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Tuesday, June 3, 2025
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Govt Debt Restructuring 93% Completed- Ato Forson

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The government’s debt restructuring programme which commenced in 2022 aimed at restoring debt sustainability and economic stability is 93% completed.

The Minister of Finance, Cassiel Ato Forson who announced this when he presented the 2025 budget to Parliament today said the remaining 7% relates to debt of US$2.7 billion owed to commercial creditors.

He said, “Mr. Speaker, as of now, the restructuring process is approximately 93% completed. The remaining 7% relates to debt of US$2.7 billion owed to commercial creditors. We are committed to completing the remaining debt restructuring as soon as possible”.

According to him, provisional 2024 GDP statistics published by the Ghana Statistical Service (GSS) shows that overall real GDP grew by 5.7% in 2024, compared to the growth rate of 3.1% recorded over the same period 2023.

The report showed that the key driver of the growth was largely mining and quarrying, mainly gold, which recorded a growth of 19.1% with non-oil GDP growing by 6.0% in 2024, compared with a growth rate of 3.6% recorded in 2023.

By Ebenezer K. Amponsah

Opportunities for young people in a circular economy: Tekcycle shows the way

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Tekcycle Ghana Limited is a KIC supported agribusiness startup transforming the detergent industry by converting discarded pineapple waste into biodegradable cleaning products.

Co-founded by Najat Hamid Mohammed, the company is driven by innovation and sustainability, offering an eco-friendly alternative to traditional chemical-based detergents.

With a strong focus on promoting a circular economy, Tekcycle is reducing environmental waste while creating economic opportunities, particularly for young women in Ghana.

The team joined the AgriTech Challenge Classic and were coached by the Program technical team from Kwame Nkrumah University of Science and Technology ( KNUST).

They received $20,000 at the final pitch event for their innovation. The KIC Agritech Challenge Pro is an accelerator program aiming to support young entrepreneurs to launch and grow commercially viable, scalable solutions to key problems in the agricultural sector.

The program aims to drive technology and innovation as a catalyst to enhancing productivity, improving yields, and creating more jobs within Ghana’s agricultural sector.

Speaking on the company’s mission, Co-founder Najat Hamid Mohammed stated, “At Tekcycle, we see waste as an opportunity. By converting pineapple waste into biodegradable cleaning products, we are not only tackling environmental pollution but also creating sustainable job opportunities for young people in Ghana. With KIC’s support, we are scaling our innovation to promote a cleaner and greener future.”

Through KIC’s mentorship and funding, Tekcycle has expanded its operations, refined its business model, and strengthened its supply chain to reach a broader market. By producing high-performance, eco-friendly detergents, the startup is not only preserving the environment but also fostering economic independence for women entrepreneurs.

As a female-led business, Tekcycle is making a significant impact on women’s empowerment by creating employment opportunities and leadership roles for women in the green economy. Kosmos Innovation Center is actively supporting women-led enterprises like Tekcycle to drive sustainable change within the agricultural sector.

With continuous support from Kosmos Innovation Center and the Mastercard Foundation, Tekcycle is set to lead the way in Ghana’s green innovation movement, proving that sustainability, inclusivity, and business success can go hand in hand.

Stonebwoy’s UK concert was funded solely by him – Manager confirms

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Reggae/Dancehall artiste, Stonebwoy Reggae/Dancehall artiste, Stonebwoy

The manager of popular dancehall artiste Stonebwoy, Chief Stylz, has opened up about the investments made by the artist’s team in the recently sold-out Up and Running album concert in the UK.

Speaking in an interview with DJ Slim on his YouTube channel, Chief Stylz revealed that a significant amount of money was spent on organising and promoting the concert, even surpassing their initial budget.

“The money spent I cannot mention it now. But Stonebwoy is an artiste who doesn’t joke with his craft. I remember during the pre-production meetings, we were reviewing the costs and realised they had exceeded our initial estimates. Some of us suggested cutting back, but Stone insisted that we proceed as planned,” he said.

He added, “I can’t give a specific figure, but the costs included travel, accommodation, street promotions, production expenses, payment for the band, and more. It wasn’t easy.”

When asked if they had received sponsorship from any brand, Chief Stylz stated that no sponsors were involved and that all funding came directly from Stonebwoy.

“If we had sponsors, you would have seen their logos plastered across the flyers. Everything came directly from Stonebwoy himself and it was physical cash,” he emphasised.

Regarding whether the show made a profit or a loss, Chief Stylz explained that although they broke even financially, their primary focus was on the social currency and exposure the event generated for Stonebwoy and his craft.

“I wouldn’t say we made a loss because the social currency and the value we gained from the event can never be quantified. But on the business side, I can say we broke even,” he added.

