCCU) at the Credit Unions Head Office, Accra and Suma Rural Bank, Suma Ahenkro.\nHe is a former Director of Finance of the Presbyterian Church of Ghana, Ascension Congregation, North Legon.\nHe is expected to bring his 25 years’ experience to bear in repositioning the RCBs’ sub-sector of the country at a critical time when the 145 RCBs operating from more than 800 branches and agencies across the country are expected to implement a new Corporate Governance Directive issued by the BoG from the first quarter of 2022.\nLatest Stories\n-\nSPMDP executives call on HeFRA CEO\n-\nDangerCapsule: KiDi to release new song with limited customised bikinis\n-\nMore music leaving TikTok over Universal Music row\n-\nOur nation is safe, but we can’t take territorial integrity for granted – Akufo-Addo\n-\nJoyNews Gets Results: 19-year-old undergoes surgery after JoyNews report of defective hips\n-\nI’ve to be corrupt to maintain my seat in Parliament – Cletus Avoka\n-\nTwitch star, Kai Cenat, hosts dating show for man whose girlfriend danced with Omah Lay onstage\n-\nBoG revises balance, transaction limits of mobile money wallets upwards, starting March 1\n-\nGhanaians won’t miss you – Ato Forson tells Akufo-Addo\n-\nThousands of Nigerians protest soaring costs\n-\nOrange Middle East and Africa strengthens its collaboration with the Multilateral Investment Guarantee Agency of the World Bank for the coverage of its footprint\n-\nVaccinating 3.1 million Children to control polio outbreak in South Sudan\n-\nGhana excels with gold and silver medals at 2024 Africa Zone 3 IHF Male Championship\n-\nGlobal Black Impact Summit (GBIS) 2024: Celebrating Black Excellence in Sports and Fashion\n-\nClampdown on crime: Buduburam ghettos, Liberia camp demolished", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/alex-awuah-appointed-md-of-arb-apex-bank-plc/"}

clean/cc/2b0a03b2251ce427d5f45a347da25b85.json

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+{"doc_id": "2b0a03b2251ce427d5f45a347da25b85", "text": "Ghana will cap its 2014 Eurobond at $1 billion rather than the $1.5 billion initially approved by parliament in order to sustain its debt levels, President John Mahama told Reuters in an interview on Friday.\nThe West African country may look for fresh financing if it can secure an assistance deal with the International Monetary Fund, Mahama said, adding that former finance minister Kwesi Botchwey would lead talks due to start on Sept. 16.\nGhana announced in August it would seek an IMF programme to tackle fiscal problems including rising inflation, a stubborn budget deficit and a currency that has tumbled this year. These factors threaten an economy that has grown rapidly on the back of exports of gold, oil and cocoa.\n“This is the time to not only stabilize the macro but also to implement the measures that will transform this economy and make it more robust and resistant and resilient to the kinds of shocks that a country like Ghana faces,” Mahama said.\nFiscal stability and reforms must be sustained beyond the 2016 election cycle for the economic programme to succeed, he said. Ghana’s deficit rose sharply in 2012, the year of the previous election, mainly due to public sector wage rises.\nMahama said Ghana was hoping to bring inflation, which hit 15.3 percent in July, down to 11-12 percent by the end of the year.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businessday.ng/africa/article/ghana-to-cap-2014-eurobond-at-1bn-to-sustain-debt-levels/"}

clean/cc/2d3f53dbc9849acbab02ff2133dd4a2e.json

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+{"doc_id": "2d3f53dbc9849acbab02ff2133dd4a2e", "text": "For the first time in Ghana’s history, total expenditure is expected to exceed GH¢200 billion in 2023.\nSixty-five years after independence, Ghana’s total expenditure (including clearance of arrears) within a specific fiscal year has been projected to reach GH¢205.4 billion by the end of 2023, with two line items accounting for more than 47% of the estimated amount.\nThe Finance Minister, Ken Ofori-Atta, revealed this when he presented the 2023 budget to Parliament.\nAccording to the Minister, compensation of employees and interest payments on loans for the period under review will account for about 47.50% of the over GH¢205 billion projected expenditure.\nData contained in the 2023 budget indicate that interest payments on loans will be the most expensive expenditure line item with a projected value of GH¢52.6 billion, followed by compensation of employees, including wages and salaries of workers amounting to some GH¢44.99 billion.\nResource Mobilisation and Allocation for 2023\nTotal Revenue and Grants is projected at GH¢143.96 billion (18.0% of GDP). According to the Finance Minister, this is underpinned by permanent revenue measures - largely tax revenue measures - amounting to 1.35 per cent of GDP. Of the GH¢143.96 billion, domestic revenue from tax, oil and gas receipts, non-tax receipts and other revenue, is estimated at GH¢141.55 billion and represents an annual growth of 46.6% over the projected outturn for 2022.\nUpdate on government fiscal operations (Jan-Sept 2022)\nMr. Ken Ofori-Atta also indicated that provisional data on government fiscal operations shows a shortfall in revenue performance and a faster execution of expenditures.\nAccording to the Finance Minister, this resulted in an overall budget deficit of GH¢41.7 billion (7.0% of GDP), against a programmed deficit target of GH¢36.7 billion (6.2 % of GDP).\nLatest Stories\n-\n‘He put us in a very difficult situation’ – Afenyo-Markin on Ken Agyapong’s presidential bid\n-\nLivestream: Akufo-Addo to deliver SONA\n-\nUniversity of Ghana has sent more than 12 athletes abroad in the last two years – Dr Bitugu\n-\nAdidas: Noah Lyles signs most lucrative athletics contract since Usain Bolt\n-\nJordan Ayew marks 200th Crystal Palace appearance against Burnley\n-\nHenry Akplehe Kanor\n-\nEverton points deduction: Punishment reduced from 10 points to six after appeal\n-\nDrake calls for Tory Lanez’s freedom after 10-year sentence in Megan Thee Stallion shooting case\n-\nLegon Stadium in shape to host best African Games – Venue Manager\n-\nWest Ham can win the UEFA Europa League – Kudus Mohammed\n-\nDominion Christian Academy secures 3rd place in Lancaster University Business Cup Challenge\n-\nJesse Baird: Human remains found in search for missing Sydney couple\n-\nAfrican Games 2023: Okudzeto’s claims on operational budget ‘erroneous’ – LOC\n-\nBrentford win showed how hungry we are – Kudus Mohammed\n-\n‘Focus on the wealth of experience he brings on board’ – Government justifies re-appointment of Ofori-Atta", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/2023-budget-projected-expenditure-to-exceed-%C2%A2200bn-for-the-first-time-since-independence/"}

