“When The Fundamentals Are Wrong, Your Foreign Exchange Will Expose You” – Ade Coker pokes Gov’t on cedi depreciation
The Greater Accra Regional Chairman of the National Democratic Congress (NDC), Joseph Ade Coker says, arresting black market foreign exchange dealers is useless and will not solve the germane issues with the cedi depreciation.
He has revealed that the arrest of over 76 alleged illegal forex operators (black market) is not a solution to the cedi depreciation.
In an interview on Atinka TV’s Morning Show “Ghana Nie” with host Ekourba Gyasi, Ade Coker noted that just like corruption, the operations of the ‘black market’ has been a part of the forex business from time immemorial.
Ade Coker hinted that if the foreign currencies are available at the forex bureaus, the black market will become “useless”.
“When the fundamentals are wrong, your foreign exchange will expose you. That is the truth of the matter. The forex business is run on a supply and demand basis, and these black market men give good rates. That is why people patronize them.
“It is a matter of making the currency available. If foreign currencies are always available at good rates, no one will patronize the services of these black marketers. “Some bank officials even direct clients to the black market,” Ade Coker added.
This statement is on the back of the arrest of over seventy six (76) alleged illegal forex operators known as ‘black market’ operators in Accra.
The exercise dubbed ‘Special Operation on Foreign Exchange Parallel (Black Market Operators’ was carried out by the Bank of Ghana (BoG) in conjunction with the police.
The exercise in Accra took place around Rawlings Park, Tudu, Cowlane, Circle, Kimbu Market and Lava.
According to a statement issued by the BoG, the purpose of the operation was to clamp down on individuals and entities engaging in the business of buying and selling foreign exchange without a license from Bank of Ghana in violation of Ghana’s foreign exchange laws and regulations.
The Head of the Foreign Exchange Bureau Examinations Office, at the Bank of Ghana, Adjoa Konadu Torto, indicated that the exercise would continue in other parts of the country in the coming days.
SIM Card Re-Registration – Blocking Of Unregistered SIM Cards Postponed, Final Decision Next Week
The intended exercise to block all unregistered SIM cards effective tomorrow, Saturday, October 1st 2022, has been postponed.
According to new reports, a final decision on the next steps to be taken by the National Communication Authority (NCA) and the Ministry of Communications will be communicated to the public next week.
According to sources, a roadmap for the intended sim card blocking exercise is being drawn up and would be finalised by next week.
Under the new modalities, the punitive measures introduced earlier in September which were later scrapped would be brought back.
According to Graphic Online citing sources close to the decision-makers, subscribers who have done stage one (linked their Ghana Cards to their SIM cards via *404#) will have up to the end of the year to complete stage two of their registration.
Meanwhile, those who have not registered their SIMs at all, will be blocked from receiving calls, making calls, using data services, among other things.
Those blocked will however, be able to access *404# to start their registration, and also be able to receive their Unique codes via SMS.
$100m Crude Revenue Was Used To Pay GNPC Loan – Samuel Atta-Akyea
The Chairman of the Mines and Energy Commission of Parliament, Samuel Atta Akyea, has debunked claims by the minority that $100m oil revenue has gone missing from the Petroleum Holding Fund (PHF).
According to him, the funds were used to settle upfront, a loan taken from the Ministry of Finance by GNPC Subsidiaries which was used to purchase shares in the TEN and Jubilee oil fields on behalf of the state.
Atta Akyea said there might have been an administrative error in not placing the money in the fund before being used but there can be no doubt that the money was used to engage in activities which will inure to the benefit of the state.
“Well, I think it’s a storm in a teacup because sometimes the impression is being given that the money has been spirited away. There was an opinion from the attorney general to the effect that they needn’t place the money in that account for the simple reason that there’s a seven-per cent equity acquisition in the TEN and Jubilee fields by GNPC Subsidiary and they didn’t have the money so the ministry of finance borrowed them the money so they do this acquisition; they are trying to improve the governmental stakes in these petroleum blocks,” Atta Akyea said.
“When they [GNPC Subsidiaries] took the loan, they were unable to pay, so, they used the petroleum receipts due them to settle it, so, the ministry of finance took the money and paid for the loan upfront”, Mr Atta Akyea explained.
“The whole problem is simple: that the sheer fact that the money was not lodged in the PHF does not mean the money has been spirited away or stolen. … It’s all a balancing account but when push it to the political dimension that some money has been spirited away, it leaves much to be desired.
“The sum of money, if you look at it, is equal to the seven per cent equity stake that the government, through GNPC Subsidiary has acquired. Let’s look at it from that perspective. So, when somebody is using his ingenuity to confer advantage and benefit to Ghana, ultimately, how can that be a problem? And if the money was not so lodged in the PHF but it is shown that, indeed, the shares have been acquired, and the shares have been paid for, how can that be anything to undermine this country, financially?” he wondered.
The minority in Parliament accused the New Patriotic Party (NPP) government of engaging in a new clandestine ‘Agyapa deal’.
According to a statement dated September 29th, 2022, the NPP government has failed to account for $100m of oil revenue accruing from Ghana’s Petroleum lifting in the first quarter of 2022.
According to the Minority, the decision by the NPP Government to transfer revenues accruing from about 944,164bbls of crude lifting in the Jubilee and TEN fields to a company established in a haven (outside Ghana) without Parliamentary approval, amounts to a gross violation of the Petroleum Revenue Management Act, 2011 (Act 815) and Public Financial Management Act (Act 921).
The statement signed by John Abdulai Jinapor, Ranking Member on the Mines and Energy Committee of Parliament, said that the NPP government has proven over and over again that they cannot be entrusted with the country’s oil revenues.
E-Levy To Be Reviewed As Proceeds Woefully Below Expectations – Ken Ofori-Atta
The Minister of Finance, Ken Ofori-Atta, has revealed that the electronic transaction (e) levy is set to be reviewed as the proceeds so far are woefully inadequate.
Speaking during an interview, Ofori-Atta said the levy has so far failed to raise even 10% of Ghc 600m monthly figure that the government projected it to raise.
Ergo, Ken Ofori-Atta said the government will soon review the programme and also take measures to increase the number of Ghanaians who are compliant with the tax.
He said the review is part of measures to increase domestic revenue mobilisation.
“Such exercises form part of an ongoing drive to ensure we take significant steps forward in remedying long-standing challenges with domestic revenue mobilization, indiscipline, corruption and leakages,” Ofori-Atta said.
“Of course, heightened tax compliance and increased tax audit exercises will continue to be complemented by policy initiatives that allow us to tap into a wider pool of taxpayers in the years ahead. Towards this therefore we are looking at areas around the E-Levy to ensure its efficient implementation,” he added.
Currently, Ghanaians are paying 1.5% of the value of any electronic transaction above Ghc 100 to the government, the controversial e-levy.
Recently, Ghanaians have complained that the tax is being charged even on transactions below Ghc 100.
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