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“Taxes on energy are John Mahama’s fault but Prez Akufo-Addo is fixing it” – NPP MP

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The New Patriotic Party (NPP) Member of Parliament (MP) for Ejisu, John Kumah has blamed the erstwhile John Mahama administration for the country’s woes in the energy sector.

According to him, the taxes that impact fuel prices is a result of some ‘absurd’ contracts the former National Democratic Congress (NDC) administration went into.

Speaking on Metro TV’s ‘Good Evening Ghana’ programme, Mr. Kumah, who is a Deputy Minister of Finance designate, said President Nana Addo Dankwa Akufo-Addo is working to resolve the challenges in the sector.

“Some of these legacy debts and arrears in the energy sector was established under (Mahama’s) his government. It’s true that Ghanaians voted him out but some of the legacies he took is still a burden on us”, the MP bemoaned.

“As at June 2020, the Akufo-Addo government has paid 12 billion cedis on excess capacity of energy that we don’t need and we are not using. And we are going to continue to pay until the contract elapse.”

The former Chief Executive Officer of NYEIP said the current challenges in the energy sector is different from what the country faced in the past.

“The current challenges has got nothing to do with production or supply, it has to do with infrastructure for carrying the power, that is why the Energy Minister has said they are working on it and it will be resolved soon”, he added.

John Kumah’s explanation comes off the back of an online protest by the youth for government to fix the country.

According to them, the recent power outages, the increase in taxes, increase in petroleum prices as well as increase in telephony charges is killing the youth.

With a hashtag of FixTheCountry, the youth are planning to hit the streets on May 9 and protest against these taxes.

Source: Happy 98.9FM

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We will borrow GH¢2.9 billion to pay debts between June and August; Government has announced

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The government of Ghana is to borrow a little above ¢2 billion in fresh funds between June and August 2021, the latest Issuance Calendar released by the Finance Ministry has revealed.

According to Joy News, the government plans to issue about ¢21.96 billion, out of which ¢19.86 billion will be used to pay a maturing debt or rollover maturities.

A chunk of the funds to be mobilized will come from the 91-day Treasury bills, a clear intention of the government’s quest to reduce foreign borrowing, but could crowd out the private sector from access to funds on the domestic market.

The new funds are expected to finance government projects outlined in the 2021 Budget.

In terms of the period, the government will borrow as much as GH¢8.13 billion in the month of July 2021, the highest among the three months.

According to the calendar, the government will issue ¢11.2 billion via the 91-day Treasury bills, whilst ¢1.71 billion will be mobilized through the issuance of the 182-day T-bills.

¢1.8 billion each is, however, expected to be raised from the 3-year, 6-year and 7-year bonds respectively.

Also, ¢1 billion is expected to be raised through the issuance of a 10-year bond in the month of August 2021.

Whilst ¢1.45 billion is expected to be raised via a one year bill, ¢1.2 billion will be mobilized through the issue of the two-year bond.

According to the government, it will issue the 91-day and 182-day weekly and the 364-day bill bi-weekly. Securities of 2-year up to 10-year will be issued through the book-building method.

The government was expected to have borrowed  ¢4.12 billion in fresh funds in the second quarter of this year which will end this month.

Remember, Ghana’s public debt stock rose by ¢13billion to hit ¢304.6 billion in March 2021, the Bank of Ghana (BoG) Summary of Economic and Financial Data disclosed.

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“Prepare for heavy rain” – Ghana Meteorological Agency warns dwellers of these areas

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Ghana Meteorological Agency has noted a strong warning to Ghanaians that nothing aside from heavy rainfall should be expected this June and July.

According to the officials of the agency, this year’s rainfall will be exceptionally heavy and so proper care should be taken especially in slum areas.

However, they made mention of some areas that much attention should be paid to avoid any natural disaster.

It is said in a statement that the following areas in the Southen belt of the country are key places to be flooded;

Aflao, Ada, Aaktsi, Ho, Tema , Accra, Kpong, Somanya Koforidua, Akim Oda, Nkawkaw ,Anyinam ,Winneba, Cape Coast , Senya Breku, Elmina ,Tarkwa, Twifo Praso, Assin Fosu, Dunkwa On Offin, Breman Asikuma, Sekondi-Takoradi, Axim, Asankragua, Bekwai Jamasi , Mampong, Juaben, Kumasi and Their Environs.

The Northern sector, on the other hand, is expected to be generally cloudy with intermittent rains in the week

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Accra: Disaster looms as articulated truck skids off Kwame Nkrumah Circle overpass [Video]

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An articulated truck with registration number GT 8387 X said to be carrying gallons of engine oil has skidded off the Kwame Nkrumah circle flyover.

The accident occurred on Friday, June 11 at about 9 PM.

Andrew, an eyewitness, told TV3’s Johnnie Hughes that the brakes of the truck failed, forcing the vehicle to recess.

The driver, in an attempt to navigate the vehicle towards the rail, burst a rear tyre and lost control.

The fire service and police were at the scene as of the time of filing this report.

Check Out Video Below:

Source: 3News.com

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