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Attack on BoG leadership over GH₵60bn loss needless – Ofori-Atta

The Finance Minister, Ken Ofori-Atta, has emphasized that the primary objective of the Bank of Ghana, like all central banks, is not to generate profit.

In an article titled “Standing Strong With The Bank of Ghana,” he addressed the importance of managing the central bank as a financially sustainable institution, rather than focusing solely on profitability.

The article comes in response to plans by the minority caucus of parliament to protest against Dr. Addison, accusing him of mismanaging the central bank, resulting in a loss of GHS60.8 billion in 2022 and negative equity of GHS55.1 billion.

The minority is also concerned about the bank’s decision to write off a GHS48.40 billion debt owed by the Akufo-Addo government without parliamentary approval, as well as the allocation of GHS250 million for the construction of a new

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But Mr Ofori Atta in his article states that “In fact, as some critics of the Central Bank in our country do observe, the primary objective of a central bank is not to make a profit but to be managed as a financially sustainable institution”, Mr Ofori-Atta wrote in an article titled: ‘Standing Strong With The Bank of Ghana’.

“We must, in these extraordinary times…deploy all the instruments we have available and sail together through this odyssey,” the Finance Minister, Ken Ofori Atta wrote in an article titled “Citizens – Standing Strong with the Bank of Ghana.”

“The call for us, as citizens, is not to be seen as punishing the Bank of Ghana for pitching up to support the greater public good!”

“It is probably a good time to recall the wise words of the late Professor P.A. V Ansah that even as we educate and inform, we must foster national cohesion because ‘…national cohesion is the foundation upon which any and everything is built’”.

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He asserted that the government’s debt operations that commenced in 2022, and were executed this year, “has had a significant impact on Bank of Ghana’s balance sheet while reducing the amount of money spent on interest payment Exchangegovernment”. “As of 2022, the central bank held about GHS42.3 billion of government’s domestic debt, out of the total (domestic) debt stock of GHS194.3 billion”.

This debt holding, Mr Ofori-Atta explained, “in addition to others, resulted in a loss impairment provision of about GHS48b for the Bank in 2022”.

He said, as indicated by the IMF, the BoG was “the loss absorber for the debt exchange to ensure that in light of the concessions to other domestic bondholders, its burden share of the debt exchange will enable the economy to still achieve the overall objectives of the Exchange – the Domestic Debt Exchange Programme will ensure the NPV of the stock of public sector debt is halved from the then 105 percent of GDP (later recalculated as 89%) to 55 per cent of GDP by 2028, thereby putting the country on a sustainable debt trajectory”.

He said as indicated by the Board of Directors of the Bank in their 2022 annual reports, “all efforts will be made to restore the balance sheet of the Bank in the medium term, continue to improve the efficiency of their operations, and resort to the government for recapitalisation over the medium to long term if necessary”.

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He said: “There is, therefore, no need for a direct attack on the leadership of the central bank.”

Source: Citinewsroom.com

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GEXIM to host “SME GO” programme stakeholder sensitisation and fair on September 18

The Ghana Export – Import Bank (GEXIM) in collaboration with the Ministry of Finance, Ministry of Trade and Industry, Ghana Enterprises Agency and Development Bank of Ghana will be hosting the final phase of the stakeholder sensitisation exercise on the Small and Medium-sized Enterprises Growth and Opportunity (SME GO) Programme at the Bank’s headquarters located at the Africa Trade House, in Accra.

The stakeholder sensitisation event is scheduled to take place on Wednesday  SSeptember18, 2024 at 10 am and will give attendees a deeper insight into the SME GO Programme with a focus on the dynamics of the programme, eligibility criteria application process and how the initiative seeks to assist Ghanaian SMEs to scale up and compete favorably in the international marketplace.

The confirmed speakers and dignitaries for the event will highlight how Ghanaian SMEs can leverage on the SME GO Programme to build the capacities and make them sustainable.

They include Hon. Abena Osei-Asare, Minister of State at the Ministry of Finance, Hon. K. T. Hammond, Minister of Trade and Industry, Hon. Nii Kwartei Titus Glover, Greater Accra Regional Minister as well as the Chief Executive Officers of the Ghana Enterprises Agency and Development Bank of Ghana.

