The Internal Audit Agency’s vigilance has saved Ghana GH₵5.4 billion from financial irregularities, according to the 2023 Auditor-General’s report. This impressive achievement was highlighted by the agency’s board chairman, Mr. Joseph Winful, who credited the ongoing collaboration between the agency, audit committees, and internal auditors for consistently reducing financial irregularities across public institutions.
Speaking at a media interaction ahead of the agency’s internal annual conference, which runs from August 20 to 23, 2024, at the University for Professional Studies in Accra, Mr. Winful outlined the agency’s efforts. He emphasized their partnership with the State Interests and Governance Authority (SIGA) and the Institute of Internal Auditors (IIA) to enhance financial management and reporting systems in State-Owned Enterprises (SOEs) and other institutions.
These collaborations have paid off significantly, leading to a 41.57% reduction in irregularities within the SOE sector in 2023. Mr. Winful added that the Agency is working on a national roadmap, alongside the IIA and the Institute of Chartered Accountants Ghana (ICAG), to prepare for the global mandatory reporting deadline of January 2025.
In line with this, the agency will be rolling out new sustainability and climate-related disclosure standards within the internal audit sector. As the country moves towards election season, Mr. Winful urges internal auditors to uphold professionalism and neutrality, adhering to the ethical standards of their profession.
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The National Communication Authority (NCA) has officially granted approval for Space X Starlink GH LTD, a company associated with American billionaire Elon Musk, to operate in Ghana. In a statement released on Thursday, April 25, 2024, the NCA confirmed that Space X Starlink has been cleared to offer satellite broadband services within the country.
“The National Communications Authority (NCA) has approved the application of Space X Starlink GH LTD, operators of Starlink Satellite Broadband, to provide Satellite Broadband Services in Ghana,” the statement read.
Starlink, a company owned by SpaceX, operates a network of low-Earth orbit satellites that provide high-speed broadband internet by transmitting signals between satellites and ground stations. The standard residential service for Starlink costs $120 per month for unlimited data, with a one-time equipment fee ranging between $599 and $2,500. Currently, it is available in seven African countries: Mozambique, Eswatini, Zambia, Malawi, Kenya, Rwanda, and Nigeria.
This development follows the Ministry of Communications and Digitalization’s policy approval of Ghana’s Satellite Licensing Framework. The NCA added that the final administrative processes for issuing the license are underway and will be completed soon.
This announcement marks a shift from a previous warning issued by the NCA in December 2023, where the Authority stated that Starlink had no legal license to operate in the country. At the time, the NCA cautioned Ghanaians against using Starlink’s services, explaining that doing so would violate the Electronic Communications Act.
Back then, the NCA had clarified, “Any entity providing electronic communication services in Ghana without a license is in direct violation of the Electronic Communications Act 2008 (Act 775).” The public was also advised not to patronize Starlink’s services until proper authorizations were in place.
With the recent approval, Starlink’s operation in Ghana is now officially on track, offering the potential for broader internet access across the nation.
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The agriculture sector is facing a serious challenge as a high level of drought in Ghana sweeps across the middle and northern regions of the country, putting over GH¢1.18 billion in investments at risk. Farmers in these areas have poured this amount into their crops, but with the extended dry spells predicted by the Ghana Meteorological Agency (GMet), their efforts may be in jeopardy.
The GMet has warned that regions within the transition zone are likely to experience longer-than-usual dry spells, potentially leading to severe drought in Ghana. Farmers are being urged to adapt by investing in improved seed varieties and employing advanced yield enhancement techniques to protect both food and cash crops.
In areas expected to see normal or slightly above-normal rainfall, such as the East Coast, GMet has advised farmers to focus on short-maturing crops to avoid losses from the unpredictable weather patterns.
GAWU Calls for Immediate Government Action
The Ghana Agricultural Workers Union (GAWU) has urged the government to step up its support for farmers by prioritizing irrigation and technological interventions to combat the negative impact of climate change on traditional farming practices. GMet forecasts indicate that regions like Cape Coast and Ada could experience dry spells lasting between eight to 16 days, further worsening the situation for farmers.
Samuel Yeboah, Chief Operating Officer of the Ghana Incentive-Based Risk Sharing System for Agricultural Lending (GIRSAL), confirmed that the drought is endangering the livelihoods of 34,000 farmers who have secured loans with GIRSAL’s support to fund their agricultural projects.
Looming Food Insecurity
With inadequate rainfall leading to prolonged drought, experts fear that food production in Ghana’s key agricultural zones could plummet in the coming weeks, raising concerns about food security. Despite some sporadic rainfall in the middle and northern regions, GMet’s general forecast predicts extended dry periods, which could severely disrupt the country’s regular rainfall patterns.
