Category Archives: News

Foreign, News, Topstory

Renowned preacher TB Joshua raped and tortured worshippers – BBC finds

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Evidence of widespread abuse and torture by the founder of one of the world’s biggest Christian evangelical churches has been uncovered by the BBC in a recent explosive exposé.

Dozens of ex-Synagogue Church of all Nations members – five British – allege atrocities, including rape and forced abortions, by Nigeria’s late TB Joshua.

The allegations of abuse in a secretive Lagos compound span almost 20 years.

The Synagogue Church of All Nations did not respond to the allegations but said previous claims have been unfounded.

TB Joshua, who died in 2021, was a charismatic and hugely successful preacher and televangelist who had an immense global following.

The BBC’s findings over a two-year investigation include:

  • Dozens of eyewitness accounts of physical violence or torture carried out by Joshua, including instances of child abuse and people being whipped and chained
  • Numerous women who say they were sexually assaulted by Joshua, with a number claiming they were repeatedly raped for years inside the compound
  • Multiple allegations of forced abortions inside the church following the alleged rapes by Joshua, including one woman who says she had five terminations
  • Multiple first-hand accounts detailing how Joshua faked his “miracle healings”, which were broadcast to millions of people around the world

One of the victims, a British woman, called Rae, was 21 years old when she abandoned her degree at Brighton University in 2002 and was recruited into the church. She spent the next 12 years as one of Joshua’s so-called “disciples” inside his maze-like concrete compound in Lagos.

“We all thought we were in heaven, but we were in hell, and in hell terrible things happen,” she told the BBC.

Rae says she was sexually assaulted by Joshua and subjected to a form of solitary confinement for two years. The abuse was so severe, she says she attempted suicide multiple times inside the compound.

The Synagogue Church of All Nations [Scoan] has a global following, operating a Christian TV channel called Emmanuel TV and social media networks with millions of viewers. Throughout the 1990s and early 2000s, tens of thousands of pilgrims from Europe, the Americas, South East Asia and Africa travelled to the church in Nigeria to witness Joshua performing “healing miracles”. At least 150 visitors lived with him as disciples inside his compound in Lagos, sometimes for decades.

More than 25 former “disciples” spoke to the BBC – from the UK, Nigeria, US, South Africa, Ghana, Namibia and Germany – giving powerful corroborating testimony about their experiences within the church, with the most recent experiences in 2019. Many victims were in their teens when they first joined. In some of the British cases, their transport to Lagos was paid for by Joshua, in co-ordination with other UK churches.

Rae and multiple other interviewees compared their experiences to being in a cult.

Jessica Kaimu, from Namibia, says her ordeal lasted more than five years. She says she was 17 when Joshua first raped her, and that subsequent instances of rape by TB Joshua led to her having five forced abortions while there.

These were backdoor type… medical treatments that we were going through… it could have killed us,” she told the BBC.

Other interviewees say they were stripped and beaten with electrical cables and horse whips, and routinely denied sleep.

On his death in June 2021, TB Joshua was hailed as one of the most influential pastors in African history. Rising from poverty, he built an evangelical empire that counted dozens of political leaders, celebrities and international footballers among his associates.

He did, however, attract some controversy during his lifetime when a guesthouse for church pilgrims collapsed in 2014, killing at least 116 people.

The BBC’s investigation, which was carried out with international media platform Open Democracy, is the first time multiple former church insiders have come forward to speak on the record. They say they’ve spent years trying to raise the alarm, but have effectively been silenced.

A number of our witnesses in Nigeria claim they were physically attacked, and in one case shot at, after previously speaking out against the abuse and posting videos containing allegations on YouTube.

footage of the church’s Lagos compound from a public street in March 2022 was also fired at by the church’s security, and was detained for a number of hours.

The BBC contacted Scoan with the allegations in our investigation. It did not respond to them, but denied previous claims against TB Joshua.

“Making unfounded allegations against Prophet TB Joshua is not a new occurrence… None of the allegations was ever substantiated,” it wrote.

Four of the British citizens who spoke to the BBC say they reported the abuse to the UK authorities after escaping the church. They say no further action was taken.

In addition, a British man and his wife emailed eyewitness accounts of their ordeal and video evidence – including recordings of being held at gunpoint by men describing themselves as police who are also members of Scoan – to the British High Commission in Nigeria in March 2010 after fleeing the church. In his email, the man said his wife had been repeatedly sexually assaulted and raped by Joshua. He warned the commission that other British nationals were still inside the compound facing atrocities.

He also says no action was taken.

The UK Foreign Office did not respond to these claims, but told the BBC that it takes all reports of crime, including sexual assault and violence against British nationals overseas, very seriously.

Scoan continues to thrive today, under the leadership of Joshua’s widow, Evelyn. In July 2023, she led a tour of Spain.

Anneka, who left Derby in the UK to join Scoan at the age of 17, told the BBC she believes there are many other victims who have yet to speak out. She hopes further steps will be taken to uncover Joshua’s actions.

“I believe the Synagogue Church of All Nations needs a thorough investigation into why this man was able to function for so long the way he did,” she said.

 

Source: BBC

News, Topstory

Mahama’s Accelerated Export Development Council will propel Ghana into an export-led economy

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National Democratc Congress (NDC) flag bearer John Dramani Mahama has
announced plans to set up and personally chair an Accelerated Export Development Council to prepare Ghana to become an export-led economy.

