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New GH₵ 100 / GH₵ 200 notes will be investigated by our next Gov’t – Minority (NDC)

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MINORITY’S REACTION TO THE BANK OF GHANA’S PRESS RELEASE ON STATEMENTS DESCRIBING THE INTRODUCTION OF NEW HIGHER GHANA CEDI DENOMINATION BANKNOTES AS AN ‘AMBUSH’

On January 3, 2020 the Bank of Ghana issued a Press Release on alleged statements describing the introduction of new higher Ghana cedi denomination banknotes as “ambush”.

This was an apparent reaction to a comment by former President John Mahama that the introduction of the new notes was done on the blind side of Ghanaians. The comment was made in his speech at the 38th commemoration of the 31st December Revolution in Winneba.

The Minority wishes to state the following :

  1. The Former President’s comments only re-echoed the views of many Ghanaians who have expressed concerns about the manner in which the new higher denomination notes have been introduced. Indeed some of the banks are even rejecting deposits using the new denominations because their systems are yet to be reconfigured to validate the notes. Only last week, cashiers at Game, a shopping centre also rejected payments from a customer using the ₵200-note.
  2. The Former President has legitimate responsibility to comment on issues of national interest and only emphasized the need for adequate sensitization and to always follow laid-down procedure in introducing new currency notes in order to preserve confidence in such notes.
  3. Apart from the issues raised by the Former President, the Minority in Parliament in a recent Press statement outlined several lapses and substantive issues relating to the exercise. It was made clear for example that if the purpose for introducing the notes was to exploit seignior-age revenues or profit (seignior-age is the difference between the face value of money, and the cost to produce it) to support government finance, then this purpose will be defeated because it will result in high inflation. Already, the Bank of Ghana incurs a high cost of monetary operations to maintain price stability and hence no reason for the Bank to shoot itself in the foot.
  4. The Minority also pointed out that Ghana’s exchange rate regime is not a dollar-peg and hence wrong for the Bank of Ghana to state that the higher value denominations will partially restore the dollar value of the currency notes to levels in 2007. The Minority Statement further explained that countries across the world were rather eliminating high value notes to prevent these from fueling illegal activities, and that simply increasing the currency bound would not increase Ghana’s economic fortunes.
  5. Unfortunately, last Friday’s reaction from the Bank of Ghana still mentioned reasons such as dead-weight burden in carrying large sums of money. Dead-weight issues arise following sustained periods of high inflation, and with recent inflation reported to be coming down, one would rather expect the dead-weight burden to disappear without the need to introduce high value denominations.
  6. It is true that central banks across the world do undertake periodic reviews of the structure of existing currencies for various reasons. That was why the exercise was begun in early 2016 with new designs (featuring some of our national heroes) that have unfortunately been discarded by the current administration. The plan for the new currency structure was to move the coin/note boundary by a step such that the ₵1 note will be phased out and the ₵2 note would be the new boundary. The rest of the structure was maintained because the ₵50 note does not circulate much in the non-urban areas in particular.
  7. Moreover, with the advances in payments systems across the country as well as digital finance, coupled with the move toward promoting a cash-lite society, there was no need to introduce a higher denomination beyond the ₵50 note.
  8. Thus the denomination structure comprising the ₵2-note, ₵5-note, ₵10-note, ₵20-note, and ₵50-note still aligns well with the needs of Ghanaians who use it for their daily transactions. There is no need to add ₵100 and ₵200.
  9. In 2016, a number of state-of-the-art security features were introduced for the new designs and hence it is not true that the review of the structure of the currency only started in 2017. Also, it cannot be true that there is significant increase in the demand for higher denomination banknotes even in the non-urban areas of the country.
  10. The Minority is however happy to hear that the positive legacies of Former President John Dramani Mahama continue to speak for themselves everywhere. The Bank of Ghana’s new Cash Centre in Accra was built under his guidance and specifically commissioned on December 2, 2015 by the Former Vice President, His Excellency KB Amissah-Arthur. According to the Bank of Ghana, the Cash Centre has continued to receive several commendations and has become a model for peer economies that have visited the country to learn from Ghana’s currency management system.
  11. The Minority is particularly happy to hear that countries such as Kenya, Sierra Leone, Liberia, Uganda, Nigeria, South Africa, Seychelles, India, Mozambique and many more countries in Africa and Middle East have visited last year to learn from the Cash Centre built during Prez John Mahama tenure in office.
  12. Regarding the context of the Eco currency which the Government of Ghana has in a recent statement committed to join, the Bank of Ghana and Government cannot be speaking different languages. Even if Ghana opts to adopt the Eco after three (3) years or even more, the fact still remains that the new higher denominations could have been shelved until the Eco is introduced.
  13. The Minority wishes to reiterate the point made by the Minority leader that,the introduction of the higher value notes would be thoroughly investigated by the next NDC government.

