Currency depreciation in emerging economies like Ghana can result from multiple interconnected factors including increased economic activity, higher forex demand from businesses, and debt servicing obligations, rather than solely from poor economic management; effective economic policy requires balancing multiple objectives such as inflation control, exchange rate stability, and reserve management, as demonstrated by Ghana's experience with the cedi's performance and the Bank of Ghana's gold reserves management.
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NDC was artificially suppressing the dollar — Kwame PrempehAjouté :
Thank you very much for staying with us here on Prime Morning. It's great to be in your company. Uh this morning we're going to be taking you into our dailies and as usual discuss some two key issues that affect the economy uh right here on the show and bring you some in-depth analysis from our guests who will be joining us very very shortly. My name is Nathaniel at glad your day uh and your week has started pretty well and of course we're here to make sure that we start it off on a very very energetic note. Thank you very much for staying with us here on the show. So as usual we'll begin with the daily graphic newspaper which has uh some four key headlines. Uh the first uh you know is dealing with the president's tour uh his recent tour of the Savannah region and it says Savannah region tour president Muhammad Casod for projects inspects regional hospital and opens ICT uh center and that story the details of that story are on pages 24 and 49 of the Daily Graphic newspaper uh capturing um you know the president's exploits there in the Savannah region. Also, Nedco reels under 5 billion funding deficit. VR Nedco staff claim. Now, the Northern Electricity Distribution Company, Nedco, which supplies um part to 64% of the country's land mass is facing operational vulnerability due to funding deficit of more than 5 billion Ghana cities. Now, this is because while the Public Utilities Regulatory Commission PURC approved a cumulative 1.64 64 billion in tariff revenue for Netco over 3 years in 2023, 24 and 25.
The power distribution company have actually expended over 7.1 billion over the specific period. Now the difference uh between the approved tariff and the revenue and the actual expenditure uh ped over the three over the past 3 years has left the company that distributes power to at least eight regions and parts of three other regions with huge power uh supply challenges in the northern parts of the country. According to uh VRA and Netco staff groups, the huge funding deficit the huge funding deficit has left power transmission infrastructure critically challenged while maintenance issues remain outstanding and this is according to some of the staff groups that the Daily Graphic spoke to. Um this obviously is one that it sparks a lot of worry especially when it comes to issues of power generation and that does not only affect the general populace but industry as well and in an era where we're trying very hard to woo a lot of foreign investors into the country it doesn't send uh too good signals also um survey reveals high public trust in vaccines.
So this uh story is on page 13.
Now that's a story by Dorin Hammet. Uh the National Vaccine Perception Survey has revealed a strong public confidence in vaccines amongst Ghanaians effectively challenging the perception of high widespread hesitancy. Now findings of the survey conducted by the National Vaccine Institute show that the Ghanaians that Ghanaians largely regard vaccines as life-saving interventions.
Now the local vaccine manufacturing initiative contributes to uh the broader African Union vision of the partnerships for African vaccine to locally produce at 60% or towards 60% of the vaccines that are needed on the continent by the year 2014. The National Vaccine Institute is mandated to coordinate and supervise all vaccine and vaccine related research, development and manufacturing activities in the country.
We all do remember that the National Vaccine Institute uh was built uh you know the building that houses the vaccine institute was built during co in uh record time and all of this was done by Ghanaian contractors and this is a very big feather in their cap. Now in terms of the work uh this research is showing that there's a lot of uh effectiveness and public confidence and that also helps uh the cause to want to achieve that very important target of uh you know producing at least 60% of all of these vaccines that we need in the country. Let's go to graphic business and graphic business says uh BOG pauses rate cut streak as city comes under pressure. Now the city and its performance is also one very major uh area for concern for businesses and the populace in general. Uh let me read a bit of that uh story that was uh put together by Sullean Mustapa and Elizabeth Nedu Edu. Now, the Bank of Ghana has paused on its streak of cuts in the policy rate to insulate the economy from a deteriorating global environment as pressure builds on the city, exposing the fragility between uh beneath the Ghana's uh strongest macroeconomic recoveries in years. Now the decision by the central bank to hold the monetary policy rate at 14% signals a shift in focus uh from domestic crisis management towards defending the recent stabilization gains against recent external shocks and uh currency volatility and surging oil prices to escalating tensions in the Middle East.
All right, more details of that story on page six of the uh graphic business newspaper. And of course it also tackles the issue of the city and the pressure uh you know it is facing at this time.
Of course it's something we will discuss into detail today. Also um Dr. Indom signals a comeback after victory in court.
Now this is a story byWami and our businessman and politician Dr. Papa Indom has signaled a renewed optimism about the future of GN savings and loans uh following a major court of appeal ruling that overturned you know the revocation of the company's license in a Facebook po post on his official uh Facebook um uh post to beg you pardon it now he indicates ated that he was going to start off the reopening of the reopening of all of the branches and of course he was going to begin from the Almina branch and he made this announcement as well at the graduation of the the Indom school of business that was um earlier this weekend. So Dr. Synindum says that he's going to take it one branch at a time. Now there's also a feature which is put together by Morris Quansa on the back page of the graphic business newspaper and um it says you know how goldfields redefined sports sponsorship in Ghana. Now, it captures a lengthy uh run or a story of how Goldfields Ghana came in with a humongous uh sponsorship deal in the mid 2000s to ensure that the black stars shape their dream of qualifying for their very first FIFA World Cup in the year 2006.
And um Morris Kwansson gives us the breakdown of uh how this has helped a great deal uh to lift the the image and the marketing image of the Black Stars team generally and also uh brought a lot in terms of relief to the team and its um operations.
More on the newspapers um as we go through. And the Ghanaian publisher says Mali probes Adamos affiliate over tax violations. And that story is on page three of the publisher newspaper.
But the government of Mali has opened an investigation into a sister company of Adamos um resources over alleged violations of uh taxes and duties mining uh customs and mining duties regulations. So the probe targets Miko SA associated the mines to Kofi a subsidiary under Adamos Resources Group with authorities warning that the company risk losing its exploration permit if the issues are not addressed within 90 days and that's 3 months for Adamus to ensure that uh this is done. Now the IGP is warning all criminals that uh his outfit is coming for them. And this is what uh following what the police describes as a major breakthrough in investigations into the murder of Nana Sewa Jan Kumar the queen mother of Abamba in the Bono East region.
Now um SA evacuation delay minority blasts government. He has a picture of uh former minister for lands and natural resources uh honorable Samo Abu Jinapo. He's also a ranking member on the foreign affairs committee of parliament and MP for the Damongu constituency. It says the minority caucus in parliament uh in parliament's foreign affairs committee has criticized government over the postponement of the planned evacuation of Ghanaians from South Africa to Ghana describing the development as deeply troubling and evidence of poor crisis management.
There's also more on the Wami trial. Now the trial of um inyakundi Ashanti regional uh chairman of the MPP uh is on and of course a continuing story says AG struggling to prove allegations. That story has its details on page two of the publisher newspaper.
On the back page it uh has uh nice loud pictures of Arsenal.
you know, Arsenal uh you know, the the club finally and the players lifting their Premier League trophy, which has come for the first time in 22 years.
That sure is a big sigh of relief.
Massive celebrations uh yesterday across town and I would like to say congratulations once again to all of the Arsenal fans. Now, uh 70% this the inside newspaper has quite a number of headlines on the front page. 70% of Africans back reparations says Panaffrican Progress Front Free SHs Wala Mahama vows to end double track system by 2027. Now the government has stated that it's expanding infrastructure in all senior high schools to increase intake capacity ahead of the phase out of the double track system by 2027.
According to President Mahama, new dometry blocks, lecture halls, dining halls and auditoriums will be constructed to enable all students return to the traditional academic calendar. Now this uh is um an assurance that has been given by the president and uh we do know that the uh double track system is one that has brought quite a number of uh issues you know and uh in terms of executing it that sure is one that has brought quite a number of issues. Of course, here with me in the studio uh to discuss some of the issues uh is uh associate president of the Ghana watch initiative international joins me this morning.
