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Bawumia’s Economic Plan Will Address Inflation –KON

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Mr Oppong-Nkrumah speaking at the forum

Mr Kojo Oppong Nkrumah, Minister for Works and Housing, says the flagbearer of the New Patriotic Party (NPP), Dr Mahamudu Bawumia, has a bold economic transformation plan that seeks to address Ghana’s pressing challenges of unemployment, inflation and slow industrialisation.

According to him, NPP’s Manifesto was rooted in a pragmatic approach to boost both macro-economic stability and inclusive economic growth.

“We cannot afford to do business as usual. Dr. Bawumia’s vision is to fundamentally shift the structure of Ghana’s economy from one that is overly dependent on raw materials to one driven by value addition, technology and innovation,” Mr. Oppong Nkrumah said.

Addressing an audience of law students, academics and political enthusiasts at the maiden edition of the Election 2024 Dialogue at the Ghana Institute of Management and Public Administration (GIMPA) in Accra, last week, Thursday, the dialogue, organised by the GIMPA Law Students’ Association (LSA) was designed to engage political leaders and policymakers, ahead of the 2024 elections.

The Works and Housing Minister outlined plans to promote industrialisation through the establishment of technology hubs, industrial parks and support for small and medium enterprises (SMEs).

These efforts, he explained, would foster job creation and elevate the country’s position in the global value chain.

Central to this economic vision, the Minister added, is Dr. Bawumia’s focus on leveraging digital technology to formalise the economy and increase government revenue.

“We’ve already seen the benefits of digital transformation through initiatives like mobile money interoperability and the Ghana Card, but the next phase of this vision is to integrate these into broader financial systems that support businesses and create jobs for our young people,” he said.

Governance Reforms for Transparency and Efficiency

The Vice Chair of the Manifesto Committee also took time to highlight key aspects of Dr. Bawumia’s vision that addresses governance reforms.

The NPP Manifesto, he revealed, includes plans for a more efficient and transparent government system that would improve service delivery across all sectors.

“Dr. Bawumia’s leadership is built on a foundation of accountability and transparency. Under his presidency, we will implement reforms that hold public officials accountable, ensure that government spending is efficient, and root out corruption at all levels of public service,” he stated. He emphasised the importance of modernising the public sector to make it more responsive to the needs of citizens, especially in areas like health, education and infrastructure.

He said, as part of this drive, the NPP plans to introduce digital governance tools that streamline bureaucratic processes and improve citizen engagement.

“This is about putting power back in the hands of the people,” Mr. Oppong Nkrumah explained, “and ensuring that government institutions work for the benefit of all Ghanaians.”

Affordable Housing for Ghanaians

In his capacity as the Minister for Works and Housing, Oppong Nkrumah also took the opportunity to discuss the NPP’s plans for affordable housing. He underscored that housing is a crucial part of Dr. Bawumia’s vision for a more equitable society.

“Dr. Bawumia believes that every Ghanaian deserves a decent place to live. Our manifesto addresses the housing deficit head-on, with plans to scale up affordable housing projects across the country,” he said.

He detailed specific policies, including public-private partnerships, to develop housing units for low – and middle-income Ghanaians assuring the audience that these initiatives would prioritise transparency, accessibility and sustainability.

Social Inclusion and Job Creation

A major theme throughout Mr. Oppong Nkrumah’s presentation was the emphasis on job creation, especially for Ghana’s youth.

He stressed that Dr. Bawumia’s leadership will focus on creating opportunities for young people through skills training, entrepreneurship programmes and education reform.

“We have millions of young Ghanaians entering the workforce every year and Dr. Bawumia’s government will ensure that they are equipped with the skills they need to thrive in the modern economy,” Mr. Oppong Nkrumah said.

He further elaborated on initiatives aimed at bridging the gap between academia and industry, creating pathways for graduates to transition smoothly into the job market.

Road to victory 2024

As the event drew to a close, the Minister reiterated that the NPP, under the leadership of Dr. Bawumia, is committed to building a Ghana that is prosperous, inclusive and resilient.

