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IMF completes 3rd Review of Ghana’s $3bn ECF Program, commends economic stabilisation progress.

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The International Monetary Fund (IMF) Executive Board has completed the third review of Ghana’s 36-month, $3 billion Extended Credit Facility (ECF) program, initially approved in May 2023.

The review’s conclusion paves the way for an immediate disbursement of Special Drawing Rights (SDR) 269.1 million (approximately $360 million), bringing total disbursements under the program to around $1.9 billion.

According to the IMF, Ghana’s economic reforms and policy adjustments under the program have produced encouraging outcomes.

Deputy Managing Director Bo Li noted that the country’s economic strategy is “delivering on its objectives,” with key indicators such as growth and fiscal performance showing improvement.

“The economy is showing clear signs of stabilisation,” Li said.

The program has provided a framework for macroeconomic policy adjustments and significant reforms aimed at restoring stability, ensuring debt sustainability, and fostering inclusive growth. Key achievements highlighted include:

• Macroeconomic Recovery: Despite challenges, Ghana has seen rapid growth recovery, declining inflation (albeit slower than anticipated), and improved fiscal and external positions.

• Public Debt Restructuring: Ghana successfully restructured its domestic debt and Eurobonds in line with program parameters. Engagements with external creditors for further restructuring remain ongoing.

• Fiscal Discipline: The government has achieved a primary surplus of 0.5% of GDP and is targeting a 1.5% surplus by 2025. These goals will rely on domestic revenue mobilization, rationalising non-priority expenditures, and expanding social support programs for vulnerable groups.

The Bank of Ghana’s prudent monetary policy has contributed to inflation reduction and the rebuilding of international reserves.

Efforts to stabilise the financial sector include measures to promote recapitalisation and bolster the viability of state-owned and private banks.

Bo Li emphasised the importance of sustained reform implementation to address structural vulnerabilities, especially in sectors like energy and cocoa, and to solidify Ghana’s fiscal framework.

“Staying the course of fiscal policy adjustment before and after the elections is paramount,” Li stressed, adding that this would support social programs and enhance the country’s economic resilience.

Looking ahead, the IMF urges Ghana to:

• Strengthen tax administration and expenditure control.

• Modernize fiscal responsibility frameworks.

• Tackle challenges in the energy sector to mitigate fiscal risks.

• Enhance governance and transparency to attract private sector investment and create jobs.

The IMF reaffirmed its commitment to supporting Ghana’s path to sustainable growth, stating that steadfast reform implementation is critical to achieving long-term macroeconomic stability and poverty reduction.

Saturday’s polls will determine whether Ghana will move forward or backward—Prez Akufo-Addo.

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President Nana Addo Dankwa Akufo-Addo says Saturday’s polls are very critical because the decision of Ghanaians will be a verdict of either moving forward or backward as a nation in its development efforts. 
The President was convinced that Vice President Mahamudu Bawumia, the Flagbearer of the New Patriotic Party (NPP), had the right vision to build on the foundation his presidency had laid to propel Ghana to a higher pedestal in the era of Fourth Industrial Revolution. 


“I can say without any equivocation that Dr Bawumia is the right person to succeed me. For the past 16 years I have worked with him as my Running-Mate and Vice President, he never wronged me. 
“He is honest, hardworking, competent and compassionate”, the President stated. 


 President Akufo-Addo who made these remarks during a stakeholder engagement urged the electorate to vote for a candidate that had the competence and capabilities to lead the nation into the fourth industrial revolution and improve the living conditions of Ghanaians. 


The meeting formed part of the President’s “Thank You” tour of the 16 regions to show appreciation for the support and cooperation he had enjoyed from the people throughout his presidency. 


The durbar was attended by Pastors, Imams, traditional leaders, traders, and artisans within the Accra Metropolitan Assembly. 


President Akufo-Addo said his government had fulfilled most of the promises he made to Ghanaians and had laid a formidable foundation for the next President to build upon it. 
“We must vote for a leader who will continue the good works of my government and not the one who will ruin it. 


“Good policies like the Free Senior High School, Planting for Food and Jobs, Agenda 111, One-Constituency, One-Ambulance, roads, interchanges and other social interventions,” the President stated, amid shouts and cheers from the gathering. 


