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Editorial: The Depreciation Of The Cedi & Matters Arising

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Editorial

The Minister for Finance, Dr Mohammed Amin Adam, according to a story we have carried at our front page today, appealed to the business community to stop panic buying of the United States of America dollars and other foreign currencies. According to him, his plea is rooted in the fact that the mad rush to buy the dollar was causing the local currency, the Cedi, lose grounds.

According to him, the government was doing everything possible to bring in $2.32 billion from multiple sources before the year ends. He went ahead to mention these sources as disbursements from the IMF and World Bank, the Gold-for-Oil Programme, the Bank of Ghana’s (BoG) Gold for Reserves programme and proceeds from the Cocoa Syndicated Funds.

Addressing a news conference in Accra, over the weekend, Minister Amin Adam blamed the current exchange rate pressures on the strengthening of the US Dollar against major trading currencies, seasonal forex demand and other temporary factors, affirming that the government was implementing robust measures to ensure continued stability.

Whilst admitting the current challenges, he was hopeful about medium-term stability of the Cedi with a cumulative depreciation of 14.2% as of May 20, 2024 compared to 20.7% recorded in the same period in 2023.

“The positive results of the first and second reviews of the implementation of the IMF-supported Programme testify that we are achieving the Programme’s objective of restoring macro-economic stability and debt sustainability,” he said.

But as Ghanaians await the anticipated restoration of macro-economic stability, the Minister, in the opinion of The Chronicle, hit the nail right on the head when he stated that the Cedi was losing grounds because of the mad rush to buy the dollar. It is an undeniable fact that because of our inability to access the Eurobond market, the decline in both our cocoa production and export revenue, the inflow of the dollar onto our financial market has been limited.

This is what, in our view, has led to the continuous depreciation of the Cedi against major currencies such as the US Dollar and the British Pound Sterling. The setback notwithstanding, The Chronicle does not think the situation would have reached the current crisis point, if the industry players had not resorted to the panic buying of the ‘few’ dollars in the system.

Though no evidence has so far been adduced to prove this case, there are strong perceptions out there that business people deliberately buy the dollars and keep them in their homes. Though it makes business sense for one to invest in the dollar, the opposite is what we are all experiencing – the rapid depreciation of the Cedi.

As we put this editorial together, prices of goods and services, including that of petroleum products are moving up because the dollar has become a scarce commodity. Spare parts dealers at both Abossey Okai in Accra and Suame Magazine in Kumasi are complaining bitterly about the strength of the cedi, which is eroding the gains they have made.

Unfortunately, whilst the Central Bank has control over who should get the dollar, the same cannot be said about the forex bureaus and that of the black market. Those who want to hoard the dollar are aware of this and hence go to the forex bureaus to mop up the dollar in the system, and thus exacerbating the situation.

The Chronicle is, therefore, appealing to those behind the buying of the dollars not to import any goods but to keep them in their homes to stop the practice. As we noted earlier, the buying of the dollar is to safeguard their investments, but in our opinion, private interests should not supersede that of the state. This is the only country that we have so we must all put our shoulders to the wheel and help in the development of our motherland.

 Celebrating African Union Day: Reflecting On Ghana’s Contribution To Africa’s Liberation

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Dr Prince Hamid Armah, MP for Kwesimintsim

As we commemorate African Union Day, it is an opportune moment to reflect on the strides Africa has made towards unity, peace, and prosperity. This day not only celebrates the founding of the African Union (AU) but also honors the relentless efforts of countries like Ghana, whose contributions have been pivotal in the journey towards African liberation and self-determination.

Ghana’s role in the liberation of Africa is both historic and profound. Under the visionary leadership of Dr. Kwame Nkrumah, Ghana became the first sub-Saharan African country to gain independence from colonial rule on March 6, 1957. This monumental event marked the beginning of a new era, inspiring a wave of independence movements across the continent.

Ghana: A Beacon of Hope and Liberation

Ghana’s independence was not merely a national victory but a significant milestone for the entire African continent. Dr. Nkrumah’s famous proclamation, “The independence of Ghana is meaningless unless it is linked up with the total liberation of Africa,” echoed the sentiments of a collective struggle against colonial domination. His unwavering commitment to African unity laid the foundation for the formation of the Organization of African Unity (OAU) in 1963, which later evolved into the African Union.

