Connect with us

Business

Ghana Not Facing Debt Crisis Under Bawumia: Sam Jonah Got It All Wrong – CVM

Published

on

Razak Kojo Opoku of CVM

Ghana Not Facing Debt Crisis Under Bawumia: Sam Jonah Got It All Wrong – CVM

The leadership of CVM has read with utter dismay certain comments by a senior citizen, Sam K. Jonah, in the media.

Mr. Sam K. Jonah sought to create or fueled the wrong impression that Ghana is experiencing a debt crisis under the watch of Vice President, Dr. Mahamudu Bawumia.

We find this gloom-ridden statement as unfortunate and inapt, especially as it is emanating from an individual who is being described in the media circles as a senior citizen. Mr. Sam K. Jonah should have used this opportunity better than he did.

For records, it is absolutely false that the current government continues to borrow hugely to spend, plunging the country into a debt crisis.

All the economic indicators cited by Mr. Sam K. Jonah to support his argument were clearly inconsistent with the true state of the Ghanaian economy.

The facts of the matter are that:

1. Akufo-Addo-Bawumia’s government inherited a huge debt coupled with a very distressed economy. We hope Mr. Sam K. Jonah is aware of this?

2. Even in the face of the excruciating economic conditions Akufo-Addo-Bawumia’s government inherited, the government has managed successfully to honour the social contract the New Patriotic Party (NPP) signed with Ghanaians by implementing most of the policies and programmes they promised the good people of Ghana.

3. So far so good, Akufo-Addo-Bawumia’s government has implemented a lot of economic transformative policies and programmes aimed at bringing the economy back to life. Facts and figures speak for the government better performance in this case. Mr Sam K. Jonah should be aware of this.

4. Even if monies have been raised by Akufo-Addo-Bawumia’s government mostly through bonds, it is important to point out that such monies have been used to implement policies that were non-existent since the 4th Republic. Heavily capital intensive projects such as One-District-One-Factory (1D1F), One-Village-One-Dam (1V1D), Planting for Food and Jobs, One-Constituency-One-Ambulance, Railway Infrastructure, Digitization & Digitalization of the Ghanaian economy are all projects that were financed by the bonds raised by Akufo-Addo-Bawumia’s government.

Therefore, senior citizen Sam K. Jonah should have at least shown appreciation to the good initiatives that have been implemented by Akufo-Addo-Bawumia’s government aimed at formalizing the economy, ensuring a fast rate of development in all the areas of the economy and positioning Ghana to compete fairly and squarely with the advanced economies.

We all know the effects of the COVID-19 on the world economy and Ghana in particular. The government of Akufo-Addo-Bawumia provided free water, free electricity and free food to Ghanaians. At the same time, about 88 district hospitals are being constructed to transform the healthcare system in Ghana. All these efforts are supported by the bonds and the domestic revenue generation efforts of Akufo-Addo-Bawumia’s government.

It was very sad and even regrettable to read Sam K. Jonah’s commentary on the mining industry. Historical records on Ghana’s mining seriously do not even favour Sam Jonah’s contributions to the particular sector of the economy.

What measures did Sam Jonah put in place to prevent Galamsey in Obuasi when he was the President/CEO of Ashanti Goldfields Corporation?

What efforts did Sam Jonah put in place to transform the Obuasi mining community when he was the President/CEO of Ashanti Goldfields Corporation?

Currently, senior citizen Sam K Jonah is the owner and Executive Chairman of Jonah Capital, an equity fund based in Johannesburg, South Africa.

If senior citizen Sam K. Jonah means well for the country’s economic transformation, he wouldn’t have set up and operated his company in South Africa.

Now he pays the majority of his taxes, including corporate taxes to the government of South Africa to the detriment of Ghana’s government.

Now the question is how does Sam Jonah want Akufo-Addo-Bawumia’s government to stop borrowing if he is continuously investing in the South African economy and paying taxes to the South African government?

Signed
Razak Kojo Opoku
(CVM Founder and President)

Business

Take Advantage Of Ghana’s Business-Friendly Climate  – President Akufo-Addo To Norwegian Business Community 

Published

on

Take Advantage Of Ghana’s Business-Friendly Climate  – President Akufo-Addo To Norwegian Business Community

The President of the Republic, Nana Addo Dankwa Akufo-Addo, has urged the business community from Norway to take advantage of the business-friendly climate currently existing in Ghana, and invest in the country.

