November 25, 2024
News
The dollar to cedi rate has significantly turned around after the Bank of Ghana received the first tranche of the IMF $3 billion loan. Ghana's Finance Minister Ken Ofori-Atta said on Friday that the first $600 million tranche of a $3 billion, three-year extended credit facility has been received. The funds will be used for budget support and help bring down inflation, Finance Minister Ofori-Atta announced on Twitter.
As predicted by financial experts, including Prince Obiri Yeboah, that the cedi will see a significant appreciation when Ghana receives the loan, the dollar to cedi exchange rate is suddenly depreciating whilst the cedi is performing remarkably well.
Isaac Osei, a Currency dealer confirmed to Nana Yaw Boamah on the Ghana Fapim show this morning that during the early hours of May 20th 2023, the dollar was selling at ghc10.00 and buying at 10.50 as against the previous day where the sale of the dollar was pitched at ghc10.30. He further outlined the progress of the Cedi-to-Pound exchange rates and Cedi-Euro exchange.
“Last night, the Cedi-to-Euro exchange rate was ghc11.20. However, this morning, it stands at ghc10.80. Additionally, last night the cedi-to- Pounds exchange rate was ghc13.70. But this morning has witnessed a significant improvement where it has dropped to ghc13.40.” He clarified.
According to Bloomberg’s tracker, the cedi has advanced 33% since November, which is the biggest gain among about 150 currencies. Ghana’s dollar bonds have delivered a strong performance too, providing investors with a return of almost 12%, more than the 3.6% average for emerging and frontier peers in a Bloomberg index.
Daniel Kavishe, an Africa economist at Rand Merchant Bank, also noted that on the back of positive sentiment and if the authorities receive the first tranche of funding, the cedi is likely to also see gains in the coming days, to trade at levels below 10 against the dollar,” he said in a note to clients.
Meanwhile, the Governor of Bank of Ghana Dr. Ernest Kwamina Addison has applauded the management of the IMF for Wednesday’s loan approval. He called on key stakeholders to come and support Ghana and maintained that, the country is looking forward to and continuing to count on expedited programs to conclude the remaining negotiations on external debt restructuring to ensure that Ghana get the full benefit of the fund.
Independent candidate, Kwaku Duah who bore the logo of a dove has criticized the alleged bribery scandals which erupted at the Kumawu By-elections, adding that it is a discouraging factor for eligible aspiring candidates who have no strong financial muscle.
He testified that MPs, Ministers and other political executives were actively involved in the scandalous vote buying, even on the election day, where they influenced the electorates with money, clothes and other juicy incentives to lure them into voting for the New Patriotic Party NPP) candidate, Ernest Yaw Anim.
According to Hon. Kwaku Duah, the menace of vote buying will deter willing persons from stepping forward and contesting in what is supposed to be a democratic election since they do not have the financial muscle to coerce electorates.
“To dash money in public without shame and luring people throughout the constituencies for votes is appalling. What happened yesterday is one of the saddest days in political space. It’s pathetic”- he told Omanhene Yaw Boakye.
The Independent candidate affirmed that he has passed a congratulatory message to his opponent, Ernest Yaw Anim who is the MP-elect for Kumawu wishing him well and urging him to initiate more developmental projects in the Kumawu constituency.
Concerns have also been raised by the NDC parliamentary candidate, Kwasi Amankwah that the electorates were influenced with money, gifts, among others to vote for Hon. Ernest Yaw Anim. He cited that students approached him demanding for sums of money in order to vote for him since the NPP faction had already given them some money.
Most of the citizens who spoke to Sompa News including a 60-year-old man, alleged they were wooed with notes between 10 to 50 to vote for the NPP candidate.
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Members of the National Democratic Congress (NDC) have called out the New Patriotic Party for allegedly luring the people of Kumawu with money and other goodies to secure their votes.
The NDC parliamentary candidate, Akwasi Amankwah, ‘Tom Cee’ has stated that he discovered an appalling sight during his tour in Aninya. He said he noticed a table has been set just few meters from the voting centers where money sharing was actively going on. According to him, this is a perversion of fair elections and the EC must investigate the matter with urgency.
“During my tour, I chanced on a despicable sight at Aninya. After the money sharing, the voters were instructed to vote for a particular candidate and escorted to the polls to make sure they indeed voted for that candidate.” He revealed.
He maintained that he needs peace to prevail.
“Free and fair elections is the goal. We do not need any form of intimidation. So, I have informed the police and EC agents to investigate the matter with urgency.”
On Tuesday, May 23, when the by-election was going on at Kumawu, some citizens of the constituency divulged to Sompa News that some executives from the NPP faction are dashing people money, African prints, among other souvenirs to lure them to vote for the NPP parliamentary candidate, Ernest Yaw Anim.
Speaking on Sompa FM’s Ade Akye Abia, Francis Dodovi bashed the shameful act of the people involved in the alleged vote-buying.
“NPP should be ashamed of themselves for trying to coerce voters with money, clothes, bags and rice and other goodies if the vote-buying allegation is true. If they have revived the economy and wrought many wonders like they claim they have, I guess there is no point in luring the populace with money for votes even on election day. This only goes to demonstrate how Akufo Addo and the NPP administration have failed Ghanaians. Posterity shall surely judge them.” He cried.
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A 5-year-old girl has been crushed to death by a collapsed building at Ada Magazine, in the Eastern Region with her sibling seriously injured during a rainstorm.
The back of the concrete block chamber and hall room in a compound house suddenly collapsed on the two siblings; a five-year-old girl and a 7-year -old boy who were in the bedroom while their mother was cooking in the kitchen.
