Dr. Ebenezer Mensah Ashley, an economist, has said, Ghana has an economic module, which is moving from a tax base economy to a production base economic approach.
He was responding to a question posed to him by Frontline host, Kwame Tutu on whether Ghana has an economic module.
The module he explained involves the expansion or widening of the tax net and encouraging more production to reduce the dependence on imports.
Dr Mensah Ashley said, the country would benefit if we have more businesses expanding so owners will pay their taxes instead of increasing the tax rate.
‘’A production base economy is one that creates more jobs. That is our focus now as a country. It is an economic approach that will benefit Ghanaians if well executed.’’
He indicated that people are discouraged in paying their taxes when it keeps increasing but when it is reduced or stabilized at a reasonable rate, people would be encouraged to pay, he insisted.
Commenting on the recent Ghana’s rating from ‘B-‘ to ‘B’, he said, this is positive for the country.
‘’This is a clear indication that we have strong economic fundamentals,’’ he suggested.
Ghana he added is gradually meeting the three major requirements earmarked for the single currency for the sub-region. West African leaders in February this year reaffirmed their political will to meet the Economic Community of West African States (ECOWAS) single currency programme by 2020. The leaders made the commitment at the fifth meeting of the Presidential Task Force on the ECOWAS single currency programme in Accra, Ghana. President Akufo-Addo at the programme urged African leaders to work towards achieving the convergence criteria needed for the implantation of the single currency. The four primary criteria to be achieved by each member country are: A single-digit inflation rate at the end of each year, a fiscal deficit of no more than 4% of GDP, a central bank deficit-financing of more than 10% of the previous year’s tax revenue and gross external reserves that can give import cover for a minimum of three months.
Commenting on the criteria, Dr. Ashley Mensahconfidently said, Ghana is on track at meeting these key requirements based on our strong economic fundamentals. The idea to have West Africa spend the ECO was birthed two decades ago. ECO is the proposed name that ECOWAS Monetary Zone plans to introduce. The aim is to merge ECO with West African CFA France, which is used by French-speaking members of ECOWAS, and then ultimately create a common currency for West Africa.
A pressure group, Centre for National Affairs (CNA), has petitioned the Special Prosecutor to investigate former President John Dramani Mahama over alleged claims that he ordered the Bulk Oil Storage and Transportation Company (BOST) to the transfer some GHc40.5 million to the office of the president.
The pressure group is alleging that the amount was transferred to the presidency under Mr Mahama.
Executive Director of the pressure group, Samuel Odame Lartey, told Kwame Tutu on Rainbow Radio 87.5Fm that, the amount was transferred into the former Chief of Staff, Julius Debrah’s-Sundries Account No. 1 with account number 1018631473188 at the Bank of Ghana (BoG).
He is also alleging that, the ‘’illegal transfers’’ were done from August 2015 until early January 2017 when the ruling New Patriotic Party (NPP) took over office.
The group in its letter said, ‘’we have also reason to believe other state agencies were directed under the previous government to make payments into the said account. The reason for such directives to be made is also unknown to the populace of this nation.’’
‘’We wish to stand on provisions in the Office of the Special Prosecutor Act, 2007 (Act 959), Section 3 (1 and 1 b), which empowers your office to investigate and prosecute alleged or suspected corruption-related offences under the Criminal Offences Act, 1960 9Act 29) and any other relevant law involving public officers, politically exposed persons and persons in the private sector to call on your office to initiate an investigation into the said account.’’
Samuel Odame Lartey told the host CNA has received a positive response from the Special Prosecutor and they are optimistic the issue would be dealt with.
Chartered Economist, Mr Emmanuel Amoah Darkwa, has said, Ghana’s new rating from B- to B is not out of place.
Speaking on Frontline on Rainbow Radio 87.5Fm, he said, some indicators might have contributed to the new rating.
According to Standard and Poor’s, it raised Ghana’s rating following ‘’improved monetary policy effectiveness’’ and stable economic outlook.’’
The report which was released on September 14, 2018 said, ‘’Ghana’s improving banking sector stability and lower inflation supports our view that the effectiveness and transmission mechanism of its monetary policy have improved. We there raising our long-term ratings on Ghana to ‘b’ from ‘B-‘. We are affirming to short-term foreign and local currency sovereign credit ratings at ‘B’. The outlook is stable.’’
