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Ghana’s GDP Growth to Slow, Budget Deficit to Rise in 2020

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Ghana expects economic growth to slow and the budget deficit to rise next year as oil production drops off sharply, the finance minister said on Wednesday.

The West African country has enjoyed some economic stability since the conclusion of a three-year lending programme with the International Monetary Fund in March and oil revenues have boosted growth to one of the highest in the region.

President Nana Akufo-Addo is standing for re-election in 2020 against his predecessor John Mahama in a race likely to turn in large part on the incumbent’s stewardship of the economy, which depends on oil, gold and cocoa production.

A decline in crude production from existing fields is expected to dampen growth in coming years, Finance Minister Ken Ofori-Atta said while presenting the 2020 budget to parliament.

He projected growth would fall from 7.0% this year to 6.8% next year and average 5.7% from 2020-23. However, he said oil output was expected to recover strongly in 2023 thanks to production from Aker ASA’s Pecan field.

The budget proposal calls for a spending rise in 2020 of 21% to 85.9 billion cedis ($15.67 billion), which would increase the budget deficit to 4.7% of GDP from 4.5% in 2019.

Ofori-Atta said the proposal would put Ghana on the path toward reducing its fiscal deficit to sustainable levels but warned “the risk of external debt distress and overall public debt distress remains high over both the medium and long term”.

Ghanaian governments have a history of hiking spending in election years. Akufo-Addo campaigned in 2016 on promises to cut deficits following spendings by Mahama’s government that blew a $1.6 billion hole in the budget.

The November 2020 election will be the third consecutive poll in which Akufo-Addo and Mahama face off.

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UCC Changes Reopening Date For Fresh And Continuing Students-Check The New Date

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The Directorate of Academic Affairs of the University of Cape Coast (UCC) has announced the reopening date for UCC fresh students and continuing students to return to campus for registration and commencement of lectures.

According to the Directorate of Academic Affairs of UCC, the reopening date for Continuing students is on November 21, 2020. UCC Fresh Students who got admissionare expected to reopen and report to campus on Saturday, November 14, 2020, and begin their registration on Thursday, November 19, 2020, and end on Sunday, November 22, 2020.

The University’s virtual congregation has been scheduled to take place on Saturday, December 5th, 2020, and Matriculation on Saturday, December 12, 2020.

 

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John Dumelo Begins Sharing 4,000 Laptops He Promised – Photos

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All hail John Dumelo! Students in his constituency are shouting after the MP aspirant began sharing some 4,000 laptops he promised.

In September, Dumelo who aspires to lead Ayawaso West constituency in Parliament pledged to support tertiary students with over 4,000 free laptops.

He promised and he is delivering.The actor cum politician shared videos on his social media pages of him giving out laptops to excited students.

The students in his constituency expressed gratitude and echoed how the laptop will save them from educational stress. The thanked him but did not promise to vote for him as MP.

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Paramount Chief of Kpone Katamanso disrespects President Nana Addo, prevents him from cutting sod (video)

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The President of Ghana, H.E Nana Akufo-Addo was welcomed with a disrespectful attitude from the Paramount Chief of Kpone traditional area, Nii Tetteh Otu II.

On Sunday, October 25, 2020, the President of Ghana who doubles as the flagbearer for NPP, Nana Addo was in Kpone to cut a sod for the commencement of the construction of an ultramodern hospital for the town.

However, the chief in his opening and welcome statement at the durbar made all sorts of unnecessary statements saying he does not want the president of Ghana to cut any ‘fake’ sod – without putting up an edifice. Though he was making sense, his approach was quite disrespectful.

According to an eye-witness, the Chief’s statements forced Nana Addo to plead with all media personnel present at the event to drop their cameras so he interacts with the chief. The president pleaded with the Chief to trust him for once and vote for the NPP.

Though calm was restored, the Chief later triggered another confusion during the sod-cutting ceremony as he questioned why the president did not build a storey building instead of the single-floor building.

The video below captures the moment the chief, after interrupting the sod-cutting showed another level of disrespect when the President personally invited him over to his convoy to have a conversation with him.

 

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