News
‘2 c’nities identified as hotspots for child labour in Bono’
Kwatiri and Adentia, two farming communities in the Sunyani West Municipality, have been identified as hotspots for child labour in the Bono Region.
The areas are also a hotbed for teenage pregnancies and school dropouts among children under 18 years, necessitating traditional leaders, non-governmental organisations (NGOs) and individuals to join hands to tackle the challenges.
The Bono, Bono East and Ahafo Regional Senior Programme Officer for General Agriculture Workers Union (GAWU) of TUC, Paschal Ajongba Kaba disclosed these on the sidelines of the inauguration of a 14-member committee setup by GAWU to spearhead a campaign against child labour in the two communities, to mark this year’s World Day Against Child Labour, at Kwatiri.
Although Mr Kaba could not provide statistics to back his claim, he noted that efforts were underway to implement programmes and policies geared towards eliminating the child labour and teenage pregnancy in the three regions.
He stated that child labour was very high in mining and cocoa producing communities, and called on all stakeholders, especially parents, to play their part to address the issue.
The Regional Senior Programme Officer for GAWU of TUC said his outfit had taken upon itself to help minimize child labour by creating a Child Labour Free Zone in the country.
The Chairman of one of the Committees, who is also the Krontihene of Adantia, Nana Kwame Boakye, said the was urgent need to tackle child labour and teenage pregnancy as they continued to affect development.
A teacher at Kwatiri, M/A School, Alex Appau, noted that some primary (class) six and Junior High School (JHS) students dropped out of school and found themselves in ‘child labour and pregnancy,’ due to financial constraints..
World Day Against Child Labour focuses on the negative impact of child labour. Globally, it is estimated 151 million children are involved in child labour with about 71 percent in the agriculture sector.
FROM: DANIEL DZIRASAH, ODUMASE
News
Ghana achieves 98% participation in Eurobond debt restructuring
The Ministry of Finance has announced the successful completion of its Eurobond debt exchange and consent solicitation process.
The initiative, which aims to restructure Ghana’s Eurobond debt, has received overwhelming support from bondholders, marking a significant milestone in the country’s economic recovery efforts.
Launched on September 5, 2024, the offer invited eligible holders of Ghana’s Eurobonds to exchange their existing bonds for new ones under two menu options—Par and Disco.
As of the final expiration deadline on September 30, 2024, 98.6% of bondholders, representing the recognized principal amount of the existing bonds, participated in the offer.
During the bondholder meetings on Thursday, October 3, holders of the 2013, 2014, and 2015 WB-Guaranteed Notes passed extraordinary resolutions with over 90% representation, enabling the restructuring process to proceed smoothly.
Meanwhile, for Aggregated CAC Notes, consents exceeded 98.7%, meeting the required thresholds for the exchange.
A majority of bondholders (91% of the principal amount) opted for the Disco menu of new notes, while 7.6% chose the Par menu, which remained under its cap of U.S. $1.6 billion, leaving a balance of U.S. $605 million available for future allocation.
Subject to the terms of the exchange, a total of U.S. $126 million in consent fees will be distributed to eligible bondholders who submitted their instructions by the early consent deadline.
The new bonds are expected to be issued on or around October 9, 2024, with full settlement to follow shortly thereafter.
The successful completion of this exchange is a critical step in Ghana’s broader debt restructuring efforts under its International Monetary Fund (IMF) programme, further strengthening the country’s path towards debt sustainability and normalizing relations with international capital markets.
The Government of Ghana expressed gratitude to bondholders for their participation and support, emphasizing that this successful outcome reflects a shared commitment to restoring the country’s economic stability.
In preparation for the issue date, all existing Eurobonds, including those for which no consent or exchange instructions were given, will be blocked from trading to ensure a smooth final settlement.
Source: Citinewsroom.com
News
Update on Nana Asante Bediatuo’s health
The Office of the President has responded to news making rounds regarding the health of Secretary to the President, Nana Asante Bediatuo.
According to the office in a statement, they wish to inform the public about the health status of Nana Bediatuo Asante, Secretary to the President.
They revealed that following the conclusion of the meeting of the 79th United Nations General Assembly (UNGA) in New York, in the United States of America, where he served as a key member of President Akufo-Addo’s delegation.
The statement added that Nana Bediatuo Asante stayed behind to conduct further government business.
They added that he then began to feel unwell, and was subsequently admitted to hospital.
According to the statement, he is currently in stable condition and responding well to treatment. The medical team added that, Nana Bediatuo Asante’s recovery is on track, and we remain hopeful for his swift return to full strength.
“We ask for continued prayers and support for him and his family during this difficult period. Further updates will be provided when necessary,” he concluded.
By Edem Mensah-Tsotorme
