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Cocoa loan eases pressure on record low Cedi

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Cedi

The Cedi weakened marginally to a fresh dollar low this week, trading at 10.48 from 10.45 at last week’s close.

Moody’s became the latest to cut Ghana’s credit rating, lowering by one rung to Caa2, eight levels below investment grade, citing macroeconomic deterioration that has dealt a further blow to the country’s debt sustainability. Fitch Ratings recently cut Ghana’s rating one notch to CC, the same level as Moody’s.

Meantime, Ghana’s Cocoa Board this week signed a $1.3bn pre-export loan with a syndicate of international banks to finance bean purchases for the 2022/23 season.

This is expected to boost Ghana’s FX reserves and help ease some of the pressure on the Cedi. To that end, we believe the Cedi will remain inside the 10.50 level in the near term.

COP27 host Egypt to call for $100bn climate spending 
Egypt intends to call on rich nations to fulfil pledges to support poorer countries in their transition to cleaner energy and build resilience to future climate shocks.

Egypt intends to “leverage African leaders’ voices to mobilise greater support for a green and resilient recovery in Africa,” the UN Economic Commission for Africa said this week as African ministers of finance, economy and the environment met in Egypt ahead of the Nov. 6 opening of the summit in Sharm El-Sheikh.

“Egypt should play this role to represent the African continent and its needs clearly and explicitly: we were not the cause of these emissions, but it is us – our people and our natural resources – that are affected,” Egypt’s Environment Minister Yasmine Fouad said, according to Africanews.

“At this point, a stance must be taken on the international community to say that everyone must fulfil their obligations, as set out in the Paris Agreement.

“Developed countries that are responsible for most of the world’s historical emissions are obligated under the Paris climate agreement to provide $100 billion a year to support vulnerable countries that have contributed the least to climate change.

Africa accounts for less than 4% of global greenhouse gas emissions, with around 600 million people having no access to electricity.

Progress in realising climate funding commitments would play a critical role in supporting project financing for energy transition and climate-resilient infrastructure.

Naira recovery from record low may be short lived

Naira

The Naira recovered from last week’s record low, trading at 722 from 745 at Friday’s close amid the Nigerian Independence Day holiday period. The Nigerian National Petroleum Company this week announced only its second profitable year in 45 years, with earnings hitting NGN671bn in 2021.

Group CEO Mele Kyari said the profits were a result of policies and initiatives introduced two years ago to reduce costs and eliminate waste across the former state-owned business. We expect the Naira to resume losses against the dollar in the coming days as post-holiday FX demand picks up again.

Rand risk-on gains tempered by power cuts

Rand

The Rand appreciated against the dollar this week, crossing back over the 18 threshold to trade at 17.80 from 18.09 at last week’s close. Those gains came amid broader global risk-on sentiment, driven by expectations that the US Federal Reserve will start to slow the pace of its rate hikes following three 75-basis-point increases in a row.

Gains have been tempered by domestic economic concerns as rolling power cuts continue, with the amount of loadshedding hours on course double the amount of planned power cuts in 2021, when there was 1,153 hours of loadshedding. We expect the Rand to follow global sentiment and continue trading with a 17 handle in the near term, though with a risk of breaching the 18 level once again if negative sentiment returns.

Record low Egyptian Pound has further to fall

Egypt

The Pound hit a record low against the dollar this week, sliding to 19.67 before recovering marginally to 19.66, compared to 19.56 at last week’s close. Despite its slide, many of the world’s biggest banks believe the Pound remains overvalued, according to Bloomberg.

Allowing the Pound to float more freely is a key requirement for a potential IMF loan package to help support Egypt’s economy, which has been hit by large capital outflows this year. We expect the Pound will continue depreciating in the coming weeks.

Record low Kenyan Shilling to lose further ground

Kenya

The Shilling once again hit a fresh record low against the dollar this week, trading at 120.70/120.90 from 120.35/120.65 at last week’s close as FX demand from key importers such as the oil sector remained elevated.

New President William Ruto said he intends to reform the country’s tax system by making it more progressive so that tax burdens increase with income. Meantime, FX reserves dropped to $7.42bn from $7.45bn a week earlier, sufficient for 4.19 months of import cover.

We expect the Shilling to continue weakening in the next seven days amid strong dollar demand from the oil, energy and manufacturing sectors.

Inflation to pare Ugandan Shilling recovery

Uganda

The Shilling strengthened against the dollar this week, trading at 3817 from 3853 at last week’s close.