Thank you. Good to see you. Good to see you. Yeah, you know I I have visited uh quite a number and that's in reference to the uh inside story here uh the uh senior high schools. I've been to quite a number of them and you know you go in there and they're telling you listen uh we don't we don't one batch of our students are at home at the moment you know that kind of thing and off the top of my mind it also in terms of its roll out >> is defeating the purpose of these students growing relationships growing networking >> and also bonding with each other. Um I remember last year during the intercourse celebrate during the intercourse uh you know competition at the Cape Co stadium.
I was told by some of the sports masters that because of the double track system they were unable to use or make use of some of the key athletes that they would have used for the competition and they couldn't get them to train because because of the double track system they have to be at home at a certain key period of time. M I think uh good morning to our viewers out there to good morning to um my people back in uh I'mas and then uh uh yes this double track system emanated from a point where um the then ministry of education was thinking of how to utilize the facilities and then make it a year-long uh thing where uh every uh when school is even on recess there could be people still utilizing the facility. So they did a whole lot of uh publicity with it trying as much as possible to explain to Ghanaians the reason or the rational behind that. But then going forward I think it has lived its uh uh purpose um where yes it was supposed to solve the gap there was supposed to ensure that uh uh the facility accommodates a lot of Ghanaian the the chunk of Ghanaian students that after uh the basic education they would not find themselves in the SS and all at so they were thinking of how to ensure that a lot of Ghanaian kids were in school.
Uh a lot of us uh know that we had uh the infrastructure deficits.
So rolling out such a policy with respect to the free SHs and then ensuring that if there's free SHs and a lot of people have even those who did not go to school the previous years would have to also come back into school. So we have to find a way of ensuring that uh these facilities were used and utilized properly. So this is why all these things came into place.
But then I think that or if you ask me I'll tell you that over the years that these infrastructures have been used uh it gets to a point where you need to build new ones and phase out that aspect of uh double clock system where some will be in school and some will be at home sometimes for 3 months.
And if you're not a parent that would want your kids to also go into these uh private classes that the people organize or teachers organize, you will find the kids staying back at home and then if you're not even careful, some may even involve themselves in unnecessary tangent pregnancy things and then will cause a whole lot of harm. So me uh I I think that um the presidency coming up with a policy or trying to roll out or phase out the double track system is a step in the right direction. Uh like you said, we went to schools where we we met some good uh colleagues who are seniors who were even leaving but then the bonding was there. We got to know them and all that. And then tomorrow you find them in some corporate offices. They you could speak to them, strike uh if you may some sort of relationship here and there. But with this one it's is is very difficult actually because by the time the now I think the form ones are home they are on vacation and then we have the form threes and then form twos in school at the moment with a double track system. By the time the seniors face off then the form ones were coming and the bond is not even there you see and we we need to ensure that some of these things there's enough or adequate infrastructure uh enough teachers out there to ensure that if we are facing off the double track system what will make the single track system effective them is that one there must be enough infrastructure two enough teachers to teach the survivors and then also ensure that there's enough doies to accommodate students that are going to be in the boarding houses and all that. So if government would prioritize education and then ensure that we have some of these things I think we are in uh it's a step in the right direction. Well, uh, Quon is the associate president of Ghana Watch Initiative International. Joining me this morning, a few of our guests joining us later on for some more discussions here on News Flash on Prime Morning. Uh, we're expecting your messages as well on the various subjects we're discussing this morning. More on the newspapers before we wrap up with them. Now, uh, the insight also has a very interesting uh, feature on the chief of staff, honorable Julius Deborah. Now, it says the architect of tomorrow, the Julius Deborah factor. And um it it delves into uh Julio Debra's strengths as a a you know as a as a leader and uh what he brings to the table in terms of uh governance. That story is on page 11 and it will be make a very very interesting read uh you know and also on page 11 it carries the unfortunate story of the passing of one uh pilgrim in Mecca and um uh in in Islamic terms anybody who dies during pilgrimage has a certain element of holiness and spirituality around his death and has a lot of uh positivity in as much as it is a very unfortunate and sad curve. of in in life and in the story of life. It uh has its very big significance for uh anybody who's performing you know the pilgrimage and dies in that process. So uh we we we pray for uh Allah to p him of all his sins and uh receive him. Uh the name is Musa sorry Musa Sidi. He's a 53y old man and he died in uh Mecca. All right. So uh the economy times has a main headline that is also focusing on the bank of Ghana the central bank and it says uh bog to set up li first non-interest bank soon as two industry experts are appointed to NEIFAC. Now I'll read a bit of that story to you. Now the bank of Ghana is set to issue its first operational license for a non-interest banking institution before the end of this year 2026.
The milestone follows a rigorous regulatory process designed to seamlessly weave alternative finance into the nation's existing uh financial infrastructure. Now the central bank governor Dr. Johnson Panditama revealed uh this during the central bank monetary policy committee uh press briefing last week responding to a question regarding how the new framework would deepen financial inclusion and blend into Ghana's liquidity management. Dr. expressed immense optimism and he says this is a quote um that is something dear to my heart and uh we are all waiting to see the launch of the first non-interest financial banking institution and a lot has been done and hopefully this year we will see the first license and that sure should come as uh great you know news for a lot of businesses and of course I'm looking forward to what will constitute the terms for engagement for most of these uh institutions or these uh businesses that will make use of the services available with these non uh interest financial institutions. Uh quu this sure should be a very big and important intervention uh having a non uh you know a non-interest financial institution.
>> You see um this is one of the few things that some of these foreign companies are thriving on. um we have companies which have their ties to um Syrian or Lebanon backgrounds and then you know a lot of these things are practiced in the Islamic countries where there's a a non-interest uh banking facility that you can easily pick invest in your company make sure that you do well and then you pay them back their money so there's no interest uh fixed on it you So uh we've had some of them in the past like Sah Sahara which came in and then they tried to start some of those things but it did not work and that and that also brings a bit of concern as well. While we have we're very optimistic, you're also looking at uh sustainability and how uh the framework generally or the system generally has its uh shock elements that can cushion you or cushion elements that can cushion uh these banks when they they start operations.
>> Yeah, definitely.
I know the Bank of Ghana is coming up with their modalities and then if you you are you find yourself in the financial sector uh you should know uh how to operationalize your system and then show that uh in as much as you are given facilities that are uh interest free uh how do I sustain my business how do I pay my workers how do I ensure that uh we to keep on running as a company.
Uh maybe, just maybe, we should be taking a cue or learning from some of these Islamic counties and how they ensure that this works.
>> Very well. Very well. Uh let's do some more over here. Let's quickly take a look at the remaining newspapers and then we can go into the conversations for today. Um today we're throwing focus on the financial sector, throwing focus on the city and its slump in the half year and some of the positive factors and of course uh do uh a major look into the future or the immediate future and what what it all holds for you know the city and its stability and its growth as well. would also be taking a look at the uh women's banking institution and um everything around it and what kind of contribution it can make to uh the economy in general. Uh we'll be looking at all of that right here. But two more newspapers uh to quickly review. Now contract mining cost Ghanaian taxes and workers rights. Uh this is according to a study and this is a news desk report from the economy times and um it talks about the whole conversation about nationalization of our minds and some of the realities that confront uh Ghanaian entities that look forward to operating in that sector. do remember that this is a very very uh you know it's a very very capital intensive area and also requires a lot of uh specifi specific specialized you know um expertise to run some of these mines as well. So there are big conversations around it and that is what this feature is looking forward to addressing.
Also we look at the news guide Africa and on this Monday edition it's talking about the same thing. Contract mining costs Ghana's taxes and workers rights and this is according to a study and of course they've captured that story on page 10 of the newspaper. Now um there's also a picture of the uh CEO of Coco Dr. Randi Abbe and it says Coco rejects claims of officials engaging in private cocoa buying as it overhauls uh financing with new domestic bond model.