clean/cc/2ddd58a11a4a32cad3b2745ed78996e9.json

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+{"doc_id": "2ddd58a11a4a32cad3b2745ed78996e9", "text": "With the Covid-19 pandemic raging on, the Bank of Ghana says banks in Ghana face heightened credit risk as depicted in rising non-performing loan ratios and this is of great concern to banks, supervisors, and macroeconomic policy makers.\n“What is more, the full extent of banks’ credit risk cannot be assessed with any high degree of certainty given the uncertain economic outlook in the midst of the pandemic and the fact that many reliefs granted by banks to borrowers at the onset of the pandemic remain in force. The impact of the pandemic on supervisors’ ability to conduct on-site examination of banks is another key concern, given the limitations of off-site loan book reviews”, Second Deputy Governor of the Bank of Ghana, Elsie Addo-Awadzi disclosed at the Bank of Ghana/ Bank of England Regional Event on the theme “Microprudential Supervision of Credit Risk”.\nThis, she said, the regional training event therefore provides a great opportunity for bank supervisors in Africa to discuss common challenges and identify common solutions that work for the region, while learning from some of the experiences of the Bank of England and other advanced Supervisory Authorities.\nOn the part of Ghana, Mrs. Addo-Awadzi said the Bank of Ghana’s banking sector reforms over the last several years have helped to cushion banks somewhat against the impact of the pandemic.\n“As we look ahead in an uncertain economic future, it is my hope that the peer learning from this training event will help supervisors in Africa to improve the quality of microprudential supervision of banks’ credit risk, and help to better promote the stability and resilience of Africa’s banking system”, she explained.\nShe further said that the theme for this three-day event – Microprudential Supervision of Credit Risk – has always been critical in promoting the safety, soundness, and resilience of the banking sector, a number of factors account for high credit risk faced by banks in Africa. These include poor credit underwriting standards by some banks, weak credit market infrastructure such as credit reporting systems, challenges in loan enforcement in the face of defaults, and macroeconomic challenges that impact the real sector, among others.\nThe regional events will help to build the supervisory capacity of Central Banks in the region through peer learning, as well as finding cutting-edge solutions to supervisory concerns.\nLatest Stories\n-\nBurkina Faso, Mali and Niger exit from ECOWAS – Economic and security implications for Ghana\n-\nParliament passes Environmental Protection Bill\n-\nWe don’t demand payment for services through phone calls – ECG tells clients\n-\nWe’re not a ‘deaf village’ – Adamorobe residents dismiss misconceptions about their town\n-\nHearts to play RTU in Accra following NSA approval\n-\nMore than 1.8 million Ghanaians were unemployed in the third quarter of 2023\n-\nAfrican Games 2023: Azamati confirms participation\n-\nToni Kroos announces decision to come out of international retirement\n-\nThe African Medical Centre of Excellence (AMCE) Wraps up Successful African Health Forum 2024 in Abuja\n-\nUNEP report reveals increase in CO2 emissions from heavy-duty vehicles\n-\nKyei-Mensah-Bonsu’s return to Parliament after resigning as Majority Leader\n-\nThe Multimedia Group commiserates with Oman FM and Kwabena Kwakye’s family\n-\nUnited by Music: Theme for 2024 Guinness Ghana DJ Awards unveiled\n-\nMore Females getting employed than male counterparts – GSS\n-\nUN report exposes alarming rise in heavy-duty vehicle emissions, trucks driving 80% surge since 2000", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/banks-face-heightened-credit-risk-in-rising-npls-bog/"}

clean/cc/2e31ecbb3fbaccc328324fd19a97a7ae.json

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+{"doc_id": "2e31ecbb3fbaccc328324fd19a97a7ae", "text": "Advertisement\nRemittance startup LemFi halts operations in Ghana following BoG suspension\nRemittance startup LemFi has announced the suspension of all its operations in Ghana. The decision was communicated through a statement released on Tuesday afternoon.\nThe startup expressed regret in its statement, acknowledging the inconvenience caused to its users. The move comes after the Bank of Ghana, on November 16, 2023, released a list of unapproved money transfer organizations, which included LemFi.\nThe central bank, in its advisory, explicitly warned both Ghanaians and financial institutions to immediately cease all transactions with the affected companies mentioned in the list.\nFailure to comply with the directive, the bank emphasized, would result in severe sanctions, potentially including the withdrawal of licenses.\nReferring to section 3.1 of the Foreign Exchange Act, 2006, the Bank of Ghana emphasized that no entity was authorized to conduct foreign exchange transactions without a valid license granted by the Act.\nThis regulatory action aligns with the central bank's commitment to maintaining a regulated and secure financial environment.\nLemFi, founded in 2020 by former OPay employees, offered remittance services designed for Africans in the diaspora. The platform allowed users to hold, send, and receive money in at least two currencies - that of their host country and their home country.\nLemonade Finance rebranded to LemFi in May 2023.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/business/business-news/remittance-startup-lemfi-suspends-operations-in-ghana-following-bog-suspension.html"}

