Day: June 26, 2024

Ghana’s Eurobond holders are expected to forego some US$4.7 billion of the debt owed them by the country and provide additional cash flow relief of approximately US$4.4bn to support debt sustainability efforts.

This is a result of the agreement in principle reached between the government and the Eurobond holders on the treatment of the country’s US$13bn debt to external creditors.

‘Under the Agreement in Principle, Bondholders would forego approximately US$4.7 billion of their claims and provide cash flow relief of approximately US$4.4 billion during the IMF program period,’ the agreement term sheet stated.

While the members of the International Committee currently own or control some 40 per cent of the outstanding bonds, all other Regional Steering Committee members, jointly own or control about 15 per cent of the outstanding bonds.

The two concessions, totalling US$9.1bn are, therefore, to assist the country to achieve the debt relief required to restore debt sustainability under the US$3bn Internationa
l Monetary Fund (IMF) loan-support programme.

Under the terms, bondholders accepted nominal losses of 37 per cent on their holdings, with two alternatives ‘DISCO’, and ‘PAR’ to choose from.

Bondholders who opt for DISCO would receive a five per cent interest rate on new bonds from January this year until July 2028 and six per cent, thereafter.

On the other hand, bondholders who go for the PAR option would get a 1.5 per cent interest rate on new bonds without any haircuts.

Meanwhile, the agreement-in-principle has required the Government to ensure certain other creditors did not receive better net present value terms, and publish certain public debt information on a semi-annual basis.

Also, a loss reinstatement until 2032 upon certain events, an estoppel provision that precludes the government from raising legal challenges to the new bonds and liquidated damages are required.

This provision in the agreement-in-principle would be applicable in the event of a Supreme Court ruling of invalidity of the new b
onds under the country’s law.

All these are happening ahead of the IMF Executive Board meeting on Friday, June 28, 2024, to consider Ghana’s second review programme, approval of which would lead to the disbursement of US360 million to the country.

Source: Ghana News Agency

The Upper West Regional Multi-Stakeholder Peace and Security Conference aimed to build consensus among the district and regional level stakeholders and peace and security experts to address insecurity at the local and regional levels is underway in Wa.

The Conference on the theme: ‘Building Sustainable Peace and Security, a Shared Responsibility – Leveraging Local Partnership’, was also to deepen cooperation and collaboration among local actors and discuss the role of women in promoting peace and security in Ghana and the Upper West Region in particular.

The Community Development Alliance (CDA) organised the conference in collaboration with the Regional Network of Women in Peacebuilding (RENEW), a network of women peace and security advocates in the Upper West Region, with support from the USAID/OTI Littorals Regional Initiative (LRI) programme.

Speaking at the opening of the conference, Mr Salifu Issifu Kanton, the Executive Director of CDA, stated that the conference would enable women to forge relations
hips with the secu

‘For me, women are one of the groups that we can rely on to achieve lasting peace and that is why this conference seeks to highlight the role of women in peacebuilding in the northern part of Ghana’, he stated.

He observed that peace was a ‘priceless commodity’, without which a society could not move on smoothly.

Mr Kanton explained that promoting peace and security in the country was a collective responsibility of all ‘particularly that we are inching towards an election, a major election.’

‘So, if we can only give women a voice, and not leave them behind and give them a chance to play a role in the peace and security architecture of our country, we believe our country will be safer,’ the CDA Director added.

He also stressed the need for a shift from what he described as ‘policing for the people’ to ‘policing with the people’ where the people took responsibility of their security and were empowered to support the security agencies with information on security issues in their localitie
s.

Mr Kanton emphasised that effective collaboration between stakeholders and the involvement of women in the peace campaign would help ensure that this year’s election was incident-free.

Hajia Rabiatu Musah, a member of the RENEW in the Lawra Municipality, indicated that through the RENEW, women in Lawra had become peace ambassadors within their families and the communities.

She said advocating peace began with the individual by ensuring peace within himself or herself and that women were now peacemakers in their homes with their husbands and children.

‘We are boldly out, preaching peace. Without peace, there will not be any development. So, we are educating our youth to desist from violence’, Hajia Musah said.

She indicated that the peace campaign would continue even after the 2024 general election to ensure their communities were free from violent acts to help propel development.

Over one hundred peace and security stakeholders, including members of RENEW across the region, including the Fulbe commun
ity, representatives of the Ghana Police and Immigration Services, Regional Coordinating Council, Regional House of Chiefs, National Commission for Civic Education, Peace and Security Think Thanks and other peace and security centred Civil Society Organisations among others attended the conference.