Mr Amoah Darkwa in answering whether the rating could have any global effect on Ghana’s economy said, investors will have confidence in Ghana’s economy because they are investing in your economy. It is a good sign and will encourage investors to come in and invest in Ghana.’’
The rating will also help the country get access to loans and monetary supports.
He was however quick to ask if these ratings have trickled down to ordinary Ghanaians hence the need for government to roll out more policies for people to feel the impact.
Ghana’s currency is struggling to be at par with major trading currencies especially the US dollar.
Vice President Dr. Mahamudu Bawumia has said, the ruling NPP has managed the situation better than the NDC due to the 7 percent depreciation recorded over the past 18 months.
Dr. Bawumia largely blamed the cedi depreciation on the strength of the US dollar, saying the other currencies like the pounds were also struggling.
Meanwhile, the Minority in Parliament has rubbished this claim.
Commenting on this, Mr Amoah Darkwa underscored the need for proper analysis if we want to compare between the previous and current administration.
For the currency side, we need to look at our import bill against our export, debt sustainability- all these forms part of the rating.
He believes it would be too early for anyone to feel vindicated.
Drivers of Zoomlion Ghana Limited (Accra Zone) have withdrawn their services from the city this [Monday] morning.
A statement issued by the Accra Metropolitan Assembly (AMA) to that effect said, the withdrawal came without any official notice.
The statement which was signed by Gilbert Nii Ankrah, Head of Public Affairs said, ‘’In view of this situation, there are uncollected solid waste at various locations across the city.
The assembly has therefore deployed Tipper Trucks to collect all heaps as temporal measure to manage the situation.’’
The statement assured the public it will work around the clock to bring the situation under control.
‘’The Assembly wishes to assure the public that it is working around the clock to bring the situation under control.’’
Information reaching Rainbowradioonline.com has it that, the Asuogyaman District Assembly has spent an amount of GHC 92, 000 to refurbish a four-bedroom apartment for the current Coordinating Director, Moses Kobla Joshua.
Per the details available, the renovation cost GHc72, 000 and furnishing GHc20, 000 making a total of GHc92, 000.
The contract was awarded to a local Ghanaian company, Betrack Limited and payment made on May 29, 2018.
The memo from our checks was signed by the Head of Works, Mr Bismark Okrah and cost and paper works drafted by the Engineer at the Assembly Mr Danjumah Ahmed.
In another development, the Assembly has spent GHc43, 332 on four desktop computers and 4 printers.
Some aggrieved cocoa farmers in Western region have threatened a naked demonstration over plans by government to cut down all affected cocoa trees and replant them in the Western north of the region.
The governments of Ghana and Ivory Coast have launched a programme to cut down all cocoa trees affected with diseases and replant new ones.
But the aggrieved farmers have staged a protest saying the planned cutting down of the affected trees will bring more harm than good.
They have also suggested there wouldn’t be proper compensation should the affected trees be destroyed.
Spokesperson for the farmers, Mr Stephen Gyedu, told Nyankonton Mu Nsem on Rainbow Radio 87.5 Fm that, they have not been properly briefed hence the need for government to rescind the decision, engage them properly before embarking on the exercise.
The move if carried would render several residents jobless, he lamented.
An estimated 40 percent of Ghana’s unproductive cocoa trees are to be cut down.
The joint action between Ghana and its neigbouring country is a step up efforts at fighting the Cocoa Swollen Shoot Virus Disease (CSSVD) Control Programme at Pilla 34 and Manzanouan, both border towns in the Western North Coca Region.
The exercise would require the farmers to cut down their cocoa trees for new ones to be planted with modernized technology that is being introduced by government.
President Nana Addo Dankwa Akufo-Addo has slammed his opponents and critics describing them as people lacking understanding.
The president told residents in the Central region he was attacked, vilified, insulted and ridiculed when he promised to roll out the free senior high school policy, the one-district-one-factory among others.
According to the president, his opponents exhibited incompetence during their tenure and because of that, they could not roll out policies to benefit Ghanaians.
The free senior high school he reiterated will continue despite the challenges and assured Ghanaians of an accountable, transparent and incorruptible style of governance.
‘’My opponents told you I was deceiving you when I promised free SHS. Is the free SHS not being implemented? They told you I was deceiving you and campaigned against my policies but today, the promises are being fulfilled one after the other. I will ensure that all my promises are fulfilled. I will not disappoint Ghanaians.’’
On Sunday, the president asked the Christian community to remember him in prayers when he visited the Emmanuel Methodist Church.
