All posts by Piesie Okrah

Busines, News

Sentuo’s commissioning final nail in the coffin of TOR – Duncan Amoah

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Ghanaian officialdom this morning will be in their best clothes, driving at obviously slow speeds due to the bad nature of the roads in front of the now collapsed Tema Oil Refinery (TOR) towards the Sentuo refinery with all frenzy for the commissioning of this rather new Chinese led privately setup refinery which sits just some 500 metres away.

The private refinery with an expected total capacity of some 100,000 barrels per day after its completion is gearing up to take over the Ghanaian market within the short to medium term as it can meet current demand 100%.

What is obviously clear here is that the Chinese investor sees all the opportunities in putting up a refinery as it is profitable whiles our Ghanaian officials who are in a frenzy to go commissioning see no reason in fixing what the country itself owns to be able to give the benefits the private investor seeks to our people.

Petroleum refining globally has proven to be not only profitable but also one of the surest ways of ensuring petroleum security. However, in Ghana, the narrative is the inverse.

The General Transport Petroleum and Chemical Workers Union of TUC and the Workers of the Tema Oil Refinery over the past months have mounted a spirited effort to get officialdom to pay attention to the sad state of the only refinery by fixing it to give the country the needed Petroleum Security as well as protecting jobs at the refinery as it has done for Ghana since its inception in the 1960s but all to no avail.

The State, since taking over the refinery from the Italian counterparts who built it, has simply proven it cannot be entrusted to manage anything economically to the benefit of its people and the sad bit is that officialdom is excited to go commissioning another refinery right across the road thereby sending the signal to the Tema Oil Refinery it has no business any longer effective today, as the private refinery with a much higher refining capacity comes into operation.

Duncan Amoah

TOR, a refinery which at some point in time single handedly contributed over 5% to Ghana’s GDP, has suddenly been reduced to a redundant white elephant from the actions and inactions of the powers that be.

Sad to say, these officials are busy supporting the setting up of private refineries, thus ceding the refinery space completely as well as all the advantages that come with refining economics to private capital.

Events of recent times starting from some comments by a former Energy Minister of Energy to turning TOR into a dumper are clearly being engineered before the populace as every effort by well-meaning Ghanaians to get officials and state actors to pay attention to TOR has fallen on deaf ear.

Workers who have stuck with the refinery with the hopes of seeing the plant back to work will report to work as usual and be greeted by a fleet of official vehicles and convoys passing right in front of TOR to go commissioning, applauding, and encouraging a private one to count on them (officialdom) for every support in helping them to go about their work whiles TOR remains grounded.

It is our hope that Ghanaian officials will reflect on this development and quickly make amends such that the state (Ghana) will maintain some amount of its fiduciary duty to its people in ensuring all aspects of our economic lives are not further ceded to foreign control and domination as has happened to the Telecom, Banking, and now the Petroleum sector.

Signed.

Duncan Amoah

Executive Secretary, Chamber of Petroleum Consumers

Sports

GFA announces road map to hire next Black Stars coach

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The Ghana Football Association has announced the roadmap to hire the next Black Stars coach and named a five-member search committee to evaluate and recommend a candidate to the Executive Council for approval.

This is after Chris Hughton was relieved of his duties as coach of the Black Stars on Tuesday, January 23, 2024.

The search committee will be chaired by Vice President of the Ghana Football Association Mark Addo.

Vice President of the Ghana Football Association Mark Addo

Legal Practitioner and law lecturer Ace Anan Ankomah (Esq.) will act as Vice Chairman of the search committee, with Director of Coaching Education of the GFA, Professor Joseph Kwame Mintah, Ghana football legend Opoku Nti and William Caesar Kartey, Chief Director of the Ministry of Youth and Sports, as members.

The search committee has three weeks to recommend the next Black Stars coach to the Executive Council for approval.

A detailed Job Description for the head coach position of the Black Stars will be published soon.

