Players in the industrial sector have been urged to follow due process in settling labour-re­lated disputes by resorting to the Labour Act, 2003, (Act 651).

The Act mandates the National Labour Commission (NLC) to settle industrial disputes through negotiations and other alternative methods of dispute resolution.

According to the Executive Secretary of the NLC, Mr Ofosu Asamoah, the commitment to the due process under the Labour Act 2003 (Act 651) by both employers and employees was crucial for the maintenance of a peaceful indus­trial relations.

Mr Asamoah said this when the NLC engaged the media in a discussion on Thursday on the dispute settlement procedure under the Labour Act 2003 (Act 651).

The engagement with the media was also a significant step towards promoting peaceful industrial rela­tions and addressing labour dis­putes in the country and enhanc­ing the public’s understanding of the NLC’s role in promoting peaceful industrial relations and resolving industrial disputes.

During the discussion, Mr Asamoah acknowledged the role played by the media in not only educating, informing, and entertaining its audiences, but also shaping public opinion on various issues, including dispute resolution.

Additionally, he asserted that commitment to the due procedure in addressing industrial disputes under the Labour Act 2003 (Act 651) was important as it would encourage investors to invest in the country’s economy.

“Every investor is interested in putting his or her money where he or she is sure that there is industrial stability and there are institutions to deal with any mis­understanding or conflict that may arise,” he said.

For her part, the Director, Ad­ministration and Human Resourc­es of NLC, Dr Bernice Welbeck, said that the media engagement was not only to inform partic­ipants of the mandate of the commission, but to also give an account of how the commission had fared since its establishment in April 2005.

She noted that from 2005 to 2024, the commission received a total of 12,644 complaints filed by individual workers, group of workers, workers’ association, trade unions and employers from the private and public sectors of the economy.

According to her, the commis­sion had resolved and brought to final conclusion, a total of 9,454 of the complaints, representing 75 per cent resolution and final closure to the dispute filed during the period, with the remaining 3,150 complaints representing 25 per cent at various stages.

 BY EUGENE AMPIAW

President Mahama directed the payment of GH¢6 billion to DDEP bondholders

Yesterday, social media went into a frenzy over an announcement from Felix Kwakye Ofosu, Minister of State in Charge of Government Communication, stating that President Mahama had directed the payment of GH¢6 billion to DDEP bondholders and set aside GH¢9 billion in a sinking fund to prepare for another payment in July and August.

For some, this sounded like a major breakthrough. But for others, the big question was: What does this really mean? And is it even newsworthy? Especially since this comes just as discussions have resurfaced about Ghanaian-American comedian Michael Blackson’s outrage over a potential $1.2 million loss from investing in Ghana.

Let’s Break It Down:

Why Is Government Paying This Money?

Remember in late 2022 into 2023, when we started hearing about something called DDEP—Domestic Debt Exchange Programme? That’s when the government, facing serious financial difficulties, told banks, insurance companies, pension funds, and ordinary investors that it could no longer afford to pay them what it had promised.

Here’s what happened: Imagine you lent someone money, and they promised to pay you back with interest every year for 5 to 7 years. Suddenly, they tell you:

1. You’ll now get your money back in 15 years instead of 5 or 7.

2. The interest rate will drop from about 17% to 29%% to just 9% per year.

3. If you don’t accept the new terms, they can’t promise to pay you at all.

Sounds unfair, right? But that’s exactly what happened. Many Ghanaians and businesses had no choice but to accept less money over a longer period, just to be sure they would get something back. And yeah, “stubborn” individuals who refused to accept this offer were soon complaining about delays in honoring the previous agreement.

But it wasn’t just locals who got affected. Foreign investors who lent money to Ghana in dollars (Eurobond holders) were also forced to take a 37% loss on their investments. The remaining amount would also be paid over 15 years, but with just 5% interest per year, paid in two parts every six months.

Fast-Forward to Today: Why Is the GH¢6 billion Payment Happening Now?

After the government finalized this new arrangement in February 2023, it had to start making payments every six months. The first payment happened in August 2023, the second in February 2024, and now we’re in the third cycle. This pattern will continue every six months until 2037.

So, what happened yesterday? The government simply paid the next scheduled installment as agreed. In August, another payment will be due, and this cycle will continue every six months for the next 13 years.

Eurobond holders—those foreign investors—also got their first new payment in January and will expect the next one in July.

Could the Government Have Skipped This Payment?

