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Reduce dependence on foreign goods to boost economy – Bawumia

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Vice President, Dr. Mahamudu Bawumia, is advocating for the enhancement of domestic production and less dependence on importation as a way of boosting the economy.

Speaking at the Standard Chartered Digital Banking Innovation & Fintech Festival in Accra, the Vice President said over-dependence on foreign products is a major contributor to the decline of the economy.

He went on to intimate that the government is currently experiencing never-before trade surpluses that make it near impossible to turn the economy around without the help of the general citizenry.

“The nature of production needs to change. You are seeing Ghana, consistently over the last five years, having more and more trade surpluses. This is like for the first time in about twenty years that we’ve consistently had trade surpluses on our balance of payments. At the same time, we have a lot of current accounts deficits, which means that a lot of the foreign exchange that we are earning from our trade doesn’t stay in Ghana.”

“And one of the areas where we have to address is to reduce the import dependency that we have as a country. But as the global economy is going to realign to the new reality with more self-reliance, Ghana cannot be left behind. We also have to look very closely at how we enhance domestic production and reduce dependence on imports for commodities that we can very easily produce here in Ghana.”

Ghana remains a major importer of food products, with imports of agricultural and related products estimated to have reached $1.9 billion in 2021 alone.

 

The post Reduce dependence on foreign goods to boost economy – Bawumia appeared first on Citinewsroom – Comprehensive News in Ghana.

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BoG selects Dr Joseph France as advisor to UMB

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In a statement, the Central Bank stated that it intends to support UMB's recapitalization efforts as well as ensuring the proper implementation of governance changes.

The Bank of Ghana (BoG) has nominated Dr. Joseph O. France as an advisor to Universal Merchant Bank LTD (UMB).

The appointment, which took effect on March 25, 2024, is in line with Section 101(1) of the Banks and Specialised Deposit-Taking Institutions Act of 2016 (Act 930).

Banks have until September 30th, 2023, to submit recapitalization plans to meet the minimum capital requirement of GH¢400 million.

In a statement, the Central Bank stated that it intends to support UMB’s recapitalization efforts as well as ensure the proper implementation of governance changes.

“His expertise will be instrumental in safeguarding the interests of depositors, shareholders, and the general public. Importantly, it is essential to note that unlike an Official Administrator, Dr. France will not assume the powers, responsibilities, or duties of UMB’s existing management team.

“Under Act 930, Dr. France will have the privilege of attending meetings of UMB’s Board of Directors and Committees, although he will not participate in voting. His primary focus will be on providing strategic guidance and ensuring compliance with regulatory requirements,” portions of the statement noted.

Meanwhile, BoG has stated that UMB is fully functioning and available for business under the current management team.

It advised depositors and customers to remain confident in UMB’s services.



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Ghanaian fibre optics inventor, Dr Thomas Mensah passes on

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The Adisadel College Old Boys Association's official X account also announced Dr. Mensah's death.

Dr. Thomas Mensah, a renowned Ghanaian-American scientist and developer of fibre optics, died at the age of 74.

According to a statement published by the family on Thursday, March 28, the renowned innovator, who played a key role in revolutionising telecommunications and technology, died of sickness at Kumasi Catholic Hope Exchange Hospital.

“Dr. Thomas Mensah died on March 27, 2024, in Kumasi Catholic Hope Exchange Hospital. Dr. Mensah died from a brief illness.


“The family hereby informs the wider public of the unfortunate event. “Dr. Thomas Mensah died at the age of 74,” the announcement added.

The Adisadel College Old Boys Association’s official X account also announced Dr. Mensah’s death.

“He was known on the global stage for his significant contributions in the field of fibre optics and nanotechnology.”

Dr. Mensah’s ideas have had a significant influence on global communications networks, making substantial contributions to the field of technology.

His major innovation in fibre optics enabled high-speed data transport, revolutionising several sectors and contributing to the digital age’s success.

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Good news for teachers: 1 teacher, 1 laptop

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His remarks came after the Ghana National Association of Teachers (GNAT) expressed reservations about the Ghana Smart School Project, which debuted on Monday, March 25, 2024. According to GNAT, since 2021, when the government launched a similar scheme for teachers dubbed as the "1 Teacher 1 Laptop" project, over 100,000 instructors in public schools have yet to receive theirs. However, Dr. Adutwum, a teacher himself, told teachers that his Ministry has their best interests at heart and will never fail them. He indicated categorically that the instructors will receive their computers by the end of June.

Teachers in public schools will receive the laptops promised by the government in 2021 by the end of June 2024.

Dr Yaw Osei Adutwum, Minister of Education, said this on Adom FM’s morning broadcast, Dwaso Nsem, on Tuesday.

“I can tell you that the instructors will receive their computers by the end of June, as promised. They’ve already met with the Ghana Education Service (GES) and are figuring out how to get their laptops,” he said.

His remarks came after the Ghana National Association of Teachers (GNAT) expressed reservations about the Ghana Smart School Project, which debuted on Monday, March 25, 2024.

According to GNAT, since 2021, when the government launched a similar scheme for teachers dubbed the “1 Teacher 1 Laptop” project, over 100,000 instructors in public schools have yet to receive theirs.

However, Dr. Adutwum, a teacher himself, told teachers that his Ministry has their best interests at heart and will never fail them.

He indicated categorically that the instructors will receive their computers by the end of June.

Speaking about the Ghana Smart School Project, Dr. Adutwum emphasised its significance as a component of the Free Senior High School (SHS) programme, which aims to improve the quality of teaching and learning in public second-cycle schools.

He stated that these tablets, packed with necessary textbooks and previous questions, will be great instructional aids, improving students’ access to information critical to their academic endeavours.

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