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Debt exchange: We didn’t have enough time to consult – John Kumah
A deputy Finance Minister, John Kumah, has blamed the lack of consultation with key stakeholders in the debt exchange programme on the limited time that was available to the government before announcing the deal.
Speaking on Eyewitness News on Tuesday, December 13, Dr Kumah said the government hurriedly announced the debt exchange programme to ease the fears and panic that had gripped investors and bondholders and also to prevent capital flight.
He, however, assured that there will be further engagement with ‘opposers’ of the debt exchange programme as the country awaits the board approval of the International Monetary Fund for a 3 billion dollar bailout after the Staff Level Agreement announced on Tuesday.
“The immediate bondholders have been well consulted, and we will continue to engage all the other groups who feel that they should have been consulted more,” Dr Kumah told host Umaru Sanda Amadu.
The Member of Parliament for the Ejisu Constituency added “We didn’t have much time to exhaust all levels of consultations, but I want to assure you that we have engaged all the affected groups, and we will continue to engage all those who are going to be affected.”
Several labour unions including the Trades Union Congress have kicked against the imposition of cuts on pension funds as part of the debt exchange programme aimed at supporting the country’s economic recovery.
They include the Ghana National Association of Teachers (GNAT), Ghana Registered Nurses and Midwives Association (GRNMA), the National Association of Graduate Teachers (NAGRAT), Ghana Medical Association (GMA), Ghana Chamber of Commerce and the Trades Union Congress (TUC).
The unions have therefore vowed to resist any attempt by the government to reduce the value of pension funds of their members which are in institutional bonds.
The TUC on Monday said its members would not be part of a programme that would worsen their plight and further plunge them into unimaginable hardship.
Secretary General of the TUC, Dr Yaw Baah, said: “The TUC and all our affiliates have decided that the pension funds of our members will not be part of the Debt Exchange Programme…within one week, the government should ensure that all pension funds including SSNIT funds be exempted,” he said.
Source: citinewsroom.com
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Many SOEs have been used as mere instruments for personal wealth accumulation –Pres.Mahama
President John Dramani Mahama has expressed concern over the misuse of State-Owned Enterprises (SOEs) for personal financial gain by individuals in leadership positions.
Speaking during a meeting with Chief Executives of specified entities under the State Interest and Governance Authority (SIGA) on Thursday, March 13, the President directly attributed the dire state of SOEs to their leadership, accusing chief executives, management teams, and governing boards of prioritising personal enrichment over organisational efficiency.
He pointed to bloated budgets, unjustified allowances, and unnecessary expenditures as factors draining public funds while SOEs continue to rely on government bailouts.
“Many SOEs have been used as mere instruments for personal wealth accumulation by appointees. The chief executives, management, and boards of these enterprises are responsible for this situation. Some SOEs have become perennial loss-makers, draining public funds with bloated budgets, unjustified allowances, and unnecessary expenditures while relying on government bailouts as if entitled to them. Many of these entities are at their lowest point in the entire history of the Fourth Republic,” he said.
President Mahama further noted that many SOEs have been plagued by inefficiencies, corruption, and mismanagement, leading to consistent financial losses. He cited the 2023 State Ownership Report by the State Interests and Governance Authority (SIGA), which highlighted systemic inefficiencies and wasteful expenditures within these entities.
He therefore reaffirmed his commitment to reforming under-performing SOEs and ensuring they serve national interests.
He warned that loss-making SOEs will no longer be tolerated and will either be merged, privatised, or closed.
“I will assess you based on your performance. If you do not align with the pace of the reset agenda, you may be asked to step aside. If that adds to the horror movie, so be it,” he added.
Source: Myjoyonline.com
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Prophet Courage Heavens set to launch ‘Predestination’ book on March 23
Prophet Courage A. Heavens is set to launch the much-awaited book titled ‘Predestination’ on Sunday, March 23, 2025 at 5:00PM.
The launch, which is expected to impact lives, will take place at Crossgates Ministries, Flattop, off N1 Highway, opposite Angel Hauz.
The book is aimed at addressing the way people struggle to understand how free will and destiny align.
It is also aimed at providing clarity on God’s sovereignty and one’s place in His divine plan.
The various chapters of the book address various issues through scriptures and personal stories.
Committed to impacting society, part of the proceeds from the book will go into Courage Heavens Education Legacy (CHEL), an educational foundation transforming lives.
CHEL is dedicated to providing financial support and mentorship to brilliant but needy students, ensuring they have access to quality education and opportunities for a better future.
Prophet Courage Heavens is a prolific writer and previously authored Eli Eli Lama Sabachthani, a powerful book that encourages unwavering faith in times of trials.
In addition, he has written seven more prophetic and life-changing books that are yet to be published.
He is dedicated to raising the next generation for impactful ministry. As the leader of Crossgates Ministries, he nurtures believers in faith and purpose.
