The report that an international ratings agency, Fitch, has downgraded the Ghana’s long-term default rating to B negative over concerns that the economy faced increased risks in servicing its debts in the medium to long-term is one of the leading stories in the Ghanaian press on Monday.
The Graphic reports that an international ratings agency, Fitch, has downgraded the country’s long-term default rating to B negative over concerns that the economy faced increased risks in servicing its debts in the medium to long-term.
The agency cut the country’s long-term foreign-currency issuer default rating (IDR) to ‘B’ negative from ‘B’ with negative outlook last week.
It blamed the development on the country’s loss of access to international capital markets in the second half of last year, which meant that it would be unable to borrow from the International financial market this year.
“Ghana’s effective loss of market access to international bond markets increases risks to its ability to meet medium-term financing needs,” it said.
Fitch, however, said in a statement issued on January 14 that the country would be able to meet its external debt service without relying on new borrowings in the international capital market.
The newspaper says that the Ministry of Lands and Natural Resources has declared war on illegal logging and chainsaw operations in forest reserves across the country.
Consequently, a team of security persons, forest guards and rangers are to be deployed to forest reserves to flush out illegal operators.
The Deputy Minister of Lands and Natural Resources in charge of Lands and Forestry, Mr Benito Owusu-Bio, said those who would be arrested would be made to face the law squarely.
“We are going to implement strategies, including storming all places where these illegal loggers and chainsaw operators hide. We will burn all equipment if we have to, just to ensure that we halt their operations,” he added.
Mr Owusu-Bio made the declaration when he led a fact-finding team from the ministry and the Forestry Commission to ascertain the veracity of a surge in illegal logging in a forest reserve in Sefwi Wiawso in the Western North Region last Friday.
The forest reserve covers 8,442 hectares, with a total perimeter of 49.5 kilometres.
The team visited Tanoso Shen, Asante Nkae and Kokooso, where it was observed that the extent of destruction caused by the illegal operators was massive.
Hundreds of trees in the reserve had been cut down, with some illegal mining activities still going on.
The Grapgic also reports that 163 teenage mothers, who got pregnant when schools were closed as a result of the outbreak of the COVID-19 pandemic in the Bono Region, have returned to continue their senior high school education.
In addition, 308 pregnant mothers have been encouraged to stay in school with their pregnancies.
The Bono Regional Director of Education, Mrs Ivy Asantewa Owusu, who disclosed this, explained further that 800 pupils at basic level who dropped out of school during the COVID-19 break had also returned to school.
She was briefing the Bono Regional Coordinating Council (RCC) during the first meeting of the council after the nomination and confirmation of the municipal and district chief executives in Sunyani.
Mrs Owusu said after the COVID-19 break, the directorate realised that some pupils and students had dropped out.
She explained that while some of the girls were pregnant, some of the boys were engaged in illegal mining (galamsey), driving of tricycles popularly known as pragya and other vocations.
Mrs Owusu said a programme dubbed: “Back to School” was launched during which religious and opinion leaders used radio stations to encourage the dropouts to return to school no matter their situation.
According to her, “Back to School” workshops were organised for the various district officers and other stakeholders to encourage the dropouts to get back to school.
The Ghanaian Times says that the Chief Executive Officer of PAPSS, Michael Ogbalu, has stated that the launch of the Pan-African Payment and Settlement System (PAPSS), will help boost the various currencies in Africa.
That, he said, would facilitate the move towards the adoption of a common currency in Africa.
For example, there have been attempts by the Economic Community of West Africa States to adopt a common currency called Eco.
One of the convergence criteria is a stable and strong currency.
Mr Ogbalu said this in Accra on Thursday during the commercial launch of PAPSS, in response to a question whether the idea of a single currency in Africa had been abrogated with the launch of PAPSS.
PAPSS is aimed at facilitating trade and payments in the sub-region and is expected to save Africa $5 billion annually in payment cost.
An initiative of the Afreximbank, Africa Union and AfCFTA, PAPSS, is meant to connect payment and accelerate Africa’s trade.
GIK/APA