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No Arbitration Awards Against Ghana During My Tenure—AG Godfred Dame

By
Ivy Hollys
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no arbitration: godfred yeboah dame

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.

Ghana Cedi Forex Rate Falls to GH¢15.97, Ranked Fourth Worst Globally

By
Adwoa Afranewaa
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ghana cedi forex rates

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.

ghana cedi forex rates

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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U.S. Court Slaps Ghana with Over $100M Judgment Debt for Missing Deadline

By
Adwoa Afranewaa
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U.S. Court

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.

U.S. Court

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 Refuses To Collect Silver Medal After The 2024 Saudi Super Cup Loss

By
Adwoa Afranewaa
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saudi super cup

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.

saudi super cup

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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Ghana Cocoa Board Abandons International Bank Loans for 2024-2025 Cocoa Season Funding

By
Adwoa Afranewaa
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Ghana Cocoa Board

Ghana has decided to break a 32-year tradition by moving away from borrowing from international banks to fund its cocoa crop for the upcoming cocoa season. The Ghana Cocoa Board, which has long relied on these annual syndicated loans, will now seek funding from domestic sources for the new season, starting earlier this year on September 1.

Traditionally, the board raises at least $1 billion annually to cover expenses for seedlings, chemicals, fertilizers, and to buy cocoa beans from farmers. However, last year, due to Ghana’s debt restructuring and decreased output, it could only secure $600 million. This shortfall has led to a significant reduction in the harvest target for 2024-25, which has been cut by 20% to 650,000 tons, largely due to adverse weather, diseases, and a shortage of fertilizers. The combined effects have pushed cocoa futures prices above $11,000 per ton for the first time.

Ghana Cocoa Board

Joseph Boahen Aidoo, CEO of the Ghana Cocoa Board, announced this shift during a press briefing in Accra on Tuesday. The decision comes in the wake of stalled negotiations with foreign lenders for a $1.5 billion syndicated loan, as reported by Bloomberg. The board had initially hoped to secure this substantial sum to finance cocoa purchases, but discussions faltered, leading them to explore alternative funding options.

With the end of foreign cocoa funding, the Bank of Ghana will now need to rely on revenue from cocoa sales to build its foreign reserves, rather than receiving a substantial upfront amount each October. This change in approach means the central bank will need to manage exchange rate volatility differently. 

Aidoo emphasized that all cocoa sales will now be conducted in dollars. “Revenue from our cocoa will be in dollars,” he said. “Our forward contracts will also be paid in dollars upon delivery, which will help strengthen the cedi.”

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NPP Manifesto: Bawumia Set To Engage the Media on August 25

By
Ivy Hollys
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Bawumia at NPP Manifesto launch 2024

The flagbearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, is scheduled to hold a media engagement on Sunday, August 25, 2024. 

This follows what has been hailed as the successful launch of the NPP’s manifesto in Takoradi on August 18, a document outlining the party’s vision and key priorities for the nation.

Before the launch of the NPP manifesto,  Mr. Miracles Dennis Aboagye, the Director of Communications for the Bawumia campaign had stated that the NDC and Mr. Mahama were poised to either replicate key aspects of the NPP’s policies or downplay their significance in the upcoming election campaign.

Speaking on Eyewitness News on Citi FM, Mr. Aboagye noted, “All the NDC and John Mahama are seeking to do is wait until we launch our manifesto. Then, on Monday, they will go into a room and start—wherever we say one, they will say two; wherever we say three, they will say four; wherever we say five, they will say six. No genuineness, no ingenuity, no innovation, no creativity.”

The General Secretary of the New Patriotic Party (NPP), Justin Frimpong Kodua, also criticized the opposition National Democratic Congress (NDC) and its flagbearer, John Dramani Mahama, for their delay in presenting their manifesto to Ghanaians in the lead-up to the 2024 elections.

According to a statement from Miracles Dennis Aboagye after the launch of the NPP manifesto, the upcoming media engagement will further promote and elaborate on the NPP’s 2024 manifesto.

Dr Mahamudu Bawumia, New Patriotic Party flagbearer on Sunday, August 18, in Takoradi, Western Region, presented the party’s 2024 Manifesto, ahead of the December polls.

In attendance at the launch were party supporters, executives, MPs, parliamentary candidates, and Ministers of State. Dr. Bawumia, who has been leading the NPP’s campaign efforts, also said he views the manifesto as the foundation for a larger discussion on Ghana’s future trajectory. 

Media houses interested in attending the event are encouraged to send representatives and are required to submit their details via email to: itispossible@bawumia.com by the close of business on Thursday, August 22, 2024.

Amenfiman Rural Bank empowers women and youth-led businesses after GH₵1 billion deposit record

By
Adwoa Afranewaa
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The Amenfiman Rural Bank Plc has announced plans to provide substantial financial assistance to small and micro-scale enterprises.

The bank, which recently achieved a milestone total deposit of over GH₵1 billion, is gearing up to offer loan facilities of up to 400,000 cedis to over 2,500 businesses, particularly those led by women and youth.

Under the innovative “AMERB Donkomi Promo,” the rural bank aims to inject capital into grassroots businesses as part of its commitment to economic recovery and empowerment.

This initiative follows a remarkable 70.03% growth in deposits from June 2023 to June 2024, signaling the bank’s dedication to expanding its client base and supporting business operations.

Dr. Alexander Asmah, Chief Executive of Amenfiman Rural Bank, stated the institution’s focus on empowering the micro, small, and medium enterprises (MSME) sector to drive national economic growth.

