Economics

The Odumase bill that has led to a kill

Odumase resident demonstrate against high electricity bills

The life of Thomas Partey snuffed out of him in stray-bullet style. Too quickly to afford him the luxury of screaming or writhing in pain, eyewitnesses say.

It would seem as quick as power is snuffed out of homes by the Power Distribution Service (PDS) officials on a mass disconnection exercise in the Eastern region.

The 14-year-old has died over a 3-year old problem – “extremely outrageous” electricity bills in the Lower Manya Krobo area.


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‘Galamsey’-induced water crisis spreads through Cape Coast

* Residents struggling for water

Residents in Cape Coast and surrounding towns in the Central region are in a water supply crisis as they continue to bear the brunt of illegal mining in River Pra.

JoyNews Central regional correspondent reports, residents hunt for water as the taps have run dry – because the Sekyere-Hermang water treatment plant is choked with turgid water.

The plant in the Western region, built in 2008 for €40m, sips a portion of the 240km Pra River and treats it for onward pumping into Brimsu waterworks in Cape coast.


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Probe Uni-Pass deal – IMANI petitions parliament

Franklin Cudjoe, IMANI President

Policy think-tank IMANI has petitioned the Speaker of Parliament to institute a probe into the 10-year Uni-Pass contract signed between the Ministry of Trade and Ghana Link Network Services Limited—in collaboration with their foreign partners Customs Uni-Pass International Agency (CUPIA) of Korea Customs Services—to introduce Uni-Pass to the ports system.

The request for a Parliamentary enquiry into the Uni-Pass deal, according to IMANI, is to “prevent disruption to Ghana’s progress on trade facilitation”.


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Petrol, diesel, LPG to fall by 5.8%, 4.8%, 2.4% – Hadzide

Fuel Prices in Ghana

A fall in inflation coupled with the strengthening of the cedi and the falling of prices of fuel on the international market should spur a further reduction in the price of fuel at the pumps for consumers, Ghana’s Deputy Minister of Information Pius Enam Hadzide has said.

The prices of petrol, diesel, Liquefied Petroleum Gas (LPG) are expected to fall by 5.8%, 4.8, and 2.4%, respectively.


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Fuel prices to remain unchanged – COPEC-GH

Fuel Prices in Ghana

The Chamber of Petroleum Consumers-Ghana (COPEC-GH), has predicted that fuel prices will remain stable at the pumps in the second pricing window of December 2018 despite a dip in world market prices by between 6% and 9%.

“Our checks with the various Oil Marketing Companies (OMCs), however, indicate a notice of the full restoration of the Price Stabilisation and Recovery Levy (12p for gasoline and 10p for gasoil) back into the price build-up.


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Policy rate could go down further – Addison

Ernest Addison

Ghana could cut interest rates early next year if inflation continues to drift lower, the central bank governor said on Tuesday.

“I could easily see the policy rate going further down,” Ernest Addison told Reuters on the sidelines of a banking conference.

Asked how soon the 17 per cent rates could be cut, he added: “Our next meeting is in January and after that we have another meeting in March, so, in between now and March.”


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IMF chief visits Ghana Dec. 16

Christine Lagarde

The Managing Director of the International Monetary Fund (IMF), Christine Lagarde is set to visit Ghana from 16 – 18 December 2018, Deputy Minister of Information, Pius Enam Hadzide, has said.

“The visit comes weeks ahead of Ghana’s conclusion of the IMF programme”, Mr Hadzide told journalists on Wednesday, 12 December 2018 at the ministry’s mid-week news briefing.


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100-yr $50bn bond'll end "hand-to-mouth" status – Ofori-Atta

Finance Minister Ken Ofori-Atta

The decision by the government to raise a $50 billion ultra-long-term bond over a period of 100 years “is not intended to derail our debts sustainability path, but rather to enhance it”, Finance Minister Ken Ofori-Atta has explained.

Presenting the 2019 Budget Statement and Economic Policy of the government on the theme: “Putting Ghana Back to Work”, Mr Ofori-Atta said on Thursday, 15 November 2018 that the government announced its intention to issue longer-dated sovereign bonds this year as part of “our bilateral engagement with other countries”.


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#2019Budget: Akufo-Addo gov't overborrowing – Terkper

Former Finance Minister, Seth Terkper,

Former Finance Minister, Seth Terkper, has said even though the New Patriotic Party (NPP), while in opposition, kicked against borrowing by the Mahama administration, the Akufo-Addo government is even borrowing more than his predecessor did.

The government has promised in the 2019 budget to undertake massive infrastructure projects next year.

Mr Terkper says the government “cannot do infrastructure on a revenue base which is not forthcoming in a domestic revenue mobilisation which was promised that they will do outside existing revenue flows”.


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