All posts by Piesie Okrah

Finance Ministry getting ready to pay customers of liquidated financial institutions – Bawumia

Vice President, Dr. Mahamudu Bawumia says the Ministry of Finance is making arrangements to reimburse clients of companies liquidated by the Securities and Exchange Commission (SEC) during the financial sector clean-up exercise.

The move, according to Dr. Bawumia, is aimed at bringing relief to affected investors while promoting transparency and accountability within the financial market.

Addressing professional bodies in Kumasi as part of his tour to the Ashanti Region, Dr. Bawumia emphasized the government’s unwavering dedication to ensuring investor protection.

“It looks like the Minister of Finance is looking forward to making some payment to customers of the liquidated companies,” he stressed.

He indicated that several engagements have been made with affected customers to compensate them.

“When it comes to Gold Coast Securities and others, it is something on our agenda and I believe that the Ministry of Finance will look at it. We have engaged affected customers and we look forward to the payments”.

Dr. Bawumia said although the government is not responsible for making such payments, it will initiate payment out of sympathy to the unfortunate investors affected by the clean-up.

“Technically, government is not responsible but out of empathy and sympathy for the people who invested in some of these institutions, the minister will make some of these payments”.

 

 

Source: Myjoyonline.com

Pace set for NDC’s resounding triumph in Madina – Fauzia Sorogho

A Branch Women Organiser of the opposition National democratic Congress (NDC) in South London, Fauzia Amadu Sorogho has urged the members of the party in the Madina Constituency to work hard and secure victory for the party in the next presidential and parliamentary elections on december 7, 2024.

He said the amicable resolution of issues between the MP for the area, Hon. Frances Xavier Sosu and his contender during the last primary, Prince Moses Zakari must urge all party members to rally support for the party’s activities in the constituency and ensure the MP retains the seat.

In a statement, Fauzia, a daughter of a former MP for Madina, Alhaji Bukari Amadu Sorogho, commended the party executives for working to unite the party.

Below is the statement;

“Pace Set for NDC’s Resounding Triumph in Madina!

As a proud member of the Madina Constituency, I am thrilled to witness our constituency blazing the trail for the National Democratic Congress (NDC) ahead of the 2024 elections. The amicable resolution of issues between Hon. Frances Xavier Sosu and Hon. Prince Moses Zakari is a testament to our party’s unwavering commitment to peace and unity.

Hon. Prince Moses Zakari’s selfless decision to step down and prioritize the greater good of the NDC is a shining example of leadership, sacrifice, and dedication to our party’s success.

His courage has inspired a united front in Madina, and we are grateful for his instrumental role in uniting our constituency for victory 2024. To his team, we say thank you for making this difficult decision easier.

We extend our heartfelt appreciation to our constituency executives, council of elders, and former member of parliament, Hon. Sorogo, for their unwavering dedication and tireless efforts in creating a stronghold for the NDC in Madina.

Honorable Sorogo, your leadership and commitment to our party’s growth and development are truly inspiring.
Your tireless efforts and negotiations with Zak to achieve this successful reconciliation, with the interest of the party at heart, have played a major role in this great achievement.

We also acknowledge the instrumental role played by Mr. Fuseni Chokosi in achieving this unity and the conflict resolution team, comprising Captain Sanda, Professor Joshua Alabi, and others, for their exceptional skill and diplomacy in resolving the issue peacefully.

To the youth of Madina, we urge you to emulate the exemplary leadership demonstrated by our senior members. Let us work together to ensure a resounding victory for the NDC in 2024. We must put aside tribal and religious politics and unite for the greater good of the NDC.

Madina has shown us the way, and victory is assured. Let us follow suit and ensure a triumphant 2024 for the NDC. Thank you, Madina, for leading the charge! Together, we shall emerge victorious and build a brighter future for all.

Branch executives, ward executives, constituency executives, let us rally for victory in Madina! We shall triumph! Long live the NDC, long live Ghana!

Writer: Fauzia Amadu Sorogho
South London Branch Women Organiser
UK-Ireland NDC”

NIA strike leaves applicants stranded in Ashanti Region

The indefinite strike by staff of the National Identification Authority (NIA) has left numerous applicants in the Ashanti Region stranded, unable to access essential services.