This move comes alongside his 24-hour
economy plan aimed at boosting economic growth and creating job opportunities for the country.

Mr Mahama announced this during his 2024 New Year speech, which outlined his vision for Ghana’s economic development.

He emphasised the importance of boosting export activities, particularly under the ECOWAS Trade Liberalisation Scheme and the African Continental Free Trade Agreement.

According to President Mahama, the council will promote and support the country’s export drive by implementing measures to improve the business environment for exporters and
ensure their competitiveness in the global market.

In addition to the accelerated export development council, President Mahama outlined his plans to enhance security and public safety, which will require significant recruitment into security services and private security operations.

This move aims to create a safe and secure environment for businesses to thrive and contribute to the 24-hour economy plan.

A Mahama government will also provide cheaper and more reliable electricity for businesses that participate in the 24-hour economy.

This will be achieved by implementing a time-of-use tariff system, where companies will benefit from modern smart meters that charge a lesser tariff for power consumed during off-peak hours.

President Mahama’s vision for a 24-hour economy and the establishment of an Accelerated Export Development Council reflects his commitment to driving economic growth and creating sustainable employment opportunities for the people of Ghana.

As the country prepares to take advantage of the opportunities presented by regional and continental trade agreements, these initiatives are expected to play a crucial role in positioning Ghana as a leading export-driven African economy.

 

By Stan Xoese Dogbe

News, Politics

Bolewura canvasses 75% votes for Mahama in Bole

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Bolewura Sarfo Kutuge Feso I has charged his chiefs and the people of the Bole Traditional Area to lead the campaign for their kinsman, John Dramani Mahama, as President in the 2024 elections.

Speaking during a courtesy call on him by Mr Mahama, the paramount chief of Bole stated that there is a clear difference between a friend and a relative.

He urged his sub-chiefs and subjects to ensure that Mahama and the NDC secure nothing less than 75% of total votes in the Bole area.

 

According to Bolewura, the 2024 election is also about empowering the chieftaincy institution, especially in Gonjaland, and John Mahama is the leader who can guarantee that empowerment for Gonja chiefs.

The chief also expressed his delight in welcoming his son, yet again, to his palace because he was concerned for the development of Bole and the Savannah region.


“… This is the point we’ve reached; it is time to bring back honour to Bole and Gonjaland by leaving no stone unturned to bring prestige to the Bole Traditional Area”, he added.

Mahama spent the first three days of the new year in his hometown of Bole. During his stay, he organised a get-together for the Savanna regional and constituency executives.

With the support of his wife, Lordina, the Mahama family also provided hot meals for children and held meetings with the branch executives of the Bole Constituency of the NDC.

News, Politics, Topstory

Togbe Afede XIV takes on BoG; says economy is in shambles

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It was interesting to hear Bank of Ghana (BOG) officials pat themselves on the back because year-on-year inflation had dropped to 26.4% in November 2023, from 35.2% in October 2023 and 54.1% in December 2022.

This trend should have been expected, I thought, because of the massive price increases and exchange rate depreciation that were recorded during the corresponding periods in 2022. It is a fallacy of year-on-year inflation numbers – they tend to be influenced a lot by what happened one year ago. That is why year-on-year inflation may rise in a particular month even when the general price level has fallen in that month, and vice versa.

You cannot describe what happened to prices and exchange rates towards the end 2022 as “a blip” when the effects are still with us. The markets simply adjusted to the rot in the system. A return to the relatively lower inflation rates of the past does not mean prices have become lower. Year-on-year inflation rate of 26.4% in November 2023 is not worthy of celebration. Zambia and Kenya, exposed to the same global shocks, recorded 12.9% and 6.8%, respectively. And the US dollar is currently trading at more than 150% of its price (cedis) in June 2022.

But I am glad that Bank of Ghana (BOG) has finally bitten the bullet, accepting that it does not have to set its policy rate above “past inflation”. After decades of insisting that its policy rate must be fixed above year-on-year changes in the consumer price index (CPI) to ensure “positive real returns” to investors, BOG had over the past several months, following the collapse of our economy, kept their policy rate below the year-on-year changes in the CPI. Maybe it was the case that they just could not set the policy rate above the recent hyperinflation rates.

In my December 2022 article, “Our Self-Inflicted Monumental Economic Crisis”, I presented my thoughts on the reasons why we, Ghanaians, find ourselves in this undeserved economic mess, given our massive human and material resource endowments.

The Ghana we have today is obviously not what our founding fathers dreamt of. We have failed woefully but have pretended otherwise. Instead of giving hope, our leaders have created a frightening sense of helplessness among the populace, especially the youth.

As I said earlier in December 2021, during a courtesy call by the Speaker of Parliament, Ghana would have filed for bankruptcy if it were a company. This was effectively what we did when we went back to the IMF for bailout and implemented the Domestic Debt Exchange Programme (DDEP). We eventually defaulted on our debts. Holders of Government bonds suffered massive losses, and the outlook remains dim.

We have been brought to the brink by despicably dishonest, corrupt, reckless, arrogant, and divisive leadership. We are also victims of bad fiscal and monetary policies. We owe our relative peace and stability to the resilience and patience of Ghanaians, and I pray that we remain so. I know what suffering is like, and that is why I will continue to share my thoughts on our development challenges.

AN ECONOMY IN SHAMBLES

Very alarming, as I wrote in my December 2022 article, is the fact that we have piled on so much debt, and are now Africa’s most indebted country, yet we still lack the basic socio-economic infrastructure required for development – good roads, hospitals, schools, etc. Making matters worse, are the massive judgment debts, the results of greed and recklessness, staring us in the face.

