Day: June 2, 2024

The Bank of Ghana has been impacted by the Domestic Debt Exchange Programme (DDEP) as it seeks recapitalization from development partners, a report disclosed.

The BOG, in its 2023 annual financial report, disclosed that DDEP had affected its balance sheet.?

Thus, the bank had signed a Memorandum of Understanding (MOU) to secure early recapitalization in the medium-to-long term.

This, according to the report, was within the context of the second review of the ongoing International Monetary Fund (IMF) programme, which concluded on April 12, 2024.?

The report said a Memorandum of Understanding between the Bank of Ghana and the Ministry of Finance on how the recapitalization is to be executed is expected to be signed by the end of the third quarter.?

The report also noted a number of growing concerns for the Central Bank, which included a loss of GHS10.50 billion for 2023 as the total liabilities of the bank and its subsidiaries exceeded its total assets by GHS65.36 billion.?

To avert these losses, the repo
rt also disclosed a number of measures the bank will undertake.?

The measures include ‘refraining from monetary financing of the government’s budget. In this regard, the Bank will continue to adhere to the terms of the Memorandum of Understanding on zero financing of the budget signed between the Bank of Ghana and the Ministry of Finance on April 26, 2023.

The bank will continue with policy measures aimed at optimising the Bank of Ghana’s investment portfolio and operating cost mix to bolster efficiency and profitability.’

The report also disclosed that the board of the bank expected that steadfast implementation of these policy steps, along with fiscal rectitude and continued maintenance of a tight monetary policy stance, would provide enough basis for continued operational policy efficiency and the existence of the bank.?

Source: Ghana News Agency

By Charity Nginyu

Hailing from Nigeria, the Imafidon family has garnered recognition as the ‘smartest family in the UK,’ and perhaps even the world.

Comprised of Chris and Ann Imafidon and their five children, the family boasts a remarkable academic pedigree that has captivated audiences worldwide.

Ann-Marie Imafidon, embarked on her university journey at the age of 15 and later founded Stemettes, an organization dedicated to empowering women in STEM fields.

Meanwhile, Christina Imafidon made waves by entering university at the tender age of 11 and conducting groundbreaking research at Oxford University.

Samantha Imafidon stunned the academic community by sitting for high school exams at just 6 years old and enrolling in secondary school at the age of 9.

The youngest members of the family, Paula and Peter Imafidon, affectionately known as the ‘Wonder Twins,’ made headlines for becoming the youngest students to attend a British secondary school. Not only did they excel in mathematics, but they also aced
the advanced mathematics exams at the University of Cambridge.

The twins’ exceptional talents extend beyond academics, as they have also been recognized for their prowess in athletics. They aspire to pursue careers in politics and education.

The family’s extraordinary achievements are attributed to the innovative educational approach of their father, Chris Imafidon, a renowned professor and scientist.

Source: Cameroon News Agency

Dr Mohammed Amin Adam, Ghana’s Finance Minister, has called on African governments to reform tax systems to make payment simple and fast, and friendlier to businesses and individuals.

That, the Minister said would engender compliance, increase domestic revenue, and reduce the continent’s heavy reliance on expensive international loans to finance the continent’s development.

According to the World Bank, low-income countries, including those in Africa face an estimated annual financing gap of half a trillion dollars to achieve the Sustainable Development Goals (SDGs) by 2030.

However, in most Sub-Saharan Africa economies taxes collected amount to less than 15 per cent tax-to-Gross Domestic Product (GDP), which the World Bank says is barely enough to carry out basic state functions.

During an interview on the margins of the just ended 2024 African Development Bank (AfDB) Annual Meetings in Nairobi, Kenya, Dr Amin Adam said, ‘we must reform our tax system to become fairer, and treat the taxpayer well.’

‘I’m
not saying we should overtax our people, but ensure that we bring efficiency to bear on our revenue collection and tax system… and have a system that is friendly to taxpayers and simple,’ he said.

While calling for incentives to make people pay taxes, Dr Amin Adam urged taxpayers to be honest with their payment, explaining that the frequent audit and ‘harassment,’ resulted from tax avoidance and the non-disclosure of income.

‘We must make sure that we bring in the informal sector because a few people are paying the taxes, therefore, if we expand the tax net and bring in more people,’ the Minister said.

That, he said would not only reduce the burden on the few who paid taxes, but also expand the continent’s tax base to generate more revenue ‘to support our own development.’

He also called for continuous education and sentitisation of the people on the need to pay taxes, and leverage Artificial Intelligence (AI) and digital solutions to improve efficiency to make people spend less time to collect and pay ta
xes.

