The global economic balance is shifting toward emerging economies, with alliances like BRICS comprising Brazil, Russia, India, China, and South Africa emerging as powerful platforms for collaboration.

BRICS nations collectively represent over 41% of the global population, command 31.5% of the world’s GDP (PPP), and account for 18% of global trade, making the bloc a significant force in international economics.

As the first quarter of 2025 unfolds, Ghana stands at a pivotal moment to consider joining BRICS and leveraging Islamic Finance as a transformative tool to address its pressing infrastructure needs in roads, electricity, rail systems, and aviation.

By embracing this dual strategy, Ghana could unlock funding, expertise, and partnerships vital for sustainable development.

BRICS membership would offer Ghana unprecedented access to the New Development Bank (NDB), a critical source of low-cost and flexible funding for infrastructure projects. Since its inception, the NDB has approved over $33 billion for transformative initiatives, including India’s solar energy projects and South Africa’s upgraded transport networks.

Ghana could tap into this resource to fund large-scale developments while expanding trade opportunities with vast markets such as China and India, whose combined populations exceed 2.8 billion.

This partnership would position Ghana to increase exports of cocoa, gold, and oil, benefiting from preferential trade agreements and economic collaboration.

Furthermore, BRICS membership offers opportunities for technological and industrial collaboration, particularly in renewable energy, rail development, and smart city innovations, as demonstrated by China and India.

Membership would also enhance Ghana’s geopolitical influence, enabling a stronger voice in shaping global trade, finance, and climate policies. Additionally, it would diversify Ghana’s international partnerships, reducing over-reliance on traditional Western financial systems and offering alternative funding sources.

Islamic Finance presents an ethical and inclusive financial model that aligns perfectly with Ghana’s development needs. With global Islamic financial assets surpassing $3.06 trillion in 2024, the system offers a robust alternative to conventional financing.

Islamic Finance tools such as Sukuk (Islamic bonds), Murabaha (cost-plus financing), and Ijara (leasing) have been used globally to fund infrastructure projects, ensuring accountability by tying investments to tangible assets.

For Ghana, this means potential solutions to its $3 billion annual funding gap in road construction and maintenance, following Indonesia’s successful use of Sukuk to raise over $5 billion in 2023 for highways.

Similarly, Islamic Finance can address Ghana’s energy sector challenges, where $2 billion annually is needed to achieve universal electrification. Malaysia’s $50 billion in Sukuk allocated to green initiatives since 2010 offers a replicable model for Ghana to develop solar and wind energy projects.

Ghana’s rail system, critical for economic connectivity, remains underdeveloped. Countries like Turkey have modernized rail networks using Islamic bonds, raising $2 billion for Istanbul’s third airport rail link. Ghana could adopt this approach to connect key industrial hubs.

In aviation, Gulf nations have utilized Islamic Finance to build world-class infrastructure, an approach Ghana could replicate to establish itself as a regional aviation hub.

Furthermore, Islamic Finance could help address Ghana’s housing deficit of over 1.8 million units, as seen in Saudi Arabia and Indonesia, where Sharia-compliant financing has transformed the housing sector.

The BRICS nations exemplify the transformative potential of Islamic Finance. China, with a GDP of $19.4 trillion and 5.2% growth in 2024, has built over 25,000 kilometers of high-speed rail while integrating Islamic Finance for targeted projects in the Xinjiang region.

India, with a GDP of $3.9 trillion and 6.3% growth, has funded renewable energy and affordable housing initiatives through Sukuk. Brazil’s $2.1 trillion economy, growing at 2.4%, utilizes Islamic Finance for urban transport systems, while South Africa has raised $500 million through Sukuk for energy projects. These examples highlight how Islamic Finance has become a catalyst for sustainable development in diverse contexts.

To capitalize on these opportunities, Ghana must establish a robust policy framework, such as creating a National Islamic Finance House to regulate and promote Sharia-compliant financial activities. Capacity-building initiatives should train local professionals in Islamic Finance, ensuring long-term sustainability.

A pilot program issuing $1 billion in Sukuk could fund key infrastructure projects, focusing on transport and renewable energy.

Strategic partnerships with entities like the Islamic Development Bank, Malaysia, and Gulf nations would attract investment and expertise, while public education campaigns would foster trust and engagement with Islamic Finance initiatives.

