Connect with us

News

Ghana Completes $13 Billion Eurobond Restructuring

Published

on

Spread the love

Ghana recently completed the restructuring of about $13 billion of its Eurobond debt, marking a significant milestone in its efforts towards financial recovery and debt sustainability.

Over 98% of bondholders participated in the debt restructuring, showcasing strong support from creditors. This high participation rate is crucial for the success of such financial maneuvers.

The restructuring involved a haircut on the principal, with the rate increased to 37% from an earlier proposal of 33%. This adjustment in terms was part of negotiations to meet the requirements set by the International Monetary Fund (IMF) for further financial support.

This restructuring is a key step in Ghana’s broader economic strategy under its IMF programme, aiming to reduce its debt-to-GDP ratio to around 55% by 2028, which is part of the conditions for ongoing IMF support and reviews.

The successful restructuring is seen as turning a page for investors in Ghana, potentially signaling a return to international financial markets with renewed confidence.

This move is expected to help normalize relations with international capital markets, providing Ghana with better access to global financing.

Bondholders had options including a “Disco menu” of new notes and a “Par menu” with a cap, indicating a structured approach to manage the debt overhaul while offering flexibility to investors.

This restructuring not only addresses immediate financial pressures but also aims to restore investor confidence, paving the way for economic recovery and potentially more favorable terms in future borrowings.

News

Indian Pharma Firm Linked to West Africa Opioid Crisis

Published

on

Spread the love

A BBC Eye investigation has exposed Aveo Pharmaceuticals, a Mumbai-based firm, for illegally manufacturing and exporting unlicensed, highly addictive opioids to countries like Ghana, Nigeria, and Côte d’Ivoire.

Aveo Pharmaceuticals has been implicated in producing pills containing a dangerous mix of tapentadol, a potent opioid, and carisoprodol, a muscle relaxant banned in Europe due to its addictive nature.

This combination is not licensed for use anywhere globally and poses severe health risks, including breathing difficulties, seizures, and death from overdose.

Despite this, these drugs have flooded West African streets, sold cheaply under brand names like Tafrodol, fueling a public health crisis.

The investigation revealed that Aveo’s director, Vinod Sharma, admitted to an undercover BBC team that the drugs were “very harmful” but dismissed concerns, stating, “this is business.”

Publicly available export data show Aveo, along with a sister company, Westfin International, shipped millions of these tablets to West Africa.

Nigeria, with its 225 million population, is the largest market, where an estimated four million people abuse opioids, according to the National Bureau of Statistics.

The Chairman of Nigeria’s Drug and Law Enforcement Agency, Brig Gen Mohammed Buba Marwa, described the situation as “devastating” to youth and communities.

In Ghana, local efforts, like a task force in Tamale led by Alhassan Maham, have seized Aveo-branded drugs, highlighting the crisis’s grassroots impact.

This scandal tarnishes India’s $28 billion pharmaceutical industry, known for quality generics and vaccines. Indian law prohibits exporting unlicensed drugs unless they meet the importing country’s standards, yet Aveo’s actions violate both Indian and international regulations.

The Central Drugs Standard Control Organisation (CDSCO) has pledged swift action against such malpractice, but the crisis persists, raising questions about enforcement and global accountability.

 

Continue Reading

News

Gregory Afoko Granted GHc500k Bail in NPP Chairman’s Murder Case

Published

on

Spread the love

Gregory Afoko, a key suspect in the 2015 murder of Adams Mahama, the former Upper East Regional Chairman of the New Patriotic Party (NPP), was granted bail by the High Court in Accra.

The bail was set at GH₵500,000 with two sureties, one of whom must be justified with a landed property.

This marks a significant development in a case that has spanned nearly a decade, with Afoko having been in detention since his arrest in 2015.

Afoko is accused of conspiring with Asabke Alangdi to carry out a brutal acid attack that led to Mahama’s death outside his home in Bolgatanga on May 20, 2015.

The prosecution alleges that the attack stemmed from internal NPP tensions, following a disrupted party meeting in Bolgatanga earlier that month.

Mahama reportedly died from severe acid burns while being airlifted to Accra for treatment, identifying Afoko and Alangdi as his attackers before his death.

The bail conditions require Afoko to report to the police every two weeks, and the court registrar must verify the sureties’ documents.

This decision came after Afoko’s third bail application, filed on February 17, 2025, which was not opposed by the prosecution.

While Alangdi has been convicted and sentenced to death for conspiracy, Afoko faces a retrial after a previous hung jury verdict in 2023. The case continues to unfold as the state pursues its prosecution.

Continue Reading

News

Ghana Minister Orders Radio Stations Shut Down

Published

on

Spread the love

Ghana’s Communication, Digital Technology, and Innovations Minister, Sam George, has ordered the National Communications Authority (NCA) to shut down seven radio stations.

Six of these stations were operating without valid frequency authorizations, and one was closed on security grounds.

This action was taken to ensure compliance with frequency authorization laws and to maintain national security.

The minister has emphasized the importance of all broadcasters adhering to licensing regulations to avoid future enforcement actions.

“Today, in two separate cases, I have directed the National Communications Authority to suspend and enforce a prohibition of broadcast on seven (7) radio stations in total.

In one instance, on national security grounds and in six other cases on the grounds of broadcasting without a valid frequency authorisation based on the recently requested frequency audit. Enforcement of the directive is immediate. Further action would be taken in the coming days.

Once again, I reiterate my commitment to sanitising our airwaves and ensuring strict adherence with the law concerning frequency authorisations. I urge all media houses to ensure they are complying with ALL the terms of their frequency authorisations.

In service to God and Country.”

Continue Reading

Trending

Copyright © 2024 KobbySmiles.