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$600 million second tranche release: IMF reaffirms faith in economy, says election won’t undermine advances

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Despite the expenditure constraints that mark election years in Ghana, the International Monetary Fund (IMF) believes the country will keep within the programme objectives and the 2024 Budget.

The fund stated that it had interacted with the administration, which had proven a strong commitment to expenditure performance (spending strictly within budget) in 2024.

Speaking at a joint news conference by the Ministry of Finance and the IMF on the approval of the first review of Ghana’s three-year Extended Credit Facility (ECF) programme by the Executive Board, the IMF Mission Chief to Ghana, Stephane Roudet, said: “We have ratings under the programme in terms of spending which have been codified in the budget that was approved by Parliament.

“We have targets under the programme, performance has so far been good; we have very strong commitments that the authorities will continue to follow the programme objectives and that makes us optimistic,” he stated.

The Executive Board of the IMF last Friday approved the first review of Ghana’s programme after the country finally reached an agreement with the Bilateral Official Creditor Committee of the Paris Club, co-chaired by France and China.

The approval of Ghana’s programme will pave the way for the immediate release of the second tranche of $600 million to the country, bringing the total disbursement under the programme to $1.2 billion.

The approval is also expected to trigger the release of a another $550 million from the World Bank for budget support and the operationalisation of the Financial Stability Fund.

In his address to the media, the Minister of Finance, Ken Ofori-Atta, said the final crucial step in the government’s strategy involved the restructuring of the commercial debt of $14 billion, out of which $13 billion was in Eurobonds. 

Slippages

The IMF, in a release last Friday, said Ghana’s performance under the programme had been strong, with all quantitative performance criteria for the first review and almost all indicative targets and structural benchmarks met.

It also stated that Ghana’s reforms were bearing fruits and signs of economic stabilisation were emerging.

“Growth in 2023 has proven resilient, inflation has declined, and the fiscal and external positions have improved,” the fund said.

“Progress is also being made on debt restructuring, with the domestic debt exchange completed last year, and an agreement recently reached on the restructuring of official bilateral debt,” the IMF release added.

In spite of the successes chalked up under the programme, economic and political analysts have expressed fears that going into the 2024 elections the possibility of the government sacrificing all the gains in a bid to ‘break the eight’, similar to what happened in 2000, 2008, 2012, 2016, with 2020 recording a similar trend in a pandemic year.

IMF programme, election years

Prior to the 2016 elections, Ghana was under an IMF programme which started in April 2015 and had chalked up a lot of successes in the first year.

However, the successes were all sacrificed in the 2016 election year, with the country recording a budget deficit of 8.7 per cent against a programme target of 5.3 per cent.

This meant that the IMF programme which was expected to be completed in 2018 had to be extended for another year.

In 2004, in spite of the country just benefiting from the Highly Indebted and Poor Countries (HIPC) initiative which led to a total debt relief of $3.5 billion, Ghana still recorded a budget deficit of 3.2 per cent of Gross Domestic Product (GDP) against a target of 1.7 per cent.

In 2008, which was another election year, the budget deficit went into double digits and more than double of what was budgeted for, recording 11.5 per cent of GDP against a projection of four per cent.

The story was not different in 2012 as the country recorded a budget deficit of 12 per cent against a target of 6.7 per cent.

In 2016, in spite of being under an IMF programme, the government still missed its budget deficit target.

The overall budget deficit on cash basis was equivalent to 8.7 per cent of GDP against an IMF programme target of 5.3 per cent of GDP. On commitment basis, the fiscal deficit was 10.3 per cent of GDP.

In 2020, COVID-19 expenses, coupled with election year spending, led to the missing of the deficit target.

The overall budget deficit on cash basis was 11.7 per cent of GDP against a revised target of 11.4 per cent of GDP.

In 2024, the government has set a budget deficit target of 5.9 of GDP. 

Final crucial step

For his part, the Finance Minister said the IMF Board’s approval of the First Review and the recent agreement with the OCC set the stage for an impending re-engagement with bondholders, which would commence this week.

“We are working hard to reach an agreement with our bondholders in the shortest possible time.

We are optimistic that we may arrive at an agreement no later than the end of February,” he stated.

Mr Ofori-Atta said government officials had met with the steering committee representatives in Marrakesh, Morocco, who gave their proposal to the government.

“We also met more of the investors in London in which we broadly outlined that we will be looking at a haircut between 20 per cent and 40 per cent.

“What has happened with the Domestic Debt Exchange Programme (DDEP) and the OCC will guide us to arrive at a resolution that will be fair for everyone,” the Finance Minister added.