“This is not just about the next four years; it’s about laying the foundation for the next generation,” he added.

The Election 2024 Dialogue served as a platform for the NPP to outline its vision for the future of Ghana and make a case for why Ghanaians should support Dr. Bawumia in the upcoming elections.

Its purpose is to present Dr. Bawumia’s vision for the country in the coming years as the 2024 election approaches. The Dialogue Series will take place across various university campuses, where the Minister will engage students and key stakeholders, explaining the key aspects of the NPP’s 2024 Manifesto and how it addresses the nation’s pressing challenges.

Presidential Pitch Winners Hail Concept

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Winners of the 5th Presidential Pitch in a picture with the CEO of NEIP, Kofi Ofosu Nkansah

Winners of the 5th Edition of the Presidential Pitch have applauded President Akufo-Addo for the initiative, which seeks to empower young entrepreneurs.

Namgwinaa Samuel emerged victorious in the Presidential Pitch – Season 5, capturing hearts with his ground-breaking Smart Switch System.

This innovation, which enables automatic energy consumption control and remote task execution, also doubles as a security-controlled communication system.

His victory was crowned with the prestigious Dr. John Kumah Prize for Entrepreneurship and Innovation awarded by none other than President Nana Addo Dankwa Akufo-Addo himself.

Samuel’s journey to this monumental achievement was not easy.

As one of the top 10 finalists in the competition, he stood out among over 300 applicants from diverse fields, all vying for the coveted GHC250,000 prize.

The Presidential Pitch gave these emerging leaders, including Samuel, the platform to showcase their revolutionary ideas.

According to the beneficiaries, the initiative is a testament to the President’s commitment to fostering entrepreneurship and innovation.

In a short ceremony held at the Office of the National Entrepreneurship and Innovation Programme (NEIP) to hand over certificates and to officially receive cash awards, the Chief Executive Officer of the National Entreprneurship and Innovation Programme, Mr. Kofi Ofosu Nkansah, explained that “The Presidential Pitch has become a catalyst for youth entrepreneurship in Ghana, with a focus on empowering young entrepreneurs to turn their ideas into reality.

“Since its inception in 2017, NEIP has supported over 250,000 beneficiaries with business development support, provided starter packs to 35,000 businesses and facilitated funding for 15,000 entrepreneurs, resulting in the creation of over 100,000 jobs,” Mr. Ofosu Nkansah disclosed.

In all, thirty-five (35) winners received cash awards ranging from 30,000 to 250,000 Ghana cedis and a certificate of participation.

They will also benefit from continued business advisory services and mentoring from partner business incubation and acceleration hubs in their area of operations.

MOI to hold town hall meeting in Tamale

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Fatimatu Abubakar, Minister for Information

The Ministry of Information will on Tuesday October 8, 2024 organise the 3rd Town Hall Meeting and Exhibition (THM) at the Ghana National Association of Teachers (GNAT) Hall in Tamale.

The third in the series of the THM will focus on key sectors of the economy such as healthcare, infrastructure, and economic empowerment.

Government appointees and other officials will provide answers to the various nagging questions on the minds of journalists and the public.

The Northern Regional THM will feature presentations from the Ministries of Food and Agriculture, Finance and Economic planning as well as on various initiatives and government’s achievement in the Northern region.

Speakers include; the Northern Regional Minister, Shani Alhassan Saibu; the Deputy Minister for Food and Agriculture, Mohammed Hardi Tufeiru and the deputy minister for Finance and Economic Planning, Alex Ampaabeng.

The upcoming THM provides an opportunity for citizens to have a direct engagement with government officials as well as ensure inclusiveness, accountability and participatory governance.

The meeting is themed: “Regional Revitalisation: Government’s Commitment to Growth, Development and Prosperity”.

The THM is part of effort by the Information Ministry to decentralise government communication and bring governance closer to the people.

