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Finance Minister : Government To Utilize US$200 Million From Stabilization Fund

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Ken Ofori-Atta, the Finance Minister, has revealed that government intends to lower the cap on the Ghana Stabilization Fund (GSF) from the current US$300 million to US$100 million in accordance with Section 23(3) of the Petroleum Revenue Management Act (PRMA).

According to Finance Minister, the measure would enable the excess amount in the GSF account over the US$100 million cap to be transferred into the Contingency Fund (CF) consistent with Section 23(4) of the PRMA.

The amount, moreover, transferred into the Contingency Fund would be used to fund the Coronavirus Alleviation Programme (CAP). Through this process, an estimated GHC 1.250 billion would be transferred into the Contingency Fund to fund the CAP.

Finance Minister Ofori-Atta announced this when he briefed Parliament on measures being taken by government to mitigate the impact of the Coronavirus disease on the Ghanaian economy.

Many governments, in the wake of the Coronavirus pandemic, around the world including; Ghana have come out with many fiscal stimulus packages to mitigate the impact of the pandemic against their economies.

These global responses have been a mixture of monetary and fiscal responses including; cut in interest rates, making more funds available to both private and public sectors.

The Finance Minister also announced that as part of measures to mitigate the impact of the coronavirus on the economy government was arranging with the Bank of Ghana (BoG) to defer payments on non-marketable instruments estimated at GHC1.222 billion to 2022 and beyond.

Some of the alleviating measures included; adjusting expenditures on goods and services as well as Capex downwards by GHC1.248 billion, secure both World Bank and IMF credit facility of GHC1.716 billion and GHC3.145 billion respectively, and also reduce the proportion of Net Carried and Participating Interest due GNPC from 30 percent to 15 percent.

Government’s plan to amend the PRMA to allow a withdrawal from the Ghana Heritage Fund (GHF) to undertake urgent expenditures in relation to the Coronavirus pandemic was further revealed by Mr Ofori-Atta. The Ghana Heritage Fund is estimated to be US$591.1 million.

He explained that the fiscal measures being undertaken by government to mitigate pandemic would result in a fiscal deficit of 6.6 percent of revised GDP with a corresponding primary balance deficit of 1.1 percent of revised GDP.

“Mr Speaker it is clear that, even after reflecting the proposed measures, the resulting fiscal deficit as a percentage of GDP is in excess of the 5 percent threshold stipulated by the Fiscal Responsibility Act, 2018 (Act 982). In addition, the primary balance is a deficit equivalent to 1.1percent of GDP contrary to the positive balance prescribed by the Fiscal Responsibility Act”, the Finance Minister said.

The Member of parliament for Yapei Kasaugu  , Mr John Jinapor, in his remark on the Finance Minister’s briefing stated that in such difficult times of COVID-19, government must show commitment and lead by example by cutting down on its expenditures.

“This is why we made the call that this is the time for the executive and the entire leadership including; the legislature to lead by example by cutting back on expenditures”

He said in this difficult times, government should commit to expenditure on essential items that had to do with life situations.

Mr Jinapor also stated that though the minority side had no problem supporting government to cap the GSF to US$100 million, they would however resist any attempt by government to touch the Ghana Heritage Fund, which was set aside for future generation.

Chairman of the Finance Committee, Dr Mark Assibey–Yeboah, in his remark stated that the outbreak of the coronavirus pandemic had put enormous strain on their Ghanaian economy and the world as whole, saying “these are trying times for the country and the world”.

He, therefore, urged the minority not to play partisan politics with the issue, adding “these are not times for anybody to be partitioned, this are serious times”.

He noted that world economies were likely to experience a global recession, where no country would be left out, saying that the recovery would be slow.

The Minority Leader, Mr Haruna Iddrisu, in his remark raised procedural issues with the Finance Minister appearing before the House to make a statement and not come under Section 23 of the PRMA or Article 178 of the 1992 Constitution, adding that Parliament could not take a decision merely on statement made by the Finance Minister to the House.