“I will have an easy choice on Saturday because I know Dr. Bawumia deserves to be our next president because I can testify to his honesty, competence, and loyalty,” the President stated.

 
The President was of the belief that Saturday’s polls were a straight contest between the two leading political parties: Dr Bawumia of the NPP and former President John Mahama of the NDC. 


However, the President said Dr. Bawumia would be a better President than Mr. Mahama because the former had been a President before and his presidency witnessed prolonged power outages, popularly called ‘dumsor’, corruption and indecisiveness in decision-making, which negatively affected the country’s development trajectory. 


He, therefore, urged prospective voters to reject Mr. Mahama once again in Saturday’s polls. 


The President was accompanied by Madam Shirley Ayorkor Botchwey, Minister of Foreign Affairs and Regional Integration, Mr. Daniel Titus Nii-Kwatei Glover, Regional Minister, Samuel Nii Agyiri Blankson, former Mayor of Accra Metropolitan Assembly, Abdul Manaf Sowah, the NPP Parliamentary Candidate for Odododiodio constituency, and other party functionaries. 

‘I am a retired army general ready to rescue Ghana from current difficulties’ – Mahama.

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The NDC flagbearer, John Mahama, has likened himself to a “retired army general” returning to service, as he campaigns for reelection in the upcoming general elections.

Speaking to district and municipal Imams in the Ashanti Region on Monday, 2nd December 2024, Mr. Mahama highlighted his determination to address Ghana’s pressing challenges.

During the engagement, which formed part of his six-day campaign tour, the former president criticised what he described as the current administration’s economic mismanagement and governance failures.

The former President assured the religious leaders of his readiness to provide effective leadership that would steer the nation towards recovery and progress.

Mr Mahama pledged to prioritise sound and pragmatic policies aimed at restoring stability and improving the living conditions of Ghanaians.

He emphasised his commitment to ensuring that the needs of all citizens, including marginalised communities, are addressed under his leadership.

He also urged the Imams to support his vision for a better Ghana, stating that his experience and resolve position him as the best candidate to tackle the country’s challenges.

“If we go to war, and we encounter difficulties, we go back to call the retired general to come back and lead us.

“This is a clear illustration of myself because I am a retired general and I went to rest, but it is time to come back for we are in a difficult period, so my party has nominated me to lead the party.”

“I know that many of you pray for us and give us guidelines to follow. I thank every one of you for your prayers,” he said.

‘What are you coming to do when you couldn’t keep the lights on?’ – Akufo-Addo mocks Mahama.

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President Nana Addo Dankwa Akufo-Addo has criticized the National Democratic Congress (NDC) flagbearer, John Dramani Mahama, describing his “24-hour economy” policy as lacking clarity and substance.

The President argued that Mahama has no fresh ideas to address Ghana’s challenges and urged voters to reject him in the presidential election on Saturday, December 7.

Speaking to religious and traditional leaders, as well as New Patriotic Party (NPP) supporters in the Tema West constituency during his campaign tour of the Greater Accra Region, President Akufo-Addo emphasized that Dr. Mahamudu Bawumia is the most qualified candidate to lead Ghana into the future.

He lauded the NPP’s track record of innovative policies and governance, asserting that continuity under Bawumia would ensure sustained development and progress for the nation.

“What is he [John Dramani Mahama] coming to do? 24-hour economy. You couldn’t keep the lights on in the four years in which you were in power for 12 hours a day.

“How are you going to run a 24-hour economy when 12 hours a day, you couldn’t keep the lights on? You couldn’t pay the teacher training allowance. You couldn’t pay nurses training allowance.”

7th meeting of Parliament commences December 17—Speaker announces.

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The seventh meeting of the fourth session of the Eighth Parliament will commence on Monday, December 16, 2024, the Speaker of Parliament, has announced.

The Speaker, Alban Sumana Kingsford Bagbin, in a notice dated December 2, 2024, said the recall was in pursuant to Orders 58 of the Standing Orders of Parliament.

“The Eighth Parliament of the Republic of Ghana shall commence on Monday, December 16, 2024 at 10 o’clock in the forenoon at a place to be appointed by the Speaker in due course,” he stated.

Recall declined 

Mr. Bagbin last week declined the request by the Majority Leader for him to recall the House to consider outstanding urgent government and public businesses two days ahead of the December 7 polls.

