Connect with us

General News

Government says debt exchange talks with pension funds continuing

Published

on

9700283F 83E7 4F88 BEC3 F5909133FF8B

The Finance Ministry on Wednesday said negotiations on the terms of a domestic debt exchange agreement with local pension funds were continuing and that they would be made public once an agreement on the details is reached.

Government, in a bid to mitigate an ongoing economic crisis, has negotiated a staff-level agreement for a $3 billion loan package from the International Monetary Fund (IMF).

The deal will only be approved by the IMF board if Ghana undergoes comprehensive debt restructuring, the fund has said.

In early December, the finance ministry launched a plan to exchange local bonds for longer-dated maturities. But after the deal met stiff opposition, the government said it would exempt pension funds from the restructuring programme.

Late on December 24, it extended the deadline for the exchange to January 16 from December 30, having previously extended it from December 19.

It also announced a change to the debt exchange, with eight additional instruments to be created.

“Were the participation to the domestic debt exchange too low, the perennity of the Government’s efforts to resolve the current crisis and the expected international financial support would be jeopardised,” the Finance Ministry said in a Q&A document.

It added this would put “further strains on the Government’s capacity to honour its commitments and repay its debt.”

Ghana’s public debt was ¢467.4 billion ($46.7 billion) in September 2022, of which 42% was domestic debt, according to the most recent central bank figures.

Government on Tuesday requested a restructuring of its bilateral debt through the Common Framework platform set up by the Group of 20 major economies, a source familiar with the situation told Reuters.

Source:myjoyonline.com

Continue Reading

General News

Three people have been arrested by police for displaying firearms on social media

Published

on

By

Three people have been arrested by police for displaying firearms on social media

The police have detained three people for illegally possessing firearms and engaging in vigilantism.

The suspects were apprehended on Monday, March 27, 2023, in Japa, near Wassa Akropong in the Western Region, as part of a police intelligence operation.

Fire arm arrest 1 jpg
Three people have been arrested by police for displaying firearms on social media

This followed an investigation into a popular social media video in which one person was seen firing at another and threatening violence.

Godfred Appiah alias Nana Kobina Gyan, Isaac Amoako alias Nana Owusu, and Theophilus Yeboah alias Fire are the three.

Fire arm arrest 2 jpg
Three people have been arrested by police for displaying firearms on social media

The primary suspect, Godfred Appiah, who is seen in the video shooting the firearm, was initially apprehended as part of the Police operation.

Fire arm arrest 8 jpg
Three people have been arrested by police for displaying firearms on social media

An additional police investigation revealed that Theophilus Yeboah and Isaac Amoako were the supplier and owners of the aforementioned business, respectively.

“A search conducted at the residence of suspect Isaac Amoako led to the retrieval of four (4) pump action shotguns including twenty-four (24) AAA-refilled cartridges. However, he could not produce documents to cover three of the weapons”, the police mentioned in a statement.

Fire arm arrest 4
Three people have been arrested by police for displaying firearms on social media

On March 27, 2023, the police arrested three suspects in Japa, near Wassa Akropong, in the Western Region, during an intelligence operation.

Fire arm arrest 3 jpg
Three people have been arrested by police for displaying firearms on social media

The three suspects, Godfred Appiah alias Nana Kobina Gyan, Isaac Amoako alias Nana Owusu, and Theophilus Yeboah alias Fire, were apprehended after an investigation into a social media video in which one person was seen shooting at another and threatening violence.

Continue Reading

General News

ECG disconnects Osu Police Barracks over illegal connection

Published

on

By

ECG disconnects Osu Police Barracks over illegal connection

The national revenue mobilisation taskforce of the Electricity Company of Ghana disconnected three blocks at the police barracks at Osu in Accra due to an illegal connection (connected power directly without a metre).

The task force discovered the illegality on Tuesday while on its routine rounds to recover customer monies.

Aside from pursuing people who owe ECG debts, the task force takes advantage of the opportunity to look for illegal connections.

“Since it’s an illegal connection, we have the first right to disconnect before we deal with issues.” The manager in charge of external communications, Laila Abubakari told Citi News.

The disconnection is part of a national exercise to collect monies owed to ECG by customers and to also ascertain the condition of all meters.

“The Ghana police would have to come to ECG where a bill will be generated for them covering a period of 12 months,” she added.

She stated that power would be restored once they paid the surcharge.

“The administration block also owes, but due to security implications, we’ve spared that facility while we discuss further the amount involved. We consider the police accommodation facilities (blocks) a general facility, hence the disconnection”.

Meanwhile, the ECG Revenue Mobilization Taskforce was held hostage for about 30 minutes after they disconnected the Ghana Post Company over GH¢89,000 debt.

On Tuesday, the task force was at the premises to conduct its ongoing revenue mobilisation exercise when staff prevented it from leaving the Accra main office.

The disconnection exercise is in its second week of a month-long national exercise to recover GH5.7 billion from their books.

Source: adomonline.com

Continue Reading

General News

Pastor closes church after winning bet

Published

on

By

Pastor closes church after winning bet

After winning 100 million Ugandan Shillings from sports betting, a pastor in a local church in Uganda abandoned his church members by closing the church.

Explaining his motivation, the overjoyed pastor revealed that the lottery was a gift from God and a quick way to get him out of poverty, which he had been experiencing.

He also revealed that he established the church as a source of income rather than through anointing.

“I must admit I opened this church due to greed but not anointing. I saw how several pastors make money by having large crowds and making false prophecies to attract more,” he opened up.

He stated that running a church without a calling became extremely difficult, resulting in sleepless nights. Burdened with guilt, the pastor chose to close it and seek other sources of income.

“As time went on, I realized this was not right; I started having sleepless nights and I would always have weird dreams.

“Before I opened this church, everything was normal on my side. Even without money, I did not have any strange dreams. So I decided to abolish this and look for other ways of making money” he said.

The pastor stated that he tried his luck at gambling, putting a whopping Ush1 million on the line.

“I had to pay for these games and surprisingly it took me about a month to receive them. They told me they had issues with their system and the process of securing games takes time. I almost gave up and called them scammers but they contacted me with the details and wow! I went full swing and got odd of 700,” he said.

He stopped going to church after discovering that he made far more money gambling than he had ever made operating a church in his entire life.

Continue Reading

Trending

error: Content is protected !!