However, an abbreviated version of the criteria for the selection of the next head coach are as follows:

1.The potential Head Coach should be a proven winner in coaching Top Men’s  National Team or Club Football

2.Must have a football philosophy that aligns or compliments our DNA

3.Must hold the highest football license in the world with over 15 years coaching experience 4.Proven track record in team reconstruction, organization and development of young talent 5.Proven disciplinarian, tactician and leadership skills

 

Source: Graphiconline.com

News, Topstory

God has chosen Mahama to redeem Ghana from crisis – Opambour

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The founder and leader of the Miracle Worship Centre, Prophet Ebenezer Adarkwa Yiadom, has disclosed that God has chosen the flag bearer of the National Democratic Congress (NDC), John Mahama, to lead the country again.

Speaking when Mr Mahama had visited his church in Kumasi, the prophet who is popularly known as Opambour, explained that that was the second time God had revealed to him about Mahama’s victory this year.

“God has ordained him [Mahama] to return to leadership to save Ghana from its crisis and hardship. God has chosen him to come again to rescue us. I said this for the first time at Prophet One TV at Bantama. I am fearless so I am saying it. No spirit can stop Mr Mahama’s victory,” he asserted.

Opambour further urged the members of the NDC to work hard and explain the policies of the NDC to Ghanaians to ensure the party emerges  victorious.

“Don’t go and take any money and food from anyone. Focus on your work so that God will bless this prophecy,” he admonished.

John Mahama addressing a crowd in Kumasi Central Market

Mahama is on a tour in the Ashanti Region, the stronghold of the governing New Patriotic Party (NPP), where he is interacting with Ghanaians.

Elections 2024

Ghana goes to polls on December 7, 2024 in a keen contest between former president John Mahama and Vice President Dr Mahamudu Bawumia who is leading the governing New Patriotic Party (NPP).

The polls comes at a time Ghana’s economy is being managed by the International Monetary Fund (IMF) following the inability of the country to pay its external debts.

The economic crisis and the heightening corruption will be the biggest decider of the elections in which Bawumia, the head of Ghana’s economic management team is seeking to succeed his boss, President Akufo-Addo who is accused of superintending over rot and mismanagemnt for the past 7 years.

Akufo-Addo’s flagship programme, the Free Senior High School (Free SHS) which was implemented in 2017 was the policy that gave him a goodwill until parents started paying more for their wards upkeep in school.

Ghana’s debt swelled over the roof when Akufo-Addo had promised in opposition to rely on local resources to make the country an export-driven economy.

The country’s inflation quickened to 54.1% in the world’s second-largest cocoa producer in December 2022 and soared throughout 2023 before calming in November 2023.

Living expenses have heightened since post COVID era due to debt restructuring, and incessant fuel prices. Experts say the anger of Ghanaians will be sent to the polls following the disappointment witnessed under Akufo-Addo’s governance.

Mr Mahama has been campaigning on giving Ghanaians respite when he is elected.  Addressing a rally in Kumasi, Mahama said the NDC’s policies are well thought-through and will create more jobs as he implements a 24-hour economy.

 

By Henryson Okrah |Myxyzonline.com

 

News, Topstory

Court Orders OSP to return Cecilia Dapaah’s assets in 72 hours

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An Accra High Court has ordered the Office of the Special Prosecutor (OSP) to return Cecilia Dapaah’s seized funds to her within 72 hours.

This follows an application by the OSP to confirm the freezing and seizure orders regarding the bank accounts and assets at the former Minister’s home.

At a press conference, the Special Prosecutor indicated that the case will be continued by the Economic and Organised Crime Office (EOCO).

“A little over an hour ago, the Office discontinued its application that was pending before the High Court for confirmation of the seizure and freezing orders in pursuance of the referral of the case to EOCO. The court order that the office should return the cash sums and defreeze the accounts of an investment of Mrs. Dapaah within 72 hours,” Kissi Agyebeng said.

Mr Agyebeng explained that his probe so far points to a suspected case of money laundering.

On that score, EOCO is better placed to handle affairs with respect to “suspected cases of money laundering and its attendant activity of structuring.”