As Ghana prepares to navigate the evolving global economic landscape, joining BRICS and adopting Islamic Finance could redefine its development trajectory.

This strategy offers not just immediate gains but also the promise of a resilient, inclusive, and prosperous future for generations to come.

At the Islamic Finance Research Institute of Ghana (IFRIG), we are committed to supporting innovative financial solutions that align with Ghana’s aspirations.

The time to act is now, and the opportunities are vast. Let us seize them together for a brighter tomorrow.

Dr. Shaibu Ali

Director General, IFRIG

January 08, 2024

 A 23-year-old small-scale miner who tricked two mobile money vendors and received a cash sum of GH¢8,000 false payments through electronic medium has been fined GH¢12,000 or in default, six years imprisonment by the Tarkwa Circuit Court.

Charged with four counts of receiving payments through electronic medium falsely, Ahmed Abdul Rahaman, pleaded guilty with explanation.

The court, presided over by Mrs Hathia Ama Manu, not­ed that Rahaman’s explanation confirmed his plea of guilty, and therefore, convicted him on his own plea.

 In addition, the court ordered Rahaman to refund the GH¢8,000 belonging to the two mobile mon­ey vendors.

Prosecuting Chief Superin­tendent of Police, Alex Odonkor, said the complainants, Evelyn Lartey and Prince Appiah, were mobile money vendors at Wassa Asikuma in the Wassa Amen East Municipality, and both resided in the same community with Rahaman.

On April 10, 2024, which happened to be Eid ul-Fitr, while Evelyn was at work, Rahaman went there and asked her to trans­fer an amount of GH¢1,000 into his MTN mobile money account bearing the name Sadick Abdulai Baa.

He said after Evelyn had van­ished with the transaction Raha­man asked her to transfer another GH¢1,000 into the same mobile money number and she obliged.

Chief Superintendent Odonkor said all this while, Rahaman kept convincing Evelyn that his brother was bringing GH¢4,000 physical cash so he could pay her, again requested that she should transfer another GH¢2000 and she did.

It said Evelyn waited for some time and realised that Rahaman was only deceiving her to get away with her cash.

Rahaman, who stays close to where Evelyn did her mobile money business pledged to go home and get her the money but never returned. The prosecutor said Rahaman proceeded to where Appiah worked and asked him to transfer an amount of GH¢2,000 into his MTN mobile money account and he did.

He said the convict again pleaded with Appiah to transfer another GH¢2, 000 into the same account as his brother was on his way with the money.

According to the prosecu­tion, after Rahaman had gotten the money, he told Appiah that since his brother was delaying, he would dash home and bring him, and he agreed.

Appiah waited for Raha­man, but there was no sign of him returning with his money, so he went to his house and unfortunately, he met Evelyn in Rahaman’s house accusing him of defrauding her using the same modus opera dum, and the two arrested and took him to the Wassa Akropong police station for investigation.

Rahaman, in his caution state­ment, admitted the offence and further explained that he used the money to play aviator game with the hope that he would have won and refunded the complainant’s cash to them but unfortunately lost miserably.

—GNA

The Greater Accra Regional Chairman of the National Democratic Congress (NDC), Emmanuel Nii Ashie Moore, has revealed that new Metropolitan, Municipal, and District Chief Executives (MMDCEs) will be appointed within the next two weeks to head the various assemblies across the country.

According to Ashie Moore, President John Dramani Mahama is set to replace all MMDCEs whose appointments were recently revoked.

This follows a statement from the Presidency on Wednesday, January 8, 2025, announcing the termination of all current MMDCE appointments as part of efforts to restructure local governance.

Speaking to Citi News, Ashie Moore called for patience among party supporters while the President finalizes the new appointments.

He assured that the process is being handled with diligence to ensure competent individuals are selected to lead the assemblies effectively.

“Per our party’s machinery, this week we are also doing a screening of the nomination of the prospective candidates for those positions so I can promise the party people, especially what I know in my region, that hopefully if everything goes well by the close of the next 14 days, we will also have MMDCEs in place so they should cooperate with us.”

Read Also…

Mahama revokes all MMDCE appointments

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President John Dramani Mahama has expressed intentions to revisit the privatisation of power distribution in Ghana, highlighting its necessity for improving efficiency in the country’s energy sector.

