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GITFIC commends BoG’s plan to fade out GH¢2.00 and GH¢1.00 notes



The management of Ghana International Trade and Finance conference (GITFIC) has applauded the Bank of Ghana (BoG) for its plans to fade out one and two cedi notes in the system.

They have also called on the public to handle the coins of two and one cedi denominations to avoid frequent expenditure on its replacement.

A statement signed by Mr Selassi Koffi Ackom, Chief Executive Officer of GITFIC and copied to the Ghana News Agency on Wednesday in Accra said, “We, at GITFiC, are of the view that the regulator has every right, with her decision to fade out the circulation of the GH¢1.00 and GH¢2.00 notes. While the regulator has the ascendancy to take such actions in the interest of a conducive monetary environment in Ghana, we would relish the public to with additional critical issues, which underpinned such monetary policy actions with the fundamentals of the initial decision.”

The statement said “Under the Governorship of His Excellency Paa Kwesi Amissah Arthur in the erstwhile Atta Mills Administration, on June 14, 2010, the GH¢2.00 note was commissioned for circulation as a commemorative note, that is the Centenary of the Birth of Osagyefo Dr. Kwame Nkrumah.”

It added that “Another critical reason the GH¢2.00 note came into circulation was due to the issue of change. Let us not forget that Ghana’s economy is predominantly driven by Micro Small and Medium Enterprises (MSMEs). The issue of balancing after buying/selling is a major issue affecting the day-to-day transaction of the Micro Small and Medium Enterprises (MSMEs) of Ghana’s economy then and now. For instance, if a buyer purchased an item of GH¢1.00 using the GH¢5.00 note, a change of GH¢4.00 would be given to the buyer in four GH¢1.00 denominations.

To bridge this difficulty is what appraised the printing and circulation of the GH¢2.00 note, which was partly for commemorative purposes as verbalized above. These were the fundamentals that had divulged the printing of the GH¢2.00 note under the administration of former President, John Fiifi Atta Mills.”

The statement said the commemorative aspect of the GH¢2.00 note had long ended and as Ghana’s economy was expanding and projected to expand more in post covid-19 era the decision to revise the printing and circulation of such lower denominations was in the right direction.

“A bulky GH¢5,000.00 in GH¢1.00 or GH¢2.00 denominations attract much risk than a GH¢5,000.00 in GH¢5.00 or GH¢200.00 denominations.”

The statement said the cost of printing and circulating such lower denominations, was detrimental to Ghana’s economy in terms printing and regular replacement.

“Phasing out does not mean the GH¢1.00 and GH¢2.00 denomination will be banned from being used. This is not economic theory; it simply means it is getting replaced by its coins equivalent in quantity for accessibility to all.

The statement urged the BoG to use the GH¢5.00 note for the portrait of Osagyefo Dr. Kwame Nkrumah to avoid political criticisms.

Source: GNA

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National: 2023 Budget: TUC to reject government’s salary projection of ₵44.9m





After several attempts to reach an agreement with government over an increment in their base pay, the Trades Union Congress (TUC) is expected to meet government on Wednesday to finalise a deal.

But before that meeting gets underway, the Trades Union Congress is warning that it will not accept government’s projections in the 2023 Budget.

The Finance Minister, Ken Ofori-Atta, reading the 2023 Budget in Parliament projected compensation of employees at GH¢44,990 million (5.6% of GDP).

Earlier, government also proposed a 12% salary increment during the last negotiation with Organised Labour but it was turned down.


Speaking on JoyNews’ PM Express on Tuesday, Deputy General Secretary of TUC, Joshua Ansah stated that they would not agree to the projected figure.

According to Mr Ansah, government must expect a fight if they turn up at the meeting with the same proposal.

JoyNews/AdomNews · TUC to reject government’s salary projection in 2023 Budget
“There is no way Organised Labour is also going to accept what has been put in the budget. Well, if the government has made up its mind that it is the way it thinks that he can actually force down the throat of workers, then we are in for a big fight, because there is no way government can pay anything below what we are expecting,” he said.

He noted that Organised Labour will not compromise on their demand for 60% increment in their base pay.

Meanwhile, the President of the Ghana Medical Association, Dr. Justice Yankson says government has created a problem by not reaching an agreement with the labour unions earlier.

JoyNews/AdomNews · Dr Yankson on organised labour and government’s negotiations
He believes the current mess could have been prevented.

“These are some of the problems that sometimes we create for ourselves. We had a whole period in which we could have sorted these things, we waited to the last end. Now we can see that we are on a collition course, it is clear,” he said.

