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IMF Bailout Will Help Gov’t Attain Fiscal Discipline – Alan Kyerematen

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IMF Bailout Will Help Gov’t Attain Fiscal Discipline – Alan Kyerematen

Trade and Industry Minister, Alan Kwadwo Kyerematen says the IMF bailout government is seeking will not necessarily create prosperity, but help government attain fiscal discipline and streamline its activities.

A team of IMF officials will arrive in the country today to begin talks with government on a balance of payment programme.

“The IMF itself cannot create prosperity for us, however, it comes in purely for stabilisation, balance of payment and liquidity support,” Mr. Alan Kyerematen said at a meeting with businessmen and captains of industry in Accra.

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He also assured Ghanaians that government will put its best foot forward during negotiations with the IMF team.

The Ministry of Information, in a statement announcing the President’s directive, said the Minister for Finance, Ken Ofori-Atta will be leading the negotiations with the IMF.

The news has been received with mixed feelings. The Government of President Akufo-Addo initially condemned the IMF on several platforms, vowing never to seek any form of support from the fund.

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Labour unions including TUC have lambasted the government for its decision to seek support from the fund.

They said government resorting to the IMF means the economy will likely reel under several restrictions and controls to be imposed by the fund.

Source: www.GhanaCNN.com

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Trouble As Special Prosecutor Asked To Arrest John Mahama

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Trouble As Special Prosecutor Asked To Arrest John Mahama

Special prosecutor Lawyer Kissi Agyebeng has been asked to arrest former president John Mahama. This call was placed by a popular Ghanaian chief in the Eastern region called Nana Ateaoso Kokobeng II.

The member of the regional house of chiefs made the urgent call after the special prosecutor fined Labianca Company Limited to refund to the sate an amount of one million Ghana Cedis being tax evasion on the part of the company.

It will be recalled that the special prosecutor has been in the news both traditional and social media of late following a report he released on above subject. According to the report, Labianca company owned by Miss Eunice Jacqueline Buah Asomah, who is a member of the council of state representing the Western Region under declared it’s imported frozen chicken for five years. In addition to the fine, the special prosecutor started thorough investigation into the activities of Labianca at the ports between 2017 and 2022 for possible criminal prosecution.

But Nana Ateaoso Kokobeng ll surprisingly got offended at the action of the special prosecutor. According to him Lawyer Agyabeng is deliberately targeting NPP appointees while those in NDC are walking. He said John Mahamaa looted the state yet the special prosecutor is afraid to go after him. He challenged the lawyer to do the needful by arresting and prosecuting the former president before he takes him serious. Until then wherever the special prosecutor does will be considered a witch hunt to this chief.

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I am very disappointed in the Special Prosecutor for chasing Labianca. Instead of him to arrest John Mahama for stealing a lot of Ghana’s monies he has left him and he is walking freely. If the SP has made up his mind that he will only attack NPP members then he will not succeed because the real criminals of the NDC are still walking free. I challenge him to arrest John Mahama. This is what he ought to do and not to go after the government that appointed him”, Nana Kokobeng stated in Twi on Wontumi radio.

Reactions

But the chief has been sweating after making that unpopular comment. Social Media is not taking it kindly with him at all. According individuals who reacted to the post, the chief is a disgrace to the chieftaincy institution. Some even called for his removal from the stool. Check some comments below.

Michael Nii Nortey: “A whole chief came out and spoke like this? I am highly disappointed in those who enstoled him as chief and he is a disgrace to where he comes from.

How can those we follow talk like this? He should resign from the stool or be removed immediately” 

Christopher Astu Gawuga: “I reserve my comment until further research into this matter. I am surprised if a chief can speak and make such utterances in that manner. So I will investigate this before any comment.”

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Kingdavid Zisah: “Some of these men are stomach and uneducated selfish politicians. I think he need more education and advise so he can coil in his comments regarding the former president. Criminal Syndicators.”

Abdu Zango: “He’s part of those people that connived with the Akyem sakawa mother serpent and the ‘mate meho’ miscreants and let foreign mercenaries to train NPP vigilante fool soldiers in our forests together with some chiefs and the security agencies.”

Baba Omar: “Eeeeei Ghana where are we going as a country? Hmmmm. But I am not surprised because even a Supreme Court Judge campaigned for president re-election

In a related development, the owner of Loudsilence TV, Kelvin Tailor has alleged that the report from the special prosecutor is nothing but a cover up for the NPP government. He said the syndicate at the port goes beyond Labianca and that the chief of staff and other stakeholders are involved. The special prosecutor singled out Labianca in order to protect the Jubilee House.