“On the totality of the gathered evidence and intelligence sent to us, the case is largely in the province of suspected money laundering and structured by operation of law, the Economic and Organised Crime Office.”

In October 2023, the Federal Bureau of Investigation (FBI) had joined the Office of the Special Prosecutor (OSP) in a synchronized effort aimed at delving deep into the matters of former Sanitation Minister, Cecilia Dapaah and her husband, Daniel Osei Kuffour.

This cooperative crusade sought to unravel the legality surrounding the wealth amassed by Ms. Dapaah and her cohorts, traversing the corridors of both Ghana and the United States.

Speaking on Thursday, January 25, 2024, the Special Prosecutor insisted that his office will be in close collaboration with EOCO and continued collaboration with the FBI on the matter.

Background

Two house helps who worked for Cecilia Abena Dapaah and her husband, Daniel Osei Kuffour are facing charges for allegedly stealing monies and items worth millions of cedis from the couple’s residence at Abelemkpe in Accra.

The main accused individuals, 18-year-old Patience Botwe and 30-year-old Sarah Agyei have been charged with conspiracy to commit crime and five counts of stealing.

The alleged thefts occurred between July and October 2022.

During this period, the house helps allegedly stole personal effects belonging to Madam Cecilia Abena Dapaah, including assorted clothes valued at GH¢95,000, handbags, perfumes, and jewellery worth US$95,000.

Additionally, Ms Botwe is accused of stealing six pieces of Kente cloth worth GH¢90,000 and six sets of men’s suits valued at US$3,000, which belong to the minister’s husband.

Furthermore, three other individuals, identified as Ms Botwe’s current and former boyfriends and her father, are also facing charges for allegedly being involved in the crime. They have been respectively charged with dishonestly receiving GH¢1 million, GH¢180,000, and GH¢50,000.

According to court proceedings, the stolen monies and items belonged to Madam Cecilia Abena Dapaah and her husband, taken from their bedroom in their residence.

The accused individuals were arraigned before an Accra Circuit Court, presided over by Susana Ekuful, on Thursday, July 20, 2023. However, their pleas have not been taken yet.

The court granted bail to Sarah Agyei in the sum of GH¢1 million with two sureties. The sureties are required to deposit their Ghana cards with the court’s registrar. The bail conditions are subject to review by the substantive judge, as Susana Ekuful was serving as a relief judge.

On the other hand, Ms Botwe, along with her alleged boyfriends and father, have been remanded into lawful custody.

The complainants reported the theft case to the police in June 2023 after discovering the missing cash and personal effects.

Ms Botwe was caught red-handed entering the couple’s room with a duplicate key, leading to her arrest.

Further investigations revealed that Patience, with the help of her alleged accomplice Sarah, had hidden the stolen money and used it to purchase properties and expensive items.

This information got Ghanaians talking with many asking CHRAJ, the OSP and the Ghana Police Service to investigate the source of the money.

Subsequently, the Special Prosecutor announced that his office was investigating the matter, starting with the arrest of Madam Cecilia Dapaah.

 

Source: Myjoyonline.com

News

15% VAT on electricity not being charged – ECG MD

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The Managing Director of the Electricity Company of Ghana (ECG), Mr. Samuel Dubik Mahama, has clarified that the new Value Added Tax (VAT) on electricity consumers beyond the lifeline threshold is not being charged yet.

The Finance Ministry had already directed the ECG and the Northern Electricity Distribution Company (NEDCO) to implement the 15 percent tax from January 1, 2024.

But Mr Mahama says his outfit has not commenced charging electricity consumers, stating that there are legal and operational challenges associated with the implementation of the new tax.

In an interview with Citi FM, the ECG MD revealed that ECG is still in discussion with the Public Utilities Regulatory Commission (PURC) over the implementation of the 15% VAT.

“It is on record, we have not implemented it, and we are not charging it…There are some difficulties that have to be checked with the law so I don’t think that it is time for people to panic, it is not panic mode yet,” he explained.

Mr Mahama indicated that the issue “is a conversation being had, [and] might even reach a point where the whole law will be looked at and recrafted.”

