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Journey to IMF: Professor Millar worried he’ll lose huge investment in ongoing DDE

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The founder of the Millar Open University and individual bond holder, Professor David Millar, is worried about losing the value of the “hundreds of thousands of cedis” he put in government bonds to the ongoing Domestic Debt Restructuring (DDE).

As part of the government’s effort to secure board level agreement for an IMF programme, it launched the Domestic Debt Exchange programme in December last year. The programme was to help the government restructure its debt and prove debt sustainability. The government included individual bond holders in its attempts to satisfy the pre-conditions for an IMF deal. 

The decision was met with stiff opposition by the individual bond holders. 

At a roundtable discussion on A1 Radio’s Day Break Upper East Show, Professor Millar, who disclosed that he had a huge investment in government bonds, explained that it was unfair for the government to include them, [individual bond holders] in the DDE. 

He explained that the government’s ineptitude in managing the economy has brought the country to its knees. 

“I am a bond holder; quite a substantial amount. We were made to understand that it was the most secure way of keeping your money. The government bonds served as a very secure place to put your money. [I want to start] with the borrowing spree we went on. For me, borrowing is not the problem. The problem is what you use the borrowed funds to do. You can borrow excessively and invest in such a way that you pay plus profits. This is what we missed. That is where the government failed.”

“You ask whether the government saw it coming. You know, the finance minister is a banker. In the area of economics and finance, we have prediction models. Normally, you can predict. You have the models. You put the variable in it and you can tell what will happen years ahead. No economist or finance person of that nature can tell me that he never saw this coming. Then you don’t belong in that field. The prediction modules are there. You factor in COVID, you factor in whatever there needs to be in there and you will know what will happen. There can be no excuses,” he said. 

Professor Millar explained that individual bond holders cannot be sympathetic to the government because the government has not been sympathetic to them. He added that if the government had engaged them thoroughly before taking these decisions, the outcomes would have been different. 

Meanwhile, the government has reached an agreement with individual bondholders to have a technical team to review its petition on the Domestic Debt Exchange Programme (DDEP).

At a closed door meeting with the leadership of the Individual Bondholders Forum, the Minister of Finance, Ken Ofori-Atta said the government was open to discussing alternative means of making the DDEP successful.

Briefing journalists after the closed door meeting, he said “this is a voluntary exercise and we made some changes to extend it to January 31st to give us time to incorporate all ideas that have come up. We anticipate 80 per cent participation to ensure that we are within the parameters.”

Source: A1radioonline.com|101.1MHz|Mark Kwasi Ahumah Smith|Ghana

 

 

 

 

AG’s Report on COVID expenditure: There’s no cause for alarm – Anthony Namoo

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“There’s no cause for alarm. We have to listen to what the other side has. It is after that that we can see whether there was any malfeasance or not. Constitutionally, he [the Auditor General] has done his portion. The affected people would also take a look at it and if they didn’t supply answers at the time of the audit, the answers would be supplied. If they didn’t give some information at the time the audit was carried out, the information would be given.”

Anthony Namoo, the Upper East Regional Chairman of the NPP, made these comments when he spoke to Mark Smith on A1 Radio’s Day Break Upper East Show. His comments were made on the back of concerns about the details in the “Report On The Audit Of The Government Of Ghana Covid-19 Expenditure For The Period March 2020 To June 2022.” 

Mr. Namoo’s statements contradict the position of the Auditor-General.

“We met with Principal Spending Officers and their teams in an entrance conference to explain the audit scope and methodology and held discussions with scheduled officers of the functional areas to understand the systems and procedures followed. We requested for records, information and sought clarifications on issues arising during our examination. We issued Audit Observation Memoranda on our findings and obtained responses from the Institutions. The responses have been duly considered before arriving at our conclusions. We held exit meetings with the Principal Spending Officers and their teams and discussed the audit findings with them,” paragraphs 11 and 12 of the report stated. Mr. Namoo believes there’s more to the issue. 

“This is somebody saying that he gave them fair hearing but since the report came out, we have also heard the otherside. Auditing is not only to find fault but to make recommendations for things to be done well,” he said.

Citing the Ministry of Health’s inability to collect vaccines worth over $80million, Mr. Namoo explained that there must have been valid reasons for the decisions; reasons that may not have been contained in the AG’s report. 

Earlier, a former Upper East Regional Communications Director of the New Patriotic Party (NPP), Issah Sanusi asked Ghanaians to exercise a little patience and allow the Ministries, Agencies and government Departments, the opportunity to explain themselves.