All right. So uh a lot in terms of interventions are being made over there at Coco by Dr. Randy and the rest of the team uh to ensure a lot of liquidity especially so that they can take uh care of some of the backlog of um you know uh financial uh problems that they have been confronted with in you know the the first quarter and towards the half year as well. Now BOG to license the first non-interest bank soon. We've captured that story already. And um NPA police launch joint crackdown on fuel smuggling illicit syndicate. Also, two Kaswa GR officials praised for their exceptional client relations. Congratulations to uh these persons in uh Kasawa. Of course, it's not only about intimidating people to collect the taxes from them, but also making sure that they are doing this in a very good environment and understanding the processes most importantly uh when you are paying tax for those who are you know uncristened in that space and and uh the interesting thing here is that you know most of these uh business people do not understand the tax regime and sometimes it's important to have uh some of these officials uh engage with you and also take you through uh the processes and make you understand what kinds of taxes you have to pay uh which ones are uh you know which ones apply to you and your business and where you can also get a breather as well. Uh so congratulations to the two members of staff. Um I'm yet to figure out the the page on which that story is but uh you do know yourself so congratulations to you. We're still on the news guide Africa and uh Ghana's tax architecture sees a historic reset, more data and enforcement driven as new report reveals and of course it has the uh picture of the tax commissioner right there. Now in um so more more stories are on the back page of the uh news guide Africa newspaper. All right. So uh that's it for the newspapers there and um also uh joining me this morning is the former deputy CEO of the public procurement authority uh preper. Good morning. Good to see you.
>> Good morning.
>> Yeah, looking fresh as usual.
>> And what is it with all these bolds and these uh bald hairstyles this morning?
Madame Madame said that >> you're a member of the beard gang. But you know this one we don't have a hand in it.
It's what the Almighty has decided.
We just comply.
Interesting stuff there. Yeah. Um we're just, you know, we were uh tackling some of the issues that the the the story on the Daily Graphic raised this morning and >> it'll be interesting to also get your thoughts. now the the building of you know some some new you know infrastructure for some of our secondary schools in phasing out the uh double track system. Now we've been talking about the double track system and the thought behind it as well as how it was implemented and the kinds of roadblocks that we've encouraed uh successfully. Of course there have been some roadblocks and because of that it will be phased out by the year 2027 more infrastructure will be built.
>> Okay. Um thank you. I mean first of let me say a good very good morning to the viewers and also to everyone in the studio here. Uh it's good to be here again this morning on a Monday and uh good week to everybody also again I bring greetings from his excellency the vice president the former vice president Dr. to all Ghanaians. I I think this this is an interesting matter um because you know the the double track was implemented for a purpose right and I think it served the purpose very well.
Of course there there were challenges you know that came with it. Um uh but I think the challenges were were tackled you know with a double track and it helped get as many you know young people uh as possible in Ghana to uh at least secondary cycle education. And of course this was all brought about you know by that implementation of the free senior high school which for me is is one of the you know best polit policies that has been implemented in this country you know for so many years. Yes and you know in itself I don't think double track you know is a is a very big issue. I think how it was handled and how uh the propaganda around it went is what has brought us this far. But I mean when when we were growing up you know we we had the day and then the afternoon you know school even at this particular moment at the universities they have evening and they have you know uh day classes they have weekends you know they have people who do sandwich you know when when so in the university they maximize the use of the facilities as much as possible. So if we have a way of also maximize the use of fac facilities at the secondary sky school for me personally that wouldn't have been a big problem but of course how it is implemented and the fact that you know students were were staying at home for a long period of time you know did not sit well with many of the parents uh and during um MP's time let's say Naku's time a lot of infrastructure in the secondary cycles were built and I'm glad that you know the current government is also continuing what was started you know before them. But at the end of the day um if the majority of the people in the country feels that you know uh children at that age should not be at home for that long period of time so we should find a way to get them in school I think we should go ahead and do it. Uh and and I think uh increasing the facilities should be sped up. But of course you do agree as well that keeping children of that age you know for that long period of time also comes with its massive challenges. I mean that's that's that that's not even um you know majority of Ghanaians that's a general that's general reasoning.
>> Yes. So what what I'm saying is that you know we have to maximize the use of facilities right and that comes with it another challenge that know children were staying at home for a long period of time. So if we have to solve it by increasing the facilities, I'm all for it. And like I said, M P started with that. We build massive I think over 3,000, you know, improvement around the secondary cycles that were done under the MP. Uh and this government has continued. I think they should speed it up as MP did and and because that was also one of their promises, you know, to to cancel the, you know, the double track. I think they gave one year if I'm not mistaken.
>> They were going to do that. within a year and we already in 17 months. So this should speed up the process and ensure that um we we cancel the double track altogether. But what I'm I I should emphasize that for me the double tracking in itself is not a bad idea.
You know maybe the implementation what we should have looked at but for me in terms of maximizing the use of facilities in this country is not a bad idea at all. As you were saying there were challenges and we chose to solve it by increasing you know the facilities and that is what we are doing now and we should continue with that one.
All right. Uh you know we we'll do more on on that particular subject as we go along. Of course we'll be looking at issues of infrastructure you know at uh at a later date as well and look at what the uh you know what the whole situation is. Of course, it's very important that we also conduct some um hard research on the ground as well to look at what the numbers and the figures are like in terms of the deficits and also you know what we need to construct and add to beef up so that uh the children have comfort in in their respective studying environments. We're still here on News Flash here on Prime Morning. My name is Nathaniel Atan. here with uh my two guests premp a former CEO of the public procurement authority and of course Edubuahin is uh in charge of the Africa watch initiative gentlemen let's uh get into the let's get into the conversation about the city and its performance uh so far now one of the key things for you know the the populace and for every regular Ghanaian and I'm speaking you know as a as a Ghanaian And I mean every time when um government is working on the city and it stabilization and you see evidence of gains made against the major trading currencies, the dollar, the pound, uh the euro.
It it brings a certain level of confidence and a certain level of uh you know it takes away the inertia and people are able to spend confidently and then make bigger plans you know in terms of putting their respective personal budgets together. Now we we have a situation where the city is under very very heavy pressure >> and now we see we've seen that that steady decline as well. Um I I do remember that those who you know sat back and and didn't want to buy the whole conversation about the city making grounds and gaining uh some stability.
We're saying look this is going to be for a very very short period because some of the indicators will remain the way they are. So here we are we're at this particular crossroad. M >> I I know I fall into that category you just mentioned.
>> Okay.
>> Uh because initially when uh the Bank of Ghana told everybody that uh we are putting in as much as 10 billion dollars to show up uh the city to the dollar equation and all that. I I I remember uh on your sister station I mentioned this and I told everybody that it's yes it's the uh duty of the bank of Ghana to ensure that uh the city is up there it is gaining grounds is stronger and all that but you know as a country we have a forex deficit of almost the $10 billion every Yeah. And some of these things we can't run away from it because that is what it is because uh the private sector will keep on demanding for forex so it will aid them in their trade.
the the companies you find in the uh energy sector, the those who import fuel, AGOS's and then the PMX and all that need forex to bring some of these products in. So there's always a constant demand on Forex.
And in the very moment some of these things keep on coming up every now and then there's going to be pressure on the city. You see the city at the moment is in a performing at a rate of uh year to date rate of uh 10.2 >> 10.28 >> 28%.
>> Yes. Uh and we we must come up with policies that will strengthen the city because we are always going to go back to these things where uh there's always a high inflation when it comes to the demand and then the supply.
It's it's hovering around almost about 40%. With uh CD dollar in inflation and then then uh the forex demand the economic challenges where we we we as a country uh are doing so many things at the same time. You see government at presently is uh doing projects uh if you may. We talk of uh uh the big push, right?
Uh we talk of uh uh projects that if you you you may or you were not careful might not be accomplished because some of these uh projects that that they are doing they are not prioritizing them because they were part of their campaign messages. So they want to ensure that they are all done and this in effect would worry our fiscal discipline issues which I keep on mentioning because if the very moment government wants to spend uh government wants to ensure that uh he meets some uh obligations and then responsibilities in the in the system yet we are not tightening our monetary free policy situations we are done for.