The strike, which began on Monday, June 10, 2024, was announced on Sunday by the Public Services Workers Union, citing poor conditions of service and the government’s failure to address negotiation delays and institution-specific allowances.

The union noted that it had postponed an initial strike notice in March 2024, following the intervention of the Minister of Employment and Labour Relations.

Despite this, the government’s lack of progress in the negotiation process has compelled the union to proceed with industrial action.

As a result, all NIA offices, including district, regional, and premium centres, have ceased operations, leaving applicants frustrated and in limbo.

Many had travelled from distant areas, urgently needing the Ghana card, but are unable to do so due to the strike.

In interviews with the media, affected applicants expressed their distress, highlighting the critical importance of the Ghana card for various activities and how the strike will severely impact their plans.

Applicants are now urging the government and relevant authorities to address the NIA’s concerns promptly.

They fear the effects of the strike will only worsen with time.

 

Source: Myjoyonline.com

Dumsor Vigil: NAPO must stop the arrogance and give Ghanaians stable power – Osei Akoto

The Minister for Energy, Dr matthew opoku Prempeh, also known as NAPO, has come under intense pressure following a recent street protest in Accra against erratic power supply in the country.

Demonstrators who joined Ghanaian actress Yvonne Nelson on Saturday, June 8,  called for an immediate end to the power crisis that has plagued the country for several months.

The outages, known as #Dumsor, have affected people and businesses across the country, including students.

Actress Yvonne Nelson, who led a similar protest in 2015, led the demonstration, calling on the government to fix the problem.

Despite feeling unwell, Nelson joined the protesters, who wore black and red shirts and held placards reading “Ghana deserves better, fix #Dumsor”, “#Dumsor is killing our dreams”, and “No more darkness, no more excuses”.

The protesters, who held a 7-hour vigil from the University of Ghana to the Tetteh Quarshie roundabout, demanded an end to the power crisis, which they say has become unbearable.

Yvonne Nelson said a viral video from a public hospital where the lights had gone out in the labor and admission wards, leaving mothers and newborns in the dark, had motivated her to mobilize people for the protest.

Henry Osei Akoto, one of the convenors of the protest said the vigil was meant to tell the president to “carry our light and give it to us”.

“We are demonstrating today to tell the Energy Minister, Matthew Opoku Prempeh to stop the arrogance  and give us stable power to ensure that businesses are running well,” Akoto Osei told XYZ News.

He said Ghana needs only 750 megawatts of power, but the government has failed to provide it.

Students who joined the protest said the situation had become worse, with power outages affecting their studies and exams. Business owners, including cold store operators and metal smiths, also complained that the power crisis was affecting their businesses.

The convenors of the protest submitted a formal letter containing their demands to the president and expect a change soon. Otherwise, they vowed to take further action to put pressure on the government to fix the power crisis.

 

Source: Myxyzonline.com

Vote for change to save our country – Mahama urges Ghanaians

Former President John Mahama, the flag bearer of the National Democratic Congress (NDC), has declared that the upcoming election is a choice between Ghana’s progress and the New Patriotic Party’s (NPP) administration.

He emphasized that the December 7 polls present an opportunity for a “course correction” from the country’s current trajectory, which he described as “disastrous”.

“This election is like no other. It is an election between Ghana and the New Patriotic Party administration. It is an election for change to reset Ghana’s narrative and effect a course
correction from our disastrous trajectory,” stated Mahama who was addressing Ghanaians via his social media platforms.

Dubbed ‘Mahama Conversations’, the live digital session by the opposition leader on Sunday, June 9, was to interact with the Ghanaian youth.

Charging the youth to vote for a change on December 7 due to the economic downturn and wanton dissipation of public resources, said a vote for him and his NDC would bring about a new dawn that would “relieve our people from the hardship and poverty inflicted by President Akufo-Addo and Dr Bawumia’s reckless administration.”

” That change will put Ghana back on a path of progress and prosperity, enabling us to build the Ghana we want,” he added.

Mahama also promised that an NDC government would put Ghana back on the path of progress and prosperity, creating well-paying jobs for the youth through initiatives like the 24-hour economy and other policies outlined in the NDC manifesto.

As the election season heats up, Mahama’s words are likely to energize the NDC base and appeal to undecided voters seeking an alternative to the incumbent government.

