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Cedi Depreciation Pushes Ghana’s Debt to Over GH¢393bn; 78.3% of GDP

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Cedi Depreciation Pushes Ghana’s Debt to Over GH¢393bn; 78.3% of GDP

Latest figures released by the Bank of Ghana put Ghana’s total public debt stock, as of June 2022, at USS 54.4 billion or GH¢393.4 billion.

In Dollar terms, the debt dropped by about $4 billion in the first 6 months of the year, from $58.6 billion in December 2021 to $54.4 billion in the first half of the year 2022.

In Cedi terms, however, the total debt stock within the first 6 months of this year, increased by about GH¢41 billion.

Per the data from the Central Bank’s Summary of Economic and Financial Data report, for July 2022, an additional 41.6 billion Ghana cedis has pushed Ghana’s public debt stock to GH¢393.4 billion as of June 2022.

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The June 2022 debt figure brings Ghana’s debt to gross domestic product, GDP ratio to 78.3%, using an estimated GDP for 2022 of about 502 billion Ghana cedis.

Despite Ghana’s total public debt stock increasing from 351.8 billion Ghana cedis in December 2021 to 393.4 billion Ghana cedis in June 2022, the debt figure in dollar terms dropped from $58.6 billion in December 2021 to $54.4 billion at half year, 2022.

The new debt figure of GH¢393.4 billion represents an increase of GH¢41.6bn from the GH¢351.8bn total public debt recorded in December 2021.

A look at the data from the Central Bank shows that year on year, from June 2021 to June 2022, the debt stock rose by about 17.5% from 334.8 billion Ghana cedis to 393.4 billion Ghana cedis.

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On a year-on-year basis, that is from June 2021 to June 2022, that represents an increase of GH¢58.6 billion.

A further breakdown of the debt numbers shows that the component of debt secured locally rose by about 8 billion Ghana cedis from 181.8 billion Ghana cedis in December 2021 to 190.1 billion Ghana cedis in June 2022, which represents about 38% of the projected GDP for 2022.

The external component of the debt increased significantly, however, by about 33 billion Ghana cedis in the first six months of 2022, from 170.0 billion Ghana cedis in December 2021 to 203.4 billion Ghana cedis in June 2022.

The overall increase in the debt numbers in cedi terms, according to data from the Bank of Ghana, came largely from the over 16% depreciation of the cedi against the dollar from December to June 2022.

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According to the Central Bank, the US Dollar, on the interbank foreign exchange market, was selling at around 6 cedis in December 2021 and at about 7 cedis 43 pesewas in June 2022.

Source: www.GhanaCNN.com

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JB Danquah Wanted To Name The Newly Independent Gold Coast ‘Akan Land’ – Kwesi Pratt Jnr

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Managing editor of the Insight Newspaper, Kwesi Pratt Jnr, has debunked claims by adherents of the Danquah-Busia tradition that Joseph Boakye (JB) Danquah suggested the name ‘Ghana’ to be given to the newly independent Gold Coast Colony.

Speaking on his television station, Pan African TV, Kwesi Pratt said J.B Danquah actually wanted to name the country ‘Akan Land’!

“The name J.B. Danquah suggested for the Gold Coast was Akan Land. Can you imagine that we were struggling for independence one of the people said after independence, we should call this place Akan Land?” he said.

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Pratt said the name ‘Ghana’ was suggested by a priest and historian who made the connection between the historical Ghana empire and the Gold Coast.

He also added that whilst the Danquah-led faction wanted a fragmented nation, Kwame Nkrumah was the one who fought for a united nation and even brought in Transvolta Togoland.

“There is this argument that he [J.B Danquah] is the one who actually suggested the name Ghana, it is not true. The historical record is there and clear. Lord Lugard and his wife, even before then there was a priest who had traced the link between the Gold Coast and the new Ghanaian empire. The record is there and clear.

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“The name J.B. Danquah suggested for the Gold Coast was Akan Land…The referendum which led to the inclusion of British Togoland, the campaign was led by Osagyefo Dr. Kwame Nkrumah. There is no dispute about it. Ghana has always not been like this. Something went into bringing Trans-Volta Togoland, consolidating Ashanti space in Ghana, and bringing the Northern Territory to Ghana. What did J.B. Danquah do to bring Trans-Volta Togoland to Ghana? What did he do?” he queried.

The journalist called for the claims that J.B Danquah was the founder of Ghana to be set aside and Osagyefo Dr. Kwame Nkrumah recognised as Ghana’s true founder.

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Source: theGhanaianVoice.Com



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Speaker of Parliament, Alban Bagbin Quits Ghana Bar Association -Wild Details Drop

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Speaker of Parliament, Alban Bagbin Quits Ghana Bar Association -Wild Details Drop

Speaker of Parliament, Rt Hon. Alban Sumana Kingsford Bagbin has withdrawn his membership from the Ghana Bar Association (GBA).

Mr Bagbin said the conduct of the renowned lawyers association is problematic and people are worried about its position on matters of national interest.