The Minister for information, Fatimatu Abubakar, believes that by fostering open dialogue and collaboration, the Ministry of Information will be able to strengthen the bond between citizens and the government, ultimately driving progress and development in every part of Ghana. Source: MOI

I’ve No Problem With Protests -Akufo-Addo

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MAXWELL OFORI
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President Akufo-Addo

The President, Nana Addo Dankwa Akufo-Addo, has said he is not against protests and that his government will not make any attempt to suppress the views of Ghanaians.

According to the President, he would be the last to have qualms with protesters, as his political career was largely aided by leading demonstrations.

“How can the president, whose political career was aided by leading protests, have problems with protests? I don’t have problems with protests. And nothing is done in Ghana to prevent people from airing their views on anything,” he said.

A pressure group called Democracy Hub staged a 3-day protest against environmental destruction, particularly illegal mining, also known as galamsey. The group, mainly the youth called on the authorities to end galamsey, which has destroyed almost every water body in the country.

Speaking to France24 on Friday, October 4, 2024, President Akufo-Addo said the protesters in court are facing the law because of their misconduct, and that the executive has no hand in it.

President Akufo-Addo debunked claims by the opposition party that his government was trying to stifle dissent.

In a sharp rebuttal, the outgoing President of Ghana, Akufo-Addo, said “I’m not responsible for jailing people in Ghana. The courts in Ghana are independent institutions and they have been all through this period of the fourth republic.”

He added that “people misconduct themselves and they’re brought before court. It’s for the court to deal with them. It has nothing to do with politics. It has nothing to do with the executive. And their behaviour is what lands them in problem with the police and with the courts. It’s not the protests.”

PROTEST

The 3-day demonstration that led to the arrest of some of the protesters ended on Monday, September 23, 2024.

The police, in a statement, said the protest witnessed acts of lawlessness and public disorder, resulting in the arrest of over 40 protesters, including the leader, Oliver Barker-Vormawor, who removed the key to one of the police vehicles and threw it away.

The protest took place at the 37 roundabout and witnessed moments of standoffs between the demonstrators and the police.

On Sunday, September 22, 2024 the police gave a third update and announced that the Democracy Hub demonstrators “unlawfully took over the 37 Intersection” and engaged in acts “intended to cause extreme inconvenience to the general public.”

The demonstrators blocked the intersection in all directions with vehicles and stones, setting fire in the intersection and playing football on the road. Later that day, the police announced the arrest of 42 people, mostly the Democracy Hub demonstrators, who were engaged in various acts of lawlessness at the 37 Intersection in Accra.

“The demonstrators, who had unlawfully assembled at the 37 Intersection, were seen attacking police officers performing their lawful duties, entering a police vehicle to remove the ignition key and throwing it away, pushing down police crash barriers, obstructing traffic, causing unlawful damage and disturbing the peace, among others,” the statement said.

BAIL

Since the arrest and detention of the protesters, calls have been made for them to be granted bail.

Over the weekend, some youth embarked on a protest and demanded the release of the protesters in jail.

Meanwhile, the Minister for Justice and Attorney General, Godfred Yeboah Dame, has said that he will engage the prosecution to push for bail for the protesters at the next hearing.

 

 

May God’s Name Be Always Held Sacred!

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Opinion

“Blessed are you, O Lord, the God of our ancestors, praiseworthy and exalted above all forever; And blessed is Your Holy and Glorious Name, praiseworthy and exalted above all for all ages.” Daniel 3:52

The Personality of God should always be held sacred and all creation must fear Him. Rawlings once proclaimed, holding on to his death, saying, “I do not fear God, I love Him.” Then all his followers started explaining why we should not fear God, if we love Him.

Sacred Scriptures reminds us that “the Fear of God is the beginning of Wisdom,” so we can rightly guess where Rawlings and his people headed to.

Holding the Name of God, sacred, is one way of having fear for Him for He warned against holding His Name in vain.

The way God is held high in other religions, is not how some Christians, do. For the conduct of some so-called church leaders worldwide, makes Christianity become a joke; such people show lack of wisdom.

Every Election Year in Ghana, we have our contingent of fake prophets descending upon us, saying that they met with God and He told them who will win the presidential election. They come out with different names of winners, and this makes Christianity look so cheap, like gambling where people, individually work out what they believe will be the winning numbers.

Strangely in 2019, they busily told us who God had picked to die but never told us anything about a coming pandemic, Covid-19, which would infect almost 10% of the world’s population, killing over seven million people world-wide.

Then in 2020, these shameless discredited prophets, came again to only prophesy names of winners of the presidential election and nothing from God as to when Covid-19 would subside.

We are in another Election Year and again, the comedy show has started with these prophets coming out with different winners of the presidential elections.

As at August this year, a GhanaWeb report had it that four Ghanaian and an unnamed Zambian prophet, Prophets Elijah Conteh, Ebenezer Adarkwa Yiadom, Nigel Gaisie and Emmanuel Badu Kobi, claimed that God has chosen Mahama to win the election and another four, Reverend Paul Kusi Appiah and Prophets Azuka, Paul Kusi Appiah (Warrior Prophet) and Agyenim Boateng, said according to God, the man after His Heart, H.E. Mahamudu Bawumia, will be president in 2025.

One cannot talk about presidential prophecies and leave out Rev. Owusu Bempeh, the prophet who could declare that a prophecy from God was after all, false. This happened when after prophesying the demise of the National Chief Imam, Shiekh Nuhu Sharubutu to occur in 2019, and there was a backlash from Muslim youth, Rev. Owusu Bempah had to rush to the Muslim cleric apologising, sincerely begging for forgiveness and claiming that God gave him a false prophesy. In Owusu Bempah, God sometimes does not speak right.

How can a Christian make our God look cheap. We read of prophets of old who stood by the Word of God even unto death, but not now-a-days prophets like Rev Owusu Bempah.

In 2023, Rev. Owusu Bempah told us that Hon Alan Kyerematen was going to win the NPP Presidential Primary and go on to become president of Ghana in 2025. Alan did not contest the final primary and even left the NPP. Maybe, he will still become president.

This July, Rev. Owusu Bempah elected himself as the only one, God confides in, when he said he will delay in prophesying because other prophets will wait for him to speak first before they will make their prophecies. This indicates that according to him, all the others are false prophets.

In 2020, Owusu Bempah prophesied a Nana Addo victory, when it was obvious Nana Addo was going to win. He added that God said Mahama would never ever become president in Ghana, again. And yet, today, in 2024 Owusu Bempah says God has picked Mahama to win the election. Is he trying to tell us that God cannot make up His mind? The fear of God is indeed the beginning of wisdom. And Owusu Bempah picked Mahama, who majority of the prophets chose, meaning he depends on man and not on God.

We obviously have a gang of false prophets in this country, who are in the gaming business, as stated earlier. They throw dice and make permutations to predict, not to prophesy, who will win election, then they will say God has chosen that person. For the mere fact that all our so-called prophets would not collectively agree on one person, God has not spoken.

To know about how true prophets operate, we only have to read the Bible, which also tells us how the false ones operate.

The sad thing is, it is God who is being ridiculed here and Christianity is made to look cheap. All Christians and the churches councils, must rise up to condemn this.  For in all this, it is God’s Name that is been used in vain and the earlier these prophets repent and turn to the Lord, the better for them, I am Daniel and I have spoken. God’s Name must always be held Sacred!

I advise all presidential candidates to pray to God in their hearts, in accordance with the churches and religions they belong to and work hard for victory.

Hon Daniel Dugan

The views expressed in this article are the author’s own and do not necessarily reflect The Chronicle’s stance.

Editorial: Galamsey Protests Must Not Descend Into Chaos

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THE CHRONICLE
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Galamsey Protest

In recent years, Ghana has faced a growing crisis of illegal mining, also known as ‘galamsey’, which has wreaked havoc on the environment, particularly on water bodies, forests and farmlands. This ecological disaster has galvanised citizens, civil society and activist groups to take a stand, raising their voices against the widespread destruction caused by these unsanctioned activities.

In response to this menace, the Democracy Hub, led by Oliver Mawuse Barker Vormawor, initiated the ‘StopGalamseyNow’ protest, but at the end of the protest 53 activists were arrested for engaging in unlawful activities. They have been remanded in police custody untill their court appearance on October 8, 2024. The police accused the protesters of blocking roads, dismantling police barriers and obstructing traffic in the city.

A week after the protest, another group of youth, called the Concerned Citizens Against Galamsey, embarked on a three-day protest on the same galamsey issue. Throughout the entire period of the protest, there were no reports of violence, arrests or clashes with the police.

The Concerned Citizens Against Galamsey were able to successfully communicate their message and draw public attention to the issue at hand, without being sidetracked by any confrontations. Their ability to organise the event, in collaboration with the law enforcement agency – police- ensured that the protest remained peaceful, focused, and impactful.

Reports suggest that the organisers of the earlier demonstration failed to coordinate effectively with law enforcement agencies, resulting in tensions that ultimately led to clashes and mass arrests. The key difference between Democracy Hub and the Concerned Citizens Against Galamsey appears to have been a lack of cooperation with the police.

These two protests offer a critical lesson for activists and civil society groups in Ghana. Protest is a powerful tool for social change, but the manner in which it is organised can significantly impact its success.

The Chronicle is of the view that the peaceful outcome of the Concerned Citizens Against Galamsey protest shows that coordination and cooperation with the police can help keep the focus squarely on the issue being protested against.

Because the Concerned Citizens Against Galamsey protestors coordinated with the police, protesters were able to avoid the pitfalls that often accompany such public demonstrations, including violence and arrests. This allowed their message on the urgent need to address the environmental destruction caused by galamsey to resonate with the public and the media.

The earlier protest (by Democracy Hub), while equally driven by a commitment to protecting the country’s environment did not have proper coordination with law enforcement agencies.  This is the reason why we believe, the whole protest descended into chaos thus affecting the reason why they were on the streets.

The lesson here is that protesters must prioritise non-violence and strategic planning to ensure that their cause remains in the spotlight. It is very important to know that you do not have to engage in violent activities to be heard or even inspire change. Future activists should take heed of the lessons from these two protests.

Recently, the United Nations Resident Coordinator for Ghana, Charles Abani, called on those protesting in the ongoing anti-illegal mining demonstrations to remain peaceful and orderly. He also called on the police “to maintain professionalism in protecting law and order while upholding human and civil rights.”

This is exactly what The Chronicle is saying. Engaging law enforcement early, communicating clearly and organising within the confines of the law are essential to ensuring that protests remain peaceful and effective.

The right to protest is a cornerstone of any democracy, including Ghana’s, but with that right comes the responsibility to organize in a manner that enhances the cause rather than detracts from it.

Access Bank, DBG distribute 20,000 shoes to Students 

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ERNEST BEST ANANE
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Kabutey Ocansey accounting for the impact of Access Bank and Development Bank on SMEs

Access Bank and Development Bank, Ghana in partnership with Horseman Shoes have embarked on the distribution of about 20,000 shoes to students, especially in the remote communities free of charge.

Some SMEs owners at the Capacity building programme

Mr. Kabutey Ocansey, Director of Horseman Shoes, who disclosed this at a capacity building programme for Small and Medium Enterprises (SMEs) at the Kwame Nkrumah University of Science Technology (KNUST) School of Business, last Tuesday, said the shoes would be distributed to the communities.

He indicated that Access Bank and Development Bank, Ghana (DBG) through the funding for the SMEs is providing loans with flexible interest to expand their businesses without collateral.

He disclosed that the Banks, in collaboration with Horseman Shoes, would also embark on tree planting exercises in the various schools towards the climate change, after the distribution of shoes to the beneficiary students.

He commended Access Bank and Development Bank, Ghana for fulfilling their commitment to support Small and Medium Enterprises (SMEs) with funds.