He said with China’s contribution to global trade, the outbreak of COVID-19 was likely to impact on the Ghanaian economy at several levels.

He said President Nana Akufo-Addo had declared Ghana Beyond Aid and with just a threat of Coronavirus, the country was running back to the IMF again support, saying that “we have not built a strong structural economy”.

The Minister for Planning, Professor Gyan Baffour , in his remarks expressed shock at the minority side for making the  debate a partisan political issue, which was not good for the country in this difficult moment.

He said the country was in serious and difficult times and so people should not bring their parochial partisan matter into the debate, saying “We have no such experience in modern times”.

Imani Boss: Stop Payment To Kelni GVG And Use Money To Deal With Coronavirus

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Franklin Cudjoe, the President of Imani Ghana, has said that the Government of Ghana must stop paying KelniGVG $1.5m every month for no work done and save that money to deal with the effect of the coronavirus on the economy .

Kelni-GVG was awarded a 10-year contract worth $178 million by Ghana to help block revenue losses in the telecommunication sector and simbox fraud.

However, the IMANI Boss, who opposed the Kelni-GVG deal when it was introduced , said , in a statement on Thursday April 2 regarding efforts by the government to raise funds to deal with the COVD-19 , that : “Nearly 10 million Americans lost their jobs in two weeks. Most likely 40m in a few weeks. When I see these figures, then I realise how miserable we would be in Africa especially as investors pull their funds. Where will help come from after the World Bank money is finished while the virus rages on?

‘We will have to defer some wasteful aspects of projects such as ghost dams, $150m EC new register, stop paying KelniGVG $1.5m every month for NO work done ( you can add to the list) and find a good way of keeping oil companies whose fortunes have now plummeted.”

The IMANI Boss added: “To do the latter, the following should be considered if we need to retain the interest of oil companies in order to save jobs.

Move royalties from a fixed percentage to a percentage linked to the movement of oil prices. The royalty is pegged at current lower prices with an agreement to be graduated at par when prices increase over time? Of course this must be transparently done with the involvement of all relevant stakeholders and not at the energy minister’s sole discretion.

“Move from Carried GNPC’S interest to financed GNPC interest so that the investors get paid back the costs they sponsor GNPC with. This could even give the GNPC additional shares in the fields. Here again, this must be done transparently with stakeholders involvement especially the CSOs.

“Move from a fixed withholding tax rate to a withholding tax rate dependent on oil price. Here again, at any point in time this is done, all relevant stakeholders must be involved and not left at the mercy of the minister.”

NPA To LPGMCs: We Will Not Burden Consumers With Additional Taxes

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According to the National Petroleum Authority (NPA), it would not burden consumers of their product with additional taxes especially not when the country is on partial lockdown and trying very hard to fight the deadly Coronavirus pandemic.

This debunks reports that the LPG Marketing Companies Association of Ghana (LPGMCs) are calling for the withdrawal of GHp 13.5 Cylinder Recovery Margin which took effect April 1, 2020.

The NPA, in a statement, said the margin is to assist marketers to offset some of their financial expenses, the action, they averred is in accordance with the full cost recovery principle of petroleum products pricing in Ghana.

“Per our projection for this very pricing window (1st April to 15th April, 2020), consumers are expected to enjoy a price reduction of about 11.56 per cent even with the introduction of the Cylinder Recovery Margin. These projections were made before the decision to introduce the Cylinder Recovery Margin,” the statement further added.

The NPA then assured the general public of their commitment of ensuring product availability, affordability and accessibility, while their safety and the business viability of players across the value chain.

GUTA Organiser: ‘Panic Buying’ is The Reason For Current Food Price Surge

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Clement Boateng, the National Organizer of the Ghana Trader’s Union Association (GUTA), has advised traders to stop increasing the prices of their commodities in the wake of the COVID-19 pandemic.

Some traders, especially market women, as a result of the outbreak of coronavirus and the subsequent lockdown in the country, have taken undue advantage to exploit the situation by raising the prices of their foodstuffs and other items astronomically.

