General News
IMF Board of Directors proposes a 50% increase in member quotas

The International Monetary Fund (IMF) Executive Board has suggested a 50% quota increase for members, including Ghana, in proportion to their present quotas.
This is subject to approval by the Board of Governors.
The idea is in line with the recommendations made by the International Monetary and Financial Committee (IMFC) in the 2023 Annual Meetings.
According to the Fund, the quota increase would contribute to global financial stability by increasing the IMF’s permanent resources and decreasing its reliance on borrowed resources.
Once quota increases are implemented, the borrowed resources comprised of Bilateral Borrowing Agreements and New Arrangements to Borrow (NAB) will be lowered to preserve the Fund’s present lending capability.
“Concluding the 16th Review with a quota increase will help preserve a strong, quota-based, and adequately resourced IMF at the centre of the Global Financial Safety Net. An adequately resourced IMF is essential to safeguard global financial stability and respond to members’ potential needs in an uncertain and shock-prone world,” IMF Managing Director Kristalina Georgieva said after the Executive Board’s decision.
The membership has also recognised the urgency and importance of realigning quota shares to better reflect members’ relative positions in the global economy while protecting the quota shares of the poorest members, and many members would have supported a quota realignment now, in addition to the proposed quota increase. As a result, another essential component of today’s proposal is a request to the Executive Board to work on developing viable ways as a roadmap for further quota realignment, including through a new quota formula, by June 2025, as part of the 17th General Review of Quotas.
“The proposed quota increase comes at a complex time for the global economy and the IMF’s membership. In the spirit of international cooperation, I am hopeful this proposal will garner the broadest possible support from the membership, and that we will then make progress on a quota realignment under the 17th Review,” said IMF Managing Director Kristalina Georgieva.
The plan also includes a request for studies to establish viable ways as a framework for future quota realignment by June 2025.
“As the world grapples with rising fragmentation, today’s decision is a strong signal that the membership can still come together in support of cooperative solutions that instil confidence in the IMF’s ability to effectively support its membership in navigating a challenging global landscape,” she said.
The Executive Board has proposed that the Board of Governors decide on this proposal by December 15, 2023.
A majority of 85% of the total voting power is required for approval by the Board of Governors.
General News
Import limitations legislation is critical for debt sustainability and currency management – AGI

The Association of Ghanaian Industries (AGI) has endorsed the proposed import limits law, describing it as a critical step towards establishing economic stability.
The AGI, which represents a diverse variety of companies in Ghana, thinks that passage of the measure by Parliament will improve Ghana’s debt sustainability efforts and strengthen control over foreign exchange reserves.
The Ministry of Food and Agriculture has introduced legislation in Parliament outlining the government’s intention to restrict imports of 22 specific commodities, including poultry, animal and vegetable oil, margarine, fruit drinks, soft drinks, mineral water, noodles and pasta, ceramic tiles, corrugated paper, and paperboard.
Mosquito coils, insecticides, soaps and detergents, automobiles, iron and steel, cement, polymers (plastics and plastic goods), fish, sugar, textiles and apparel, biscuits, and canned tomatoes round out the list.
According to the government, the purpose of this action is to reduce the influx of these items, with the goal of striking a balance between helping local sectors, preserving foreign money, and eventually building economic resilience.
While the Ghana Union of Traders Association (GUTA) and the Federation of Freight Forwarders have spoken out against the law, expressing worries about potential corruption, the AGI has remained supportive.
Dr Humphrey Ayim-Darke, President of AGI, stated on the Citi Breakfast Show that the law is a reaction to the need to repair Ghana’s weak economy.
“Our view is that the bill is in the right direction, it is a positive development. Once you realise that it is coming at the back of a fragile economy with an IMF intervention that seeks to bring sustainability and the purpose of the IMF stability is on the balance of payment and the forex reserve challenges that we have.
“So it is a transitional programme to help the economy. If the government believe that there are some products that are giving us difficulties in terms of our BOP and forex and by virtue of that seeks to bring intervention in that space that is how we seek to create a sustainable forex and a BOP according to our budget and need”.
Dr Ayim-Darke further emphasised the need for a private member to lead the committee to supervise the bill’s implementation.
“Our position is that it is purposeful to use this bill to control the forex. That is why we are proposing that because this will have more impact on the private sector, let the private sector chair it”.
Dr. Ayim-Darke, on the other hand, emphasised the importance of broad stakeholder input on import limits in order to avoid unforeseen repercussions.
General News
Cardinal Peter Turkson: It’s time to learn about homosexuality

