Category: General

Dr. Mustapha Abdul-Hamid, Chief Executive of National Petroleum Authority has been re-elected as President of African Refiners and Distributors Association (ARDA) for a second term in office.

Speaking to the Ghana News Agency from Cape Town, South Africa, Dr Mustapha said his re-election was unanimously confirmed by the Annual General Meeting(AGM) of the Association, following the re-nomination by the Executive Secretary and unanimous approval by the Executive Committee in Cape Town, South Africa.

He said he had in the last one year led the continental body to achieve its strategic objectives.

Over the period under review, he led ARDA to improve its presence and visibility by securing key continental and global energy platforms to advocate the inclusion and participation of the African downstream in the global energy transition conversations.

‘These global platforms have helped to secure strategic partnerships and alliances’.

Dr. Abdul-Hamid said his leadership had also secured financial stability for
the Association through improved membership drive with dues payment and sponsorships from strategic partners.

He said he had also initiated structural reforms in the organisation to improve inclusion and working conditions of staff at the Secretariat of the Association.

Dr. Abdul-Hamid will serve for his last one year term.

Source: Ghana News Agency

Mr Seth Terkper, a former Finance Minister, has cautioned the government against complacency as Ghana begins to see some positive signs of economic growth under the ongoing US$3 billion loan-support programme with the International Monetary Fund (IMF).

He admitted that the Fund’s programme, though in its formative phase, has led to the Ghanaian economy showing some bright prospects, but described it as ‘a lacklustre (an uninspiring) performance, which does not give much hope.’

Responding to a question from the Ghana News Agency on the performance of the economy so far, he said, ‘it’s good for the economy, and Ghanaians, but it’s important not to allow things to get bad, particularly the depletion of buffers.’

He was speaking at a virtual media briefing on Ghana’s ongoing IMF Extended Credit Facility (ECF), backed by a homegrown Post-COVID-19 Programme for Economic Growth (PC-PEG).

‘For a true assessment of every Fund programme, normally it’s going to the end of the programme; we’re barely a year into this
one from the first review, but we’ve shown the positives,’ he said.

Mr Terkper, who is now the Executive Director of a consulting firm, Public Financial Management (PFM) Tax Africa Network, said more ought to be done, especially on reducing the country’s expenditure and debt.

He called for the setting up of a credible debt repayment system and a debt management office, which he said would be helpful in refinancing and reduce debt accumulation.

‘This is as urgent as it was when we set up the sinking fund in 2013/2014. Immediately we set up the Sinking Fund, and we did the refinancing, the rate of debt accumulation started to decline,’ he said.

‘If you do not set aside money for debt repayment when you’re growing, it’s a mirage, you can never reduce your debt accumulation,’ the former Finance Minister emphasised.

Zero financing by the Bank of Ghana, a 2015 World Bank bond, and a Treasury Single Account, and ESLA to pay off Independent Power Producers (IPP) debts, all helped to slow down debt accumulation,
he noted.

‘You can grow your way out of debt, if it were possible, we would have achieved it. You cannot grow your way out with one major qualification if you do not channel part of that growth into debt repayment,’ he said.

Going forward, he called for more domestic tightening to reduce expenditure, noting that, ‘revenue is still stagnant though targets were exceeded last year. The significant levies we imposed did not bring in the necessary revenue boost.’

Regarding cost-cutting measures under the 2015 IMF programme to ensure fiscal consolidation particularly in an election year, he urged the government to temporarily suspend some school and hospital projects.

To improve creditors and investors’ confidence in the economy, Mr Terkper encouraged the Ministry of Finance to provide timely information on the country’s debt and arrears situation.

Ghana’s US$3bn loan-support programme is aimed at restoring macroeconomic stability and debt sustainability, build resilience, and lay the foundation for stronger a
nd more inclusive growth.

The country has in the first two tranches received some US$1.2bn, which impact has been a growth in Gross Domestic Product (GDP) of 2.9 per cent at the end of 2023, reduction in inflation, and exchange rate depreciation.

At the just ended IMF/WBG Spring Meetings in Washington, US, Ghana reached an interim agreement with external creditors on debt restructuring, but could not sign a Memorandum of Understanding (MoU) in that regard.

The Fund, however, indicated that though the MoU was important, the country would not need it before the disbursement of the US$360m third tranche, expected in June, when the Executive Board of the Fund meet.

Source: Ghana News Agency

The Municipal Chief Executive (MCE) of Tarkwa Nsuaem Assembly, Mr Benjamin Kessie, has paid a working visit to the Techiman and Adieyie communities.

He was accompanied by the Municipal Coordinating Director, Mr Boffour Ahmed Haruna, Presiding Member, Mr Joseph Kwofie, Assembly member for Teberebie electoral area, Mr Bernard Obeng and heads of department, among others.

The objective of the visit was to assess the development challenges facing the two communities and find permanent solutions to them.

The communities lacked good roads, portable drinking water, access to communication network, proper sanitation facilities, employment, teachers, and nurses’ quarters.

Nana Kwame Yeboah, Chief of Techiman, appealed to the assembly to include their school in the Ghana School Feeding Programme, adding that ‘The programme will impact positively on enrollment, attendance and retention of children in the kindergarten and basic school in Techiman.’

At Adieyie community, Nana Damtey I, Chief of the area, called on the
assembly to complete the market project to enable women who trade in the community go about their business smoothly.

Addressing the communities separately, Mr Kessie assured them that the assembly had put in the necessary measures to bring development project to all the communities in the municipality.

