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So, it’s Monday again! We know…we know…. your sleep didn’t catch you😭😭 But abi you know dada, adulthood na scam.
So while adulthood is out here scamming you, we aren’t. We’ve brought you the news just like we said we will.
In today’s stories:
National: Martin Amidu thinks the Ghana Bar Association might need to chill on their Chief Justice fan club routine.
Agriculture: CSIR-Ghana is leading the way in the continent’s battle against the pesky fall armyworm, with some major KAFACI backup.
Economic: BoG’s “risk premium” might just be why you’re paying through the nose for those loan interest rates.
Economic: Right now, T-bills are like that waakye joint everyone’s talking about.
Fact of the Day: the first ‘Computer Bug’? It had wings! 🦋
Politics: “I’ll bring exchange rate below 5 Cedis!” Alan Kyerematen makes bold promise to us.
National: Former Attorney General Martin Amidu isn’t here for Chief Justice Torkornoo's court closures.
Crime: Ghana’s trade game took a 45% dive in 2023.
National: Ghana’s high-jump champ Evans Yamoah just leapt from the podium to a real-life crisis.
QUICK BYTE
Imagine your friend hyping you up so hard that it starts to feel… questionable. That’s basically what Martin Amidu thinks is going on between the Ghana Bar Association (GBA) and the Chief Justice. Amidu isn’t here for what he calls the GBA’s “blind loyalty” to the Chief Justice over the decision to close courts in Bolgatanga. He’s throwing serious shade, calling this support “dangerous for democracy.” He’s basically saying, “Hey GBA, maybe take off those rose-colored glasses and look at the bigger picture?” Want the deets in full? Check out the Deep Dive section.
So the Bank of Ghana (BoG) has this thing called a "risk premium," and it’s got all our interest rates stuck up in the clouds. Imagine trying to snag a good loan rate, only for BoG to come in with its "premium" tax that’s like adding hot pepper to already spicy waakye—you didn't ask for it, but you're sweating anyway. Jeff Sampong, a teaching whiz from Johns Hopkins, just dropped an article saying, “Hey, BoG, ditch this premium, and we could get interest rates down from 27% to a nice, chill 15%.” And honestly? We're here for it. Get the 411 in the Deep Dive section below
Alan Kyerematen is stepping into the political arena with some serious swagger, declaring that if he’s elected as President, he’ll bring the exchange rate down to below 5 cedis. “Currently, the exchange rate is almost 1=17 cedis, and that is unacceptable,” Alan stated. Guess economic revival is coming…or not. Read more
Ever heard of the fall armyworm? This tiny but mighty pest has been munching its way through maize fields across Africa, causing more drama than you can find in a compound house. But CSIR-Ghana isn’t here to let it run wild. They’ve teamed up with KAFACI (thanks to some sweet backing from Korea) to curb this pest problem with sustainable, eco-friendly methods. Professor Paul Bosu, the CSIR head honcho, calls it “taming nature with nature”—a fancy way of saying they’re using natural solutions to kick these pests to the curb. Read more
Ghana’s T-bill market is buzzing like the morning trotro hustle. The government’s been on a four-week streak, hitting and even surpassing its auction targets. This week alone, they scooped up GHS 4.07 billion, well over the GHS 4.01 billion target, all thanks to investors swarming like it’s Black Friday sales. The star of the show? The 91-day bill, which drew a staggering GHS 3.32 billion in bids! Looks like T-bills are officially the hottest thing since sliced bread. Read more
FACT OF THE DAY
The first computer bug was a whole moth stuck in a Harvard computer back in 1947.
The Chief Justice decides to shut down courts in Bawku and Bolgatanga because of rising tensions, and former Attorney General Martin Amidu is like, “Nah fam, that’s a hard pass!” Amidu’s calling the closures “naïve,” insisting Bolgatanga is as chill as a (chale, insert whatever feels chill to you) when it comes to the ongoing Bawku drama. Read more
Evans Yamoah, Ghana’s golden boy of the high jump, is living out a plot twist none of us saw coming. Back in March, Evans soared 2.23 meters to grab gold at the African Games, leaving Morocco and South Africa eating his dust. He’s the champ, right? But cut to now, and Evans is facing a way-too-real struggle just to keep his spot in school. He’s got a $15,000 tuition bill hanging over him like the world’s heaviest bar, and without support, he’s looking at getting unenrolled. Read more
Imagine planning a party and half your friends bail at the last minute. That’s pretty much the vibe over at the Ghana Commodity Exchange (GCX) right now. Trading activity tanked by a whole 45%, sliding from a promising GH₵20.7 million in 2022 to GH₵11.3 million in 2023. Turns out, even our crops felt the heat, thanks to some wild economic twists and not-so-fun weather vibes. But hey, maize came to play, holding 93% of the volume like the loyal friend who’s always there to help you move. The real MVP.