Okay.
When we talk about the fiscal discipline which we keep on mentioning you see you must reduce public spending. You must improve tax collection. You must prioritize essential projects.
Okay.
>> And of course essential projects for I mean big push projects are all under essential projects, isn't it? They >> they are. But >> do we have funding for it? The very moment we talk about the decline of a city, we talk about the city losing its value. the things that are supposed to ensure that the city maintains that value of uh where you know last week we were talking when we spoke to prof we was talking about uh uh our exports are weighing our imports which we are not doing our for forex reserves are are we ensuring that it is always up there we we are not doing it if it if you ask me because government seemed And have you gone through uh the AOS towards uh uh what's the name?
Japon.
>> That stretch.
>> That stretch.
>> Well, I haven't driven on that stretch in a while.
>> The they they they put it under the big push.
>> Sure.
>> And then the road is under construction.
go through some of these keyp express way and all that. All these things come it's it's about money.
>> Do we have the funding?
>> Well, the president has said that in terms of uh when it comes to the big push projects, there will be money made available. money is available for you know and that he has said on many platforms.
>> These are some of the reasons why we are struggling when it comes to the city because we seem to be spending so much but then we have little coming in.
Okay. And the very moment some of these things happen we are not going to be disciplined. It's going to be public spending. Uh we are going to raise and then let us not forget that in as much as all these things are being done, we still have companies who are demanding for forex to go and buy.
Foreign investment is low.
Our forex reserve or is is also low.
At the end of the day, we are still spending and we have deficits on our book.
I tell you there's a lot we have to do if we want to stabilize the city to the dollar. Very well. Um, thank you very much, Quu. Also joining us this morning for the conversations is a Gafaru. He is a member of the NDC, the ruling NDC's communications team. Uh, Agafaru, thank you for joining us. Welcome.
>> Thank you. But first of all, let me apologize to your viewers for coming in late. I had unusual traffic. Of course, I went for a program. Uh one of our uh uh colleagues uh Dr. Samay had uh a wedding and I had to attend that in somewhere in eastern region. So I got tired said that the fatiguess uh actually kept me in bed and I wake up late and met unusual traffic. So I have apologize to your cherished viewers.
So >> yeah, of course we we were we're taking a look at the fresh pressure on the Ghana, you know, the Ghana CD. Um this is something that the NDC touted, you know, upon assumption of office, the stability that we enjoyed, you know, look at the first quarter of last year.
I mean from the from the last quarter of last year into the first quarter of this year uh coming forward now we're seeing some steady pressure mounting on the city and it is something that analysts have have you know predicted was just telling us that this is something he he predicted because uh the the kind of economy we run is one that always will predispose our our currency to these kinds of you know uh these kinds of shocks at certain parts of the year or during the business year.
>> Um, thank you very much. Uh, first of all, I must very fast correct the misinformation by my joy online. Uh, as far as the report is concerned.
>> Yes. Um, so let me before you go on before you go on, let me just correct that. So, uh, there's a headline uh, we're working to rectify it and we apologize for that. uh because the headline indicates that is the uh the city is the worst performing currency in the year 2026. That is not accurate. So we apologize for that. Please carry on.
>> Of course, there's more to that.
Clearly in as much as the headline is clearly in congruence with the details of your your report it doesn't also reflect the reality the even as you've tried to correct in a sense that when we talk about subsaharan Africa it doesn't mean I mean uh the entire of the entitle of Africa it means from the sahilian countries I mean sineagal mali nijeritria down to the southern part of Africa So therefore when you say you put the picture that it is subsaharan of course it is not subsaharan and when you go into the details of the report the report indicates the report indicates that it is west Africa not even subsahara so I think there's more that your producers need to do when it comes to that and also >> even with regards to yes >> so gafari is saying the city is not performing No, no, no. Please, please, let's give >> No, no. Let's Let's put it in context.
So, there's a headline the headline there's a headline on my jawline.com.
>> I think if you allow me to >> Yes. Yes, I will. I will. What I'm saying is that I I mean I'm saying this because of his intervention. I'm saying that uh we do admit that that headline has a problem and it's being worked on immediately. Uh the indication that the city is the worst performing currency in 2026 is not accurate and for that we take the responsibility. Um so if you so if you say that it's not the is he is he trying to suggest that it's the worst performing it's not the worst performing currency then you're not being friendly so I just wanted him to correct >> no I'm coming I have the I have political marketing and communication >> I have I have a I mean data from Bloomberg >> that you know what they try to report or major online try to report is with regards to yearto-ate FX data and of course when we are even talking about the subsaharan h countries from January as their data states the west performing was the Sudanese pound followed by the Ethiopian bill the Nigerian naira then fourth Ghana and when you take us at February the west was still the Sudanese pound followed by thean bill followed by the Malawian quatcha then Nigeria then Ghana fifth and of course March uh Sudanese council I mean was still the worst bill was second Malawian culture the Nigerian so consistently when you check the date I mean the data it doesn't reflect what the details of even the reports from maj online try to suggest so if they could look into the detail both the detail as as far as well as the headline now there have been periodic pressure on the city yes of course I wake up seeing a lot of attacks from M P on Facebook particularly and that's why I have always maintained that it is important to always do comparative data analysis because if you don't do that you will not be able to abort prematured political I mean uh goals that the MPP wants to score we what uh economy did we inherit we inherited an economy in which the inflation was about 23% of course we inherit ed an economy in which the ex rate was about 15%. Depth to GDP 72%.
And then a hooping 750 Ghana cities a billion Ghana cities depth total depth in nominal figures. And of course today as we speak what does the data suggest?
Clearly inflation is down to 3.2%.
The rate is down and quite stable though with a little volatility 11.61 61 as reported by uh Bloomberg and then al also with the depth to GDP significantly going down. So it's important to always do this comparative analysis so that we set the record straight. Now we have to ask ourself why the city depreciation.
Of course if you check emerging markets is not Ghana is not isolated in these circumstances. emerging markets are all affected when it comes to this particular volatility in the currency in currency depreciations. Now when you check uh Bloomberg or even Rutters as cited by my joy online it state that the reason for the depreciation or the slight depreciation is as a result of demand by corporate organizations for forex. Basically that is the reason. Now ask ourel why it is so because there is now increase in economic activities. Ghanian traders now believe that it is important to invest their money in imports. People hit too were afraid to import because once they import they import and then the shocks within the economy would I mean cause them to lose their money. Now people are increased. There are also new importers that are coming into the system because there's money in the system which creates opportunity for people to become investors.
So this is one of the factors that is causing pressure on the economy on the city and that is what is causing the the kind of shortage in forex. Now another aspect that we should look into which should not escape each and every one of us sitting here is the fact that we inherited uh heavy depths colossal sums of uh monies that were were indeped to other countries and companies. Now we need to service the depth as time goes on and in servicing the depth we service the depth using forex.
So it also depend on the amount of money that you use to service the debts.
Unlike in the past that may perhaps you use maybe 20 million Ghana cities, 30 million Ghana city, 15 million Ghana cities to service your debt. Today we are servicing debt in billions of cities as a result of the mismanagement of the au government. That is what is causing the pressure because if you look at the intervention government is bringing on board to ensure that we have enough reserve to ensure that we are able to intervene when it comes to instances like this. It's significant to have been able to I mean absorb such pressures not to even be part of the first five or six when it comes to uh currency decline in the subsaharan African continent. But of course what are we seeing? We have to we have that obligation to service our debts as a result of DR mismanagement.
Now if we are doing that and then there is shortage of forex I don't think we should uh even have NP people having the choice >> to come and then point fingers no >> we are correcting their mess >> and the economy is still recovering we have to all agree you know uh World Bank had projected our economy to recover in our 5 years. So if we are talking within one year, two years and then things are getting better. We've had most of our economic indicators coming to stability at I think uh MP should have the h this what humility to applaud government's interventions but what are we do currently as to speak the gold purchase program that is supposed to show up our reserve to cushion us in terms of this uh times we are doing it. So there's challenge. We appreciate that there is challenge but of course government is intervening. The bank of Ghana they have policies that they would intervene and as time goes on things would naturally come to order.