‘More importantly, we must spend the tax money prudently in areas that can generate more money so that we have value for money,’ Dr Amin Adam said.

Meanwhile, Ghana, last month, instituted a monthly stakeholder engagement initiative with the Diplomatic Corps as well as the trade in business community to that effect.

The engagement is to discuss, find and implement solutions to make taxes friendlier, ease the business climate, and track the progress made with solutions on the ease of doing business and increasing domestic revenue mobilisation.

The government has also echoed its commitment not to overburden taxpayers, but, use effective means to collect revenue from those who evade taxes, while making tax payment easy and fast.

Source: Ghana News Agency

Staff of Catholic Relief Services (CRS), as part of their 2024 Community Day, have spent time with the pupils and teachers of the Kanvilli R/C School in Tamale to build a kid friendly latrine, provide a 3,000-liter water tank, six gallons of liquid soap and tools for maintaining a clean environment.

They also leveled the school’s playground and installed tippy taps, using the opportunity to sensitise the pupils, teachers and parents on Water, Sanitation and Hygiene (WASH), and social cohesion.

On Community Day each year, the men and women of CRS, an international humanitarian NGO, step out into the communities where their offices are located and in the spirit of volunteerism contribute to improving the wellbeing of the community.

Mr Festus Fofie, Director, WASH Programme, CRS, who spoke about the essence of the CRS’ Community Day in an interaction with the press at the school, said it was ‘For us to live our values, as staff of CRS, and by our values; our values of bringing transformational change, enhanci
ng human dignity and protecting the poor and vulnerable in the world.’

Mr Fofie said by enhancing the WASH status of the school, ‘We are ensuring that at a very young age, the children are practising proper hand washing, which they will carry with them throughout their lives.’

He urged school authorities ‘To put in every measure they can to ensure the proper operation and maintenance of the toilet facility we are building for them so that we don’t come back a year or two afterwards and the toilet is no longer in use.’

He also urged teachers to continue to dedicate ‘Their time, their skills and their knowledge to teaching the children because the children are the future of the country, the future of the world, and we have to build them up to become very responsible and very impactful leaders for us in the country.’

Madam Alice Memuna Kanjoriba, Assistant Headmistress in-charge of Kindergarten, Kanvili R/C School Complex, described the gesture as a great relief to the school, saying the lack of, especially
toilet facility at the school, was a source of worry to school authorities.

She said, ‘We are actually yearning for this. The latrine will bring a great change because they are young children. They walk from here to the other side to free themselves. Some come back. Some don’t even come. So, it’s a great relief. They will no longer go out to free themselves. The playground is safe for them now. When they play, they learn.’

Meanwhile, the Accra office team of CRS also marked the CRS’ Community Day at the Accra Weija Leprosarium by donating food items to the facility, among other activities.

Source: Ghana News Agency

The Hunger Project-Ghana (THP) has inaugurated a Vocational Training Centre at the Supriso epicentre, near Suhum in the Eastern Region, to train and empower school dropout girls.

The three-year project funded by THP-Switzerland is to improve the livelihoods of 10 school dropout girls in the area through the Vocational Training skills.

Dr Kofi Essien, who spoke on behalf of the Country Director of THP-GHANA, said the objective was to ensure that the lives of the beneficiaries were enhanced to be able to contribute to community and national development.

He admonished them to embrace the training as a game changer in their lives and take the training seriously to improving on their living standards.

Mr Dennis Kumi, Head of Business Resource Centre at the Suhum Municipal Assembly, indicated that similar government project to empower the youth especially drop out school girls was ongoing and commended THP for complementing governments efforts in that direction.

He said the Assembly would collaborate with the
Hunger Project to enrol the beneficiaries on the National Vocational Training Institute (NVTI) examinations for certification as part of the training to enhance their skills acquisition.

Mrs Patricia Osei Amponsah, Focal Person for Gender and Child Protection of The Hunger Project-Ghana (THP) said the training was fully sponsored to ensure beneficiaries had a successful training.

The sponsorship includes provision of equipment such as sewing and knitting machines, all materials for practicals including sewing threads, needles, and daily stipend for each of the 10 beneficiaries.

These provisions have been made to remove all impediments on the way of these young girls reaching the goals of this project which sought to change the living conditions of rural communities.

The Hunger Project-Ghana is a not-for-profit organisation focused on women and children’s welfare by empowering rural communities through the Epicentre strategy.

Source: Ghana News Agency