President Akufo-Addo’s pledge to steer the economy back on the path of growth and the report of the contribution of $476 million by the agricultural sector of the economy to total non-traditional export (NTE) earnings last year are some of the leading stories in the Ghanaian press on Monday.
The Graphic reports that President Nana Addo Dankwa Akufo-Addo has reiterated his determination to steer the economy back on the path of growth.
He has, however, called on the clergy to pray with him in this challenging period to enable him to execute that mandate.
The President, who stood in front of the Moderator of the Presbyterian Church of Ghana (PCG), Rt Rev. Professor Obiri Yeboah Mante, for special prayers, asked the clergy, as well as all Ghanaians, to pray for him, so that God would give him wisdom, strength, courage and compassion to enable him to execute his duties as a good leader.
He made the appeal when he addressed the 22nd General Assembly of the PCG in Abetifi in the Kwahu East District in the Eastern Region last Saturday.
The event, on the theme: “Christ in You: The Hope of Glory”, was attended by reverend ministers and commissioners from the various presbyteries, both in the country and the Diaspora.
It was to take stock of activities of the church since 2019 and discuss the way forward.
The President was accompanied by the Minister of Local Government, Decentralisation and Rural Development, Dan Kwaku Botwe; the Eastern Regional Minister, Seth Kwame Acheampong, and some municipal and district chief executives (MDCEs) in the region.
President Akufo-Addo said since 2020, the country had been experiencing a difficult economic situation, mainly as a result of the impact of the COVID-19 pandemic and recently the effect of the Russia-Ukraine war.
He said the hardship was due to the rise in the prices of fuel, foodstuffs and freight charges which had led to increased inflation.
“I’m fully aware that these are very difficult times for us Ghanaians,” he admitted.
The newspaper says that the agricultural sector of the economy contributed $476 million to total non-traditional export (NTE) earnings last year.
This represents 14.29 per cent of the NTE earnings in the year under review, statistics released by the Ghana Export Promotion Authority (GEPA) has revealed.
The amount also represents an increase of 9.93 per cent over the $433.02 million earned in 2020.
Of the top 10 agricultural products, cashew nut was the top earner, having contributed about 60.38 per cent of the figure recorded from the sector.
This represents an increase of 14.35 per cent over what it contributed in 2020.
Flowers was the lowest earner among the top 10 earners, contributing about one per cent.
However, its contribution marked a growth of 8.10 per cent over its 2020 contribution to the total earnings.
A breakdown shows that banana did $35.57 million to the sector’s contribution to NTEs, representing 12.76 per cent, while fresh or chilled tunas contributed $20.6m, which was 24.81 per cent.
Mangoes contributed $19.57m which is 5.05 per cent of total earnings while yams added $11.5 representing 14.44 per cent. Medicinal plants and parts contributed a total of $9.7m, which is 26.59 per cent.
While pineapples contributed $9.5m, representing 29.04 per cent. Other products that recorded an increase in performance are shea nut (karite nuts) — $20.1m, 46.43 per cent, and soya beans added $18.6m which was 45.93 per cent of the total earnings.
The Graphic also reports that the Bank of Ghana (BoG) has urged the public to remain calm as it implements measures to arrest the pace at which the cedi loses its value against major foreign currencies.
As part of the measures, the central bank said it was increasing foreign currency (FX) supplies to banks in the short term to help meet growing FX demands for external payments.
It said in a note to Graphic Online Friday, August 12, that the increased supply of forex was necessitated by growing demand for hard currencies by non-resident investors leaving the jurisdiction.
The central bank said the high crude oil price has also increased the country’s oil import bill astronomically, forcing the bank to provide more hard currencies to meet demand.
The note and the assurance from BoG follows public outcry over the steep fall in the value of the cedi recently.
The cedi depreciation deteriorated sharply this year as demand for forex overtook supplies at a time when high debts and low investor confidence have made it impossible for the country to access the international capital market for borrowing.
The cedi lost more than 20 per cent of its value as of July.
It now trades above GH¢9.4 to one US dollar.
The Ghanaian Times says that Ghana’s Black Princesses exhibited some determined football yesterday but was not enough to take care of the Young Nadeshiko of Japan as two spot-kicks saw the Ghanaians lose 2-0 at the Alajuela Morera Soto Stadium.
It was the Princesses second defeat in Group D and was good to see Japan through to the quarters, whilst Ghana would bid farewell to the 2022 FIFA Under-20 Women’s World Cup tournament in Costa Rica.
Yesterday’s performance was a marked improvement on their previous tie which saw them slump 0-3 to the United States.
The Princesses knew all-too well ahead of the game that another defeat would knock them out of contention. It is the reason they approached the evening with much seriousness and verve – and were not scared to pour forward when the occasion arises.
In the US tie, the Ghanaians looked timid and showed too much subservience to their opponents. However, that demonstration of reverence was quite absent yesterday as they defended stoutly and marched the Japanese boot-for-boot.
The result sees Ghana out of the campaign even ahead of their final group game against Netherlands.
The newspaper says that the introduction of the Central Bank Digital Currency (CBDC) will promote financial inclusion and build the digital payment industry, according to the Assistant Director, Fintech and Innovation Office of the Bank of Ghana (BoG), Mr Clarence Blay.
He said the CBDC dubbed E-Cedi was to complement the digital payment services industry and not compete with it.
Mr Blay stated this at the MoMo Stakeholders Forum organised by MTN Ghana as part of MoMo Month celebration.
The month-long campaign is being celebrated under the theme, “Accelerating Growth in Digital Payments – The Role of Partnerships,” while the Momo Stakeholders Forum was on the theme “The Impact of Central Bank Digital Currency on Future Digital Payments.”
The BoG recently introduced the CBDC and is currently being piloted in some parts of the country with the objective to build a robust, inclusive, competitive and sustainable financial sector.
Mr Blay said the CBDC was to help people realise their personal aspiration, economic dreams and ambitions by being able to participate effectively in the economic life of the country.
He said the E-Cedi would facilitate the Ghanaian digital payment industry and financial services industry especially in the area of financial inclusion.
The Chief Executive Officer (CEO) of Mobile Money Limited, Eli Hini, in an interview, said the programme formed part of activities outlined for the MoMo Month celebration.
“Reason why we organised this programme is that the Central Bank has taken up that interest to implement the E-Cedi, we are currently in the pilot stage, so it is important for stakeholders to understand what is going on in the whole eco-system, so that as stakeholders in the eco-system we can align our business to take advantage of the opportunities it present,” he said.
GIK/APA