Support for Liberation Movements

Ghana, under Nkrumah, became a sanctuary for freedom fighters and liberation movements from across Africa. The country provided moral, financial, and logistical support to liberation struggles in countries like South Africa, Zimbabwe, Angola, and Namibia. Accra became the epicenter for anti-colonial discourse, hosting numerous conferences and meetings that galvanized efforts towards decolonization.

The Role of J.B. Danquah

While Dr. Nkrumah is often celebrated for his leadership in Ghana’s independence and African unity, the contributions of Dr. Joseph Boakye Danquah, another founding father of Ghana, are equally noteworthy. J.B. Danquah was a formidable intellectual and a passionate advocate for self-governance and civil liberties. His political activism and scholarly work laid the intellectual foundation for Ghana’s independence movement.

Danquah was instrumental in the formation of the United Gold Coast Convention (UGCC) in 1947, which was the first political party in Ghana to demand self-governance. His advocacy for constitutional reforms and the rule of law significantly influenced the political landscape of the Gold Coast, steering it towards independence. Danquah’s contributions to the legal and political framework of Ghana underscored the importance of democracy and human rights, principles that continue to resonate in the broader context of African liberation.

Pan-Africanism and Unity

Dr. Nkrumah’s vision of a united Africa was deeply rooted in the principles of Pan-Africanism. He advocated for a continental government, believing that political and economic integration was essential for Africa’s development and global standing. This vision continues to resonate within the African Union’s agenda, emphasizing the need for solidarity and collective action in addressing the continent’s challenges.

Economic and Social Contributions

Ghana’s contribution to Africa’s liberation extends beyond political support. The country has been at the forefront of promoting economic and social development initiatives. Through the African Continental Free Trade Area (AfCFTA), headquartered in Accra, Ghana is championing efforts to boost intra-African trade, enhance industrialization, and create jobs. These initiatives are crucial for realizing the AU’s Agenda 2063, which envisions an integrated, prosperous, and peaceful Africa.

Championing Peace and Security

In the realm of peace and security, Ghana has been an active participant in AU-led peacekeeping missions. The country’s military and police personnel have served in conflict zones across Africa, contributing to stabilization and peacebuilding efforts. Ghana’s commitment to promoting peace and security underscores its role as a responsible and influential member of the African community.

Conclusion

As we celebrate African Union Day, it is essential to acknowledge and appreciate Ghana’s enduring contributions to the liberation and unity of Africa. The legacy of Ghana’s founding fathers, including both Dr. Kwame Nkrumah and Dr. J.B. Danquah, continues to inspire current and future generations to work towards a cohesive, resilient, and prosperous Africa.

Ghana’s journey, from the first independent African nation to a champion of continental integration and development, epitomizes the spirit of African unity that the AU strives to uphold. On this day, let us reaffirm our commitment to the ideals of Pan-Africanism and work collectively towards achieving the vision of a united and flourishing Africa.

Happy African Union Day!

By Prince Hamid Armah, PhD

The author is the Member of Parliament for Kwesimintsim, and Deputy Minister for Works and Housing.

$50,000 KMA, Bloomberg Philanthropies Youth Climate Action Fund launched

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Mayor Sam Pyne with reps of Bloomberg Philanthropies and KMA Management after the launch

Mr. Samuel Pyne, the Mayor of Kumasi, has launched a $50,000 KMA, Bloomberg Philanthropies Youth Climate Action Fund, aimed at actively engaging young people in driving Climate-Related Solutions for the City.

According to the Mayor, the Youth Climate Action Fund by Bloomberg Philanthropies is aimed at young people between the ages of 15 and 24 towards combating climate change.

It will equip 100 Mayors worldwide with the necessary resources to develop and implement urgent climate solutions in their respective cities across 38 countries in six continents, representing over 62 million residents.

The Mayor noted that, as part of the programme, Kumasi will receive $50,000 to distribute as micro-grants to fund a groundswell of youth-led climate initiatives.

He said the projects may range from tree-planting and public education campaigns to recycling and waste reduction initiatives as well as involvement in mitigation planning and preparedness programmes.

Mr. Pyne indicated that such efforts will significantly contribute to community goals, including meeting decarbonization commitments and reducing consumption-based emissions.