DEEP DIVE
When Loyalty Goes from BFF Status to Red Flag.
Martin Amidu, former Attorney General and general no-nonsense guy, sees the GBA hyping up the Chief Justice for shutting down courts in Bolgatanga, and he’s like, “Whoa, calm down there!” To him, the GBA’s support is like that friend who keeps saying, “Yeah, go for it!” without even asking if it’s a good idea. Amidu says this kind of “blind loyalty” could actually mess with the Constitution, democracy, and everything that makes Ghana, well, Ghana. He’s looking at the GBA, raising an eyebrow, and thinking, “Y’all don’t see a problem here?”
And it doesn’t stop there. The Chief Justice justified the closures because of security stuff in Bawku, but Amidu isn’t buying it. He’s pointing out that Bolgatanga hasn’t been in the conflict zone. So, he’s saying, why close their courts? It’s like closing the whole mall because of a small store fire—kinda extra, no? For him, it feels like a major overreach, especially when access to justice is on the line right before elections. He’s worried this could set a sketchy precedent that affects people’s rights and their access to fair trials.
Amidu’s also calling out the CJ’s decision-making process here. He’s wondering if this is even independent judgment or if the Chief Justice might be getting a few “friendly suggestions” from the National Security Council. So now it’s giving vibes of “Is this about actual safety or just some behind-the-scenes puppet show?” Amidu’s saying that if GBA’s going to back the CJ, maybe they should first check if this decision is legit or just “naïve” and borderline unnecessary.
Long story short, Amidu wants Parliament to step in and give this whole decision a good hard look, like, yesterday. He’s calling for some serious oversight, transparency, and a reality check on what these court closures actually mean for people who might need them—especially with elections around the corner. Read more
BoG is like that friend who always wants to split the bill “evenly” at dinner, but they ordered three cocktails, a steak, and dessert while you got a salad. That’s basically what’s happening with this “risk premium.” BoG’s policy rate—a combo of the US rate, the cedi’s future, and a pinch of risk premium—is setting up interest rates so high that we’re all holding our wallets like life rafts. Jeff Sampong from Johns Hopkins, Ghana’s newest financial therapist, is calling them out: cut the risk premium, and we could have rates at a breezy 15%, not a jaw-dropping 27%. But nah, BoG wants that extra slice.
Imagine this “risk premium” as the random fee on your favorite food delivery app; you’re already paying for the food and delivery, so why the extra charge? Jeff's saying Ghana doesn’t need the price pain—we’re not the only country facing currency drama. Other African banks are already turning down the heat, going easy on the risk premium without tanking their economies. So, BoG, how about we get with the program?
BoG did lower the policy rate from 29% to 27% last month, so there’s some hope. Dr. Addison, the BoG Governor, said it's because the economy’s looking up, like when you finally see your Uber coming after a rainy wait. And that 200-point drop? It should make borrowing a bit easier for businesses. But without rethinking that premium tax, we’re still stuck with high rates, and your startup dreams might as well join your new year’s resolutions.
At this point, it’s clear BoG needs a glow-up. Sampong even suggests giving them a “dual mandate” like the Federal Reserve, meaning they’d focus on inflation and job growth, so it’s not just about one-upping the inflation dragon but also giving us rates that help businesses breathe. Read more
Ghana’s Trading Market Hits the Struggle Bus.
Ghana’s trading scene just took a major L, with the GCX’s trade value nosediving by 45%—that’s a big yikes from GH₵20.7 million last year to GH₵11.3 million. It’s like going from a VIP party to that one awkward meetup where no one shows up. Thanks to some serious macroeconomic drama and climate issues raining on the agri-parade, it wasn’t exactly a good year for our favorite homegrown goodies. Soybeans, sorghum, sesame, rice, and cashews? They all stayed home. Meanwhile, maize put on its cape, accounting for 93% of trade volume, like it’s saying, “Don’t worry, I got this!”
But it wasn’t just the cash flow that dipped. The number of contracts on the exchange shrank like laundry on high heat—only 2,206 contracts made the cut, down 36% from last year’s 3,000-plus crowd. Volume-wise, trading fell from a solid 5,500 metric tonnes to just under 2,500. Picture half the crowd disappearing from your favorite hangout spot; it’s that kind of vibe. But maize? It’s still pulling up, holding 93% of the total trade volume like it’s in the Olympics of staying power. Talk about loyal.
Here’s the thing, though: even with the numbers in freefall, the GCX Graded Commodity Index (GCX-GCI) ended the year with a respectable 7.14% yield. Apparently, the market might be down, but the GCX isn’t out here losing its cool. Read more
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NEWS SOURCES
Today’s stories are curated from: