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MIIF to introduce dividend pay-up policy

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Mr Edward Nana Yaw Koranteng, Chief Executive Officer of MIIF speaking during panel discussion

The Mineral Income Investment Fund (MIIF) is introducing a dividend pay–up policy to support the government with essential funds for economic development.

The policy, expected to be ready by the end of November, is a medium-term strategy to limit undue interference and mitigate unintended risk associated with leveraging minerals income to attract upfront funding, in line with section 3, clause (h) of the MIIF Act 2018.

“That is a real risk and that is why I agree with my panelist to relook at the act, and that would cement the independence of the act and ensure that MIIF does not go beyond what it is mandated to do,” said Mr Edward Nana Yaw Koranteng, Chief Executive Officer of MIIF.

He was speaking during a panel session at the second edition of the MIIF stakeholder conference in Accra on Tuesday.

It was held on the theme: “Minerals Value Addition and Value Chain Development – Essential tools for Ghana’s Development.”

In an interview, Mr. Koranteng emphasised the importance of MIIF being perceived as an independent Sovereign Wealth Fund, highlighting the need for measures that prevent negative perceptions among investors.

Dr. Steve Manteaw, Co-Chair of the Ghana Extractive Industries Transparency Initiative, suggested that the MIIF Act should be reviewed to establish an additional citizen-led oversight committee.

The committee would provide updates to the public on the use of mineral revenue and facilitate arrangements for creating inter-generational benefits from the country’s mineral resources.

“Back to 2016, I ask you to take look at the NPP manifesto pledge, the NPP party promised us a minerals revenue management framework similar to the petroleum revenue management act. My question to you is whether what we have today in the name of MIIF is similar to the petroleum revenue management act,” he said.

Mr. Denis Gyeyir, Africa Senior Programme Officer, Natural Resource Governance Institute (NRGI) advised MIIF to commit to transparency by ensuring financial statements, contractual agreements, and information on Assets under management are made public and punctual.

The MIIF is a minerals sovereign fund established pursuant by the MIIF Act 2018 (Act 978) to receive royalties’ payment from mineral production activities in Ghana and manage government’s equity interest in mining companies.

MIIF derives royalties from five minerals, including, gold, quarries, limestone, salt, sand winners and manganese.

GNA

Fitch also upgrades Ghana’s Credit Rating

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Fitch

Global credit ratings agency, Fitch, has upgraded Ghana’s Long-Term Local-Currency Issuer Default Rating (IDR) from ‘CCC’ to ‘CCC+’.

It also assigned Ghana’s new US dollar bonds, issued on October 9, 2024, a ‘CCC+’ rating.

Regarding outlook, Fitch noted that it typically did not assign outlooks to IDRs of sovereigns with a rating of ‘CCC+’ or below.

This follows the country’s extensive debt restructuring efforts, particularly the recently completed Eurobond exchange, which has significantly reduced financial pressures on the government.

Despite the challenges, the upgrade to ‘CCC+’ is seen as a positive signal of Ghana’s ability to navigate its economic recovery, with reduced risks of future defaults and a clear path to fiscal stability.

Debt restructuring and reduced liquidity pressures

Fitch attributed the upgrade to Ghana’s success in its debt restructuring process, which has eased financial burdens on the government.

The restructuring has unlocked access to concessional international financing and is expected to reduce liquidity pressures, especially with favourable macroeconomic developments like lower inflation contributing to lower local currency financing costs.

“The upgrade of Ghana’s LTLC IDR to ‘CCC+’ reflects our increased confidence that the likelihood of another default on Ghana’s local currency debt is being reduced with the completion of the Eurobond restructuring,” Fitch noted.

Successful Eurobond exchange

As part of the debt restructuring process, Ghana successfully concluded a debt exchange for its 15 non-performing Eurobonds. This exchange saw the issuance of five new bonds to replace the 15 outstanding ones, reducing Ghana’s foreign currency debt stock by approximately 6% of the estimated 2024 Gross Domestic Products (GDP).