Inflation to ease further

Also at the press conference was the Governor of the Bank of Ghana (BoG), Dr Ernest Addison, who said inflation was expected to ease further in 2024, underpinned by continued implementation of sound policies towards the single digit objective.

In this regard, he said the BoG would continue to monitor both domestic and external developments and respond appropriately to ensure that the downward inflation trajectory observed in recent months was sustained without undermining growth.

“The 2023 experience of a strong reduction in inflation and stronger growth is instructive,” Dr Addison stated.

The Governor also noted that the banking sector remained sound, liquid and profitable, adding that the central bank would continue to closely monitor banks’ capital restoration efforts in line with approved plans, including through support from the Ghana Financial Stability Fund.

Lordina appeals for unity within NDC.

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Lordina Mahama, the wife of the 2024 National Democratic Congress (NDC) flag bearer, highlighted the significance of unity within the NDC during a gathering of party functionaries from the Bono East Region.

She advised everyone to set aside any previous grudges and form a unified front to fight the next election.

“Let’s please let bygones be bygones,” Mrs Mahama said at a get-together she hosted on Friday for the Bono East regional and constituency executives, reminding them that unity is indeed strength.

Unity

The former First Lady encouraged the party executives and members to take the ‘Building the Ghana we want together’ message of their leader, John Mahama, and the NDC to every corner of the country during the campaign.

She also stressed the need for hard work and commitment from the party’s executives and supporters to achieve success and victory in the 2024 presidential and parliamentary elections.

As the crowd listened to her words, Mrs Mahama’s passion for the party and their cause was evident.

 Her speech was a rallying cry, igniting a sense of unity and determination for the executives and supporters.

Mrs Mahama, who hails from Ampoma and Jema in the Kintampo South Constituency, is also scheduled to host and meet all 1,152 branch executives.

NPP endorses unchallenged parliamentary candidates in the northern region.

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The New Patriotic Party (NPP) called an Extraordinary Constituency Delegates Conference on Sunday, January 21, 2024, to support unchallenged Aspiring Parliamentary Candidates.

In accordance with Article 7(31) of the NPP constitution, delegates in Tolon overwhelmingly approved Habib Iddrisu for a second term in Parliament via popular acclamation at the Sari Conference Hall in the Northern Region.

Ben Teye, District Officer of the Tolon Electoral Commission (EC), oversaw the event, which saw hundreds of delegates confirm their support for the parliamentary candidate.

“As many endorse the candidature of honourable Habib Iddrisu, Say I. The crowd cheered “I” in confirmation of the parliamentary candidate.”

All present delegates and party members shouted “I” in unison when the EC Officer asked if they supported the MP.

Incumbent MP for Nsawam-Adoagyiri, Frank Annor Dompreh, also Majority Chief Whip, praised Tolon’s legislature as a valuable asset, attributing his significant contributions to most achievements in parliament.

“If there has been any success chalked in parliament, Habib played a role. In this context and as the saying goes, behind every successful whip is a deputy whip.”

“This is my first time coming to my colleague Honorable Habib’s constituency, but I can feel his popularity on my skin. Don’t take your member of parliament for granted; he is probably the first MP to be in leadership in his first term.”

The MP for Tolon and second deputy majority chief whip, described the day as a demonstration of unity and togetherness in the Tolon constituency, appealing to all constituency executives to unite for success.

“In 2020, we won 75 out of 129 polling stations with a parliamentary gap of 9,280. This time we aim higher; we must win every polling station.”

He expressed gratitude to constituents for their confidence, allowing him to go unopposed in the internal parliamentary contest.

He further tasked delegates to secure a resounding victory for the NPP presidential candidate, Dr. Mahamudu Bawumia, in the 2024 elections.

Similarly, Karaga, Gushegu, Bimbila, and Tatale-Sanguli in the Northern Region, also confirmed their parliamentary candidates during events held within their respective constituencies.

Former President Mahama shares fond memories of Araba Tagoe

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The Former President, John Dramani Mahama, has described the Late Araba Tagoe as a loyal, loving, and great defender of not Just the National Democratic Congress (NDC), but to him personally as well.

“We have lost a comrade and a fighter”, the Former President said when he paid tribute to her passing at the burial service held at the Our Lady Star of the Sea, Catholic Cathedral in Takoradi in the Western Region.