clean/cc/2ec396db4a859d9da3693a92b6a424f2.json

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+{"doc_id": "2ec396db4a859d9da3693a92b6a424f2", "text": "President Akufo-Addo has dismissed a petition by the Alliance for Social Equity and Public Accountability (ASEPA) to impeach Chairperson of the Electoral Commission (EC) Jean Mensa.\nA statement signed by the Secretary to President Nana Asante Bediatuo indicated that the Chief Justice did not establish any prima facae against the head of the country’s elections management body.\nIn June, ASEPA secured a declaration from the Commission on Human Rights and Administrative Justice (CHRAJ) that Mrs Mensa failed to declare her assets on assumption of office in 2018.\nCHRAJ said it found during its investigations that although the EC boss did not declare her assets then, she took remedial steps to do so when it was brought to her attention in the petition to investigate same.\nJean Mensa filed her assets declaration forms with the Auditor-General on February 17, 2020, CHRAJ noted.\nThe anti-graft body cautioned the EC boss to take note and not repeat same.\nBut in a petition to the president, ASEPA asked for Jean Mensa’s removal.\nIn response to this, the Presidency indicated that the EC chair has not committed any criminal offence.\n“The Chief Justice did not find any statute that criminalises the non-declaration of assets within the stipulated time in the Constitution,” read the statement released July 27, 2020.\nThe Presidency further communicated its rejection of the petition adding that \"In any event, CHRAJ did not make any adverse findings against the Chairperson as the investigation was terminated and the complaint dismissed after the Chairperson declared her assets on 17th February 2020.\"\nLatest Stories\n-\nThree police officers killed J.B Danquah Adu, not Daniel Asiedu- Counsel tells court\n-\n“I’m the king of kings; Sarkodie and others look up to me – Kwaw Kese brags\n-\nPlan Ghana International empowers youth-led groups to spearhead change as equal partners\n-\nGovernment to introduce Fintech Innovation Fund – Bawumia\n-\nNorth Tongu reshapes roads as DCE targets massive infrastructure overhaul to boost economic activities\n-\nRoll out SORMAS to all health facilities for improved disease outbreak control – Dr. Franklin Asiedu-Bekoe\n-\nTrafficked girls rescued from abuse plead for support to pursue education and skills training\n-\nUseless Column: Is Black Queens to replace Black Stars at de next AFCON?\n-\nBurkina Faso mosque attack: Dozens killed during prayers\n-\nHungary’s parliament clears path for Sweden’s Nato membership\n-\nTrump appeals fraud case as $112,000-a-day interest accrues\n-\nNew York Medical school eliminates tuition after $1bn gift\n-\nEmpowering youth in agriculture: Jobberman Ghana launches ‘The Happy Program’ initiative to connect employers with agricultural talent\n-\nKen Ofori-Atta is technically the senior Finance Minister – Isaac Adongo\n-\nAkosua Manu, Asamoah Gyan to co-chair Bawumia’s youth and sports subcommittee", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/akufo-addo-dismisses-asepas-petition-to-impeach-ec-chair-jean-mensa/"}

clean/cc/2f29e9052eca831d614f353d0092783a.json

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+{"doc_id": "2f29e9052eca831d614f353d0092783a", "text": "Advertisement\nGhana to increase earnings from handicrafts\nAS part of its export development strategy, Ghana will continue to harness existing and potential opportunities to grow its export base in the non-traditional export sector (NTEs).\nOne of such opportunities to be leveraged is the hosting of the secretariat of the Africa Continental Free Trade Area (AFCTA), and also winning the bid to host the World Trade Promotion Organisation conference (WTPO), in 2020.\nThe Director, Marketing and Promotion at the Ghana Export Promotion Authority (GEPA), Mrs Agnes Gifty Adjei-Sam, in an interview with the Daily Graphic, said GEPA, under the auspices of the Ministry of Trade and Industry (MoTI), would continue to implement the new National Export Development Strategy (NEDS) to grow the sector.\nShe spoke to the Daily Graphic during the International Handicraft Week (SIAB 2019) in Grand Bassam in Cote d’Ivoire. The theme for Ghana's participation was: \"Celebrating Ghanaian Culture and Business Opportunities.\"\nSpecifically, she said a key focus would be the handicraft sector which had not seen much growth, so the AfCTA and the WTPO were platforms that offered goodwill to products from Ghana.\nShe urged Ghanaian exporters to take advantage of the budding environment to market their products to contribute to economic development.\nHandicrafts\nThe NTE sector in Ghana consists of three main sub-sectors, namely: agriculture, processed/semi-processed, and industrial art & craft sub-sectors.\nAmong the three, handicrafts records the least earnings currently, and, therefore, GEPA said it had put in a strategy to grow the sector and mentioned Ghana’s participation at the third SIAB as one of the strategies.\n“We have come here with over 20 exhibitors to market their products and to introduce them to foreign buyers.\nWe believe our participation here will also help to develop our products and ensure that we access other international markets such as the New York big show and Birmingham creative craft show.\nWe hope this will help increase our craft earnings in Ghana,” Mrs Adjei-Sam said.\nProducts classified under the handicraft category include: basket-ware, ceramic products, traditional musical instruments, hides and skins, batik/tie and dye, nativity sets, beads and beaded items, pottery, leatherwork and paintings.\nThe Chief Executive Officer of Matamiss Pottery, one of the Ghanaian companies that exhibited at the fair, Nana Kwame Addo, said the fair had been an awesome platform for them to market their products.\n“We have practically sold out. We have actually received orders and they are asking us to come for more,” he said.\nNTE sector performance\nNTE earnings in 2017 amounted to US$ 2.557 billion, representing 3.81 per cent increase over the 2016 performance of US$ 2.463 billion.\nThe biggest earner in the NTE portfolio is the processed/semi-processed sub-sector. It contributed US$ 2.105 billion (82.35 per cent) to the whole NTE basket.\nThis was followed by the agricultural sub-sector and then the industrial art and craft sub-sector.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/business/business-news/ghana-news-ghana-to-increase-earnings-from-handicrafts.html"}