The Eurobond exchange, completed on October 10, 2024, also reduced Ghana’s debt service obligations by $3.5 billion over the 2024-2026 period with significant reductions in interest payments projected through 2026.

Long-term outlook and fiscal stability

Fitch projects a decline in Ghana’s central government debt from 77% of GDP in 2023 to 70% in 2024 and 68% in 2025 and 2026. This reduction is expected to be driven by ongoing fiscal consolidation efforts, including a strong medium-term growth forecast.

Despite these positive developments, Fitch retained the Long-Term Foreign-Currency IDR at ‘RD’ (Restricted Default) due to Ghana’s ongoing default on some of its external commercial debt. The ratings agency, however, expects the country to complete its external debt restructuring by early 2025.

Commitment to IMF Programme

Fitch also highlighted the Ghanaian government’s commitment to its extended credit facility programme with the International Monetary Fund (IMF).

On October 4, 2024, Ghana reached a staff-level agreement with the IMF on the third review of the facility, unlocking $360 million in funding.

While Fitch acknowledged the government’s strong commitment to the IMF programme and fiscal consolidation efforts, it raised concerns about potential fiscal slippage in the lead-up to the December 2024 elections, though the risk is considered low.

Primary surplus

As Ghana continues its debt restructuring and fiscal consolidation efforts, Fitch expects the country’s primary surplus to rise to 0.9% of GDP by 2026, signaling an improved fiscal outlook.

Interest payments

The agency also estimates that interest payments will represent 29% of revenue in 2025 and 31% in 2026, above the average for countries in similar credit rating categories.

Senate Dismisses Impeachment Report Against Senior Officers

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Senate President Godswill Akpabio

The Senate President, Godswill Akpabio has reacted to social media reports alleging that the Department of States Service (DSS) had surrounded the National Assembly amidst a potential impeachment threat against principal officers.

The reports said the secret police had taken over all entrances to the assembly complex on Tuesday.

‘We are here, doing our work very peacefully, oblivious of the mischief,’ Akpabio said during plenary on Wednesday.

He cautioned the public to be aware and not adhere to the allegation he described as fake news. He equally jocularly referred the matter to the committee on special duties chaired by Senator Shehu Kaka for further investigation and report back in 24 hours.

Credit: channelstv.com

Petrol Tanker explosion kills 90, injures 50 in Jigawa

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Scene of petrol tanker explosion

A petrol tanker exploded at Majiya Town, Taura Local Government Area, Jigawa State In a devastating incident on Wednesday morning, leading to the loss of lives of over 90 persons, with 50 others hospitalised.

The explosion occurred around 12:30 AM when the driver of the tanker, travelling from Kano to Nguru in Yobe State, lost control near Khadija University, Majiya.

According to the Police Public Relations Officer of Jigawa State Command, DSP Lawan Adam, the disaster was triggered by residents who had rushed to scoop spilt petrol after the tanker overturned.

Although Channels Television obtained pictures of the badly burned victims, however, could not share them as they were gory.

“The residents were scooping fuel from the overturned tanker when the explosion occurred, sparking a massive inferno that killed 94 people on the spot,” DSP Adam explained.

“The incident left another 50 people severely injured, who were then rushed to Ringim and Hadejia General Hospitals for treatment.”

DSP Adam disclosed that the authorities have commenced a mass burial for the victims on Wednesday morning, with the entire community mourning the loss.

He described the scene as a “horrific tragedy,” emphasising the need for the public to understand the risks associated with scooping fuel from accident scenes.

Commissioner of Police in Jigawa State, AT Abdullahi, expressed his condolences to the families of the deceased and the entire people of Jigawa State.

“This is a heartbreaking moment for us all,” he said. “We share in the pain and sorrow of the families affected. Our thoughts and prayers go out to the bereaved.”

