World economic order has changed; requires bold decisions – Bawumia
The world economic order has undergone massive change in recent years and Africa, especially Ghana, needs to take bold, difficult but firm decisions in order to face the economic headwinds buffeting the world, Vice President Bawumia has stated.
Speaking at the two day Standard Chartered Bank Digital Banking, Innovation and Fintech Festival in Accra on Wednesday, October 26, 2022 Dr Bawumia said the combined effects of Covid, the Russia-Ukraine conflict and major disruptions in global supply chains had brought untold economic damage across the world, and requires new thinking and positioning, especially as the world eases into the Fourth Industrial revolution.
“In Ghana, for example, if you look at between and 2019 and today we’ve seen about a fivefold increase in the rate of inflation. Go to next door Togo, we’ve seen about a 16 fold increase in the rate of inflation, Cote d’Ivoire has seen about a sevenfold increase in the rate of inflation, and the UK has seen an eightfold increase in the rate of inflation. And this has also been accompanied by a very strong dollar which has seen currencies really fall in value. Yesterday I was told that the Chinese Yuan is at its lowest level since 2007. The new British Prime Minister, Rishi Sunak, was basically described the UK’s economic situation as a profound economic crisis.
“So what we are seeing globally, of course, with the disruption of global supply chains, post COVID, is a major change in what was the status quo before COVID. The global economy as we know it, as it existed, pre-COVID today does not really exist anymore. Emerging market access to the capital markets has been very restricted and may continue to be restricted for the foreseeable future. And more and more we are seeing economies rethinking economic strategies. But there is a clear move towards more self-reliance in economic policy.
“And at the same time this global economic environment is transitioning into the Fourth Industrial Revolution where the digital economy is taking center stage. So as we try to deal with the economic crisis globally, economies also have to re-position themselves to partake in the Fourth Industrial Revolution,” he noted.
Commenting on the recent turmoil in the Ghanaian economy, Vice President Bawumia said Government was considering a number of measures to tackle the challenges and ensure fiscal discipline. President Akufo-Addo would be addressing the nation in the coming days on such measures, he indicated.
“In Ghana specifically, we are dealing with an economic crisis that we have to address in different dimensions. The first and most important, which affects the confidence that we have in the economic system, is to make sure that we have fiscal and debt sustainability. This has been one of the areas where we are having discussions and negotiations with the International Monetary Fund about restoring fiscal and debt sustainability.
“No doubt it is not going to be easy. It will require very bold, difficult, but firm decisions. And I think these are part of the discussions that we’re having with the IMF. And I’m sure once those are concluded, it will be clear that it will not be and it should not be business-as-usual because we have to adjust to the new global and domestic realities,” he added.
Global Citizen Festival raises $2.4 Billion to end extreme poverty
Pledges totalling $2.4billion were announced as part of activities to mark the Global Citizen Festival in New York City and Accra on Saturday, September 24, 2022.
Key commitments were announced to celebrate the 10th anniversary of the festival’s impact and advocacy, through the hard work of many partner organizations.
A statement issued by Global Citizen said the 2022 Festival saw “more than US$800 million announced to end extreme poverty NOW and US$1.6 billion announced by the European Commission and Canada as part of the seventh replenishment of the Global Fund to Fight AIDS, Tuberculosis, and Malaria on Sept. 21, in addition to the announcement of five companies signing on to the UN-led Race to Zero initiative to reach net-zero emissions by 2050”.
Of this funding, more than US$440 million was earmarked exclusively to initiatives to end extreme poverty on the African continent, with the remainder intended to reach people around the world, including across Africa.
The Global Citizen Festival campaign announced commitments by world leaders and governments in support of ending poverty now, including Canada, Belgium, Denmark, the European Commission, Germany, Ghana, Lithuania, Luxembourg, Malta, the Netherlands, Norway, Slovenia, United Nations, and the United States.
From around the world, messages of support for Global Citizen’s End Extreme Poverty NOW campaign were received by President Joe Biden and First Lady Dr. Jill Biden, President of France Emmanuel Macron, Prime Minister of Spain Pedro Sánchez, COP27 Youth Envoy Dr. Omnia el Omrani, Taoiseach of Ireland Micheál Martin, Dr. Phumzile Mlambo-Ngcuka, World Health Organization Director-General Dr. Tedros, COP26 President Alok Sharma, Former Secretary-General of the United Nations Ban Ki-moon, US Rep. Jamie Raskin, US Rep. Ann Wagner, and US Rep. John Curtis.
Financial and policy announcements were also made by many corporate, philanthropic, and NGO partners including Accenture, Cisco, Citi, Delta, the Dutch Postcode Lottery, Ford Foundation, Gavi and Girl Effect, the Global Menstrual Equity Hygiene Accelerator, Lego Foundation, Procter & Gamble, Rotary International, Verizon, WWT, YouTube and Google.org.
“Amidst all the doomsday messages we hear today, hope lies in the fact that millions of citizens are rising up to take action, more than any other point in history. 10 years ago, Global Citizen was just an idea – and 10 years from now we’ll see a generation of Global Citizens running for office, starting companies, and transforming communities,” said Hugh Evans, Co-Founder and CEO, Global Citizen.
In support of the Global Citizen campaign to defend the planet and take climate action NOW, five businesses officially signed on to the Race to Zero campaign to achieve net zero carbon emissions by 2050 as a part of Global Citizen Festival, including American Eagle Outfitters, Betterfly, Harith General Partners, Juan Valdez Café, and WWT.