Mr. Mahama, also the Flagbearer of the NDC Party shared fond memories of the late Araba Tagoe, “I became close to Araba in 2008 when I was with Professor Mills, and she was loyal and close, and she extended same courtesies to me when I took over from Professor Mills after his unfortunate passing…  

I will particularly miss her especially as we prepare for the 2024 elections, and how you will have become the toast of attraction at the Independence Square after our victory in the coming elections”.

The late Araba Tagoe, rose through the Ranks of the party from a branch executive to become a National Executive Member of the Party until her death.

The former President was accompanied by party big wigs including: Haruna Iddrisu, Samuel, Asiedu Nketiah the Party Chairperson, Samuel Okudzeto Ablakwa, Kofi Totobi Quakyi, Alex Siberia, Fiifi Kwetey, Emelia Arthur, and other Regional Executives of the Party.

In a sermon, Reverend Father, Lawrence Kwesi Krah, the Cathedral Administrator, said the late Araba Tagoe, was resting from all her hard work, dedication, and great service to humanity which every member of the society must learn to emulate.

The Priest said; “She sought to uphold good things, as a strong fighter and comrade who took care of others: church, society and the Country, a lioness who stood for justice and shun corruption…Thank you Araba for your work.”

Reverend Fr. Krah added that the late Araba, had now handed the baton of good service, to the living to carry on in furtherance of the communities and nation at large.

Mr. Samuel Okudzeto Ablakwa, the MP for South Tongu, paid glowing tribute to the memories of great women of the Party: Shirley Ayittey, Ama Benyiwa Doe and now Araba Tagoe, who stood the test of time and achieved milestones for their communities and nation at large.

He said, the memories of these women should continue to spur young ladies on to take up careers in politics and stamp their names on the annals of the country.

Born, Mary Magdelene Tagoe, on January 7, 1952, to a Police Officer, she was noted for her entrepreneurial abilities which earned her the accolade: “Jack of all Trade”.

She was a defender of the vulnerable in line with her catholic faith and therefore undertook many charities, notably the quarterly visits to orphanages and widows in and around her community.

The late Araba Tagoe, took to politics in the 1979s, where she was the women organizer for the Action Congress Party, later, when Ghana returned to constitutional rule in 1992, she joined the NDC and played pivotal roles in the many successes of the party.

Survived by two adult children, Araba Tagoe, spent time on sports and was key in activities of the Sekondi Hasaacas Club.

She is also known for her special smiles, and dance moves at social gatherings.

NPP Internal Elections: Help me choose a candidate that is marketable- Weija-Gbawe Chairman

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Mr Micheal Danquah, Chairman for the New Patriotic Party (NPP) in the Weija-Gbawe Constituency, has asked delegates to elect a candidate who can retain the seat for the Party in the December parliamentary elections.

He said delegates should look beyond the internal elections and elect a candidate who would be accepted by the constituents of Weija-Gbawe.

He made the appeal in an interview with the Ghana News Agency (GNA).

“I have been sending messages around and the message is that we are not looking at just the Party, we are looking beyond. After the Party’s elections, there is the general election, so whoever is chosen should be the one who can help us retain the seat.

“Help me choose a candidate that is marketable. Help me choose a candidate that you yourself will be willing to work with. Help me choose a candidate that when we take to the market, everybody will be willing to buy,” he said.

The call comes ahead of the NPP’s Parliamentary Primaries which would be held on January 27 in all 16 regions.

In the Weija-Gbawe constituency, the election would be held at the New Gbawe Cluster of Schools from 700 hours to 1500 hours.

Some 1,210 delegates are expected to participate in the process.

The candidates are Madam Tina Gifty Naa Mensah, incumbent Member of Parliament for the Constituency and Deputy Minister of Health and Mr Jerry Ahmed Shaib, Chief Executive Officer, Coastal Development Authority.

Mr Danquah said the Party would work together after the primaries and asked the delegates to embark on campaigns devoid of insults, fights and abuse.

He dismissed allegations that the executives were trying to impose a candidate on the Party and said only the delegates had the power to do that.

Ghana’s long-term low carbon emission strategy to enhance ecosystem restoration

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Dr Kwaku Afriyie, Minister for Environment, Science, Technology, and Innovation (MESTI), says Ghana’s long-term low carbon emission strategy will enhance ecosystem restoration and biodiversity conservation.

He said the strategy would also be a vital planning tool for guiding the Ghana energy system to a clean, sustainable, and increasingly renewable-based future, boost recycling of plastics and create green jobs for the youth.

The minister said this during a National Planning Workshop on the Readiness Assessment for Long-Term Low Emissions Development Strategy (LT-LEDS) for Ghana in Accra.