ID/MA

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38 L100 students withdrawn from UEW

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University of Education, Winneba University of Education, Winneba

The University of Education, Winneba, Central Region, has withdrawn 38 Level 100 students.

This was communicated via a letter dated March 7, 2025, signed by Dr. Mohammed Adam, Acting Head of Department (HOD), and addressed to the Department of Social Studies Education (DSSE).

“This memo informs you that the attached list of students has been withdrawn from the University, effective immediately,” the letter stated.

“This action is based on the said students’ failure to meet the minimum CGPA requirement of 1.0 and/or failure in more than the permissible number of courses after resists, as stipulated in section 4.2.1 of the Revised Undergraduate Students’ Handbook (2019),” the letter explained.

“This decision was arrived at after an audit and review of both their First and Second Semester Examination results (2023/2024 Academic Year), during which the affected students were duly counseled prior to their withdrawal.

“As a result, these students are ineligible to attend Level 200 lectures or take part in the Mid-Semester and End-of-Semester Examinations for Level 200 courses.”

The letter instructed, “Please ensure appropriate measures are taken to reflect these changes in your course register.

“The attached document details each student’s index number, name, and reason for withdrawal. Your prompt attention to this matter is crucial,” the letter noted.

Of the 38 students, 32 fell below the 1.0 CGPA requirement, while the remaining six failed more than three courses at the end of the 2023/2024 academic year.

Meanwhile, watch this Ghana Month special edition of People and Places as we hear the story of how the head of Kwame Nkrumah’s bronze statue was returned after 43 years, below:

ADB, NIB needs GH¢2.2 billion to remain operational

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Agricultural Development Bank (ADB) and National Investment Bank (NIB) Agricultural Development Bank (ADB) and National Investment Bank (NIB)

The Minister of Finance, Dr. Cassiel Ato Forson, has disclosed that the Agricultural Development Bank (ADB) and the National Investment Bank (NIB) require a GH¢2.2 billion capital injection to stay operational.

Presenting the 2025 Budget in Parliament on March 11, 2025, Dr. Ato Forson highlighted the lingering impact of the Domestic Debt Exchange Programme (DDEP), which has left many financial institutions struggling to recover from significant losses.

“The sector requires GH¢10.45 billion to address the remaining financial sector legacy issues and emerging risks. In addition, an amount of GH¢2.2 billion is required to fully capitalise NIB and ADB,” he stated.

According to him, despite a GH¢30.3 billion expenditure on the financial sector clean-up by the end of 2024, the sector remains fragile.

The clean-up funds included GH¢26.9 billion allocated to support banks, savings and loans companies, financial houses, microfinance institutions, and asset management firms.

The minister assured of the government’s effort in addressing Ghana’s financial sector challenges to support economic growth.

SP/AE

Watch the latest edition of BizTech below:

Are you bigger than President Mahama?

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President John Mahama and Bright Kankam Boadu President John Mahama and Bright Kankam Boadu

Ace sports journalist, Bright Kankam Boadu, has lambasted the Ghana Football Association (GFA) regarding their utterances over President John Dramani Mahama’s directive for the Black Stars’ budget to be made public.

One would recall that following the president’s directive, GFA Executive Council member Nana Oduro Sarfo stated that his outfit, which manages the Black Stars, only prepares the budget and submits it to the Ministry of Sports and Recreation for expenditure.

He asserted that if the president and Ghanaians seek accountability regarding the Black Stars’ spending, the ministry is the appropriate entity to direct their demands to.

But kicking against these comments, Kankam Boadu said since the budget is prepared by the GFA and submitted to the sports ministry for approval, they have a role in ensuring that it is made accessible to the general public.

The 2025 Sports Writers Association of Ghana (SWAG) Journalist of the Year fumed about how the GFA Executive Council member’s response claimed the president was misled in giving such a directive.

Kankam Boadu noted that the GFA’s response to President Mahama concerning making the Black Stars budget public does not show respect, which needs to be condemned.

“The Black Stars budget has always been shrouded in secrecy. President Mahama tasked the sports minister to hold the GFA accountable, and other associations. Afterwards, you have the audacity to respond to him. Don’t you prepare the budget for the ministry to approve? The budget that allocated each person $100,000, was it not designed by you?

“After Alhaji Grusah exposed them on radio, they later called him to deny it, claiming it was a slip of the tongue. They are behaving like they are bigger than the President. Oduro Sarfo speaks anyhow, and we allow them, yet the government sponsors them. They have the guts to respond to President Mahama,” he said in Twi while speaking on Pure FM.

Watch Kankam Boadu’s remarks in the video below:

@agyaretv

Excerpt of pure sports

♬ original sound – AgyareTv

Meanwhile watch as Ghanaians debate the appointment of Jordan Ayew as Black Stars captain below

SB/EB