Former President John Mahama says a future NDC government will within one year pay all customers whose investment have been locked up as a result of the financial sector cleanup undertaken by government.
“We will Within one year of being in office pay customers of the collapsed financial institutions all funds locked up. We shall not put together any long plan that will delay the payment,” Mahama stated at the outdooring of his running mate Professor Jane Naana Opoku-Agyemang in Accra.
The Bank of Ghana (BoG) in 2017 embarked on a comprehensive reform agenda to strengthen the regulatory and supervisory framework for a more resilient banking sector.
While some banks had their licences revoked, others have been merged for their inability to raise the new 400 million-cedi minimum capital requirement as of December 31, 2018.
For other banks, the central bank revealed acquired their licences fraudulently and through the use of non-existent capital.
In the midst of the revocation of licenses and the collapse of these banks, the government established the Consolidated Bank of Ghana in which assets and liabilities of seven collapsed banks were transferred.
BoG establishes Consolidated Bank for 5 distressed banks In all, seven banks- UniBank, The Sovereign Bank, The Beige Bank, Premium Bank, The Royal Bank and Heritage Bank, have been consolidated.
At the end of the two-year reform, only 16 banks were able to recapitalised successfully while three merged with five banks receiving bailouts from the government. One bank exited the sector voluntarily.
This has brought the total number of universal banks in the country to 23 from the previous 33.
The 23 banks which survived Ghana’s banking sector clean-up On the face of the reduction, it may seem that only 10 banks have ceased to exist, but considering that there were mergers and acquisitions, as many as 16 banks ceased to exist.
How?
Here is the breakdown.
Two banks: UT Bank and Capital Bank, were first taken over by GCB Bank in a purchase and assumption agreement.
Seven Banks: The Sovereign Bank, The Beige Bank, Premium Bank, The Royal Bank, Heritage Bank, Construction Bank and UniBank had their licenses revoked and placed under the Consolidated Bank of Ghana. One Bank exit: The Bank of Baroda as part of its reforms willingly folded up operations in the country and exited.
Six Banks merged (3 mergers): First Atlantic Merchant Bank Limited and Energy Commercial Bank, OmniBank Ghana Limited and Bank Sahel Sahara Ghana and First National Bank and GHL Bank Limited reached merger agreements. What this means is that each of these banks ceased to exist as they initially did. This now leaves only 23 functional universal banks in the country.
Governor of the BoG noted the 23 banks are “better capitalized”, “more liquid”, “more robust” and make for a better economy.
Chief Executive Officer (CEO) and founder of the Atta Mills Institute, Mr Koku Anyidoho has indicated his readiness to serve the nation in any capacity should President Nana Addo Dankwa Akufo-Addo appoint him.
According to him, so long as the appointment is not a ministerial one, he will accept any space to champion the course of advocacy and talent modelling as the Atta Mills Institute has started doing in the country.
Speaking on Okay FM’s ‘Ade Akye Abia’ Morning Show, the former Deputy General Secretary of the largest opposition National Democratic Congress (NDC) in showing appreciation to President Akufo-Addo for building a befitting resting place for the late President Atta Mills said any appointment which will build the nation is welcomed by him.
“In the interest of Ghana, I will accept an appointment devoid of politics from the President. That is what I am already doing at the Atta Mills Institute, Civic Education and public policy advocacy”.
“I am not looking for a ministerial appointment; that is not what I am interested in, but I am just interested in the space to function. There must be some space to function. God has blessed me as a young man,” the former Spokesperson of the late President Atta Mills said.
He reiterated the need for the country to model people around certain values and character in the country through institutes like the Atta Mills Institute, Kuffour Foundation and possibly one from President Rawlings, as the country will not go anywhere should things be taken for granted.
“We should be able to model people around certain values and character in the country through institutes like the Atta Mills Institute, Kufuor Foundation and I am hoping that President Rawlings will have his very soon.”
“We should not leave everything by chance, otherwise, we will not go anywhere. Let’s identify talents and mould them because that is the only way we can build this country. We must deliberately nurture talents in a conscious way and that is what Atta Mills Institute sought to do,” he stated.
