APA – Accra (Ghana)
The announcement by the Ministry of Finance on Tuesday that the government has secured GH₵3.9 billion in the reopened domestic debt exchange programme is one of the trending stories in the Ghanaian press on Wednesday.
The Graphic reports that the government has secured GH₵3.9 billion in the reopened domestic debt exchange programme, the Ministry of Finance announced on Tuesday.
This represents a significant achievement for the government, which is seeking to fully implement its COVID-19 programme for economic growth in the face of the prevailing economic situation.
The Finance Ministry in a statement added that no new tenders will be accepted, and no revocations or withdrawals will be permitted.
Meanwhile, the government has set September 29, 2023, as the date for the settlement of the new tranches.
The domestic debt exchange programme is part of the government’s efforts to reduce its debt burden and improve its debt sustainability.
The programme has been met with some resistance from some bondholders, but the government has argued that it is necessary to ensure the long-term health of the economy.
The newspaper says that Ghana is on course to reduce the $11.8 billion average annual bitumen import bill with commercial production of polymer modified bitumen (PMB) in the country.
Petroleum downstream and midstream player,GOIL, set up the bitumen production plant in Tema as a strategic move to venture into new areas and to help the country reduce the foreign exchange it spends to import the product from neighbouring Cote d’Ivoire and Brazil in South America.
With Ghana’s estimated 192,000 tonnes a year demand for bitumen, GOIL believes its 240 tonnes per day bitumen capacity or more than 87,000 tonnes per year, will help to bridge the gap significantly.
The Managing Director and Group Chief Executive Officer (CEO) of GOIL, Kwame Osei Prempeh has told Graphic Online’s Della Russel Ocloo that the production of PMB was a major intervention to significantly lower the cost of road construction in Ghana.
Ghana further hopes to export the product to other markets across West Africa to generate foreign exchange.
The Ghanaian Times reports that Ghana is in the final stages of becoming the first African country to issue Forest Law Enforcement Governance and Trade (FLEGT) licence to cover its timber and wood products traded on the European market.
The feat was achieved during the 11th Joint Monitoring and Review Mechanism meeting held between Ghana and the EU in Brussels from September 20-26, 2023.
This places Ghana as the 2nd country in the world after Indonesia to begin the trade in legally certified wood and wood products with the EU under the FLEGT mechanism.
Ghana’s Timber Legality Assurance System, when it becomes fully operational in 2024, will mark over a decade of institutional and regulatory reforms in the trade in legal timber. It will also be an evidence of the government’s commitment to responsible management of the nation’s forest resources.
In November 2009, Ghana became the first timber-producing country to sign a Voluntary Partnership Agreement (hereinafter referred to as VPA or Agreement) with European Union (EU). The Agreement entered into force on December 1, 2009.
In November 2009, Ghana became the first timber-producing country to sign a Voluntary Partnership Agreement (hereinafter referred to as VPA or Agreement) with European Union (EU). The Agreement entered into force on December 1, 2009.
A FLEGT licence is an export licence issued by a VPA partner country for timber or timber-related products destined for the EU market, which certifies that the timber or timber-related products exported under that licence are legal. Under the FLEGT licence, timber and timber-related products covered by a valid FLEGT licence automatically meet the requirements of the EU Timber Regulation (EUTR) and prohibits the placing onto the EU market illegally harvested timber and timber-related products.
The newspaper says that Alan Kyerematen has pledged to oversee investment in the construction of ‘world-class’ sports facilities in Ghana if elected as President in the 2024 general elections.
The former New Patriotic Party (NPP) Presidential hopeful announced his resignation from the party on Monday, declaring his intention to contest the 2024 polls as an independent candidate.
Speaking on his 15-point Great Transformational Plan (GTP), MrKyerematen outlined his proposal of “investing in world-class new generation sports facilities in selected competitive sporting disciplines.”
He stated that his administration would “encourage the participation of the private sector in the development of sports.
This, he said, would include the establishment of sports academies.
The state of the country’s sporting infrastructure has become a major talking point in recent months, with many criticising the lack of quality standard facilities and the poor maintenance of the ones that already exist.
GIK/APA
Ghanaian press focuses on GH₵3.9bn secured by government in reopened DDEP, others