Credit: channelstv.com

Nigeria will be great, do not listen to evil predictions  –Cleric advices

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Visioner of African Jerusalem Ministry, Ibadan, Prophet Gideon Owoseni

The Visioner of African Jerusalem Ministry, Ibadan, Prophet Gideon Owoseni, has advised Nigerians not to listen to clerics who are making evil predictions about the country.

Owoseni noted that Nigeria will still be great and regain its lost glory because the country has the capacity to be a leading nation across the globe.

The cleric made these declarations while speaking at a press conference heralding the opening of the ministry in Ibadan on Wednesday.

Owoseni, who was flanked with other members of the ministry, said that clerics, political office holders and journalists have major roles to play for the country to move forward.

He cautioned those who are making evil predictions about the country.

“My presence here at the press conference is to express my feelings about the nation. I am the Visioner of African Jerusalem Ministry. This will be a grea advantage for the whole of Africa.

“People are hungry, people are in pain in Nigeria. There is no more discipline today. There are still prophets of God. I am weeping for Nigeria. People like darkness more than the light.

“But, Nigeria will still be great. We should not be discouraged about the situation now. Three people are destroying the country, the religious leaders, politicians and the journalists.

“People who are making evil predictions, do not listen to them again. Nigeria will still be peaceful. Let us say the truth. The masses should understand that Nigeria is a God’s country. Those who are making evil predictions about Nigeria should be cautioned.

“They said Tinubu, Abacha and Buhari did not perform well. What role did the religious leaders play. I beg all of you to please promote peace. I see light as the future of Nigeria. There is a need for Nigeria to be be liberated,” he said.

Credit: dailypost.ng

Reps tackle Tinubu over delay in submitting 2025 Budget proposal

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President Bola Tinubu

The House of Representatives has frowned at the Executive, led by President Bola Tinubu, over delays in submitting the 2025 budget proposal to the National Assembly.

The lower chamber added that the time the National Assembly required to exercise its functions as enshrined in Section 88(2)(b) was technically being taken away by the non-compliance with Section 11(1)(b) of the Fiscal Responsibility Act 2007 by the Executive.

The lawmakers called on the Executive to comply with Section 11(1)(b) of Fiscal Responsibility Act 2007.

They also mandated the committees on National Planning and Economic Development, Appropriation and Finance to ensure compliance within 2 weeks.

The decision of the House followed the adoption of a motion of urgent public importance moved at plenary on Wednesday by Clement Jimbo.

Moving the motion, Jimbo said the Fiscal Responsibility Act 2007 provides for the prudent management of the nation’s resources and ensures long-term macroeconomic stability of the national economy.

He added that it also secures greater accountability and transparency in fiscal operations within a medium term fiscal policy framework and the establishment of the Fiscal Responsibility Commission to ensure the promotion and enforcement of the nation’s economic objectives and for related matters.

Jimbo pointed out that Section 11(1)(b) stipulates that the Federal Government must, not later than four months before the commencement of the next financial year, cause to be prepared and laid before the National Assembly, the MTEF for the next three financial years.

He noted that Section 88 and 89 of the 1999 Constitution as well as Section 30(1) of FRA 2007, specifically, Section 88(1), stipulates that subject to other provisions of the 1999 Constitution, each House of the National Assembly shall have the power, by passing resolutions, to direct, or cause to be directed, an investigation into any matter or thing with respect to which it has power to make laws, and into the conduct of affairs of any person, authority, ministry of government department charged or intended to be charged with the duty of or responsibility for executing of administering laws enacted by the National Assembly and for disbursing or administrating monies appropriated or to be appropriated by the National Assembly.

The House resolved to “Urge the Executive to comply with section 11(1)(b) and submit to the National Assembly 2025 Budget Proposal without further delays”.

