The report that Ghana’s ports recorded between 15 and 17 percent drop in cargo between January and September 2022 is one of the trending stories in the Ghanaian press on Wednesday.
The Graphic reports that Ghana’s ports recorded between 15 and 17 percent drop in cargo between January and September 2022, Mr. Michael Luguje, the Director General of the Ghana Ports and Harbours Authority (GPHA) has said.
Mr. Luguje said, “GPHA is hoping and believing for a better traffic flow to Ghana’s ports in 2023.”
He disclosed this during interaction with a section of journalists from Tema during a Press Soiree organized by GPHA to express its appreciation to the media for the year.
Mrs Sandra Opoku, Director of Tema Port, said while the numbers for transit cargo were still hitting the upper ceiling during the period, all the others experienced a dip.
Mrs Opoku said GPHA expects 2023 to come along with good fortune now that the cedi was stabilizing as many of the importers were adopting the wait and see attitude, leading to the drop in the volumes.
She stated that one of the things GPHA found in their operations was that Ghana had a very low export drive, even though the Ghana Export Promotion Authority was doing very well to reverse the trend.
Mr. Samuel Ntow Kumi, General Manager, Corporate Planning, GPHA, on his part, said the Port Authority invested heavily in infrastructure and its running operations, which needed to be recovered through tariffs.
Mr Kumi explained that the port was being run without any budgetary support from the government, adding that it, therefore, developed the Tema and Takoradi Ports with commercial debts and collaborations with the private sector.
He said before tariffs were set, a rigorous process was adopted which included stakeholder engagement with freight forwarders, and regulatory agencies, among others.
He said GPHA was the sole establishment that invested in the Ports while its tariffs were less than 12 percent of all charges on cargoes.
The newspaper says that the amended GH¢137.3 billion domestic bond exchange programme now include individuals, as part of efforts by the government to restructure debts.
This is to help secure an approval from the management and executive board of the International Monetary Fund (IMF) for a US$3 billion loan-support programme, to address Ghana’s current economic crisis.
When the exchange programme was launched earlier in December 2022, individuals were not included, but after the government agreed to demands from organised labour to exclude pension funds, the government amended the programme to include individual investments.
A press statement dated December 24, 2022, issued by the Ministry of Finance noted that in addition to foregoing extensions the government was “expanding the type of investors that can participate in the Exchange to now include Individual Investors.”
Other modifications to the debt exchange programme included the setting of a non-binding target minimum level of overall participation of 80 per cent of aggregate principal amount outstanding of eligible bonds.
The Ministry also said: “Offering accrued and unpaid interest on Eligible Bonds, and a cash tender fee payment to holders of Eligible Bonds maturing in 2023.”
There would also be eight new instruments to the composition of the new bonds, for a total of 12 new bonds, one maturing each year starting January 2027 and ending January 2038.
However, the Ministry said the modifications would be set forth fully in an Amended and Restated Exchange Memorandum, expected to be published in the week of December 26, 2022.
“Conforming changes (including adding and modifying defined terms) in respect of the above amendments and modifications to cure ambiguity, omission, defect, error or inconsistency may be included in the Amended and Restated Exchange Memorandum,” the Ministry added.
The government has further extended the deadline for the voluntary participation in the debt exchange programme to January 16, 2023 from the previous December 30, 2022.
The Ghanaian Times reports that the Minister of Foreign Affairs and Regional Integration, Shirley Ayorkor Botchwey says the government is expediting the process of developing the Diaspora Engagement Policy to harness the human and material resources of the diaspora for socio-economic transformation.
The Policy, when adopted, she said, would provide for the leveraging of investment benefits and privileges through strategies that promoted foreign direct investment to the country from the diaspora.
Ms Botchwey said this in a speech read on her behalf by her deputy, Kwaku Ampratwum-Sarpong at this year’s International Migrations Day (IMD) celebration in Accra on Friday December 16, 2022.
The event was organised by the International Organisation for Migration (IOM) Ghana in collaboration with the United Nations (UN) Network on Migration and the Diaspora Affairs, Office of the President on the theme “ Migration for the Benefit of All.”
IMD is commemorated on the 18th of December every year to highlight the contributions and challenges of the over 280 million international migrants who make up approximately 3.6 per cent of the global population.
Ms Botchwey said the Ministry had been working in collaboration with the Diaspora Affairs Office, Office of the President and the IOM to finalise arrangements to submit the policy to cabinet, adding that “and we look forward to the light of the policy in the coming months.”
Fataou Diallo Ndiaye, Chief of Mission, IOM Ghana indicated that aside from their well-known role as remittance senders, diasporans could promote trade and foreign direct investment, establish businesses, encourage entrepreneurship, and transfer new knowledge and skills.
She said it was for that reason the celebration was focused on highlighting the contribution of the diaspora to sustainable development.
Ms Ndiaye said the government’s focus on the diaspora deeply aligned with the interest of IOM Ghana in supporting the Ghanaian diaspora.
She said it was for that reason IOM recently provided technical support for the elaboration of the draft Diaspora Engagement Policy, worked with the government to facilitate the assignment of over 259 diaspora experts in the areas of health, education, food security and ICT through its Connecting the Diaspora for Development project.
She used the opportunity to reiterate IOM and the UN Network on Migration’s commitment to continually support the government to harness the development potential inherent in migration and to fulfil its commitments as enshrined in the Sustainable Development Goals and the 2030 agenda.
Anna Lixi, Head of Governance Sector, EU Delegation to Ghana said the EU firmly believed in strong partnership to manage migration in a safe orderly and regular manner.
She said it was for that reason the EU had been providing technical support for the development of the draft of the Diaspora Engagement Policy, and was also committed to efforts around the facilitation of investment by diaspora through the boosting of green employment and enterprise opportunities in the country.
GIK/APA