Source: Myjoyonline


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Politics: Wenchi High Court throws out petition against NPP MP’s 2020 election victory




A Wenchi High Court has thrown out a petition against New Patriotic Party (NPP) legislator in the Techiman South 2020 election.

The petitioner was seeking the nullification of the poll which saw the NPP candidate, Martin Agyei Mensah Korsah, emerge victorious.

But at the hearing Wednesday, the court explained that the NDC 2020 Parliamentary candidate, Christopher Bayere, who was pursuing the matter, failed to prove the burden of petitioning.

The court was attended by some leaders of the NDC including General Secretary, Johnson Asiedu Nketia.

Wenchi High Court throws out petition against NPP MP’s 2020 election victory
He was sighted leaving the court premises a few minutes before the judgement.

The NDC Parliamentary candidate had contested the EC’s verdict which gave the NPP’s candidate victory with 49,682 votes representing 50.2 percent of the total valid votes cast, whilst the NDC’s candidate had 49,205 votes representing 49.8 percent of the total valid votes cast.

The NDC Parliamentary candidate insisted that the figures were not a true reflection of the election.

According to him, per the pink sheets of the NDC agents at each of the 267 polling stations, he garnered 50,306 votes in the Parliamentary election whilst the 1st Respondent polled 50,013 votes.

Wenchi High Court throws out petition against NPP MP’s 2020 election victory
Electoral Commission fined in 2021

In August 2021, the Electoral Commission of Ghana was fined GH¢4,000 by the court after the Court refused to grant the EC’s request for a stay of proceedings in the dispute on July 30, 2021.

Wenchi High Court throws out petition against NPP MP’s 2020 election victory
The EC’s application for a stay of proceedings was to enable it to file a motion to challenge the ruling of the Court at its previous sitting, when it granted the petitioner a motion to amend the title of the writ.

TCounsel for the EC, Emmanuel Addae said the stay of proceedings was to enable him to file supplementary statements in support of the application filed by the National Democratic Congress (NDC) candidate, Mr Christopher Beyere Baasongti.

However, reacting to the EC’s stay of proceedings, the Counsel for the petitioner, Justin Teriwajah argued that the motion was frivolous and unnecessarily geared towards delaying the adjudication of the case.

Source: Myjoyonline


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Football: Asamoah Gyan’s run, Bagbin’s dance and Black Stars fans’ clean-up as fans celebrate S. Korea win in style




It was the much-needed win for Ghanaians who were largely sitting on tenterhooks for the final quarter of the game.

And from the reactions, after the South Koreans netted a quickfire double between the 58th and 61st minutes, something had to definitely happen.

Kudus rose to the occasion, found himself at the end of a Gideon Mensah cross and curled the ball past the goalkeeper to restore Ghana’s lead and eventually sealed the game for Black Stars.

Asamoah Gyan’s run, Bagbin’s dance and Black Stars fans’ clean-up as fans celebrate S. Korea win in style
The 68th-minute winner triggered a thunderous celebration across the country and on social media.

Despite late attempts from the Koreans, the game ended 3-2 with Ghana earning a vital win in Group H.

Asamoah Gyan’s run, Bagbin’s dance and Black Stars fans’ clean-up as fans celebrate S. Korea win in style
Alban Bagbin

The jubilation started right from Ghana’s legislative arm where the Speaker, Alban Bagbin was caught on camera dancing to one of the goals on the day from his office.

The ecstatic Speaker punched the air while clad in his Black Star jersey in the company of other officials of the House.

Asamoah Gyan runs

Former Black Stars captain, Asamoah Gyan was on punditry duty at SuperSports TV.

However, the ethics of being on a live set could not suppress his excitement when the deciding goal was scored.

Filled with elation, the former skipper run out of the set in jubilation shouting atop his voice.

His iconic goal celebration was his response when asked about his reaction to some moments of the game.

Fans in clean-up mode

Now, supporters of Japan’s national team have been earning praise in Qatar for their zeal toward cleanliness after each game.

This win seems to have presented Ghanaian fans with the opportunity to emulate this off-pitch tradition.

While many celebrated the win at full-time, other fans were seen moving boxes around to collect the waste left by their colleagues.

South Korea’s Son not in selfie mood

Another interesting sight came from an official from the Ghana dressing room posing for a selfie.

The subject Son Heung-min was almost in tears after his team lost at full-time.

Otto Addo’s side will now face Uruguay in their last game looking to secure qualification to the next stage of the competition.

Source: Myjoyonline


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