Outlining some of the things the Atta Mills Institute has done so far, Koku Anyidoho said that the institute as part of its activities had a forum at Allianz Francois with Prof Kwesi Aning, Lawyer Moses Foh-Amoaning and Madam Josephine Nkrumah about building resilience and creating a culture of politics and character in values. .
The President of the Republic Nana Addo Dankwa Akufo-Addo will from Monday 27thJuly, 2020 begin a three-day tour of the Northern, North East and Savanna regions of the country.
He is expected on this tour to commission projects, break ground for new projects to begin and visit the revered palaces of traditional authorities.
As such, President Akufo-Addo will pay a courtesy call on the Kusawguwura and proceed to commission the Yapei Water Project in the Yapei Kusawgu constituency on Monday July 27 to mark Day One of the tour in the Savanna Region.
Day Two will also find the President in the North East and Northern regions. He will call on the Nayiri and proceed to commission the Nalerigu Water Project. He will also cut the sod for work to begin on an Ultra-modern regional office for the Youth Employment Agency in Nalerigu in the North East region.
The final day’s tour schedule will begin with a courtesy call on the Yaa-Na, Mahama Abukari II, in Yendi. The President will also cut the sod for the construction of the Yendi Water Project and to Damongo in the Savanna region to pay a courtesy call on the Yagbonwura and cut the sod for the Damongo Water Project to also begin.
This activity will be the climax of the President’s tour of the three regions.
The Chamber of Petroleum Consumers Ghana (COPEC) has called on commercial drivers to immediately reduce transport fares due to the President’s decision to lift the restriction placed on commercial vehicles in the wake of the COVID-19 pandemic.
President Akufo-Addo announced on Sunday that commercial buses and taxis are to load at full capacity.
In his 14th Covid-19 update to the nation, the President, however, noted that safety protocol must still be observed by passengers.
“In consultation with the Ministries of Transport and Aviation and the leadership of transport operators, Government has taken the decision to lift the restrictions in the transport sector, and allow for full capacity in our domestic airplanes, taxis, trotros and buses.”
In a statement, COPEC explained that the President’s directive means revenue which was being lost by the commercial drivers will be restored hence the need to reduce transport fares.
“What this directive means is that every revenue that until date has been losing per trip by the commercial transport operators before the announcement during the period and for which commuters have recently been forced to cough up additional 15-30% transport fare increases is now restored in favour of our commercial transport operators and thus the recent increases of between 15-30% must and should be reversed forthwith.”
COPEC added “We are, by this statement calling on some of our major stakeholders in the transport sector including the GPRTU, Concerned Drivers Association, Committed Drivers Association and the Ghana Road Transport Cordinating Council to immediately without fail, ensure that transport fares are reversed by close of day tommorow, not only to previous rates but a further 5% reduction possibly on the previous rates before these recent increases since fuel price variance as at this point remains positive by at least a further 12% from the pre covid-19 lockdown period.”
Below is the full statement by COPEC
REDUCE TRANSPORT FARES IMMEDIATELY.
The President of the Republic in his 14th Covid-19 address to the nation on Sunday has among other things issued new directives for the commercial transport operators to forthwith pick the normal number of passengers as before the lockdown and the accompanying social distancing restrictions.
What this directive means is that every revenue that until date has been losing per trip by the commercial transport operators before the announcement during the period and for which commuters have recently been forced to cough up additional 15-30% transport fare increases is now restored in favour of our commercial transport operators and thus the recent increases of between 15-30% must and should be reversed forthwith.
The Chamber takes cognisance of the fact that the period prior to the covid-19 lockdowns and restrictions had fuel prices trading at ghc5.650/litre but due to a global fall in demand and its attendant effects on pricing, fuel prices dropped by over 30% to below Ghc3.890/litre and has in recent times gone up marginally by a cumulative average of 16% to currently average 4.80/litre at the pumps.
The above thus renders any possible argument on the part of transport operators for stay of current transport fares at this point, citing the marginal fuel price increases as an excuse ostensibly to deny Ghanaian commuters the deserved reductions in transport fares moot since the fuel price variance before and after the lockdown period remains a distant 10%+ positive to the commercial transport operators at this point.
