Hot!
Inequality Breeds Poverty And Threatens Peace – Pres Akufo-Addo
The President of the Republic, Nana Addo Dankwa Akufo-Addo, has urged global leaders help ensure that the progress of the West does not occur at the perpetual expense of Africa and other poor parts of the world.
Speaking at the sixth edition of the Paris Peace Forum on Friday, 10th November, 2023, in France, President Akufo-Addo, in pointing out the unjust situation asked, to a resounding applause, if it necessary for prosperity in Europe, and in the West, including parts of Asia, to be predicated on poverty in the rest of the world; in Africa and other parts.
He solicited the minds of the gathering to consider the necessity of living side by side, where “we can contemplate a world whereby all of us can live together on this planet in relative comfort, and that some people will not live in super comfort and other people in super poverty,” and said “that challenge to the thinking and the mindset of people, is something that in our generation we have to address.”
Continuing, he said “is it possible for us to create a world where all of us live together on this planet in relative ease? The resources of the world are there, never has there been a time where there has been greater abundance of technology, of wealth; development that we are seeing in many parts of the world, do they have to be restricted to those parts of the world or they can be made in a universal and a global phenomenon?
President Akufo-Addo implied that, with the pursuit of peace primarily premised on shaping age-old imbalances across the world, “these are some of the matters that we are going to have to look at, because if we are going to solve these multifaceted problems, and put ourselves in a position to hand over to the next generation and succeeding generations, a more constructive and better world, we have to deal with these questions.”
He noted further that the multiplicity of the issues confronting the world also requires a multiplicity of responses, stressing that at the heart of all of these responses is a very simple, ancient issue, money.
“It doesn’t change, from century to century, generation to generation, access to capital and to money, and I think that a lot of our energies we are looking at, is how we can frame a new arrangement where the multilateral institutions like the Bank, like the Fund, can play in the process of mobilising the greater resources that the world needs for its development,” he said.
The President has been discussing a wide range on issues including climate action where he defended the constrained position of Africa after being told that some of Africa’s most important resources can no longer be deployed for her development.
He said, “if, indeed, we are being told that these resources that have helped develop other parts of the world are no longer going to be available for our development, how then do we make the transition to the new source of power and development? That our oil, our gas resources which are there in abundance, can no longer be deployed because of its impact on climate change, is a critical issue we have to look at.”
Making a case for innovative, eco-friendly deployment of these resources in a concerted approach to the climate question, President Akufo-Addo indicated that, in respect of whatever reasons are being advanced for this move, the resources for African states, “are not just there, so we have to address the issue of financing the resources for the climate transition in our parts of the world. And even if it is going to be a just and equitable transition, some position has to be found for the manner in which we can then maximumly utilize the resources that we do have.”
Hot!
GEXIM deepens relations with US EXIM Bank
A management team of the Ghana Export – Import Bank (GEXIM) led by the Acting Chief Executive, Sylvester Mensah met with the leadership of the Export–Import Bank of the United States (US EXIM) on Wednesday April 23, 2025 in Washington DC, United States of America.
The Acting President and Chairman of US EXIM, Mr. James C. Cruse and Vice President, International Relations, Ms. Isabel Galdiz received the GEXIM delegation, which included Deputy CEO for Banking, Mr. Moses Klu Mensah and Head of International Cooperation, Mr. Jonathan Christopher Koney at the headquarters of US EXIM.
The meeting offered the GEXIM team the opportunity to share the strategic direction of the Bank in line with the resetting agenda of the President of the Republic, His Excellency John Dramani Mahama for the repositioning of the Ghanaian economy into an export-led one by providing the requisite investment to Ghanaian businesses.
Mr. James C. Cruse expressed US EXIM’s eagerness to deepen its existing relations with GEXIM and proposed the signing of a new Cooperative Framework Agreement following the expiration of a Memorandum of Understanding signed in 2019 to utilize US EXIM’s medium term loan guarantees to procure machinery by GEXIM for qualified Ghanaian Small and Medium-sized Enterprises (SMEs).
Mr.Sylvester Mensah thanked the Acting President and Chairman of US EXIM for hosting the GEXIM delegation and reaffirmed the Ghanaian government’s commitment to strengthening trade and investment between Ghana and its global partners for economic transformation of Ghana with GEXIM playing a pivotal role.
The two teams will be meeting on the sidelines of the 2025 US EXIM Annual Conference on 29th and April 30, 2025 to explore possible areas of collaboration and matching Ghanaian businesses to American companies. The meeting ended with an exchange of gifts.
Hot!
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