He also urged the beneficiaries to use their energy wholeheartedly by demonstrating commitment, loyalty and strength to ensure that the project is successful to encourage Access Bank and Development Bank of Ghana to invest more into such a laudable business.

Freda Adwoa Oforiwaah Mantey, Head of Environment and Sustainability Governance, Development Bank, Ghana (ESG-DBG), stated that sustainability financing has an impact on businesses, as it helps make more Profit and reduce cost of production and makes business attractive to investors.

According to her, customer care and trust was important and entreated the SMEs owners to use recycled products where necessary. She also expressed the need to pay their staff well above minimum wage in order not to lose them to their competitors in other businesses.

She disclosed that Access Bank was not interested in profit making, but impacting on the business communities.

Fuseina Fuseini Adjudged 2024 Overall Best Teacher 

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ERNEST BEST ANANE
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Miss Fuseina Fuseini receiving her award from the education minister, Dr Adutwum

Fuseina Fuseini, a female teacher at Madina Seventh Day Adventist (SDA) Basic School in the Greater Accra region emerged the overall best teacher at the 2024 Ghana Teacher Prize finalists held at the Kwame Nkrumah University of Science Technology (KNUST) Great Hall, in Kumasi, last Saturday.

Madam Fuseina Fuseini received a 3-bedroom house worth GH¢500.000 with a scholarship to study abroad.

Mr. Richard Kwadwo Adomako, who was the 1st runner-up, also received a 4×4 pick-up whilst Victoria Jessey (Rev. SR), a Headteacher at Akwatia St. Dominic R/C Basic School in the Denkyembour District was the most Outstanding Teacher in Leadership and Administration.

She took home a Saloon Car as her prize while other teachers received awards in various categories.

Mr. Osei Yaw Adutwum, the Minister for Education, commended the awardees for their efforts to transform the lives of the young ones through education.

He said, the government appreciates the efforts of teachers in the Transformation of lives through Education at the various levels and assured their efforts would also reciprocated, by providing a conducive environment for teaching and learning.

He said the government was doing something to transform the education system to suit the 21st Century teaching and learning, and that was the reason for the new curriculum for Basic and the Senior High Schools.

He noted that the government has made a massive investment in the education system in terms of infrastructural development including classrooms, dormitories and other logistics for teaching and non-teaching staff.

He explained that the double track system is a scientific approach by the Ministry of Education to solve the problem of space and congestion to give more students the opportunity to study.

He said many people would not be able to realize their dreams for lack of support, but the Free Senior High School policy offered the opportunity for wards of judges and labourers the opportunity to attend the same school for equal opportunities.

The Minister cautioned students against indiscipline in schools adding that students seeking admission into tertiary institutions would have to secure testimonials as practiced previously.

He said headmasters would be mandated to also transfer students to where they may not like when misbehaving on campuses to check indiscipline.

The Minister also warned stakeholders, Assembly members and the Assemblies to ensure that school lands are not encroached upon or used for building stores on school lands.

Most Kumasi Drivers do not go through Driving School to Properly Educated on driving – MTTD Commander 

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ERNEST BEST ANANE
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Supt. Emmanuel Kwame Boadi - Ashanti Regional MTTD Commander

The high numbers of road crashes in Kumasi and its environs have been attributed chiefly to human errors, because most of the drivers are illiterate.

Supt. Emmanuel Kwame Boadi, the Ashanti Regional MTTD Commander, explained that the drivers lack proper education.

According to him, about 80% of drivers in Kumasi have never attended a driving school or got proper formal education before jumping into the driving profession, adding that most of them are from washing bays, while some were driver’s mates, thus contributing to the many accidents on our roads and resulting in the loss of many lives.

Speaking at a Commercial Driver’s Education and Health Screening project dubbed: ‘Fit2Drive’, organised by Vivo Energy Ghana, in partnership with National Road Safety Authority, Supt. Boadi said about 90% of the accidents that occur on the roads are human errors and stressed the need for every driver to understand the rules and regulations guiding driving and the transport system.

He disclosed that the police are currently using technological devices to check speed and over speeding on the roads.