clean/cc/33fd288ac9f7e004a146b4a006515696.json

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+{"doc_id": "33fd288ac9f7e004a146b4a006515696", "text": "Advertisement\nBoG to build stronger financial technologies\nThe Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has said the central bank will continue to engage industry actors to develop forward-looking policy frameworks in the areas of digital banking and open banking.\n“Financial technologies can alter the financial sector landscape for the better and the Bank of Ghana remains committed to promoting innovation in the delivery of financial services and in this regard, will continue to monitor risks and opportunities for banks, payment service providers and consumers to thrive in the digital financial ecosystem,” he said.\nSpeaking at the Chartered Institute of Bankers (CIB) Ghana 2023 Governor’s Day in Accra on Friday, Dr Addison assured stakeholders in the financial sector of continuous prudent policies to strengthen the recovery process of the Ghanaian economy.\nThe event brought together all industry players to interact with the governor and to listen to his reflections in 2023 and expectations on monetary policy for the coming years.\nHe explained that the direction of recent macroeconomic indicators had given some positive signals of a gradual turnaround in the economy.\nThat, he said, followed the implementation of sound macroeconomic policies, successful completion of the domestic debt restructuring, and a wide range of structural reforms.\nHe said indications were that sustained policy efforts were needed to firm up the emerging stability and growth.\n“Growth is improving steadily, inflation is declining, the fiscal and external positions are improving, alongside relative stability in the exchange rate.\nAbsent unanticipated shocks in the outlook, the continued implementation of prudent policies would further strengthen the recovery process and reinforce the disinflationary process,” he said.\nThese conditions, he said, would improve the operating environment for the banking sector to remain stable and strong to support the economy.\nHe further said on the back of the Domestic Debt Exchange Programme (DDEP) and other risks that might emerge in the banking sector, the central bank would continue to closely monitor developments and where need be, take appropriate and decisive actions to address same.\n“Also, the bank will ensure that depositors’ funds remain safe, and that the financial system remains stable and resilient,” the Governor added.\nProfessionalism in banking\nThe President of CIB Ghana, Benjamin Amenumey, commended BoG for its support to CIB over the years adding that “interest in our plans, programmes and projects have been massive this year.”\nHe said going forward, the institute would focus on its aspirations to redefine professionalism in banking through ethics.\nAgain, he said CIB would also continue to collaborate with industry stakeholders and regulatory bodies, especially BoG, to give more voice to the values in the industry and society.\n“I believe the future of our institute is in the right direction. In the coming years, we will aggressively roll out newly launched programmes, launch and roll out our environmental, social, and governance (ESG) certification in collaboration with International Finance Corporation (IFC) part of the World Bank Group.\n“This certification will support the implementation of BoG’s sustainable banking principles, continue our financial literacy programmes across senior high schools in the country,” he said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/business/business-news/bog-to-build-stronger-financial-technologies.html"}

