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You enjoy everything free as Ex-Prez, why are things ‘hard’ for you? — Kwaku Azar quizzes Rawlings

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You enjoy everything free as Ex-Prez, why are things ‘hard’ for you? — Kwaku Azar quizzes Rawlings

You enjoy everything free as Ex-Prez, why are things ‘hard’ for you? — Kwaku Azar quizzes Rawlings

Social media influencer, Prof Stephen Kwaku Asare has fired back at former President Rawlings on his recent comment that “times are hard” in Ghana.

Yesterday, MyNewsGh.com reported that former President Jerry John Rawlings has admitted for the first time that times are hard in Ghana and that under the current dispensation, nothing seems to be working.

Mr Rawlings observed that the hardship situation is so bad that it has taken a toll on persons performing even funerals. He advised that in such times, Ghanaians must support one another.

‘’We all know how hard things are in Ghana right now. Times are really hard and during critical moments such as this funeral, the expenses family incurs is a not a joke. Things are not going too well for a lot of people. So I am pleading with all of you, the way things are we have no choice but to help one another. I wish I could support’’ he said.

According to him, things are not going too well for many persons in the country, including himself; indicating that he wished he could do more in support of the bereaved family but “it is not easy” for him.

But Prof Azar believes Rawlings must explain what he means by the hardship because the state provides for him fully.

“Former head of state, Jerry Rawlings, says he is facing hardships. How can that be when the State provides him everything and has done so for the last 3 or so decades?” He said

“He gets free housing, free cars, free staff, free ex gratia, free allowances, free overseas trips, free pensions, etc. What exactly is the hardship? He must educate us.”

In a related development, President of IMANI Africa has added his voice to the “hardship discourse”.

“Did Rawlings really say that? Well, we are grateful for small mercies and please be your neighbour’s keeper and watchman and woman too. We live in dangerous times, but it will be well.” He wrote.

Source: mynewsgh.com

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6 arrested by National Security over illegal gold business

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6 arrested by National Security over illegal gold business

Some six individuals have been arrested by National Security officers in Kumasi, Ashanti Region for allegedly engaging in the illegal gold business.

Operatives of the National Security, who had the necessary permits, made the arrests.

The suspects have been transferred to the National Security headquarters in Accra for further interrogation.

Kojo Oppong Nkrumah who is the Minister for Information confirmed the arrest at a news conference in Kumasi yesterday but did not give further details.

The Minister also talked about the security situation in the country and said the government was doing everything practicable to ensure that the country was safe.

He said the government had shown good faith by retooling the security agencies and recruiting more men and women to beef up the security of the state.

Matters of security, he said, were critical to national development and would, therefore, be tackled with all urgency.

Source: primenewsghana.com

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Contractors going bankrupt; pay them – Nduom

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Contractors going bankrupt; pay them – Nduom

The Chairman of Groupe Nduom, Dr Papa Kwesi Nduom, has said the delay by the government in paying local contractors, some of whom, he said, are customers or investors, has led to the lock-up of GHS2.2 billion from the Groupe’s Gold Coast Fund Management, alone.

“When we keep fighting for Ghanaian contractors to be paid, we are fighting for customers/investors to get their money. How much? GHS 2.2 billion is currently locked up in the process from Gold Coast Fund Management alone”, Dr Nduom wrote on social media Saturday, 10 August 2019.

Other Ghanaian financial institutions, he said, “Have funds locked up in infrastructure projects. The contractors are going bankrupt. The customers have it worse. They are suffering. When a contractor is not paid after three years of completing a job, the financial institution does not get paid. The customers who invested their monies with the financial institutions don’t get paid”.

“Who should fund infrastructure – roads, bridges, schools, etc. – in Ghana?”, the former presidential candidate asked, adding: “Gold Coast has been doing it for 15 years. Over 14 billion Ghana Cedis invested. Now with a portfolio of 2.2 billion Ghana Cedis”.

“It is the government that stopped giving advance payment to contractors and asked them to pre-finance projects. Gold Coast stepped in to support our indigenous Ghanaian contractors and has funded over 600 projects. This is a good thing the company has done.

“Our concern is to get the payment process going so contractors can complete projects, get them certified, get paid so they can pay back what they owe to Gold Coast so that Gold Coast can pay back money to its customers/investors.

“This is not Nduom’s money. It is not politics. It is pocket-level economics. The money is in Ghana with government agencies and in infrastructure projects”, he said.

Dr Nduom added: “This is not the only investment made by Gold Coast, which is why it paid back over 1 billion Ghana cedis in 2018 and has paid about GHS100 million this year”.

Recently, a coalition of local contractors threatened to lock all public schools and facilities they built if the government delayed further in paying them their funds.

Source: classfmonline.com

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CBOD petroleum price outlook: Refined products review and outlook

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CBOD petroleum price outlook: Refined products review and outlook

The international market prices of gasoline and gasoil averaged $648.98/mt and $584.73/mt respectively in the first pricing window of July (12th-26th July 2019), $5.70/mt lower than the previous window in the case of gasoline and $0.89/mt higher than the previous window for gasoil.

These prices (12th-26th July) were 29% and 7% higher than average prices observed in the beginning pricing window of the year. Average international market prices have been sporadic during the year, starting the first window of January at $504/mt for gasoline and $545.63/mt for gasoil.

Prices for gasoline and gasoil peaked in the first selling window of June at $749.68/mt and $639.88/mt respectively. This was 49% and 17% higher than the prices observed in the first window of January 2019.

International market prices are expected to drop between 1%-2% for both gasoline and gasoil in the second pricing window of July (27th July-11th August 2019). This is attributable to the ongoing trade war between USA and China which has slowed the growth in China’s demand.

FuFeX60

The forward FX rate (FuFeX) used is the average of the quoted indicative forward forex rate from major oil financing banks adjusted by the covered-interest parity pricing model. The FuFex60 is computed as the average 60-day forward fx rate of selected major oil financing banks. The Fufex60 to be applied for the first selling window of August 2019 is Ghs5.60/USD.

The adoption of a FuFeX30 (30-day forward rate) instead of FuFeX60 can reduce pump prices by about 2%. It is therefore necessary that BDCs revise their trade credit tenor downwards to help reduce consumer prices at the pump.

The Ex-refinery Price Indicator (Xpi)

The Ex-ref price indicator (Xpi) is computed using the referenced international market prices as observed to be usually adopted by BDCs, factoring the CBOD economic breakeven benchmark premium for a given window and converted from USD/mt to Ghs/ltr using the FuFeX.

Source: CBOD

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