GAWU has appealed to the government to offer financial relief to farmers, especially those struggling with loan repayments. General Secretary Andrews Addoquaye Tagoe emphasized that without government intervention, many farmers will be unable to meet their repayment obligations, exacerbating the financial strain caused by the drought. He called for immediate short-term support to ease farmers’ debt burdens and urged for long-term investments in irrigation and agricultural technology to ensure sustainable food production.
GMet’s Advice for Farmers
GMet’s Deputy Director and Head of Research, Francisca Martey, advised farmers to diversify their income-generating activities and adopt agricultural practices like no-tillage, mulching, and agroforestry to mitigate the effects of the drought. She also urged farmers to work closely with GMet and other agricultural authorities for expert advice on how to navigate the challenging conditions.
In areas expecting heavier rainfall, farmers must also prepare for potential health risks, including outbreaks of cholera, malaria, dengue fever, and diarrhoea. GMet recommended that public education campaigns on disaster risk reduction be intensified to minimize the spread of these diseases.
Weather Forecast and Flood Warnings
GMet’s latest weather forecast predicts that coastal regions like Cape Coast will experience long dry spells, while northern areas such as Tamale, Yendi, and Bimbilla are expected to receive mostly normal rainfall. However, communities like Salaga could see above-normal rainfall. In contrast, areas like Abetifi and Koforidua may endure longer dry seasons.
As the September-October-November rainy season approaches its peak, GMet has warned of potential heavy rains, strong winds, and lightning, increasing the risk of localised flooding in certain regions. The northern half of the country is particularly vulnerable to flooding, especially if the Bagre Dam in Burkina Faso overflows, while low-lying areas of Accra and Kumasi could face flash floods, potentially making some roads impassable.
With the drought already taking its toll on farmers and the unpredictable weather conditions adding further uncertainty, the need for immediate action and long-term solutions has never been more urgent. Farmers, with the support of the government and agricultural agencies, must adapt to the changing climate to safeguard their investments and secure the country’s food future.
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The Social Security and National Insurance Trust (SSNIT) has made a significant payment of GH¢447.07 million to over 250,000 pensioners for the month of August 2024. This payment was made on August 15, 2024, and shows SSNIT’s commitment to supporting retirees in Ghana.
The payments were made under two laws: PNDC Law 247 and the National Pensions Act, 2008 (Act 766). These laws help determine how much each pensioner receives. Under PNDC Law 247, the highest pension payment was GH¢186,777.58, while under Act 766, the highest payment was GH¢26,509.66.
For existing pensioners, the lowest monthly pension was GH¢409.10. New pensioners received a minimum monthly payment of GH¢300.00, ensuring everyone gets a basic level of support.
SSNIT has announced the next pension payment is scheduled for September 19, 2024. These regular payments are important for pensioners, many of whom depend on them as their main source of income.
SSNIT’s ability to make these large payments shows that the system is well-managed and reliable. The money paid out helps retirees live comfortably after years of contributing to the scheme.
The GH¢447.07 million disbursed represents the livelihoods of thousands of Ghanaians who worked hard to support the country’s growth. SSNIT plays a crucial role in helping workers plan for retirement and ensuring they are financially secure in their later years.
Regular contributions to the social security scheme are important for workers, as these ensure a steady income after retirement. By managing pension funds efficiently, SSNIT helps maintain economic stability in the country. Pensioners, with their regular payments, continue to contribute to the local economy and support businesses.
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The Assemblyman for Denkyira Kyekyewere in the Upper Denkyira East Municipality Kwabena Boateng, has shot and killed two individuals suspected of stealing from his cocoa shed.
The incident occurred around 2:00 a.m. on Wednesday, August 21.
According to sources, the suspects, identified as 16-year-old Razak and 20-year-old Agyaku, had been stealing cocoa bags from the Assemblyman’s shed for some time.
Despite reporting to the police, the thefts continued, resulting in the loss of 35 bags of cocoa.
On the night of the incident, the Assemblyman allegedly caught the suspects attempting to steal again and fired at them, killing both instantly.
Family members of the deceased have expressed shock and grief over the incident.
The mother of one of the suspects said, “He is my son and he is learning a trade. His boss called and asked that he come back to work since he has not been going to work for a while. I even cursed him and later reverted for not heeding my advice. The Agyaku guy is the one influencing my son. They even stole from a queen mother.
“I even consulted a fetish priest to find out why my son was behaving like that and it turned out that the Agyaku guy was the bad influence. I am sad about the incident.
One of Ghana’s notable commercial properties in the United Kingdom, Regina House, has been returned to the state after being seized by Trafigura due to the country’s failure to pay a $134 million judgment debt.