clean/cc/3542518807f7cf1693f7665acf14ac9d.json

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+{"doc_id": "3542518807f7cf1693f7665acf14ac9d", "text": "President Nana Akufo-Addo, the Asantehene Otumfuo Osei-Tutu II and his retinue of chiefs will on Saturday November 5 join the chiefs and people of the 36 states of Anlo to celebrate the annual traditional festival, Hogbetsotsoza.\nDaasebre Akuamoah Agyapong II, the Kwahuhene and King Tackie Teiko Tsuru II, the Ga Mantse are also expected to be guests at the famous festival.\nThe festival also known as Hogbeza commemorates the legendary exodus of the Ewe-Dogbo folks from Notsie in present-day neighbouring Togo.\nThe celebration is returning this year after its suspension in 2020 and 2021 in compliance with COVID-19 protocols.\nThe presence of the Asantehene would mark the celebration of the age-long relationship between the Anlo State and the Asanteman while that of the Kwahuhene and Ga Mantse would help forge a bond with the two kingdoms as part of the bigger objective of using the Hogbeza platform to foster unity, peace and national cohesion.\nDaasebre Osei Bonsu II, Mamponghene represented the Asantehene at the 2019 Hogbetsotso Festival at Anloga after Togbi Sri III, the Awoamefia of Anlo visited the Manhyia Palace in Kumasi for the 2018 Akwasidae.\nMr Ken Kpedor, President of Anlo Youth Council, the umbrella body of the youth of Anlo, in an earlier interview with the Ghana News Agency, called on citizens of Anlo, both home and abroad to patronise this year’s festival being held on the theme: “60 Years of Anlo Hogbetsotsoza: Uniting for Development, Sustaining our Unique Cultural Commonwealth for Future Generations.”\n“I urge all citizens of Anlo, especially the youth to come home for the single most important event on the Anlo calendar, the Hogbetsotsoza. It is ours and its celebration has benefits for us and the Anlo State. Let’s patronise it to make it the best traditional festival in Ghana.”\nMr Silas Aidam, Publicity Chair, 2022 Hogbetsotsoza Planning Committee also appealed to the Anlo citizens, cultural enthusiasts, local and foreign tourists to the festival, which he said “bounces back in a special form.”\nHogbeza is celebrated every first Saturday in November at Anloga, the traditional and ritual capital of Anlo State and is usually characterised by a display of rich tradition and culture with patrons treated to a variety of drumming and dancing, including the ever-popular “agbadza”, “atsia” and “misego” or “husego”, the incorporated dance style of the backward movement of the people during their escape from Notsie.\nLatest Stories\n-\nRainstorm destroys VIP stands of Sunyani Coronation Park\n-\nGovernment borrowed GH¢24bn via T-bills in February 2024\n-\nEdna Obiri: Unraveling the threads of unseasonable warmth: A climate wake-up call\n-\nAnti-LGBTQ+ Bill: Akufo-Addo won’t assent – Security Analyst\n-\nNollywood grieves as Kate Henshaw mourns loss of mother\n-\nInflation to inch up to 23.9% in February 2024 – Report\n-\nI was shocked – Former Oti Regional Minister speaks after reshuffle\n-\nDon’t assent to Anti-LGBTQ+ Bill – Finance Ministry tells Akufo-Addo\n-\nTributes pour in for Nollywood star Mr Ibu\n-\nGhana at 67: Centre seems to be shattering, breaking hearts and minds\n-\nCanon to spotlight sustainability champions at Global Good Awards 2024\n-\nGulf Cooperation Council countries reaffirm unwavering support for Morocco’s sovereignty over Sahara\n-\nBaba Rahman scores for PAOK in Greece Super League win against Lamia\n-\nEnimil Ashon: $6m wasted reviewing 1992 Constitution!\n-\nWe don’t have a position on the passage of Anti-LGBTQ+ Bill – Peace Council", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/akufo-addo-asantehene-others-expected-to-grace-hogbetsotsoza-on-saturday/"}

clean/cc/361584abde927780fc7fcde572eae799.json

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+{"doc_id": "361584abde927780fc7fcde572eae799", "text": "Mining giant, AngloGold Ashanti Ghana, Obuasi Mine is set to support the training of more students in science, engineering, technology and mathematics in its catchment.\nSenior Manager Sustainability, Emmanuel Baidoo hinted the firm’s yet-to-be unveiled 10- year Socio-economic Development Plan will provide significant investment in the areas of Science, Engineering, Technology and Mathematics with emphasis on promoting girls’ participation.\n“Our new Socio-economic Development Plan will provide for a significant investment in the areas of Science, Engineering, Technology and Mathematics and especially promoting girls’ participation in these areas.”\nAccording to him, a lot of investments will go into the 10-year socioeconomic development plan which is at its final preparatory stage to improve the living standards of people in the mine’s catchment.\n“We are currently in the process of finalizing a new socio-economic development that provides a longer-term Social Investment keeping in mind the longer life-of-mine.”\nMr. Baidoo was speaking at a mentorship programme organized by AngloGold Ashanti Obuasi mine to mark this year's International Day of Women and Girls in Science at Obuasi Senior High and Technical School.\nThe International Day of Women and Girls in Science is celebrated every year on February 11 to promote equal access and participation in science for women and girls, and further achieve gender equality and the empowerment of women and girls.\nSpeaking on the theme “Equity, Diversity, and Inclusion: Water Unites Us,\" Mr. Baidoo said AngloGold Ashanti is encouraged to create, maintain and integrate its workplace with an all-inclusive culture based on shared values to leverage on diversity of its employees and communities.\n\"Our 3-year Socio-economic Management Plan which was launched in 2019 focused, among other things, the promotion of diversity and inclusion in our communities. Specifically, AGA has been supporting sustainable capacity development of women and girls through our Enterprise and Educational development programmes \".\nHe called on women and girls to be more active in STEM and make a conscious effort to invest in them.\nObuasi Municipal Girls Coordinator, Cecilia Mensah, said there are gaps in girls in STEM despite efforts to promote their participation.\n\"Though there are signs that we are making headway, we still believe that there are gaps which need to be bridged. Girls must not be scared to take up STEM-related courses and professions\".\nMeanwhile, a Metallurgical Superintendent at AngloGold Ashanti Margaret Aniawu-Asumakah who was recently adjudged the Female Mining Professional of 2021 at the Seventh Ghana Mining Industry Awards is encouraging girls to be confident with their chosen endeavours.\nLatest Stories\n-\nParliament passes Environmental Protection Bill\n-\nWe don’t demand payment for services through phone calls – ECG tells clients\n-\nWe’re not a ‘deaf village’ – Adamorobe residents dismiss misconceptions about their town\n-\nHearts to play RTU in Accra following NSA approval\n-\nMore than 1.8 million Ghanaians were unemployed in the third quarter of 2023\n-\nAfrican Games 2023: Azamati confirms participation\n-\nToni Kroos announces decision to come out of international retirement\n-\nThe African Medical Centre of Excellence (AMCE) Wraps up Successful African Health Forum 2024 in Abuja\n-\nUNEP report reveals increase in CO2 emissions from heavy-duty vehicles\n-\nKyei-Mensah-Bonsu’s return to Parliament after resigning as Majority Leader\n-\nThe Multimedia Group commiserates with Oman FM and Kwabena Kwakye’s family\n-\nUnited by Music: Theme for 2024 Guinness Ghana DJ Awards unveiled\n-\nMore Females getting employed than male counterparts – GSS\n-\nUN report exposes alarming rise in heavy-duty vehicle emissions, trucks driving 80% surge since 2000\n-\nDSL drops new single ‘No Gree’ and visualiser", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/anglogold-ashanti-set-to-invest-heavily-in-stem-education/"}