TUC’s Concerns

Barely two weeks after the announcement of the new tax, the Trades Union Congress (TUC) had to vehemently oppose it, citing serious implications on Ghanaians.

On Tuesday, January 23, about 35 workers unions under the TUC held a press conference in Accra and gave the government a seven-day ultimatum to withdraw the imposition of the VAT on electricity consumption above lifeline.

The Secretary General of TUC, Dr. Yaw Baah at the press conference said the new tax was unacceptable especially as its impact was detrimental on the livelihoods of  pensioners and low-income earners.

Throwing more light on the impact of the VAT on electricity, TUC’s Deputy General Secretary, Joshua Ansah, emphasized that imposing such a tax is an inequitable method for the government to generate revenue.

“VAT is not the only thing the government can do to bring back the lights. I don’t think that is the only way the government can take to make the electricity supply stable when a lot of the population is suffering. This is not fair, and that is why workers are resisting it with all their might,” he said in an interview with Citi News.

“If you are bringing additional taxes or VAT, then it is an easy way for the government. There are other ways the government can use to raise revenue, and it must work harder. To be burdening workers every day is not fair,” Mr. Ansah added.

 

Source: Myxyzonline.com

News

Major General Thomas Oppong-Peprah is new CDS of Ghana Armed Forces

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The  Chief of Army Staff, Major General Thomas Oppong-Peprah, has been appointed as the Chief of Defence Staff (CDS) of the Ghana Armed Forces (GAF).

His appointment takes effect from Thursday, February 1, 2024.

This is part of changes in the military hierarchy made by President Nana Addo Dankwa Akufo-Addo.

Oppong-Peprah’s  appointment was announced in a press statement issued on Wednesday, January 24, 2024 by Director of Communications at the Presidency, Eugene Arhin.

This appointment has been made subject to consultation with the Council of State, pursuant to the provisions of Article 212 of the Constitution of the Republic, the statement added.

It said it follows the imminent completion of the tour of duty and subsequent retirement from the Ghana Armed Forces, on Thursday, 1st February 2024, of the current Chief of Defence Staff, Vice Admiral Seth Amoama.

President Akufo-Addo has expressed his deep gratitude to him for his devoted and meritorious service to the Ghana Armed Forces and to the nation, the statement added.

The President has also appointed Major General Bismarck Kwasi Onwona as Chief of Army Staff, in succession to Major General Thomas Oppong-Peprah, with effect from Thursday, 1st February 2024.

This appointment has also been made subject to consultation with the Council of State, pursuant to the provisions of Article 212 of the Constitution of the Republic.

Major General Onwona, until his new appointment, was the Commandant of the Ghana Armed Forces Command and Staff College.

Rear Admiral Issah Adams Yakubu and Air Vice Marshal Frederick Asare Kwasi Bekoe remain in their positions as Chief of Naval Staff and Chief of Air Staff respectively.

Who is Major General Thomas Oppong-Peprah

Per his profile as published by the Ghana Armed Forces (GAF), Major General Thomas Oppong-Peprah was commissioned into the Ghana Armed Forces in 1986 as part of Regular Career Course 26 and was posted to the Armoured Reconnaissance Regiment as a Second Lieutenant.

His civil educational qualifications include a Master of Arts in International Security and Strategy from Kings College, London (2013 to 2014) and an Executive Master of Business Administration (Human Resource Management) from University of Ghana, Legon (2006 to 2007).

He also has a Bachelor of Science degree in Administration (Human Resource Management) from the University of Ghana (1999 to 2004) and a Post-Graduate Certificate in Public Administration from Ghana Institute of Management and Public Administration (1998).

Major General Oppong-Peprah has undertaken several career progression courses.

These include the Combined/Joint Forces Land Component Commanders Course at USA Army War College, Carlisle, Pennsylvania (April 2021); the Defence Studies at the Royal College of Defence, London, United Kingdom (2013 – 2014); Senior Intelligence Course at the Joint Intelligence Centre, Strasbourg, France (2010); Law of Combating Terrorism at the Defence Institute of International Legal Studies, Newport, Rhode Island, USA (2009); and Senior Command and Staff Course at the US Army Command and General Staff College, Fort Leavenworth, Kansas, USA (2000-2001).