He revealed that cities that promptly respond to the climate crisis and commit the initial $50,000 within six months will receive an additional $100,000 to support more youth-driven projects in the course of one year.

The Mayor, therefore, implored on young residents to visit the kma.gov.gh and Metro Planning Unit to learn more about the Youth Climate Action Fund, supported by Bloomberg Philanthropies, and how to submit ideas for the opportunity to receive funding.

He reiterated that the KMA anticipates innovative proposals from young and talented individuals to help propel our collective efforts towards addressing and mitigating the pressing issue of climate change.

Obuasi area PEMEM partners GES to sensitise JHS Students on Career Choices 

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George Koomson, Obuasi Municipal Director of Education

The Obuasi Area Pentecost Men’s Ministry (PEMEM) has partnered the Municipal Education Directorate to organise a day’s guidance and counselling seminar for final year Junior High School students in Obuasi.

Pastor Vincent Ephraim Amegah, who represented the Area Head, Prophet David Kankam of Bidieso District at the seminar explained that the aim was to help bridge the gap between passion and profession, and ensure that the choices the children make are aligned with their deepest values and aspirations.

Pastor Vincent Ephraim Amegah – Bidieso Area Head Church of Pentecost

About 3,000 students, drawn from 60 schools in the Obuasi Municipality, were guided by seasoned professionals on career paths and their related courses.

Pastor Amegah, quoting Proverbs 22:6 charged believers to train up a child in the way they should go, and when they grow old will not depart from it.

He added the need for parents to train up their children in the way of wisdom and to live in the fear of God.

He stressed that many children who have received good training have shown the way of wisdom later in life.

The pastor emphasised that the church had a role to play in shaping the lives of children and for that matter, the Church of Pentecost was always committed through their school outreach ministry to guide children to become prominent members of the society.

Mr. George Alfred Koomson, the Obuasi Municipal Director of Education, said the Education directorate has identified a gap in career choices and the capabilities of the children, hence the collaboration with PEMEM to sensitise the students on the need to make the right choices.

He said in the world of endless possibilities and opportunities, it was important for the students to navigate their career paths with clarity, purpose and intentionality.

This, he said, calls for guidance and counseling to serve as a beacon of life shaping to make good choices in life.

Mr. Koomson advised school children not to make choices by imitating their peers, emphasising that each individual has their own potential.

The final year students who participated in the seminar

Victor Nuamah, of the Psychiatry Unit of the Obuasi Government Hospital, revealed that depression cases involving Junior High School leavers who do not meet their aspirations are on the high.

He said the unit receives not less than 10 cases of depression or anxiety related disorder of JHS leavers who did not get their preferred schools or courses.

He described the situation as worrying and called for support of stakeholders towards the children at that stage.

He expressed the view that this is where the churches and family can come in and support the children to overcome any form of anxiety related disorders and depression.

He reminded children that academic successes largely depend on an individual’s efforts and not the school or course area.

Master Sam Emmanuel Bosomtwe Bekoe, a student of AngloGold Ashanti JHS said the programme opened their eyes on the need to make good career decisions, while commending the organisers for bringing experts onboard to guide and counsel them.

He said it was important for students to structure their lives very well even before they go to Senior High school.

Former EFCC chairman Larmode is dead

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Former EFCC Chairman Ibrahim Lamorde

A former Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Lamorde, has died at the age of 61.

Lamorde reportedly died in Egypt where he was receiving medical treatment.

Confirming Lamorde’s death in a statement, EFCC spokesperson, Dele Oyewale, described it as sudden and shocking.

He said Lamorde served the nation actively as a focused and gallant anti- graft fighter.

“He will be sorely missed both at the EFCC and the nation at large. The Commission prays for the repose of his soul and comfort for his family, the EFCC and the entire nation,” the statement added.
Larmode was the EFCC chairman between 2012 and 2015.

President Goodluck Jonathan appointed Lamorde in an acting capacity as chairman of the anti-graft agency on November 23, 2011 after the removal of Farida Waziri.

The Senate confirmed him as the third substantive chairman of the commission on February 15, 2012.