Cassiel Ato Forson MP,AJUMAKO/ ENYAN/ ESSIAM AND RANKING MEMBER, FINANCE COMMITTEE OF PARLIAMENT.

www.ghanapublisher.com

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Parliament Should Apologize to Ghanaians and Punish Offenders – Mr. Amankwaa Nathaniel

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Parliament Should Apologize to Ghanaians and Punish Offenders – Mr Amankwaa Nathaniel

The Founder and President of Citizen Watch Alliance (CiWA) and an Anti-Corruption campaigner, Mr. Amankwaa Nathaniel has charged Ghana Parliament to render apology to Ghanaians and punish Parliamentarians regarding the indiscipline and illegal incident that took place at the just ended electing of the speaker of the 8th Parliament.

According him, he was devastated to witness members of Parliament with Honorable titles kicking ballot box and snatching ballot papers on such a remarkable day where numerous people around the globe were witnessing what was happening in the country.

He mention that, what some Parliamentarians displayed that day doesn’t depict the Honorable titles given them.

He added that, the unpopular incident has soiled Ghana’s indelible reputation in democracy intentionally which the country has been proud of for decades.

He emphasized that, every Parliamentarian who breached Ghana’s constitution that day should be dealt with as an ordinary Ghanaian because some ordinary citizens have been jailed for doing what some of the Parliamentarians did.

He argued that, it will be very sad and promote selective justice if the Parliamentarians who misbehaved are left to go unpunished.

Mr. Amankwa Nathaniel
Founder and President
Citizen Watch Alliance (CiWA)
Tel: 0244372983

 










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Apoint Dr. I.Y Opoku as Deputy Agric Minister – Group pleads with President

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Apoint Dr. I.Y Opoku as Deputy Agric Minister – Group pleads with President

In the Ashanti Region, a pressure group in Offinso South Constituency, Intellectual Youth Patriots and Concerned Youth of Offinso South is appealing to the President of the republic of Ghana, His Excellency Nana Addo Danquah Akufo Addo to appoint Hon. Dr. I.Y Opoku the Member of Parliament for Offinso South Constituency among his ministers in his second term administration.

According to the group, Hon. Dr. I.Y Opoku has served remarkably well under the Ghana COCOBOD, having held some principal positions namely; CODAPEC (Cocoa Diseases and Pest Control), Black pod Co-ordinator, Executive Director under the seed Production Division, Managing Director under Quality Control Company Limited and as an Executive Director under the Cocoa Research Institute.

with all these knowledge he has acquired in the Agric sector, it’s indeed rightful for H.E Nana Addo Dankwa Akufo Addo to appoint him to serve at the Agric Ministry; the group pleaded.

” We do appeal with His Excellency to appoint our member of parliament at the Agric Ministry. We know Dr Osei Akoto heads the ministry so a Deputy ministerial position will be enough for Hon. Dr. I.Y Opoku because of his knowledge and his experience in the Agric sector.”

They emphasized that, his competency even before becoming a Member of Parliament depicts he can deliver if he is given the chance to perform.

Attached are some achievements and policies he started before the 2020 general elections.

 

INTELLECTUAL YOUTH PATRIOTS

OFFINSO SOUTH CONSTITUENCY

HON. DR. ISAAC YAW OPOKU OUGHT TO BE GIVEN A MINISTERIAL POSITION.

REASONS

SOME OF THE ACHIEVEMENTS AND PROPOSED POLICIES OF HON. DR.I Y OPOKU

  1. NATIONAL LEVEL
  2. National CODAPEC (Cocoa Disease and Pest Control) black pod coordinator.
  3. Executive Director: Seed production Division.
  4. Quality Control Company Ltd: Managing Director.
  5. Executive Director: Cocoa Research Institute.