The debt stemmed from a power purchase agreement dispute between Ghana and Trafigura’s Ghana Power Generation Company (GPGC). Four years ago, GPGC was awarded $134 million after Ghana canceled the agreement.
Attorney General Godfred Yeboah Dame confirmed the release of Regina House during an interview with Citi News. He noted that the Ministry of Finance and the Ministry of Energy would handle negotiations with Trafigura regarding the payment terms, with his office responsible for reviewing the terms to ensure they align with the country’s best interests.
Dame emphasized, “The release has occurred, and I am pleased to state that the property has been released from attachment. We resolved it some time ago. However, it is important to note that the responsibility to negotiate the settlement terms with GPGC lies with the Ministry of Finance and the Ministry of Energy, not the Attorney General. My duty is to review the agreed terms and ensure they benefit the country.”
This legal issue traces back to a ruling on January 26, 2021, by a UK tribunal. The tribunal found that Ghana had breached its contractual obligations by unilaterally terminating the power purchase agreement on February 18, 2018.
As a result, Ghana was ordered to pay GPGC $134,348,661 as an early termination payment, along with an additional $3,309,877.74 to cover GPGC’s arbitration fees and expenses. The interest on this amount was compounded quarterly at a three-month USD LIBOR rate, adding further financial pressure on Ghana.
Background
For four years, Trafiguara has been unsuccessful in getting the government to pay up the judgement debt awarded to the energy firm after the abrupt termination of a power purchase agreement.
This situation forced Trafigura to secure another judgment in the United States courts, which awarded a mandatory interest on the default of 111.4 million dollars which remains the arrears to be paid by the Republic of Ghana.
Attorney General Godfred Yeboah Dame previously told Joy News it was up to the Finance Ministry to expedite action on the payment.
Following the latest Joy News report on the United States District Court ruling, Vice President of Imani Africa Bright Simons took to social media platform, X (Twitter) to state that one of Ghana’s most important commercial properties, the Regina House in London, had been taken over by Trafigura following the judgment debt award by a tribunal in the United Kingdom.
Attorney General and Minister of Justice, Godfred Dame, has stated that no arbitration awards have been issued against Ghana since he took office. In an interview with Selorm Adonoo, Dame highlighted the progress Ghana has made in international arbitration under his leadership.
He addressed a recent enforcement order from a US court concerning Trafigura’s judgment debt, clarifying that it was not a new judgment against Ghana but an order related to a January 2021 award. Dame emphasized that no new arbitration awards have been issued against Ghana during his tenure, expressing pride in this achievement.
“There is no US court that is awarding judgment against the government of Ghana. It is only an enforcement order, and that enforcement order is on account of a failure to pay a judgment debt that accrued way back in January 2021 as a result of an award that was given at that time,” he explained.
Dame underscored the significance of Ghana’s progress in international arbitration. He said, “Ghana has made when it comes to international arbitration because, if you recall, in my tenure as Attorney General, there have been huge arbitration claims against the government of Ghana, many running into billions of dollars and all that, and till date, I am very confident and very proud to say that till date there has not been a single arbitration award against the government of Ghana in my tenure as AG, and that is worth celebrating.”
The Attorney General also addressed reports that suggested a US court had ordered Ghana to pay over $111 million in favour of the Ghana Power Generation Company (GPGC), explaining that this judgment debt was decided in January 2021. The recent court action, he clarified, was merely an enforcement order, not a new ruling against the country.
He said while the government had taken steps to make payments, it had not yet completed the full payment.
The Ghana cedi forex rate continues its decline against major global currencies, with the latest figures showing a worrying trend. As of Wednesday, August 21, 2024, it has been revealed that the cedi is now trading at GH¢15.97 to $1 at major forex bureaus in Accra.
This weakening of the currency is not just limited to the U.S. dollar. The local currency is also losing ground against the British pound and the Euro, trading at GH¢20.77 to £1 and GH¢17.71 to €1, respectively, across forex bureaus in the country.
The latest blow comes after Bloomberg ranked the cedi as the fourth-worst-performing currency out of 150 tracked globally. The currency has lost nearly 23% of its value against the U.S. dollar this year, highlighting the ongoing financial struggles facing the West African nation.
Despite these alarming statistics, there has been some brief relief. A Bloomberg survey indicated that the cedi experienced relative stability in July. However, this glimmer of hope does little to overshadow the larger picture of economic challenges.
The cedi’s decline is largely attributed to a growing demand for U.S. dollars to purchase essential imports, such as petroleum products and pharmaceuticals. As global markets continue to fluctuate, the pressure on Ghana’s economy, fueled by the need for foreign currency, shows no signs of easing soon.
