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I’m clearing Mahama’s $2.4bn energy debt; we now export power to B. Faso, Togo next – Akufo-Addo

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I’m clearing Mahama’s $2.4bn energy debt; we now export power to B. Faso, Togo next – Akufo-Addo

resident Nana Akufo-Addo has said that except for one or two unfortunate incidents, “we have been able to handle ‘dumsor’, adding that the $2.4 billion legacy debts he inherited from the Mahama government is being cleared, and consequently, “Today, we are exporting energy to Burkina Faso, we will begin, again, to Togo.”

The provision of sustainable, reliable power, the President said, is key to the smooth operation of the bauxite, iron and steel industries that are being created by his administration.

Speaking at a town hall meeting with members of the Ghanaian community on Saturday, 30 March 2019 in Worcester, Massachusetts, President Akufo-Addo said the 16th International Monetary Fund (IMF) Programme, entered into by the Mahama government in 2015, should be the last time Ghana resorts to such a progamme for the restoration of fiscal discipline in her economy.

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He noted that the 2015 IMF programme had to be entered into because “the Mahama government had lost control over the management of the economy.”

It was, thus, necessary to go through the programme to restore a certain amount of discipline into Ghana’s public finances.

“Even when they left office in 2016, the issue was still at large. But, by discipline, by honest management of our public’s finances, we have brought the situation back to where it should be. So, we have exited the IMF programme,” the President said.

He continued, “What I am saying to Ghanaians, to all of us, is that, in the 62 years of our independence, this was the 16th IMF bailout programme that the nation had gone into. Let it be the last time that we would resort to an IMF programme.”

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President Akufo-Addo assured that: “From now on, we are going to maintain the discipline in the management of our public finances, so that we will never have to have recourse to an IMF bailout programme again.”

In order to ensure that his government and successive governments “keep within bounds”, the President told the gathering that his government has passed the Fiscal Responsibility Act, which, amongst others, caps the fiscal deficit at not more that 5% of the nation’s GDP at any given year.

“We have also established a Presidential Advisory Council headed by some very distinguished, eminent Ghanaian economists who will advise the President on the measures to make sure that we maintain fiscal discipline. We are going to maintain fiscal discipline because that is the basis of managing an economy intelligently and rationally, and giving confidence to investors that they can look into your economy and invest in Ghana,” he added.

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The prevailing economic conditions in Ghana, coupled with the government’s determination to maintain fiscal discipline, according to President Akufo-Addo, is the reason why major global companies have indicated their readiness to set up shop in Ghana.

“All of them are doing this and making plans in Ghana because, now, the fundamentals of the economy are in the right place. The Ghanaian economy is looking robust, and is being organized and managed in a disciplined manner,” the President stressed.

On the “worrying phenomenon of vigilantism”, President Akufo-Addo reinforced his determination to rid the country of it, stressing that, regardless of the outcome of the meeting between the New Patriotic Party and the National Democratic Congress, “legislation is on its way to ban it. We are still going ahead to pass the ‘vigilante law’.”

Soure: classfmonline.com

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The 9 Financial blunders Ghanaian Young Men Commit

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When a young graduate finally lands a job after university, it is such a big deal, even extended family members call to congratulate them.

Many of these men will go on to retire to a life they didn’t really want. Why?

It emanates from a series of blunders:

The Borrowed wedding:
A wedding is such a big deal in our society. The only problem is that most at times, the young man who is yet to himself financially will have to bear all the costs alone. Some can’t afford all the expenses and may be tempted to borrow some money to top up.

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The wedding is done, people come and eat and drink and leave them to service their debt. The wedding gifts normally won’t bail you out.

2. The Borrowed House

After marriage, the young man often realizes his “chamber and hall” apartment is not big enough for his bride, he needs to get a bigger space, once again he borrows some money (say from a credit union)to pay at least two years to rent advance, compounding his debt.