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He made these allegations on his ‘with all due respect’ show on LSTV monitored by CitizenOne. According to Kelvin, the amount the Special Prosecutor claimed to has retrieved is laughable. He disclosed that Labianca imports up to 30 containers of frozen chicken into the country every month. “But per the amount reportedly retrieved, the special prosecutor is telling us that between 2017 and now, Labianca imported just 10 containers”, he stated. Kelvin called on the CEO of Labianca to resign from council of state so she can come out with the whole truth.

Source: www.GhanaCNN.com

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I Am Not A Prophet, But This Will Happen In 2024 Election – Twene Jonas Drops Good News For NDC Ahead Of Elections

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I Am Not A Prophet, But This Will Happen In 2024 Election – Twene Jonas Drops Good News For NDC Ahead Of Elections

Social media influencer and political activist Twene Jonas was on fire today following his Facebook live. He is known as one of the social media commentators who always seek for better Ghana.

Twene Jonas speaking has dropped another prophecy ahead of the 2024 election. According to him, he is not a prophet but this will happen in the 2024 election. The New Patriotic Party will lose the election as a consequence of Nana Addo’s failure in power. He has really disappointed Ghanaians and the majority of NPP supporters will vote against the party.He outlines the reasons why the Nana Addo government has failed.
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Firstly, Nana Addo promised to eliminate corruption. After getting the power to lead the country he is even fuelling the corruption in the country. He failed to allow the law to deal with his appointees who are involved in corruption scandals.

He said in his campaign we are sitting on money and we don’t have to feel hungry. Promised to stabilize the economy but now things are beyond the country. He vowed not to visit IMF but now he is running to seek financial help.

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He promised to reduce the unemployment rate in the country by creating jobs. After he established NABCO Ghanaians thought he is on the path to reducing unemployment not knowing it was a scam to get more votes. All this shows that NPP has nothing better to offer the country and Ghanaians need someone else.

Source: www.GhanaCNN.com

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JUST IN: Bloomberg Exposes Akufo Addo’s Government On IMF Bailout; Changes Loan Target From 2 Billion

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JUST IN: Bloomberg Exposes Akufo Addo’s Government On IMF Bailout; Changes Loan Target From 2 Billion

The government will be looking at receiving an amount of $3 billion over three years from the International Monetary Fund (IMF) once an agreement on a programme is reached.

This is according to international news agency, Bloomberg.

The portal reported on its website that the new amount requested as a loan was double the government’s initial target of $1.5 billion.

“Ghana’s government is in talks over a loan of about $3 billion from the International Monetary Fund, according to two people familiar with the matter.

“The amount is double what the West African nation was considering a month ago as it tries to shore up its finances and win back access to global markets. The funding would be provided over three years, the people said, asking not to be identified because the talks are still in progress and public announcements have not been made. Calls to a finance ministry spokeswoman didn’t connect,” Bloomberg added.

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An IMF emailed response to the news outlet also indicated that it was to early to comment on the subject, maintaining that the Executive Board of the Bretton Woods institution ultimately wielded power in determining the programme for Ghana.

“Since negotiations for the program are starting now, it’s too early to comment on the final form the program will take.

“The Extended Credit Facility for low-income countries is the Fund’s main tool for medium-term support for countries facing protracted balance of payments problems, similar to Ghana’s. The duration of such an arrangement is between three to four years, and extendable to five years. The final program is ultimately decided by the IMF’s Executive Board,” an IMF spokeswoman told Bloomberg.

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It will be recalled that the government on July 1 made a U-turn on its strong position of not seeking support from IMF amid an economic downturn.

A team from the IMF arrived in the country on July 6 and engaged Ghanaian authorities for a programme aimed at restoring macroeconomic stability and safeguarding debt sustainability among many others.

Government has continuously maintained that it will negotiate a good deal with IMF.

On Friday, August 5, American credit rating agency, Standard and Poor’s (S&P) Global Ratings pushed Ghana’s debt further into speculative territory, lowering its foreign and local currency sovereign ratings to CCC+/C from B-/B.

According to a report by marketwatch.com, S&P said its outlook for the country remains negative, “reflecting Ghana’s limited commercial financing options, and constrained external and fiscal buffers.”

S&P which is one of the ‘Big Three’ credit-rating agencies, including Moody’s Investors Service and Fitch Ratings, in their report stated that the “Covid-19 pandemic and the conflict in Russia have magnified Ghana’s fiscal and external imbalances.”

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“There is also demand for foreign currency that has been driven higher by several factors, including nonresident outflows from domestic government bond markets, dividend payments to foreign investors and higher costs for refined petroleum products,” the report added.

Source: www.GhanaCNN.com

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