We are, by this statement calling on some of our major stakeholders in the transport sector including the GPRTU, Concerned Drivers Association, Committed Drivers Association and the Ghana Road Transport Cordinating Council to immediately without fail, ensure that transport fares are reversed by close of day tommorow, not only to previous rates but a further 5% reduction possibly on the previous rates before these recent increases since fuel price variance as at this point remains positive by at least a further 12% from the pre covid-19 lockdown period.
Signed.
Duncan Amoah Executive Secretary.
The National Democratic Congress (NDC) flagbearer, John Mahama, will outdoor his running mate, Professor Jane Naana Opoku-Agyemang, later today [Monday, July 27, 2020].
The outdooring will see Prof. Opoku-Agyemang make her maiden policy statement after her announcement as running mate.
The event has been scheduled for 6:45 pm.
It will also be broadcast live on various radio and television platforms as well as on social media.
Prof. Opoku-Agyemang was named as the running mate to Mr. Mahama on June 6 amidst mixed reactions from across the political divide.
She has since met with women leaders of the party and appeared on some public platforms with Mr. Mahama.
In a Facebook post announcing the ceremony, Mr. Mahama described his running mate as a distinguished and respected academic with a healthy mixture of innovative policy initiatives, quality outcomes and massive infrastructural development in the education sector to her credit.
About Prof Opoku-Agyemang
Professor Opoku-Agyemang, a former Minister of Education, was born on November 22, 1951, at Cape Coast in the Central Region but hails from Komenda.
She attended Anglican Girls’ Secondary School at Koforidua and Aburi Presbyterian Girls’ School.
She had her secondary education at the Wesley Girls’ High School in Cape Coast from 1964 to 1971 where she was the School Prefect in her final year.
Prof. Opoku-Agyeman has a Diplome Superiere D’Etudes Francaises from the University of Dakar, Senegal in 1976 and B. A.(Hons) with a Diploma in Education at the University of Cape Coast in 1977 and obtained her Masters and Doctorate degrees from York University in Toronto, Canada in 1980 and 1986 respectively.
She taught and worked at the University of Cape Coast from 1986 and held various academic positions including Head of the Department of English, Dean of the Faculty of Arts, Warden of Adehye Hall, Valco Trust Fund Post-Graduate Hostel, and the Founding Dean of School of Graduate Studies and Research.
Prof. Opoku-Agyeman in 1997 held the position of Academic Director of the School for International Training in the History and Cultures of the African Diaspora.She chaired over 20 Boards and Committees including the Council of the University College of Education, Winneba 1998-2002; Joint Co-coordinator of the Specialist Programme in English Language and Ghanaian Culture for Japan Overseas Co-operation Volunteers 1991-1993.
Former President John Mahama has joined the widespread calls for justice for a 90-year-old woman who was gruesomely murdered at Kafaba, Savannah Region.
The deceased, Akua Denteh, was lynched by some community folk after a priestess reportedly accused her of witchcraft.
Decrying the attack, Mr. Mahama said “our society and institutions failed the poor 90-year-old woman.”
“Where were our Assembly Members, Unit Committees, the Police and BNI when it mattered most,” the NDC Presidential nominee quizzed, adding “it was sad to see a crowd standing by and watching the gruesome spectacle.”
He added: “Very sad reflection on us as a people in the 21st century. Just by luck, someone captured the sorry sight on a smart phone. How many more Dente Akua’s have died pitiful unrecorded deaths?
Police in the Savannah Region have, meanwhile, began investigations into murder.
The Inspector-General of Police James Oppong Boanuh has dispatched homicide experts to the Savannah region to help search for murderers, a statement from the police chief’s office said.
The IGP has also announced a GH¢2,000 reward for information leading to the arrest of any of the suspects.
“Any person with credible information that could lead to their arrest should contact Police in Savannah region or call Police toll free on 18555 or 112 or on mobile phone numbers 0550323323, 0275000156 or on WhatsApp 020-6639121,” the statement added.
Parliament will begin its scrutiny and debate of the supplementary budget presented by the Finance Minister, Ken Ofori-Atta today, Monday, July 27, 2020.
Majority Leader Osei Kyei Mensah Bonsu has already indicated that the House will extend the duration of daily sittings to allow ample time for the budget debate if need be
“The House shall have to extend sittings beyond 2 pm as stipulated in article 42 to enable the completion of the single business for each day of the week under consideration,” he noted in reference to Parliament’s standing orders after the supplementary budget was presented last Thursday.