Credit: dailypost.ng

Ras Mubarak: Haruna Iddrisu’s Motion A Waste Of Everyone’s Time

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Opinion

A decision on a motion in Parliament by the former Minority Leader to remove some four MPs who are contesting as independent candidates in the December 2024 Parliamentary election was deferred by the Speaker of Parliament.

While we await the decision of the Speaker, I must say the motion was a bizarre and shocking frolic that completely ignores the most pressing issues in the country.

Members of Parliament who spoke in support of the motion completely ignored one of the issues high up on the minds of Ghanaians yearning for a credible election in December – how to reign in the intransigent Electoral Commissioner and get her to produce nothing but a free and fair election on 7th December.

That should be the priority of every elected Member, especially those in opposition. What is the electoral fortune of the motion?

With almost seven weeks to the December election, how does removing four rogue MPs revolve the issue of the Electoral Commissioner’s adamant posturing?

It doesn’t in any significant way clip the wings of President Akufo Addo, who should have been impeached by now.

We have had almost 1,500 Ghanaians die in road accidents In the first quarter of 2024 alone according to public records. The country had recorded nearly 10,000 injuries from road accidents within the first six months of this year.

It is a major disaster that requires serious and urgent action by all stakeholders, including Parliament, which ought to enact the necessary legislation to stem the tide, and appropriate the necessary funds to deal with the crisis.

There’s also the wanton destruction of our water bodies, forest reserves and a plastic pollution crisis, plus President Akufo Addo’s government running the economy aground.

The first act by the Minority is not a motion to impeach the President for his colossal failure to tackle the illegal mining crisis, nor a bill to prosecute parents like Bishop Salifu Amoako, whose minor children commit high crimes.

Practicality and common sense dictate that the NDC and its MPs must be focused on reining in the Electoral Commissioner, whose posturing and impunity is very worrying.

At the time of writing this article, we are 52 days away from the December 7 election. There would be no by-election even if the four rogue MPs were removed.

Upon the resumption of Parliament, I expected an urgent question from the Minister for Defence on whether our peacekeeping troops in Lebanon were harmed in any way by the criminal Israeli regime which attacked the position of UN Peacekeepers in Lebanon.

I expect private members to bill for an amendment to the Coroner’s Act, which requires every deceased person, including deceased Muslims, to undergo an autopsy. This is an issue I unsuccessfully raised when I was MP in the 7th Parliament and one which is of grave concern to Muslims up and down the country, including the majority of the former Minority Leader’s constituents who are Muslims.

All of these issues are ignored for a more hopeless frolic that has zero impact on our fortunes in the upcoming elections nor the issues high up on the minds of suffering Ghanaians.

The former Minority Leader said he was defending the constitution, which in truth is what every Ghanaian, especially those in elected office should do.

But at a time when defending the constitution would have been effective and productive, he and just about everyone who spoke In support of the motion abandoned their constitutional obligations and betrayed the sacred and hallowed oath of office.

Under the watch of the former Minority Leader, the NDC had a chance to cause the removal of some MPs who’d violated the constitution and cause a by-election. This was in 2022 when the following MPs – Sarah Adwoa Safo, Hon. Kennedy Agyapong, Henry Quartey and Kojo Kum, absented themselves from Parliament without leave of the Speaker.

Never once during this egregious violation of the Constitution did we hear the mover of today’s motion talk about defending the Constitution. It took my petition to Parliament, which the Minority even attempted to shoot down, for the matter to be heard and brought before the Privileges Committee.

At a time when it mattered most, the former Minority Leader abandoned his duty to defend and uphold the Constitution. And alas, the issue has been conveniently swept under the rug.

We in the NDC are hungry for political power. We are going into a very difficult election, where the referee (EC) is clearly biased against us. The sooner we kept our eyes on the most important things, the better for us.

We can’t afford to take our eyes off the ball. Parliament is clothed with all the powers to put the Electoral Commissioner in check. And I hope we make that a priority over this injury-time gymnastics that are a waste of everyone’s time.