He said given the closeness of the elections, recalling Members of Parliament would disrupt their campaign and that would not serve the national interest.

In such circumstances, he said, he was neither inclined nor disposed to exercise his discretion in favour of the Majority Leader, Alexander Afenyo-Markin’s request to recall the legislators.

“Bearing in mind the provisions of Article 296(a) and (b) of the Constitution and the closeness of the proposed dates to the general election, I am of the considered opinion that it would not be in the national interest to interrupt the campaigns of members and parties by a recall to plenary sitting of Parliament,” the Speaker said.

In a November 26, 2024 memo in response to the request of Mr. Afenyo-Markin, who also serves as the Leader of Government Business in Parliament aside being Majority Leader, Mr. Bagbin stated: “Consequently, it will not be fair to exercise my discretion in favour of your request to summon Members of Parliament at this time to a two-day sitting to deliberate on 22 items you consider urgent or outstanding government businesses.

“It is worth noting that having regard to the practice and deliberations of the House, I wonder how the proposed 22 items could be transacted within two days.

“I accordingly suggest that government prioritises these businesses together with others not captured by your memo for consideration after the conduct of the general election on December 7, 2024,” Mr. Bagbin’s memo stated.

Functions by plenary

The Speaker said the request to recall Parliament was received at his Office on Friday, November 22, 2024, at a time he was out of the office to honour an invitation outside Accra.

He said the Majority Leader’s memo called on him to exercise his discretion pursuant to Orders 57(3) and 58(4) of the Standing Orders of the House to summon the House to sit for two days, November 28 and 29, 2024, to consider 22 items, all of which the Leader referred to as either outstanding public business or urgent government business.

“As you may be aware, the performance of the functions of Parliament and the duties of Members of Parliament extend beyond the plenary sittings of Parliament.

“Again, as you are aware, the parliamentary calendar acknowledges election campaign periods,” he stated. 

Request declined

Mr. Bagbin said the prevailing season was for the government, parties and both presidential and parliamentary candidates to present their manifestos to the people, and to account for and justify how the mandate given them by the voters for the four-year term of office had been applied to the benefit of the people.

He, therefore, stressed that the House would resume sitting after the elections to complete all essential matters before a seamless transition to the Ninth Parliament of the Fourth Republic.

“The national interest would better be served if members exhibit conducts of honour, empathy and humility in the performance of their duties.

“In the circumstances, I am neither inclined nor disposed to exercise my discretion in favour of your request. The request is accordingly declined,” he said.

President commissions phase II of the Tema Motorway Interchange.

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President Nana Addo Dankwa Akufo-Addo on Monday commissioned the Tema Motorway Roundabout Phase II project, a major intersection connecting the capital city of Accra to the industrial city of Tema.


The facility, coming on the back of the recent inauguration of the Flowerpot and Obetsebi-Lamptey Interchanges, is designed to ease traffic congestion at the five-legged Tema intersection.


It is one of the critical components of the rehabilitation and expansion of the 19.5-kilometer stretch encompassing the transformation of the Motorway into a modern 10-lane divided highway.


“Road infrastructure is the backbone of the nation’s progress,” the President said, noting that giving Ghana’s busiest Motorway a facelift was fundamental to accelerated socio-economic advancement.


The Accra-Tema Motorway has served as a vital artery for the nation’s development for nearly six decades, linking the industrial city to the other parts of the country and West African sub-Region.


The Tema Motorway Roundabout Phase II project commenced in July 2022, aiming to enhance urban mobility, logistics and trade integration in the Greater Accra Region, as well as the West African economic bloc, ECOWAS.


Following a preparatory survey by the Japan International Cooperation Agency, JICA, the Phase One converted the roundabout into a two-tier intersection and was completed ahead of schedule in June 2020.
The second phase involved the construction of a third-tier flyover to alleviate the traffic burden at the intersection.


The entire Motorway rehabilitation project’s scope includes the rehabilitation of three critical sections: the Accra-Tema Motorway, the George Walker Bush Highway and the Nsawam Road.


The construction of both phase One and Phase II were funded by a Japanese grant of 91 million dollars.
President Nana Akufo-Addo indicated that the objective was to remove bottlenecks on the major highways to facilitate regional trade and economic integration.


“These projects are part of a deliberate policy to decentralise economic opportunities and ensure equitable development across the nation.