The President disclosed these plans during a meeting with a delegation from the World Bank at his private office in Cantonments, Accra.

He stressed the importance of addressing systemic inefficiencies that have plagued the nation’s power value chain, particularly within the Electricity Company of Ghana (ECG).

Reflecting on his tenure as Vice President under the late Professor John Evans Atta Mills, President Mahama recounted the launch of the Millennium Challenge Corporation (MCC) project.

The initiative aimed to position Ghana as a leading producer and exporter of electricity in Africa by enhancing the sector’s overall efficiency.

“During my time as Vice President, the late President Atta Mills initiated the Millennium Corporation Compact, designed to make Ghana the most efficient electricity producer in Africa and a hub for energy exports,” he said.

“Sadly, while democracy has its dividends, it can sometimes be a curse. The programme’s final phase, intended to improve distribution and metering, was mishandled by subsequent administrations, with the Power Distribution Service (PDS) becoming a thing of the past.”

President Mahama underlined the importance of revisiting privatisation efforts to improve the ECG’s operations.

“If we don’t fix the Electricity Company of Ghana, we will continue to face significant challenges across the entire power value chain,” he noted, signalling his administration’s readiness to re-engage the private sector in electricity distribution.

He added that discussions with the World Bank would be sought to harness the necessary expertise for this initiative.

According to the President, privatising the final phase of power distribution could be key to ensuring sustainable energy solutions and achieving Ghana’s long-term energy goals.

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.

After making a remarkable journey on foot, Alhaji Yakubu Ayaana, a 65-year-old Kumasi resident, gained national recognition.

In an attempt to personally congratulate former President John Mahama, he walked from Kumasi to Accra.

He received recognition and substantial awards for this extraordinary act of dedication on January 8, 2025, at a special gathering in Independence Square.

Alhaji Ayaana set off on his quest unshakably, despite his advanced age and the physical difficulties of such a voyage.

Due to health issues, many people discouraged him, but he persisted because he believed in his mission.

His perseverance was celebrated after his efforts moved people all around Ghana.

To recognize his efforts, Alhaji Ayaana was given a number of presents during the occasion. The list of prizes he received is as follows:

1. A Brand-New Renault KWID

Alhaji Ayaana was gifted a Renault KWID, a compact and reliable car that will undoubtedly ease his travel needs in the future.

2. An Undisclosed Amount of Money

To further support him, Alhaji Ayaana was presented with a monetary gift. While the exact amount was not revealed, it symbolized appreciation for his remarkable journey.

3. Clothing Worth GHC5,000

Nineteen57 Clothing, a renowned fashion brand, provided Alhaji Ayaana with stylish clothes valued at GHC5,000. The brand’s generosity showcased their support for his dedication.

The presentation of these gifts was organized by Kofi Okyere, the Creative President of Nineteen57 Clothing, and supported by an anonymous philanthropist.

Speaking at the ceremony, Okyere praised Alhaji Ayaana’s determination, stating, “Your journey is a testament to the power of resilience and purpose.”

Alhaji Ayaana expressed heartfelt gratitude for the support and recognition he received.

“I thank God for giving me the strength to complete this journey and for the kindness shown to me today,” he said.

Link;

https://x.com/readersstudios/status/1877094229702316390?s=19

The Majority Leader, Dr Cassiel Ato Forson, has announced that all four independent Members of Parliament have expressed their intention to align with the Majority Caucus in Parliament.

Among them, Kwame Asare Obeng, MP for Gomoa Central, has formally communicated his decision to the Majority Caucus.

However, the other three – Ohene Kwame Frimpong (Asante Akim North), Nandaya Yaw Stanley (Wulensi), and Worlasi Kpeli (Afram Plains North) – have been urged to submit official letters to both the Majority Caucus and the Speaker for validation.

“Currently, we have received letters from all four of them. So, Mr. Speaker, we’ll wait for them to officially write to you.

“My attention [has been drawn to the fact] that so far, the MP for Gomoa Central has written to us, but the rest are yet to write officially to confirm their positions,” Dr Forson disclosed during a parliamentary session on Wednesday, January 8, 2025.

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.

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.

The World Bank has reaffirmed its commitment to advancing economic growth in Africa, with Ghana positioned as a key focus for development financing and strategic partnerships.