Source: A1radioonline.com|101.1MHz|Mark Kwasi Ahumah Smith|Ghana

 

Remain calm, support new Parliamentary leadership – Salifu Abdallah to NDC faithful

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The National Democratic Congress’s Upper East Regional Communication Officer, Jonathan Salifu Abdallah, is pleading with party members to maintain composure and support the individuals chosen to lead the Minority Caucus in Parliament.

The NDC replaced the current Minority Leader, Haruna Iddrisu, with the Ranking Member on the Finance Committee, Dr Cassiel Ato Forson, who is also the Member of Parliament (MP) for Ajumako-Enyan-Esiam.

Per a letter dated January 23, 2023, signed by the General Secretary of the NDC, Fifi Fiavi Kwetey, and addressed to the Speaker of Parliament, Alban Sumana Kingsford Bagbin, the MP for Ellembelle, Emmanuel Armah Kofi Buah, is now the Deputy Minority Leader, replacing the current Deputy Minority Leader, Dr James Klutse Avedzi.

The National Chairman of the National Democratic Congress (NDC), Johnson Asiedu Nketiah, explained that the changes made in the leadership of the Minority Caucus in Parliament form part of the reorganisation of the party ahead of the 2024 elections.

“We are making the changes as part of the reorganisation of the party ahead of the 2024 general election, which started from the branches then came to the national and now in Parliament and will be concluded with the party’s presidential and parliamentary primaries,” he said.

Mr Nketiah was speaking to the Daily Graphic Tuesday (Jan 24, 2023) to flesh out changes the party has effected in the leadership of its Parliamentary caucus ahead of the commencement of the Third Session of the Eighth Parliament on February 7, 2023.

When Mr. Abdallah spoke on A1 Radio’s Day Break Upper East Show, he maintained that taking entrenched positions would not help the party’s course. 

“I advise that we tread cautiously with this very issue. I have heard my brothers and seen some of my colleagues, especially in the Northern Region, mount a defence. They are all over protesting and all that. I would plead with them; yes, the decision may not be palatable to many people, but let’s give the new leadership the best of support. Let’s see what they can also bring on board. One thing about these positions is that, until one person comes in, you may not know whether the one you have or the one you had in the past is best or not,” he said. 

However, Mr. Abdallah rubbished claims made by the NPP that the new leaders lacked the experience and knowledge of their counterparts on the other side because they were inexperienced.

Meanwhile, former Member of Parliament for Tamale Central in Ghana’s Northern Region, Inusah Fuseini, is urging NDC supporters, particularly those who are unhappy with the changes in the leadership of the Minority Caucus in Parliament, to exercise restraint, accept the decisions made, and support the new leadership.

He spoke to Mark Smith on A1 Radio’s Day Break Upper East Show today, January 25, 2023.

Source: A1radioonline.com|101.1MHz|Mark Kwasi Ahumah Smith|Ghana

 

Bongo-Soe Community Mining Scheme inaugurated

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The minister responsible for Lands and Natural Resources, Samuel Abu Jinapor has inaugurated the Bongo-Soe Community Mining Scheme in the Upper East Region. The community mining scheme was introduced by the current government to encourage community members to register and carry out legal small-scale mining to mitigate the destruction of the environment by galamsey activities.  

The sector minister said the purpose to inaugurate the community mining scheme was to sanitise mining activities in the Bongo-Soe community as what was done in the past destroyed water bodies, economic trees

“We must not repeat the mistakes of the past. We don’t have to engage the mining activities in the Upper East Region in a manner that will degrade, destroy the landscape, the water bodies and the environment of Upper East”

Mr. Jinapor emphasised the need to have a paradigm shift where a mining industry “will have regard for the environment and at the same time benefit the people of the Upper East Region”

The Bongo-Soe Community Mining Scheme is the first of its kind in the Upper East Region and the second in Northern Ghana. Mr. Jinapor said the inauguration of the Bongo-Soe Community Mining scheme sends a strong signal that President Akufo-Addo is committed to ensuring that Ghanaians stand to benefit from the minerals discovered in the country. 

The Lands and Natural Resources Minister charged the management of the Bongo-Soe Community Mining Scheme to adhere to all laid down protocols for community mining schemes.

“We don’t want a community mining scheme to be the backdoor for galamsey. You come for a licence, a concession that you are going to do a community mining scheme and through the backdoor, what you do is galamsey or illegal mining. Secondly, we insist that the community mining operation must adhere to concurrent reclamation and revegetation”, he added.