In the review, the Finance Minister requested for a supplementary budget of GHS11. 8 billion, to support government’s expenditure for the rest of the year towards the implementation of various initiatives to strengthen the economy.
I am happy that I have the opportunity this evening to engage with you, again, in your homes. I want, at the outset, to thank all of you for your prayers and expressions of good wishes when doctors advised me to go into quarantine for two (2) weeks. God being so good, I am back again at work. I thank you very much for your concern.
It has been a month since I came to provide you an update on the measures being taken by my Government to combat the Coronavirus pandemic.
And it has been almost five (5) months since our lives were turned upside down, and, indeed, the whole world was forced into a crisis of unimaginable proportions. This crisis, that dramatically affects lives and livelihoods, has plunged the world into unchartered waters, as even the experts admit that they are having to learn as we go along. This new, unknown virus has led the world and its economies to a violent halt, and has brought death and fear into our lives.
We, in Ghana, rose to the occasion, and introduced measures to protect lives and livelihoods. Fellow Ghanaians, back in March, most of us hoped passionately that the effects of the virus would wane quickly, once we took the steps that had been recommended to contain the spread. Even the most hard-headed expert opinion suggested that, by the middle of the year, the spread of the virus would be on the wane.
We are now at the end of July. The virus is still raging. There is not an effective treatment yet. As time goes on, we – and, indeed, the world – have come to understand that COVID-19 is not a problem, which will go away on its own.
Ultimately, salvation will come with an effective and accessible treatment. We hope and pray that this will happen tomorrow, but it may very well happen in a couple of months, in a couple of years or it may take even longer. Until then, we have to learn to adapt to the conditions.
It is not normal that we have to wear masks, but now we have to; it is not normal that we cannot shake hands with each other; and it is certainly not normal that we cannot hug our family members and loved ones; but that is our current reality. Until treatment is found, COVID-19 will remain a part of our lives.
But life cannot be put on hold indefinitely, and Ghana cannot remain in a never-ending crisis management situation, and that is why we have been putting measures in place to restore gradually some normalcy in our social and economic lives, as we learn to cope with the reality of the virus.
Probably the most significant of these measures has been the gradual reopening of the schools to enable final year students at various levels of education finish the school year and take their exams.
Since the last time I addressed the nation, we have seen over seven hundred and fifty thousand persons, comprising students, teachers and non-teaching staff, in our Junior High Schools returning to school to prepare for and sit the Basic Education Certificate Examination.
Last Monday, the three hundred and seventy thousand final year SHS students, who have been in school for five (5) weeks, started writing the West African Senior Secondary School Certificate Examination. One hundred and twenty-seven thousand, one hundred and forty-three (127,143) students in our Universities and other tertiary institutions have now all virtually completed their final examinations.
The safety and good health of students and staff have been the paramount considerations in the reopening of schools, and we have, therefore, insisted on full adherence to the enhanced COVID-19 protocols.
That is why, as has already been widely publicised, we undertook a massive mobilisation and deployment of logistics to our educational facilities to help ensure that learning is conducted in an atmosphere of safety, as we continue to limit and contain the spread of the virus in our country.
All of these reiterate the commitment of Government to protect the lives of all those involved in the phased re-openings of our schools, and I will not renege on my obligation towards either our children or their parents.
Mercifully, we have witnessed only a few cases of infections in our Universities and other tertiary institutions; the few students who tested positive in a few of our Senior High Schools have all either recovered or are on the path to full recovery, and will write the WASSCE; and the few final year Junior High School students, who have tested positive and who are largely asymptomatic, are being managed in isolation centres.
Government continues to engage with the stakeholders in the education sector to determine the conditions for the future re-opening of schools, after the current examinations are concluded by mid-September. I will keep you fully informed about the outcomes.
Three days ago, the Minister for Finance, the hardworking, highly patriotic Ghanaian, Ken Ofori-Atta, went to Parliament, and gave the country a candid view of the state of affairs of our economy. Not only did he present a compelling review of the efforts put in place over the last three and half years to stabilise and grow our economy, he was also able to paint a credible picture of hope for the future, despite the ravages caused by COVID-19.