Lamorde was born on December 20, 1962, in Mubi, Adamawa state, and attended Ahmadu Bello University Zaria, where he graduated with a Bachelor of Arts degree in sociology in 1984. Having joined the Nigeria Police Force in 1986, Lamorde was made pioneer director of operations when the EFCC was created in 2003.

He was first made acting chairman in January 2008 before Waziri was appointed chairperson and confirmed by the Senate in June 2008.

On his return to the EFCC in 2010, Lamorde replaced Stephen Otitoju as director of operations.

On November 23, 2011, Lamorde, who was at the time an assistant commissioner of police (ACP), was again appointed acting chairman.

He held the position the position of chairman at the EFCC until November 9, 2015, when former President Muhammadu Buhari replaced him with Ibrahim Magu.

Credit: channelstv.com

NSA threatens to sue Kano deputy Governor for defamation

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National Security Adviser, Nuhu Ribadu

The National Security Adviser, Nuhu Ribadu, has threatened to file a defamation suit against the deputy governor of Kano State, Aminu Gwarzo.

The Deputy Governor had alleged that the NSA facilitated the return of the dethroned Emir of Kano, Aminu Ado Bayero, by providing him with two private jets.

Although Ribadu has since denied the allegation, he is threatening to sue the deputy governor if he fails to retract the claim.

In a letter to the Deputy Governor from Aliyu & Musa Chambers, counsel to Ribadu, the NSA demanded an apology from the deputy governor which must be tendered within 24 hours

Counsel to the NSA equally wants the deputy governor to issue a public apology in five national dailies with wide national coverage and on popular online platforms as failure to do so, Ribadu will be compelled to seek redress in a court of law.

Credit: channelstv.com

Abuja-bound train derails in Kaduna

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Train Derails

A train from Kaduna heading for Abuja has derailed at Jere, Kaduna, an hour after commencing its journey on Sunday. The train which had dozens of passengers on board departed Kaduna around 8:05 am.

Three carriages were reported to have skidded off the tracks.

Security personnel, including the Nigeria Police and Army, were present at the site to provide support.

The Nigerian Safety Investigation Bureau, (NSIB) while confirming the incident revealed some of its personnel had been dispatched to investigate.

”NSIB is aware of a derailment of an Abuja-bound train from Kaduna which occurred halfway into the journey at Jere.”

”A go team has been deployed to the site of the accident, ‘ the statement read.

The Nigerian Railway Corporation,(NRC) has yet to confirm the incident.

Credit: channelstv.com

9-member committee constituted to establish Cyber Security Industry Forum

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Group pix of stakeholders for the establishment of the industry forum

The Cyber Security Authority (CSA) has constituted a nine-member facilitating committee to spearhead the establishment of the Cyber Security Industry Forum and to begin consultations for the development of the industry Code.

The Committee, chaired by the CEO of the Ghana Chamber of Telecommunications, Dr. Kenneth Edem Ashigbey, has membership drawn from the Ghana Association of Banks (GAS), the international information System Security Certification Consortium (ISC), Institute of ICT Professionals Ghana (IIPGH), the information Systems Audit and Control Association (ISACA).

The Committee was formed recently during a preliminary consultative meeting held in Accra to brainstorm the strategic roadmap for the development of the industry Forum. Section 81(1) of the Cybersecurity Act mandates the establishment of “an industry Forum which is a platform that periodically brings the industry together to discuss matters of common interest to the industry”.

In alignment with discussions on the evolving cyber security landscape, the proposed Gate for the launch of the cyber security Industry Forum is October this year, to coincide with the National Cyber Security Awareness Month (NCSAM).

Speaking during the meeting, the Director-General of the CSA, Albert Antwi-Bosiako, emphasised the crucial role of industry support in shaping policy and regulatory activities, understand the Forum’s potential to support industry standards.

He added that the ongoing licensing and accreditation of cyber security service providers, establishment and professionals is to assure international best practices end to give recognition to industry professionals in Ghana and that the process was likely to impact the membership of the Forum positively.

The industry participants at the meeting pledged their commitment to the Forum, and expressed optimum that its pivotal role would drive industry development and unify the industry.

Through the Joint Cyber-security Committee (JCC) secretariat, the CSA is actively spearheading the operations of the Forum, signalling a collaborative effort to enhance industry cohesion and standards.