According to customers, a cup of gari which use to sell for GHC 10 is now selling for GHC 30 and items like garden eggs, tomatoes and others have also seen incredible price increases.

A lot of Ghanaians have complained bitterly about the attitude of the market women and therefore calling for them to be brought to order.

The GUTA National Organizer, speaking in an interview with Kwami Sefa Kayi on Peace FM, expressed disgust over the sudden price increment on commodities.

He explained that prices were increased by the market women due to panic buying.

The GUTA National Organizer said because some areas of the nation are under lockdown, there are some customers who are doing panic buying and these market women see the opportunity to capitalize on the current situation.

He called on the market women to stop abusing customers and realize that the pandemic will be over, adding that should they continue to exploit people for their gains, they will incur losses after the pandemic.

He stated that “The panic buying brought about such increment . . . it’s a lesson to us which maybe in the future, we’ll take so we see how to guard against its recurrence. I think it’s unnecessary for the panic buying which led people to take undue advantage to increase the prices of commodities astronomically “.

NPP Secretary To Asiedu Nketiah: Your Argument is ‘Dead, Baseless’

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Jeff Konadu Addo, the Eastern Regional Secretary of the New Patriotic Party (NPP), has descended heavily on Johnson Asiedu Nketiah, the General Secretary of the National Democratic Congress (NDC), saying he tells a lot of lies.

The Eastern Regional Secretary of the NPP has therefore advised Ghanaians not to give him a listening ear whenever he speaks.

Without any evidence, Mr. Asiedu Nketia said on live radio programme in Accra that the President and his entourage that travelled to Norway about a month ago have since contracted the Covid-19 disease and said they should be tested.

“We [NDC] will not stop politicizing the issues until Nana Addo and his appointees are tested and make public their result just as other leaders in the world are doing. They are all exposed to the virus…the government cannot say our first case was recorded on March 12th. It is a palpable falsehood if government claims so…because evidence abounds that it was way back before that (in February)….,” he said.

Mr Konadu Addo who was on the same platform with Asiedu Nketia fought back and lambasted the NDC man for peddling falsehood about the President and his government.

“Asiedu Nketiah doesn’t have anything to say that’s why he is still holding up to this ‘dead’ issue. It’s been over a month since the president returned from Norway and he hasn’t shown any sign of contracting the disease, making what Asiedu Nketiah is saying baseless,” he said.

Jeff Konadu went on and asserted that what Asiedu Nketiah needs to do is to pray so this deadly pandemic can be eradicated from the country as it has halted many activities and not to be throwing dust in people’s eye.

“If you can’t praise the government for its enormous effort towards the growth of the country, you don’t have to cause fear and panic for it isn’t healthy. Also, Ghanaians shouldn’t pay attention to Asiedu Nketiah for he is a pathological liar.”

The NPP secretary said he was part of the President’s entourage that toured Norway because he lived there and his family is settled there.

“The time we went to Norway, they hadn’t recorded a single coronavirus case. It was a weeks after our visit that the disease started spreading in that country. We arrived in Ghana on February 27, 2020. It was on March 3 2020, that Norway started recording their first coronavirus case after a Norwegian doctor returned from Italy after a holiday trip.”

Mr. Konadu Addo asked Ghanaians to disregard NDC’s propaganda and support the government to eliminate the coronavirus.

He also urged them to follow the directive given by the president and the health authorities to stay at home to prevent the spread of the disease.

 

 

 

Mahama To Akufo-Addo: Address Shortcomings in Response To COVID-19 Pandemic

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According to former President John Dramani Mahama, the government must take urgent actions to resolve some of the obvious shortcomings in our response as a country to the COVID-19 pandemic.

In a post on his official Facebook page, former president John Mahama, said: “The unpleasant news of an eminent strike by health workers at the Korle Bu Teaching Hospital because of the poor response to COVID-19 is most disturbing.”