Not a chance. Skipping this payment would have been a financial disaster. It would completely destroy investor confidence, making it harder for Ghana to borrow money in the future. The government is still trying to recover from the damage of the debt exchange program, and failing to pay bondholders would leave it struggling to fund essential projects and services.

Additionally, the January mini-budget already set aside some GH¢20 billion for interest payments hence any decision not to pay would have equally been out of place.

So, was this a Big Deal or Just Normal?

Here’s the reality, it would have been bigger news if the government DIDN’T pay. Paying bondholders isn’t a favor, it’s an obligation. This was an expected payment, not an unexpected gift or payment of their principals (investment amounts) in their original terms. So, while the announcement may have been framed as a major directive from the President, it was really just business as usual.

That said, the bigger conversation should be how Ghana will consistently meet these obligations to already bruised investors. With billions still outstanding and payments due every six months until 2037, the real focus should be on ensuring that we don’t just scrape by but actually rebuild confidence in our financial system.

It’s more so why some analysts have called the decision to set aside GH¢9 billion for future payments proactive, as it helps ensure that Ghana meets its obligations on time.

But at the end, is this a big deal or much ado about nothing? That’s up to you. But one thing is clear; Ghana’s financial future depends on its ability to keep these commitments, and our focus should be on the real task ahead; sustained fiscal discipline and restoring investor trust.

Accra, Feb 17, GNA – The Ministry of Finance on Monday, 17th February, honoured the Payment-in-Cash (PIC) coupon of GHS $6.081 billion to all Domestic Debt Exchange Programme (DDEP) bondholders.

A statement issued by Mr Felix Kwakye Ofosu, Spokesperson to the President and Minister of State in-charge of Government Communications, copied to the Ghana News Agency said this follows a directive from President John Dramani Mahama.

More to follow.

GNA

President John Dramani Mahama

The Ministry of Finance, on Monday, February 17, 2025, successfully honored the Payment-In-Cash (VIC) coupon of GH¢6.081 billion to all bondholders under the Domestic Debt Exchange Programme (DDEP).

This action aligns with a directive issued by President John Mahama, reaffirming the government’s commitment to fulfilling its financial obligations.

Additionally, the government has settled the Pay-In-Kind (PIK) portion of GH¢3.46 billion, which has been deposited into the respective bondholders’ securities accounts in accordance with the terms outlined in the DDEP Memorandum.

To further strengthen debt management and enhance investor confidence, the government has allocated GH¢9.7 billion into the Debt Service Recovery Cedi Account (Sinking Fund). This buffer is intended to support the upcoming 5th DDEP coupon payments scheduled for July and August 2025.

A statement signed by Presidential Spokesperson Felix Kwakye Ofosu emphasized President Mahama’s unwavering commitment to meeting all obligations under the DDEP.

“Through the 2025 budget statement, the government will announce additional measures aimed at restoring market confidence, improving spending efficiency, and enhancing transparency and accountability in public finance,” the statement read.

The statement further highlighted that, despite inheriting a challenging economic situation from the previous administration, the government remains determined to restore fiscal discipline.

Key priorities include stabilizing the cedi, controlling rising inflation, and fostering job creation to support the country’s youth.

4th DDEP Coupon honoured, government ready to honour 5th Coupon through Sinking Fund arrangement. pic.twitter.com/VjI2pryM6M

— Felix Kwakye Ofosu (@FelixKwakyeOfo1) February 17, 2025

KA

Watch the latest edition of BizTech below:

Click here to follow the GhanaWeb Business WhatsApp channel

Uganda has reversed a controversial plan to hold a military trial for a prominent opposition leader due to his failing health.

Information Minister Chris Baryomunsi announced late on Sunday that Kizza Besigye would have his case transferred to a civilian court. The announcement came amid reports that Besigye, who is on hunger strike, had been temporarily moved to a medical clinic.

Baryomunsi had earlier visited Besigye in prison to urge him to end his hunger strike while his case is moved. The veteran opposition leader is charged with illegal firearm possession and threatening state security.

 

Mr. Baryomunsi, your actions are an insult and an abuse of my husband’s rights.@kizzabesigye1 was abducted and is being held captive by your government. As an NRM minister, you are not a concerned visitor—you are his captor.

Our family finds your visit highly suspicious, and… https://t.co/VZuqhRmXeY

— Winnie Byanyima (@Winnie_Byanyima) February 16, 2025

Besigye’s wife, Winnie Byanyima, called the minister’s visit “highly suspicious.”

“You are not a concerned visitor. You are his captor,” she said on X. “We will hold you and your government fully accountable for any harm that comes to him.”