The Speaker of Parliament made this revelation when a delegation from a newly created association of lawyers: the Law Society of Ghana (LSG) paid a courtesy call to him at his office.

The LSG delegation which was led by its Acting President and MP for South Dayi, Hon. Rockson-Nelson Dafeamekpor, was at the Speaker’s office to congratulate him on his new position as the President of the Commonwealth Leaders Association.

They used the opportunity to inform the Speaker about the inception of LSG and its contribution to nation-building.

The LSG is an association for lawyers and law students who seek to shape national discourse and fight against injustice in all forms.

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To Mr Dafeamekpor, the group has realized that the GBA has deviated from its core mandate in terms of fairness and inclusiveness.

He also observed that the GBA has sidelined some of its members and added that a lot of things done by the association are discharged with partisan colours.

The primary aim of LSG, Dafeamekpor stressed, is to cater for “the welfare of lawyers” and “push for reforms in the Ghana Legal system, for instance the Judicial System control on the training of legal professionals.”

As part of LSG structures, the MP said, there is the intention to affiliate with a lot of globally recognized Lawyer Associations such as the West African lawyers Association, Pan African Lawyers Association, African Lawyers Association, and Commonwealth lawyers amongst others.

Speaker’s Concerns About GBA

Reacting to the vision of the LSG, Speaker Bagbin stated the Society is good for the country as it is going to throw a global light on Ghana, especially with the global affiliations.

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To him, a lot of people were worried at the state of GBA and their actions.

” I am no longer a member of GBA,” he disclosed and explained that he did not seem to benefit from the association.

Speaker Bagbin said the GBA has now become an association of elites, stressing that he used to pay his dues “religiously” but got to know that any lawyer that attended the public tribunal was not recognized and thus his interest in GBA diminished.

“I will support the LSG wholeheartedly and with the right opportunities irrespective of the numbers of members so long as we are focused and committed, we can make tremendous waves,” he assured.

Speaker Bagbin said Ghanaians have the brain power to capitalize on “for our benefit” hence “the quest for value and what is right always takes us to places and I believe LSG will be one of the pillars of such a culture to take us to places as a country.”

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He also advised LSG to come up with reasoned opinions and critique law reports and publish them in journals.

Source: www.GhanaCNN.com

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I Am No Longer A Member Of “Unbeneficial” GBA – Speaker Bagbin

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Speaker of Parliament, Rt Hon. Alban Sumana Kingsford Bagbin has withdrawn his membership from the Ghana Bar Association (GBA).

Mr Bagbin said the conduct of the lawyers association is problematic and people are worried about its position on matters of national interest.

The Speaker of Parliament made this revelation when a delegation from a newly formed association of lawyers: the Law Society of Ghana (LSG) paid a courtesy call to him at his office.

The LSG delegation which was led by its Acting President and MP for South Dayi, Hon. Rockson-Nelson Dafeamekpor, was at the Speaker’s office to congratulate him on his new position as the President of the Commonwealth Leaders Association.

They used the opportunity to inform the Speaker about the inception of LSG and its contribution to nation building.

The LSG is an association for lawyers and law students who seek to shape national discourse and fight against injustice in all forms.

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To Mr Dafeamekpor, the group has realized that the GBA has deviated from its core mandate in terms of fairness and inclusiveness.

He also observed that the GBA has sidelined some of its members and added that a lot of things done by the association are discharged with partisan colours.

The primary aim of LSG, Dafeamekpor stressed, is to cater for “the welfare of lawyers” and “push for reforms in the Ghana Legal system, for instance the Judicial System control on the training of legal professionals.”

As part of LSG structures, the MP said, there is the intention to affiliate with a lot of Global recognized Lawyer Associations such as the West African lawyers Association, Pan African Lawyers Association, African Lawyers Association, Commonwealth lawyers amongst others.

Speaker’s Concerns About GBA

Reacting to the vision of the LSG, Speaker Bagbin stated the Society is good for the country as it is going to throw a global light on Ghana especially with the global affiliations.

READ ALSO  Ghana Risk Another Redenomination If Cedi Depreciation Is Not Tamed – John Kwakye

To him, a lot of people are worried at the state of GBA and its actions.

” I am no longer a member of GBA,” he disclosed and explained that he did not seem to benefit from the association.

Speaker Bagbin said the GBA has now become an association of elites, stressing that he used to pay his dues “religiously” but got to know that any lawyer that attended the public tribunal was not recognized and thus his interest in GBA diminished.

“I will support the LSG wholeheartedly and with the right opportunities irrespective of the numbers of members so long as we are focused and committed, we can make tremendous waves,” he assured.

Speaker Bagbin said Ghanaians have the brain power to capitalize on “for our benefit” hence “the quest for value and what is right to always take us to places and I believe LSG will be one of the pillars of such a culture to take us to places as a country.”

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He also advised LSG to come up with reasoned opinions and critique law reports and publish them in journals.

SOURCE theghanaianvoice



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