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Ghana Completes $13 Billion Eurobond Restructuring

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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.

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Ghanaian Youth Rally Against Galamsey #StopGalamseyNow

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A cross section of Ghanaian youths demonstrating for an end to illegal mining, galamsey
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Ghanaian youth have been actively rallying against galamsey, which refers to illegal small-scale gold mining in Ghana.

There have been organized protests, such as the “Stop Galamsey Now” protest led by the Democracy Hub, which demanded decisive action from the Ghanaian government to halt illegal mining activities, particularly in forest reserves and along key rivers. These protests have highlighted the environmental degradation caused by galamsey, including pollution of major rivers like the Pra, Ankobra, and Birim.

Following protests, there were reports of arrests, including individuals like a 63-year-old woman and a 10-year-old child, which sparked outrage on social platforms. This reaction underscores the public’s frustration with the government’s handling of both the galamsey issue and the response to protesters.

The issue has gained international attention, with demonstrations occurring at significant locations like the United Nations Headquarters in New York, where protesters demanded the release of those arrested during anti-galamsey protests in Ghana. Various groups, including the Youth in Natural Resources and Environmental Governance (Youth-NREG), religious organizations like the Youth Gate of Advocates for Christ Ghana, and even church youth groups like the Young People’s Guild (YPG) at Trinity Presbyterian Church, have actively rallied against galamsey.

 

 

 

 

 

 

 

 

 

 

They’ve called for stricter enforcement, restoration of damaged ecosystems, and have criticized the government for what they perceive as inaction or insufficient action against illegal mining. There’s been criticism towards the government, with figures like Osman Ayariga from the NDC accusing President Akufo-Addo of lacking commitment to fighting galamsey.

Conversely, there’s also a call for collective responsibility from government supporters, indicating that the fight against galamsey should not be left to the government alone. The sentiment from X posts reflects a deep concern over the environmental and health impacts of galamsey, with calls for immediate action, disillusionment with political responses, and instances of citizens taking direct action against galamsey operations, such as burning down mining equipment.

This movement against galamsey by Ghanaian youth and various stakeholders represents a significant social and environmental campaign, highlighting the broader implications of illegal mining on Ghana’s future and its natural resources. The protests and the subsequent reactions illustrate a populace increasingly vocal and active in demanding environmental justice and governance accountability.

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Nana Kwame Bediako Selects Dr. Maryam Esaka Kriesie as Running Mate

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Nana Kwame Bediako, also known as Freedom Jacob Caesar or Cheddar, has officially announced Dr. Maryam Esaka Kriesie as his running mate for the 2024 Ghanaian presidential election under the banner of the New Force movement.

This announcement was made public on October 4, 2024, through various posts on X, confirming Dr. Maryam Esaka Kriesie as his choice for the vice-presidential position.

This decision follows previous statements from Bediako about unveiling his running mate when the time was right, indicating a strategic buildup to this reveal.

Dr. Maryam Esaka Kriesie’s selection has been met with interest and discussion among political observers and the general public, as seen reflected in posts on social media platforms.

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KNUST Defeats UCC in TBSC Semi-finals

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KNUST (Kwame Nkrumah University of Science and Technology) has advanced to the finals of the Tertiary Business Sense Challenge (TBSC) by defeating the University of Cape Coast (UCC) in the semi-finals.

KNUST’s score in this contest was reported as 75.5%, which is considered a grade ‘A’ at KNUST. This victory has been celebrated by KNUST’s community on social media, with sentiments of pride and some playful banter directed towards UCC for not scoring at least 70%, which is also considered a grade ‘A’but was not achieved by UCC in this match-up.

KNUST is now set to compete in the grand finale of the TBSC, with the opponent to be determined from another semi-final match.

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