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Alongside the stakeholder sensitisation event, GEXIM will be hosting a special edition of its popular SME Fair dubbed “SME GO Mart” at the forecourt of the Africa Trade House, from 8am to 8pm.

 The theme for the “SME GO Mart” is “Celebrating Ghanaian SMEs” and it will provide a platform for Ghanaian entrepreneurs to showcase various top-quality Made-In-Ghana products.

Over hundred Ghanaian entrepreneurs with unique products have been confirmed to participate in the fair. 

They will be exhibiting several unique and authentic products at unbeatable prices including food and ingredients, beverages, skin and beauty care products, textiles, apparel, garments, leather footwear, slippers, and many others.    

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In July 2024, the Government of Ghana through the Ministry of Finance launched the SME GO Programme, a ground breaking initiative which sought to provide Ghanaian SMEs with the needed funds, requisite technology and knowledge as well as other relevant resources and tools to aid their growth to become international giants.

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Zipline, GHS reduce maternal mortality in Ashanti Region by 56.4% – Study

A recent impact assessment study on aerial logistics to improve maternal health and emergencies has revealed a remarkable reduction in maternal mortality by 56.4% in Ghana’s Ashanti Region, thanks to the collaborative efforts of Zipline and the Ghana Health Service (GHS).

This was revealed at the National Ghana Health Service Research Conference organized by the Ghana Health Service in partnership with Zipline. The study, which focused on the impact of aerial logistics in healthcare, also noted a 19.9% increase in antenatal visits and a 25% rise in in-facility births, signaling a significant boost in maternal health outcomes.

The success according to the study is attributed to the on-demand availability of blood and essential medical supplies provided by Zipline’s innovative drone delivery system. This consistent access to critical resources has increased patient confidence in the healthcare system, encouraging more mothers to seek necessary care throughout their pregnancies.

Speaking on the highlight of the study, the Research Officer at Ashanti Regional Health Directorate stated, “the significant decrease in maternal mortality we’ve seen is a clear indication of the vital role that reliable access to medical supplies plays in healthcare. The ability to deliver blood and essential medicines exactly when they’re needed has transformed how mothers in the Ashanti Region perceive and engage with the healthcare system.”

“It’s an achievement that speaks to the importance of introducing technology in healthcare delivery. Mothers now feel more confident in seeking care, knowing that they will receive the support they need throughout their pregnancies,”he stated.

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The study examined data from 191 health facilities, including hospitals, health centers, and Community-based Health and Planning Services (CHPS) Compounds. Among these, 99 facilities were served by Zipline’s aerial logistics, while 91 were not. The research employed adjusted rates for various key indicators, such as antenatal consultations, emergency visits, referrals, live births, hysterectomies, maternal deaths, and neonatal deaths, as the main dependent variables.

The qualitative aspect of the study aimed to describe and analyze the changes in satisfaction levels among healthcare providers and patients, perceived quality of care in maternal health and emergencies, and experiences related to the use of aerial logistics. In-depth interviews were conducted with 22 patients and 23 healthcare providers at the participating facilities.

Globally, maternal mortality remains a critical public health challenge, with stark disparities between high-income and low-to-middle-income countries (LMICs).

According to the World Health Organization (WHO), the majority of maternal deaths occur in LMICs, often due to preventable causes. In Ghana, particularly in the Ashanti Region, the problem is critical, reflecting the broader challenges faced across the African continent. Beyond this, socio-economic, geographic, and infrastructural factors intensify the risks associated with pregnancy and childbirth, highlighting the urgent need for innovative solutions to improve maternal health outcomes.

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As maternal mortality continues to pose a challenge in low-to-middle-income countries, the success seen in Ghana’s Ashanti Region offers a promising model for other regions and nations striving to improve maternal health outcomes through innovative solutions. 

Zipline is poised to continue leading the way in revolutionizing healthcare delivery, ensuring that every mother has access to the life-saving resources, no matter where she lives.

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