“From the Pokuase Interchange, the largest in West Africa, to the Tamale Interchange, the first of its kind in northern Ghana, we have worked tirelessly to open up our country, reduce disparities, and empower communities,” he emphasised.


The Government, the President said, had laid the foundation for a resilient economically vibrant and inclusive Ghana, touting his administration’s successes in education, healthcare, amongst others.
The World Bank, in a 2023 report, said rapid increases in population and vehicle ownership had led to unsustainable commuting times and deteriorating air quality in most developing countries.


“The impacts of highway construction are procompetitive in both output and input markets, increasing labour’s share of income by about 1.8 to 2.3 percentage points,” according to the global apex financial body.


It added that urban transportation systems played a key role in shaping the growth and development of cities.


Mr. Francis Asenso-Boakye, Minister of Roads and Highways, lauded the Japanese Government for its support in completing the project.


He assured the public that the government was committed to improving the road conditions linking the Tema Motorway Interchange, including the Tema Aflao road.

President Akufo-Addo launches new chip-embedded passport.

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President Nana Addo Dankwa Akufo-Addo has furthered the government’s digitalization agenda with the launch of a new chip-embedded passport, aimed at bringing the country’s travel documents in line with international standards.

The new passport is equipped with advanced security features that make it nearly impossible for non-citizens or fraudsters to obtain the country’s official travel document.

The biometric information embedded in the chip can be used to verify the passport holder’s identity, as it is linked to the national identification system.

The passport is fitted with a microprocessor that stores the holder’s biometric data, photograph, and other unique security features, including anti-fraud measures and both latent and patent indicators, ensuring robust protection against unauthorized access and misuse.

“It is a transformative initiative defining how we connect to the rest of the world,” the President noted at the launching ceremony in Ghana’s capital, Accra.

He explained that the transition from the current biometric passports to chip-embedded ones was driven by the government’s commitment to meeting the standards set by the International Civil Aviation Organization (ICAO), the UN agency responsible for civil aviation.

“The remarkable journey is a testament of the resilience to embrace the future with confidence,” he stated.

It is expected that the new technology will reduce the turnaround time for passport issuance while enhancing safety and security for all citizens during travel.

The President commended the Ministry of Foreign Affairs and Regional Integration, the project’s overseeing body, for spearheading the transformational change.

He praised the ministry’s commitment to efficient passport administration, ensuring transparency and security for the benefit of the public.

Mrs. Shirley Ayorkor Botchwey, the sector minister, revealed that the chip-embedded passport project began eight years ago and was being implemented through a Build, Operate, and Transfer (BOT) arrangement with Biometric Travel Solutions Limited, a private company.

The primary goal, she explained, was to ensure Ghana’s passports fully comply with international standards and the evolving global interoperability requirements for biometric identification.

To support this initiative, the Ministry has streamlined the passport application process, improving efficiency at Passport Application Centres (PACs) and Ghana’s diplomatic missions abroad.

The government is also enhancing the passport application experience for citizens by designing, developing, and rolling out an integrated online passport application and delivery system.

Kudus ready for West Ham return after serving five-game ban.

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Mohammed Kudus has served his five-game suspension and is ready for West Ham United’s crucial encounter against Leicester City.

The Black Stars midfielder was sent off against Tottenham on October 19 for slapping and pushing two opposition players in their Premier League meeting.

He was given an initial three-game suspension and was upgraded to five, and Kudus was fined 60,000 pounds by the English FA. Kudus missed West Ham games against Man United, Everton, Newcastle, Arsenal and Nottingham Forest due to the suspension.

Kudus’ absence affected the Hammers, who secured only one win in the five-game run; a win against Newcastle United.

However, his comeback is seen as a huge boost for Julen Lopetegui who is under pressure, as they look to bounce back in a busy December period.

Before serving the ban, Kudus had netted two goals in eight matches this term.

Special Voting: Tension mounts in Ayawaso West Wuogon as Lydia Alhassan shares food to voters.

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Tensions are high in the Ayawaso West Wuogon Constituency after the incumbent Member of Parliament and New Patriotic Party (NPP) parliamentary candidate, Lydia Alhassan, was seen distributing food packs to voters participating in the special voting exercise.

