Ghanaian press spotlights President’s support for democracy in West Africa, others

APA – Accra (Ghana)
President Akufo-Addo’s assertion that instability in some West Africa states could be best dealt with by democratically elected leaders is one of the trending stories in Nigerian newspapers on Wednesday.
The Graphic reports that President Nana Addo Dankwa Akufo-Addo has said instability in some West Africa states could be best dealt with by democratically elected leaders.
“As it were, you cannot deal with security on its own without taking into account quality of governance of those who are prosecuting the battle for security, it is a mistaken view,” he added.
The President also called for closer collaboration between the UN and ECOWAS member states to help restore security and stability in the troubled countries and return them to democratic rule.
President Akufo-Addo was speaking during a meeting with the Special Representative of the UN Secretary-General and Head of UN Office for west Africa and Sahel, Leonardo Santos Simao at the Jubilee House in Accra last Monday.
The President said the preoccupation of most leaders in the region was about how to re-establish democratic rule in countries that had experienced coups in recent times.
“Efforts that are being made in Burkina Faso to confront the terrorists menace have not improved, they have not been able to turn the tide of terrorism in that country.
We need to restore these countries to democratic rule,” he said.
President Akufo-Addo, however, said methods to be used to address those challenges were proving to be difficult and, therefore, urged the UN to expand the mandate of its Multidimensional Integrate Stabilisation Mission that was in Mali (MINUSMA) to make it more robust and forceful.
The newspaper says that the Bank of Ghana (BoG) has attributed its recent loss of GH¢60 billion to the government’s Domestic Debt Exchange Programme (DDEP) and COCOBOD loans, according to the institution’s audited financial statement for 2022.
This loss is in stark contrast to the previous year, where the bank achieved a profit of GH¢1.23 billion in 2021.
Dr. Philip Abradu-Otoo, the Director of Research at the central bank, explained in an interview with Citi FM said the losses were mainly caused by shocks from the government’s domestic debt restructuring activities and the depreciation of the local currency, among other factors.
He emphasized that this is the first time in the bank’s history that such a significant loss has been incurred.
“The reason for the loss is primarily due to the Domestic Debt Exchange Programme. Just like banks suffered losses on their holdings of government instruments, the BoG also suffered a loss on its holdings of government instruments—both marketable and non-marketable,” Dr. Abradu-Otoo stated.
He further added that the impact of the DDEP resulted in a loss of GH¢48.1 billion, and some loans to COCOBOD were impaired as a consequence of the restructuring program, leading to the negative swing in their balanced sheet.
“The impact of the DDEP on these two items, we incurred a loss of GH¢48.1 billion, we also had some loans to COCOBOD which were impaired as a result of the DDEP. DDEP impact that has swung our balanced sheet into negative territories”.
Despite the challenging situation, Dr. Abradu-Otoo expressed optimism that the government would provide capitalization to facilitate the central bank’s recovery from the losses. He reassured Ghanaians, especially financial institutions, that their funds deposited with the BoG are safe, emphasizing that the loss was not a result of bad decisions or reckless policies, but a direct impact of the DDEP.
The Ghanaian Times reports that the government has begun the process to exchange approximately GH¢31 billion worth of pension funds for new ones.
The pension funds relates to domestic notes and bonds of the central government, E.S.L.A Plc and Daakye Trust.
A statement issued by the Public Relations Unit of the Ministry of Finance in Accra on Monday, said the government was offering alternative for pension funds holding the domestic notes and bonds of the central government, E.S.L.A and Plc and Daakye Trust.
“The invitation is intended to enable the Pension Funds to preserve their patrimonial value while exchanging their eligible bonds for those that offer more potential liquidity,” the statement said.
It explained that the invitation was available only to registered holders of eligible bonds that were Pension Funds.
“Eligible Holders tendering their Eligible Bonds pursuant to the invitation will receive exchange bonds of the government on the terms and subject to the conditions described in the exchange memorandum. All offers to exchange eligible bonds made by eligible holders (an “Offer”, or “Exchange Instruction” are irrevocable subject to withdrawal rights under certain limited circumstances,” said the statement.
It added that “By tendering their Eligible Bonds, Eligible Holders represent and warrant that such Eligible Bonds constitute all the eligible bonds owned by them and consent to the blocking by the Central Securities Depository (CSD) of any attempt to transfer them prior to the Settlement Date (as defined below) or the termination of the Invitation to the Republic.”
It said “Offers may only be submitted starting today (the “Launch Date”) and ending at 4.00 p.m (Greenwich Mean Times) on August 18, 2023 (the “Expiration Date”). However, the Government may extend the Expiration Date (including for the one or more series of Eligible Bonds.)”
The newspaper says that President Nana Addo Dankwa Akufo-Addo has launched the revised National Affordable Housing Programme at Pokuase-Afiaman in the Ga West Municipality of the Greater Accra Region.
Dubbed: “My home, my peace” the new housing programme seeks to construct about 14,000 subsidised housing units for prospective buyers.
The programme which is being undertaken by government in collaboration with the private sector will comprise 8000 units at Pokuase-Afiaman and 6000 units at Dedesua in the Ashanti Region.
As part of the collaboration, government is to provide the land and on-site infrastructure, while the private sector is expected to complement this by raising the needed funds for the building of apartments on a cost recovery basis.
In all five private companies made up of Rehoboth Properties Limited, Frankpauls Ventures Company Limited, State Housing Company Limited, Devtraco Group Limited and Addoha Group have signed on to the programme and are expected to complete the first 8000 units to be constructed on the 203 acre land at Afiaman-Pokuase within the next 14 months.
Launching the programme at Pokuase-Afiaman yesterday, President Akufo-Addo said the project was a further testament of his government’s unwavering commitment to address the pressing housing needs of hard working Ghanaians.
He said the housing project embodied the dedication of government to prioritise housing as a fundamental need of the people, stressing that “Together we are breaking down barriers and creating pathways for our citizens regardless of our circumstances to access homes.”
President Akufo-Addo said it was significant to note that the initiative marked a positive collaboration between government and the private sector, as it adopts different approach from previous government housing projects where government had funded both essential infrastructure and the housing units.
GIK/APA