clean/cc/366a68acfad2a6512542ed8982c97d95.json

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+{"doc_id": "366a68acfad2a6512542ed8982c97d95", "text": "Advertisement\nT-bills, bonds still safest to invest in — Ebo Turkson\nTreasury securities, comprising bills and bonds, are still the safest pair of investments in the country in spite of the government’s inability to repay its debts, an Associate Professor of Economics, Prof. Festus Ebo Turkson, has said.\nWhen compared to other investment instruments in the market, the economics lecturer said the rate of default is low for public debts, making the T-bills and bonds the safest.\nIn an interview ahead of the Graphic Business/Stanbic Bank Breakfast Meeting on rebuilding confidence, Prof. Turkson said although it was unfortunate that the country defaulted, the state remained the safest borrower.\n“Whether they like it or not, government bonds are the safest pair of assets to hold in terms of the likelihood of default,” he said.\nConsequently, the Senior Lecturer at the University of Ghana, Legon, urged the public to continue to patronise the securities as “not investing is not a wise alternative.”\n“You cannot say you will not invest because definitely, there will be inflation and when there is inflation, the value of your money will fall. So, it is unwise to say you will not invest and if you are going to invest, the safest is still government bonds,” the development economist said.\nForum\nProf. Turkson, who is a member of the Bank of Ghana’s Monetary Policy Committee, is a panel member at the Graphic Business/Stanbic Bank Breakfast Meeting.\nA quarterly event, next Tuesday’s forum will be on the theme: “Domestic Debt Exchange Programme (DDEP): Lessons and Implications for How you Invest.”\nIt is aimed at soliciting the views of experts on how to restore confidence as well as maintain and grow the investment culture after the DDEP.\nThe breakfast event at the Labadi Beach Hotel in Accra will be chaired by the Managing Director of the Ghana Stock Exchange (GSE), Abena Amoah.\nThe Director General of the Securities and Exchange Commission (SEC), Rev. Daniel Ogbarmey Tetteh, will speak on the role of investments in the national development agenda and its benefit to investors while Prof. Turkson will speak on the triggers of the DDEP, lessons and strategies to prevent a repeat.\nA chartered accountant and former Chief Executive Officer of the National Pensions Regulatory Authority (NPRA), Dr Dan Seddoh, will also explore the future of investments and how to regain trust.\nLack of consultation\nSpeaking ahead of the event, Prof. Turkson said the manner in which the DDEP was handled led to the weakening in public confidence.\nWhat happened, which was quite unfortunate, is that given wide discussions or what we call stakeholder engagements, this DDEP would have gone on without any worry.\n“But it so happened that enough consultation was not done and so it became a haggle,” Prof. Turkson said.\n“That has dented the image of government securities in terms of the extent to which you can hold them and say that the government will not default,” he said.\nWay forward\nProf. Turkson said the country needed to undertake massive education of the public on the need to trust government securities.\nHe said primary and secondary market dealers also needed to actively engage investors and undertake marketing for people to understand that “what we went through was necessary to get Ghana to move forward.”\nThe DDEP led to the swapping of about GH¢83 billion costly and short-dated instruments for low cost, long-dated instruments.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/business/business-news/t-bills-bonds-still-safest-to-invest-in-ebo-turkson.html?__sta=vhg.hhksexovlelzhlzjnmjofs%7CQFJT&__stm_medium=email&__stm_source=smartech"}