According to President Akufo-Addo, “We will continue to create and maintain the conducive investment environment that not only guarantees the safety of investments, but good returns as well. We will continue to protect legitimate investments, and preserve the atmosphere of peace, stability and security that has been an important contributor to the increasing presence of Norwegian businesses in Ghana.”

Speaking at the Ghana-Norway Business Forum, held on Friday, 26th November 2021, at the Kempinski Hotel, the President stated his government has, over the last four (4) years, done a lot of work in correcting the fundamentals of the economy which were all pointing in the wrong direction when he took office in 2017.

“We have, over the period, put in place measures needed to reduce the cost of doing business, improve the business environment, and made the Ghanaian economy not only one of the most business-friendly economies in Africa, but also one of the fastest growing economies in the world between 2017 and 2020, averaging annual GDP growth rates of 7% for those years, up from the 3.4% GDP growth rate we inherited from the previous government in 2016,” he said.

With COVID-19 wreaking havoc on economies the world over, President Akufo-Addo reassured that Government is “working to grow the economy at a much faster rate this year, which will enhance the prospects of a win-win environment for both private sector and country; an environment where companies do not just survive, but actually thrive.”

The major programme driving the revival and revitalization of the Ghanaian economy, he said, is the one hundred-billion-cedi (GH¢100 billion) Ghana CARES ‘Obaatampa’ Programme, whose main elements include supporting commercial farming and attracting educated youth into commercial farming; building the country’s light manufacturing sector; developing engineering/machine tools and ICT/digital economy industries; amongst others.

“It continues to be an exciting time to be in Ghana, and to do business in the country. Already, global car manufacturing giants, Toyota and Nissan of Japan, Sinotruk of China, have established assembly plants in the country, as first steps towards the production of vehicles in Ghana,” he said.

President Akufo-Addo continued, “Twitter is establishing its African Headquarters in Ghana, and Google’s first African Artificial Intelligence Centre is located in Ghana. We are privileged to play host to the Secretariat of the African Continental Free Trade Area, which represents, currently, a market of some 1.2 billion people, spread over fifty-four (54) countries, with a combined GDP of $3 trillion. Trading in the emerging single market began on 1st January this year”.

With Ghana witnessing a significant rise in interest from Norwegian investors, in several sectors of the economy, including agriculture, building and construction, general trading, manufacturing, oil and gas, and tourism, President Akufo-Addo commended some of his government’s flagship policies to them.

“Government is also embarking on an aggressive public private partnership programme to attract investment in the development of both our road and railway infrastructure. We are hopeful that, with solid private sector participation, we can develop a modern railway network with strong production centre linkages and with the potential to connect us to our neighbours,” he said.

Continue Reading

Business

KGL Group Fully Committed to Delivering Value in Excess of GHc100Milllion Per Annum to the National Economy and Government

Published

on

KGL Group Fully Committed to Delivering Value in Excess of GHc100Milllion Per Annum to the National Economy and Government

The successful operations of KGL Group and its subsidiary companies, KGL Technology Limited, KEED and KGL Foundation, are set to contribute significantly to the national economy and Government of Ghana at an expected cumulative value in excess of 100 million Ghana Cedis per annum.

KGL Group has contributed significantly to revenue growth and capacity development across its operations in the lottery industry, collaborations with the Ministry of Youth and Sports, Ghana Football Association and social intervention programs under its CSR wing, the KGL Foundation.

The Group is set to continue its value creation drive across its ecosystem of strategic partners and envisages a total value of 100million Ghana Cedis per annum to be committed.

The key levers to guide the allocation of funds by KGL Group in concert with strategic partners and to the national economy are as follows:

1. Growth in the contribution of Corporate Taxes and other taxes to the Ghana Revenue Authority (GRA) and the Government of Ghana.

2. Value within the lottery industry from:

a. Digital lotto marketer licensing and operational fees to the National Lottery Authority (NLA) in accordance with the ongoing review of license and operational terms and conditions for KGL Technology Limited.

b. Payments to the Stabilization Fund that seeks to provide support to revenue shortfalls of the Lotto Marketing Companies as a result of the digitalization policy of NLA-KGL Technology Limited.

c. Seed capital to set up a Pension Scheme for the Lotto Marketing Companies which is currently non-existent.