Other career progression courses undertaken are Senior Command and Staff Course at Ghana Armed Forces Command and Staff College, Accra (1998 to 1999); Junior Command and Staff Course at the Command and Staff College, Kaduna, Nigeria (1997); and Armour Officer Basic Course at the US Army Armour School, Fort Knox, Kentucky, USA (1996).

Appointments held in the course of his career include Aide-de-Camp to the Chief of the Army Staff and Chief of the Defence Staff, Ghana Armed Forces (1995 to 1997), and Operations/Training Officer, 64 Infantry Regiment, (1999 to 2000).

He became the Commanding Officer, 64 Infantry Regiment from 2002 to 2009, with additional appointment as Commanding Officer, Armoured Reconnaissance Regiment, (2004 to 2005).

He was also the Coordinator of State Transport Security (2001 to 2008) and Instructor, Disaster Management Course, Army Combat Training School, Teshie (2001 to 2005). Other appointments held are Director, Strategic Intelligence Assessment of the Defence Intelligence Department, General Headquarters (2009 to 2011) and Director Operations and Plans, Defence Industries Department, General Headquarters (2011 to 2013).

He also held the appointments of Director Army Training and Director Army Peacekeeping Operations at the Army Headquarters in Sep 14 to Feb 16 and Feb to Jul 16, respectively. He assumed the office of Chief Staff Officer at the same headquarters from Jul 16 to Feb 17.

Prior to his appointment as the Chief of Staff at the General Headquarters, he was the General Officer Commanding, Southern Command of the Ghana Army (Feb 17 to Jan 19). After being Chief of Staff at the General Headquarters for about a year, he was appointed the Chief of the Army Staff in March 2020, a position he currently holds.

In international peacekeeping operations, Maj Gen Oppong-Peprah served as Humanitarian Officer, United Nations Assistance Mission in Rwanda (June to December 1994); Military Observer, United Nations Aouzou Strip Observer Group in Libya/Chad (March to May 1994); G4 Transport and Plans, United Nations Mission for the Referendum in Western Sahara (1993) and Detachment Second-In- Command/Troop Leader, United Nations Interim Force in Lebanon/Israel (1987, 1989, 1992).

He is a board member of the Governing Council of the National Disaster Management Organisation (NADMO).

Major General Thomas Oppong-Peprah is married with five children. He enjoys horse riding, soccer, travelling, watching movies and jogging.

Source: Graphic
Busines, Topstory

‘Maintain old fares for now’ – GPRTU directs drivers amidst ongoing negotiations

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The Ghana Private Road Transport Union (GPRTU) has directed transport operators to continue charging their current fares as they engage the government on its decision to increase fares by 20%.

The  communication was made after a meeting between the union and the Ministry of Transport ended inconclusively.

The Industrial Relations Officer of the union, Abass Imoro, who spoke to some journalists said he was hoping for a resolution as their engagement with the government continues.

“We made our grievances known, and they also told us their side. Finally, we have to go back and have another meeting. We will use your medium to tell our people [drivers] that where we have got to, we are pleading that they should still maintain what we are taking for now until we come out very clearly,” Imoro said.

The GPRTU had wanted to increase transport fares following the high cost vehicle parts and the recently passed Emissions Levy Bill by Parliament which imposes an annual fee of GH¢100 on all owners of petrol and diesel cars.

The government aims to promote the use of environmentally friendly energy sources for vehicle power through this tax, aligning with its commitment to climate-positive actions and carbon offset initiatives.

In response to these developments, the GPRTU has petitioned the Speaker of Parliament, urging reconsideration of the Emission Levy Bill.

 

Source: Myxyzonline.com

News

Court to deliver judgement on alleged coup plotters case today

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The three-member panel presiding over the high treason case involving ACP Benjamin Agordzo is expected to deliver judgment later today, January 24, 2024, on the fate of the accused persons.