 

Source: Myxyzonline.com

My 24-hour economy policy is the answer Ghana’s challenges – Mahama

The 2024 flag bearer of the opposition National Democratic Congress (NDC), John Dramani Mahama, has stated that his proposed 24-hour economy initiative is the solution to addressing Ghana’s financial and economic challenges.

Speaking during a special live broadcast themed ‘Mahama Conversations,’ the former president emphasised that this initiative is crucial for overcoming the country’s current and future difficulties.

Mahama explained that the 24-hour economy would create an enabling environment for businesses, companies, and government agencies, leading to increased job creation and higher employment rates.

He stressed that this initiative would be instrumental in boosting economic activity and fostering growth across various sectors.

Highlighting the benefits, Mr Mahama asserted that the 24-hour economy would significantly improve the standard of living for many Ghanaians.

By promoting continuous economic engagement, he insisted that the initiative aims to strengthen the overall economic framework and provide more opportunities for the populace.

“The 24-hour initiative is the answer for now and in the future. It will create an enabling environment with deliberate policies for businesses, companies, and government institutions to operate 24/7 in a three-eight-hour shift system.

 

Source: Myjoyonline.com

Dumsor: Ghanaians don’t deserve bad governance – Actress Yvonne Nelson ready for protest against power outages

Actress Yvonne Nelson is leading a protest against the power crisis in Ghana, collaborating with civil society groups, associations, professional bodies, and individuals to urge the government to address the issue.

Ghana has been experiencing power outages, known locally as #Dumsor, for several months, despite the government’s denial of an energy crisis.

The term #Dumsor refers to the frequent and unpredictable power cuts that have affected many people and businesses across the country, with lights going off without notice for the past three to four months.

Some Ghanaians have been complaining that their household appliances have been damaged due to the frequent power outages, while others have lost their businesses.

However, the government claims that the situation is not a power crisis, but rather a minor issue with some transformers.

But many energy experts disagree with the government’s assertion.

In April this year, President Akufo-Addo ordered the suspension of electricity exports to neighboring countries.

For decades, Ghana has been supplying electricity to Togo, Benin, and Burkina Faso.

The Chairman of the Parliamentary Committee on Energy, Samuel Atta Akyea, explained that the President’s decision was made “in the interest of the Ghanaian people.”

Atta Akyea acknowledged that the decision may have consequences, but prioritized the needs of Ghanaians.

 

Source: Myxyzonline.com

Ambulance case: Court throws out Ato Forson’s motion for enquiry, mistrial and stay of proceedings

The High Court in Accra has dismissed an application inviting it to halt trial and order an enquiry into the alleged conduct of the Attorney-General, Godfred Yeboah Dame in the case in which the Minority Leader, Dr Cassiel Ato Forson and a businessman are standing trial for allegedly causing financial loss of €2.37 million to the state.

In a ruling Thursday [June 6, 2024], the court presided over by Justice Afia Serwah Asare-Botwe, who dismissed the application filed by the Minority leader and the businessman, said the court had no jurisdiction in a criminal matter, to order an enquiry into the conduct of the Attorney-General particularly when the it has called on the accused person to open their defence after the prosecution had closed its case.

Specifically, she dismissed the application on grounds that there was no legal basis in the country’s statutes to make such an order.

The court also ruled that no special circumstance had been established to order a stay of proceedings, and order a mistrial.

 

More soon

Damage to Tema-Mpakadan train pegged at $2.1m – Prosecution tells court

State prosecutors have told an Accra High Court that evaluators from Poland have determined how much it will cost the state to repair the wrecked train after detailed assessment.

Four accused persons are standing trial for causing damage to a brand new train which was expected to ply the Tema-Mpakadan railway line.

In court on Thursday, the state withdrew an earlier charge sheet and replaced it with a new one.

In the new charge sheet laid before the court, the prosecution stated that the first accused on the day of the accident, bought some concrete blocks at Juapong in the Volta region and transported same to Abutia also in the Volta region.

After dispatching the blocks, the accused person and his colleagues decided to cross the railway as a shortcut. They, therefore, packed stones on that section of the railway to enable the truck to cross but unfortunately the truck got stuck.