Ousmane Diagana, Vice President for West and Central Africa at the World Bank underscored the institution’s dedication to helping African nations overcome challenges to sustainable growth.

Speaking during a high-level delegation meeting with President John Mahama in Accra on January 8, 2025, Diagana emphasised a renewed approach under the World Bank’s new leadership.

Diagana explained the shift in priorities following the appointment of Ajay Banga as the World Bank’s President. “We now focus on being a ‘better bank’ before becoming a ‘bigger bank,’” he said.

He highlighted the importance of ownership, partnership, and complementing financial assistance with global knowledge to foster sustainable development.

“As a global institution, our experiences with various countries have equipped us to provide tailored support.

“This includes addressing challenges like domestic resource mobilization and ensuring financing models are optimized for economic growth,” he added.

Diagana drew attention to Ghana’s need to widen its resource base, noting that the country faces challenges similar to those in Senegal and Kenya.

“We are happy to bring our expertise into discussions with Ghana, ensuring the domestic organization of financing is strengthened,” he said.

He also addressed the cocoa sector, a cornerstone of Ghana’s economy, highlighting its potential and challenges.

“Through our Country Climate and Development Report, we have identified opportunities in agriculture, particularly cocoa. Our recommendations and existing programmes aim to address sector challenges and unlock its full potential,” Diagana explained.

The meeting underscored the World Bank’s focus on blending financial assistance with expertise, ensuring that Ghana benefits from the institution’s global experience.

This collaborative approach aims to address systemic challenges while empowering the country to harness its economic potential.

As Ghana embarks on its next chapter under President Mahama’s leadership, the World Bank’s commitment signals optimism for enhanced partnerships and impactful development efforts in critical sectors such as agriculture and resource mobilization.

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President John Dramani Mahama

The Deputy Majority Leader in Parliament, Emmanuel Armah-Kofi Buah, has extended heartfelt congratulations to President John Dramani Mahama on his historic inauguration and swearing-in as the sixth President of the Fourth Republic of Ghana.

” It is both refreshing and inspiring to witness the swearing-in of the first-ever female vice President of the Republic, Professor Jane Naana Opoku-Agyemang”.

He noted that “This milestone marks a significant achievement in our nation’s journey towards bridging gender parity, diversity, and inclusivity.”

Armah-Kofi Buah, who is the Member of Parliament (MP) for Ellembelle, gave the commendation in a statement issued and signed by his office copied to Ghana News Agency at Aiyinasi.

Armah-Kofi Buah was positive that with a solid economic management team and cabinet Ministers, the Mahama administration was poised to lift the country from the current economic quagmire to one of prosperity to better the living conditions of the people.

In his inaugural speech, President Mahama succinctly conveyed a powerful message to Ghana: a commitment to diligently work towards resetting our beloved country on the path to prosperity, stability, and good governance.

Watch the moment John Mahama arrived for his investiture as President of Ghana:

The term “interest rate derivatives” often elicits uncertainty, even among seasoned corporate finance teams. Similar to other risk management instruments, many perceive these tools as complex. However, because interest rates remain volatile, impacting borrowing costs, businesses managing variable-rate loans or planning major capital expenditures must now prioritise these tools more than ever.

This article seeks to clarify Interest Rate Swaps and Options (Caps, Floors, and Collars) and emphasise their practical applications for businesses. Rather than serving as a technical manual, it urges action, highlighting that fluctuations in interest rates can cause unforeseen cost increases, whereas hedging instruments offer a measure of certainty and financial stability.

The global economic landscape has seen significant shifts in interest rates in recent years, often catching businesses unprepared. For instance, in 2022, central banks rapidly raised rates to counter inflation, leaving companies with floating-rate loans facing unexpectedly higher interest payments. These sudden cost surges can strain profitability, especially for businesses reliant on debt financing.

This article will also highlight the potential risks of unhedged interest rate exposures and discuss how Interest Rate Swaps and Options can act as essential insurance against rate fluctuations, allowing businesses to focus on their growth objectives without fearing unpredictable borrowing costs.

How Does Interest Rate Risk Affect Corporates?

Consider a company that has taken a floating-rate loan tied to the Secured Overnight Financing Rate (SOFR) plus a margin of 3%. Paying at a floating rate means the future SOFR rate is unknown, which could be higher or lower than current levels, potentially burdening the client if SOFR rises. To illustrate, assume SOFR stands at 5%, the effective borrowing rate is thus 8%. 