clean/cc/375d0c9ae992e5afe67e94716ce07ba3.json

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+{"doc_id": "375d0c9ae992e5afe67e94716ce07ba3", "text": "Finance Minister, Ken Ofori-Atta has pointed out that the 2023 Budget is anchored on a seven-point agenda aimed at restoring macro-economic stability and accelerating Ghana’s economic transformation as articulated in the Post-COVID-19 Programme for Economic Growth (PC-PEG).\nThese comprise an agenda to aggressively mobilize domestic revenue, streamline and rationalise expenditures, boost local productive capacity, promote and diversify exports, protect the poor and vulnerable, expand digital and climate-responsive physical infrastructure and implement structural and public sector reforms.\nTo achieve these, Mr. Ofori-Atta said there are three critical imperatives which are; successfully negotiating a strong International Monetary Fund programme, coordinating an equitable debt operation programme; and attracting significant green investments.\n“This will enable us to generate substantial revenue, create needed fiscal space for the provision of essential public services and facilitate the implementation of the PC-PEG programme to revitalise and transform the economy”, he stressed.\n“We will undertake the following actions, initiatives, and interventions under the seven-point agenda”, Mr. Ofori-Atta added.\nTo aggressively mobilize domestic revenue, the Finance Minister said the VAT rate has been increased by 2.5% to directly support roads and digitalization agenda, the fast-tracking of the implementation of the Unified Property Rate Platform programme in 2023 and the review of the Electronic Transaction Levy Act and more specifically, reduce the headline rate from 1.5% to one percent 1% of the transaction value as well as the removal of the daily threshold.\nTo boost local productive capacity, Mr. Ofori-Atta said government will among others cut the imports of public sector institutions that rely on imports either for inputs or consumption by 50% and will work with the Ghana Audit Service and the Internal Audit Agency to ensure compliance, and others.\nTo promote exports, he disclosed that government will among others expand productive capacity in the real sector of the economy and actively encourage the consumption of locally produced rice, poultry,\nvegetable oil and fruit juices, ceramic tiles among others.\nTo pursue efficiency in government expenditures, he said government will among others implement the Government directives on expenditure measures.\nLatest Stories\n-\nWater Technology Certificate introduced at St Paul’s School in Kukurantumi\n-\nShowing of JoyNews’ ‘Sick Hospitals’ documentary causes stir in Parliament\n-\nGaza receives first airdrop of US humanitarian aid\n-\nAkatsi: Man in police custody found dead\n-\nVanuatu parliament welcomes Vanuatu Trade Commissioner to Ghana Prof. Hugh Keku Aryee in historic visit\n-\nGhana has become a ‘no-action, talk only’ country – Theo Acheampong\n-\nMan convicted over water meter theft\n-\nAnti-LGBTQ Bill: Parliament did not go against the constitution – Sam George\n-\nAnti-LGBTQ+ bill: All arguments remain personal opinions until SC makes pronouncement – Joseph Kpemka\n-\nAnti-LGBTQ Bill: Provisions in the bill do not impose a cap, gag the media – Sam George\n-\nNo regrets over move to Swansea in 2015 – Andre Ayew\n-\nAnti-LGBTQ+ bill: Ghana has done the right thing by passing the bill – Bokpin\n-\nAnti-LGBTQ+ bill is flawed and unconstitutional – Prof Audrey Gadzekpo\n-\n15 resolutions, 2 decisions and a ministerial declaration agreed at UNEA-6\n-\nChief Imam is pleased with the passage of the anti-LGBTQ+ bill", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/2023-budget-hinges-on-7-point-agenda-for-economic-transformation-ofori-atta/"}

clean/cc/37dde24eb6d4e317f4f43f260db81732.json

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+{"doc_id": "37dde24eb6d4e317f4f43f260db81732", "text": "Oil is more than gold as the most important commodity in the world.\nIt’s the engine of modern economies and industries. Its underlying role in our affairs is too costly to overlook.\nWe all remember the infamous 'dumsor' and the misery and darkness our country endured because of the energy crisis. Also, the extreme hardship we are facing now because of the high prices of goods due to the high price of Oil.\nThis emphasises the all importance of oil to our lives. And when are we going to learn that without oil, our economy will grind to a halt? The nation is facing a major energy and economic crisis due to high oil prices.\nIs there something government can do to bring stability to petrol prices?\nThis is what some governments are doing to respond to the situation.\n- As a result of the war in Ukraine, the US government for the first time has ordered the release of 1 million barrels per day of oil from its Strategic Petroleum Reserve (SPR) for 6 months. This makes it the largest release in the history of the SPR- 180 million barrels of oil. This measure is to help stabilize the price of oil and control inflation.\nUnlike the US, the government of Ghana has only 3 weeks of Strategic Petroleum stock which is too limited to make any impact. - Some governments are removing the petrol tax to help reduce the burden on their citizens.\nBut the Ghanaian government is unwilling to miss GHC4 billion in revenue if petroleum taxes are removed.\nMy opinion is that the government of Ghana has no actual emergency response plan to the high petrol prices.\n******\nAuthor B.A. Mensah, An Energy Expert and Member of IES ( Institute for Energy Security).\nLatest Stories\n-\nParis 2024Q: Nora Hauptle confident Black Queens can overturn Zambia first leg deficit\n-\nAfrican Games 2023: LOC to spend GHS 33.4 million a day on ‘operational expenses’\n-\nAfrican Games: Abdulai Mukarama & Stella Nyamekye join Black Princesses as late call ups\n-\nElection 2024: I intend to keep my promises – Mahama assures Ghanaians\n-\nBawku conflict: NCA, NMC to be petitioned over closure of 4 radio stations\n-\nMinisterial reshuffle: Akufo-Addo names caretaker ministers\n-\nUK-Ghana Science, Technology & Innovation Strategy: Ghanaian delegation arrives in London to explore opportunities for implementation\n-\nFGR to recapitalize Bogoso Prestea Mine as part of planned restructuring\n-\n”Some people are bringing Hearts of Oak to a lower level; I won’t accept that” – Hearts Coach\n-\nUniversity of Ghana revises plagiarism policy to include AI\n-\nPrivate tertiary institutions must charter before August 31 – GTEC warns\n-\nKenneth Mitchell: ‘Star Trek’ and ‘Marvel’ actor dead at 49\n-\nBawumia lauds Ahmadiyya Muslim Mission for contributions to Ghana’s development\n-\nIf I can do it, you can too – Adekunle Gold to sickle cell survivors\n-\nReview BoG’s Inflation Targeting framework – US-based economist", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.myjoyonline.com/b-a-mensah-government-that-successfully-manages-nations-energy-needs-will-flourish-economically/"}