Global Citizens have taken more than 2 million actions with Global Citizen in 2022 to help achieve Global Citizen’s mission to End Extreme Poverty NOW, more than doubling the record previously set by the international advocacy organization.
“With 43 days to go to COP, we need countries to move from pledges to implementation — as youth we have a critical role to play in making sure our nations do not backtrack on their promises,” said Dr. Omnia el Omrani, COP27 youth envoy, in a video message to Global Citizens at Global Citizen Festival.
With stages in Accra and New York, the event captured the Global Citizen ethos, channelling an eclectic array of musical talent in support of our efforts to End Extreme Poverty NOW and build momentum ahead of the G20 summit and UN Climate Conference, COP27, both in November.
BOST profit: State-owned enterprises can deliver value with right leadership – NAPO
Minister of Energy, Dr. Matthew Opoku Prempeh, has commended the Bulk Oil Storage and Distribution Company Limited (BOST) for the turnaround in its operational and revenue fortunes.
This comes on the back of the state-owned firm, increasing its profits to GH¢161million in 2021 after it recorded a loss of GH¢291 million in 2020.
Speaking at the first Annual General Meeting of the company, Dr. Opoku Prempeh said the development demonstrates that state-owned enterprises can deliver value through the right leadership and management to boost national development.
“The transformation is indeed massive, as evidenced in improved operational efficiency. This is the path to go if we should attain the path of State-Owned Enterprises contributing to the fiscal policy of government for its national growth and development agenda. Imagine if 100 SOEs each made GH¢150million net income,” Dr. Opoku Prempeh said.
The Minister disclosed that the improvement in BOST’s revenue was due to a core business strategy and an increase in petrol and diesel sales revenue of about 83 percent.
He added that an amount of US$611 million paid from the US$624 million debt accumulated in 2017 was generated from BOST’s internally generated funds.
The sector minister also lauded the management of the state-owned firm for the effective utilisation of revenue generated from the nine pesewas BOST margin on petroleum products.
He explained that proceeds from the petroleum levy were used to undertake renovation and repair works on fuel depots, decommissioning of tanks, revamping four river barges for fuel transportation on the Volta Lake, and the upgrade of the Akosombo jetty.
“The rest are upgrade and replacement of loading arms, pumps and valves across all the depots at Buipe-Bolgatanga-Petroleum-Product-Pipeline; Tema-Akosombo-Petroleum Product-Pipeline; and Bolgatanga Petroleum Export Depot among others.”
He continued, “Comparing figures, I also saw BOST reducing its administrative expenses from as high as GH¢538 million in 2016 with a staff strength of 349 to GH¢212 million in the year 2021 with a staff strength of 487.
The energy minister also commended BOST for deploying cost-cutting measures in its operations.
“Genuine administrative costs grow upward and not downward due to factors like inflation among others but I would like to commend management for the prudence that resulted in these massive reductions in the cost of operations.
The company is spending less while achieving more for the government and people of Ghana; from the face of the record, this is an impressive performance that the company’s board and management need to be commended for,” the energy minister stated.
Dr. Opoku Prempeh in his concluding remarks reaffirmed BOST of government’s commitment to make the entity an effective and profitable one.
“I am aware of recent developments in the mass media on BOST, but I am also aware of the political economy around operations of the company. Government is also aware of the turf-war to get the company derailed, and we are not falling for those who seek to engage the reverse button,” he emphasised.
Silver Star loses benz dealership deal in Ghana
Silver Star Auto Limited, a popular automobile firm in Ghana has lost its deal as the authorized distributors of Mercedes benz in Ghana.
A Press Statement issued on Thursday, September 15, 2022 by the Company said Mercedes Benz Germany has decided to engage a new multinational dealer for the Ghanaian and West African market at large albeit leading the market share by far in Ghana for luxury vehicles.
“We have tried our level best to make a case with Mercedes-Benz in Germany without luck, all appeals failed to have produce any response from them leaving us no choice but to seek redress from the courts,” the company said in its statement.
Despite the separation, SSAL assured its customers that it will still remain an independent trusted partner for Mercedes-Benz advice, support, and aftersales service.
Below is the full statement
England defender Harry Maguire gets roasted in Ghanaian parliament (Video)
Ghana vs Switzerland (2-0) Full Highlights Goals, Pre-Qatar 2022 FIFA World Cup Friendly Match (Video)
StorONE is transforming software-defined storage
ICANN Boost Africa Internet Access with New Root Server
Parliament to begin implementing no scanning, no entry directive today
PIAC, GNPC expected at Ofori-Atta censure hearing today
Public university workers remain on strike after continued stalemate
- England defender Harry Maguire gets roasted in Ghanaian parliament (Video) December 4, 2022
- Ghana vs Switzerland (2-0) Full Highlights Goals, Pre-Qatar 2022 FIFA World Cup Friendly Match (Video) November 18, 2022
- StorONE is transforming software-defined storage November 17, 2022
- ICANN Boost Africa Internet Access with New Root Server November 17, 2022
- Parliament to begin implementing no scanning, no entry directive today November 17, 2022
- PIAC, GNPC expected at Ofori-Atta censure hearing today November 17, 2022
- Public university workers remain on strike after continued stalemate November 17, 2022
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