By offering flexible credit facilities with minimal collateral requirements and low-interest rates, the bank aims to bridge the funding gap for businesses, especially those owned by women and youth.

In collaboration with government programs such as the Ministry of Finance’s MSME growth initiative and the Innovate and Grow Fund, Amenfiman Rural Bank is committed to providing financial support to businesses in need.

By prioritizing the economic empowerment of women and youth, the bank seeks to foster peace and stability within households while promoting entrepreneurship and job creation.

Customers of the bank have already experienced the positive impact of financial support, with many reporting increased profits, business expansion, and job creation.

By extending services to unbanked and underbanked individuals, Amenfiman Rural Bank is poised to make a significant difference in the lives of entrepreneurs and communities across the country.

Bagre Dam Spillage: Farmlands In Kubore Submerged

By
Ivy Hollys
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bagre dam spillage

Farmlands along the Kubore River in the Upper East Region have been completely submerged after the spillage of the Bagre Dam, combined with heavy rainfall in the area. 

The annual release of water from the Bagre Dam in Burkina Faso continues to cause widespread devastation in the northern parts of Ghana, particularly affecting the Upper East and North East regions.

Local farmer Akudoku Jeremiah, speaking to Citi News on Tuesday, expressed his frustration over the disaster, lamenting that months of hard work have been destroyed. 

“This Bagre Dam water spillage has come and spoilt all our farms. They don’t inform us early and right now the crops too, it is time for us to harvest them and the water has come and destroyed them,” he said. “They don’t inform us early, and now, just when it’s time to harvest, the water has come and destroyed everything.”

Jeremiah further highlighted the severe impact on local livelihoods. He said the spilling creates significant problems for them, especially with food. He further pleaded with the government to come to their aid. 

He said, “we are pleading with the government to come to our aid and help us. If not, we have nowhere to go.” The community is now urgently appealing for government assistance to recover from the devastation caused by the flooding.

Background

A statement from the White Volta Basin Secretariat of the Water Resources Commission, shared with the Ghana News Agency, warned that the Bagre Dam in Burkina Faso had continued to rise, with the water level reaching 232.8 meters. The rising water levels were expected to cause the White Volta River in Ghana to overflow and flood its normal plains.

According to the statement, SONABEL, the Power Utility of Burkina Faso, had notified the Water Resources Commission on Friday, August 16th, 2024, that the water level in the Bagre Dam had been increasing since August 2nd, 2024.

The statement urged residents, particularly those living and working along the banks of the White Volta River, to take precautionary measures to minimize the impact of the impending spillage.

Man Killed By Off Duty Police Officer Over Transport Fare

By
Ivy Hollys
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police officer shooting

A tragic incident unfolded in the early hours of Sunday, August 18, 2024, when a 25-year-old man, identified as Stanley Ahadzi, was fatally shot by an off-duty police officer at Koans Estate near Kuntunse in Accra. 

The officer, General Constable Smith Gyekyi, allegedly shot Ahadzi following a dispute over a transport fare. The incident occurred when Constable Gyekyi, who works with the International Relations Directorate (IRD), was operating a commercial Matiz vehicle with registration number GW 6459-21. 

He had picked up a passenger, Esther Owusua, from Ablekuma Joma, who was headed to the Koans Estate area. Upon arrival, Owusua, unsure of the location, called Ahadzi for assistance.

When Ahadzi arrived at the estate gate, a disagreement reportedly broke out over the fare charged by Constable Gyekyi. The argument quickly escalated, resulting in the officer allegedly drawing his service pistol and shooting Ahadzi.

Ahadzi’s body was found covered in blood and was later transported to the Police Hospital morgue for preservation and autopsy.

In the aftermath, Constable Gyekyi voluntarily surrendered to the police at Amasaman. He was detained, and his service weapon was confiscated for further investigation.

The Ghana Police Service, in a statement, has assured the public that a thorough investigation is underway, and the officer involved will face justice. 

The Regional Command, led by DCOP Mr. Arhin Kwesi Annor, has met with the bereaved family to commiserate with them while investigations and processes to prosecute the suspect continue.

Assin Nsuta SHS clash: Several Injured, Five Hospitalized After Students Clash

By
Ivy Hollys
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Several students of Assin Nsuta Agricultural Senior High School in the Central Region have sustained injuries, with five currently hospitalized, following a violent clash between Form Two and Form Three students.

According to the Assemblyman for Assin Nsuta-Bepokokoo Electoral Area, Bashiru Kwame Amakrah, the conflict began after a Form Three student was caught in a sexual encounter with a Form One student in an uncompleted building on campus.

Sources indicate that the Form Three student reacted by slapping the Form Two student who witnessed the incident.

Three days later, the Form Two students mobilized and launched an attack on the Form Three students, resulting in a free-for-all brawl.

The situation escalated, with students using clubs and knives against each other, until the police intervened to restore order on campus.

Mr. Amakrah, speaking to the media about the issue said, “I was informed about the incident and I quickly rushed to the school. I observed the entire campus was in a mess with properties damaged. I understand that two students were involved in a relationship.

“The relationship was between a form three student and a form one student. The form two student who saw the two almost in the act of having sexual intercourse approached them infuriating the form three student who slapped the form two student.”

“The Form Two later retaliated and it turned into a free-for-all fight where five students have been hospitalised while several other students sustained minor injuries.

“The Assistant Headmaster in charge of Administration also sustained injuries. The headmaster took some students to the police station to seek a medical form to the hospital for treatment. It took the intervention of the Police to save the situation.”

Credit: Citinewsroom

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