According to Cardinal Peter Appiah Turkson, homosexuality should not be a criminal offence, and people should be educated to better comprehend the matter.
Cardinal Turkson’s remarks come as Ghana’s government debates a plan that would severely punish LGBT individuals.
His opinions contrast with those of Ghana’s Roman Catholic bishops, who consider homosexuality to be “despicable.”
Pope Francis hinted last month that he might be willing to have the Catholic Church bless same-sex marriages.
However, he emphasised that same-sex relationships remained “objectively sinful” and that the Church would not accept same-sex marriage.
In July, Ghanaian MPs adopted provisions in a draught bill that would make identifying as LGBT criminal by a three-year jail term. People who advocate for LGBT rights might face up to ten years in prison.
Gay intercourse is already illegal and punishable by a three-year jail term.
The Ghanaian bishops, along with other important Christian groups in the nation, stated in an August statement that Western countries should “stop the incessant attempts to impose unacceptable foreign cultural values on us,” according to the Catholic Herald newspaper.
Cardinal Turkson, who has been mentioned as a possible future pope candidate, told the BBC’s HARDtalk show that “LGBT people may not be criminalised because they have committed no crime.”
“It is time to start educating people, to help them understand what this reality, this phenomenon is.” “We need a lot of education to get people to… distinguish between what is and isn’t a crime,” he remarked.
The cardinal pointed to the statement “men who act like women and women who act like men” in one of Ghana’s languages, Akan. He contended that this demonstrated that homosexuality was not an imposition from without.
“If culturally we had expressions…it just means that it’s not completely alien to the Ghanaian society.”
Nonetheless, Cardinal Turkson believes that what has led to the present efforts in numerous African countries to adopt strong anti-gay legislation are “attempts to link some foreign donations and grants to certain positions… in the name of freedom, in the name of respect for rights.”
“Neither should this position also become… something to be imposed on cultures which are not yet ready to accept stuff like that.”
Uganda’s parliament approved a law in May that proposes life imprisonment for anyone convicted of homosexuality, as well as the death penalty in so-called aggravated cases, which include having gay sex with someone under the age of 18 or becoming infected with a life-long illness such as HIV.
Because of the move, the World Bank froze new loans to Uganda in August, and President Joe Biden said in October that the US will withdraw the country from a preferential trading agreement due to “gross violations of internationally recognised human rights.”
Cardinal Turkson was named the first Ghanaian cardinal by Pope John Paul II in 2003. He is presently the Pontifical Academies of Sciences’ chancellor.
General News
Irrigation dam spillage: Hundreds displaced in Dawhenya

Hundreds of inhabitants of Dawhenya in the Greater Accra Region have been relocated as a result of flooding caused by the overflow of an irrigation dam in the region.
Some concerned residents told Umaru Sanda Amadu on Citi FM’s Eyewitness News that the water is up to their windows.

“The flooding began around 4 a.m. today.” It has never dropped since. It has impacted numerous homes in my neighbourhood. Water got into my house. I wasn’t able to go to work today since I had to pack. The water level continues to rise. “When I enter my room, the water is at my knee level,” Emmanuel Aryee, a resident, said.
Despite the fact that the irrigation project occasionally overflows its banks, he stressed that today’s spilling was “very serious.”
Over 200 houses have been damaged, according to Richard Mohammed, assembly member for one of the affected neighbourhoods.
“Over 200 houses in my electoral district have been affected.” The water has reached the window. This is not the first time this has happened. “This is the third time this year,” he stated.
Meanwhile, Samuel Tetteh, the Scheme Manager for the Dawhenya Dam project, has stated that they are not to blame for the floods.

He stated that the dam is designed in such a way that it leaks surplus water on its own, and that recent heavy rains aggravated the issue.

“The dam is designed in such a way that when the water level rises, it spills on its own, as has happened over the years.” But what happened this morning came from another stream that flows every two to three years. This stream originates in the Shai Hills area, joining the dam’s stream and creating the flood, rather than from the main dam. Yes, the dam is still overflowing. Depending on the rainfall upstream in the Dodowa districts, it can flood for two to three days. We are not to blame for the dam.”

This follows the overflow of the Akosombo Dam, which displaced over 30,000 people living along the Volta basin.


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