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Ghana-IMF $3bn deal to be finalised before end of year – IMF boss

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Managing Director of the International Monetary Fund Kristalina Georgieva 636x375 1

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has stated that a deal between Ghana and the IMF should be reached and finalized before the end of the year.

In a closed-door meeting with the President of the Republic, Nana Addo Dankwa Akufo-Addo, on Monday, 5th September 2022, on the sidelines of the Africa Adaptation Summit, in Rotterdam, Netherlands, the IMF boss told President Akufo-Addo THAT “we understand the urgency, and we will move as quickly as possible.”

Describing Ghana as a “superb country”, she reiterated the determination of the Fund to work with Government and the Ministry of Finance, to ensure that an agreement is in place before the end of the year.

On his part, President Akufo-Addo indicated to the IMF boss that a lot of work has been done by Cabinet and the Ministry of Finance, and the document to be presented by the Ghana side “is ready for the scrutiny of the IMF.”

Meanwhile, Kristalina Georgieva has emphasized that Ghana’s current economic challenges are not locally generated but from external shocks.

Speaking on the sidelines of the Fund’s engagements with the Ghanaian delegation, Kristalina Georgieva stated that, contrary to the narrative from some opposition elements that Ghana is not in these challenges because of any bad policies of the Akufo-Addo administration, the IMF boss stated that the factors are exogenous.

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“We have started very constructive discussions already and to the people of Ghana, like everybody on this planet, you have been hurt by exogenous shocks,” she said.

She mentioned the extraneous factors which have contributed to Ghana’s economic woes, leading to the West African country seeking a programme from the IMF.

“First the pandemic, then Russia’s war in Ukraine. We need to realize that it is not because of bad policies in the country but because of this combination of shocks, and, therefore, we have to support Ghana”, she said.

She also indicated that Ghana is a member of the IMF, “a strong country with fantastic people”, and as such, it is incumbent on the Fund to lend the country support.

Kristalina Georgieva also indicated, “we have to support Ghana because your strength contributes to the strength of your neighbours; it contributes to a stronger world”

Ghana is before the IMF for US$3 billion to help the country navigate through the hostile economic crisis it finds itself in as a result of the adverse effects of the deadly coronavirus pandemic and the ongoing conflict between Russia and Ukraine.

President Akufo-Addo has stated, on occasion, that “we have decided to seek the collaboration of the International Monetary Fund (IMF) to repair, in the short run, our public finances, which have taken a severe hit in very recent times as a result, whilst we continue to work on the medium to long-term structural changes that are at the heart of our goal of creating a Ghana Beyond Aid, that is building a resilient, robust Ghanaian economy.”

Source: citinewsroom.com

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The president needs to show leadership to stop ‘dumsor’ – Agyeman-Duah

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Professor Agyeman-Duah also chastised the administration for the slow speed at which it is addressing electricity concerns. He argues that given the frequency of power outages, the government should have taken a more serious approach to finding long-term solutions, but this has not been the case.

Professor Baffior Agyeman-Duah, a Governance Expert, has urged President Nana Addo Dankwa Akufo-Addo to show leadership by summoning all major players in the power sector, including the Electricity Company of Ghana (ECG), the Ghana Grid Company Limited (GRDCo), the Volta River Authority (VRA), and the Public Utilities and Regulatory Commission (PURC), and giving them marching orders to resolve the power crisis.

He believes he’ll be astonished if the president hasn’t done so already.

Speaking on the Ghana Tonight broadcast on TV3 on Monday, April 22, Prof Ageyman Duah remarked, “I will be surprised that the president has not called the leadership of the VRA, GRIDCo, ECG, and PURC, to sit them down to give them the marching order that he doesn’t like what they are doing.

“That is leadership, we need the president to be giving the marching orders. As I said, if he has done it privately I don’t know but based on the public pronouncements by these state agencies in charge of the energy sector, it seems like he hasn’t done that.”

Professor Agyeman-Duah also chastised the administration for the slow speed at which it is addressing electricity concerns.

He argues that given the frequency of power outages, the government should have taken a more serious approach to finding long-term solutions, but this has not been the case.

He went on to say “The government hasn’t been too active in seeking solutions to problems”

Prof. Baffour Agyeman-Duah also urged the state power distributor, the ECG, to produce a load-shedding schedule.

This, he believes, will help power consumers arrange their lives more effectively.

“The wise thing to do is to issue a timetable,” Professor Baffour Agyeman-Duah said.