Source: Ghana News Agency

President Nana Addo Dankwa Akufo-Addo says for drug policies to be effective, they must be based on scientific research, respect for human rights, compassion, and a deep understanding of the social, economic, and health implications of drug use.

He said there was a global socio-economic situation that compelled people to make risk-taking decisions, including drug trafficking and abuse, indicating that the dimensions and impact of drug trafficking were intensive, extensive and complex.

The President said this in a speech read on his behalf by Mr. Henry Quartey, the Minister for Interior at the 2024 International Day Against Drug Abuse and Illicit Trafficking, also known as the World Drug Day (WDD) in Accra.

The celebration which was also to launch the 2023 World Drug Report was on the theme: ‘The Evidence is Clear: Invest in Prevention.’

The WDD is a day set aside annually by the United Nations General Assembly by resolution 42/112 of December 7, 1987, for Member States to raise awareness of the risks and
effects of drug abuse and illicit drug trafficking as well as to consider the most effective countermeasure.

The President said the theme sought to draw the world’s attention to the need to intensify and direct all efforts to prevent trafficking in and abuse of illicit drugs, which had brought an untold devastating health condition to millions of people worldwide.

He said Drug trafficking made drugs available for consumption, leading to the development of substance use disorders (SUDs), a very destructive and worrying health condition.

He said according to the 2023 World Drug Report, drug use disorders were harming health, including mental health, safety and well-being, stating that stigma and discrimination made it less likely that people who use drugs would get the help they needed.

‘Fewer than 20 per cent of people with drug use disorders are in treatment, and access is highly unequal,’ he added.

The President said Ghana had never been spared by the impact of drug trafficking, drug abuse and attendant
health problems, however, it was heartwarming to state that Ghana acknowledged the challenges with the implementation of international and domestic drug policies, particularly for health and safety of the Ghanaian society.

He said the Government was committed and would continue to provide the needed resources to the Narcotics Control Commission and other security agencies to perform their mandate efficiently thereby ensuring the safety and the security of all Ghanaians.

The President said Ghana had taken bold steps in reforming the country’s drug policies by enacting the Narcotics Control Commission Act, 2020 (Act 1019), which largely addressed the drug challenges confronting the nation.

He called on all and sundry to lend support to the law enforcement agencies in the fight against the drug canker.

Mr. Kenneth Adu-Amanfoh, the Director-General, Narcotics Control Commission (NACOC), said last year, the NACOC through its Demand Reduction Directorate, sensitised a total of 308,312 students across 1,322 inst
itutions at all levels of education.

He added that additionally, NACOC engaged 63 communities and 73 faith-based institutions, stating that these achievements were made possible through collaborative efforts with other relevant state institutions.

The Director-General said NACOC was engaging and collaborating with its partners to establish Drop-In Centers in some regional capitals to offer counseling services to persons suffering from SUDs, providing the critical support needed for recovery from addiction.

‘The NACOC is committed to ensuring that a scientific evidence-based approach is used in developing prevention outreach programs that are tested and effective in dealing with drug use among the youth,’ he added.

Source: Ghana News Agency

The latest series of volcanic eruptions in Iceland could last for decades or even centuries, according to a study published in the journal Terra Nova on Wednesday.

The series of eruptions began in 2021 on the Reykjanes Peninsula in the southwest of the island, just 55 kilometres southwest of the capital Reykjavik.

A large part of the population of the North Atlantic island lives in the affected region. It is also home to the only international airport and several geothermal power plants that supply the country with hot water and electricity.

There have been five major volcanic eruptions since December last year alone. Lava flowed out of elongated cracks in the earth, a phenomenon known a fissure eruption. Some houses were engulfed by lava.

The researchers analysed earthquake data from the past three years and compared the chemical and physical properties of lava from various locations to determine whether it came from the same underground magma chamber.

They found that it was indeed magma with similar pe
trographic properties. This suggests a coherent underground magma system, the researchers write. Taken with the seismic data, they believe that it is a moderately large magma accumulation at a depth of around nine to eleven kilometres, which extends over a width of ten kilometres. It formed between 2002 and 2020.

The research team concludes that the current series of eruptions could be the beginning of a long episode, though they cannot predict how long the series will last.