>> So last year last year by this time the city had appreciated by more than uh you know 20%. And um you know around this time we have a depreciation of around uh 8%. Nowqame the NDC say listen we you you created a mess we're trying to clean things up and there are natural things that happen you know in the course of conduct of business and businesses are requiring a lot more forex just like told us and this is something that happens regularly in this you know import based economy and so you shouldn't make a big fuss about this >> okay thank you n um you know when when my brother started by saying that joy you know the news is incorrect or I was hoping he was going to say the whole article is incorrect.
So it is the worst performing in West Africa just not Africa because we have Sudan which is almost a fail state you know has has their currency performing worse than us. So we should clap for NDC. We have Litra who have been fighting for decades have a worse performing currency than Ghana. So they they have done well than NDC. If you know that that is if that's who you are comparing Ghana with I mention Ethopia.
>> I mentioned two >> but they are worse.
>> You know Ethiopia has been under distress for about a decade now as we speak.
>> What kind of distress you have to >> economical distress >> you know uh industrial collapse. Well, I mean they also have their challenges in terms of security wise and because of that ADU was canceled. You know a lot of the industries left. So they have been in in a in in a distress for a very long time. But if that is what NDC want us to compare Ghana with and I think they are doing a very very good job. But that is what what NP wants Ghana to be compared with. We want to be compared with the best in class not the worst in class. So if that's what they are aiming for that that that is that is good for them. Now you see let's let's look at a couple of things right when there there's also before I go on there's also one thing he mentioned in terms of you know um businesses are demanding dollars now so the economy is going well and me as you mentioned last year around this time businesses were demanding dollars 2024 around this time businesses were demanding dollars 2023 around it's a annual cycle it has nothing to do with the the good work or whatever about that early sale. It's an annual cycle that around this time that is when businesses will be mopping up dollars >> to go back and import. Now the reason we are back here >> right I mean we we we we go here you know every year but >> the reason we are back here again and it is going down this you know with this pace is because of the fact that the NDC were was was artificially you know suppressing the dollar and that is what we told them last year that you can't go on forever you know in 2023 when the first IMF review came it clearly said that all the things that all the agreement that Ghana had made with IMF that we've made the agreement and if we continue that way we are going to put Ghana on the right path so the fact that we are now exiting the IMF program the fact that inflation is down the fact that the dollar is doing well started with the program that was agreed with IMF back in 2022 2023 now the issue is that instead of staying the course for the NDC they were only looking at the numbers because they have spoken about dollar so whatever it takes for them to push the dollar down they have to do it they are spoken about inflation so whatever it takes to push the inflation down they have to do it regardless of the impact that it will have on the economy now let's look at the debt to GDP ratio now if you look at the nominal figures so the actual figures in terms of debt you will see that it has increased You will see but what has happened is that the dollar part of the debt because of the exchange rate that has reduced is now in the percentage terms to the CD it has reduced but in the actual terms the dollar part of the debt has increased.
Now what is the uh impact of this? The impact of this is what we saw in the loss that Bank of Ghana did because we have artificially pushed the dollar down. It means our reserve that we have has also decreased. So that boils down to the increase in debt you know or increase in losses that the bank of Ghana you know incured in 2025. So we kept telling them that you know in terms of managing the economy you have to balance it. It is not only about pushing the the inflation and the exchange rate down but it's also about balancing your reserve. It's also about balancing your gold reserves as well. They had to rush and sell 18 tons of gold last year just to you know close the gap of the losses that they made at BOG. So why do you come and sit here and talk about we are doing everything wrong? You are doing everything excessively and that is why there was a need for them to remain under IMF scrinity for them to to move from the ECF to PCI because if they are left on their own the economy will collapse. So they still have to continue and be guided by the IMF for another 3 years as we move on.
This is what we are talking about. You have to be you know you have to be prudent when you are managing the economy. It's not just about the numbers on paper. It's about having the impact for the long term. Now my my my friend here and also the rest of the NDCs are touting themselves in terms of increasing reserve.
>> Which friend of yours? Uh Quu is NDC.
>> Oh no. Uh, you know, cuz we tapped him.
So, I was No, I mean Gafar. Gafar. I was going to tell you to celebrate, you know, add yourself to the Arsenal fans because you've won a new member.
>> Cuz I got a little fan.
>> Well, you know, I was saying you should just go and join them. You know, they are the ones celebrating football.
We'll >> convert. Funny that you aren let's get some. You know, >> I don't know about football.
>> I'm a fan, right? And I've been a Arsenal fan for four years. I mean since I can remember >> you know and since we won the the league there have been some people claiming to be Arsala fan and I you know we've been telling them >> was match president I mean went to watch during the economic I mean challenges period has always supported I thought you said you were not interested >> the point I was making is that me you know you know as of as as of last week Tuesday >> we've closed application for our fans, you know, we are not as >> you've closed applications when you have a Champions League final coming up.
>> No, no, we have enough fans. So those, you know, uh, we call them two fans.
>> Those glory hunters.
>> You mean Seb SB?
>> Uhhuh.
>> No, but but >> those glory hunters who want to share in our joint now when we were crying, they were not there with us.
You know, but I don't I can't imagine that a fan a fan group say they are enough. So nobody that's very hostile.
You need you need support for Saturday.
We >> of the one United fan club.
>> Yeah.
>> Who have more than necessary fan base.
We are not even telling people we are closing whenever they have to be careful because Saturday is a big day.
>> The point is we've suffered enough. Now that we enjoying, let's enjoy oursel.
You >> wish you well. One of your fans, Mr. Kotu of Wiggles night pub a very fantastic Arsenal person. He he doesn't want to even take any listing from any any other team. I wish you meet him one of these days >> and enjoy.
>> So today on a very light note again is asking us to keep our well wishes to ourselves as >> Oh you can wish well but you can't join us. That's what I'm saying.
>> We you can wish well you part of them.
>> No no no I'm a Chelsea fan. Okay.
>> We we all supported them to win. Oh you >> we all you know despite the rivalry supported them to win. Now they they telling their >> what they say every blue is blue don't worry >> you know but but um >> okay on a serious note >> yeah the the there there are there are issues you know that we also need to look at one of them being the fact that the governor has come out to say that he wants to strengthen our reserves base and doesn't want to immediately intervene in the market because of which we see all of these happening. So then at least there is a certain good reason for what we're seeing happening now, isn't it?
>> But but but but we we told them last year that you can't continue to intervene. So they went as far as squandering the reserves that we had.
But we had built about 30 tons of gold before we left. They came and squandered.
>> What do you mean when we say they've squandered all the >> I mean they have to they have to close the gap of losses that they were making at at BG. So they have to sell it. And and for me the painful part of the selling is not just the selling is the fact that they sold it under market rate under their own published market rate.
That is the most painful part. That tells me there are two options for me.
One, there was a rush sale.
>> Mhm.
>> That they did not envisage that they were going to sell it. So they had to rush and sell it so that they have to go under the market rate. So that is one that's a plausible one. If that is not the case then it means there is a kind of arrangement with the market where they are selling it less and then buy it high which will be a crime. So I hope that is not the case. So I'm going with the first one you know saying that there was a rush sale that is why they had to go under the market to be able to get in you know the buyers buyers. How how do you sell 18 tons of gold and then 3 months later you come back and announce that you are now going to wrap up ramp up your reserve?