If SOFR increases by just 2% to 7%, the borrowing cost rises to 10%, potentially impacting profit margins significantly. For a loan of $10 million, this translates to an additional annual cost of $200,000 in interest alone. Without a hedging strategy, the business absorbs this increased cost, which they could have mitigated with the right risk management tools. 

Similarly, businesses planning to issue fixed-rate bonds might find themselves disadvantaged if rates decrease after issuance, leaving them locked into higher costs.

What Precautions Can Businesses Take to Manage Interest Rate Risk?

Certainty is the key to mitigating interest rate risk. By employing hedging tools like swaps, caps, floors, and collars, businesses can stabilise their borrowing costs, ensuring predictable cash flows. Let’s explore these tools:

(I) Interest Rate Swaps (IRS)

An Interest Rate Swap allows a business to exchange its floating interest payments for fixed payments (or vice versa). This tool is ideal for corporates with floating-rate loans who seek protection against rising interest rates.

Let us look at an example: Imagine the same company with a $10 million floating-rate loan at SOFR + 3%. To hedge against potential rate increases, the company enters into an IRS agreement with the bank, locking in a fixed rate of 7% for the next three years.

• If SOFR rises to 8%, the company’s effective floating rate would have been 11%. However, under the IRS, the business continues paying the fixed rate of 7%, saving 4% annually on the loan.
• Conversely, if SOFR drops to 3%, the company still pays 7%. This creates a dilemma: paying more with fixed cash flows versus potentially paying less if the floating rate remains unchanged. This “cost” is, however, the trade-off for stability and predictability in financial planning.

Recommendation: Interest Rate Swaps are best suited for businesses with long-term floating-rate exposures. While they eliminate increasing interest rate risk, the trade-off is forfeiting potential savings if rates decline. The predominant impetus behind entering into such a swap arrangement is to therefore to enhance cash flow management or to pre-emptively mitigate the adverse effects expected from fluctuations in interest rates.

(II) Interest Rate Caps

A Cap provides the right to limit the maximum interest rate on a floating-rate loan. Businesses can benefit from lower rates while avoiding excessive increases.

Let us look at an example: Assume the company buys a Cap at 9% for its $10 million loan. If SOFR rises to 10%, the Cap activates, and the company pays a maximum of 9%. If rates remain below 9%, the business benefits from the lower floating rates.

There is, however, a cost to these structures given their immense benefit. They require an upfront premium, typically a percentage of the notional amount, which varies based on market volatility.

Recommendation: Caps are ideal for businesses expecting moderate rate increases but wanting to retain flexibility in case rates decrease.

(III) Interest Rate Floors (For Businesses that have investments)

A Floor sets a minimum interest rate level, ensuring a business earns a guaranteed return on interest-bearing assets like fixed deposits or bonds. If a company has invested in floating-rate instruments, a Floor ensures returns do not fall below a specified level, say 4%, even if SOFR drops to 2%. This is ideal for businesses or investment firms that want to protect their investment returns from declining and adversely impacting commitments made with the expectation of higher floating rates.

Recommendation: Floors are suitable for corporates with substantial interest-bearing assets exposed to declining rate environments.

(IV) Interest Rate Collars

A Collar combines a Cap and a Floor, creating a range within which the interest rate fluctuates. While it limits upside and downside risks, it usually comes with zero upfront premium.

We can look at an example of the same loan where the company enters into a Collar with a Cap of 9% and a Floor of 5%. If rates rise above 9%, the Cap ensures payments are capped at 9%. If rates drop below 5%, the Floor ensures payments remain at 5% essentially allowing the loan repayments to float in between the Cap and the Floor that is convenient for the business.

Recommendation: Collars work well for businesses looking to balance cost-effectiveness with risk protection, as they eliminate premium costs associated with standalone Caps or Floors.

Advantages of Hedging with Interest Rate Derivatives

There are many advantages of risk management products referencing interest rates:

1. Predictability: Ability to stabilise cash flows and enhance financial planning.
2. Flexibility: Options (Caps, Floors, and Collars) allow businesses to benefit from favourable market conditions.
3. Cost Savings: Swaps and zero-premium structures like Collars minimise hedging costs.
4. Competitive Edge: Protecting against rate volatility ensures businesses remain focused on operations without surprises from rate movements.