3. Undertaking of Corporate Social Responsibility activities in the areas of Education, Healthcare Delivery, Sports Development, Culture, and Tourism.

4. Growing investments in the media ecosystem and the entire value chain of marketing and advertising.

In the case of the lottery industry, this announcement is singularly one of the most profitable agreements the National Lottery Authority (NLA) has brokered considering zero investment made by the Authority towards infrastructure set up and operations of KGL Technology encompassing setting up the entire architecture to run digital lottery operations on the *959# Short Code and 5/90 mobile App under consumer brand name 590Mobile by KGL’s KEED subsidiary.

To put this in context, NLA would need to generate over GHc450 million volume of gross sales at Point-of-Sale Terminals per annum for the Authority to be able to accumulate a net profit of GHc50 million which will now be delivered at no cost by KGL Technology to the Authority pursuant to reviewed agreement.

This makes the current terms of the agreement between KGL Technology Limited and the National Lottery Authority (NLA) under review by the current Board definitely a game-changer for the revenue mobilization efforts of the National Lottery Authority (NLA), Lotto Marketing Companies, and the Government of Ghana as a whole.

KGL Technology Limited since its inception has contributed significantly to the fortunes of the National Lottery Authority (NLA) and the national economy.

In the area of sports development, the KGL Group has also partnered with the Ministry of Youth and Sports, the Ghana Football Association, and the Senior National Team, the Black Stars ahead of the AFCON and 2022 World Cup Campaigns. Besides this collaborative project, KGL Group recently also committed significant financial resources to the Ghana Football Association for the development of Juvenile Football for a strategic period of 5 years.

KGL Group through its KGL Foundation has equally supported several Charity Organizations, Cultural and social-economic activities across the Country.

KGL Technology Limited has at all material times honored its tax obligations to the Ghana Revenue Authority (GRA) and Government of Ghana and as a responsible corporate citizen, KGL Technology Limited reiterates its full commitment to the revenue mobilization efforts of the National Lottery Authority (NLA) and Government of Ghana, thereby contributing significantly to the Nation’s development agenda.

Issued by: Management of KGL Group

Continue Reading

Business

CODA Hands Over Two Projects At Breman Essiam in Ajumako Enyan Essiam District 

Published

on

CODA Hands Over Two Projects At Breman Essiam in Ajumako Enyan Essiam District

The Coastal Development Authority (CODA) has handed over a Lorry Park and a modern Community Library to the chiefs and people of Breman Essiam in the Ajumako-Enyan-Essiam District.

Community Library at Breman Essiam

Community Library at Breman Essiam

The ceremony was graced by traditional leaders led by the paramount Queen mother of Breman Essiam, Nana Efua Esiwa II, the DCE of Ajumako Enyan Essiam, Hon. Ransford Kwesi Nyarko and the DCD, Mr. Abdul Mohammed K. Also in attendance was the Assembly Member of the area, Hon. Ibrahim Issakah, Staff of the AEEDA, Representatives of GPRTU and the general public.

The DCE recounted the deplorable state of the Lorry Park and the Library in the past and commended the efforts made by the Omanhene of the Breman Essiam Traditional Area, Odefour Afankwa III in getting these projects.
Hon. Ransford Nyarko, stated that the projects are a dream come true for the community and the District at large.

The CEO of CODA Jerry Ahmed Shaib ESQ expressed the delight of CODA for the achievement. He was glad that the projects were not imposed by the Authority but rather ones that met the needs and aspirations of the people based on proper consultation with all stakeholders.

He again revealed that the projects being handed over and many others ongoing in the District run under the Infrastructure for Poverty Eradication Programme (IPEP). He commended President Akufo-Addo for fulfilling his “one million dollars per constituency” promise to the people of Ghana especially, rural folks. The CODA boss also took the opportunity to outline other projects which were being executed within District.

The gathering was assured of ongoing collaborations with institutions like the Ghana Library Authority to stock the Library as well as GIFEC to provide ICT equipment for the E-Learning wing of the Library.

Continue Reading

Trending