How? So the only reason only reason is that they had to sell it to close the gap of losses that they were making. If that's not the case then we have incompetent people you know in the help of affairs managing our economy because you cannot have such sights sight shortsighted vision how do you call shortsighted strategy in terms of maning your your policy rate so me what I'm saying is that what is happening now NP we told them last year now they've realized that you cannot continue to push put in the dollar now they can't do that because the losses that they made last year they can't bring it in 2026 as well because you can't continue to make these huge losses you know previously when there were losses and we went to the IMF we cleaned up the place and then you can see that the losses decreased all the way to about 9 billion before the MP left and this is not the only measure they're going to take they are also going to touch the cash ratio reserve they are going to touch that one as well especially the dollar one you know we implemented a dynamic cash reger where every dollar that the commercial banks had, you know, we convert it to CDs and then we apply the dynamic cash ratio, right? They said the banks were crying because they were not making enough profit. They came in canceled it. So the dollars were kept apart, you know, with the cities. What happened is that then the city that they had, the bank had, they were then buying BG bills with it and getting profit from it. We have set the dynamics that if you don't work with your money, so if you don't lend your money, it means the bank of Ghana has a right to take more without you know paying you interest.
They cancel that. I think they put it about a minimum of 15 10%. Where we had all the way up to about 25%.
The results were about 14 no 15 16 billion losses that the um Bank of Ghana made last year. Now they've canceled it.
Now they've gone back to what they used to be and what is now going to happen now the banks the commercial banks have had a taste you know of of of of making these uh profit. So what they are going to do is that they're going to charge they're going to increase the charges of their services just to keep their stakeholders happy. That's what it's going to you will see in the coming days you will see the bank charges increasing. You will see that banks will try and reject your dollar when you bring it to because it's going to cost them money when they take your dollar because when they take when they are keeping your your dollars the bank the bank of Ghana is going to convert that dollars they are keeping and it's going to affect the cities that they are working with. So we see that they will be limiting the amount of dollars that they taking and they'll be increasing the charges of their services. These are all the kind of you know improper policies that NDC you know tried to uh implement and it didn't work. Now they're going back to the original one.
>> Gafar, um, you know, Kwami says you've implemented policies that that were clearly not going to work from the word go. What's your response to that?
>> Iswam and the PP our benchmark when it comes to managing the economy.
>> No, not at all. They were given the opportunity for a good 8 years and what they could do is to push Ghanaians into excruciating hardship due to their economic mismanagement prole legacy.
In fact, they overburden the country with depths. So today, the fantastic economic management team who sank us deep into the hole are those who are in fact at the end we were in were on stretcher to the IMF, they are those who are now to teach us how to manage the economy. I think that me personally, I think that when we are discussing economy, MP should not be given the podium. They shouldn't be given the platform to discuss economy. They should allow us. We have a social contact with the people of Ghana >> who gave us overwhelming g overwhelming endorment who was deputy overwhelming endorsement and they've given them just 3.2% as a no confidence vote should tell them that they should sit aside and allow us.
>> We have even we have two years. I'm coming. I'm coming. we have two more years uh to execute the mandate given us. They should keep quiet and allow they should sit by the sideline. If you are a coach that has gone on relegation, there's no need you sitting on the sideline and be talking about who to I mean feature in and how to do your formation. Not at all. So now when he was making his present he said that oh we are comparing to say that we should compare with our peers when it comes to the decline. Of course Ethopia and Nigeria are our peers. Of course even in Nigeria is having bigger economy. It's a bigger economy. Ethopia is a bigger economy to Ghana. But of course they are facing similar challenges. So in West Africa we even if we have to make it clear to Ghanaians it is year to date.
So when you check January, February, March and then April, we were ahead of Nigeria. I am sure I had conflicting data when I was checking, cross checking. Other data shows that Nigeria is even worse in West Africa and we are second when it comes to the weakest I mean in performance. So it is not that we are just doing bad and economic I mean city depreciation doesn't mean economic collapse. Back in the days fish rated as junk economy under them junk.
Are we rated junk? Of course they have increased I mean upgraded our rating to be positive.
>> Moody's to be but with positive outlook.
>> Okay.
>> Moody's have also upgraded us standards and poor equally upgraded. So if we are talking even about economic rating we are far ahead. So we are not just PS NDC NP we are not the same when we are talking about economy. Now he also mentioned that oh the trying to play gymnastic with regards to the nominal figures and then depth. Let's ask ourself what is the depth to GDP today you left it 72%.
It has reduced significantly the last time I check it was 70.
So when we are talking about you are claiming that with increase the depths in dollar terms to what and what let's look collectively it will come the depth to GDP is what we are going to point out. Now he mentioned that they they left about 30 tons of gold and we came and dissipated it. The question we should always ask ourselves why do we have reserves?
is not supposed to also one of the reasons is to pushing us.
If you have money and then you are hungry then you fail to spend that money then you get ulcer or you run into hypoglycemic last year you run into hypoglycemic I want to ask you well when you sold it is that >> we were doing well but as you said it >> what I'm saying when you were doing well >> as part of the intervention we needed to intervene at that juncture because what of what you left >> what what did we leave >> the junk economy you left us >> ah after after 9 months So, so it is said it's part of our economic management something >> the figure shows my uncle Dr. said when the fundamentals are weak the exchange rate would show you expose you today.
>> So you have been exposed now >> check the exchange rate and it will tell you that our economic fundamentals are good >> are good so we don't have we should not have reserve and then say that no we should leave everything I mean in our bank or reserves whilst Ghanaians are suffering. No, it is strategic today. If we want the CD to get to 9, I mean CD to a dollar, we can do it. We have the reserve to be able to do that. But as part of management, you don't just intervene. You look at the circumstances and then also have your projections intervening this time around pushing forest into the economy. Is it better or allowing it? As far as we are not getting worse because we've not even moved to 12 CD to a dollar unlike you moving to 17 CD to a dollar. We've not even gotten that close. So why cry wolf?
Why cry? So basically the this is what the formula of my uncle Dr. Ba is when the fundamentals are weak the rate will I mean expose you and that's why I said economic city depreciation doesn't mean economic collapse. We are doing fairly well as an emerging market and we expect this kind of shocks. They will come because we are coming to reset the country. We are coming to reset the economy and these are part of the challenges but let's give our time.
Ghanaians they've given us we've signed a social contract. They've given us 4year mandate. Of course they are going to leave us in power in perpetuity on whilst they are left in opposition for eternity. Let's see how we are going to run the economy and the Ghanaians are the people to judge.
Well, uh, I see you smiling. Uh, the NDC say, but the NDC are saying something that is, uh, fact. They say that the the fundamentals are strong. Uh, the figures show, >> uh, but then currency is depreciating.
It doesn't mean the economy has failed.
For me all these that uh both N and MVP are talking about it's about the Ghanaian the ordinary Ghanaian out there.
How well is the ordinary Ghanaian out there doing? Are they being able to purchase the bread and butter that they want?
Are we able to ensure that it will not be increased? The price will not be increased and all that. That is what mean for me. I think about the ordinary Ghanaian out there. You know, Gaff when he was talking earlier on talked about the ensuring that uh gold will s up the the city and make sure that >> we have enough reserve.
>> We have enough reserve and all that. And then the very moment he mentioned gold, I I my my heart skipped a little bit because it means that We we can never run away from it too which means we will need more gold coming out from every other angle so that we this is this is not accurate this cannot be accurate so I mean we only get we get gold goods from gaming from Gaming from how good is okay we've we've we've gone gentlemen we've gone We've gone on on this subject for a while and like I said, I mean the reason why I always keep coming in when this comes up is that yes, we say that gold board is buying from other sources.
>> Now, we need to have the proof. Tell us that this person has gone to sell from an illegal mining site and has made this amount of money.
>> Absolutely.
>> Is it is it is this fair? I mean just so no I hope I'm not I'm not uh I'm not heckling anybody. I'm not I'm just asking a very simple question.
>> It's a it's a a legitimate question.
Yes.
>> It's a legitimate question. But then you know when it comes to the sale of some of these things you will not have anybody going will come and sell goods from an illegal mining site and take pictures of >> okay you have you have you bought this your phones from circle >> but if we say >> so you bought this your phones from circle is that speculation right?