He admonished the congregants to always pray for him so he could fulfill his promises he gave citizens in 2016.
The President of the Republic, Nana Addo Dankwa Akufo-Addo, on Saturday, 15th September, 2018, commissioned a 20-megawatt solar plant, and inspected ongoing works at the Casa de-Ropa Ltd, a “1-district-1-factory” initiative, all in the Gomoa West constituency.
Speaking at the commissioning of the 20-megawatt solar plant at Gomoa Onyaadze, President Akufo-Addo noted that the facility, constructed and operated by Meinergy Ghana Ltd., represents a significant a contribution to Government’s policy of having environmentally friendly technology in the country’s energy generation mix.
With Government having committed itself to having, by 2020, 10% of its energy generation mix coming from renewable energy, the President indicated that his administration has put in place measures “that will help us, within a decade from there, to have renewable energy as the majority of the generation mix of our country.”
This, he stressed, is to help Ghana fulfill its commitments, under the Paris Agreement, of using environmentally friendly technology to help address the issues of climate change.
In addition to this, President Akufo-Addo indicated that his government is in the process of rationalising the contribution of Independent Power Producers (IPPs) to the country’s energy development.
“When we came into office, we inherited a plethora of IPP agreements, all of whom were contracted at the time of our crisis and, therefore, left us in a weak position, and got us accepting tariff rates of 18 cents per kilowatt hour and over. In an area in the world where 10 cents per kilowatt hour is the maximum, we are producing IPP agreements at 18 cents per kilowatt hour,” he said.
The President added, “Those are not acceptable arrangements. So, in future, we are going to insist that IPP arrangements are created out of competitive bidding, because it is only by that process that we will be able to get the competitive rates that both our domestic consumers as well as our industrial users need and can work with.”
These directives, he stressed, have gone to the Ministry of Energy, Electricity Company of Ghana, for enforcement.
He assured that future agreements with IPPs will only be consented to and operationalized through competitive bidding.
“And then, we are in an age where renewable energy facilities are being produced domestically. So, we want to get to a situation here in Ghana whereby these solar panels are produced domestically. And it can be done within the confines of the one district one factory initiative,” he added.
In total, Meinergy Ghana Ltd., has installed 64,400 solar panels, 400 smart inverters and laid 15,000 DC cables, in order to set-up the 20-megawatt plant.
President Akufo-Addo also paid a familiarization visit to the Casa de-Ropa Limited, a factory under Government’s 1-District-1-Factory initiative and supported by the EXIM Bank, located at Gomoa Beadze, near Winneba.
The factory, sited on a 500-acre land, currently has over one hundred acres of sweet potato under cultivation. The factory also has developed five dams to irrigate the farms, and, thereby ensure all year farming.
The company processes Orange Fleshed Sweet Potato into four main products namely “Nature’s Harvest Potato Bread”, “Nature’s Harvest Potato Crisp”, “Nature’s Harvest Potato Chips”, and “Nature’s Harvest Potato Biscuits.”
Credit: The Presidency
Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom has called for calm following the banking crisis that has hit the country.
The business mogul has underscored the need for the panic withdrawals to be checked before it generates negative implications for the economy.
In a post on official Facebook page, Dr. Nduom said, "If we trust each other’s words of commitment, we must not panic, flock to banking halls and fight to withdraw our deposits. This fear must be checked otherwise it will sink our economy. It is also important to put partisan politics when it comes to the financial markets - jobs, enterprise, money, opportunity cannot wear political colours. We have everything going for Ghana to rise and enjoy a well-performing economy."
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LET’S SOLVE THE CRISIS IN THE FINANCIAL MARKET TOGETHER - THE PANIC CAN SINK THE ECONOMY
Government has committed itself to ensure the safety of deposits in the banking system. So deposits at regulated institutions are not at risk and will not be lost. Indeed depositors have not lost money even when a bank has collapsed. Even more important, the Bank of Ghana is implementing measures to strengthen governance at the banks. Shareholders, directors and management have been put on notice to abide by regulations. Customers have been asked to make sure they pay back funds given to them as loans. Government agencies have expressed the willingness to source funds to pay contractors and suppliers.
If we trust each other’s words of commitment, we must not panic, flock to banking halls and fight to withdraw our deposits. This fear must be checked otherwise it will sink our economy. It is also important to put partisan politics when it comes to the financial markets - jobs, enterprise, money, opportunity cannot wear political colours. We have everything going for Ghana to rise and enjoy a well-performing economy.