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Controller fails to account for Mahama’s 10 percent salary cut

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Controller fails to account for Mahama’s 10 percent salary cut

Mahama’s 10 percent salary cut: The former president and his vice, Kwesi Amissah-Arthur, as well as all Ministers of state, under his administration voluntarily took a 10 percent salary cut beginning 2014, but the funds accrued cannot be traced.

The Controller and Accountant General is unable to account for funds that accrued from former President John Mahama’s 10 percent salary cut policy which affected himself, his deputy and all appointees.

The revelation is contained in the Auditor General’s 2016 performance report on the Finance Ministry and Controller and Accountant General.

The former president and his vice, Kwesi Amissah-Arthur, as well as all Ministers of state, under his administration voluntarily took a 10 percent pay cut beginning 2014.

The decision formed part of the former administration’s move to save some money for the smooth administration of the economy.

The pay cut summed up to a total of GHS2.5million at the end of December 2016.

The amount was deposited in a special account recommended by the former president to be used for the construction of Community-based Health Planning and Services compounds or CHPS compounds.

But appearing before the Public Accounts Committee of parliament Wednesday August 9, 2017, the Controller and Accountant General Eugene Ofusuhene said that a letter from the chief of Staff asked for the transfer of the money in 2014.

He said his office is, therefore, not able to account for the monies accrued afterwards;

…the monies are later on released to them [government]. That is how we operate. So as to what they have done with the money that one is not an area for us to answer because it was not statutory deductions which we should have taken and then say pay to SNNIT or pay to GRA. This one was a voluntary deductions so when you deduct you give it to the one who asked you to deduct on his behalf.”

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Fuel prices to drop as government temporary removes certain taxes for two months

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Fuel prices to drop

Fuel prices to drop as government temporary removes certain taxes for two months

Ghanaians are to enjoy two months of relief of reduced fuel prices as the President of the Republic has approved the temporary removal of certain taxes on fuel to provide some sort of relief to Ghanaians as the global fuel prices go up. This covers the removal of Price Stabilisation and Recovery Levies on petrol, diesel, and LPG for a period of two months.

This news was officially released by the communication directorate of the National Petroleum Authority (NPA). The release reads;

 

The National Petroleum Authority (NPA) wishes to inform the general public that His Excellency the President, Nana Addo Dankwa Akufo-Addo, has granted approval to zero the Price Stabilisation and Recovery Levies on petrol, diesel and LPG for a period of two months.
The above approval follows the advice of the NPA to the Hon. Minister of Energy to seek government’s intervention to mitigate the impact of rising prices of petroleum products on the world market on consumers. Prices of crude oil and refined petroleum products have seen sharp increases on the world market due to a rise in demand for oil globally without a corresponding increase in supply, particularly from the Organisation of Petroleum Exporting Countries (OPEC)and its allies.
Because the pricing of petroleum products in Ghana is deregulated, changes in prices of petroleum products on the world market have a direct impact on prices at the pumps. 
The outlook of prices on the global market shows an upward trend and therefore there was the need to seek government intervention to lower the levies to cushion consumers from feeling the full impact of these rising prices. The purpose of the Price Stabilisation and Recovery Levy (PSRL) is to stabilize prices for consumers and pay for the subsidies on Premix Fuel and Residual Fuel Oil (RFO).
At this time it is important that the PSRL which is currently sixteen pesewas per liter (GHp16/Lt) on petrol, fourteen pesewas per litre (GHp14/Lt) on diesel, and fourteen pesewas per kilogram(GHp14/Kg) on LPG are zeroed to cushion consumers. The NPA will work with the Ministries of Energy and Finance to quicken the legislative processes to give immediate effect to this directive by the President. We are grateful to H.E. the President for granting the request to zero these levies to minimise the effect of rising prices of petroleum products on the world market on consumers in Ghana.
Signed
Corporate Affairs Department
Monday, 11th October 2021
NPA
Ghanaians are expected to enjoy some brief relief after this new development has been implemented.

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Agric Minister Visits GADCO Rice Mill In The Volta Region

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Agric Minister Visits GADCO

On September 26th, 2021, the Minister for Food and Agriculture, Hon. Dr. Owusu Afriyie Akoto paid a working visit to GADCO rice farm and the milling factory as part of his tour in the Volta Region.