Mr. Jinapor was optimistic that the Bongo-Soe Community Mining scheme will provide direct and indirect jobs to the youth of the Bongo district, the Upper East Region, and Ghana as a whole. 

The Paramount Chief for the Bongo Traditional Area, Bo Naba Baba Salifu Atamale Lemyaarum said the inauguration of the community mining scheme in his area goes to confirm the government’s commitment to tackling illegal gold mining in the country.

Bo Naba Lemyaarum said the discovery of gold in Bongo when harnessed appropriately “can save the people of Bongo from poverty that has impoverished us”

The Upper East Regional Minister, Stephen Yakubu entreated the government through the sector minister to inaugurate similar community mining schemes in areas in such as the Talensi area, Zebilla, and the Sumbrungu area.

He said the inauguration of other community mining schemes in the region would create jobs for the teaming youth and curb urban migration.

Source: A1Radioonline.com|101.1Mhz|Joshua Asaah|Bongo-Soe|Ghana

 

 

“We move”: Inusah Fuseini on removal of Haruna Iddrisu as Minority Leader

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Former Member of Parliament for Tamale Central in Ghana’s Northern Region, Inusah Fuseini, is urging NDC supporters, particularly those who are unhappy with the changes in the leadership of the Minority Caucus in Parliament, to exercise restraint, accept the decisions made, and support the new leadership. 

He spoke to Mark Smith on A1 Radio’s Day Break Upper East Show today, January 25, 2023. 

The NDC replaced the current Minority Leader, Haruna Iddrisu, with the Ranking Member on the Finance Committee, Dr Cassiel Ato Forson, who is also the Member of Parliament (MP) for Ajumako-Enyan-Esiam.

Per a letter dated January 23, 2023, signed by the General Secretary of the NDC, Fifi Fiavi Kwetey, and addressed to the Speaker of Parliament, Alban Sumana Kingsford Bagbin, the MP for Ellembelle, Emmanuel Armah Kofi Buah, is now the Deputy Minority Leader, replacing the current Deputy Minority Leader, Dr James Klutse Avedzi.

The National Chairman of the National Democratic Congress (NDC), Johnson Asiedu Nketiah, explained that the changes made in the leadership of the Minority Caucus in Parliament form part of the reorganisation of the party ahead of the 2024 elections.

“We are making the changes as part of the reorganisation of the party ahead of the 2024 general election, which started from the branches then came to the national and now in Parliament and will be concluded with the party’s presidential and parliamentary primaries,” he said.

Mr Nketiah was speaking to the Daily Graphic Tuesday (Jan 24, 2023) to flesh out changes the party has effected in the leadership of its Parliamentary caucus ahead of the commencement of the Third Session of the Eighth Parliament on February 7, 2023.

When the former MP, Inusah Fuseini, shared his thoughts on the issue, he stressed that the positions should not be personalised. 

“I’m worried. I’m worried because when we begin behaving this way, we are invariably personalising the office. The office is not personal to an individual. Cletus Avoka, MP for Zebila was once upon a time, a Majority Leader. When he came back to Parliament, the 8th Parliament, he didn’t demand seniority. He didn’t demand that he was a Majority Leader and so he be made a Minority Leader. He is sitting behind the current crop of leaders. Rashid Pelpuo, was a Deputy Whip to Doe Adjaho in the 5th Parliament. He is sitting behind the leaders. When people say they don’t agree with the decision and the decision has already been made, and they suggest a reversal of the decision, if there is a reversal of the decision … can there even be a reversal [of the decision]? Those who have been nominated are in constituencies and regions as well. What do you think they would say?”

“We move. It has been done so we move. That’s all,” he said. 

Source: A1radioonline.com|101.1MHz|Mark Kwasi Ahumah Smith|Ghana

 

Amend CIs, Acts of Parliament that hinder work of Presiding Members – UER Deam of PMs

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The Dean of Presiding Members in the Upper East Region, John Peter Apaabey has called on the Minister for Local Government and Rural Development to consider proposals for possible amendments of some Constitutional Instruments and Acts of Parliament that do not support the smooth election and running of the term of office of the Presiding Member.

He made the call during his inaugural speech as the Dean of PMs at the RCC in Bolgatanga. 

In his address, he proposed the following issues for consideration: “The tenure of the office of the Presiding Member should be conterminous with that of the duration of the district assembly. Election of presiding member should be done, by members present and voting either than all members of the house. The Dean of PMs also used the opportunity to call for the payment of allowances to Assembly Members as motivation to continue the voluntary work by government.”