The dollar had been on the loose, gaining almost 200% over the cedi since 2017. The cedi is still under pressure notwithstanding our positive trade surplus in recent times. Total exports at the end of October 2023 stood at USD13.4 billion. Compared to total imports value of USD11.3 billion, the result was a positive trade balance of about USD2.1 billion.

Inflation, as I have already said, is still high, at 26.4%, and business failures, joblessness and poverty levels are worse than ever. That is why too many of our younger compatriots are desperately on the lookout for ways out of our potentially rich but poor country.

We are victims of predatory economics, where policies or decisions were presented to us well-packaged, only for us to realise during implementation that they were designed to benefit a privileged few, as we saw with some of the COVID-19 initiatives and in the ill-fated award of Electricity Company of Ghana to PDS Ghana Ltd. We are also victims of a constitution that protects even our worst leaders. The result is the annoying and arrogant display of “conspicuous consumption” by our leaders and their cronies.

I hold the view that poverty is not God’s desire for man. So, I remain optimistic that we can turn our fortunes around and make a paradise out of our beautiful country, maximise the welfare and happiness of every Ghanaian, so that we can enjoy genuine sustainable peace and unity and make it unnecessary for the youth to embark on hazardous journeys in search for greener pastures.

But we need, first, to identify and understand the causes of our predicament. So much has been said about corruption at a scale we could never have imagined, our battered reputation, bad fiscal policy, lawlessness, divisive tribal politics, our weak institutions, our attitudes, etc. But, as I have said many times, one segment of economic policy that has escaped scrutiny over the years is Bank of Ghana’s monetary policy.

THE CHICKENS HAVE COME HOME TO ROOST

Recent events, including the Government’s inability to service its debt obligations, have finally exposed BOG. Over the past several months, BOG maintained its policy rate below the year-on-year inflation rate, departing from its previous approach. And the Bank recently announced massive losses in 2022, totaling GHS60 billion, and year-end negative net worth of GHS55 billion, making it technically bankrupt. This is unprecedented in our history. The loss, equal to 10 % of our 2022 GDP of GHS606.82 billion (USD72.24 billion at the average 2022 cedi-dollar exchange rate of 8.4:1), is one of the largest one-year losses ever recorded by a central bank.

It is an irony that BOG finds itself in this mess after it only recently aided the collapse of several “poorly managed” local banks, savings and loans companies, microfinance institutions, finance houses, and fund management companies, at a cost of GHS20 billion, when an estimated GHS9 billion could have kept them in operation. Such wasteful approach to cleaning up the financial sector could only have been pursued by an organization that thought it had too much money.

In the competitive world of private enterprise, where standards and consequences of failure are exacting, BOG would have gone under. Details of the 2022 annual report reveal budgeted and actual expenditures that do not look like those of a struggling country’s central bank: USD250 million for a new head office, equivalent to 0.35% of our GDP; GHS97.4 million for travel; GHS131 million for motor vehicle maintenance/running; GHS32 million for communication; GHS67 million for computers; GHS336.9 million for currency issue expenses (currency in circulation amounted to GHS40.73 billion); and GHS8.6 million for directors.

And they rewarded themselves very well, increasing their salaries by a whopping 68%! Personnel costs amounted to GHS1.6 billion. With a total of 2,203 employees, this means an average of a colossal GHS726,282 per annum or GHS60,523 per month per employee. Staff loans amounted to GHS1.247 billion, an average of GHS566,818 per employee. I still cannot believe BOG staff are living in a different world. Unlike in the case of Bank of England (BOE), with a labour force of 4,793, BOG’s financial statements do not disclose the remuneration of individual executives.

BOG, guilty of the poor business practices it had accused the collapsed banks of, had obviously been misled by the spurious profits it reported in previous years to embark on the recklessness depicted above. I call them “spurious profits” because they included revenues (interest payments due from the Government) that were never going to be realised. The Bank reported a profit of GHS1.57 billion (USD270 million) in 2020. Comparatively, Bank of England (BOE) made a profit of only GBP57 million (USD76 million) in 2020/21. The size of the Ghanaian economy was USD72 billion, and that of the UK was USD2.7 trillion. Thus, BOG reported almost 4 times as much profit as BOE, even though the UK economy was 40 times that of Ghana.

It is surprising that the BOG, the Government’s bankers, had been oblivious to the obvious possibility of the Government defaulting on its obligations, and failed to make appropriate provisions. It is also surprising that the external auditors appeared not to have noticed the poor quality of debt owed to BOG by the Government. The BOG directors were similarly unaware. The impairment did not happen suddenly. In effect, BOG was monitoring the quality of the assets of the financial institutions it regulates but forgot to examine its own.

BOG’s huge “profits” were largely the result of unnecessarily high interest rates which have been detrimental to the real sectors. These profits supported their unnecessarily high operating costs, including the abnormally high remunerations paid to staff and directors. The commercial banks also benefitted from the high interest rates. But, like BOG, their debtors (Government and other loan customers) could not bear these abnormally high lending rates, hence the massive debt losses these banks also reported in 2022.