clean/cc/37e86c734ab3143d15f5756e5c5b2a76.json

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+{"doc_id": "37e86c734ab3143d15f5756e5c5b2a76", "text": "Advertisement\nBoG acted responsibly to save economy — Dr Bawumia\nThe flag bearer for the New Patriotic Party (NPP), Dr Mahamadu Bawumia has commended the Bank of Ghana for acting responsibly to save the economy from collapse.\nHe said the central bank did this by providing the needed financing to keep the economy running at a critical moment.\nSharing his vision with Ghanaians at a public lecture at UPSA, he said “I must salute and give particular recognition to the Bank of Ghana, which has come under unfair criticism for taking the necessary measures which helped pull the economy back from the brink.\n“The central bank provided needed financing to the Government at that critical moment,” he stated.\nHe said what the BoG did was very responsible, in putting the interest of the good citizens of Ghana first.\nHe pointed out that the data available shows that the financing provided to\nGovernment by the Bank of Ghana was temporary.\n“The Bank of Ghana has provided zero financing to Government in five out of the last seven years (2017, 2018, 2019, 2021 and 2023).\n“The Bank of Ghana financing to government in the COVID-19 year of 2020 and liquidity crisis year of 2022 was because of a domestic and global crisis (underperforming domestic revenue and no access to international capital markets),” he said explained.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.graphic.com.gh/business/business-news/bog-acted-responsibly-to-save-economy-dr-bawumia.html"}

clean/cc/38a70442190272c04a35193392e2df3f.json

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+{"doc_id": "38a70442190272c04a35193392e2df3f", "text": "Company’s ‘Intelligent Transformation’ firmly establishes Lenovo as global, end-to-end tech leader; strong business performance reinforces 3-wave strategy’s impact on results\nLenovo Group (HKSE: 0992) (PINK SHEETS: LNVGY) today announced results for its first fiscal quarter ended June 30, 2018. For the second straight quarter, Lenovo achieved strong double-digit growth in revenue year-on-year. Group revenue reached US$11.91 billion, up 19% year-on-year. The company also reported strong pre-tax income during the quarter of US$113 million, an improvement of US$182 million year-on-year, as profitability improved across all businesses.\nIn the first fiscal quarter, Lenovo’s profit attributable to equity holders grew to US$77 million, up US$149 million year-over-year. Basic earnings per share in the first fiscal quarter was 0.65 US cents or 5.10 HK cents.\n“As we persistently execute our 3-wave strategy, all our businesses made solid improvements in both revenue and profitability. Lenovo has passed the turning point and entered a phase of ‘acceleration’ - accelerating the execution of our transformation strategy and accelerating the rising momentum in business performance,” said Yang Yuanqing, Lenovo Chairman and CEO. “In the future, we will maintain industry leading profitability and premium to market growth in PCs; return the smartphone business to health; build the data center business into a sustainable growth and profit engine, and continue to invest in ‘Smart IoT + Cloud’ and ‘Infrastructure + Cloud’ to drive long term sustainable return.”\nBusiness Group Overview\nWith this Q1 FY2018/19 earnings report, Lenovo has turned a corner in its transformation and enters a new phase of growth, thanks to meaningful progress on its strategy and focus on “Intelligent Transformation” during the quarter. Lenovo’s decisive steps to consolidate key businesses into a streamlined, integrated enterprise, along with an emphasis on dynamic revenue generators, are quickly yielding significant returns.\nLast quarter, Lenovo announced the creation of its new Intelligent Devices Group (IDG), combining its Personal Computer and Smart Devices Group with its Mobile Business Group. Rethinking the ways these units and their devices interact and impact customers led to IDG’s double-digit, quarterly revenue growth year-over-year, and PC unit market share gains in every geography. At the same time, Lenovo is not only driving, but capitalizing on, global growth trends in both software and services.\nLenovo’s key business units each tallied significant growth and market strength during the quarter:\nThe Intelligent Devices Group is energized by the synergy of shared platforms and resources, delivered a strong revenue growth of 14% year-on-year, amounting to US$9.95 billion.\nBuilding on a strong Q4, Lenovo’s Data Center Group (DCG) further accelerated its momentum, reporting another record revenue quarter of US$1.6 billion, the third consecutive quarter of double-digit revenue growth, and up 67.8% compared to the same quarter a year earlier. The record high revenue was driven by growth in Software Defined Infrastructure, High Performance Computing & A.I businesses and Hyperscale. Lenovo’s software-defined products, led by the new ThinkAgile brand, once again drove more than triple-digit growth year-on-year, and along with the announcement of the new ThinkAgile CP for next-generation composable cloud infrastructure. The Hyperscale business also grew by triple-digits year-on-year while improving gross profit and diversifying the customer base. Traditional infrastructure continued on a positive trend and flash-based storage solutions showed strong momentum at 42% YOY growth. This quarter also saw Lenovo surpassing HPE to become the #1 supercomputer provider on the TOP500 supercomputing list for the first time, with 117 systems.\nWith an eye to the future, Lenovo’s Capital and Incubator Group (LCIG) continues to invest and build the Group’s next-generation IT capabilities in AI, IoT, Big Data and VR/AR across various sectors such as manufacturing, healthcare and transportation.\nAbout Lenovo\nLenovo (HKSE: 0992) (PINK SHEETS: LNVGY) is a US$45 billion Fortune Global 500 company and a global technology leader in driving Intelligent Transformation through smart devices and infrastructure that create the best user experience. Lenovo manufactures one of the world’s widest portfolio of connected products, including smartphones (Motorola), tablets, PCs (ThinkPad, Yoga, Lenovo Legion) and workstations as well as AR/VR devices and smart home/office solutions. Lenovo’s data center solutions (ThinkSystem, ThinkAgile) are creating the capacity and computing power for the connections that are changing business and society. Lenovo works to inspire the difference in everyone and build a smarter future where everyone thrives. Follow us on LinkedIn, Facebook, Twitter, Instagram, Weibo, read about the latest news via our Storyhub, or visit our website at http://www.lenovo.com/.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "http://www.businessghana.com/site/news/business/170785/Lenovo-Accelerates-Turnaround-with-Back-to-Back-Double-Digit-Quarterly-Revenue-Growth"}