>> Yes. So they were using phones from circle and so would I say you you bought this phone from circle the phone snatchers because they sell I mean >> no no this ones cannot be bought from phone snatchers you know that >> how I can buy this your phone from phone snatchers but how you will decide no it's not true this one is from I mean a a shop that they do I mean legal sales >> okay >> you understand and show me your receipt now go to gold board they will show you the receipt from the tier one, tier two and then the aggregators. They will show you the receipts that these are the processes I mean gold that have been bought from you should make us we are out there.
>> Let us understand that we are out there and then we conducting research and all that and then we know some of these things are happening.
>> The game is evidence. What's your evidence?
>> Oh, I should bring in pictures and all that.
>> Oh, absolutely. Goldbot is buying from a galamia.
>> That's what you are claiming. Goldbot is buying from a galamia.
>> Do you know where you you talk about your tier one buyers and all that? Do you know where how they get there?
>> They buy from I mean small scale miners, legal miners and then large scale legal miners the receipts are there.
>> We will not say I'm not going to continue.
>> Oh no. We prove this is what I have.
these your one buyers and then all that buy from some of these illegal I'm saying what I'm saying I'm not speculating I'm telling you the truth this is the reality >> no no no we we can't we can't see I I'm I'm yet to see any hard evidence on the ground to that effect >> okay >> okay because you're saying oh you know so that's why he gave you that example I'm just watching all of you and listening to you uh you know throw at each other and I'm saying that we say or we They are alleging that this is what is happening now. Where is it? Who has gone to sell illegally mined gold to world?
>> So like I al like I alleged that your phones you bought them from phone snatches. What is my evidence?
>> Yeah, please please go ahead. Can I come in?
>> You can come in.
>> Okay. Don't speculate.
>> I'm not speculating.
>> Gafar, >> there are a couple of things that we are going to establish here as if you were in a a a courtroom. Mhm.
>> Right. You know in the courtroom sometime you can use substant what do you call it circumstantial evidence without having the actual evidence. Is that no so?
>> Mhm.
>> Okay. Now gold board has forbid the sale of gold to any other entity in Ghana. Is that not so? So gold is the sole entity that buys from small scale miners.
>> Exactly.
>> Is that not so? That is that is a fact.
>> Two galam has increased since NBC came to power. That is a fact. All those those journalists that have gone outside have come and confirmed it. It has increased under >> no that's not true.
>> Everybody has confirmed it. That is a fact.
>> Not everybody.
>> Now three. Have you confirmed? So Arasmos Arasmos Arasmos Aras you mean Arasmus? Yes. Aras.
>> They said it's happening. They didn't say >> it has increased >> but our water bodies have where which body mention one. Which one?
>> You not aware.
>> No you mention the level has improved completely.
>> Which one?
>> Anobra. Oh ma stop with the lies.
You see those are two facts you will send people to go and check. Third fact is that President Muhammad in September right when he was you know bemoning about you know Galami what did he say even the when if the Galam has gone up at least it is helping us help our city civilization issue is that not a fact >> quote him rightly >> I'm paraphrasing so you can quote him if you want he never said >> but this is exactly what he said and that is a fact number one so if all these fact has been established where is gold getting uh vote from how many gall I'm saying miners small scale miners do we have and how much are they producing >> you tell me what I'm saying it's a proving fact >> tell me no no no no so so the gold that is being >> if you come here and tell me that you have produced xx or y and y amount from uh tier one you know gold miners or you know >> buyers I mean buyers yeah then you tell from XX and Y and this is the data. So that's what I'm asking to tell me.
>> No, I'm even asking we might not you see >> we might not have uh those figures you want but the harsh reality is that >> these things are happening.
>> You see you see where where they would have been right but of course they fail to look at the other aspect is when they say gold body is the sole buyer of gold.
So where is the galami gold going?
>> Exactly. But what you have I'm now going to answer that so that next time you won't say this where you forgotten that there's still gold smuggling. Have you forgotten >> in in Ghana? People smuggling.
>> We have porous this what is a borders?
>> Go to upper east and see people smuggle gold across Bina.
>> People smuggle gold.
>> You have you have numbers for that one?
>> No.
>> Do you have evidence?
>> No. No. That's why you have evidence for that one.
>> No. That's why I'm not speculating that.
>> Do you have evidence? So >> you are saying that I have evidence that the gold that gold is buying the gold that gold boy is buying I have evidence that we have the receipts from >> and you are saying from legal scale miners large scale legal miners through our tier one tier 2 and aggregator we have problem. So when you >> those that are supposed to solve this problem are pushing things under the rug that they are creating these these the this these these receipts when everybody in this country knows that they are buying from illegal mind. How >> but then you create no everybody in this country including uh everybody anybody who lives in in in the Galam area.
>> Yes.
>> If you ask everybody who lives in the Galam area they will tell you where the gold is going >> where. Okay. So have you seen Okay. So until that is done, I beg let's not let's not my my interest my interest and that of my listeners and viewers are that once we are saying it we are producing the evidence just like my colleague Aras has been going on the ground and bringing us hard evidence you know >> it has not stopped no one is saying has completely stopped if you were talking about I would say it yes it hasn't completely stopped >> it has it take time for us to fight and then win that >> very well let's just quickly get on our message console and uh there's this one here. It says, "Good morning. Is only is it only the NDC that has the president going on a tour uh from different from the chairman's store, Sephas Logic in Peven, New Town Healthcare." Okay, thank you very much Sephas for that message.
Uh you know, I remember that short video on social media this weekend where the education minister Yeah. the education minister was, you know, the person off track.
>> Yeah. But I have to I I have to I have to, you know, relate it. That's what I'm doing. Oh, I thought we You wish we had messages on and then the chairman.
>> No, I thought you were reading on the topic, but we are slipping all of these in. When you came, we spoke about Arsenal. You said you are not a football fan, but you spoke about it.
>> But you spoke about so yeah.
>> Yeah. Uh this one is from Iran in Latio Koshi. Good morning. The deployment of disguised armored buses by the Ministry of the Interior represents a highly sophisticated preemptive tactical shift against highway robbery, offering immediate security enhancement for high-risisk transit routes to maximize the long-term efficacy of these of this deterrent strategy. The government must institutionalize this initiative into a sustained datadriven uh security policy than allowing it to become a transient short-term operation. Okay, so this is something we will be tackling uh soon.
uh you know when we get into security and safety we'll be tackling all of these soon uh here on the show uh so that we we delve into it look at some of the incidents that have happened and look at some of the um you know some of the interventions that have been made by our security agencies of course in relation to this uh I read you a headline in one of the newspapers where the uh IGP Christian Tetuno was uh you know warning and detering all armed robbers and giving them a signal that he and his team are ready and will fish all of them out. All right. So, a few more before we go now. Takujo in terasu.
Um I hope yes. Yes. Thank you for the correction.
Um exiting exiting an IMF program was that was close to completion anyway was not an achievement. talk about the real issues that are affecting Ghanaians such as employment before our economy that can be implemented, roads that need to be constructed, teachers and nurses salaries and the hardships of Ghanaians.
Um, additionally, Koko farmers payments have been cut. Galami has been on the rise and there is there are more many more so economic problems. You have achieved nothing. So, there's nothing to celebrate. All right. Uh, thank you very much teacher Kujo. Uh, another one. Uh here this is Ukai from Bantama in the Sine West district. The city has performed poorly despite the massive intervention in inter interventions reportedly around 11 billion dollars which will raise serious concerns about the policy direction of the ZDC government. If such huge resources have been deployed with little lasting impact then we must ask whether this approach is truly delivering value rather than exposing the state to avoidable financial risks. As the saying goes, you don't strengthen the tree by pulling uh it upward, but by its nurturing roots.
Let's focus on building a resilient economy through strong fundamentals and not temporary fixes. Um uh a few more of the messages.
Now, this one is from Echo Deoso or aka Cotto Rastaf from Bodriasi.
Um, woe unto those who call evil good and good evil, who put darkness um for light and light for darkness, and who put bitter for sweet and sweet for bitter.