We are not out of the woods yet because the impact of all this on the economy means defaults by borrowers will continue for some time. Just a few months before our economy run into trouble, BOG was praising the banking sector, claiming, “The banking industry’s performance has defied the general economic downturn with strong growth across key metrics including total assets and deposits, as well as sustained improvement in profitability within the industry during the first half of 2022.” And that, “The sector’s total assets increased by 22.8 percent to GHS200billion at the end of the period. The domestic component of total assets recorded a higher growth rate of 23.5 percent in June 2022 compared to a growth of 18 percent in June 2021”. They added further that “…the higher growth in the industry’s assets by mid-year was primarily on the back of an upsurge in deposits and borrowings during the review period”.

But as I pointed out, the undeniable truth is that all these “growths” were fueled by high interest rates and were, effectively, a transfer of assets from government, the public, and the real sectors to the banking sector. BOG and the commercial banks’ huge parasitic profits put a lot of stress not only on the private sector, but on the public sector as well. They imposed a huge burden on those outside the banking sector and frustrated the realisation of the structural changes needed in the economy.

POLICY RATE, INTEREST RATES AND INFLATION

BOG’s monetary policy has escaped scrutiny over the years because many of us had assumed that the ladies and gentlemen at BOG were infallible professionals. We have been wrong, at least so says the evidence.

Not since 2003 when I complained about monetary policy in this country has there been any open debate about how monetary policy has been conducted. The arguments I made in 2003, more than 20 years ago, are still valid today. BOG had virtually indexed its policy rate to year-on-year inflation, a self-fulfilling prophesy, with predictably adverse consequences for inflation, the value of the cedi, and the economy at large. I believe many of us have now realised that the failure of monetary policy has been a key part of our problems.

By this dogmatic interest rate policy, BOG tried to keep its policy rate above year-on-year inflation. In their December 2021 article in response to my concerns, BOG argued that “The simple theory underpinning finance suggests that investors will always have to be compensated for inflation and that investors always factor in real interest rates in making decisions. With an inflation rate of 11 percent, the central bank’s policy rate of 13.5 percent implies a real interest rate of 2.5 percent”. That is poor economics, sadly supported by some “eminent African economists in their comment on the concerns I raised, thus, “..it should be noted that 13.5% lending rate is nominal. Ghana’s current inflation rate is about 10.5%, and hence the real rate is 3%”.

Now that the economy has taken a nosedive, the BOG suddenly became happy to keep its policy rate below the year-on-year inflation rate over several months, when they had always argued for the opposite.

It is important to appreciate that year-on-year inflation is a historical concept, and that, it is not past price changes that interest rates must seek to compensate for. The relevant inflation rate for fixing the policy rate is expected inflation, adjusted for seasonality, etc. Expected inflation is what astute investors are interested in, much the same way they look at forward price-earnings (P/E) ratios as opposed to trailing P/E ratios in evaluating shares for investment purposes.

Future price trends are measured more accurately by the annualised latest average changes in the CPI, say 3-month average, adjusted for food and energy prices, etc. (Core CPI), which would give better real-time information for fine tuning monetary policy.

The Fisher effect, named after Irving Fisher, defines the link between inflation, nominal interest rate, and real interest rate, and explains the tendency for interest rates to rise when expected inflation is high and fall when expected inflation is low. Thus, a fall in expected inflation, if the expected real interest rate is unchanged, should cause an equal fall in the nominal interest rate. In our current context, the expected inflation is BOG’s 8% target. So, 8% plus the expected real interest rate should give us an acceptable nominal interest rate. The current policy rate of 30% translates into an expected real interest rate of 22%!

It is sad that our economists have failed to realise the fallacy in comparing the current interest rate to past year-on-year inflation to determine the real interest rate. BOG’s fixation of its policy rate based on year-on-year inflation, with little or no interest in recent month-on-month changes, has been a self-fulfilling prophesy that has only succeeded in importing past inflation into the future, trapping us in a vicious circle of high inflation→ high interest rate→ high inflation, and making Ghana’s inflation rate one of the worst on the continent over the past two decades.

POOR VS RICH COUNTRY; COST-PUSH VS DEMAND-PULL INFLATION

BOG’s persistence in trying to fight inflation in Ghana using high interest rates does not make logical sense, and especially when it is indexed to (historical) year-on-year inflation. Raising interest rates to fight inflation often works in a rich country like the UK. The minimum wage in the UK is GBP9.50 an hour or GBP76 for an 8-hour workday. In Ghana, the minimum wage is GHS14.88 per day, less than GBP1. The average cost of a litre of petrol currently is about GBP1.57 in the UK, that is, 2% of the daily minimum wage. In Ghana, the average cost of petrol is about GHS14, that is, 94% of the daily minimum wage.

The relativities are similar with regard to other necessities of life. So, unlike in the UK, increasing interest rates will only increase cost of living in Ghana, but will not encourage the average Ghanaian, who can hardly make ends meet, to spend less and save more.

Also, it is difficult to see how policy rate increases can fight cost-pushed inflation resulting from factors like food or crude oil price increases or increased taxes on petroleum products. Sadly, even at the height of the COVID-19 pandemic, when income levels had fallen worldwide, and stimulus packages were being implemented everywhere to boost economic activity, BOG still ensured that we suffered under strangulating high interest rates.

EFFECTS OF BOG’S INFLATION TARGETING MONETARY POLICY APPROACH

BOG’s monetary policy over the years has succeeded in creating one of the most profitable banking sectors in Africa per the accounting reports, while ensuring a growth-stifling high inflation→ high interest rate→ high inflation environment, with disastrous consequences for the cedi and the economy.