It is reassuring to see working in real life the bold decision to implement a Relief, Resilience and Recovery plan, with the overarching aim of providing relief to the ordinary Ghanaian, and being able to find more resources to strengthen the productive sectors of the economy to ensure sustained economic activity.
Government was able to feed thousands of our people during the period of the lockdown. From April to June, Government gave additional allowances to our healthcare workers, ensured free access to water for all households across the country, fully absorbed electricity bills for one million active lifeline customers, and granted a fifty percent (50%) subsidy on electricity bills of all other customers, using the March 2020 bill as the benchmark. Through the Coronavirus Alleviation Programme Business Support Scheme, six hundred million cedis (GH¢600 million) is being disbursed to support micro, small and medium scale enterprises, which have been affected by the economic downturn caused by the pandemic.
It bears repeating that some of these incentive packages have been extended for the next three months. In my thirteenth (13th) update to the nation, I announced the extension of incentive packages for health workers by another three (3) months, i.e. July, August and September.
In the Finance Minister’s mid-year budget review, he, again, announced that all Ghanaians are to enjoy free water supply for another three months. I intend to have it reviewed at the end of the period. Government is also extending free electricity supply to lifeline tariff customers until the end of the year. The Communication Service Tax has also been reduced from 9 percent to 5 percent, effective September 2020.
Once approved by Parliament, a National Unemployment Insurance Scheme will be instituted, and will provide temporary income support to workers that have lost their jobs. Government is increasing funding, under the CAP Business Support Scheme, with an additional one hundred and fifty million cedis (GH¢150 million), to ensure an increased number of beneficiaries. Furthermore, as indicated by the Minister for Finance, Government is establishing a Guarantee Scheme of some two billion cedis (GH¢2 billion) to enable businesses access credit at more affordable rates so they can survive, and better able to retain jobs.
All of these reaffirm our determination to save lives, jobs and livelihoods, revitalise our economy, and safeguard the future of our country. I assure you that, under my watch as President of the Republic, Government will continue to work to create a diversified, transformed economy, fashion a conducive business climate that will deliver development, progress and prosperity for all Ghanaians. This is my solemn pledge to you.
Fellow Ghanaians, we are in the fifth month of the outbreak of COVID-19 on our shores. At first glance, it is alarming to see that thirty-two thousand, nine hundred and sixty-nine (32,969) people have so far contracted the virus. But a closer look at the data will tell you that we are steadily on the path towards limiting and containing the virus, and, ultimately, defeating it. The figure to look out for is the number of active cases.
When I delivered Update No. 13, the number of active cases in the country, i.e. those who, as at 27th June, 2020, had the virus, stood at four thousand, two hundred and forty-five (4,245). As at midnight of 24th July, nearly a month later, the number of active cases in Ghana stands at three thousand, three hundred and seven (3,307). Again, a month ago, the number of recoveries stood at twelve thousand, nine hundred and ninety-four (12,994). Today, it is twenty-eight thousand, nine hundred and twenty-seven (29,494). This means our recovery rate has improved from seventy-five percent (75%) of positives, a month ago, to eighty-nine point five percent (89.5%), all in one month currently.
Our hospitalisation and death rates have, consistently, been very low, some of the lowest in Africa and in the world. The Ghanaian people, mercifully, are not dying of the virus in the hundreds and thousands that were earlier anticipated and predicted, and that are being seen on a daily basis in some other countries. The behaviour of this virus has baffled the experts and defied most predictions, but five months on, we can say that we are witnessing a much milder manifestation of the virus in the country, than was initially feared. The rate of virus-related deaths has remained, persistently, low at 0.5% of confirmed cases.
And, I dare say, it is the Grace of God and the measures taken by your Government, with your support, that have produced this result. It is also importantly due to the immense dedication and hard work being exhibited by our healthcare workers, who continue to care for those affected by the virus, and for the sick in general, and to whom we continue to remain indebted.
I must mention at this stage the completion and handing over on Friday of the one hundred (100) bed Ghana Infectious Diseases Centre at the Ga East Municipal Hospital. This is a world-class facility, which serves as an example of co-operation between the public and private sectors in our country. The project was conceived and executed by a group of private sector people, with the wholehearted support of Government and the Ghana Armed Forces. In one hundred (100) days, they have provided the first Infectious Diseases centre in our country and we are better able to provide hospital treatment for those in need. This project has been a good example of the generous Ghanaian spirit that has been exhibited since the onset of this crisis. I extend to the trustees and members of the COVID-19 Private Sector Fund, the profound gratitude of the nation.