Iceland is located where the North American and Eurasian tectonic plates are moving apart. Volcanic eruptions are therefore frequent, but the eruptions of the more central volcanoes usually only last a few days or weeks. Fissure eruptions, on the other hand, can last much longer.

Source: Ghana News Agency

Thunderstorms and heavy rain have caused flooding in Switzerland near Basel, in Geneva, and in the canton of Vaud on Lake Geneva, authorities reported.

On Tuesday evening, police in the canton south of Basel received several hundred reports of flooded basements, power outages and other water damage. By Wednesday, the situation had calmed down.

In the western canton of Vaud, the fire department was called out more than 200 times. In the town of Moges, the river reached flood levels that statistically are not expected even once in a hundred years, according to the police. No injuries were reported.

In Geneva, severe thunderstorms and heavy rain led to a two-hour suspension of flight operations.

A cooling room for servers in the Skyguide air traffic control building was affected by flooding. To prevent overheating of the control systems, the airspace was closed shortly after 10 pm. Around 50 arrivals and departures were cancelled.

Overnight camp beds and food were provided for around 100 passengers. On Wedn
esday, departures were cancelled for planes that had not been able to land on Tuesday evening. However, no major damage occurred, and operations were back to normal, said a Geneva airport spokesman.

Last week, a landslide after heavy rainfall swept away three houses in the eastern canton of Graubnden and destroyed part of the A13 motorway, an important route through the Alps.

Of four missing people, one woman was rescued and a man found dead. The other two individuals remain missing.

Source: Ghana News Agency

The Chiefs and people of Agona Kwanyaku in the Agona East District of the Central Region have unveiled their 2024 Annual Akwambo festival to raise funds for the construction of a multipurpose community centre.

The 2024 Akwambo festival aimed at bringing the people together to strengthen peace and reconciliation will be held under the theme: ” unifying for development. ”

Mr Frank Kwesi Ocran, Chairman of the Akwambo Planning Committee, said the festival was being celebrated for the first time in four years, after the COVID-19 pandemic.

He said chieftaincy dispute raised its ugly head right after the pandemic, completely shattering the unity and peace of the town.

The Committee Chairman expressed gratitude to the Agona Nyakrom Omanhene, Okofo Katakyi Nyakoh Eku X, who set up a committee to settle the dispute amicably, bringing absolute peace and stability to the town.

Mr Ocran thanked all who in diverse ways played special roles, including Prof Kofi Anokye, Nana Kojo Frimpong, Prof Richard Asiedu and man
y others for uniting the people in the Area.

He said the planning committee was levying individuals and other identifiable groups to help raise funds to construct the multipurpose community centre.

According to the Committee Chairman, apart from that every household was to pay GHC10.00 as special levy to get more resources to undertake the project.

Mr Ocran said the project expected to be completed in 2025, consist of a funeral ground, table tennis court, offices for the chiefs, cultural centre and many others.

He made an appeal to the Member of Parliament (MP) for Agona East and the District Chief Executive (DCE), who are natives of the town to support the project to take off.

The programme of activities for the Akwambo festival will start on Thursday September 12, 2024, with drafts, cards and table tennis competition, there will be a clean-up exercise on Friday, September 13, among other programme line ups.

Mrs Janet Odei Paintsil, the District Chief Executive for Agona East, together with Mrs Hannah
Asamoah, Parliamentary Candidate for New Patriotic Party (NPP), pledged 100 bags of cement to support the project.

The DCE announced that she and the PC would also donate substantial amount of money to the planning committee to ensure the project’s early completion.

She disclosed that the Agona Kwanyaku market project was progressing steadily and expected to be completed and handed over before end of November 2024.

Mrs Paintsil said the Agona East District would soon take delivery of road construction machines from the Central government to help reshape all deplorable roads to facilitate transportation of goods and services.

The DCE reiterated calls for the people of Agona Kwanyaku and entire districts to vote massively for Dr Mahamudu Bawumia, NPP presidential Candidate and Mrs Hannah Asamoah, Parliamentary Candidate to continue their good policies and programmes.

Mrs Queenstar Pokua Sawyer, MP for Agona East on her part, said she had authorised the DCE to release GHC 50,000 from her common fund to supp
ort the community centre project.

The MP renewed her calls on the chiefs and people to unite since peace was key to development.

Mrs Sawyer touted achievements of the NDC government under former President John Dramani Mahama and urged the people of Agona Kwanyaku to vote for him as president and same for her as MP for Agona East on December 7, 2024.