This initiative underscores the CSA’s commitment to fostering a collaborative regulatory environment and elevating Ghana’s cyber security landscape through industry cooperation and dialogue.

 

Health providers hold exploratory talks with NHIA

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The stakeholder meeting in session

The Ghana Health Service (GHS), Christian Health Association of Ghana (CHAG) and the Private Health Facilities Association of Ghana (PHAFoG) have held an exploratory meeting with the National Health Insurance Authority (NHIA) to jointly drive Preventive and Promotive health initiatives in alignment with Ghana’s Universal Health Coverage roadmap.

This collaborative programme marks a significant step towards enhancing the efficiency and effectiveness of the National Health Insurance Scheme (NHIS) in improving equitable access to comprehensive quality health services for everyone living in Ghana.

The health sector’s new initiatives aim to shift focus from curative care to preventive and promotive health, recognizing that prevention is better than cure.

Therefore, this novel outook is intended to address key health issues such as communicable and non-communicable diseases, maternal and child health and overall health and wellbeing, fostering a healthier population and reducing the burden on the healthcare system.

The health providers and NHIA officials in a group photograph

Over time, this monumental intervention would potentially catalyse cost containment measures and enhance efficiency gains for the NHIA, which would ultimately enhance the responsiveness and sustainability of the NHIS.

The GHS, the central public health provision agency in Ghana with over 8000 facilities, CHAG, representing over 300 health facilities, along with and the association representing several private health facilities, focused the exploratory discussions around standard service package, resource allocation, community outreach activities and rollout modalities amongst others, towards the effective operationalisation of the initiative.

Dr. Patrick Kumah-Aboagye, Director-General of GHS, added that “The GHS initiated the setting up Wellness Clinics across the country in 2020 to facilitate preventive health checks of the population, therefore, the NHIA’s shift towards preventive and promotive health is crucial for sustainable healthcare.

We are proud to partner with the NHIA and other health provision entities in this transformative journey and are confident that these initiatives will bring lasting benefits to our communities. Your access to healthcare, Dr. Peter Yeboah, the Executive Director of CHAG, emphasised the importance of this collaboration.

“Being a champion/advocate of compassionate healthcare service, CHAG welcomes this value proposition initiative as a gamechanger for the health and wellbeing of all people living in Ghana.

“Therefore, with genuine commitments and effective NHIA-Provider partnership, this special programme can promote economy, efficiency, accountability and responsiveness in the way we design and deliver impactful health services for our people”.

The Private Health Facilities Association of Ghana, represented by Dr. Sarfo a member and Mr. Richard Frank-Torblu its General Secretary also expressed their enthusiasm, highlighting the role of innovation and private-public partnerships in advancing healthcare goals.

Dr. Da-Costa Aboagye, the NHIA Chief Executive expressed his appreciation for such a productive engagement and re-affirmed his commitment to collaborate with all stakeholders to support the NHIA’s new paradigm shift of introducing Preventive and Promotive Health interventions, highlighting an expected positive impact on Ghana’s healthcare system and reducing NHIA claims payments in the long run.

Consequently, the NHIA, CHAG, GHS and private sector health partners’ call upon all Ghanaians to embrace these initiatives and participate actively in the upcoming programs with the clarion call: “Together, we can build a healthier, stronger Ghana”!

Dr. Anarfi Asamoa-Baah, the former Deputy Director-General of the World Health Organisation (WHO) and chairman of a committee, set up to facilitate the implementation of this ground-breaking programme moderated the discussions.

Source: Corporate Affairs Directorate, NHIA

Environmentalists oppose mining in forest reserves

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Ghana Environmental Advocacy Group

Ghana Environmental Advocacy Group says it is still against the issuance of licence for Betterland Ghana Limited to mine in a forest reserve in the Western Region. The following is a statement the group issued in Accra calling on the authorities to reverse the decision.

Ghana Environmental Advocacy Group reiterates our unwavering stand on, and informed opposition to the Minerals Commission’s issuance of licenses to companies to mine in Ghana’s already beleaguered Forest Reserves on this International Global Biodiversity Day!

This statement is our response to Betterland Ghana Ltd.’s statement issued on 15th May 2024 and a press conference held the same day, in response to the Ghana Environmental Advocacy Group’s Petition to the President of the Republic of Ghana and Ghana’s Mineral Commission regarding the issuance of licenses to Betterland Ghana Ltd. to mine gold, diamonds, and lithium in the Draw River Forest Reserve.