 

    NOTE:

  • In the history of Ghana Cocoa Board, Dr. I Y Opoku and Dr. Adu Ampomah are the only

Directors who were given contracts after their active service.

  • Hon. Dr. I. Y. Opoku is very humble.
  • Hon. Dr. I. Y. Opoku is indefatigable when it comes to administration.
  • Hon. Dr. I. Y. Opoku is extremely selfless.
  • Hon. Dr. I. Y. Opoku is incorruptible.
  • Hon. Dr. I. Y. Opoku is a listening leader.
  • Hon. Dr. I. Y. Opoku’s main motive for entering politics is to transform Offinsoman and

leave a remarkable history for future politicians across the country.

 

  1. OFFINSO SOUTH (CONSTITUENCY LEVEL).

      ONGOING COCOA ROADS

  1. Bonsua Road (Kokote to Wawase): 24 and half Kilometer.
  2. Anyenasusu Camp to Abofour Kyebi Road.

 

COCOA ROADS CURRENTLY WITH CONTRACTORS

  1. 1. Abofour Kwapanyin to Asubore Road.
  2. Abofour Kyebi to Berekum Road.

 

 

  1. POTABLE WATER (PROMISED 12 BOLEHOLES DURING THE 2020 CAMPAIGN).

     COMPLETED (6)

  1. Samproso(1)        2.Abrokyire(1)         3.Awisem(1)        4.Asuboe(1)             5.Kwapanyin(2)

TO BE DELIVERED SOON (6)

  1. Adukro 2.Ampabame 3.Dome       4.Asamankama      5.Ayensua Fufuo.     6. Adiemmra

 

  1. EDUCATION (Delivered).

Uncountable bags of cement have been given to various schools within the constituency to support infrastructural projects.

 

  1. EMPLOYMENT OPPORTUNITIES(Delivered).
  2. Three hundred and twenty seven (327) people from the constituency have been employed at

Ghana Cocoa Board. Note: This covers both permanent and contract.

  1. Security services: Immigration (1)         Police (5)          Prisons (2)           Fire Service(3).

The police and the fire service officials are currently at their various training centers.

  1. HOUSING (Proposed).

One hundred and fifty (150) building plots of land have been secured at Ayensua Fufuo for undertaking of real estate projects.

  1. COMMUNITY DEVELOPMENT (Proposed).

Two hundred plots of land have been secured at Abofour (near the market) for the undertaking of developmental projects.

  1. OFFINSOMAN DEVELOPMENT ASSOCIATION (Proposed).
  • MOTIVE: Undertaking of numerous developmental projects within the constituency.
  • KEY MEMBERS: Chiefs, Pastors, Imams and all other groups in the constituency who

believe in societal development.

  1. INFORMATION COMMUNICATION TECHNOLOGY CENTER (Proposed).

An ultra-modern I.C.T center will be instituted in the Constituency.

Motives

  1. To facilitate learning.
  2. Keeping of particulars of graduates for easy job search assistance.
  3. Keeping the particulars of polling station executives and other dedicated party sympathizers.

J.TRANSPARENCY IN COMMON FUND ISSUES (Proposed).

 

  1. PAYING MUCH ATTENTION TO THE WELFARE OF THE YOUTH (Proposed).
  2. BUILDING OF PARTY OFFICE (Proposed).

A plot of land has been secured at Adukro for the building of party office. Under this project,

offices will be available for all the constituency executives of the party.

  1. INSURANCE FOR DELIGATES (Proposed).

 

OFFICE OF THE STRATEGIC AFFAIRS OFFICER

INTELLECTUAL YOUTH PATRIOTS

OFFINSO SOUTH CONSTITUENCY

Source: www.ghanapublisher.com










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Kennedy Agyapong cries during interview over …

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There is a viral video sighted by Ghwired.com in which honorable Kennedy Agyapong was seen crying during an interview.

Many Ghanaians reacted to a picture of the lawmaker which trended on social media yesterday during the swearing in of mps and election of the speaker of parliament.




Kennedy Agyapong of all people was very quiet while resting his jaws in his hand. His reason for crying in this new video is not yet clear.

More soon….

 

Source: Ghwired.com










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