Coincidentally, the Railway Authority was conducting a test run of the train on that same rail line at that moment, resulting in the impact.

That, according to the state, caused the damage to the train up to the tune of $2,138,466.66.

The four accused persons have been slapped with four counts including using a railway line in breach of the Railway Act; aiding in endangering persons in the train; using the railway line contrary to the Railway Act; unlawfully placing stones in the railway line contrary to the Railway Act; and causing unlawful damage.

They all pleaded not guilty to all four counts.

Despite a push by the state for the accused persons to be remanded to Nsawam prison, the Court has granted the four accused persons a 200.000 cedis bail with one surety to be justified.

The case has been adjourned to June 27.

Ghana will not bear the cost of repairing faulty train – Railways Minister

When the accident occurred, the Minister for Railways Development, John Peter Amewu, clarified that the responsibility of repairing the train involved in the accident during the test run will not be borne by the state per purchase agreement.

“The train has been sent to the maintenance yard in Tema, where Poland engineers have assessed the extent of damage. Plans are well underway to fix it,” Mr Amewu stated during an interview on JoyNews’ PM Express.

Responding to inquiries about who would cover the repair expenses, Mr Amewu highlighted that Ghana had not yet taken ownership of the train at the time of the incident.

“There was no transfer of ownership. Which means the supplier was still responsible for the train. We’ll get ownership when the government has made the full payment which we haven’t done yet,” he noted.

He added, “So Ghana is not going to bear the cost of repairing the train involved in the accident during the test ride.”

 

Source: Myjoyonline.com

Yvonne Nelson’s ‘Dumsor’ vigil slated for June 8

The conveners of the much awaited protest against incessant power outages have chastised the Akufo-Addo administration for being economical with the real power situation in the country.

The conveners, actress Yvonne Nelson and Henry Osei Akoto believe the reluctance of the government to publish a load shedding time tabel to aid Ghanaians to plan their activities only mean the Akufo-Addo administration does not care about the plight of Ghanaians who are at the receiving end of the power cuts.

During the annual May Day celebration today (May 1, 2024) in Accra, President Nana Addo Dankwa Akufo-Addo announced that the recent challenges in electricity supply, known as “dumsor,” have been effectively resolved.

Addressing attendees, the President expressed optimism that the erratic power supply issues are now a thing of the past, thanks to successful resolutions of problems related to transformers and gas supply.

This is in sharp contrast of what Akufo-Addo had earlier said in previous speeches that there wasn’t dumsor in the country.

 

One month after the announcement, Ghanaians are still grappling with erratic power supply which is crippling businesses and affecting health care delivery.

Addressing a press conference about the power situation on Wednesday, June 5, Henry Osei Akoto, said their protest slated for Saturday will come off as planned, adding that they have a  clearance from the police to pour their frustrations out on the streets.

“We met with the police yesterday and agreed on security arrangements for the protest. We are by this press conference urging Ghanaians who are suffering from the erratic power supply to join us at the entrance of the University of Ghana at 2PM on Saturday to drum home our message that the government is being dishonest with the current power situation,” he told XYZ News.

Osei Akoto stated that although the Akufo-Addo government has declared that there is no intermittent power cuts popularly known as ‘dumsor’, the situation was different in the homes and work places of Ghanaians in many parts of the country.

“People are incurring losses at their work places due to dumsor yet the government keeps lying that the power crisis is over…We all know the government owes power producers and has no funds to settle the debts,” he added.

Also present at the press conference was Antwi Sylvestin Ronald, convener for United Voices for Change (UVC) who pledged the group’s support for the street protest on Saturday.

 

Source: Myxyzonline.com

 

IMANI files fresh suit over appointment of security heads; old suit struck out

Lawyers of IMANI Ghana and Security expert Kwasi Aning have filed a new suit over the appointment of some heads of the security agencies in the country by the executive withdrawing an earlier one filed at the Supreme Court.

The Supreme Court subsequently struck out the old one when the matter was called on Wednesday 5th June 2024.

This was after lawyers of the Plaintiffs- IMANI Ghana and security analysts Kwesi Aning told the Court that, they had filed a notice to discontinue the matter.

Before striking out the case, the Chief Justice, Gertrude Sackey Torkornoo described as “really unacceptable” the manner in which the case was publicised and its subsequent withdrawal.

