Business in Ghana

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Posts Tagged ‘Paa Kwesi Ndoum’

Out of HIPC, into HIPC, Out of HIPC. Critical News, 12th October 2014

Posted by Business in Ghana on October 12, 2014

Sydney Casely-Hayford, sydney@bizghana.com

What a crazy week. And next week threatens to be even better. Is this good crazy or strange crazy? Can crazy get better or does it just mesmerize because we don’t understand the implications of future crazy?

A Deputy Director of Fiscal Affairs Department at the IMF, Sanjeev Gupta countered a Government statistic and declared us HIPC in one single response to a questioner and for a few brief days until the IMF chickened out and did some damage control we were back to HIPC, with a debt to GDP ratio pitched at 71%. Government had calculated its figure at 55%.

Now the program sensitive bureaucrats at the IMF have placed the figure at 56% and rephrased Gupta’s glib remark as their estimate for the end of 2015. Read the detail from here. (http://www.citifmonline.com/2014/10/11/imf-exonerates-govt-over-debt-to-gdp-controversy/)

This controversy has mega spine implications for the people at the IMF. Without providing numbers to show how he arrived at his 71% ratio, which I will try and justify or refute later in this article, I kind of accepted the figure, based on available statistics and the state of events in the country.

I do however think it is time to get clear reference points when we place these numbers in the public domain, especially when they can be alarming and even cataclysmic.

But as an aside, I wonder if Gupta will be sent to another division. Read the rest of this entry »

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Posted in Critical Weekly News, Sydney Casely-Hayford | Tagged: , , , , , , , , , , , | Leave a Comment »

Brief Report On The Presidential Election Petition In Ghana

Posted by Business in Ghana on February 24, 2013

Prepared by the Executive Director of the Danquah Institute, Gabby Asare Otchere-Darko (gabby@danquahinstitute.org).

The international community, generally, endorsed Ghana’s 2012 general elections as  “free and fair.” Ghana, the star of democracy in Africa, had done it once again for Africa. John Mahama, the declared winner, was duly sworn in, without any violent protests, on January 7, 2013. But, the biggest opposition party in Ghana filed a petition in Ghana’s supreme court, (the first of its kind in the country’s history), challenging the presidential results. It is noteworthy that since the first election of Ghana’s Fourth Republic in 1992, 2012 was the only other time that a majority of the political parties (5 out of 7), which participated in the contest had come out to raise major concerns about the conduct of the polls. Indeed, the second runner-up and leader of the Progressive People’s Party, Dr Papa Kwesi Nduom, is on record as saying, “I have been involved in elections since 1992 and this is the worst in terms of credibility.” See link: http://www.theafricareport.com/News-Analysis/ghana-election-results-another-party-backs-npp-fraud-claims.html. But, what really is the substance of the case of the opposition New Patriotic Party, which is contesting the results in court? Is it, as observed by a cynical senior figure in the UNDP, “another opposition party in Africa crying foul”, or another defining moment in Ghana’s history; a necessary non-violent, constitutional move, worthy of commendation, to correct and secure the integrity of elections, hence, the future of democracy, peace, stability and development in Africa? Read the rest of this entry »

Posted in Asare Gabby Otchere Darko, Politics | Tagged: , , , , , | 9 Comments »