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COVID-19 was a financial bonanza for government

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Dr. Nii Moi Thompson, a renowned economist, has revealed that the COVID-19 pandemic unexpectedly boosted the Akufo-Addo government’s financial fortunes.

The former Director General of the National Development Planning Commission (NDPC) pointed out that Ghana benefited significantly from the pandemic, highlighting the unexpected financial gains the country made during that period.

He emphasised that as a result of the COVID-19 pandemic, the International Monetary Fund (IMF) provided the Ghanaian government with a $1 billion grant without any strings attached.

In an interview with Bernard Avle on Channel One TV’s The Point of View, Dr. Thompson revealed that the IMF also offered an additional $1 billion to Ghana in 2021, which was curiously omitted from the Auditor General’s report on COVID-19 expenditures.

He suggested that the omission of the $1 billion disbursed to Ghana in 2021 from the Auditor General’s report might have been an oversight.

Dr. Moi Thompson further stated that Ghana received a total of GHC27 billion in COVID-19-related funds, but the government only spent 42% of this amount on actual COVID-19-related expenses, leaving a significant portion unaccounted for.

“We turn to look at COVID-19 purely in economic terms, but it was a financial bonanza for the government. You may recall that they actually even said that they exceeded the revenue targets in 2020, despite what everyone else thinks. Even though, revenue went down in certain sectors… the ICT, the telcos and others, they boomed.

“But, as a result of COVID-19, the IMF also gave us a billion dollars in cash in 2020, pretty much, no conditions attached. The significance of that is that in 2015 when we went to the IMF, they pledged, I think $940 million spread over three years.

He stressed, “Contrary to what we got in 2020, it was a billion dollars, go and spend for COVID. There was another billion dollars in 2021, which is critical because it is omitted from the audited general’s report on COVID-19 expenditures… Even though, the Ministry of Finance acknowledges the one billion dollars on its website. But for some reason, it was excluded. Maybe it was an oversight I don’t know. If we include the financial inflows, we got from covid-19 alone it was about GHC27 billion. Out of that, they spent just about 42% on COVID expenditures, the rest, they said went into budget support.”

He raised concerns about the country’s persistent infrastructure funding gaps despite receiving a significant amount of money from the IMF as a result of the COVID-19 pandemic, questioning why the influx of funds failed to adequately address Ghana’s infrastructure spending shortfalls.

“In terms of money, they have had more, than any other government. The question is what happened to all this money? The Eurobonds where did they go? We hear that they were spent on infrastructure, but when you go through the budget, we still have shortfalls in infrastructure spending, except for 2020 and 2021. You drive around Accra and other parts of the country, there’s visible deterioration in physical infrastructure.”

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Politics

Bagbin Addresses Media Today

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In a significant development, Ghana’s Parliament Speaker, Alban Sumana Kingsford Bagbin is set to address the media on Wednesday, November 6, 2024.

The press conference, scheduled for 2:00 pm at the Justice D.F. Annan Auditorium, Job 600, Parliament House, aims to tackle critical issues affecting Ghana’s parliamentary democracy.

Recent Developments

Alban Bagbin’s address comes amidst significant political developments in Ghana.

As Speaker, he has played a pivotal role in shaping the country’s legislative agenda.

His leadership has been marked by efforts to strengthen parliamentary oversight and promote transparency.

The engagement seeks to provide a platform for the media to discuss pressing concerns impacting Ghana’s democratic growth.

The Speaker, Alban Bagbin, is expected to shed light on recent events that have shaped the country’s political landscape.

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Politics

Trump nears US presidential win

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Former U.S. President Donald Trump moved close to an election victory early Wednesday with wins in several key states, including Pennsylvania, leaving former Vice President Kamala Harris with a narrowing path to a White House term.

In the U.S. system, where the presidential election is tallied in a series of state-by-state contests, both Harris and Trump were quickly declared winners after polls closed Tuesday in states where their parties enjoy clear majority support. Meanwhile, seven so-called battleground states were expected to tip the balance and determine the winner.

Trump pushed ahead with important wins in those areas, combining his victory in Pennsylvania with wins in Georgia and North Carolina to give him at least 267 of the 270 electoral votes needed to clinch a majority. Harris would need to win all of the outstanding states, including Michigan, Wisconsin, Nevada and Arizona.

In addition, the Republicans took control in the 100-member Senate late Tuesday, but it was not yet known which party would control the U.S. House.

Trump claimed victory early Wednesday as he thanked his supporters at a rally in Florida.

“This was a movement like nobody’s ever seen before, and, frankly, this was, I believe, the greatest political movement of all time,” Trump said.

He pledged to “fix our borders” and “fix everything in our country.”

Trump also said he would work to deliver a “strong, safe and prosperous America.”

A Harris campaign official told a crowd of her supporters in Washington that she would not address the gathering overnight but would speak later Wednesday.

The state-by-state electoral system includes different rules for how and when votes are counted, adding to the complexity of how results are reported.

In some states, ballots that are cast in-person before Election Day, or by mail, were allowed to be counted as they came in, leading to faster results. But in other states, those counts did not begin until polls closed Tuesday night, while some states also allowed ballots to be put in the mail as late as Tuesday, meaning final results in those areas will not come for days.

Looming over the eventual result was the prospect of legal challenges. Both the Trump and Harris campaigns were ready with legal experts to contest any irregularities they saw.

A Harris win would make her the country’s first female president. A Trump victory would make him the first U.S. leader since Grover Cleveland in the 1890s to serve non-consecutive terms.

The next president is set to be inaugurated for their four-year term on January 20.

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Global Analytics Reveals Candidate In A Massive Lead With 52.7% As At 2nd November

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With the December 7 elections drawing near, tension is growing across the country. Presidential candidates and their teams are working hard to connect with voters through active campaigns in every region.

The two main political parties, the NPP and NDC, are focused on securing support. Many people want the NPP to stay in power, while others believe that a change to the NDC might help reset the economy.

Additionally, a smaller group of voters is interested in supporting smaller parties, moving away from the traditional two-party system.

In preparation for the elections, analysts have been conducting studies to gauge the progress of each candidate.

Global Info Analytics, a key player in tracking public opinion, has been gathering data through online and telephone polls.

Their recent survey in October indicated that John Mahama, the NDC candidate, was leading with a projected 52.1% of the vote.

In a recent update on their official Twitter account, Global Info Analytics shared results from a new poll conducted between late October and early November.

The latest data still shows Mahama in the lead, with an increased percentage of 52.7%.

This update has sparked a variety of reactions on social media.

Many supporters of the NDC were pleased with the news, while others questioned the accuracy of the poll and expressed confidence that the NPP will win.

Below the post, citizens shared a range of comments reflecting their hopes and expectations for the outcome.

What do you think of this new poll update? Your opinion is welcome, so please like, follow, and share.

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