We also acknowledge the Petition dated 20th May 2024 by the concerned elders and members of Banso Azewua Royal Stool of Gwira Banso in the Nzema East Municipality against the mining concession granted for the Draw River Forest Reserve. Given our concerns about the degradation of Ghana’s forest reserves, in 2023, we fully supported the call by Occupy Ghana and other environmental advocacy organizations for the revocation of LI 2462 and EI 144.

The Draw River Forest Reserve was established in 1937. It covers 235 km of forest land in the Nzema East Municipality, and the Draw River flows through the eastern part of the forest reserve. This is a vast expanse of virgin forest that should never be mined because it was designated as a Globally Significant Biodiversity Area (GSBA) in 1954. There are thirty (30) forest reserves in Ghana that have been re-designated as Globally Significant Biodiversity Areas (GSBAs).

As a signatory to the Strategic Plan for Biodiversity, including the Aichi Biodiversity Targets, Ghana is obligated to comply with the legally binding UN Convention on Biological Diversity (CBD) treaty that it signed. As a signatory to the UN CBD, Ghana is obligated to formulate measures to reach the CBD goals!

Target 5 required that by 2020, the rate of loss of all natural habitats, including forests, is at least halved and where feasible brought close to zero, and degradation and fragmentation is significantly reduced! The CBD meeting that is currently taking place in Nairobi from 21st to 29th May, 2024 of delegates from the 196 nations that adopted the CBD is expected to adopt a “Biodiversity Plan” to halt and reverse biodiversity loss by 2030.

These are serious biodiversity and environmental goals that Ghana must adhere to before COP 16! Instead of working assiduously towards the protection of forests, biodiversity, and the UN CBD treaty goals, the Mineral Commission has instead accelerated the issuance of mining leases in a GSBA with the support of the Environmental Protection Agency which should be monitoring and ensuring compliance with the CBD treaty that Ghana signed.

Despite the blatant lack of compliance, at the 19th session of the UN Forum on Forests (UNFF19) that was held at the UN Headquarters in New York from 6th May 2024 to 11th May 2024, the Minister for Lands and Natural Resources, Hon. Samuel A. Jinapor, MP, called on world leaders to increase financing for forest action, to tackle the triple planetary crisis of climate change, pollution and biodiversity loss.

The UNFF19 adopted a Declaration and several resolutions aimed at promoting sustainable forest management! In its response to our Petition and on its website, Betterlands Ghana Ltd. (Betterland) paints an image of its involvement in sustainable mining and land reclamation! However, a review of the Minerals Commission’s website’s repository of information shows that Betterland was incorporated in 2017. It registered for a prospecting license on 23rd August, 2022.

It has one active mining lease license ML2/236 that was issued on 10th May, 2023 and expires on 9th May, 2033. It has three prospecting mining licenses in the validation phase and one mining lease license under review. Betterland’s parent Tower Assets Limited has a restricted small scale mining lease issued on 28th June, 2017! There is no information on either Betterland or Tower Assets’ actual mining operations.

Our attempt to deliver our Petition to Betterland and Tower Assets at their Accra and Kumasi addresses and mailing addresses failed! At a hearing of the Public Accounts Committee held on 15th May 2024, the Municipal Chief Executive (MCE) of Nzema East Municipal Assembly admitted to the Committee that he was only aware of one out of nine mining companies operating in Nzema East that had been identified by the Auditors.

The MCE also admitted that the Assembly does not have a Task Force to monitor the operations of the mining companies. This is the prevalent situation in most municipalities and districts which lack the resources or the will to monitor mining activities to prevent the degradation of forests, land, and rivers.

The Ghana Forestry Commission also does not have the infrastructure and systems in place to adequately monitor mining activities in Forest Reserves and compliance with the UN CBD treaty that Ghana signed! We call on the Minerals Commission and the Environmental Protection Agency to comply with the UN CBD treaty and stop approving mining lease licenses for mining in Ghana’s Forest Reserves, especially those that are designated as GSBAs!

By Ghana Environmental Advocacy Group;

+16477826202; 0202697430; 0244315864; 0530504313

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