The book of Isaiah 5:20. When communicators praise the performance of John Rammani Muhammed's administration while ignoring the lived experience of the populace, they are not only engaging in mere spin, they're embodying this every inversion of the truth. branding the struggle as success and bitterness as sweet and darkness as light. A nation's progress is not measured by the eloquent rhetoric, but by real life of its people. To deny the reality is not just a distortion, is a moral offense that invites woe that the scripture warns against. Um, all right, let me do some some more here.
Um, the there's another one here that says, "Good morning, Mr. Host." Okay.
Very well.
Yes.
I'm trying to retrieve this text. Thank you. Good one, Mr. The current economy is not real. It's artificially sustained by the Bank of Ghana through the gold board buying gold at very high prices, selling at lower prices. This situation is resulting in losses for both the Bank of Ghana and the Gold Board. The reduction in borrowing is mainly because the finance ministry is not spending. As we speak, trained teachers and nurses are at home without postings. And what happened to the automatic posting policy? Teachers who have worked more than 14 months have still not received their salaries. Uh where is the women's bank? Where's the 24-hour economy policy? This is from Quubaku Jr. of in the Santiakim South uh district. Okay.
Um uh there's a message from Yahaya right let me try to okay good morning even though the city is under pressure I trusted to regain strength hence uh even performing better to shame the enemies of progress because we have capable hands controlling affairs of bank of Ghana headed by Dr. Johnson Panditama and the Ministry of Finance backed by uh the disciplined President John Ramani Mouhamama unlike the previous reckless and incompetent MPP government. Papabisu uh Spentex.
Okay. Um Akona from Tamil. All things the NDC claim they have done as good managers for Ghana are failing especially the fuel prizes the Galami and the Ghana city. Sadly the NDC administration has become more defensive instead of uh problem solvers. Thank you very much.
Chakona uh he says greetings to uh Alhaji Dr. Ba. Okay. Um if Galam say operators don't have reliable buyers why is it increasing in the activity? This is from Jennifer Aualand. Thank you very much for all of the messages. Um one of our texters spoke about the uh women's bank and that is one area we want to focus on this morning as well. and the second part of the conversations here on uh Prime Morning. Now, all right. So, um just before we go, I mean that's an area we didn't really touch on. Um it's something we're going to touch on in the coming days, but generally the framework is there. Uh women first of all in terms of the last uh population and housing census, you know, featured in about 50 plus% of the uh population. And of course when it comes to our uh informal sector as well you have a lot of women participating.
That then means that the thought behind the establishment of this uh women's bank is to go to be a support system for all of these women who operate within that sector of the economy. And so um obviously we're expecting its implementation to come and uh make major interventions. Quick quick ones before we wrap up. just >> yes >> like you did mention the population of women I mean far outweighs that of men and so therefore there's a need for a a conscious effort in uplifting women of course the economic gap between men and women is also something that is so wide that women are far below the ladder when you are checking about the top uh 10 top 20 top rich people in Ghana. I'm not sure you see a woman up there, it tells you that there I mean there's a need for intervention.
>> When you look at the 24hour economy, clearly it is to do such a thing is to intervene to ensure that we empower women economically. Most of them are having brilliant ideas but the financial capital is not there. This particular I mean h policy is coming to ensure that one it gives women the opportunity for employment because it is a structure that is going to employ only women. The cashier is going to be a woman. The bank manager is going to be a woman. The drivers the police officers who are going to man those I mean banks are all going to be women. Now one of the important aspects that's I find it interesting and so important is the fact that each and every single 24 economy markets in our various districts would have a section dedicated for 24-hour economy bank for women development bank. This is so so so so I mean a brilliant idea and those who I mean uh the framers I think they need applause in a sense that one it's give women access to trading immediately after trading uh you have access to the bank that you can deposit or you also have access to be able to go in and access loan. Now about 415 million has been allocated to as startup capital exit capital which shows that there's commitment to establishing this woman development bank and like we we've always said it's going to be time over time because you don't just get up in a day and create a 24-hour economic market. It's also a poverty alleviation for women. When you come to the north my brother and you see what our women are going through, you understand that the reason why it is is such a welcoming idea across women, I mean in the northern part of the country. So it's a brilliant idea and let's see how we use it to alleviate the poverty within our sector.
>> Thank you. Thank you. Thank you, Gafar.
Thank you so much. I appreciate comments. Yeah. um you know some of these things and we know that uh supposed to come in to provide credit facility to women uh like Dafari said a woman empowerment uh foster inclusion and then all that and then support economic development. It is also a way of trying to if you may improve the financial inclusion bridge uh bridging the gap of almost about 11% to men when it comes to in terms of loans that are taken from some of these banking facilities and all that. Uh but the critical concerns has always been that why not leverage the existing >> uh facilities that are the infrastructure that are there to give this monies to women than creating a holistically a new institution. So you don't need you need a whole institution to >> because if the BOG have less with the existing infrastructures and then the banks and all that and I think they could have provided this money uh not necessarily we have a whole bank on its own.
>> Thank you. Thank you Quu for those thoughts. Um >> um I mean I I kind of side with Quu um why we we didn't leverage on the existing banks which has been done elsewhere. Of course elsewhere there are also dedicated women development bank but something that Gafar uh mentioned which I think is I think it's a misunderstanding of the whole concept right uh and it's similar to what the president said over the weekend saying that uh in his time if there was STEM he would have done you know engineering or whatever course that he said he was going to do you know science technology and in has always been there the fact that we are giving you a name now STEM doesn't mean it wasn't there so what is it The fact that we are opening a women bank doesn't mean only solely women are going to work there. It is not done anywhere in the world. All the other women banks that are there, you you put the qualified people that will able to help the women. This is not a a a sexist or a gender based thing that we are doing here. We are trying to improve the lives of women that are living in conditions that are not good enough. And if it would take a man with a qualification to help them, what is wrong with it? And I don't think it's going to be what what he's saying just is a misunderstanding of the concept.
But for me yes the decision already been made they didn't you know ride on existing infrastructure >> before he continues you know you before he wraps up you know so it means you need to get him as a consultant this is being this is being rather rather failing the concept >> this is being too slow I mean if the concept is gender based then I think you guys have missed the boat >> then we shouldn't have girls school and then men's school >> this has nothing to do with girls school >> we shouldn't have that he missed the concept >> this has nothing to do with girls and boys school >> no I'm Anyway, let me continue.
>> This is solely for women and women know their own problems. Let them solve their problem. Empower them. Give them the opportunity. Let them gender based. It is this is our development. It's a gender based. It's a gender based. Men will not have access to the bank.
>> Back here that men the self will be women.
>> Oh, come on.
>> The self will be women.
>> Let me let me let me let me finish.
>> Very quick one in 40 seconds. in 40 seconds for me. We've made a decision to do this, but it's going too slow. The president mentioned the weekend that that 450 million cities is still sat somewhere in the bank. Now, what it tells me is that the application with the with Bank of Ghana, you know, has not has not finalized the first phase, but there are two phases, right? You get the provisional license and then you have to set up the place and then they will come and check and then you get the actual license. Now whilst you set up you are setting up the place the 400 million that is the the startup capital will still be locked right and then you have to set up the place with with a different a different uh amount different funds. So if you have 450 million why are you blocking all the 450 million >> it only tells me that they have they are not done.
Now if you have been in power in 30 seconds >> for for 17 good months and this is one of your key policies and for 17 months you are still not gone through the first phase then I wait for this in 30 seconds in fact 10 I was thinking that they should be applauding NDC for having I mean clear policy attention towards uplifting women in our appointment Muhammad's appointees I mean women takes about 23.2% 2% in we'll come back to we'll come back to these subjects again.
Uh the subject of the uh the women's development bank is one that would expand you know right here on uh the show. Uh so I'm like I'd like to say thank you to all of you. Thank you Gafaru for joining us. Thank you Eduahin and Prempe. Thank you so so much.
>> Say hello to to my people who vote for me as a national.
>> No but we are done. We are done. So when you come tomorrow, you come true.
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