The statement by the government that Ghana’s economic fundamentals are strong, and that measures are in place to achieve revenue targets for this year is one of the leading stories in the Ghanaian press on Tuesday.
The Graphic reports that the government has said the country’s economic fundamentals are strong, and that measures are in place to achieve revenue targets for this year.
In a statement, the Ministry of Finance said the strength of the economy was hinged on growth in the third quarter of last year, the Ghana Revenue Authority (GRA) exceeding its revenue mobilisation target for the year and the country’s strong reserves position.
The GRA, which is mostly in charge of domestic revenue mobilisation, exceeded its target by GH¢265.39 million or 0.5 per cent.
Reacting to some media reports purporting that the economy is in distress, the Ministry of Finance said there were some serious factual errors in the publications, which might give investors some cause for concern if not corrected.
“For example, Bloomberg stated 81.5 per cent as end-of-year debt-to-Gross Domestic Product (GDP) ratio. This is incorrect. Our provisional nominal debt-to- GDP, as of the end of November 2021 was 78.4 per cent, which is the latest data available.
“December revenue collections are seasonally the largest for any year and it is unlikely that our financing requirements in December will result in us exceeding 80 per cent debt-to-GDP by December 2021,” it said.
There were also wrong historical debt-to-GDP figures.
The ministry said Ghana’s debt-to-GDP figures a decade ago were 39.67 and 47.80 per cent for 2011 and 2012, respectively, and not 31.4 per cent, as stated in the publication.
The newspaper says that Tullow Ghana Limited has signed a $23.5-million agreement with the Ghana Navy for the latter to use its newly acquired naval vessels to provide security services at the TEN and the Jubilee oil fields.
The five-year agreement is to ensure the protection of the country’s territorial waters and the TEN and the Jubilee fields.
The agreement, which commenced on January 1, 2022, will run until December 31, 2026.
The Deputy Managing Director of Tullow, Mrs Cynthia Lumor, led her team to the Navy Headquarters at the Burma Camp in Accra yesterday to sign the agreement with the Chief of Naval Staff, Admiral Issah Yakubu.
Mrs Lumor said the TEN and the Jubilee partners were committed to supporting the retooling of the Ghana Navy to carry out its duties.
“We believe that retooling the Ghana Navy is mutually beneficial to the country and us,” she added, saying the partnership with the Navy would ensure the protection of the country’s territorial waters.
“We believe that this partnership will further strengthen the relationship between Tullow and the Ghana Navy,” she said.
Admiral Yakubu, for his part, commended Tullow and its partners for the collaboration to provide security for the TEN and the Jubilee oil fields.
“Tullow Ghana and the Jubilee partners have demonstrated commitment to sustainable production by this collaboration,” he said.
He gave an assurance that the Ghana Navy would fulfill its contractual obligations under the five-year agreement to ensure a secure maritime space for the safe operation of the TEN and the Jubilee fields.
The Graphic also reports that the Civil and Local Government Staff Association of Ghana (CLOGSAG) has directed its members to proceed on an indefinite nationwide strike beginning January 20, 2022.
The strike action is to back demands by the association for better conditions of service
A letter issued by the Executive Secretary of CLOGSAG, Isaac Bampoe Addo on Monday, January 17, addressed to its members, said the decision to embark on the strike had been taken by the National Executive Council of the association and that due notice has been served on all relevant stakeholders since December 22, 2021.
According to the association, there has been undue delay in finalising negotiations on the conditions of service of its members which it finds worrying and unacceptable. It is no longer able to bear the pressure, hence the declaration of a strike.
“By this letter, all CLOGSAG members in the Mininstries, Departments, and Agencies as well as the Metropolitan, Municipal and District Assemblies are informed to stay at home from Thursday 20th, January 2022until further notice.
“In similar vein, by this letter all Chief Directors, Heads of Department, Regional Coordinating Directors, Metropolitan, Municipal and District Coordinating Directors are duly informed,” the letter said.
CLOGSAG is a registered trade union and the mouthpiece of workers in the Civil and Local Government Services and seeks to provide representation for government workers on matters affecting the Service.
The association in December 2021, served notice it may embark on a strike if its demands for a relook of the salary structure of its members were not addressed.
The Ghanaian Times says that Ghana’s Black Stars will aim to stage a cut-and-run performance tonight when they lock horns with Comoros in a final AFCON Group C tie at the Stade Omnisport Roumdé Adjia, Garoua.
Appeared to be suffering death by a thousand cuts, the Stars must beat the Islanders at all cost to put themselves in peak position for a strong third-place finish, and a round of 16 berth.
Anything short of victory would be enough to bundle the Ghanaians out of a challenging Cameroon 2021 campaign that have seen them stumble 0-1 to Morocco in the opening game before conceding late in a disconcerting 1-1 tie with Gabon.
That 88th minute redeemer to Captain Andre Dede Ayew’s spectacular first half strike, practically catapulted Gabon’s Panthers to the final-16 stage, having earlier licked Comoros 1-0.
Last time the Stars exited at the group stage was during the Burkina Faso ’98 tournament – culminating in the stunning resignation of the team’s ‘maestro’ – Abode Ayew Pele.
It was also the last time the celebrated Abedi Pele featured competitively for the Stars.
Twenty-four years later, a similar ordeal confronts Ghana unless they can turn on the style tonight, and break the back of the beast – no matter what it takes.
“We are going to do everything possible to win and go through,” Skipper Ayew told the media yesterday.
GIK/APA