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Chale, you won't be paying more for data anymore!

Say cheers to a fatter wallet.

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Chale News
July 26, 2024

QUICK BYTE

  • The National Communication Authority (NCA) has dropped some juicy news: data prices are set to take a nosedive by the end of 2024. This comes as a relief to everyone who's been clutching their wallets, sighing at the sight of their monthly data bill. Why the sudden generosity? Get the full deets in the Deep Dive section below

  • The government’s patting itself on the back for a supposed 0.5% GDP surplus by year-end, but Seth Terkper isn’t buying it. He argues the real number is -0.1% of GDP if you count interest payments, arrears, and debt. Terkper’s been vocal against relying on primary balance, calling it a half-baked measure. According to him, it's like skipping your debt payments and claiming you’re rich because you’ve got cash for groceries. He’s pushing for using the fiscal balance for a true financial health check, warning that ignoring the full picture is a slippery slope. Get the 411 in the Deep Dive section below

  • Ghana’s mobile money scene is popping off! Transactions hit a staggering 224 billion cedis in June 2024, up from 149.4 billion cedis last year – that’s almost a 50% jump. Ghanaians are going digital, big time, with transaction values soaring even faster than the number of transactions. Banks are loving it too, teaming up with mobile money operators for a smoother ride. But the Bank of Ghana is keeping a watchful eye, ensuring the system stays scam-free and solid. Want the deets in full? Check out the Deep Dive section.

  • In a bizarre case of fraud that began in 2017, Prince Kyei Bennett and Samuel Nutsugah were sentenced to ten years each in absentia by an Adentan Circuit Court for defrauding businessman Eric Coffie out of GH¢1,700,000. The duo tricked Coffie with promises of a schnapps bottle containing mercury, which they claimed needed spiritual cleansing to reach its full potential. They convinced Coffie that the rituals would yield five million US dollars and a four-bedroom house. Instead, after numerous payments and bizarre ritual requirements, including a white dove and a black-and-white ram, they paid Coffie with a bag of sawdust.

    When the police retrieved the bag from a hotel, Bennett admitted to taking GH¢800,000, while Nutsugah conveniently forgot the amount he took. Despite pleading not guilty, the court found them guilty of conspiracy and defrauding by false pretences, sentencing them to five years for conspiracy and ten years for fraud, with sentences to run concurrently. Read more

  • John Dumelo, the actor-turned-farmer, got the lowdown on why tomato prices are dropping – it’s the rain, baby! But Dumelo didn’t just stop at celebrating the rain; he’s urging us to think bigger. His advice? Ghana needs to step up its game with a robust irrigation system to keep those prices steady, rain or shine.

    His comment comes on the heels of a social media post by the Minister for Food and Agriculture, who proudly announced that a box of tomatoes now costs between 400-500 cedis. While that’s great news for tomato lovers, Dumelo's point is clear: we can't rely solely on Mother Nature’s mood swings. Read more

  • Ablakwa’s allegation on the juicy $34.9 million procurement deal for ambulance spare parts seems to have stirred the hornet’s nest.

    The Ministry of Health (MoH), is like, chale, what are you on about? They are denying the claims even releasing a statement saying, “The Service Provider, Ghana Auto Group Limited, has not been paid an amount of $34.9 million as widely reported.” The MoH insists that all documents related to this transaction are available for public scrutiny. They’re practically begging for an investigation to clear the air, expressing their readiness to support any efforts for transparency. Read more

  • So, it looks like the “Father Hostel” at KNUST decided to take “burning passion” to a whole new level last night. The three-storey dormitory went from cozy student digs to a smoldering heap of rubble faster than you can say "Fire drill!" Nine rooms were completely toasted, leaving a bunch of students with nothing. Eyewitnesses noted that the KNUST Fire Department’s emergency number was initially unreachable, causing a delay of 30 minutes before they could respond to the incident. Thankfully, no one was hurt, but let’s just say, the hostel's new motto is "Not a place to stay." Read more

  • The Minority in Parliament has accused the government of using Covid-19 as its go-to excuse for economic missteps. According to Isaac Adongo, the real plot twist is that the government was in hot water long before Covid-19 decided to crash the party. Meanwhile, the Finance Minister is playing the “we’re totally on budget” card, proudly showcasing a “2.9% savings” like it’s a gold star on their report card. With a dramatic flair worthy of a reality TV showdown, Abena Osei Asare insists they’re on a strict budget diet, promising not to overspend. Read more

DEEP DIVE

Well, after getting flak for high data costs and shoddy service, especially after MTN got slapped with the Significant Market Power (SMP) tag, the NCA had to step up its game. Critics were so fed up they even called for the dissolution of the NCA board.