The panel of seven chaired by Chief Justice, Gertrude Torkornoo wondered why such a widely publicised matter that has gained public interest would be withdrawn.

Paa Joe Akuamoah Boateng, Counsel representing the Plaintiffs explained that the withdrawal was to allow for the case to be refiled following new developments.

Background

In the writ filed in association with security analyst, Prof Kwesi Aning, the plaintiffs were asking the apex court to issue a declaration that upon a true and proper interpretation of the letter and spirit of Articles 200, 202(1), 202(2), 202(3), 205, 207(1), 207(2), 207(3), 190(1), 191,196, 199, and 269 of the 1992 Constitution of Ghana, the President of the Republic of Ghana has no authority to terminate the appointment or removal from office heads of the agencies unless only upon proven stated misconduct or misbehaviour established against these office holders.

These offices included the office of the Chief Fire Officer of the Fire Service; Inspector General of Police; Director General of Prisons Service and Comptroller General of Immigration Service.

Again, the two were seeking a declaration that “The President of the Republic of Ghana upon assumption of Office does not have the power to make a fresh appoint to the office of the Chief Fire Officer of the Fire Service; Inspector General of Police; Director General of Prisons Service and Comptroller General of the Immigration Service unless the immediate holder of the office is deceased”.

The Plaintiffs also were seeking relief that the appointment of the heads of these uniformed security services by a new president who has been voted into power and sworn into office is unconstitutional.

Providing more details to back their case, the two argued that there are concerning trends where new governments compel the termination of the appointment of these heads while disregarding their constitutional rights.

“In some cases, these removals occur before the individual occupants of the office reach the statutory retirement age.

For instance in 2017, the then Director-General of the Prisons Service, Mr. Emmanuel Yao Adzator was asked to proceed on leave at the age of 54 and subsequently another was appointed in his stead,” the suit said.

They are, therefore, demanding a consequential order to restrain or prevent the President of the Republic from dismissing or removing or attempting to dismiss or remove the appointment of persons occupying the offices of the Chief Fire Officer of the Fire Service; Inspector General of Police; Director-General of Prisons Service, Comptroller General of Immigration Service unless only in cases of proven and stated misconduct or misbehaviour established against such persons or upon retirement or resignation or death or incapacity to perform the functions of the office because of infirmity of body and mind.

 

Source: Citinewsroom

Ghanaian businesses have lost over 56% of their working capital in 6 months – GUTA

The Ghana Union of Traders Association (GUTA) has expressed concerns about the decline of the working capital of businesses in Ghana in recent times.

According to Charles Kusi Appiah Kubi, the Head of the Business and Economic Bureau at GUTA,  businesses have experienced a drastic reduction in their working capital in just six months due to the deteriorating economic climate.

He emphasized that the capital lost is more than 56 percent while blaming the severe financial challenges confronting the business community in the country for a few years now..

Mr Kubi who was concerned about the development indicated that the rapid depreciation of the Cedi has been a significant factor contributing to the capital depletion which is experienced in most business.

“Within six months, businesses have lost over 56% of their working capital without doing any other business. It is not that they ran into a bad deal, but it is because of the current economic situation,” said Kubi on Accra-based Joy FM. “So the first thing that affects us when the Cedi depreciates is capital depletion.”

He also noted that the weakening currency also shoots up the cost, Insurance, and Freight (CIF) values at the ports.

These are all costs, he believed, would drive up the price of the product or commodity that the businesses are trading in.

“As businesses, there is a limit to the costs we can absorb. Beyond that limit, it must be passed to the consumer,”he noted.

However, with the local market also struggling with skyrocketing inflation, Mr Kubi noted the economy has become stagnant since consumers are cutting back on spending and businesses are experiencing a sharp decline in sales.

“The moment inflation goes that high, the purchasing power of the consumer also starts diminishing. So as a business, we’d pass on the cost, but the consumer doesn’t have the purchasing power to absorb the extra cost so they are not buying. So right now there is economic stagnation.”

He noted that this situation has left a financial strain extending to businesses’ ability to meet their financial obligations.

“Right now there is economic stagnation. This is when people are no longer buying, and as a business, when you are not making sales, how do we then retire our loans?” he questioned.

 

Source: Myxyzonline.com