It is the reality of the progress of the virus in our country, the measures we have taken to cope better, and the regular consultations with relevant stakeholders, that informed Government’s decision, over a month ago, to embark on a strategic, controlled, progressive, safe easing of restrictions to get our lives and economy back to normal.
After further extensive consultations, Government has taken the decision to embark upon the implementation of Phase Two of the easing of restrictions in the following sectors of our national life.
Our Churches and Mosques have been open for prayers and services for the past seven (7) weeks, adhering to twenty-five per cent occupancy (25%) or up to one hundred congregants over a time duration of up to one hour per service. I extend my deepest appreciation to our religious leaders for their strict adherence to the safety protocols, which have prevented any known outbreaks, since they restarted their services.
I have sorely missed going to Church, as I am sure many others have. I am, therefore, very happy to announce that, in consultation with our Church leaders, from 1st August, 2020, the restrictions on the number of congregants worshipping at a time in Church will be lifted, with the length of worship extended from one (1) to two (2) hours per service. Church leaders, who are desirous of implementing this enhanced easing directive, must ensure that congregants wear face masks at all times, and the one (1) metre social distancing rule is scrupulously applied. These same guidelines apply to worship in our Mosques. With greater numbers of congregants likely to return for worship, I would, respectfully, ask the religious leaders to pay even greater attention to the fresh air ventilation of their premises, rather than relying on the use of air conditioners.
In consultation with the Ghana Tourism Authority and the health experts, I am announcing the reopening of our nation’s tourist sites and attractions, so they can begin to receive visitors. Open air drinking spots can now function. The management of these facilities are tasked to enforce enhanced hygiene and social distancing protocols. Beaches, pubs, cinemas and nightclubs, however, remain closed until further notice.
Our female Under-20 and Under-17 national football teams have been given the clearance to go into their respective training camps to begin preparations towards their FIFA and CAF-sanctioned international matches, which begin in September. Whilst in training, the playing, technical and management teams must observe strictly all the protocols issued by Government, CAF and FIFA against COVID-19. All other team and contact sports, and competitive sporting events remain suspended till further notice.
In consultation with the Ministries of Transport and Aviation, and the leadership of transport operators, Government has taken the decision to lift the restrictions in the transport sector, and allow for full capacity in our domestic airplanes, taxis, trotros and buses. The wearing of masks in vehicles and aircrafts, and the maintenance of enhanced hygiene protocols, remain mandatory. Private burials, still, with a maximum of one hundred (100) persons, can continue to be performed.
Our borders, by air, land and sea, remain closed until further notice for human traffic. However, given that there are Ghana residents stranded abroad, special dispensation will continue to be given for the evacuation of our nationals and residents back to Ghana, where they will be subjected to the mandatory quarantine and safety protocols.
As I have said before, the phased opening up of our country puts an individual obligation and responsibility on each one of us, and means that we must continue to remain vigilant, and respect the enhanced hygiene, mask wearing and social distancing protocols that have become part and parcel of our daily routine. We dare not ruin the successes we have chalked over this period.
There will always be those who will peddle untruths, and embark on deliberate misinformation campaigns, especially in this era of fake news. In their irresponsible bid to score cheap points, they escalate mistrust and heighten, unnecessarily, the anxiety levels over the disease in the country. As we work towards defeating this virus, we should reject completely those who seek to perpetuate falsehood, thereby, creating fear and panic, and call them out when they do. Truth will always, in the end, triumph over lies.
Our fight against the stigmatisation of persons, who have contracted COVID-19, continues in earnest. Those engaged in this anti-social act should stop, as stigmatisation drives away people from getting screened, tested and treated. The virus is no respecter of persons, and the overwhelming majority of persons who have tested positive, recover, indeed, have recovered, and are living perfectly normal lives, and pose no danger to anyone.
These changes I have announced transition us into a new phase of our COVID-19 fight, in which we teach ourselves how to live responsibly with Coronavirus. We do not expect to go back to the way things were five (5) months ago – but we should create a “new normal”, where we are constantly figuring out how to go to work, keep our businesses and places of worship open, send our children to school, and, all the time, keeping safe, containing the spread of the disease, and acting swiftly where and whenever hotspots appear.