The workshop seeks to bring together stakeholders to give much information to help assess the state of readiness for development of LT-LEDS.

Dr Afriyie said the Paris Agreement committed all parties to promote and work towards LT-LEDS, to provide quantifiable information on mitigation visions, strategies and targets for up to and beyond 2050, in the latest Nationally Determined Contributions.

He said Ghana was obliged to develop and implement long-term mitigation actions that reflected national priorities and initiatives that could easily be supported by development partners and other implementing agencies.

“To meet this obligation, Ghana has over the years developed a number of strategies and sectoral plans which deal with low carbon mitigation actions but did not target long-term emission aspirations of national development plans,” the minister added.

Dr Afriyie said in line with the framework, Ghana participated in the 2050 Pathways Annual Meeting at the 58th Session of the Subsidiary Body for Science and Technology Advice, where Ghana agreed to engage in long-term low carbon development with the 2050 Pathways Platform.

“The national strategy will therefore place a lot of emphasis on the implementation of clear development perspective and integrated climate change related aspects with development visions, priorities, principles or economic, social and environmental objectives”

“…and to consider multiple synergies and trade-offs between sustainable development, emission reduction and adaptation to climate change,” he added.

Dr Henry Kokofu, Executive Director, Environmental Protection Agency, said climate change was one of the biggest threats to the global community today, which remained an indispensable risk to all facets of economic development.

He said climate change events had become more today than ever, adding that, “as we have been warned by the latest reports of Intergovernmental Panel on Climate Change, every degree matters, and surpassing 1.5°C would cause the greatest impacts, where Ghana is no exception.”

The Executive Director said the continuous rise in annual average of carbon dioxide from the advent of the industrial revolution, was believed to be the cause of climate change, hence the need for engaging in long-term low emission strategies was overemphasized.

He said COP21 adopted the Paris Agreement, which committed all parties to develop long-term low greenhouse gas emission development strategies to reduce greenhouse emission in the atmosphere and its consequences on climate change impacts.

Dr Kokofu said the long-term low emission development strategies were qualitative strategies that countries developed to transition their economies beyond achieving near-term Nationally Determined Contribution (NDC) targets.

He said the strategy signified countries’ path towards the larger climate objective of cutting emissions by 45 per cent by 2030 and achieving net zero around 2050.

“The strategy therefore explores the challenges and opportunities associated with the structural transformations needed to reach carbon neutrality and meet the targets of the Paris Agreement,” he added.

“It is now the time that countries explain how they will transition their economies beyond achieving near-term NDC targets, Ghana is committed to pursuing low-carbon strategies for development and is actively pursuing them, as per national circumstances, and longing for long-term targets,” he stressed.

Feeding babies with ‘sakora koko’ could lead to kwashiokor- Nutritionist

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Ms. Joyce Asare Kissi, the Head of the Nutrition Unit of the Tema General Hospital, has cautioned parents against feeding their children porridges containing no nutrients, as it can lead to malnutrition (kwashiokor).

Malnutrition is a condition that results from a lack of sufficient nutrients in the body and might cause fatigue, dizziness, and growth-related problems, as well as death in severe cases.

Ms. Kissi, speaking to the Ghana News Agency in an interview, said such porridges, popularly referred to as “koko sakora,” only contain carbohydrates without any other nutrients to support the children’s growing nutritional needs.

She indicated that after exclusive breast feeding for six months, mothers and caregivers must ensure that they complement feeding with family food that contains all the recommended nutrients for the child to prevent malnutrition and other related illnesses.

The nutritionist said a little palm oil, groundnut paste, fish powder, fruits, vegetables, milk, and others must be added to the porridges and food of the children to provide their growing bodies with nutrients.

She expressed worry that malnutrition, or kwashiokor, as it is popularly referred to, still existed among children aged under five years in Ghana due to the lack of proper nutritional feeding of children.

She said her outfit received daily kwasiorkor cases both from within Tema and surrounding districts, some of which must be admitted as the condition might have resulted in the children getting other medical conditions.

She stressed that malnutrition was a disease that could be cured; however, there is a lot of misconception around it, leading people to seek help from elsewhere and only reporting to the hospital when the situation had become severe, risking the life of the child.

She therefore advised mothers and caregivers to religiously feed their children with nutrition foods and follow the advice from their caregivers to avoid malnutrition and other nutritionally related sicknesses.

Ms. Kissi appealed to relatives, traditional leaders, opinion leaders in the community, religious leaders, and relatives to encourage mothers to take the children to the hospital when they see symptoms of kwashiokor in children instead of waiting till it is too late.