Nana Ekow Quansah, the first Chief of Fantes in the USA, urged the chiefs and people of Kwanyaku to embrace peace and reconciliation and assured that residents living in the US would support the project initiated by the people.

Nana Quansah, who is also a military Officer in US Army, pledged to mobilise residents to pull resources together to help give the town a facelift.

Source: Ghana News Agency

The Mastercard Foundation has appointed Madam Carole Wamuyu Wainaina to its Board of Directors.

A statement issued in Accra by Mr Felix Baidoo, Lead, Programme Communications, Mastercard Foundation, said Madam Wainaina is a Senior Business Leader with 35 years of global experience in multinationals and multilateral organizations in areas, including strategy, organizational transformation, and human resources.

Mr Zein Abdalla, Chair of the Board of Directors of the Mastercard Foundation, said, ‘I am delighted to welcome Madam Wainaina to our Board of Directors and the Foundation is executing a bold strategy to create economic opportunities for young people in Africa and Indigenous youth in Canada.’

He said Wainaina’s experience in the public and private sectors, global networks, and knowledge of the African continent would be invaluable.

Madam Wainaina, Senior Advisor to the CEO at Africa50 and Non-Executive Director at various organizations said, ‘I am honoured to join the Mastercard Foundation’s Board of
Directors.’

She said, ‘I look forward to working with a dynamic team advancing education and financial inclusion to create opportunities for young people, build stronger communities, and contribute to more inclusive economies. This important work benefits all of us, and I am pleased to contribute to the Foundation’s impact in Africa and Canada.’

Madam Wainaina has worked for several years at Africa50, the Morocco-based Pan-African infrastructure investment platform capitalized by African countries and the African Development Bank.

She was previously Chief Operations Officer, responsible for establishing Africa50 and leading a multi-disciplinary team including Strategy, Investor Relations and Fundraising, Communications, HR and Administration, and Environmental and Social Governance.

She has served as the Assistant Secretary-General for Human Resources at the United Nations, leading transformational initiatives for the Secretary-General and member states.

Madam Wainaina’s experience in the philanthr
opic sector includes serving on the non-profit boards Impact (Ed) International, and Harvard Business School Africa Research Board. She is an angel investor and mentor to several founders.

The Mastercard Foundation’s Board of Directors includes Zein Abdalla (Board Chair), Retired President of PepsiCo, Inc., Baroness Valerie Amos, CH, Master of University College, Oxford University and former Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator at the UN and Ellen Johnson Sirleaf, Former President of Liberia and 2011 Nobel Peace Prize Winner.

Others are Louise Arbour, C.C., Jurist-in-residence at Borden, Ladner, Gervais LLP, and former Justice of the Supreme Court of Canada. She also served as the United Nations Special Representative for International Migration, Jay Ireland, Retired President and CEO of General Electric Africa, Jennifer Fonstad, Co-founder and leader of the Owl Capital Group.

The rest are Michael Sabia, CEO of Hydro-Québec, Robin Washington, Former Executive Vi
ce President and Chief Financial Officer of Gilead Sciences, Inc., Sewit Ahderom, Co-Founder and Chief Operating Officer of Gro Intelligence, Tsega Gebreyes, Founding Partner and CEO at Satya Capital Limited.

Source: Ghana News Agency

Katakyie Kwasi Bumankama II, the paramount chief of Sefwi-Wiawso traditional council has been commended for donating a cheque for Gh300,000 towards the ‘Heal Komfo Anokye project’ initiated by the Asantehene Otumfuo Osei Tutu II.

The Forum for Accountability and Development of Sefwi, a pressure group based in Juaboso in the Western North Region commended the chief for the gesture and noted that, the Komfo Anokye teaching hospital was the biggest referral health facility available and closed to residents of the Western North Region.

The forum said every household within the region received medical care outside the Western North Region, was likely to receive it at the Komfo Anokye teaching hospital in Kumasi.

They indicated that for the paramount chief of Wiawso to donate towards its expansion was a worthy course which must be appreciated especially by indigents from the Region.

This was contained in a statement signed by Mr Simon Asafo-Agyei, executive secretary for the group and copied to the Ghana News A
gency.

The statement pointed out that health care emergencies such as road accident victims and other serious degrees of injuries that thccurred within the area were mostly taken care of by the Komfo Anokye teaching hospital.

