The Minority in Parliament says the ongoing debt exchange programme will not augur well for the banks in the country. Dr Cassiel Ato Forson, the opposition NDC members’ spokesperson on Finance said a minimum of five commercial banks will collapse over the exercise if care is not taken. According to him, a chunk of the liquidity of these banks is locked up in government bonds and any attempts to postpone their payments will pose a great danger to their survival. The former Deputy Finance Minister also predicted that a number of banks will also lay off staff and close some...
Government to borrow ¢2.42bn in T-bills this week
Government will borrow ¢2.42 billion in Treasury bills to refinance the upcoming maturities of ¢2.22 billion in this week’s T-bill auction. This is coming after the government obtained ¢1.72 billion from the short-term securities, from a target of ¢1.125 billion last week. The amount achieved exceeded the auction target by 52.30%, surpassing the refinancing obligation. Due to competitive pricing of bids and robust investor demand, yields on the 91-day and 182-day tenors retreated to 35.46% (-20 basis points) and 35.83% (-11 basis points). The 364-day yield, however, recorded an uptick to 35.92% (+2 basis points). More than 85% of the...
IGP heads to Kumasi to visit family of Police officer burnt to death
The Inspector General of Police (IGP), Dr. George Akuffo Dampare is heading for Kumasi following the fire incident that has taken the life of a police officer and his family to commiserate with the bereaved family. The IGP is going to the region after a fire gutted the residence of a police officer and burnt him, his wife, and their three-month-old baby to death. Sergeant Owusu Asante Baafi, together with his wife, Yaa Achiaa, and their three-month-old baby lost their lives to the fire that razed down their two-storey apartment on Sunday night, January 15, 2023. Before the sad incident, the officer...
Petrol now sells at ¢13.90 with diesel going for ¢15.60 per litre
Some Oil Marketing Companies (OMCs) have started increasing the prices of petroleum products at the pumps. The marginal increase is due to the depreciation of the cedi and the slight increase in the price of crude oil. It is the first in about a month. The prices are, however, slightly lower at some OMCs. Now, the price of petrol per litre is going for about ¢13.90, from ¢12.40, whilst that of diesel is selling at about ¢15.60 per litre, from about ¢13.70. It is unclear whether the price of Liquefied Petroleum Gas (LPG) will go up or remain stable. The...
50 women abducted by suspected rebels in Burkina Faso
Gunmen abducted some 50 women in Burkina Faso’s northern province of Soum on January 12 and 13, the government says. Armed men seized the women as they were picking wild fruit outside the village of Liki, about 15 kilometres from the town of Aribinda, and in another district west of the town. According to local officials, the army and its civilians have carried out unsuccessful operations in the area. Burkina Faso has been struggling to contain violent activity by armed groups with links to al-Qaeda and ISIL (ISIS) that spread from neighbouring Mali in 2015 despite costly international military efforts...
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Darul Ulum AL-Islamiya holds its third annual graduation ceremony.
The Darul Ulum Al-Islamiya on Saturday 14th of January 2023. held its third annual graduation ceremony at Kasoa in the Central Region. This event took place on the premises of the school with portions of the Qur’an recited by the graduates. Special guest of honor, chief Alhaji Tanko Pro Umar thanked the leadership of the school for appointing him as program chairman and counselled graduates to put their knowledge to use by helping to instruct younger people who are still studying. Honorable Desmond De-Craft, member of Parliament (MP) representing Gomoa East also encouraged people to take Arabic seriously because it...
Debt exchange not just about people’s investment but lives and livelihoods – Minority
The Minority in Parliament has asked the government to tread carefully with its debt exchange programme. According to them, the impact of the policy will be dire on the bondholders, should the government proceed with it in its current form. The leader of the caucus, Mr Haruna Iddrissu, addressing a press conference in Parliament on Monday, said the programme is not just about investments but lives and livelihoods. The Tamale South MP thus urged the government to immediately suspend the programme and engage thoroughly before proceeding with it. “It is on this score, that we the NDC Minority Group calls...
Gov’t extends Debt Exchange Programme yet again; to Jan. 31
The government has yet again extended the Domestic Debt Exchange (DDE) Programme. This will be the second extension given after agitations among individual bondholders to sign on to the Programme. The decision is to allow the government to further engage with these bondholders. The government had initially extended subscription to the Programme from Friday, December 30, 2022 to Monday, January 16, picking the following day as Announcement Date. Per that schedule, Tuesday, January 24 was slated for settlement of invitations. However, on Monday, January 16, government announced yet again that the new deadline will be Tuesday, January 31. Individual bondholders...
Police officer, wife & 3-month old baby burnt to death in A/R
An officer with the Anti-Robbery Unit of the Ashanti Regional Police Command has been killed after fire gutted his residence at Apromase in the Ashanti Region. Sergeant Owusu Asante Baafi, together with his wife, Yaa Achiaa, and their three-month old baby were burnt to death in the disaster said to have occurred Sunday night. It is unclear what caused the fire but personnel of the Ghana National Fire Service (GNFS) were at the scene to begin investigations. “I heard some noise and stepped out of my room,” a next-door neighbour told 3news.com. “I then saw thick smoke bellowing from the room of the deceased...
Bawumia is NPP’s best chance for 2024 victory – Finder Editor
The Editor of the Finder newspaper, Elvis Darko, says the Vice President, Dr Mahamudu Bawumia, is the best chance the ruling New Patriotic Party (NPP) has to win the 2024 elections. Speaking on Prime Morning Wednesday, January 11th 2022, Mr Darko said Bawumia is the best candidate the NPP can field considering he has been at the forefront of the party’s electoral successes in 2016 and 2020. Darko said the NPP’s strong gains posted in Northern Ghana are attributable to Dr Bawumia, adding as the Vice President and an economist, he possesses more knowledge about the economy than anyone else...