She also appealed to non-government institutions and philanthropists to help the Tema General Hospital’s Nutrition Unit with cereals to prepare therapeutic feeds for such malnourished children, as most parents of such children find it difficult to bear the cost of treatment as it is not covered under the National Health Insurance Scheme.

Traders at Keta market lament excessive cost of eggs

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Traders at the Keta market in the Volta region have lamented the excessive cost of egg prices due to the lack of poultry farms in the area.

This, they said, was affecting their businesses due to the inadequate availability of eggs in the area, compelling them to buy from other areas.

Madam Akpene Dzanado, an egg wholesaler at Keta Market, in an interaction with the Ghana News Agency, stated that they spent huge sums of money in assessing poultry farms in other areas.

“We travelled to places such as Akatsi, Weta, and other places outside Keta and Anloga to get poultry farms to buy eggs.

She said the situation in the Keta Municipality must be given urgent attention to address the plight of those in the egg business.

Madam Dzanado, mentioned other challenges like the breakage of the eggs due to transportation, the selling of bad eggs, and others.

“The eggs are very expensive too and traveling a long distance to buy them is also another risk.”

This, she said, called for assistance from individuals, corporate entities, philanthropists, and the government to set up more poultry farms in the area for easy access of the products.

Mr Dornoo Wonder, Manager of ‘Feed the Nation Farms Limited,’ a poultry farm at Akatsi in the Akatsi South Municipality, disclosed to the GNA the rise in the pricing for the eggs was due to the amount involved in purchasing poultry feeds.

He said poultry farming was a lucrative business, but the high expenses involved were a problem for those who were into it.

Mr Dornoo appealed to the government to help in the supply of poultry feeds to mitigate the excessive costs involved.

NCCE urges media to remain professional ahead of Election 2024

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Ms Cynthia Anima Boadu, the Bono Regional Director of the National Commission for Civic Education (NCCE), has urged the media to remain professional and protect the media space from the use of vulgar languages, ahead of the Election 2024.

The use of vulgar language and unsavoury statements in the media undermines the prevailing peace and security of the nation.

Speaking on the 2024 theme for the commission “Together We Can Build Ghana, So Get Involved” in an interview with the Ghana News Agency (GNA) in Sunyani, Ms Boadu also asked the media to endeavour to sieve their stories and avoid reports that could disturb national peace.

She highlighted the critical role of the media towards accelerated national development, hence the need for the media to remain circumspect and use their outlets to preach peace and social cohesion.

 Ms Boadu stressed nation building remained shared and collective responsibility that required or demanded the contribution of everybody, saying the Election 2024 approached, it was therefore, imperative to ensure that the media space was devoid of insults and inflammatory language.

“These negative behaviours are so detrimental to peace and stability,” she stated, and advised the media not to give their space, but ignore politicians whose conduct could create confusion and disorder in society.

Ms Boadu also advised hosts of the various radio programmes to take charge and control their panels from using abusive statements in the airwaves.

There is the need for the media to create a peaceful atmosphere for sound political discourses that would enlighten and thereby empower the electorate to make informed decisions when they go to ballot.

Asante Akim Central NPP parliamentary candidate to launch campaign

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Mr Kofi Ofosu Nkansah, NPP aspiring parliamentary candidate for Asante Akim Central will on Sunday January 21, 2024, launch his campaign and fundraising ceremony for his parliamentary candidacy.

   Mr Nkansah, who is the CEO of the National Entrepreneurship and Innovation Programme (NEIP) is determined to unseat the incumbent MP for the area, Mr Kwame Anyimadu Antwi, who is the Chairman of the Constitutional and Legal Affairs Committee of parliament.

  He told journalists that his goal was to bring development to the people in the area and nothing would deter him from achieving that vision.

  Mr Nkansah highlighted the abundance of human and natural resources in the area which in his view, should not be allowed to go to waste.

  “I am for the people and that is why they are calling me to come and serve them.

   It is a family affair, and I am not perturbed about the past but determined and focused on victory.

      I know by the grace of God and the support of the people, on January 27, after the polls, I will be declared victorious, and we will all work together for the constituency, he stated.

  Mr Nkansah had already outlined comprehensive plans for the constituency’s development.

 They include the establishment of educational funds to support needy students and pupils, initiate credit union for local businesses, conduct regular town hall meetings, set up a call centre and implement a community mining scheme.

 Additionally, he aims to drive infrastructural development through effective lobbying, facilitate vocational and skills training programmes and ensure that the constituents benefitted from the various government interventions.

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