Meanwhile, Richard Ahiagbah, Director of Communications for the New Patriotic Party (NPP), has stated that power shortages in certain areas of the country are annoying.

However, he stated that there is light at the end of the tunnel for the problem.

Mr Ahiagbah ascribed the problem to the Electricity Company of Ghana’s (ECG) maintenance work.

He told us that the job would be done quickly.

“The recent power outages have been understandably frustrating. However, there is an end in sight. The maintenance works are almost complete, and we can soon expect access to an uninterrupted power supply around the clock, as we have become accustomed to under the Akufo-Addo-Bawumia Administration.”

Regarding the criticism that members of the National Democratic Congress (NDC) have made against the administration over the outages, he stated, “The NDC is the last political organization to point fingers because Ghana has not forgotten the hurts of the ‘real dumsor,’ suffered under H.E. Mahama.

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Gomoa Akotsi: Truck collides with a police car, killing one and injuring several others

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It struck a Chinese national's car before colliding with a police vehicle stationed on the side of the road near Akotsi Junction. An eyewitness, Nai Appiah Nortey, told Citi News that several cops were in the parked police car and two more were in the trunk. The police were said to be making purchases nearby when the tragedy happened. "The vehicle was descending from Gomoa Akramah hills towards the Akotsi junction. But it suddenly lost control, crossed the main road, and collided with a police vehicle sitting on the shoulder of the road. It pulled the police vehicle and then parked in front of a business.

A collision on the road between Gomoa Akramah and Akoti Junction in the Gomoa East District, Central Region, is said to have killed one police officer and badly wounded many others.

According to sources, a KIA Rhino truck (registration number GX 4135-24) had a braking failure and went off track.

WhatsApp Image 2024 04 22 at 21.05.29 aad0428d

It struck a Chinese national’s car before colliding with a police vehicle stationed on the side of the road near Akotsi Junction.

An eyewitness, Nai Appiah Nortey, told Citi News that several cops were in the parked police car and two more were in the trunk. The police were said to be making purchases nearby when the tragedy happened.

“The vehicle was descending from Gomoa Akramah hills towards the Akotsi junction. But it suddenly lost control, crossed the main road, and collided with a police vehicle sitting on the shoulder of the road. It pulled the police vehicle and then parked in front of a business.

WhatsApp Image 2024 04 22 at 21.05.31 a0e71f70

“There were some police officers in the trunk of the truck, and some even fell out as soon as the collision occurred. “One person has died, and the rest, including the Chinese national, have been rushed to the Trauma and Specialist Hospital in Winneba,” Nai Appiah Nortey said.

The Central East Regional Operations commander and other senior officials came on the spot to evaluate the magnitude of the damage.

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Calls for Napo’s removal as Energy minister intensifies

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“Where we have gotten to, there is no circuit and so what is the use of the minister in that space? He must be relieved, probably to concentrate on any other agenda he is bidding for. He must be relieved of his post. It is becoming too much. Is it not insulting with the statement that he made? Total disrespect to consumers. Are we asking for too much? “For God’s sake, I am a prepaid consumer. I have paid for that power that you need to supply me. In fact, you chose to put a meter in my house at a fee, that is also a contract in a form, and he chose to take my money in advance. “If I am not going to get the power, then just out of respect, at least tell me when I can have the power. But don’t look into my face and say, I should go and produce my own timetable.”

The Institute of Energy Security (IES) has urged for the urgent dismissal of Energy Minister Dr. Matthew Opoku Prempeh, citing the escalating energy situation.

According to the IES, the current status of the energy industry demands immediate action, leading to their call for the minister’s removal.

Nana Amoasi VII, Executive Director of IES, voiced concern with the minister’s apparent delay in an interview with Eyewitness News on Monday.

He emphasised the minister’s apparent separation from the realities of the energy situation, raising the question of his position in such a key location.

“Where we have gotten to, there is no circuit and so what is the use of the minister in that space? He must be relieved, probably to concentrate on any other agenda he is bidding for. He must be relieved of his post. It is becoming too much. Is it not insulting with the statement that he made? Total disrespect to consumers. Are we asking for too much?

“For God’s sake, I am a prepaid consumer. I have paid for that power that you need to supply me. In fact, you chose to put a meter in my house at a fee, that is also a contract in a form, and he chose to take my money in advance.

“If I am not going to get the power, then just out of respect, at least tell me when I can have the power. But don’t look into my face and say, I should go and produce my own timetable.”

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