The mother of the children, Diana Labotey, revealed that the concrete wall crushed the head of his daughter, Kukua Esther, killing her instantly but the boy was trapped under the rubble.
He was later rescued but suffered crucial injuries.
The victims were both rushed to the Eastern Regional Hospital where Kukua Esther, the Kindergarten pupil was confirmed dead but the boy was admitted for treatment. Medical reports have confirmed that the boy is responding to treatment.
“The children were standing behind me in the kitchen but I noticed they were feeling cold and shivering so I asked them to go into the room. After 10 minutes, I heard a loud sound so I rushed into the room and noticed the back of the building had collapsed on the children. The head of the girl was gravely damaged. When we rushed them to the hospital, she was pronounced dead but the boy is still at the hospital”. The bereaved mother narrated.
The body of the deceased girl has been deposited at the morgue pending further investigation by police.
An eye witness and also a co-tenant in the same house, Amina Monica narrating the incident said the building collapsed around 3pm during a heavy rainstorm few minutes after she came out of her bathroom.
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Road Minister Hon. Kwasi Amoako Atta has insisted that the ongoing massive construction of the roads were already planned for years except that the previous contractor failed to meet the timelines as projected by the Ministry of Roads.
Speaking at the parked NPP supporters rally yesterday at Kumawu, the Minister maintained that the overnight construction of the roads in the constituency was long planned even before the passing of Hon. Philip Bassoah clarifying that the wide road network will be extended to neighboring towns.
“The ongoing works were not limited to only Kumawu but also Juaben, Effiduase and Asokore which were not in the Kumawu Constituency. Are people of Juaben, Effiduase, and Asoskore part of Kumawu Constituency or are they going to take part in the selection of the next MP for Kumawu?” he asked.
Hon. Amoako Atta promised the people of Kumawu that there would be more roads construction after the Kumawu by- elections, and they should despise the propaganda carried out by the NDC that the roads would be abandoned after the Tuesday’s elections.
“Basoah’s passing is only a coincidence, it is unfortunate and regrettable, but everything will be done to honour his name posthumously,” the Minister told the media after inspecting the progress of work on the Kumawu roads.
The Minster of Agriculture, Hon. Bryan Acheampong during the rally yesterday used the opportunity to express that the assistance of the IMF will eventually lead to reduction in foods prices, and other commodities.
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The Ashanti regional EC Chairman, Benjamin Bio-Banor has confirmed that the Electoral commission is ready to conduct the Kumawu by-election on Tuesday.
The by-election which is slated for Tuesday, May 23, 2023 will be conducted at 75 polling stations with about 34,790 expected voters. According to Mr. Bio-Banor, required trainings have been conducted for smooth voting process, essential logistics including ballot papers have also been provided ahead of time.
“We are fully geared for the by-elections on Tuesday. Preparations are underway to ensure a violent-free election.” He revealed to Omanhene Yaw Adu Boakye on Sompa FM’s Ade Akye Abia.
The Notice of Poll published by the Electoral Commission ahead of the election indicates that there are four candidates contesting for the MP position.
The New Patriotic Party (NPP) candidate, Ernest Yaw Anim, is the number one on the ballot paper; the National Democratic Congress candidate, Kwasi Amankwa alias Tom-C, takes the second spot, while the third and fourth positions are for two independent candidates who bear the same name, Kwaku Duah.
Meanwhile Kwaku Duah, the second Independent Candidate has debunked claims that he was ushered into the fierce competition by Chairman Wontumi. In an interview today on Ade Akye Abia, the astute business man corrected that he is only a relentless individual who is qualified and meet all the EC’s requirements to contest the vacant seat.
“It is not about political affiliations. Let no one deceive you. Even the chiefs in Kumawu know and understand my capabilities.” He told Omanhene.
He also called out the Electoral Commission for dealing with him unfairly and changing his logo from a “bird” to a “hoe.”
“My logo was a sketch and it varies from the previous Kwaku Duah’s. it was not even a dove. The variation is clear. Mine is a falcon. But the new Hoe representation does not bother me much. The EC has just been unfair and biased.” He concluded.
Ghana Universities Journal (GUJ), a group of tertiary students who engages political scholars, industry players, stakeholders, and government in dialogue and offer constructive criticism and solutions has held its 6th virtual episode of personality chat on the theme “Leadership the bane of Africa’s problems/poverty.
Sam Ankrah Ph.D., an investment banker, global business strategist, and Development Economist, who was the guest speaker, offered hope to the gathered youth, stating that when your heart decides on a destination, your creative mind will always design a map to reach it and urging the youth not to lose hope in the country, even though the current government has not created any alternative change to bring hope to the youth.
Ankrah went on to highlight the country's huge debt amid going to IMF for a bailout and stated that the best brains are sitting on the fringes and not in government.
According to 2024 presidential hopeful, a systematic approach to creating a better enabling environment includes the rule of law, efficient government structures, and curbing corruption and stability.
He shares his vision for a New Ghana, stating that his ten-point plan will break the duopoly of NPP and NDC.
According to him, with his vast experience as an economist, he's best to manage Ghana's instability economy.
He said his vision for the youth encompasses just offering hope but will create an environment and economic stability to the benefit of Ghanaian Youth.
He, therefore, pledged his support for the Ghana Universities Journal as the group plans to put together a leadership conference for the youth in the country.
Eric Murphy Asare, president of the group, expressed optimism that the GUJ platform has great youth to unleash great leaders as the youth continue to make their voices heard through engagement with political scholars and stakeholders.
Sompaonline.com
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