Inflation

BOG’s approach to inflation targeting has not worked. In December 2021 BOE increased its prime rate from 0.1% to 0.25%, to meet a 2% inflation target. BOG’s policy rate, on the other hand, had no relationship with its target inflation of 8%. BOG raised its policy rate from 13.5% to 14.5%, focusing more on the reported year-on-year (past) inflation of 12.2%, in a bid to maintain a “positive real interest rate” based on their awkward understanding of real interest rate.

It is worth noting that Zambia’s November 2021 inflation rate was 19.3%, but the Central Bank of Zambia’s (CBZ’s) prime rate was as low as 9%. Zambia recorded 12.9% inflation in November 2023, while Ghana’s current inflation rate is 26.4%. Today, CBZ’s prime rate is 11%. But BOG, which is still targeting inflation of 8%, maintains a policy rate of 30.0%. BOG’s perennial inflation target of 8±2% thus appears to be at best an expression of desire which has become a template in their monetary policy releases.

As I pointed out earlier, the reduction that we saw in the headline inflation rate recently was only a natural result of what happened to prices one year ago. It should be noted that, even though maintaining the current high policy rate will not help the fight against inflation, a reduction in BOG’s policy rate from 30% to 20%, for example, should not produce inflationary consequences. There is therefore absolutely no need to maintain the current high policy rate of 30%.

Interest Rates

BOG is still pursuing the same, growth-stifling, demand-side approach to the inflation problem, and we find ourselves locked in the vicious circle of high inflation→ high interest rate→ high inflation. It is sad that the IMF has encouraged the use of the wrong monetary policy and inflation concept over the years. As our “advisors”, they share the blame for the mess we are in and have an obligation to help. I suspect some other African countries outside the French block have suffered similarly.

So, after taking the difficult step to reduce domestic debt through the draconian DDEP, we are still piling up short term debt – 91 Day Bill at 29.35%, 182 Day Bill at 31.95% and 364 at 32.49%.

Currency Depreciation

BOG’s astronomically high monetary policy rates have burdened our economy over the past 20-plus years. It has not only fueled increases in money supply over the years, fueling price increases, but has also undermined the cedi. Contrary to their claims, we cannot use “higher interest rates to maintain exchange rate stability”, especially when they have failed to protect the cedi as the only legal tender in Ghana. High interest rates have not and will not help us “maintain exchange rate stability”. Parity laws tell us the opposite.

On November 1, 2007, GHS1 was equivalent to USD1. GHS1 invested in Ghana Government’s 91-day treasury bill on that day and rolled over for 15 years would grow to about GHS12 on October 31, 2022, at the height of our economic crisis. Coincidentally, the price of USD1 on October 31, 2022 was about GHS13! Obviously, this huge return on the cedi has been inflationary, and pulled with it the value of the dollar in cedi terms. Inflation was 40.4% in October 2022. Along with it, the dollar went up 141%, from average GHS6 in October 2021 to GHS14.47, implying cedi depreciation of 58.53%.

External Borrowing Costs

The unnecessarily high interest rate numbers have fed into external market perception of our outlook. We cannot through our policy rate give an impression of a high inflation risk outlook and expect the external financial markets to think differently. BOG’s approach has been costly for us in the international financial markets, where it has created an exaggerated risk perception, with adverse implications for our credit rating and borrowing costs. COCOBOD is currently suffering the consequence, having to borrow at an unprecedented 8%.

Speaking during a press briefing on Friday, October 7, 2022, in Washington, DC, on the 2022 edition of the Babacar Ndiaye Lecture, Dr Hippolyte Fofack, Chief Economist and Director of Research at Afreximbank, elaborated on the importance of the year’s theme, “The Developing World in a Turbulent Global Financial Architecture”:

“Africa’s total external debt is about USD726 billion. That makes it less than a third of Italy’s debt estimated at about USUSD2.8 trillion. And expressed as a percentage of GDP, Africa’s total external debt is 27%, compared to 130% in Europe. Yet African countries are more at a risk of debt distress than their European counterparts largely as a result of large spreads and default-driven borrowing rates assigned to African sovereign and corporate entities.”

The Economy at Large

High interest rates have made the cost of capital excessive and made it difficult for businesses to borrow to invest in the real sectors of the economy, especially manufacturing, making it difficult to realise the value addition we crave. So, we have remained exporters of primary products.

They have also hurt our ability to expand production capacity generally and perpetuated our import dependence. Local entrepreneurs have suffered more, and their inability to borrow, invest and increase local ownership has ensured the foreign domination of our economy. These and other structural bottlenecks have had significant supply-side and cost-push effects on inflation.

Thus, BOG’s policies have been a stumbling block to creating an enabling financial market and have inadvertently frustrated the restructuring of the economy, which they have often identified as the solution to our balance of payments deficit and currency depreciation problems.

BOG MANDATE, DIVIDENDS AND GOVERNANCE

We should remember that price stability is not an end in itself. Probably more important are growth and employment generation, in which the BOG must show interest. We need to clarify BOG’s mandate and improve its governance to mitigate the profit motive.

In principle, BOG should have turned over its profit to its only shareholder, the Government, which should determine how much of the profit BOG can keep. BOG should not be able to make decisions on profit distribution independently of the shareholder. That is not part of Central Bank independence. But shareholder apathy has allowed BOG to keep and misuse its “profits”.

It is also important to point out that the independence of the BOG does not require that the Governor should be Chairman. It will enhance internal check if the two roles are separated.