He urged the residents to work together with the assembly and ensure they maintained peace in every community, stressing that development could not take place in an area where there was no peace and unity.

Source: Ghana News Agency

Professor Jane Naana Opoku-Agyeman,NDC Running Mate of former President John Dramani Mahama has joined a NDC delegation of NDC members in Dzodze to pay their last respects to late Modestus Yao Zebu Ahiable.

The late Ahiable served as the MP for Ketu North from 1993 to 2005.

He was also Ghana’s Ambassador to the Republic of Benin, Volta Regional Minister, and Volta Regional Chairman of the NDC, among others.

A statement copied to the Ghana News Agency in Accra said Prof Opoku-Agyeman prayed for the soul of the late Politician cum Diplomat.

She called on the family to take heart and hope that his soul will find a place in the bosom of the Lord.

Source: Ghana News Agency

Verna Natural Mineral Water, has been adjudged the overall winner of the Ghana Beverage Awards (GBA) 2023 as the product of the year.

Other 20 categories of products, which received awards were Vitalmilk Energy, Koa Natural Cocoa Fruit Juice, Reign Baobab and Hibiscus, Adonko Bitters, Voltic Natural Mineral Water, Bel Cola, Jonnie Walker, Orijin RTD, Bailey Irish Cream, Heineken, Reign Rum, and Smirnoff, among others

Senator Benedict Murray-Bruce, Chairman, Silverbird Group, and the guest of honour of the occasion in a speech, congratulated the Global Media Alliance (GBA) for organsing the programme to showcase and promote Ghanaian business.

He urged Ghanaians to patronize products produced by the indigenous companies to boost the economy and to create job opportunities, instead of having more preference for foreign products.

Senator Murray-Bruce called on the government to strengthen the borders by paying attention to products that were being brought into the country to protect the local industries.

‘Th
e cedi cannot be stable against the foreign currencies – the euro, dollar, and pound if you have an open-door policy that allows any product into the country. You must protect your borders and the cedi,’ he stated.

Mr Murray-Bruce said: ‘Ghana is a great brand. You must use what you have to develop your economy. When foreigners come here let them eat your local food and drink your beverages first, if not; let them drink African beverages next before theirs.

‘This would help promote tourism, support the beverage industry and enhance the growth of the economy.’

The Senator commended Ghanaians for their great hospitality and the peace in the country, saying, ‘You criticize yourselves and the Government, but see the kind of things happing in the rest of Africa and you will be so happy and proud to be a Ghanaian.’

Mr Mark Okraku-Mantey, Deputy Minister, Tourism, Art, and Culture, lauded the GBA for sustaining the programme since its inception, saying that the beverage industry could not be under-rated for its
contribution to job creation and revenue generation.

‘The Nana Akufo-Addo government has made it a point to make the tourism industry the number contributor to the country’s Gross Domestic Growth and in doing so, we will need your support while we create the enabling environment for tourists’ attraction to enhance our economy,’ he said.

Mr Ernest Boateng, Group Chief Executive Officer, Global Media Alliance in a welcoming address, said the beverage industry played a critical role in the socio-economic growth of any nation and contributed significantly to revenue generation for nation building through creation of jobs and provision of service, among others.

‘This gives us great pleasure to offer a platform such as the Ghana Beverage Awards that encourages communication and networking among Ghana beverages industry enthusiasts whilst giving major players and stakeholders the chance to exchange ideas for the growth of the industry,’ he said.

Mr Boateng applauded the industry players for their community-based
recycling and waste management initiatives, which had led to educating and sensitizing consumers on meaningful waste management and supporting the sustainability agenda of local beverage manufacturers.

‘In recognition of the remarkable efforts of the beverage industry players towards the attainment of a more sustainable future, the GBA this year incorporated the Sustainability Champion of the Year category into its catalog of categories to identify and reward their relentless efforts in this regard,’ he stated.

‘As we celebrate the achievement of the beverage industry, let us celebrate our shared commitment to building a more sustainable future,’ he concluded.

Source: Ghana News Agency

Some residents in Tema Community One have called for clarity and a timeline from the Electricity Company of Ghana (ECG) on its announcement of ending the erratic power supply soon, popularly known as ‘dumsor’.

Mr Herbert Krapa, the ECG Board Chairman, who doubles as the Deputy Minister of Energy, assured Ghanaians on April 24 this year, that the ‘dumsor challenges will be over in a few days,’ noting that the government has taken measures to ensure a stable power supply for consumers.

Reacting to this, Mr Justice Osei, a resident, told the Ghana News Agency that it was important for the ECG to provide clarity and precision in addressing the power issue.

He said the persistent power outages were unbearable and affecting their lives particularly during the night when sleep becomes difficult because of the excessive heat.

‘We need clarity from the authorities; a few days could mean weeks, even months; we deserve a concrete date for the solving of this ongoing problem,’ he said.

Madam Emmanuella Addo, a provi
sion shop owner, expressed hope that the Board Chairman of the ECG would keep to his words and resolve the issue as soon as possible.

She said ‘dumsor’ was affecting her work because the unexpected power cuts gave little room for effective planning of routines to prevent provisions that needed refrigeration from going bad.

Mr Kwame Appiah, a tailor, said the load-shedding had made it difficult for him to meet his time target production of clients’ clothing.?

He said it would be good if the issue was resolved soon and permanently to help improve business quality.

Source: Ghana News Agency