So, what's the plan? Dr. Joe Anokye, the NCA’s big boss, spilled the beans on Eyewitness News with Umaru Sanda Amadu. He explained that the introduction of the NGIC wholesale carrier-neutral open access network will be a game-changer. This network will let data providers like AT, Telecel, and even MTN buy bulk data without needing to upgrade towers or equipment. More efficiency, less cost, cheaper data!

This network, expected to be launched by the last quarter of the year, will enable operators to purchase bulk data without upgrading towers or equipment, leading to increased efficiency and reduced costs. Dr. Anokye expressed optimism, saying, “They are supposed to launch by the last quarter of the year, and going from there we begin adding more towers. I think we should be hopeful.” Read more

SETH TERKPER MARKS GOV’T DOWN

The government’s all hyped, thinking they’ve nailed it with their budget numbers, only for Seth Terkper, our former Finance Minister, to slide in with a reality check, like a professor correcting your math homework. During the 2024 Mid-Year Budget Review, Finance Minister Dr. Mohammed Amin Adam proudly announced that Ghana is cruising towards a primary surplus of 0.5% of GDP by the end of the year, thanks to reined-in expenditures and a tiny revenue bump. Sounds like a win, right?

Hold your applause because here comes Terkper with a plot twist. He argues that if you factor in interest payments, arrears, and debt amortization, Ghana’s true primary balance is actually -0.1% of GDP. Ouch. Terkper’s been shaking his head at the government’s obsession with the primary balance, especially under the IMF program. To him, it’s like focusing on your GPA without counting all those extra credit courses you skipped.

He broke it down during a Media Dialogue, saying that the primary balance, unlike the fiscal balance, conveniently ignores the heavy stuff like interest payments and debt. Feels like bragging about your savings without mentioning the provision shop owner you owe in your area. According to Terkper, using the primary balance as a performance measure is a slippery slope.

Terkper insists the government should use the fiscal balance, which includes all the gritty details, to get a real picture of the country’s finances. Until then, he warns, we’re just playing a risky numbers game. Read more

MOBILE MONEY MAGIC

Ghana's mobile money transactions have hit a jaw-dropping 224 billion cedis in June 2024, rocketing up from 149.4 billion cedis in June 2023. That’s nearly a 50% jump in just one year!

This isn't just a trend; it's a full-blown digital finance boom. Picture this: millions of Ghanaians, from market traders in Kumasi to tech-savvy millennials in Accra, ditching cash for mobile transactions. Why? Because it’s fast, it’s secure, and it saves you from the heartbreak of losing your wallet on a trotro.

Fintech leaders are loving it. They’re seeing not just more transactions, but bigger ones. While the number of transactions climbed from 532 million to 644 million (a solid 21% increase), the value of these transactions skyrocketed, indicating people are trusting mobile money for heftier payments.

Even the traditional banks are taking notice. Instead of seeing mobile money as the enemy, they're teaming up with mobile money operators to offer a more seamless financial experience.

But with great power comes great responsibility. The Bank of Ghana is on high alert, stepping up regulations to keep scammers at bay and ensure the system remains as solid as your grandma’s advice on marriage. They’re balancing the need to foster innovation with ensuring financial stability and consumer protection. Other digital payment channels, like GhIPSS Instant Pay, are also seeing major boosts. With the African Continental Free Trade Area (AfCFTA) headquartered in Accra, all eyes are on Ghana to see how its mobile money success could ripple across the continent. Read more

FACT OF THE DAY

Ever thought about eating your family members? No? Well, you might be closer to that reality than you think! You share about 60% of your DNA with a banana. Yep, you and that yellow snack are basically cousins.

No need to worry about growing a peel or swinging from trees, but on a molecular level, you and bananas share a lot in common. Our DNA overlaps in areas related to basic cellular functions and biological processes.

Next time you’re peeling a banana, remember you’re not just eating—you're having a family reunion with your fruity cousin!🍌

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