ACP Benjamin Agordzo, the late Dr. Mac Palm, and eight others were arraigned in 2021 for counts of conspiracy to commit high treason and high treason.

The ten had been arrested earlier in 2019 after a police swoop at the Citadel hospital, associating the accused persons with a plot to destabilize the country. The state presented 13 witnesses, including officers from the Ghana Armed Forces (GAF).

During the trial, the state also presented video evidence of how the accused persons were plotting to destabilize the country, including how they allegedly planned to manufacture ammunition.

However, all the accused persons have pleaded not guilty to the charges and concluded their defenses.

Dr. Mac Palm, at whose hospital the accused were arrested, got his testimony struck out as he passed away last year.

The judgment to be delivered today will determine the fate of the accused, who, per the constitution, may be liable to a death sentence if found guilty.

 

Source: Citinewsroom.com

News, Topstory

Don’t misuse second tranche of IMF cash – Mahama tells Akufo-Addo

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The flag bearer of the National Democratic Congress (NDC) former President John Mahama has urged the Akufo-Addo government to be judicious in utilizing the recently approved second tranche of IMF bailout.

The Bank of Ghana acknowledged receipt of US$600 million as the second tranche of Ghana’s bailout package from the International Monetary Fund (IMF) yesterday.

Reacting to the development, Mr Mahama said the cash meant for budget support and stabilization of the local currency must be used to bring relief to the suffering Ghanaians.

Despite the release of the first tranche last year, Mahama contends that Ghanaians continue to endure difficulties.

“Under normal circumstances, the release of $600 million by the International Monetary Fund (IMF) to the government of Ghana should provide relief to the already overburdened and suffering Ghanaian. It is, however, evident that Ghanaians will continue to suffer as long as the Akufo-Addo-Bawumia and NPP remain in office,” he wrote in a Facebook post.

Mr Mahama, who is on a tour in the Ashanti region, also highlighted the potential impact of the Value-Added Tax (VAT) on electricity consumption.

“Implementing VAT on electricity consumption will increase tariffs by almost 21% and exacerbate the hardship on Ghanaians. This will affect the prices of goods, services, and transport fares. I agree with organised labour that the government must reverse its decision to start collecting VAT on electricity consumption.”

 

Source: Myxyzonline.com

News, Politics

We’re against shifting election date to November – NDC

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The National Democratic Congress (NDC) has kicked against the proposal by the Electoral Commission to change the election date from December 7 to November 7.

The proposal was raised during the recent Inter-Party Advisory Committee (IPAC) meeting held on Monday, January 22, 2024.

The Electoral Commission not only suggested a shift in the election date but also recommended that election days be designated as national holidays.

But the Director of Elections and IT for the NDC, Dr. Edward Omane Boamah, rejected the proposal, expressing the party’s strong opposition to any alteration in the established election timeline.

In response to the proposal, Dr. Omane Boamah emphasized the party’s commitment to maintaining the current election date and urged the Electoral Commission to embark on a comprehensive review of the electoral process.

He stressed the importance of inclusive and proper dialogue to address any concerns or improvements needed in the electoral system.

Despite the NDC’s firm stance against changing the election date, Dr. Omane Boamah highlighted the party’s willingness to engage in discussions about voting on prayer or worship days.

He provided details to support the argument that voting on prayer or worship days does not adversely affect the overall turnout of the elections.

Below is Dr Omane Boamah’s response

On IPAC matters, for the avoidance of doubt:

1. We (NDC) do not support the November date for elections.

2. ⁠Instead of cherry-picking, we (NDC) call for a comprehensive review of the electoral process through inclusive and proper dialogue; we already submitted our proposals to the EC.

3. ⁠On voting on prayer/worship days, we (NDC) are open to discussions.

 

Source: Myxyzonline.com

 

Sports

Recall Chris Hughton; he is not bad – Nii Lante to GFA

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The Member of Parliament for the Odododiodio constituency, Edwin Nii Lantey Vanderpuye kicked against the sacking of the Black Stars head coach, Chris Hughton.

