News
I have been given over GH₵100K ‘haircut’- Franklin Cudjoe
Founding President & Chief Executive Officer (CEO) at IMANI and African Liberty.org, Franklin Cudjoe has revealed that he has been given a ‘haircut’ as a result of the government’s Debt Exchange Programme.
In financial markets, a haircut refers to a reduction applied to the value of an asset.
This domestic debt exchange is part of a more comprehensive agenda to restore debt and fiscal sustainability.
It involves an exchange for new Government of Ghana bonds with a coupon that steps up to 10% as soon as 2025 and longer average maturity.
Revealing the plight of his investment on facebook, he wrote, “I have been given a haircut of a little over GH₵100,000 cedis in my EDC investment made over the years based on Marked to Market value.
According to Mr.Cudjoe “My Fund Manager adds a note rather painfully, that Investors that choose to remain in the fund until Ghana’s macroeconomic health and bond prices improve are not likely to realize these losses.”
“Folks, based on IMANI’s analysis of government handling of finances from 2010 to 2022, leading to the publication of IMANI’s Fiscal Recklessness Index, this means waiting for at least 8 years for governments not to be so reckless in pretending to manage the economy. And this will be hoping against hope,” he stated.
Mr.Cudjoe cautioned that “until we fix our broken political system that rewards cheap sloganeering with limitless tax and borrowed funds to be splurged at will, we are going nowhere.”
Ghana is facing a very challenging economic situation amid an increasingly difficult global economic environment.
The latest debt sustainability analysis has demonstrated unequivocally that Ghana is faced with a significant financing gap over the coming years and that our public debt is unsustainable.
The Government is currently discussing the contours of a comprehensive international financial assistance package and a debt re-arrangement covering our domestic and external creditors.
The objective is to reduce the excessive burden created by the country’s debt on the economy and reach the debt sustainability targets defined by the IMF staff for the period through 2028 and beyond. In particular, to restore debt sustainability, the government plans to reduce Ghana’s total public debt-to-GDP ratio to 55% in present value terms.
By Edem Mensah-Tsotorme
News
ICU holds Greater Accra regional youth, women confab
The Industrial and Commercial Workers Union (ICU) on Friday held the Greater Accra Regional Youth and Women’s Conference to build a strategic network.
The conference which brought together representatives of the Union was a great opportunity for ICU Ghana to make its voice heard on policies that were crucial to the development of the country.
The platform was also used to elect new officers for the Greater Accra Branch of The ICU Ghana to mark its 12th National Quadrennial Conference in August.
The General Secretary of the ICU Ghana, Mr Morgan Ayawine, called on government to assist the two state-owned media organisation, New Times Corporation (NTC), publishers of The Spectator and The Ghanaian Times newspapers and Graphic Communication Group Limited (GCGL).
“The two state-owned media played major roles in disseminating government policies, educating, entertaining and informing the public of the happenings in the world,” he added.
He said ICU Ghana would also raise issues about the recapitalisation of the two organisations with the sector minister.
Mr Ayawine disclosed that the ADB and NIB banks were also going through the same ordeal but government intervened and urged government to do same for the two state-owned organisations.
He stressed on equal partnership between unions and employers, saying the capital and labour were crucial to create, produce and generate funds.
The General Secretary advised the various branches of the association to suggest solutions on socio-economic issues such as employment for discussions.
The newly-elected members who were sworn in by the General Secretary, Mr Morgan Ayawine includes Belinda Cochrane-chairman, Eric Ekow Turkson-Vice chairman and Moses Kwaku Otoo-Secretary.
Others were Charles Akomea-Financial Secretary, Charles Biden- Executive Member, Diana Asiedu-Women’s Representative and Samuella A. Brago-Youth Representative.
The chairman of the Greater Accra Branch of the ICU Ghana, Belinda Cochrane thanked the leadership for contributing to the success of the union.
She added that the conference was to prepare for the 12th National Quadrennial Conference and also to take stock of the activities of the branch for the past years and discuss issues on the ground.
News
Minister for Health holds emergency stakeholder meeting with principals and directors of Health Training Institutions
In a proactive move to strengthen collaboration within the health sector, the Minister for Health, Kwabena Mintah Akandoh, has convened an emergency meeting with the Conference of Heads of Health Training Institutions (COHHETI) across the country.
The meeting aimed to deepen engagement between the Ministry and key stakeholders responsible for training health professionals.
The session provided a platform for open dialogue on the challenges facing health training institutions, the quality of healthcare education, and the strategic direction of human resource development in the sector.
Addressing the stakeholders, Mr. Akandoh emphasized the importance of fostering strong and cordial relationships between the Ministry and training institutions to ensure a well-coordinated and responsive healthcare system.
He indicated that the purpose of the meeting was also to collaborate, discuss concerns, and find practical solutions that would benefit not only the institutions but also the Ghanaian people who rely on the healthcare system.
The President of COHHETI, Madam Margaret Mary Alacoque welcomed the initiative, describing it as timely and necessary. She raised concerns about transportation challenges, accreditation delays, staffing shortages, and the general conditions and status of service for Health Training Institutions (HTIs). She also shared innovative strategies that some institutions have adopted to improve training outcomes.
In his response, Mr.Akandoh assured participants of the Ministry’s commitment to addressing their concerns and announced plans to enhance coordination and follow-ups.
He added that the Ministry would soon introduce policy reforms aimed at improving standards in health education and ensuring alignment with national health priorities.
These reforms include reducing the cost of admission, implementing automatic code generation for applicants, and clarifying leadership roles within HTIs.