 

News, Sports

2023 AFCON: Black Stars changes training camp from Johannesburg to Kumasi

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The Ghana Football Association (GFA) has in a statement noted that the plans for the Black Stars to camp in South Africa for a training camp before the 2023 Africa Cup of Nations (AFCON) tournament has been called.

In the statement today, the Ghana FA said the Black Stars will now hold a training camp in Kumasi before traveling to Ivory Coast for the AFCON.

Meanwhile, the friendly match between Ghana and Botswana scheduled to be played on January 8 has been called off.

“The Ghana Football Association wishes to announce that following a review meeting between the Management & Technical Team, it has changed plans to camp the Black Stars in South Africa ahead of the 2023 Africa Cup of Nations.

“Ghana was originally scheduled to open a training camp in South Africa from Sunday, December 31, 2023, for a ten-day period ahead of the 2023 Africa Cup of Nations Tournament in Cote D’Ivoire. Following the decision, the team will now camp in Kumasi beginning Tuesday, January 2, 2023,” parts of the GFA statement said.

It added, “The International friendly against Botswana scheduled on Monday, January 8, 2023 in Johannesburg is called off and the FA is working on finding a new opponent for the team as part of the build up to the tournament in Abidjan.

“The Association is mindful of the request of the Black Stars Technical Team for a quiet and serene camping atmosphere, and thus, the hotel will be strictly inaccessible to the public and the media.

In addition, the training sessions of the Black Stars will be behind closed doors and not available to the public and media.

News

23year old kills Police lover

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A 23-year-old girl reportedly walked into a police station in Imo state and shot an officer, Cosmos Ugwu dead.

Ugwu was said to have been shot dead on Tuesday, December 26, by his alleged girlfriend, who was identified as Amanda Uchechi Ugo, a native of Ahiazu Mbaise Local Government Area of Imo state.

It was gathered from reliable sources that the incident occurred around 6:30 pm on Boxing Day at the Ezinihitte Area Command.

Officers on counter duty were said to have run for cover when they heard three gunshots from the room being occupied by the deceased officer.

A source said on Thursday: “When police officers ran into the room later to see what was going on, they found Corporal Ugwu lying in a pool of his blood. The girl shot him three times in his chest and his left hand. He was rushed immediately to Evergreen Hospital in Ezinihitte, where he was pronounced dead by the doctor on duty.”

Our correspondent learnt that the deceased had a serious fight with his girlfriend in the room at the police station, and in the course of the altercation, the girl reached for the deceased’s rifle, pulled the trigger and shot him three times.

“It was like a movie,” the source added.

“Nobody knows what went wrong between the two, but how the girl was able to use a police rifle successfully is still a surprise to many. Maybe, Ugwu was the one who taught her.”

The suspect is currently cooling her heels in police custody where she is facing interrogation and possible prosecution, it was gathered.

When contacted, the Police Public Relations Officer in Imo State, Henry Okoye, confirmed the incident, saying the police were doing everything to ascertain what transpired.

“Yes, the incident happened. We are doing everything to ensure we investigate the matter, to ascertain the fact and possibly arraign the suspect in court,” Okoye said.

 

 

News, Showbiz

Yaa Pono loses dad On Christmas Day

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Renowned Ghanaian Rapper, Solomon Adu Antwi, professionally known as Yaa Pono has lost his dad.

The festive celebrations took an unexpected turn for the ‘Obia Wo Ne Master’ hitmaker and his family on Xmas day as he announced the death of his father, Mr Adu Antwi via an X (Formally twitter) post today, December 28, 2023.

”Really hard 4 uptown losing my Dad on a Christmas Day .Jah guide you on your journey,,,Mr Adu Antwi ..,” he wrote.

It will be recalled that the popular crooner, in an interview on Angel FM in 2022 stated that his father has been instrumental in his rise to fame, without whom he could not have achieved the feat. Yaa Pono averred that his father broke his back to become the responsible man he has been over the years as a parent.

“My father is everything to me, and he has bestowed everything he has on me. He picked me up and drove me to where I am now, for which I am grateful.”

The rap icon thus released the song “Yegya” from the “Sovran” album to express gratitude to his father for all that he has done for him saying “if I were my dad, I wouldn’t have survived”.

By: Afia Owusu/myxyzonline.com//Ghana

News

Vanuatu Trade Commission to Ghana partners ECO- 6 and West Africa for development

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The Vanuatu Trade Commission of Ghana has signed an agreement with the African Diaspora Central Bank (ADCB)/ Eco-6 Lumi as its strategic trading partners for the Republic of Vanuatu and the West African sub-regional countries.

The Vanuatu Trade Commission Ghana represents a sovereign trading partner of the Economic Community of West African States (ECOWAS)while ECO-6 invests in members and trade partners of African Regional Economic Communities (RECs). The Vanuatu Trade Commission and ECO-6 have signed an agreement pertaining to the provision of financing of renewable energy infrastructure, as well as the development of diverse state infrastructures in Vanuatu and in the ECOWAS sub region.

ECO-6 is ready, willing, and able to invest in the Republic of Vanuatu and ECOWAS, and the Trade Commission has agreed to partner in diplomatic facilitations of the same. The agreement was signed by H.E. AMB. PROF. HUGH KEKU ARYEE, Vanuatu Trade Commissioner to Ghana, and H.R.M. REX SEMAKO I & VI KING TIMOTHY ELISHA MCPHERSON, Chairman of ECO-6 and President of the African Diaspora Central Bank (ADCB).