This, the statement emphasized the important relationship that existed between the Western North Region and the Komfo Anokye teaching hospital.

The statement further encouraged residents and organizations within the Region to support the ‘Heal Komfo Anokye project’ to ensure the hospital provided the best form of medical services to residents of the area.

The statement also mentioned an 800 capacity nursing hostel at the Wiawso nursing training college, mechanized borehole at college of Health, Sefwi- Asafo, renovating Glisten football park at Dwenase, provision of 10 ultra-modern drones to support Forestry Commission operations in the area, registering over 10,000 residents unto the National Health Insurance Scheme, free eye screening for over 8,000 residents and the renovating of t
he okogyeabo palace among others as some of the initiatives implemented by the paramount chief.

‘The Komfo Anokye teaching hospital (KATH) has been of immense importance to the Western North Region and neighboring regions, hence the gesture of the Wiawso traditional council is in order, especially when the contribution is made through a medium where royal ties would be strengthened with the assurance that the resources would be put to good use’. The statement stressed

The Heal Komfo Anokye project is the Asantehene 25th Anniversary Legacy Projects, with its mission to mobilise resources and funding to implement a comprehensive solution that would improve upon Komfo Anokye Teaching Hospital’s (KATH) infrastructure and ensure that it continued to provide a more functional and efficient hospital environment that promoted healing, comfort, and safety for the people of Ashanti Region and beyond.

The purpose is also to address the urgent need for infrastructural improvement in Komfo Anokye Teaching Hospital (KAT
H), Ghana’s second-largest teaching hospital which receives referrals from 12 out of the 16 Regions of Ghana. 

Despite its reputation for providing quality and affordable healthcare services and conducting groundbreaking research, KATH faces serious infrastructural challenges that affect service delivery to patients, visitors, and staff.

Source: Ghana News Agency

More than 1,700 individuals and families have benefitted from a comprehensive vocational training initiative organised by MTN and Engage Now Africa as part of the annual 21 Days of Y’ello Care in June 2023.

The initiative sought to empower individuals with practical skills across various vocations, reflecting both organizations’ shared commitment to community development.

Over 21 days, the collaborative efforts successfully trained over 500 individuals, thus 200 youth, 200 women, and 100 persons with disability.

A report compiled and copied to the Ghana News Agency said the achievement showcased the programme’s effectiveness in reaching a substantial number of individuals seeking to enhance their skills and prospects and digital and financial literacy.

The report is a testament to the effectiveness of our collaborative endeavours and sets the stage for future impactful partnerships.

It said an impressive outcome of the collaboration was that approximately 65 per cent of the learners or students actively
apply the skills acquired during the training sessions.

Over 50 per cent of those unemployed before the 21 days of training have begun their micro-businesses, especially in producing Liquid Soap, Bleach, and Disinfectant (floor cleaner).

The report said over 30 per cent of them now market their selling products using various social media handles to attract more customers to their businesses.

It aligned with the continuous drive towards the core belief that everyone deserves the benefits of a modern connected life.

This practical utilization underscores the real-world impact of the programme on the lives of beneficiaries.

Madam Christiana Agyei’s journey with MTN’s 21-days of Y’ello Care was a testament to the transformative power of the training.

Before joining the training, Madam Agyei, a single mother of three, faced financial struggles and limited employment opportunities.

She had or received no income but depended on family members and friends for little financial support for herself and her kids.

H
owever, she acquired the necessary skills to start her own soap-making business through the comprehensive training Engage Now Africa and MTN provided.

It said with newfound knowledge from MTN and financial support from Engage Now Africa, Madam Agyei was provided with a ‘start-up package’ in the form of purchases of all needed soap/floor cleaner/softener-making materials and tools to equip her to commence her business with immediate effect.

Currently, she has a thriving enterprise and makes weekly sales of GH?400.00 and her soap-making business fulfills her family’s needs and employs individuals within the Kasoa community.

Through her success, she has become a beacon of inspiration, showcasing the significant impact that skills training can have on individuals and communities.

It said Madam Agyei’s journey exemplified the positive changes the Y’ello training had brought to people’s lives.

It empowered individuals like Madam Agyei to break free from financial constraints, create sustainable livelihoods, an
d contribute to local economic growth.

She has impacted the lives of her three children and two employees she works with, and she is indirectly impacting over 10 individuals and families with her new business.

She commended MTN and Engage Now Africa for making her a happy and independent woman.

Source: Ghana News Agency