With assistance from her team, the MP handed out food to voters waiting in queues at the Legon Police Station, one of the designated special voting centres in the constituency.

John Dumelo, the National Democratic Congress (NDC) parliamentary candidate for the constituency, criticized the act, describing it as illegal and a violation of the Electoral Commission’s (EC) rules.

Dumelo expressed strong disapproval, stating that such actions undermine the fairness of the process. He added that if he chose to engage in similar practices, he could do so on an even larger scale.

“Why are you sharing food with people in the queue? Why are you doing that? Does it mean we cannot share food too? We can also share the same, but let’s respect the rules of the Electoral Commission. Don’t share anything with people in the queue who have not voted yet and you’re sharing food and we don’t even know what’s in the thing, and you’re sharing to people who have not voted yet.

“What kind of stupidity is this? Why? Do they think we can’t do it? We can do the same and even worse. They shouldn’t even try us,” he warned.

Meanwhile, ahead of the voting, Dumelo expressed optimism about his chances of winning the constituency seat in the December 7 elections.

Speaking to Citi News, Dumelo expressed satisfaction with the smooth conduct of the voting process and reiterated his confidence in securing victory when the final results are declared.

President begins Gt. Accra Thank You Tour—Urges electorate to keep faith with NPP.

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President Nana Addo Dankwa Akufo-Addo has appealed to the chiefs and people of the Ga State to continue to keep faith with the New Patriotic Party (NPP) by voting for Dr. Mahamudu Bawumia at the polls on Saturday.

He said his government had done a lot for the Ga community, and for that matter the country, but it would take a leader like the NPP flag bearer to complete the outstanding works and continue from where he was signing off.

President Akufo-Addo, who was speaking during a meeting with Wulomei, Asafoatsemei and other traditional leaders of Ga Mashie at the James Town Fishing Harbour, also asked the people to vote for the NPP parliamentary candidate for Odododiodoo Constituency, Alhaji Abdul Mannaf Sowah.

Holy Trinity

Earlier, President Akufo-Addo, accompanied by the Minister of Foreign Affairs, Shirley Ayorkor Botchwey, and the Greater Accra Regional Minister, Daniel Nii Kwartei Titus Glover, worshipped at the Cathedral of the Most Holy Trinity in Accra.

He later held a closed-door meeting with the party’s Greater Accra Regional executive and parliamentary candidates at the GNAT Hall.

This is the final leg of the President’s “Thank You” tour as his eight-year rule winds down towards the January 6, 2025, final day.

He has since embarked on a three-day tour of the Greater Accra Region to thank all stakeholders.

President Akufo-Addo, as part of the tour, will inspect and inaugurate phase two of the Accra-Tema Motorway roundabout after which he will engage chiefs, clerics, clergy, Zango chiefs and other stakeholders in Tema.

The President will also call on the Ga Mantse, Nii Tackie Teiko Tsuru II, at his palace, and later hold a similar engagement with chiefs and clergy in Accra.

He will later inaugurate the Nationalism Park close to the Black Star Square.

Finally, on Tuesday, President Akufo-Addo will meet with professional bodies and identifiable groups.

James Town

Speaking at the Cathedral and James Town, President Akufo-Addo said: “I have come to the end of the eight years that you gave me, and next month in January, I will be stepping down for my successor.

So, I am going around the country thanking all the people of Ghana for the big honour and blessing that you gave to me in making me President of Ghana”.

He said across the world when people spoke about Africa and democracy, they referred to Ghana as the beacon of democratic governance on the continent.

To that end, he said, Ghanaians would on Saturday get another opportunity, the ninth successive opportunity, to go through a democratic process to elect the next government and another set of Members of Parliament.

“We have to demonstrate to the world that, indeed, we understand what democratic government is about,” he said.

He, therefore, appealed to all Ghanaians, especially the Electoral Commission (EC) and the security services, to ensure a smooth process, stressing that the government had made all arrangements to make sure that everything went peacefully and orderly.

“I am appealing to you to make sure that what happens here next Saturday is, indeed, peaceful, free and fair so that at the end of the day on Saturday, all of us will agree that X is the one who we have all agreed should be our next President.

“Until then, I want to say once again that I am really grateful,” the President said.

Gratitude

He said his family, who were all with the Anglican faith, were all overwhelmed by the love, affection and honour that the church had given him by making him the President of the country.

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