That came despite annual inflation jumping to a more than 10-year high in September, with prices rising 10% compared to 9% the previous month. Those higher prices were mainly due to food and alcoholic beverages, which jumped 18.4% from 15.7% in August.

Meantime, the World Health Organization this week said two vaccines that are being developed to treat a rare strain of Ebola that has claimed the lives of at least 29 people in Uganda could start clinical trials in the coming weeks.

We expect inflationary pressures to cause the Shilling to weaken in the near term.

Tanzanian Shilling steady as Zanzibar draws investment

Tanza

The Shilling strengthened marginally against the dollar this week, trading at 2330 from 2332 at last week’s close. Tanzanian President SamiaSuluhu Hassan reshuffled her cabinet, with Defence Minister Stergomena Tax moving to the Ministry of Foreign Affairs, and East African Cooperation and Local Government Minister Innocent Bashwunga moving to the defence ministry.

Meantime, Zanzibar President Hussein Mwinyi said the semi-autonomous state had brought in more than TZS3.2tr of investments since 2020, creating more than 9,000 jobs. We expect the Shilling to continue trading around current levels in the coming days.

Credit: www.azafinance.com 

GTA shuts down defaulting restaurants, others in Kumasi

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One of the entities being closed down

The Ghana Tourism Authority (GTA) has closed down some facilities that have failed to register with the authority.

Among some of the facilities shut down are; Bronis’ Pizza Inn, Baffour Apartment, KBR restaurant, Grace Court and Gyamfuaa court.

As part of the exercise, the authority pasted a notice which is backed by Act 817, warning operators of defaulted facilities to do the needful before they can operate the facilities again.

Gyamfuaa Court closed down

Speaking to the media during the first day of the enforcement exercise in Kumasi, Madam Mavis Gyasi Afriyie, the Ashanti Regional GTA director, told the media that twenty-six days have been earmarked for the exercise.

On the scope of the exercise, Madam Gyasi Afriyie disclosed that 127 units, excluding hostels, have been targeted by her outfit.

She noted that their work seeks to address three challenges, namely Operators without license, uncollected license and uncompleted license documentation.

Madam Gyasi Afriyie also noted that the exercise aims at regularising these establishments as enshrined in the Tourism Act.

On his part, Nana Mathew Prempeh, Ashanti Regional Quality Assurance Officer of the GTA explained that GTA is mandated to regularise all the tourism establishments such as apartments, hotels, car rentals, restaurants and travel and tours.

According to him, many are those whose licences are ready but they have not come for them, adding that there are others who are also operating without even bothering to register with the Authority, whilst others have started the process but they have relaxed.

GTA is, therefore, going round trying to make sure that their clients do the right thing, stressing that they are not sabotaging any business.

“Those who fall below, we try to encourage them to adhere to the Act 817, by putting them on re-inspection and those who do not meet the time frame that we have given them are closed down.” Nana Prempeh said.

“My advice to those who are operating in the informal sector-Chop Bars and drinking bars all fall under the law, so we are urging them to do the needful,” he added.

Nana Prempeh disclosed that before a facility is licensed, they undergo a number of checks, including criminal vetting of the owner, fire certificate among others, in an attempt to make sure that the facility renders quality service to the public.

He, therefore, implored the public to ask for licenses of such establishments before they patronise them, saying “We make sure they give out their best to the customers.”

Government needs proper structures to Stop Galamsey -Adansi Progressive union

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Kwasi Aboagye (right) with Kofi Asante Mensah(APATreasurer) at the meeting.

An Obuasi-Based NGO, the Adansiman Progressive Association (APA), has said any attempt by the government to stop galamsey in the country will be an exercise in futility, since millions of Ghanaians are neck-deep in “this emergent gold business”.

Rather, it said, putting in place proper structures for the illegal miners to acquire license to do their work without fear of arrest by the military and police is the way to go.

“Galamsey activities have gained root across the length and breadth of the country and has given jobs to millions of Ghanaians and for that matter no government or political party dare stop it”, Mr. Kwasi Aboagye, the Co-Ordinator/Founder of APA emphasised at a meeting with the media at Obuasi on Wednesday.

The APA Coordinator said government’s measures of dealing with illegal mining by forming task forces of police and military to arrest and destroy machines of illegal miners contribute to the miners not covering the pits and pollute the river bodies.

He said, when the illegal miners are made to acquire licenses, measures could be put in place to bind them to cover their pits and protect the river bodies at their sites, failure of which the licenses should be revoked and the site owner arrested.

The APA Coordinator said, under the Green Ghana initiative, almost all the degraded areas in the country following the activities of illegal miners could be replanted with trees for the areas to regain their lost glory.