This is the new, second phase we are entering today – Responsible behaviour, continuing State support, and living in Grace.
This Government is resolved and determined, in this second phase, to help Ghanaians fully return to their daily routines, whether it be going to work, going to school, going to a funeral or going to worship – all the while taking full precautionary measures to protect ourselves and our families from the virus.
I have never wavered in my deeply-held conviction that, if each one of us embraces the safety protocols, and we continue to put our faith in the Almighty, we will emerge strongly from this crisis. This too shall pass! For the Battle is the Lords!!
May God bless us all, and our homeland Ghana, and make her great and strong.
Minority Leader Haruna Iddrisu has described the Mid-year Budget review as more of a political pledge.
He believes, the Finance Minister’s review of the country’s mid-year but was not principled enough.
The former Employment Minister told KojoYankson on Joy FM’s Super Morning Show Friday, that Ken Ofori-Atta failed to give a proper account of some monies.
“He came more as a manifesto pledge into the 2020 elections than a mid-year budget review of the budget in my view and I don’t find that principled enough.
“You are speaking to Parliament so, in all these instances, there should be accompanying detailed expenditure,” he statedMr Iddrisu indicated that the legality of the borrowing of some ¢10 million for the Bank of Ghana’s asset purchase program is questionable.
These comments were part of his reaction to the mid-year budget review presented to Parliament Thursday, July 24.
He stated that the Public Financial Management Act and the constitution require that Governor of the bank must refer to article 181 of the constitution when they intend to borrow.
“What he did was to come to Parliament and make a statement that he had determined with thee Controller Accountant general and another BOG official to borrow ¢10 billion.
“He came to present a statement and walk away. We raised procedural issues but we were ignored,” he said.
Mr. Cassiel Ato Forson, Ranking Member on Parliament’s Finance Committee, has described as empty, the Government’s Mid-Year Budget Review presented by Finance Minister, Ken Ofori-Atta on Thursday.
“There’s nothing in it for Ghanaians to be happy about,” Mr. Forson said after the Minister had presented the budget review to the nation through Parliament, in Accra.
He said the government claimed to have spent GH¢11.1 billion to address challenges brought about by the COVID-19 pandemic without giving a breakdown of expenditure.
“This is sad and unacceptable,” Mr. Forson added, saying, “we thought the Minister would have used this golden opportunity to provide us with some breakdown on what the GH¢11.1 billion was used for; unfortunately it is all Bible quotations and nothing in the mid-year budget statement.”
According to Mr Forson, in the 2020 budget, the Government informed the nation that it would borrow an additional GH¢18 billion, and wondered why that figure had shot up to GH¢44 billion this year.
This, the Ranking Member and former Deputy Finance Minister, said meant that by the end of 2020, Ghana’s public debt would be approximately GH¢280 billion from the GH¢120 billion they inherited, representing over 72 per cent of GDP.
He indicated that the Government intended to borrow an additional GH¢16 billion from the domestic market, describing the trend as scary.
Mr Forson also stated that despite the fact that the Multilateral lenders had decided to hold on to the country’s debts to be paid in 2020 till 2021, the Government had projected to spend another GH¢4.5 billion in addition to over GH¢20 billion as interest payments.
“You cannot as a government come to office with a public debt amounting to GH¢120 billion and increase it to GH¢280 billion with little to show, yet you have had resources in excess of GH¢350 billion and could not tell us anything, ”he added.
He also questioned the government’s intention to reduce the Communication Service Tax (CST) from 9 to 6 per cent, saying it was the same government which increased it in the first place.
He said the government’s rush to reduce the CST was informed by the promised made by former President John Mahama to abolish the tax when he assumed office.
Mr Daniel Okyem Aboagye, Member of Parliament (MP) for Bantama, in his response, debunked claims by the Minority that the Finance Minister was hiding figures from the mid-year review.
He said the Minister had been transparent in every aspect of the mid-year budget statement.
He said if members wanted clarification on issues relating to the mid-year budget, they could officially invite the Minister to the house.
“The NDC does not have any message for the people, they are just talking without providing alternatives,” he said.
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