ADO1 Christian Opoku Ohemen, Ashanti Regional Headquarters Safety Department, reminded drivers to be cautious about Heat, Fuel and Oxygen, which are combustible.

He tasked them to always think of the three elements and ensure that they do not hide Fire Extinguishers in their car boots.

He advised them to, at least, have one fire personnel as a friend to approach when the need arises, especially where their landline is not responding to emergency calls.

Madam Shirley Tony Kum, Corporate Communications Manager (Vivo Energy Ghana Shell License), explained that Vivo Energy markets and distributes industrial branded fuel and liquid brands in Ghana.

According to her, over the years they have initiated programmes, including the ‘Fit2Drive’, which is tailored to drivers’ education and wellness and which seeks to educate drivers on good safety behaviours to promote their wellbeing.

She disclosed that this year, the Fit2Drive is targeting over 1,000 commercial drivers across five regions, which includes Greater Accra, Ashanti, Western, Eastern and Bono East regions.

She indicated that other stakeholders that play a role in the transport sector like the Ghana Police Service, Fire Service, DVLA, National Insurance Commission (NIC) also participated in the exercise.

Madam Kum revealed that the health screening exercise aimed at checking the health status of the commercial drivers, for the fact that drivers are so busy they do not get time for proper check-ups and as humans Vivo Energy Ghana prioritises their commitment to the health status regularly.

She noted that as a company, they make it a commitment every year to organise Fit2Drive for the commercial drivers to ensure that the wellness of the drivers is prioritised in their daily activities.

BoG Targets Single-Digit Inflation

By
JENNIFER AMBOLLEY
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Governor of the Bank of Ghana, Dr. Ernest Addison

Governor of the Bank of Ghana (BoG), Dr Ernest Ato Addison has reaffirmed the bank’s commitment to curbing inflation to a single digit.

“The Bank of Ghana is fully committed to bringing inflation back within our single-digit objective, presently the inflation outlook is broadly supportive and positive,” the Governor stated.

The governor’s remarks come as the country completes its third review process with the IMF, which aims to secure the release of additional financial support.

The IMF staff team, on Thursday, October 4, 2024 met with the Finance Minister, Mohammed Amin Adam, the Bank of Ghana Governor, Ernest Addison, along with representatives from various government agencies.

Over the past few weeks, the Governor indicated that the BoG had collaborated closely with IMF teams to provide comprehensive data on the economy.

“We are grateful for the maximum cooperation as we end the Mission, this should hopefully lead to approval at the IMF Executive Board level and the release of another tranche of IMF support,” Dr. Addison said.

Dr. Addison highlighted recent trends in inflation rates, revealing that inflation peaked at 25.8% by the end of the first quarter, before dropping to 20.4% by the end of August.

However, the latest figures for the third quarter showed a slight increase to 21.5%, primarily due to rising food prices. “It is not unusual to see intermittent upticks in inflation,” he explained.

The Bank is determined to maintain a stable monetary policy to manage inflation effectively. “We will continue to monitor these developments and ensure that inflation stays within our target over the medium term,” Dr. Addison affirmed.

In addition to addressing inflation, the Bank of Ghana is focused on strengthening foreign exchange reserves, aiming for at least three months of import cover. The governor cited stronger external sector performance, driven by higher gold production and remittances, as contributing factors.

“Our Gold for Reserve programme is providing the much-needed support for this reserve build-up,” he added.

Furthermore, the Bank is committed to ensuring exchange rate flexibility to mitigate economic shocks.

Dr. Addison noted that most banks are ahead of schedule in implementing their recapitalization plans following a recent debt exchange.

As the economic landscape continues to evolve, the Bank of Ghana remains vigilant. “We will continue to monitor emerging risks in the economy and respond with prudent policy interventions,” he concluded.

“This will ensure that our key objectives of safeguarding our price and financial stability mandate are protected.”

With these assurances, stakeholders in the Ghanaian economy are hopeful for a swift return to stability and growth as the IMF discussions progress.

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