Mr. Aboagye noted that when the operation of illegal miners are properly regularized and the youth freely get hooked to the modern and scientific way of mining, the massive unemployment phenomenon that stare us in the face will be a thing of the past and there will be no pressure on the government to fix anybody anywhere.

He cautioned that until the government does what is needful in the galamsey sector to get Ghanaians to work peacefully and to recoup the gold hidden in the ground, breaking the 8 being preached by the NPP adherents will not happen, as Ghanaians will vote massively against the party in 2024.

From Frederick Danso Abeam, Obuasi

NDC account resurrected my viral old tweets –KiDi

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Kidi

KiDi who is still in the news for his old tweets that led to public humiliation has finally opened up on it.

After apologising on social media and asked for forgiveness from those affected, the ‘Touch it’ hitmaker says National Democratic Congress (NDC) Twitter account resurrected those old tweets.

According to the VGMA Artiste of the Year, he initially had no idea where the old tweets came from but investigations revealed that they came from the NDC account.

Speaking in an interview on Angel FM’s which was monitored by The Chronicle, KiDi explained that usually issues of this nature appear when the individual involved has said or done something but in his case he doesn’t know circumstances that led to that.

“Later when we investigated, we realised that it came from an NDC account,” he told host of the show.

“They just went back and started searching for people who have said something about Mahama so that they will give them pressure to say something about Nana Akufo-Addo as well, because when Mahama came you spoke about him but with Akufo-Addo you are silent. It was just political,”KiDi added.

The agenda of the perpetrators was probably to compel him to speak against the current administration just as he criticized ex-President John Mahama but it escalated and “everybody was like KiDi too has said some foolish things before so let’s go dig them out.”

When asked how he has been coping with the incident, he replied that “it has been hard. I won’t lie to you, I don’t want anybody to go through this because it is tough.”

Joyce Dzidzor, Dr UN ‘divorce’ after their alleged marriage

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Joyce Dzidzor and Dr UN

Joyce Dzidzor Mensah has finally cleared the air about her supposed ‘marriage’ to Kwame Fordjour, popularly known as Dr UN. According to the Former AIDS ambassador, her marriage to Dr Un was a contract marriage meant to last for two weeks.

In a new video she shared online, Joyce Dzidzor announced the end of their marriage. According to her, this is because their contract has expired. Despite the end of the contract marriage, Joyce says she is grateful to all the people who supported them.

Thank you for making our marriage a memorable one. We are so grateful for every support you have given us. Our marriage was based on a contract. We had a two weeks marriage contract and we really enjoyed our marriage,” she said.

She emphasized that “we are not divorcing ooo. We are not divorcing. We are always going to renew our vows because I don’t live in Ghana. I will be going to Germany soon but my husband is still my husband“.

Alleged wedding photos of the controversial couple surfaced on social media with an announcement that they were now are now married. The photos however left some Ghanaians confused and surprised.

Credit: pulse.com.gh

Sarkodie calls Black Sherif’s new album ‘masterpiece’

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Sarkodie and Black Sherif

Lovers of music, including celebrated Artiste, Sarkodie are celebrating the new album of Black Sherif, ‘The Villian I never was,’ on social media.

Ghanaian most decorated rapper, Sarkodie has also taken to his official Twitter account to congratulate Black Sherif on the creation of his masterpiece album.

“#TheVillainINeverWas Is what I woke up to … About to dive in it today and I know a true artist made this so it’s already safe to call it a masterpiece!! Congrats International BLACKO” he said.

Combining his native tongue of Twi and his gift for storytelling with ‘asakaa’ (the Ghanaian take on the popular drill sound) and Afrobeats, Black Sherif blends cultures to create his own world on the album.

The much-anticipated maiden album was released midnight on October 6, 2022 and has already topped trends across Ghanaian social media platforms.

The 14-track album features his hit songs ‘Second Sermon’ remix which features Burna Boy, ‘Kwaku The Traveller,’ and ‘Soja.’

The new entries include ‘The Homeless Song’, ‘Oil In My Head’, ’45’, ‘Prey Da Youngsta’, ‘Sad Boys Don’t Fold’, ‘Konongo Zongo’, ‘Wasremwn’, ‘We Up’, ‘Toxic Love’, ‘Don’t Forget Me’, and ‘Oh Paradise’.

Music lovers have already given high ratings to Blacko’s project which they believe sums up his life story and struggle in his hometown Konongo, and how he rose from a small community to become a Ghanaian music star.