He said, “I deem it worthy bringing it to your attention for a higher advocacy to government door steps, consideration of paying monthly allowances as well as end of service benefits to assembly members and presiding members, be charged on the consolidated fund.”

While pledging their support to the course of the Regional Ministers’ vision of seeing a developed region, he also called on the same to support to see the other assemblies without PMs elect their PMs. 

“We wish to call on the Regional Minister to intervene to  help these districts get their presiding members to get the districts running.”

Source: A1radioonline.com|101.1MHz|Gerard Awombadek Asagi|Ghana

AG’s Report on govt’s COVID expenditure sickening – Vitus Azeem

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Anti-corruption campaigner and former Executive Director of the Ghana Integrity Initiative, Vitus Azeem, is appalled about the contents of the “Report On The Audit Of The Government Of Ghana Covid-19 Expenditure For The Period March 2020 To June 2022.” Even more worrying for Mr. Azeem is that, based on precedent, some individuals or heads of institutions that have been cited by the Auditor General would go unpunished; a situation that contradicts the government’s position on corruption. 

When Mr. Azeem spoke on A1 Radio’s Day Break Upper East Show about the contents of the report, he could not hide his disappointment.

“The report is sickening, considering that this was a pandemic and people were dying, people lost their source of livelihoods, and yet, it appears that some people took advantage of it to benefit personally. That is very unfortunate. It also appeared as an opportunity for the country to mobilise external resources and use it for its normal recurring expenditures, unrelated to COVID-19.”

“We have seen parts of the report, and the situation doesn’t seem to look different, but because this has to do with the health of Ghanaians, one would have expected more due diligence and judicious use of the money that came to us as a country, but this didn’t happen,” he said. 

If what has happened in the past is anything to go by, Mr. Azeem doubts that those cited in the Auditor General’s report will be held accountable. 

“When you look at the report, for some of the things, it doesn’t look like anything is going to happen. For example, when you look at the executive summary; the expenditures, only 3 were COVID related or health related expenditures. For example; LEAP. Some may argue that for LEAP, because of the lockdown, they had to increase the resources to LEAP so that they extend it to more people, and so because of that, it is COVID related but something like DACF, Free SHS, paying NABCO employees, Ministry of Information staff paying themselves risk allowances as if they were doctors or as if they were handling patients. These are government things and it is the government that is supposed to act on those things but you don’t expect the government to act on them based on what we’ve seen in the past,” he said. 

In Mr. Azeem’s opinion, an independent prosecutor should have been in place to be able to prosecute those found culpable. He explained that while the Office of the Special Prosecutor has been set up for a similar purpose, it is not truly independent. 

Source: A1radioonline.com|101.1MHz|Mark Kwasi Ahumah Smith|Ghana

AG’s Report on use of COVID Funds: You can’t say gov’t wasted money – Issah Sanusi

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Issah Sanusi, U/E Regional Secretary- NPP

Former Upper East Regional Communications Director for the NPP, Issah Sanusi, suggests that it would be unfair for anyone to suggest that the government did not use funds dedicated for the fight against COVID judiciously. This is in spite of the Auditor General’s report on the use of COVID-19 Funds. 

“It would not be fair. This is just the Auditor General’s report, and it doesn’t bring finality to what happened with these funds. We still need further and better particulars with regards to what is contained in the report,” Mr. Sanusi said when he spoke on A1 Radio’s Day Break Upper East Show today. 

The former Regional Communications Director insisted that until the report is brought before the Public Accounts Committee in Parliament, and the respondents are given an opportunity to explain themselves, the details of the report remain open to debate. 

“Are you aware this report would come before the Public Accounts Committee? Yes, so what it means is that it is not final. People still have the opportunity to explain themselves, that is why there is a public accounts committee to work on the report and ask for further and better particulars. Until that is done, I would not say the government has wasted money,” he said. 

Earlier, Mr. Sanusi asked Ghanaians to exercise a little patience and allow the Ministries, Agencies and government Departments the opportunity to explain themselves. 

It would be recalled that the Ghana Audit Service carried out a “special audit on the Government of Ghana COVID-19 transactions for the period March 2020 to June 2022 in accordance with our statutory mandate under Article 187 of the 1992 Constitution and Request no. HM/IAU/GAS.CE/1/07.221 of 14 July 2022 by the Minister for Finance.”

The content of the report has given many reasons to cry out against what has been described as the wanton dissipation of funds. 

Mr. Sanusi is however insistent that it may be premature to castigate the government for what was contained in the report. 