According to Mr. Mahama,”The well-intentioned lockdown has obviously led to some unintended consequences and I believe it is time to utilize the Stabilization Fund to build some additional buffers for the economy. The use of the fund should be directed at cushioning the general population through this period of economic slowdown. These measures may include short term temporary tariff relief in respect of utilities.”

Read his full post below

Today is day 5 of the two-week partial lockdown declared by the President last week. We must all continue to cooperate with these directives and STAY HOME. We need to stay home to prevent a faster spread of the COVID-19 virus and slow the rate of infection.

While we observe the period of lockdown, it is incumbent on government to also take urgent action to resolve some of the obvious shortcomings in our response to the pandemic. The unpleasant news of an eminent strike by health workers at the Korle Bu Teaching Hospital because of the poor response to COVID-19 is most disturbing.

The situation in Korle Bu is not an isolated case. Complaints of lack of PPEs and isolation facilities are coming from many health facilities across the country and it is important that steps are taken to identify areas of urgent need and supply the resources and logistics needed to build the confidence of our frontline health workers to battle this disease.

The well-intentioned lockdown has obviously led to some unintended consequences and I believe it is time to utilize the Stabilization Fund to build some additional buffers for the economy. The use of the fund should be directed at cushioning the general population through this period of economic slowdown. These measures may include short term temporary tariff relief in respect of utilities.

While petroleum prices have dropped in recent times, the directive to commercial drivers to reduce the number of passengers means their incomes have also reduced. Additional relief in the form of a temporary waiver of some petroleum taxes to further reduce fuel prices will be helpful to the motoring public, especially commercial drivers.

Additionally, since a significant number of people are in WFH (working from home) mode, the use of data and ICT mediums have become imperative. Government should consider also a temporary relief from the Communication Service Tax (CST) in order to grant some relief to data users. Possible discussions between the National Communications Authority (NCA) and the telecommunications companies could yield positive results in providing some relief to their customers during this difficult period.

We can also consider applying some revenue to procure the appropriate materials to facilitate local production of face masks by our tailors and dressmakers. This will make available millions of reusable masks by the general public. This will allow for medical masks to be reserved for health personnel only. This project will help provide income for thousands in the textile and garment sector.

And finally, I thought in these times, the National Security Coordinator’s attention should be engaged with weightier matters of national security than who is presenting what branded item to our health facilities.

These are not normal times and we should elevate our activities above the petty partisan, parochial mode that we have been used to in the recent period.

John Dramani Mahama

Cantonments, Accra.

 

Coronavirus: 12 Togolese In Isolation In Kumasi Test Negative

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Laboratory test on the twelve Togolese nationals who were kept in isolation in Kumasi, has proved negative for the COVID-19 (coronavirus) disease.

Consequently, the twelve Togolese nationals had been handed over to the Ghana Immigration Service (GIS) for the necessary action to be taken.

The foreigners who were travelling from Kwame Oseikrom to Pwalugu missed their transit bus on reaching Race Course, Kumasi, following the partial lockdown of Greater Kumasi, Greater Accra, and Tema.

The Metropolitan Health Team, after information relating to the Togolese’s presence was relayed to the city authorities, quickly moved in to keep them in isolation at a private residence, while their samples were taken for the test.

A statement signed by Ms. Henrietta Afia Aboagye Konadu, Public Relations Officer (PRO) for the Kumasi Metropolitan Assembly (KMA) , cautioned the public to disregard some social media reports which tended to give contrary account on the COVID-19 status of the said Togolese.

“The said irresponsible publication is not only false, but one maliciously fabricated to cause unnecessary anxiety during this period of national distress,” the statement noted.

It assured that any information concerning COVID-19 would be officially communicated to the public through the right sources.

 

Source: GNA

 

 

Police: Lockdown Offenders Likely To Be Imprisoned Or Pay GHC12, 000 To GHC60, 000 In Fines

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Some residents, ever since president Nana Akuffo-Addo announced restrictions of movement in certain places in the Greater Accra and Greater Kumasi regions, have either flatly disobeyed the directive or tried to out-smart the security teams who are enforcing the law. One common excuse offenders give to police is that they are among those exempted or seeking some essential services.