The life of this parliament is less than three months from coming to an end. There’s little or no political capital from removing the MPs going Independent.

Source: Myjoyonline.com

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

Editorial: Unauthorised Use Of Military Uniforms Must Be Checked

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GAF

In a statement released on October 14, 2024 by the Director-General of Public Relations, Brigadier General Eric Aggrey-Quashie, the Ghana Armed Forces expressed concern over the illegal and unauthorised use of military-pattern uniforms by protesters during demonstrations and individuals providing security for certain public figures.

Brigadier General Aggrey-Quashie explained that the GAF had also observed similar unlawful acts among those involved in illegal mining activities and some political activists.”Despite ongoing education and warnings, this concerning trend appears to be increasing”, he stated.

Brig Gen Aggrey-Quashie highlighted that, during recent street protests in Accra and Kumasi, some individuals, claiming to provide private security for dignitaries, were dressed in military-pattern camouflage uniforms and other military-style gear.He added that similar instances had been observed during anti-galamsey operations conducted by the Armed Forces.

The Brigadier General stressed that such actions created a false impression that these individuals are members of the Armed Forces, thereby tarnishing the reputation of the institution.”It is essential to highlight that these unauthorised acts contravene the National Liberation Council Decree (NLCD) 177 of 1967, which remains in effect”, he added.

Despite several warnings and ongoing educational efforts by the Armed Forces, this troubling trend continues to grow.The GAF’s warnings have repeatedly gone unheeded, which underscores the need for stronger action to deter such acts once and for all.

The continued misuse of military attire poses a direct threat to national security and the integrity of the Armed Forces. These actions mislead the public into believing that those wearing such uniforms are members of the GAF, which could lead to impersonation and enable criminal activities.

The National Liberation Council Decree (NLCD) 177 of 1967 clearly prohibits this practice, yet offenders seem to have little regard for the law. If left unchecked, this growing trend will undoubtedly erode public trust in the Armed Forces and jeopardise Ghana’s safety.

This long-standing issue requires more than just warnings. It’s time the Armed Forces make an example out of violators. The GAF must, without hesitation, enforce the law by apprehending individuals who abuse military uniforms and ensure they face the full weight of the legal system.

Only by holding violators accountable can we curb the increasing audacity with which these laws are flouted. The need for a scapegoat is long overdue, not to punish unfairly, but to send a clear message that military attire is not to be toyed with.

The misrepresentation of military authority damages the GAF’s hard-earned reputation and creates confusion in the public sphere. Military uniforms symbolise the honour, discipline and duty of the nation’s Armed Forces and allowing them to be misused undermines these values. Public safety and confidence in our Armed Forces are at stake and this matter can no longer be treated lightly.

It is crucial for the public to collaborate with the Armed Forces in identifying those involved in this illegal practice. We have to report individuals who misuse military attire. Moreover, the government and law enforcement agencies must stand firmly with the GAF in ensuring that anyone caught in this act is prosecuted swiftly and fairly.

As a country, we must unite in condemning and putting an end to the unauthorised use of military uniforms. It is time to turn words into actions, making it clear that anyone who dares to flout these regulations will be brought to justice.

1m kids targeted for vaccination against Polio in Ashanti region

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ERNEST BEST ANANE
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Dr. Fred Adomako Boateng, Ashanti Regional Director of GHS

The Ghana Health Service (GHS) has announced plans to embark on a nationwide immunization exercise against Poliomyelitis for children under five years.

The immunization programme, which is set to commence on Thursday October 17 to Sunday October 22, 2024 is aimed at safeguarding children from Polio to support their overall wellbeing.

Dr. Fred Adomako Boateng, Ashanti Regional Director of Health Services at the launch of the exercise disclosed that the region was looking at a target population of 1,042,361 under the exercise.

He explained that Polio (Poliomyelitis) mainly affects children under five years of age, as one out of two hundred infections lead to irreversible paralysis.