The Minister’s visit granted an opportunity for the management of GADCO to interact with the Minister on the activities of GADCO in partnership with RMG Ghana Limited in the rice production value chain.

In the Minister’s address, he said that the consumption of rice has risen hence the need to increase production to meet the demand.

According to him, the Government’s promise of becoming rice production self-sufficient by 2023-2024 is not going to be achieved only by the farmer, the land or the seeds available, but it’s to do with the amount of the milling capacity.

He said our local rice is fresh, nutritious and therefore encouraged Ghanaians to consume more local rice.

Dr. Owusu Afriyie Akoto commended GADCO for the high quality and well-packaged rice which can equally be likened to the imported rice.

In addressing the Minister, the General Manager of GADCO, Mr. Joel Tsatsu said “We would like to use this opportunity to reiterate our full commitment to support the production of tons of local rice where Ghana will become self-sufficient in the near future”.

We believe that the government’s target of achieving self-sufficiency in rice production by 2023 is achievable and we will all work to support this goal.

Copa Rice brand produced by GADCO is made up of quality Jasmine long grain rice that is fresh, tasty, and very healthy. The Company works with smallholder farmers by providing technical support and marketing opportunities with a milling capacity of 3MT/hour.

Currently, we support about 600 smallholder rice farmers with a total land of 1,400 hectares in seven locations within the Volta and Greater Accra Regions. Hence consuming Copa Jasmine long grain rice culminates into economic empowerment and sustainable livelihoods to smallholder farmers.

GADCO is part of the RMG Concept Group and is specialized in farming rice and developing an extensive smallholder farmers program in the Volta Region.

RMG Ghana Ltd is part of the RMG Concept Group, and was founded from the acquisition of Wienco Ghana Ltd. The company is one of the key historical players in Ghana and provides Crop Protection Products, Fertilizers, Seeds, Irrigation solutions and agronomic and technical support to farmers.

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Shelter Afrique fully repays commercial debts, eyes regional bonds

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Shelter Afrique fully repays commercial debts

Shelter Afrique fully repays commercial debts, eyes regional bonds

Nairobi, Kenya- 21 September 2021 – Pan-African housing development financier Shelter Afrique has fully paid commercial debts owed to eight lenders, giving the company the leverage to underwrite new debt.

In 2018, Shelter Afrique signed a Debt Restructuring Agreement with the eight lenders – six DFIs and two commercial banks – to restructure its debt with a new 5 – Year tenor to run from June 2019 to June 2024.

The USD186 million (including accrued interest) owed to African Development Bank, Agence Française de Developpement, Commercial Bank of Africa, European Investment Bank, German KFW, Ghana International Bank, CFA-Banque Ouest Africaine de Development, and Islamic Corporation for Development was fully repaid three years ahead of schedule.

“Despite Debt Restructuring Agreement giving us a window to make full loan repayment by June 2024, we successfully repaid all the loans by June 2021. This was possible due to the new structures we put in place to deal with bad debts and loan recoveries as part of our turnaround plan. This now affords us the ability to underwrite new business and debt without constraints and legacy matters. For instance, based on our current Equity Capital base of USD 155M and a debt-equity ratio of 0%, we can instantly raise new debt of up to USD 465 million,” Shelter Afrique Group Managing Director and CEO Andrew Chimphondah said.

The company has also repaid a bond floated on the Nairobi Stock Exchange between 2013 and 2018.

 Return to market

Mr Chimphondah noted that following the development, Shelter Afrique now plans to return to the capital market to raise KES125 billion (USD1.25 billion) in local-currency bonds by the end of the year.

“With the debts fully retired, we now intend to mobilise a local-currency equivalent of USD500 million each from Nigeria and East Africa, as well as USD250 million from French-speaking African nations.  These will be crucial in funding our demand-side pipeline of as much as USD1 billion which we are currently developing,” Chimphondah said

Mr Chimphondah added that besides the bonds, Shelter Afrique was exploring further shareholder financing, noting that the Company was already in talks with some keen organisations and countries who share a similar commitment to affordable housing in Africa.

“In the past few months, we have raised a significant amount from our current shareholders, admitted a new shareholder (Fonds de Solidarité Africain -FSA), and resolved to open a new class C group of shareholding for non-African entities to widen our shareholding and capital resource bases,” Mr Chimphondah said.

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