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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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Denounce Akamba; He Does Not Deserve To Be National Organizer – Blakk Rasta To NDC

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Denounce Akamba; He Does Not Deserve To Be National Organizer – Blakk Rasta To NDC

Popular Radio Host and Musician, Blakk Rasta has tasked the National Democratic Congress (NDC) to disown pronouncement by its National Organizer, Joshua Akamba.

His call is as a result of comments made by Mr. Akamba suggesting the NDC made a mistake in firing Victoria Hamah for allegedly seeking to amass wealth.

Speaking on Kumasi based Ultimate FM Mr. Akamba said the party on hindsight would have retained the deputy minister and not acted on the pressure from the NPP.

“I think she was not given a fair treatment; I know Vicky as an honest woman, everybody aspires to make some money, she didn’t say I have made or there was no evidence that I have stolen, yet again we listened to the NPP and took that action.

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“It was the NPP that pushed this action, directed our action, today I can tell you that Vicky cannot be a corrupt person, I know her. She is still an active member; I think she even contested Kintampo North or West.” He said.

But Blakk Rasta is least pleased about the comments of the National Organizer.

According to him, such comments should not be encouraged and could cost the party and its possible flagbearer John Dramani Mahama.

He predicts that the comment from Joshua Akamba could work against the fortunes of John Mahama and the NDC in the 2024 elections.

“These are the people who will make sure Mahama will not become president again. For this guy alone, Mahama will lose a million votes in the next elections. If I were the NDC, I would kick out this guy called Akamba right now.

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Adding that, “the reason for which Victoria Hamah was kicked out, this guy is endorsing the same. You are in government and heard on tape saying that all you want is one million dollars and that is it. It’s not about the people you promised to serve, it is no more about the nation. It has nothing to do with the nation but your ego and selfishness of enriching yourself.

“You sit here and tell me Victoria Hamah was offered a raw deal. Such a fool. This guy is supposed to be who? National Organizer? The NDC should come out and denounced this guy and distance itself from his comments. I’m angry at this thing that I’m reading.” Blakk Rasta fumed on his show.

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Source: www.GhanaCNN.com

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Ghana Will Not Recognize Any Ukraine Territory Annexed By Russia : Foreign Affairs Minister

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Ghana Will Not Recognize Any Ukraine Territory Annexed By Russia : Foreign Affairs Minister

Minister for Foreign Affairs and Regional Integration, Shirley Ayorkor Botchwey, says Ghana will not recognize any annexation of Ukrainian territories by the Russian Federation.

Addressing a special meeting of the United Nations (UN) Security Council on the maintenance of the peace and security of Ukraine in New York City today Thursday 22 September 2022, Shirley Ayorkor Botchwey noted that Ghana remains committed to its position that the Russian invasion of Ukraine is in breach of international law and unjustified.

“We have expressed several times our principled position against the aggression on Ukraine which we consider to be a disregard for the rules of international law and the principles of the charter (UN Charter).
Ukraine as a sovereign state and a member of this organization (UN) has every right, we believe, and indeed a responsibility to defend its territorial integrity and political independence,” Foreign Minister Shirley Ayorkor Botchwey said.

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“Ghana does not, and will not recognize any territory that is unilaterally and forcefully acquired as dismembered from a sovereign entity,” Miss Botchwey added.

Cease fire

In her statement, the Minister for Foreign Affairs and Regional Integration reiterated Ghana’s call on the Russian Federation, to “immediately and unconditionally cease its operations, withdraw its troops from the internationally recognized borders of Ukraine”, and respect its western neighbour’s “sovereignty and political independence.”

“The need for a credible pathway for a genuine diplomatic process is urgent. The barrel of the gun does not provide such a pathway. It only leads to needless loss of lives and destruction on both sides. Indeed, the cost of the war has been high, not only for the parties, but also for the rest of the world,” Shirley Ayorkor Botchwey said.

Proposed referenda

After stunning battlefield setbacks in the last two weeks, Russia moved to cement its grip on territory it occupies in eastern and southern Ukraine (Zaporizhzhia, Kherson, Donetsk and Luhansk) as Kremlin proxies and associates announced plans on Tuesday 21 September 2022, for referendums on annexation to Russia, indicating a possible escalation of the seven-month-old war.

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The Kremlin signaled that if Russia were to go forward with annexation, even if no other country recognized it, any further military action by Ukraine in those regions would be seen as an attack on Russia itself, justifying any military response by the nation with the world’s largest nuclear arsenal.

Partial mobilization

In what is seen by several international law experts as an escalation of Russia’s war in Ukraine, President Vladimir Putin, announced on Tuesday 21 September 2022, a “partial mobilization” of Russian citizens in what would see 300,000 reservists called up, according to the Defence Minister of Russia, Sergei Shoigu.

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Putin in his announcement said those with military experience would be subject to conscription, and stressed that the decree, which was already signed, was necessary to “protect our homeland, its sovereignty and its territorial integrity.” The announcement by Putin has been received with widespread protests in Russia as some have sought to flee the country to escape the impending conscription.

Source: www.GhanaCNN.com

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You Must Be Living On Another Planet: Prof Hanke Fires Gabby For Saying Akufo-Addo Deserves Praises

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You Must Be Living On Another Planet: Prof Hanke Fires Gabby For Saying Akufo-Addo Deserves Praises

A Professor at the Johns Hopkins University, Steve Hanke says Gabby Otchere-Darko, a leading member of the governing New Patriotic Party (NPP) must be on another planet for saying that the Akufo-Addo administration deserves praise for prudent economic management despite all the challenges.

Mr Otchere-Darko earlier observed that despite slump in revenues, bills are being paid, including salaries.

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Roads are also being fixed, money has been found for programmes like YouStart to create jobs for the teeming youth.

In a tweet he said “The Akufo-Addo government and, in particular, MoF, deserve the nation’s commendation for their handling of the economy in these most challenging times. Despite slump in revenues, bills are being paid, including salaries, roads being fixed, & money found for programmes like YouStart.”

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But responding to him also in a tweet, Prof Hanke said “Leading member of the New Patriotic Party (NPP) Gabby Otchere-Darko says Pres. Akufo-Addo deserves ‘praise’ for his handling of the economy.

“SPOILER ALERT: Otchere-Darko must be on another planet. Today, I measure #Ghana‘s inflation at a stunning 81%/yr.”

Source: www.GhanaCNN.com

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