Ghana: Press spotlights visit of Kenya’s President in Ghana for official visit, others

The report that Kenya’s President William Ruto is expected in Ghana for three-day state visit is one of the leading stories in the Ghanaian press on Tuesday.
The Graphic reports that Kenyan President William Ruto is expected to arrive in Ghana on Tuesday (April 2, 2024) for a three-day state visit.
During the visit, Kenya and Ghana are set to sign bilateral agreements covering areas of mutual interest, including trade and investment, education and research, public service, and capacity building.
Kenya’s Prime Cabinet Secretary and Cabinet Secretary for Foreign and Diaspora Affairs, Musalia Mudavadi, arrived in Accra on Monday evening ahead of President Ruto’s visit. He was welcomed at Kotoka International Airport by Kenya’s High Commissioner to Ghana, Ambassador Eliphas Barine.
Last March, Ghana announced plans to strengthen business relations with Kenya by leveraging the African Continental Free Trade Area (AfCFTA) through the establishment of an Export Trade House (ETH).
In September 2022, Kenya shipped its first consignment of locally made batteries to Ghana, following its selection among seven countries to pilot the continental free trade area, aimed at facilitating the movement of goods and services across Africa.
According to the United Nations COMTRADE database on international trade, Kenya’s exports to Ghana in 2021 were valued at $10.3 million. Key products exported from Ghana to Kenya during the same period included cocoa powder, rubber, and other live plants, cuttings, and slips, as well as mushroom spawn.
The newspaper says that the government expects the third tranche of US$360 million from its programme with the International Monetary Fund to hit the accounts of the Bank of Ghana by June this year, Minister of Finance, Dr Mohammed Amin Adam, has indicated.
With the IMF mission commencing its second review of Ghana’s programme today (April 2), the minister said he was confident the country would scale through the assessment to enable the Board of the fund to sit by June to approve the release of the funds.
“Approval of the second review by the board of the fund possibly by June 2024 will trigger the release of the third tranche of $360 million dollars, bringing the total disbursement so far under the programme to US$1.56 billion,” he said at the maiden Monthly Economic Update series instituted by the Ministry of Finance.
The approval of Ghana’s programme by the board in May 2023 saw the immediate release of the first tranche of US$600, with the approval of the first review, leading to the release of another US$600 million.
The remaining US$1.8 billion is expected to be disbursed in five tranches after each semi-annual review, with each review leading to the disbursement of US$360 million.
Dr Amin Adam said the second review would be the first of the two semi-annual reviews in 2024, with the third review scheduled for November.
“And anytime we are successful with the review, we will see disbursement. This will not only add to building our reserves but also strengthen our currency and also provide support for budget implementation,” he stated.
A team from the International Monetary Fund (IMF) will be in town from today (April 2) to April 12 to conduct a second review of Ghana’s three-year, $3 billion programme with the fund.
The Graphic also reports that the cost of imported goods will remain high as long as the local currency keeps depreciating. According to businesses, as forex rates continue their upward trajectory, businesses find themselves navigating increasingly harsh economic challenges.
While the maintenance of the policy rate offers a glimmer of stability in borrowing costs, concerns persist over the broader implications of currency volatility on inflation and monetary policy effectiveness.
Acknowledging the importance of policy rate consistency, businesses have stressed the urgent need for concerted efforts to stabilise the local currency.
In an interview with Graphic Business, the President of the Pharmaceutical Importers and Wholesalers Association (PIWA), Dr William Adum Addo, said the Bank of Ghana’s decision to maintain its monetary policy rate has left businesses disillusioned as high cost of borrowing persists amidst relentless currency depreciation.
“Despite hopes for relief, the Ghana cedi’s ongoing decline continues to burden businesses, worsening the already steep cost of operations in the country.
As businesses we cannot continue to shield ourselves from the impact of currency depreciation, we are left with no choice but to shift the burden onto consumers,” he said.
The President of the Ghana Union of Traders’ Association (GUTA), Joseph Obeng, said “other indicators such as forex rates are going up and that is a difficult situation for businesses but the fact that the policy rate has been maintained will help with some stability with regards to the cost of borrowing which will also auger well for us.”
“However, our major issue here is the stabilisation of the local currency which needs a maximum attention in order not to throw away the gains we have made in the last couple of months.
If we don’t do anything about the high rate of the forex, it will trigger the inflation again and that will affect the monetary policy rate,” he added.
The Ghanaian Times says that the Black Stars Head, Coach Otto Addo, has indicated that it will take a lot of work to get the Black Stars back to the top.
Speaking after Ghana drew 2-2 with Uganda in an international friendly game in Morocco, he admitted the team was not playing well even at the time he took over, but believes they are good enough to reach the level Ghanaians ex¬pect to see them.
Ghana got goals from Jerome Opoku and Jordan Ayew but missed out on holding on to the lead twice with Kotoko’s Mukwala scoring in the game.
Coming after a 2-1 defeat against Nigeria in a similar friendly a few days earlier, Addo stated that the turnaround was going to take time.
“Finishing must be better under pressure. It’s a lot of work, it’s a lot of work, but I have to say this is what I expected because…we were not good even before I came so it’s a process.”
The Black Stars coach was also not happy with his charges level of discipline after completing the two international friendly games against Nigeria and Uganda.
Against Nigeria, defender Jerome Opoku was sent off in the 56th minute for an apparent dissent towards the referee.
In the draw against Uganda, Ghana defenders, Mohammed Salisu and Alidu Seidu, were dismissed from the game in the 89th and 93rd minute respectively.
According to Otto Addo, that was far from pleased over the dismissals, stating that “I think the discipline off the pitch was very good in this camp but the disci¬pline on the pitch, to play good, play hard but intelligent and not getting silly yellow and red cards.”
GIK/APA