In an unpredictable interest rate environment, businesses must not leave their borrowing costs to chance. Utilising financial instruments such as Interest Rate Swaps, Caps, Floors, and Collars allows companies to mitigate the financial impact of rate fluctuations, ensuring stability in their operations.

We recommend discussing tailored solutions with your bank that align with your specific risk-reward profile. While the article primarily discussed SOFR hedging, it is important to note that Ghana Reference Rate (GRR) hedging is also feasible. This involves hedging where the local currency is utilized as either an asset or a liability. At Absa Bank, we are committed to guiding you in developing a comprehensive risk management strategy that supports your growth objectives while protecting your financial bottom line.

*****

The writer, Gerald Nana Kusi, is the Head of Institutional Sales and Structuring, at Absa Bank Ghana LTD

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Actor Kwaku Manu believes this is the end of Bawumia’s leadership of the NPP

Renowned Ghanaian actor and New Patriotic Party (NPP) sympathiser, Kwaku Manu, has expressed his concerns about the party’s treatment of Dr. Mahamudu Bawumia and former President Nana Addo Dankwa Akufo-Addo.

In an interview sighted by GhanaWeb Entertainment, Manu claimed that the NPP would not allow Dr. Bawumia to stand for president again, suggesting that Nana Addo had used his power to bring Bawumia into prominence.

According to him, now that Nana Addo is no longer in power, the party will use its resources to assert control.

“As Nana Addo has left the NPP party, the party won’t allow Dr. Bawumia to stand for the president again. They feel like because Nana Addo is the president, he used his power to bring in Dr. Bawumia, so now that he is no longer in power, they would use their money and power to show him that the party was for them.

“Now, even the NPP members, when they meet Nana Addo and he misbehaves, they will tell him, ‘When you’re on the seat that’s when you have power, so since you’re no longer on the seat, nobody is scared of you,’” he said.

Reflecting on his past support for the NPP, Manu criticised Nana Addo’s handling of certain issues with chiefs and kings, implying that it was not appropriate.

“Sometimes, I can’t just believe that Nana Addo is not our president anymore. I remember campaigning for the NPP before, and the influence the party had in the country was strong. But the way Nana Addo handled certain things with the chiefs and kings wasn’t right,” he added.

Meanwhile, John Dramani Mahama was officially sworn in as Ghana’s president on January 7, 2025, at a ceremony held at the Black Star Square in Accra.

This event marked his return to the presidency, making him the first former leader of Ghana to be re-elected to the highest office of the land.

The inauguration was attended by over 30 heads of state and prime ministers, highlighting its significance on the global stage.

In his inaugural speech, Mahama emphasised themes of democracy, hope, and inclusivity, pledging to build a resilient healthcare system and foster gender equality.

Watch the video below:

@sarpcessghdotcom #ghanatiktok🇬🇭 #sarpcessghdotcom #kwakumanu ♬ original sound – sarpcessghdotcom

Watch more videos from Mahama’s inauguration below:

ID/AE

World Bank officials in a meeting with President Mahama

The World Bank has indicated that it remains committed to fostering economic growth in African nations, particularly Ghana.

It promises to focus on financing key development initiatives in Ghana.

This was disclosed by Ousmane Diagana, Vice President for West and Central Africa at the World Bank, when he led a delegation to visit President John Mahama’s office in Accra on Wednesday, January 8, 2025.

According to him, the World Bank is dedicated to supporting African countries in overcoming the challenges of sustainable economic growth.

“In the last couple of months since the arrival of the new president, Ajay Banga, there is a concept that we call the better and bigger World Bank. But we are now focusing on the better bank before actually getting to the bigger bank.

“So with the better bank, obviously the elements of ownership for government, client, and partnership will be the order complementing the financial assistance that we are providing with the knowledge aspect because as a global institution, obviously we work with all of the countries, and this has allowed us to gain a lot of experience.

“As we mentioned on the formality aspect, how we can bring resources into the economy, making sure that those are not part of financing the economy …In particular in West African countries, this challenge that Ghana is facing in that area is the same that we see in Senegal, Kenya, etc. So we are happy to bring our department working in the area into the conversation with Ghana and see how we can really widen the resource base, making sure that the domestic organisation part of financing the economy also increases.

