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IMF deal: We can manage

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Finance Minister Ken Ofori-Atta has stated that Ghana is open to any new cut-off date proposed by external creditors for the restructuring of Ghana’s external debt.

China is suggesting a December 2020 cut-off date instead of the previously agreed-upon date of December 2022.

This delay has affected Ghana’s meeting with the IMF Board for the next tranche of $600 million.

Speaking to journalists in Accra, Ken Ofori-Atta reiterated that Ghana is open to considering any date.

“For us, we can manage, so the issue is for the membership of the OCC [Official Creditor Committee ] to get comfortable, and so we hope that by the end of next week, we will have what we need so that the Fund Board can sit. Everybody is looking at the comparability of treatment in there and China and France certainly are co-chairs, so they have a good impact on what will happen, but we should be okay.”

This comes on the back of claims by the Minority Leader, Dr. Ato Forson, that the negotiation has suffered a setback and the next $600 million package is in limbo.

According to Mr. Forson, there is a disagreement between the government and the Official Creditors Committee regarding the cut-off point for the external debt to be included in the debt restructuring exercise. He insisted that this disagreement has put the release of the next tranche of $600 million in jeopardy.

Minority Leader, Dr. Cassiel Ato Forson who made the allegation during his concluding remarks on the 2024 budget debate in Parliament on Wednesday, November 29, 2023, said Ghana is currently in a tight spot.

“Mr. Speaker, it will interest you to know that there is a deadlock in the negotiation between Ghana and the International Official Creditors Committee (OCC) made up of China and the Paris Club 50. There is a major disagreement on the cut-off point, regarding the external debt that must be excluded from the restructuring. Mr. Speaker, I do not need to sound the alarm that at this point, Ghana is between a rock and a hard place.”

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Ghana to enjoy 5G internet services from September – Communications Minister

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Minister for Communications and Digitalisation, Ursula Owusu-Ekuful has confirmed that 5G network service will be active in Ghana starting September 2024.

Appearing as a guest on Peace FM’s Kokrokoo morning show on Wednesday, March 20, 2024, the minister was emphatic in her response when the host, Kwame Sefa Kayi questioned her on when the 5th generation of mobile network service will be available for consumers in Ghana.

“Ghana will get a 5G internet connectivity in September 2024,” she stressed.

5G succeeds previous generations of 1G, 2G, 3G and 4G. It represents the latest advancement in wireless technology, offering significantly faster data speeds, lower latency, and increased capacity compared to its predecessors.

Ghana currently runs on 4G which is considered slow and outdated in the face of current technological advancement.

The minister’s confirmation comes on the back of a recent cut in internet services in Ghana and some other West African states.

The incident according to the National Communications Authority (NCA) is a result of some seismic activities which led to a cut in undersea fibre optic cables delivering internet to West Africa.

According to the NCA, the issue will take not less than five weeks to fix. Meanwhile, service providers such as telecommunication networks have switched to alternate sources to give their customers more stable network.

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We need to eat locally produced commodities – Chrysantus Akem –

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Programme Coordinator of Technology for African Agricultural Transformation (TAAT), Chrysantus Akem, has said it is about time Africa consumes food commodities that are locally manufactured.

According to him, towing this path will cut the huge sum of money that goes into the importation of foodstuffs, including rice and poultry, among others.

Speaking at the launch of TAAT Phase II in Accra on Wednesday, March 20, 2024, Mr Akem noted that about US$35 billion is spent every year on the importation of food.

“Eat what you produce and produce what you eat because right now, it is estimated that we are spending about US$35 billion every year importing foods. This has to stop. We have to make sure that these amounts are diverted to other sections of the economy instead of importing food like rice that we can grow,” he said.

Citing Ghana as an example, Chrysantus Akem stated that the government can focus on soybeans as oil can be extracted from this essential commodity for both local use and exportation.

He further pointed out that the TAAT Phase II focuses on five commodities including maize, soybeans, vegetables, and fish.

“Maize is a commodity we know is consumed across the country. The key thing that we’re bringing are high-yielding varieties that can yield 5 to 6 tonnes per hectare compared to the 1 to 2 tonnes per hectare that the varieties are yielding. In addition to that, we also want to encourage the consumption of pro-vitamin A meals so that we can move from food security to nutrition security. That’s the first commodity,” the TAAT Coordinator stated.

He added that, “the next one that we’re bringing in is soybean. Ghana grows a lot of soybeans. We want to focus on soybean to extract oil… The other commodity is vegetables. Vegetables are the new ones we are bringing in… and fish.”

The launch of the Phase II of the Technology for African Agricultural Transformation programme gives researchers, policymakers, farmers, donor partners, and all stakeholders in the agricultural value chain the opportunity to move closer towards achieving greater agricultural productivity and food security in the sub-region.

The initiative aims at supporting countries in the region to improve crop, livestock, and fish productivity.

TAAT Phase II is expected to expand access to adaptive and proven technologies to more than 40 million smallholder farmers across Africa by 2025, as well as, generate an additional 120 million tonnes of food.

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Government committed to paying GH¢6.5bn DACF arrears – Osei-Asare assures

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Outgoing Deputy Finance Minister, Abena Osei-Asare, has acknowledged that the government currently owed arrears due to be paid into the District Assemblies Common Fund (DACF).

She pledged that the government’s commitment to resolving the outstanding debt.

Benjamin Kpodo, Ho Central Member of Parliament, raised the issue of non-payment of statutory allocations into the fund, alleging that a total amount of GH¢6.5 billion was yet to be transmitted.

The MP, who is also the Deputy Ranking Member of the Local Government Committee of Parliament, highlighted that the Ministry of Finance’s delay in releasing funds, in violation of constitutional mandates for quarterly disbursements, has left the Common Fund significantly underfunded.

Speaking in Parliament during discussions on the proposed DACF distribution formula for 2024, Mr Kpodo stressed the urgent need for the government to fulfil its financial obligations to local authorities.

“The Ministry of Finance has been violating the Constitution. Article 252(2) clearly states that the disbursement should be done on a quarterly basis, which they were not doing. As we speak now, the Common Fund is being owed some GH¢3.5 billion over the past two years”, Mr Kpodo said.

“For 2023, the debt has again risen by another GH¢3 billion. So, I don’t know where the Ministry of Finance is keeping the money meant for the District Assemblies Common Fund,” he added.

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