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Inflation to end 2023 at 25% – BoG

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Inflation is likely to peak in the first quarter of 2023, and ease to around 25% by the end of 2023, the Bank of Ghana’s November 2022 Monetary Policy Report has disclosed.

This forecast is however conditioned on the tightness of monetary policy and the deployment of tools to contain excess liquidity in the economy.

The report said “there are, however, upside risks to the outlook, emanating from the persistent upward adjustments in ex-pump petroleum products and transport fares with associated second-round effects on the pricing of goods and services”.

“Additionally, the proposed VAT increase and currency pressures may exert upward pressures on headline inflation. Amid these concerns, however, it is expected that the continued tight monetary policy stance would moderate the spillover effects”.

Therefore, the Bank of Ghana stated that continued vigilance to the evolution of these potential price pressures in the outlook will be key.

The Monetary Policy Committee of the Bank of Ghana increased the policy rate by 250 basis points to 27% in November 2022, citing significant upside risks to the inflation outlook.

“In the outlook, significant upside risks remain arising from both domestic and foreign sources. Global inflation remains high and persistent, driven largely by food and energy prices. Central banks’ concerted efforts to contain price pressures globally have led to aggressive policy tightening across advanced economics”.

On the transmission of monetary policy changes to inflation, the Central Bank said there is evidence that the policy rate increases in the past few months have helped dampen the pace of monthly price increases. “Between May and August 2022, the monthly inflation numbers eased from a peak of 5.1% to 1.9%. However, this was reversed in September and October 2022 on account of additional shocks from upward adjustment in ex-pump petroleum prices, utility tariff adjustments, and transport fare increases”, it added.

Inflation hits 50.3% in November 2022

Inflation went up by 9.9% to 50.3% in the month of November 2022, according to latest figures from the Ghana Statistical service.

This is the highest figure recorded in 27 years.

The increment was expected because of fuel price increases and the cedis’ depreciation during the month under review.

However, the trend may halt or reverse in December 2022 due to the recent improvement in the value of the cedi to the dollar and fall in fuel prices.
Source: myjoyonline

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Elmina Fishing Harbour welcomes its first cruise ship

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The historical stop at Elmina Fishing Port by the over 280-capacity passenger ferry SH Vega featured a total of 115 people, including 106 passengers and 9 crew members. The tourists visited Elmina Castle and its surrounding community, the Batik-making Centre at Global Mamas in Elmina, Kakum National Park, and Cape Coast Castle. They also had a great time learning traditional drumming and dancing, which they performed well. The SH Vega anchored in Elmina seas, approximately 8.8 cables from the port's main breakwater.

Ghana’s tourism industry received a boost on Thursday, April 18, when the Elmina Fishing Harbour in Elmina, with the support of the Ghana Ports and Harbours Authority (GPHA), welcomed the first cruise vessel to call at the Port since its commissioning in 2023 under the auspices of the Ministry of Transport.

Ghana is a popular cruise destination, with Tema and Takoradi serving as typical ports of call.

With this first trip by SH Vega, the Elmina Fishing Harbour, which was mainly created by the government to support fishermen and their fishing activities, has now taken on a dual port function as both a fishing port and a cruise destination port of call.

The historical stop at Elmina Fishing Port by the over 280-capacity passenger ferry SH Vega featured a total of 115 people, including 106 passengers and 9 crew members.

The tourists visited Elmina Castle and its surrounding community, the Batik-making Centre at Global Mamas in Elmina, Kakum National Park, and Cape Coast Castle.
They also had a great time learning traditional drumming and dancing, which they performed well.

The SH Vega anchored in Elmina seas, approximately 8.8 cables from the port’s main breakwater.

It then dropped its Zodiac (inflatable boat) into the water, gently disembarking the 115 passengers and staff members in safe groups.

The cruise ship’s passengers came from many countries, including Australia, Austria, China, France, Germany, Greece, Russia, and Nigeria.

The vessel had previously visited ports in Angola, Benin, Congo, Gabon, Togo, and São Tomé.

The Director of Port, Mr. Peter Amoo-Bediako, praised Ghana’s Ministry of Transport and Sector Minister, Hon. Kwaku Ofori Asiamah, for their vision in building the Elmina Fishing Harbour to support fishing in Elmina and surrounding areas.

