Ghana - The African Mirror

Feb

2024

Ghana’s new finance minister pledges to keep IMF programme on track

GHANA'S new finance minister, Mohammed Amin Adam, pledged to keep its $3 billion International Monetary Fund (IMF) programme on track as it aims to finish restructuring its overseas debt before an election in December. President Nana Akufo-Addo replaced Ken Ofori-Atta with Adam, a petroleum economist who was minister of state at the finance ministry, in a cabinet reshuffle after criticism of the ex-banker's leadership during the West African country's worst economic crisis in a generation. Ofori-Atta negotiated the IMF bailout loan to address the crisis, which saw inflation and debt servicing costs spiral upwards in 2022. He was, alongside Adam, seeking relief…

Feb

2024

By CHRISTIAN AKORLIE and MAXWELL AKALAARE ADOMBILA

Ghana president replaces finance minister in reshuffle

NEWS

GHANA'S president has replaced finance minister Ken Ofori-Atta in a cabinet reshuffle after criticism of the ex-banker's leadership during the West African country's worst economic crisis in a generation. The office of President Nana Akufo-Addo said that Ofori-Atta would be replaced by Mohammed Amin Adam, currently the minister of state at the finance ministry and previously deputy energy minister responsible for the petroleum sector. It did not give a reason for the change. Ofori-Atta has been overseeing Ghana's debt restructuring efforts after the West African gold, oil and cocoa producer defaulted on most of its external debt in December 2022.…

Feb

2024

By MAXWELL AKALAARE ADOMBILA

Ghana LGBTQ+ activists see church blessings as distant luxury

NEWS

IN a country where religious leaders openly condemn homosexuality and gay sex is punishable with jail time, Ghanaian couple Kay and Naa Shika fear more for their lives and safety than whether a church will bless their same-sex union. They have lived together for eight months, hiding their relationship by pretending to be sisters, even as they face gossip that risks spilling into hostility due to suspicions about their sexual orientation. "We are not safe," said 27-year-old Kay, a lesbian woman who spoke to Reuters in the capital Accra on condition that she and her partner's real names were not…

Jan

2024

By The African Mirror

Ghana wants to make importing food like rice and tomatoes more costly: expert explains why it’s a bad idea

NEWS

GHANA, like many other developing nations, relies heavily on imports of food and consumer goods to feed its population. For instance, Ghana imports 55% of the rice that is consumed locally. The country’s import dependence is primarily a consequence of the production of low-value primary products without substantial value addition. SYLVANUS KWAKU AFESORGBOR, Associate Professor, Agri-Food Trade and Policy, University of Guelph To forestall over-dependence on foreign goods, the government has proposed a trade-restrictive policy via a legislative instrument on 22 major items. It has justified the policy on the grounds that it wants to reduce Ghana’s dependence on foreign…

Jan

2024

By The African Mirror

Ghana won Afcon four times, but the last time was 40 years ago. What went wrong with its football team?

SPECIAL FEATURES: ANALYSIS

THE Africa Cup of Nations (Afcon) is the most important football tournament in Africa. It has been contested by the male national teams of countries on the continent since 1957. Egypt is the most successful country in the tournament’s history, with seven wins, the most recent in 2010. Previously, Ghana was the dominant force with four wins. In spite of producing world class players, the country has not won the tournament in four decades. ERNEST YEBOAH ACHEAMPONG, Senior Lecturer, Department of Health, Physical Education, Recreation and Sports (HPERS), University of Education, Winneba As the 2023 edition plays out in Côte…

Jan

2024

By The African Mirror

UK to return looted royal regalia to Ghana in loan deal

NEWS

BRITAIN is returning a selection of Ghanaian gold regalia looted from an Asante king in the 19th century, in a historic loan deal set out on Thursday. Some 32 objects, including a gold peace pipe and a sword of state from London's British Museum and Victoria & Albert Museum, will be loaned to the Manhyia Palace Museum in the Ghanaian city of Kumasi, 150 years after they were stolen, the museums said. "These are more than artefacts; they are the items that connect us to our history, our past and help us to understand who we are, how we're relevant…

Jan

2024

By The African Mirror

Ghana is behind the curve on climate change laws: expert suggests a way to get corporations on board

EDUCATION

GHANA has introduced some climate change policies and general environmental regulations but has yet to pass a Climate Change Act. This leaves the country without effective legal and regulatory instruments for addressing climate change. Climate change law expert Kikelomo Kila sets out her findings in a recent paper on why Ghana must not follow the “command and control” regulatory approach. KIKELOMO KILA, Lecturer in Law, University of Huddersfield Why hasn’t Ghana introduced specific climate change legislation, and why is such legislation important? Ghana relies instead on two legislative approaches. The first uses generic environmental legislation to govern climate change issues.…

Jan

2024

By VICTORIA WALDERSEE

Ghana will reengage bondholders next week, says finance minister

BUSINESS

GHANA will reengage with its international bondholders from next week, finance minister Ken Ofori-Atta told Reuters, as the country seeks to build on the momentum of a deal last week to restructure $5.4 billion of official creditor debt. The West African country will seek to continue discussions after meeting holders of its around $13 billion in outstanding Eurobonds in Marrakech in October, Ofori-Atta said in an interview on the sidelines of the World Economic Forum (WEF) annual meeting. Officials will also travel to China on January 23, he added. China and France co-chair Ghana's Official Creditor Committee and the agreement reached with…

Jan

2024

By JORGELINA DO ROSARIO and MAXWELL AKALAARE ADOMBILA

IMF board to review Ghana $600 mln loan payout on Friday

BUSINESS

THE International Monetary Fund (IMF) executive board is due to meet to consider the first review of Ghana's $3 billion rescue loan programme, a spokesperson said by email. Board sign-off of the review would unlock a $600 million disbursement. Such approvals are usually seen as a formality once a meeting date has been agreed. Reuters earlier reported the meeting date, according to three sources familiar with the matter, after the cocoa, gold and oil-producing country reached an agreement to restructure $5.4 billion of official creditor debt. Ghana struck the deal with its bilateral lenders, including China and France, late last week, a…

Jan

2024

By MAXWELL AKALAARE ADOMBILA and JORGELINA DO ROSARIO

Ghana official creditors agree on restructuring date, key step to deal – sources

BUSINESS

GHANA'S official creditors have agreed to restructure debts that were extended to the country up until December 2022, two sources told Reuters, with Accra closing in on a key step required to advance its restructuring. A deal between Ghana and its official creditors would pave the way for the Executive Board of the International Monetary Fund (IMF) to approve the disbursement of $600 million under its $3 billion bailout programme. Discussions over the "cut-off date" - the date after which new loans signed with bilateral creditors will not be restructured - had recently emerged as a stumbling block to an…