According to him, 5% to 10% of paralyzed cases die when their breathing muscles become immobilized, and in some instances the child is unable to move certain limbs.

He mentioned three types of polio virus as type 1, type 2 and type 3, and that the type 2 and 3 have already been eradicated, stressing that Type 2 was eradicated in 2015 while and type 3 was eradicated in 2019.

According to him, type 1 is endemic in only two countries, which are Afghanistan and Pakistan.

Dr. Adomako called on all Chiefs, Queen-mothers, Opinion leaders, Parents, Guardians Headmistresses and Headmasters, Health Workers, the Media, Clergy, Imams, Parents and Volunteer health workers to ensure that at least 95% of children in the country are vaccinated to achieve the target in the Ashanti Region.

Gov’t has bolstered TVET education in C/R -Assan

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NAABENYIN JOOJO AMISSAH
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TVET

Central Regional Minister, Justina Marigold Assan, says the Akufo Addo-Bawumia led government is fully committed to equipping the youth of the country with skills to improve their employability through Technical and Vocational training.

This, she explained, formed part of the government’s strategy to prepare the youth for in-demand jobs and make them employable in order to lessen youth unemployment, which is part of the efforts to reduce general unemployment in the country.

Mrs Justina Assan made this known during the 2024 Central Region Townhall Meeting and Exhibition put together by the Ministry of Information and the Regional Coordinating Council in Cape Coast, the regional capital.

Addressing the gathering, the minister disclosed that government had constructed Vehicle Maintenance Centres at Cape Coast Technical University, Cape Coast Technical Institute and Asuansi Technical Institute.

The construction of the state-of-the-art facilities, she explained, has boosted technical education in the region and would be expected to efficiently equip the students with hands-on skills for the modern workforce.

She added that the government’s foresight for technical education has led to significant “TVET projects undertaken in various districts in Winneba, Nsuaem Kyekyewere, Biriwa, Enyan Abaasa and Assin Foso”.

She encouraged parents and pupils to disregard the notion that technical or TVET education in particular was meant for only those who were academically weak, saying it was rather the panacea to address shortages in technical and vocational skills.

She informed the gathering that all the 20 TVET institutions in the region have received tremendous support from the central government initiative to promote TVET.

TVET education enhanced jobs prospects for graduates and perfectly aligned with the UN Sustainable Development Goals (SDGs) 4, which is quality education and decent work.

Her presentation, with power point illustrations, touched on the impressive strides the government had made in the region with development initiatives meant to improve the standards of living in the region.

Education

She stated that, “Through Free SHS and massive school infrastructure, Akufo-Addo and Bawumia are building a future where every Ghanaian child has access to quality education”, an initiative that aligned with SDG 4.

According to her, SHS enrolment in the Central Region surged from 20,300 in 2016 to 53,980 in 2023, showing a remarkable 165.9% increase under the Akufo-Addo and Bawumia’s Free SHS policy.

She further stated that the Region could boast of 197 Free SHS Infrastructural Projects comprising 58 classroom blocks, dormitories, assembly halls, ICT centres, Science laboratories among others.

Other logistics

She added that the region has received massive logistical support from the government disclosing that a Prado Land Cruiser vehicle has been given to the Regional Director of Education while 22 Pick-ups had been given to all the 22 District Directors of Education

Additionally, 10 Pick-ups have been given to the heads of some selected SHS/SHTS whereas 34 buses have been donated to some SHS/SHTSs with additional 153 Motor bicycles given out to School Improvement Support Officers (SISOs).

Presidential advisor on Health, Dr Anthony Nsiah-Asare, who walked the gathering through what the government had done in the area of health since 2017 gave thrilling accounts of the Euroget projects and progress of Agenda 111 initiatives in the region.

On her part, Minister for Fisheries and Aquaculture, Mavis Hawa Koomson, explained the gains the sector had made since the introduction of the closed season and promised that government would continue to make policies that would sustain the fisheries sector.

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