With international rankings and currency valuations painting a grim picture, the government and economic stakeholders will need to act swiftly to stabilize the cedi and prevent further depreciation. The future of Ghana’s economy may well hinge on their ability to curb this alarming trend.
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Ghana has been ordered to pay a staggering $111,493,828.92, along with mandatory post-judgment interest, after a U.S. Court in Washington, D.C., ruled in favor of the Ghana Power Generation Company (GPGC). The court’s decision came after Ghana failed to respond to a petition by the set deadline, leading to a Motion for Default Judgment.
This ruling is the latest chapter in an ongoing legal dispute that began when Ghana terminated a power purchase agreement with GPGC on February 18, 2018. GPGC sought arbitration, and in January 2021, a UK tribunal ruled that Ghana had violated its contractual obligations, awarding GPGC $134,348,661 in damages. This sum was calculated using the Early Termination Payment formula outlined in the power purchase deal.
Ghana defended its actions, claiming that GPGC had failed to meet certain contract terms. However, the tribunal disagreed and held Ghana accountable. The award also included $3.3 million in arbitration fees and expenses, plus interest calculated at three-month USD LIBOR, compounded quarterly, along with a rate of six-month USD LIBOR + 6%.
After failing to receive payment from Ghana, GPGC took legal action in the U.S., filing a lawsuit in January 2024 to recover the mounting debt. The Federal Arbitration Act’s Chapter 2 and the New York Convention, both of which recognize arbitral awards from foreign countries, supported GPGC’s case.
Despite receiving formal notice of the proceedings, Ghana did not appear in court or respond by the deadline, March 29, 2024. This misstep allowed GPGC to pursue a default judgment, which Chief Judge James E. Boasberg granted on August 6, 2024.
Judge Boasberg emphasized that the arbitration award was a result of a commercial dispute, well within the framework of the New York Convention, which both the U.S. and Ghana recognize. He also noted that Ghana had waived its sovereign immunity by agreeing to the terms of international arbitration within the power purchase agreement.
While the court did not grant pre-judgment interest, the ruling still leaves Ghana with a significant financial burden, including post-judgment interest, which continues to accumulate. This interest only adds to the growing pressure on the Ghanaian government, which now faces the hefty task of paying the judgment.
In the end, Ghana’s failure to respond and resolve the issue in time has left the country with a multimillion-dollar debt, adding another layer of complexity to an already challenging financial situation.
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Cristiano Ronaldo made headlines on Sunday after skipping the medal ceremony following Al-Nassr’s heavy defeat in the Saudi Super Cup final. The Portuguese superstar walked off the field immediately after the final whistle, opting not to join his teammates to collect their silver medals.
Al-Nassr suffered a crushing 4-1 loss to their fierce Riyadh rivals, Al-Hilal, in the match held on August 17 in Abha. Despite Ronaldo scoring the opening goal, Al-Nassr’s defense crumbled in the second half, conceding multiple goals in a mere 17-minute span, allowing Al-Hilal to dominate and lift the trophy.
Visibly frustrated, Ronaldo was seen gesturing in disbelief towards his teammates, clearly upset by the defensive errors that cost them the game. His disappointment was evident as he stormed down the tunnel, choosing not to partake in any post-match formalities, including the podium presentation for the silver medals.
Although Ronaldo has been prolific in front of goal, with an impressive 66 goals in 72 matches for Al-Nassr, his trophy cabinet has remained light since joining the club. So far, the five-time Ballon d’Or winner has managed to secure just one trophy in Saudi Arabia. In his debut season, Al-Nassr finished five points behind Al-Ittihad in the league, and this season, they came up short again, finishing second to Al-Hilal.
This latest Super Cup defeat adds to Ronaldo’s frustrations in the Middle East, where his individual brilliance has yet to translate into consistent team success.
Taunted with Messi Chants
To add salt to the wound, Al-Hilal fans filled the stadium with chants of “Messi” during the match. This is not the first time Ronaldo has been trolled with chants of his Argentine rival’s name, a recurring theme since he moved to Saudi Arabia. Despite their on-field rivalry, Messi’s presence looms large, even in matches where he isn’t involved.
While his time in the Middle East has been a rollercoaster on the field, Ronaldo is making moves off the pitch. Speculation is mounting about a new venture, with rumors suggesting the global icon could be launching his own podcast. With “CR7” branding spotted on microphones, fans and celebrities alike are excited about what could be Ronaldo’s next big step in expanding his already massive brand.
Whether or not the podcast rumors are true, one thing is certain: Cristiano Ronaldo remains a figure who can reinvent himself, whether it’s on the football field or in the business world. His competitive spirit and desire to stay in the spotlight ensure that he will continue to captivate audiences globally.
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