3. The Borrowed Car

Then comes the pregnancy and kids, the young man realizes that a car is an absolute necessity to make life easier for the family. So when he is approached by those beautiful bank ladies for a cool loan deal, he jumps at this and buys that Toyota Corolla. Repayment of the car loan alone can take up to 40% of his net monthly salary, whilst servicing the rent and wedding debts on the side.

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4. The Family Savior Wahala

The young man soon discovers that the reason for the rejoicing of the family members. It is payback time. From siblings, parents, aunties, cousins, in-laws, including the distant relative who helped you cross the village river when you were five years everyone digs in to get their share of the young man’s fortune It is normally small tokens, but when aggregated is a big deal ( about 30% of annual salary)

5. The Seed Eaters Wahala

These are family, colleagues, and friends who borrow money from the young man with no intention to pay. They come up with all those emergency stories with the promise to pay the next month. They never pay. It normally ends in tears and ruined relationships.

6. The “Big Boy” Wahala

The young man would have hopefully made strides in his career at this stage of his life, which comes with more salary, but then the extra disposable income doesn’t go into savings or investments. Seeing themselves as “big boys “ they quickly elevate their spending, renting bigger houses with spare rooms hardly utilized, get bigger cars, family holidays etc.

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7. The Two Masters Wahala

At this point in the man’s life, he would have secured a piece of land and started building his dream house normally with a bank loan whilst paying those huge sums of rent to his landlord on a yearly basis. Being indebted at the same time to the bank and your landlord is like serving two masters. In my view, it is better to serve one master( the bank)

8. The Strangling Wahala

The kids are growing, and so are their fees and other upkeep. Some may be ready to go to college, but Daddy didn’t have an educational investment. He needs to dig deep to sort out the kids’ education. There is still the ever-mounting family financial pressures. At this point in the man’s life, he earns a lot but has equally neck level expenses to match it

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9. Where did it All Go Stage?

At this point, the man is in his mid-fifties, May still have college responsibilities to take care of. He may be putting finishing touches to his dream house( which took decades because of its gargantuan nature. It will later dawn on him that the kids will soon leave home and the six-bedroom dream house is too big for just the wife and himself

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The bells of pension begin to sound louder as the days go by, only to realize that he had worked most of his years:

a. For the banks servicing loans, he could have avoided with a lot more prudence,

b. For landlords, paying unreasonable rent advance year after year for too long a time.

c. Family and friends in his bid to becoming a one-stop solution for all their needs

He has worked for everyone except himself, without any financial plan set out at the beginning of his career, he will be at the mercy of his employer and loved ones at the end of his career.

Many men could enjoy a fulfilled retirement, if they had actively planned, instead they prefer to flow with the tide, unfortunately, some get sunk by the tides of life.

Get a financial plan the moment you start working, allow the power of compound interest to work hard for you, and make sure you enjoy retirement.

Remember that Joseph in the Bible had only 7 years to prepare for another 7 years of drought.

Ask yourself? After working for at least 30 years, If you are to live for another 30 years after your retirement, will you live comfortably financially or be at the mercy of others?

Author: Roland Ofori, Marketing Professional

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”Government Will Start Arresting Mallams And Lotto Operators On TV” – Information Minister Hints

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The Minister of Information, Kojo Oppong Nkrumah has hinted on the government’s intention to clamp down on Mallams and lotto operators on TV soon.

The minister also hinted that the government has written to the Bank of Ghana and the National Media Commission to clear out all these scammers and fraudsters who successfully swayed viewers into losing their hard-earned money with their fraudulent schemes.

In an interview on Accra-based Peace FM, the Information Minister noted his outfit as well the government is aware of the worrying trend that’s why they are taking measures to have these charlatans flushed out.

He said a letter has been written to the Bank of Ghana to clamp down on these individuals chanting money because it’s the sole preserve of the Bank of Ghana to produce notes of money in the country.

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Source: ENewsGhana.com

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