BILATERAL COOPERATION

To eradicate poverty, significantly increase standards of living, ensure full employment, achieve tangible growth of the economy, and meet real economic demand with supply, the Agreement advances cooperation between ECO-6 and the Trade Commission for the implementation of joint programmes and actions.

Key areas of cooperation include payments and settlements, digitization of economies, economic investment, infrastructural development, industrialisation, manufacturing, environmental protection and ecological restoration, governmental advisory, investments in social housing, energy security, food and agricultural security, education, health, transportation security, investments in SMEs, and the exchange of information for various other areas of strategic cooperation.

The investment funds made available by ECO-6 through its monetary authority, the African Diaspora Central Bank (ADCB), constitute non-recourse funding under the Diaspora Direct Investment (DDI) framework, and thereby creates no burden upon the local tax-payer. The Trade Commission shall ensure its full cooperation in the successful delivery of energy, and further preserve the strength and integrity of the LUMI as a global African currency.

This includes energy infrastructure and access to other relevant resources, commodities and/or potential carbon credits attached to such resources as may be monetized in LUMI. The energy infrastructure and or delivered electricity is the first call of ADCB. Regional Economic Communities (RECs) are the building blocks for African economic integration, and they are the foundations of the African Continental Free Trade Area (AfCFTA). Theoverarching framework for African Economic Communities was established in the “1991 Abuja Treaty for Establishing The African Economic Community”.

What is LUMI dollar? LUMI is not a cryptocurrency. It is hard money. The LUMI is underwritten by 100kWh of solar energy and pegged to 4 grains of gold. The weight of 4 grains gold is 0.2592 grams.

The primary market value of 1 LUMI is US$15.96. LUMI is distributed in digital form under regulatory license of the African Diaspora Central Bank. It is used as the base currency on the SWIFIN platform and licensable to other digital market participants.

Anyone can use LUMI to pay for goods and services from members willing and able to accept payment in LUMI for such goods and services without recourse to settlement in any other currency.

The AKL LUMI stimulus has concluded several successful pilot programs in the Americas that support have supported training, entrepreneurship, business, healthcare, skills development, social economic growth, and the advance of goods and services within a Pan-African economy.

The Vanuatu Trade Commission is working to participate in the execution of a LUMI stimulus that will assist farmers and their families both in Africa and throughout the Diaspora, and thereby tackle food security and other related issues.

The issuance of this stimulus package will begin in 2024. Business owners and entrepreneurs have the opportunity to register on the Swifin Platform at https://platform.swifin.com/ to receive the equivalent of US$10,000 in LUMI by means of a line of creditas well as individuals benefiting from same platform.

In line with this objective, various banks, Fintech companies, Brokerage organisations, and individuals can register on the new ecosystem to trade LUMI for various products and services in Ghana, West Africa,and Vanuatu.

The onboarding of financial institutions and other statutory organizations will take off as soon as the required technical and regulatory modalities are completed, predicted for the end of Q1 2024 with active engagements by private organisations, stock markets and the digital marketplace.

This will also compliment the various other strategic trade cooperations of ECO-6, inclusive of the new free-trade zone being established on the Island of Antigua and Barbuda in conjunction with the West African based company La Campagne Tropicana Beach Resort, where LUMI has been designateded asthe official currency of trade.

H.R.M. Rex Semako I & VI King Timothy Elisha McPherson, Chairman of the Economic Community of the Sixth Region and creator of the LUMI, said “We are in a new economic era. As a global African currency, the LUMI will bring economic integration and monetary stability to the continent and the Diaspora.

There is approximately eighty percent (80%) of African people who do not have access to a bank account. The LUMI will give access and allow people to participate in a new era of economic freedom through the eradication of poverty and the creation of prosperity”.

The agreement between the Vanuatu Trade Commission and ECO-6 is consistent with their commitments to climate action, poverty eradication, and inter-regional sustainable development targetswith Vanuatu as its new target for massive infrastructural development and inclusive financial global systems as the world moves towards the fourth industrial revolution.

H.E Amb. Prof. Hugh Aryee, The Vanuatu Trade Commissioner in his acceptance remarks said “Thebirth of Lumi has emerged at a time when global financial systems are moving to the new ecosystem-digital marketplace. We embrace this agreement as a sign of hope for our jurisdictional relevance of the Vanuatu Trade Commission. The LUMI will facilitate economic growth and development of Continental Africa, the 6th region of Africa and the good people of Vanuatu in the South Pacific”.

African Diaspora Central Bank (ADCB) Lumi to be launched to transform and develop West Africa and Vanuatu, bringing financial inclusion to everyone. Million Africans and our Diaspora family benefit through financial stimulus packages from the Vanuatu Trade Commission and ADCB.

News, Politics

Komenda Sugar Factory will be revived to serve it’s purpose – Mahama re-assures

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Former President John Mahama has reiterated his avowed pledge to revamp the abandoned Komenda Sugar factory to serve its intended purpose

The former President who was speaking during his tour of the Centeal region noted with concern the effort the late former President, Prof Evans Atta Mills, an indigene of the area, committed himself to build the factory, which was to create jobs and to save Ghana, millions of dollars in sugar imports to cushion the economy.