“According to Paragraph 11 and 12, they skipped something. When you come to do an audit, we have what we called the audit conference and audit exit. Before you draw your conclusions, you need to do some of these things so that those who spent the money would be there to explain. You can also explain the methodology of the audit so that they can understand. But as we speak now, it is clear that some of these things do not happen.”

Source: A1radioonline.com|101.1MHz|Mark Kwasi Ahumah Smith|Ghana

 

Builsa South PM elected as Dean of PMs in the Upper East Region

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John Peter Apaabey, the Presiding Member for the Builsa South District, has been confirmed by consensus as the Dean of Presiding Members in the Upper East Region. The event took place on January 18, 2023, during a Presiding Members Conference at the Regional Coordinating Council (RCC) in Bolgatanga. 

Speaking at the inaugural ceremony, he expressed his appreciation and called on his colleagues to support the vision of the Regional Minister to positively change the narrative of the region. 

“I’m indeed grateful to them for the privilege and honor done to me to serve them. I wish to ask for their continuous support, cooperation, and a united effort towards helping our assemblies achieve the common vision of making the social and economic lives of their people better and, by and large, to help the Hon. Regional Minister’s vision of changing the narrative that the upper east is the poorest region in Ghana, coupled with other social challenges.”

The Dean of Presiding Members furthered that, though the work of the Assembly Member was voluntary, sacrificial, and not rewarding, it has increasingly become burdensome.

“We are all aware that the job of the assembly member is voluntary, sacrificial, and not rewarding. The financial cost involved in performing our voluntary duties as assembly members and presiding members is increasingly becoming burdensome.” 

He called on the Regional Minister to help in the advocacy to Government for a consideration of paying monthly allowance to Assembly Members. 

“I deem it worthy bringing it to your attention for a higher advocacy to government door steps for consideration of paying monthly allowances as well as end of service benefits to assembly members and presiding members, be charged on the consolidated fund.”

He also used the opportunity as the Dean of PMs to call on the Minister for Local Government and Rural Development to consider proposals for possible amendments of some constitutional instruments and acts of Parliament that do not support the smooth election and running of the term of office of the presiding member. 

Source: A1radioonline.com|101.1MHz|Gerard Awombadek Asagi|Ghana

 

COVID Funds: Issah Sanusi defends Ministry of Information, Ministry of Finance, says they weren’t given fair hearing

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A former Upper East Regional Communications Director of the New Patriotic Party (NPP), Issah Sanusi is asking Ghanaians to exercise a little patience and allow the Ministries, Agencies and government Departments, the opportunity to explain themselves. 

It would be recalled that the Ghana Audit Service carried out a “special audit on the Government of Ghana COVID-19 transactions for the period March 2020 to June 2022 in accordance with our statutory mandate under Article 187 of the 1992 Constitution and Request no. HM/IAU/GAS.CE/1/07.221 of 14 July 2022 by the Minister for Finance.”

The content of the report has given many reasons to cry out against what has been described as the wanton dissipation of funds. 

Mr. Sanusi is however insistent that it may be premature to castigate the government for what was contained in the report. 

“According to Paragraph 11 and 12, they skipped something. When you come to do an audit, we have what we called the audit conference and audit exit. Before you draw your conclusions, you need to do some of these things so that those who spent the money would be there to explain. You can also explain the methodology of the audit so that they can understand. But as we speak now, it is clear that some of these things do not happen.”

Mr. Sanusi’s statements are in direct contradiction to what was contained in the report. 

“We met with Principal Spending Officers and their teams in an entrance conference to explain the audit scope and methodology and held discussions with scheduled officers of the functional areas to understand the systems and procedures followed. We requested for records, information and sought clarifications on issues arising during our examination. We issued Audit Observation Memoranda on our findings and obtained responses from the Institutions. The responses have been duly considered before arriving at our conclusions. We held exit meetings with the Principal Spending Officers and their teams and discussed the audit findings with them,” paragraphs 11 and 12 of the report stated. 

While shying away from saying that the contents of the report are false, Mr. Sanusi said, “the Ministry of Information said there was nothing like that existed between the audit team and the Ministry for Information. Kojo Oppong Nkrumah was explaining this thing.”

“I am saying that this is not the first time the Auditor General would come with a report and you would see misappropriation of funds and you would see people defending, saying that it was not conclusive,” he added. 

He called for calm as some of the agencies that have been sighted in the report take measures to address the concerns. 

Source: A1radioonline.com|101.1MHz|Mark Kwasi Ahumah Smith|Ghana

 

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