“On cocoa, Ghana is one of those countries where we have prepared what we call the country climate and development, and we had indeed identified the potential that exists in the agricultural sector, in particular, the whole of cocoa, but at the same time the challenges the sector has faced.

“So we have some recommendations that the team can discuss at some point, and in that regard, see how we can use our existing programme because we have some dedicated programmes in order to contribute in that sector,” he added.

Watch the moment John Mahama arrived for his investiture as President of Ghana:

Burkina Faso’s Head of State, brahim Traoré

Security consultant Professor Kwesi Anning has strongly criticized Burkina Faso’s President Ibrahim Traoré for visibly carrying a pistol at his side during President John Dramani Mahama’s inauguration ceremony in Accra.

In an interview on Morning Starr with Naa Dedei Tettey, Professor Anning described the incident as a significant breach of diplomatic protocol and expressed dismay at the display, particularly in the presence of high-profile dignitaries.

“What happened in Accra yesterday, which I’ve seen all over social media, was completely uncalled for,” he remarked.

“It was a breach of protocol, and many state officials and other dignitaries who were present might have wondered whether they were seeing correctly.”

The event, marking a pivotal moment in Ghana’s democratic history, brought leaders and representatives from across the continent to witness Mahama’s swearing-in. However, Traoré’s decision to attend with a sidearm raised eyebrows and sparked debates about diplomatic decorum and security arrangements at such events.

Professor Anning elaborated on customary practices for visiting heads of state and their security details.

“Normally, when a head of state travels with their security protocols, the weapons remain on the plane, with the understanding that the host country will provide maximum security,” he explained.

He dismissed arguments defending Traoré’s action, particularly those suggesting the pistol was part of his uniform.

“That does not hold water at all,” he asserted. “This was a major breach of protocol, especially when heads of state were present, and our own newly installed president was being greeted.”

Watch the moment John Mahama arrived for his investiture as President of Ghana:

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Zeqblog Blog of Wednesday, 8 January 2025

Source: Okine Isaac

The country’s power grid is on the brink of a major crisis as the government urgently requires nearly $90 million to secure fuel for thermal power plants, according to a report by the Ghana Grid Company (GRIDCo).

The report warns of potential power outages, popularly known as “dumsor,” if immediate action is not taken.

GRIDCo’s report highlights that the funds are needed to purchase liquid fuel, such as light crude oil, to keep thermal plants in Tema operational and meet rising electricity demand.

The shortage stems from a generation capacity deficit following a pigging exercise by the West African Gas Pipeline Company (WAPCO).

This maintenance activity temporarily disrupted natural gas supplies, leaving thermal plants without sufficient fuel.

To address the imminent crisis, GRIDCo has outlined several measures to stabilise the grid, including:

1. Rescheduling Maintenance: Revising planned shutdowns of generators to avoid overlapping with the WAPCO maintenance period.

2. Alternative Fuels: Procuring sufficient light crude oil or other liquid fuels to replace natural gas in thermal power generation.

3. Load Management: Considering load-shedding as a last resort to stabilize the grid if power shortages persist.

Pipeline Maintenance Delayed to 2025

The crisis was exacerbated by the maintenance of gas pipelines from Nigeria to Ghana by WAPCO, initially scheduled for October 2024 but postponed to January 2025 by the previous government.

This delay left the system vulnerable to disruptions during the maintenance period.

“There is a deficit in generation capacity during the period of the WAPCO pigging exercise. Therefore, it is necessary to procure liquid fuel to operate thermal plants in Tema to meet demand,” the report stated.

GRIDCo stated that $89.90 million is urgently required to avert the looming power outages and ensure grid stability.

The report warns that failure to act swiftly could lead to prolonged power outages, severely disrupting economic activities and public services.

Industries, businesses, and households may face significant challenges if the government does not secure funding and implement the recommended measures.

Stakeholders have called for expedited government intervention to raise the necessary funds and execute GRIDCo’s recommendations.

The urgency of the situation has sparked nationwide concern, with many fearing a return to the dreaded era of frequent and unpredictable power cuts.

As the clock ticks, the onus is on the government to act decisively and prevent Ghana from slipping into a full-blown power crisis.

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.