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“You Can Run But You Can Never Hide”-Kennedy Agyapong Sends A Strong Warning To Mahama

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The New Patriotic Party (NPP) Member of Parliament for the Assin Central constituency, Hon. Kennedy Agyapong, sent another clear message to the National Democratic Congress (NDC) headed by John Dramani Mahama in the run-up to the election proceedings that will continue tomorrow. Hon. Hon! Kennedy announced that Mahama could run, but after the election proceedings, he could not hide.

Why does he think so? Kennedy Speaking on Net 2 TV, the NDC chief really knew that Nana Addo won the election, but just to tarnish the country’s reputation and Nana Addo, he purposely filed a petition to the supreme claiming that the last election was flawed, no candidate had more than 50 percent, and above that the court should order the electoral commission to arrange a runoff that could not be practicable.

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According to Kennedy, he expected Mahama to be completely prepared with all his evidence after Mahama brought the case to the supreme court, before the supreme court requested them to file a witness statement.

After he still doesn’t understand why, before they consider the interrogatories submitted against the electoral commission, Mahama has to file another proposal asking the court to hold on the election proceedings. This suggests that Mahama is running away from the situation, but there is no way he can hide; the election proceedings will begin and the rightful winner of the 2020 election will be revealed to the Ghanaians.

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Source:www.GhanaCNN.com

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I Am Not Surprised At World Bank’s Projection Of Ghana’s Debt To GDP Hitting 104% By End Of 2022 – Ato Forson

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The Ranking Member on Parliament’s Finance Committee, Dr. Cassiel Ato Forson, says he is not surprised by the World Bank’s report stating that Ghana’s debt to Gross Domestic Product (GDP) would hit 104.6% by the end of 2022.

According to him, the Minority has been blowing the alarm on Ghana’s debt risk for some time now; however, all attempts to get the government to act have fallen on deaf ears.

He stated that much of Ghana’s debt to GDP had not been properly accounted for thus creating a false sense of security for those in power despite the Minority’s agitations.

He believes that the Minority’s vindication by the World Bank, hopefully, would get the government to up their game in finding a lasting solution to the fiscal issues burdening the country.

“Ghana’s debt to GDP is not properly accounted for, in the sense that we have identified what we call hidden debt. A typical example is when you use ESLA revenues for the purposes of collateral and to use it to take a loan.

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“And we believe that per the nomenclature of the ESLA receivables itself its corresponding debt should be part of the public debt. The government had consistently decided to ignore us. We believe that the ESLA debt is public debt and should be captured as such.

“Same as the sinohydro, when the government for some reason decided to classify it as barter trade, now I wonder that in this modern day we still have barter trade and we’ll use it to bypass the fiscal accounting mechanism? For some strange reason government insisted.

“In fact I had said that if you are to factor in ESLA bond, Daakye bond, obviously the sinohydro and that of road fund our public debt to GDP as at 2021 was 81%. And this is not secret, I’ve debated it on the floor of Parliament, I’ve written articles to support the position of the Minority, we wrote even to IMF to get them to do what is right when Ghana was in a programme and yet the government decided to ignore us. So I’m not surprised at this report.”

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The World Bank has classified Ghana as a high debt distress country as it projects the nation’s debt to Gross Domestic Product (GDP) of 104.6% by the end of 2022.

According to its October 2022 Africa Pulse Report, debt is expected to jump significantly, from 76.6% a year earlier, amid a widened government deficit, massive weakening of the cedi, and rising debt service costs.

It is also forecasting debt to GDP of 99.7% and 101.8% of GDP in 2023 and 2024, respectively. The size of Ghana’s economy is estimated at about $72 billion, whilst it is expected to spend about 70% of revenue this year to service its debt.

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The report is coming at a time the Bank and the International Monetary Fund (IMF) are conducting a Debt Sustainability Analysis on the country. A country which is highly debt distressed is unable to fulfil its financial obligations and therefore debt restructuring is required.

The World Bank further stated that Ghana needs $1.5 billion in assistance from the IMF, which could help to shore up public finances and regain access to credit markets.

SOURCE theghanaianvoice



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Morocco Issues First Cannabis Production Permits

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Morocco Issues First Cannabis Production Permits

The Moroccan government has issued 10 permits for farmers to legally grow cannabis for industry and export for the first time.

Farmers in the northern regions of al-Hoceima, Chefchaouen and Taounate will be allowed to produce and sell cannabis for medical, pharmaceutical, and industrial use, in accordance with a law passed by parliament last year.

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The national agency regulating cannabis activity which issued the permits said farmers will be encouraged to increase legal cannabis production to meet the need of the market.

Morocco has long been one of the world’s largest producers of illegal cannabis.

It is grown in the poorest mountainous regions of the North African country and trafficked to Europe.

The government’s move to legalise cannabis production is meant to improve the conditions of the poor farmers and generate revenue for the economy.

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Source: www.GhanaCNN.com

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Nigerian Oil Export Terminal Had Theft Line In The Sea For 9 Years

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Nigerian Oil Export Terminal Had Theft Line In The Sea For 9 Years

Officials in Nigeria discovered an illegal connection line from one of its major oil export terminals into the sea that had been operating undetected for nine years, the head of state oil company NNPC LTD said.

The 4-kilometre (2.5-mile) connection from the Forcados export terminal, which typically exports around 250,000 barrels per day (bpd) of oil, into the sea was found during a clamp-down on theft in the past six weeks, NNPC Chief Executive Mele Kyari told a parliamentary committee late on Tuesday.

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“Oil theft in the country has been going on for over 22 years but the dimension and rate it assumed in recent times is unprecedented,” Kyari said in an audio recording of the briefing reviewed by Reuters.

Thieves often tap land-based pipelines to siphon oil undetected while they continue to operate, but an illegal line in the ocean is highly unusual and suggests a more sophisticated theft operation.

Forcados operator SPDC, a local subsidiary of Shell (SHEL.L), did not immediately provide a comment.

Nigeria, typically Africa’s largest oil exporter, is losing potential revenue from some 600,000 bpd of oil, Kyari said, as some is stolen and as oil companies idle certain fields rather than feed pipelines tapped by thieves.

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Crude oil exports fell below 1 million bpd in August for the first time since at least 1990 as a result, starving Nigeria of crucial cash.

Loadings at the terminal have been stopped since a leak was found from a sub-sea hose at the terminal on July 17. Shell said this week that it expected loadings to resume in the second half of October.

In August, NNPC awarded contracts to companies including those owned by former militants to crack down on oil theft.

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Source: www.GhanaCNN.com

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