Some sections of Ghanaians have criticized the law enforcers for manhandling these recalcitrant individuals rather than following what the laws of the country has prescribed in the statutes.

These recalcitrant individuals, in most of the videos circulating on social media platforms, are subjected to instant punishment but the general public has expressed disapproval.

The Ghana Police Service, in response, has warned that there is an aspect of the law which allows them to prosecute anyone who is caught going against the law.

ACP Lydia Donkor, Director, Legal and Prosecution of the Ghana Police Service, In a video , was  heard advising the general public to adhere to the president’s directive by staying home in order to avoid the sanctions the law provides.

According to her, anybody found guilty will either be serving a jail term of up to ten years or be paying a fine or both.

ACP Lydia Donkor explained that “if you are found guilty, you are likely to pay a fine ranging from GHC12,000 to GHC60,000 or to a term of imprisonment from four to ten years or both”.

She noted that the police will be enforcing the law therefore, everyone should “stay home, stop the spread and stay safe”.

Both the Ghana Police Service and the military have been deployed to ensure that Ghanaians adhere to the president’s directive which compels Ghanaians to stay at home in order not to spread COVID-19.

 

Prof. Gyampo: Be Bold, Tell The West To Start Coronavirus Trials From Their Countries

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Professor Ransford Gyampo, an outspoken professor at the University of Ghana, has challenged African leaders to be bold and resist any attempt by foreigners to use Africans for trials into vaccines meant to cure the coronavirus.

In a short post on Facebook, Prof. Gyampo said African leaders should tell the foreign leaders to test the vaccines on their citizens before heading to Africa.

Prof. Gyampo believes the number of cases recorded in such countries are enough for them to start the trials from their countries.

According to him, foreigners aren’t wiser than Africans as we have beat them academically in classrooms we shared with them.

Prof. Gyampo further opined that the end of the global pandemic will shape power and influence world politics.

”Let the vaccines be tested first on their populace. Let our leaders boldly tell them that the end of this pandemic will shape power and influence in world politics. We sat in the same classrooms with some of their best brains in school and beat them academically. They aren’t wiser than us.”

Ghana, since the last situational update, has confirmed nine additional COVID-19 cases, all from the Greater Accra region. Four (4) of them have no history of travel nor contact with any confirmed case.

Other four (4) have no travel history but are contacts of confirmed cases in Ghana, and one travelled to Ghana from Benin within the past 14 days.

As at April 2, 2020, Ghana has recorded 204 cases COVID-19 with five (5) deaths. The number of regions reporting cases remains five (5) (Greater Accra, Ashanti, Northern, Upper West and Eastern).

The Greater Accra Region has most of the cases (183) followed by the Northern Region (10), Ashanti Region (9), Upper West Region (1) and Eastern Region (1).

Most of the cases are reported from routine / enhanced surveillance activities. Cases from travellers under mandatory quarantine remain 89.

Ghana Health Service: Ghana’s Confirmed COVID-19 Cases Now At 205

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The Ghana Health Service has disclosed that Ghana has confirmed one (1) additional COVID-19 case from Upper East Region. This particular case has no travel history or contact with any of the other confirmed cases in the country.

Ghana, as at 3rd April 2020, has recorded a total of 205 cases of COVID-19 with five (5) deaths. Currently, the number of regions reporting cases are as follows: Greater Accra, Ashanti, Northern, Upper West Eastern and Upper East Region. The Greater Accra Region has most cases (183) followed by the Northern Region (10), Ashanti Region (9), Upper West Region (1), Eastern Region (1) and Upper East Region (1).

Most of the COVID-19 cases are reported from routine / enhanced surveillance activities. Cases from travellers under mandatory quarantine remain 89.

All five (5) deaths had underlying chronic medical conditions prior to COVID-19 infection.

 

 

 

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