The planned resumption of negotiations by the government and the International Monetary Fund (IMF) this week on the country’s request for support to stabilise the currency and reinvigorate the economy dominates the headlines of Ghanaian press on Monday.
The Graphic reports that the government and the International Monetary Fund (IMF) will resume negotiations this week on the country’s request for support to stabilise the currency and reinvigorate the economy.
A team from the fund is due in the country from December 1–13 to flesh out the policies and programmes of an economic support of up to $3 billion to correct fiscal and balance of payment imbalances for inflation and currency depreciations to stabilise.
The team is to be led by the IMF Mission Chief to Ghana, Stéphane Roudet, according to a statement issued last Wednesday.
The fund said in a statement that the team would continue discussions with the government on the country’s post-COVID programme for economic growth and associated policies and reforms that could be supported by a new IMF lending arrangement.
“Our objective for this visit is to make further progress toward reaching agreement on policies and reforms that could be supported by an IMF lending arrangement.”
“The IMF remains fully committed to help Ghana restore macroeconomic stability, bring relief to Ghanaians in this time of crisis, and lay the foundation for more inclusive growth,” he added.
Ghana requested a fund-assisted programme in July after the cedi came under intense pressure and prices of goods and services soared to record highs.
Inflation hit a 21-year high of 40.4 per cent and the cedi lost more that 53 per cent of its value to the US dollar in October this year.
A debt restructuring exercise is underway to bring the debt to sustainable levels to allow for the fund-assisted programme.
The newspaper says that the Industrial and Commercial Workers (ICU) has described the government’s collaboration with Graphic Communication Group Limited (GCGL) to produce printing papers locally to feed the local market as quite laudable.
It has, therefore, commended the initiative.
“It would not only benefit the nation in foreign exchange appropriation for import of printing papers but also create employment for the youth and maximise GCGL’s profitability.
“While supporting the laudable initiative, we hope government would walk the talk to enable the paper and print media count their blessings once again and continue to contribute their quota to the socio- economic advancement of our country,” the ICU said in a reaction to the 2023 Budget Statement.
The bane of the country, it said although was the high rate of unemployment that required deliberate policy and total commitment to address same, the government had opted to walk the path of a freeze in employment, a move which was most unfortunate.
It said it was trite knowledge that the resultant unemployment arising out of this policy would have a negative ripple effect on the Ghanaian economy.
“It is, therefore, needless to emphasise that the government should not have even considered it, as it is a recipe to derail the fight against unemployment which has risen to an all-time high level.
“The ramifications of unemployment on the National economy are wide and varied, and are potent invitation of social vices, especially among the youth, in the society,” it emphasised.
The ICU noted that the freeze on employment could never have any positive effect on the national economy and that it would rather exacerbate the already precarious economic situation in the country.
It said the union found it strange that such a proposition should find space in the 2023 budget.
The Ghanaian Times reports that the government will continue to create an enabling environment for the mining industry to thrive, particularly for green projects and initiatives, according to the Lands and Natural Resources Minister, Samuel Abu Jinapor.
He said climate change and sustainability had become the most pressing environmental issues in recent times and government would support initiatives the preserve the environment.
Mr Jinapor gave the assurance in a speech read on his behalf by his Deputy, Mireku Duker, during the 8th Ghana Mining Industry Awards.
Organised by the Ghana Chamber of Mines (GCM), it was on the theme “Advancing a Legacy of Sustainable and Responsible Mining through Innovation and Partnerships.”
The award is meant to recognise excellence and innovation in the mining industry.
Mr Jinapor entreated mining companies to uphold standards that were critical for the sustainability of the sector and urged the GCM to play a lead role in the fight against illegal mining to protect the image of the mining industry.
“It is important to develop and put in the right governance structures within the industry to promote knowledge sharing and re-use of environmental data while focusing on promoting environmental education and building awareness on environmental sustainability in our host communities and the country at large,” he said.
Mr Jinapor commended the GCM for introducing the Mining Awards to promote, recognise and celebrate outstanding achievements and excellence in the mining industry and also introducing the Best Green Mine, the Best in Diversity and Inclusion and the Best Mine in Innovation categories in this year’s awards.
He pledged that the government would incorporate the recommendations and the suggestions the Chamber had made in its programmes.
The President of GCM, Mr Joshua Mortoti, said the mining sector had consistently played a vital role in the sustenance of the Ghanaian economy, saying the sector contributed greatly to the country’s foreign exchange earnings.
He said the sector was supporting the Bank of Ghana Gold Exchange Programme and the Forex Sales programme were some of the initiatives to support the government to support the government to overcome the challenges the economy was going through.
The newspaper says that players of the Black Stars have apologised to the nation for their failure to go past the opening round of the Qatar 2022 FIFA World Cup tournament in Qatar.
The Stars were beaten 2-0 by old foes Uruguay in the final game of Group H at the Al Janoub Sports Stadium in Al Wakra on Friday.
According to a GFA source, the players felt hugely let-down and distraught by their inability to progress to the next stage, to the extent that most of them skipped their supper.
Communications Director of the Ghana Football Association (GFA), Henry Asante Tsum, who confirmed this to the Times Sports yesterday said the loss to Uruguay was not only shocking, but heart-rending, in view of the preparations that went into the nervy encounter.
“The boys were fully loaded for bear, wanting to put up a compel¬ling performance to progress and pay the Uruguayans back in their own coin; but things did not go as envisaged. It is one of those things in football.
“Aside from Skipper Andre Ayew and his brother Jordan, all of the players are having their first World Cup experience and I guess it told on them.”
However, the FA Communication Director was optimistic the team would come good in future tournaments.
“I believe all-too strongly that they’re a team for the future. We have a rich reservoir of talent in the squad and given the requisite guidance and support, they would be a force to reckon with,” he asserted.
Ghana rolled off their account in Qatar losing 2-3 to Portugal, but recovered formidably to beat South Korea 3-2 in the second game of the group – setting up a heart-thumping date with a Luis Suarez-led Uruguay side.
The Uruguay match was the talk of Doha, in view of the scorching rivalry between the two teams – occasioned by Suarez’s handball incident at the 2010 World Cup in South Africa – where he punched out a last-gasp goal-bound ball from the net.
Suarez’s ‘callous’ act denied Ghana, Africa’s first semi-final berth in the history of the Mundial.
GIK/APA