He said “we handed a prospective enterprise to them but they mismanaged it. We will revive it when we come to provide jobs for the people” he intimated

 

He continued .. “We were outsourcing funds for farmers to grow sugarcane to operationalize it but after he handed it over to them, they failed to operationalize it”

“ Under Professor Mills, a son of the soil, the then NDC government channelled a lot of development in the Central region and the next NDC government will not neglect youl’ – Me Mahama added

The NDC 2024 candidate who was addressing chiefs during a courtesy call on the Omanhene of the Oguaa Traditional area, emphasized … “We had lots of projects under Professor Mills. We built the Kotokuraba market, the Cape Coast stadium, Elmina Fish Processing plant and the Komenda Sugar factory” among others including roads, schools and health infrastructure many attest to today.

John Mahama made these remarks when he and his entourage paid a courtesy call on the Oguamanhene Osaberima Kwesi Attah II at Enintsimadze palace as part of his tour of the Central Region.

You will recall that the Komenda Sugar Factory started production of Sugar after the completion of the first phase of the project

Raw materials for production was to be supplied by outgrowers who were to receive high gain seedling variety under cultivation at a nursery.

It was estimated that Komenda Sugar factory was going to create direct and indirect jobs to over 7,000.

After years of lip service government brought in West African AgroTech to manage the company but that has been stalled as a result of lack of funding.

News, Politics

Ken Ofori-Atta’s continuous stay in office, baffling – Mahama

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2024 Flagbearer of the National Democratic Congress, John DRAMANI Mahama has questioned Finance Minister,Ken Ofori-Atta’s continuous stay in office despite his abysmal performance, which has plunged Ghana’s economy in crisis.

Speaking at Twifo Praso in the Central region as part of his #Building Ghana tour, the former President recounted how some NPP MPs, fed up with the the status quo, petitioned the President to fire his cousin.

” I can’t understand why the President has refused to remove his brother from the the Finance Ministry.
He has refused to listen to everyone.
Eighty NPP MPs signed a petition for removal of the Finance Minister but the President refused” he queried

He added .. “it’s difficult to apprehend why the same person is kept at the ministry, despite the glaring failure”

He intimated that Nana Akufo Addo himself has lost hope and has confessed that openly.

“He told journalists recently during an interview, who ever will take over as next President after him will restore the economy” – Mr Mahama recalled.

The NDC flagbearer, who several independent polls have tipped to win the next election said the next election must be a communal labour and that Ghanaians must come out in their numbers to vote against the current government.

News, Politics

Next NDC Government will resource Geological survey to explore more minerals

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Former President John Mahama has pledged to adequately resource Ghana Geological Survey and other agencies to scale up exploration for other potential minerals in large quantities for commercial use.

According to the NDC 2024 candidate, Ghana is blessed with natural resources and it’s incumbent on future governments to tap them for maximum benefit, after lessons learnt from previous agreements that have not inured to the benefit of the nation.

“Resource the Geological survey to conduct explorations across entire country so that when the foreigner come for mining then we can have a good bargaining chip” he said.

Mr Mahama who was speaking at Abura Asebu Kwamankese on Day One of his tour of the Centeal region further noted… ” We don’t do the exploration ourselves and after they have done the explorations, they then apply for the mining lease and that gives us little to take home”

Per the current arrangements according to John Mahama, Ghana only enjoys only 3% of royalties which hitherto was pegged between 6-12%.

“Ghana only gets 10% free carried interest, 3% royalties and cooperate income tax of 35%” he lamented.

John Mahama assured that the next NDC government will change the narrative so posterity will be glad of the investment from minerals proceeds in their communities.

“Our youth should be able to identify a particular developmental projects gotten from these mined natural resources mined in their communities” he said.

In a brief remark, the Omahene of Abura-Asebu-Kwamankese (AAK), Okakaben Aidan Andoh X expressed worry about the high employment rate within his jurisdiction.

According to him his traditional area is endowed with natural resources including Lithium.

Government is already under pressure to abrogate the Lithium agreement with only 13% stake for Ghana, signed recently, because critics strongly believe it’s a complete rip off

News, Politics

Debt ridden Ghana, now laughing stalk on the global stage – John Mahama

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Former President John Mahama has decried Ghana’s sunken image today on the global front.

According to him, the country today has been run down as a result of bad governance to the extent that ii has become laughing stalk.

John Mahama was speaking during his tour of the Central region said in spite of he excessive borrowing, government is now desperation begging for debt forgiveness to save the economy from crushing.

The 2024 candidate of the National Democratic Congress, NDC described the situation as unfortunate.

He said at this crisis stage, Ghana needs experience hands to save the economy from its current quagmire.

“The current state of the country is very sad because the finances of the economy is descipated and the country is pleading for debt forgiveness” he lamented.

John Mahama added that the hardship Rosa is affecting all or respecting of political affiliation

“Nana I am sure your and your sub chiefs are also feeling the heat” he told the Chiefs and people of Cape Coast.

He blamed the development on impunity and wanton corruption by the current Nana Akuffo Addo-Bawumia led administration.

Mr. Mahama made these remarks when he paid a courtesy call on the Oguamanhene, Osaberima Kwesi Attah II at Enintsimadze palace as part of his two-day #Building Ghana Tour.

According to the World Bank, Ghana’s public debt as of October 2023 is 76.63% of Gross Domestic Product (GDP).

FITCH, S&P, Moody’s and other rating agencies have all rated Ghana low.

Ghana in February this year started talks with China to restructure bilateral loans as she slowly moves forward in its goal to reorganize about $30 billion of public debt.