Already ‘Konongo Zongo’, and ‘Oh Paradise’ have earned the love of Twitter users. The two songs have become the favourite of many, who have credited the rapper for singing with passion.

Police stopped my performance in Belgium -Wendy Shay

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Wendy Shay

“The police stopped the show in Belgium, but we still had some fun @ghanaculturefest. Next year will be massive!” Wendy Shay disclosed that she was stopped by the Belgium Police force from performing at the Ghana Culture Festival on October 3, 2022.

According to an Instagram post which contained details, the show wasn’t a total flop, promising she will make it worth their while next year.

In a video that came with the posts, Wendy was captured giving her fans a freestyle to some of her popular songs.

The cheerful group shouted and sang along to her tunes, looking all gingered and filled with so much energy as Wendy swayed and moved her body to the rhythms of her songs.

In an all-black two-piece outfit and ankle boots, Wendy Shay thrilled fans to performance of her hit songs.

Wendy Shay on September 17, 2022, released a single titled Survivor’ with strong language warning a supposed best friend; “Whiles, I was on the road chasing my passion, my so-called best friend was also chasing my man, and now they are together. So ShayGang excuses me for my language, this song is very personal. #WARNING.”

Wendy Shay says she composed the songs because while she was chasing her passion, her best friend was chasing her man, adding that the two are now in a relationship.

Uganda president apologises to Kenya for son’s ill-advised tweets

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Lt. General Muhoozi Kainerugaba, the son of Uganda's President Yoweri Museveni

President Yoweri Museveni has apologized to Kenyans over tweets posted by his son Muhoozi Kainerugaba that had repeatedly threatened to invade Uganda’s East African neighbor.

In a series of tweets on Monday and Tuesday, Kainerugaba posted provocative messages, including proposing the unification of Kenya and Uganda.

“It wouldn’t take us, my army and me, 2 weeks to capture Nairobi,” Kainerugaba wrote, referring to Kenya’s capital.

“Union is a MUST! No honorable men can allow these artificial, colonial borders anymore. If we our generation has men, then these borders must fall!.”

President Museveni apologized for his son’s comments, saying it was wrong for public officers to meddle in the affairs of other nations.

His comments drew angry reactions from Kenyans on social media and Kainerugaba, who is widely regarded as the de facto head of the military and his father’s chosen successor,

Credit: bbc.com

At least 17 people dead after boat sinks off the Greek Island

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Boat sinks off the Greek Island

The bodies of 16 women and one man have been recovered from waters off the Greek island of Lesbos after a boat carrying people from countries in Africa sank in the early hours of Thursday morning.

The Greek coastguard spokesperson Nikos Kokkalas said a large operation spanning various agencies was under way to find other passengers who had been on the dinghy that set sail from Turkey.

“The women were all from African countries, aged 20 upward,” said Kokkalas, who described survivors of the shipwreck as being “utterly panicked”.

At least 15 other people were thought to be missing. Nine had been saved, with at least three rescued from a remote rocky outcrop. “There is a search on land as well as the sea, and we hope that survivors made it to land,” Kokkalas told ERT, Greece’s state-run broadcaster.

The coastguard spokesperson, said the vessel that sank off Lesbos had been “completely destroyed”, and locals described how they watched in horror as the boat crashed into the rocks.

Credit: theguardian.com

Children killed in mass stabbing and shooting at Thailand preschool

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The exterior of the nursery in Nong Bua Lamphu

Thirty-eight people have been killed, most of them young children, in an unprecedented gun and knife attack at a preschool centre in north-east Thailand that has horrified the country.

The attacker, a former police officer, opened fire as children were sleeping at the centre in Na Klang district in Nong Bua Lamphu province at about noon on Thursday, police and witnesses said.

Police said most of the children killed at the centre were stabbed to death. As he left the nursery the attacker drove his car towards and shot at bystanders then returned home, where he shot himself, his wife and his child.

Police identified the attacker as Panya Khamrab, a 34-year-old former police lieutenant colonel who had been dismissed from the force last year for methamphetamine possession and had appeared in court earlier on Thursday on a drugs charge.

Witnesses said he was in an agitated state when he arrived at the nursery.

Images from the scene showed a nursery schoolroom, its walls covered in alphabet letters and paintings of animals. The bodies of children lay on sleeping mats, with white sheets placed over them.

Thailand’s prime minister, Prayuth Chan-ocha, said in a statement on Facebook that he offered his deepest condolences to the families of the victims.

Credit: theguardian.com

The Ghanaian Chronicle