He stated that the arrival of SH Vega at the Elmina Fishing Harbour provided several chances for the Port, in particular, and the Elmina community as a whole.

The Director of Port, Takoradi, was overjoyed that GPHA, with the assistance of other regulatory institutions such as the Ghana Maritime Authority, GRA-Customs, National Intelligence Bureau, National Security, NACOB, Immigration, Port Health, Marine Police, and Ghana Police Service, was able to accomplish this achievement.

He called it a historic day in Ghana’s tourism and marine industries and congratulated the many institutions for making it possible.

He praised the MCE of KEEA, Solomon Appiah, the Omanhene of Elmina, the Chief Fisherman, and the Elmina fishing community for their participation in making SH Vega’s appeal.

Solomon Appiah, the Municipal Chief Executive for KEEA, expressed optimism that this historic achievement will benefit the local economy in Elmina and surrounding areas.

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CCTV footage shows final seconds before the train collision

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The sector Minister, John-Peter Amewu, uploaded footage on Facebook showing the train travelling at high speeds before colliding with the truck. The train pulled the abandoned Hyundai vehicle with registration number GS 9018-20 along the rails for a long distance.

A CCTV camera caught the final seconds before the train crash on the Tema-Mpakadan railway on Thursday during a test run.

According to a statement from the Ministry of Railways Development, the accident happened at about 12:10 p.m.

According to the Ministry, the accident occurred when the train approached the bend at Km76+100 and collided with a stalled car obstructing the rail track.

The sector Minister, John-Peter Amewu, uploaded footage on Facebook showing the train travelling at high speeds before colliding with the truck.

The train pulled the abandoned Hyundai vehicle with registration number GS 9018-20 along the rails for a long distance.

https://www.facebook.com/reel/370692529299532

Meanwhile, on Friday, the Juapong Circuit Court sentenced Abel Dzidotor, the truck’s 41-year-old driver, to six months in jail.

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Driver of vehicle involved in train accident imprisoned 6 months

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The second allegation was for unauthorised halting, which violated Section 19 of Act 683 of 2004, as modified by Act 761 of 2008. Dzidotor pled guilty and received a 20-penalty unit punishment, or a five-month prison term if underpaid. The third allegation was for inflicting unauthorised damage, which violated Section 172b of Act 2960. Dzidotor pled guilty and got a six-month term of hard labour. The fourth accusation was for failing to present a driver's licence, which violated LI 21(80) regulation 47(2). Dzidotor pled not guilty, claiming that his licence was in the wrecked vehicle.

Abel Dzidotor, the driver allegedly responsible for the train tragedy, has been sentenced to six months in prison.

According to Citi News’ Benjamin Aklama, Dzidotor pleaded guilty to three of the four allegations against him.

These charges include irresponsible driving and inflicting illegal damage.

The first accusation was for reckless and inconsiderate driving, a breach of Section 3 of the RTA Act 683 (2004), as modified by Act 761 in 2008. Dzidotor pled guilty and got a punishment of 100 penalty units, equivalent to a possible 20-month jail term if not paid.

The second allegation was for unauthorised halting, which violated Section 19 of Act 683 of 2004, as modified by Act 761 of 2008. Dzidotor pled guilty and received a 20-penalty unit punishment, or a five-month prison term if underpaid.

The third allegation was for inflicting unauthorised damage, which violated Section 172b of Act 2960. Dzidotor pled guilty and got a six-month term of hard labour.

The fourth accusation was for failing to present a driver’s licence, which violated LI 21(80) regulation 47(2). Dzidotor pled not guilty, claiming that his licence was in the wrecked vehicle.

He has been ordered to show the licence to the court by May 9, 2024, or face serious repercussions.”

The Ghana Police Service detained the driver of a Hyundai truck with registration number GS 9018 – 20 on Thursday for allegedly causing a collision with a freshly imported train on the Tema-Mpakadan railway line.

A recently acquired train from Poland was involved in an accident during a test run.

According to a statement from the police, their preliminary investigation determined that the suspect driver left the car unattended on the railway line, resulting in a collision with the train.

The truck driver is believed to have gone to transport cement blocks when the truck became trapped on the rail because he was unable to use a pass-through beneath the bridge.

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