The former Minister for Sports rather urged the Ghana Football Association (GFA) to reassign Hughton, saying he is not a bad coach.

The head coach was fired after Ghana failed to qualify  from the group stages for AFCON 2023, having thrown away a two-goal lead to draw 2-2 with Mozambique.

The four-time African champions have been struggling since the appointment of coach Chris Hughton and his assistants following the departure of Otto Addo.

But Nii Lante vanderpuye believes Hughton was not allowed to work freely.

Nii Lante Vanderpuye is MP for Odododiodoo

“What I’m advocating for is a whole agenda of about six to 10- years rebuilding of all our national teams. We should look at starting from the U-9, U12, U14, U16, U20, and that you require some of our young footballers.”

“We must have a technical directory, because Chris Hughton is not bad, it’s just that I think the players. I don’t think he does his scouting himself. Knowing Chris Hughton and from the little that I have seen him do with his teams, he transforms players. But with this particular situation I think Chris Hughton has found himself in a forest of the influences and the interferences of the Black Stars”. He said in an interview on Starr FM.

Mr. Vanderpuye indicated that Chris Hughton’s decision-making process is influenced by the government and the football association, denying him the autonomy to select players.

“I don’t think he has that autonomy in deciding which players can apply and if so, I want to know what went wrong. Is it the same Chris Hughton I have known all this while or it’s a different thing. Is it a curse that he has lost all those toughness, that frankness, principled man that he used to take when he was in the Premier League.”

He further emphasized that Chris Hughton is here to help Ghana football so he should be redeployed to reorganize Ghana’s technical secretariat and set targets for him.

“Sometimes when you get into an environment you look at the dance being danced and you end up dancing the same so possibly that is what has affected him; but then I think with his technical ability we can revamp our technical secretariat with him and set goals for him.”

“He’s a Ghanaian and has decided to relocate and help Ghana football, we should not dump him, we should re-deploy him. Let him analyze our game, our coaches, and advise us to see the way forward. He can recommend further courses and get attachments from some of these young boys to grow up and I think that will be good for him,” he added.

 

Source: Myxyzonline.com

Busines

IMF second tranche of US$600m officially hits BOG account

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The Bank of Ghana has acknowledged receipt of US$600 million as the second tranche of Ghana’s bailout package with the International Monetary Fund (IMF).

The cash meant for budget support and stabilization of the local currency, was officially credited to the Central Bank’s account today, Tuesday, January 23, 2023.

This means, Ghana has received a total of US$ 1.2 billion out of the $3 billion approved under the three-year extended credit facility in May last year.

Citi News understands, unlike the first tranche, which was meant to address Ghana’s balance of payment issues, all of the second tranche will be used to finance projects and programmes in the 2024 budget.

Last Friday, the IMF approved the second tranche after Ghana struck a deal with its bilateral lenders, including China and France, late last week—a key step that triggered the second disbursement.

According to the IMF, Ghana has performed well under the programme, with reforms bearing fruit and signs of economic stabilisation emerging.

All other things being equal, Ghana’s next IMF programme review will take place in six months for the third tranche of US$ 720 million.

Inflow from World Bank

The second tranche has also unlocked additional funding from other international donors.  The Executive Board of the World Bank is expected to advance some $300 million in budget support for Ghana.

It follows agreement in principle on the key parameters of the proposed debt restructuring for Ghana reached by the Official Creditors’ Committee under the G20 Common Framework and the subsequent disbursement of the second tranche of the IMF pacakge.

The disbursement will help Ghana in its recovery, attract investments and restore a sustainable growth path while driving the country’s debt sustainability.

It will take a few days for the amount to be drawn down after the Board meets today, January 23, 2023, for the necessary approval.

After this, the World Bank is also expected to disburse some $250 million to the country as part of its contribution to the Ghana Financial Stability Fund, which is expected to assist Banks that have been hit badly by the Domestic Debt Exchange Programme.

 

Source: Citinewsroom.com