‘Travesty of justice’

A longtime critic of President Yoweri Museveni, Besigye has been in a Luzira Maximum Security Prison in the capital, Kampala, since November. His lawyers say he was “kidnapped” in neighbouring Kenya and forcibly brought to Uganda.

Rights groups and opposition lawmakers have condemned the arrest. Amnesty International has branded Besigye’s detainment a “travesty of justice”.

Besigye started a hunger strike last week, an act his wife described as his “act of protest” against the “illegal detention”. His lawyer warned on Thursday that the opposition figure had grown “critically ill”.

Public outcry over the detention of Besigye grew after he appeared in court on Friday looking frail and struggling to walk.

On Sunday, Besigye was rushed in a wheelchair to a health clinic in Kampala. A relative told local media that the opposition figure was “not in a good situation.”

Besigye has been arrested numerous times over the years, including in 2022 on charges of inciting violence.

He has run for president against Museveni, who has ruled the East African country since 1986, four times. He lost all the elections but rejected the results and alleged fraud and voter intimidation.

Over the decades, Museveni’s government has been accused of repeated human rights violations against opposition leaders and supporters, including illegal detentions, torture and extrajudicial killings.

Authorities in Uganda have rejected these accusations, saying those arrested are held legally and are given due process in the judicial system.

The government had earlier said it would ignore a Supreme Court ruling that trying Besigye in a military court would be unconstitutional.

---

Explore the world of impactful news with CitiNewsroom on WhatsApp!

Click on the link to join the Citi Newsroom channel for curated, meaningful stories tailored just for YOU: https://whatsapp.com/channel/0029VaCYzPRAYlUPudDDe53x

No spam, just the stories that truly matter! #StayInformed #CitiNewsroom #CNRDigital

President John Dramani Mahama has applauded the African Union (AU) Commission for its proactive role in providing capacity-building to Member States at the continental level.

He also lauded the Commission for advocating fair and equitable international tax rules at a global level.

President Mahama, who is the Champion on African Union (AU) Financial Institutions, gave the commendation in his keynote address at the Heads of State and Government breakfast dialogue held at the AU Commission headquarters in Addis Ababa, Ethiopia.

The event on the theme “Africa at the forefront: Mobilizing African Investment and Financing for Implementing Agenda 2063”, was held on the sidelines of the AU Summit, under the auspices of the Alliance of African Multilateral Financing Institutions, also called the African Club.

President Mahama said the USAID withdrawal for example should be a wake-up call to all Africa that they should look more inward and raise domestic financing.

He said addressing the financing gap requires a multifaceted approach, and that domestic resource mobilization was crucial.

The President said by improving tax administration and combating illicit financial flows and encouraging a culture of tax compliance, African countries could significantly increase their revenues.

He said the ongoing work on the United Nations Framework Convention on International Tax Cooperation was a critical step towards eliminating base erosion and profit-shifting, thus protecting our national revenues.

“It is projected that African countries need to increase their median tax-to-GDP ratios by about 13.2 percentage points to 27.2 percent of GDP to be able to close the financing gap by 2030,” he said.

The President said there was the need for additional innovative financial resources and reform of the global financial architecture to ensure equitable and inclusive distribution of resources.

He said the role of African multilateral financial institutions in financing sustainable development could not be overemphasized.

He said the institutions were uniquely positioned to address trade, investment, and development gaps across the continent.

“It is our responsibility to strengthen them to effectively contribute to the continent’s transformation and the realization of the African Union’s Agenda 2063.

He said the establishment of the Alliance of African Multilateral Financial Institutions (AMFI), also known as the Africa Club, exemplified their commitment to collaboration to achieve this objective.

President Mahama said the initiative strengthened the ability of the capable institutions to advance the interests of member states in global finance and to advocate homegrown solutions to the continent’s development challenges.

He said the support of AMFI should also be complemented by innovative initiatives aimed at fostering sustainable development.

President Mahama reiterated that innovation was key to the continent’s progress and the launch of the African Virtual Investment Programme (AVIP) by the African Union Commission was a testament to this.

He said by aggregating comprehensive data on investments and related policies, the platform would provide the evidence necessary for informed policy discussions and decision-making.

He said the platform was designed to attract investment and ensure that it was deployed in a way that promoted sustainable development and inclusive growth.

The President said accelerating the implementation of the African Union Financial Institutions, namely the African Central Bank, the African Investment Bank, the African Monetary Fund, and the Pan-African Stock Exchange was instrumental in fostering investments and financing to achieve their objectives.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.