Remember that time you lent your cousin money for his business idea...

DEEP DIVE

The loan books are in red

Our beloved public sector workers have been saying “Hasta la vista” to Ghana faster than you can say “loan repayment!”

GHASALC (the Ghana Association of Savings and Loans Companies) says despite some solid wins in 2023, they’re facing a mountain of non-performing loans because our nurses and teachers are off chasing dreams in lands far, far away aka japa!

Everybody’s feeling it

And it’s not just Tweneboah feeling the heat. Kwame Owusu-Boateng, the Board Chairman, is over here detailing how they’ve grown assets but can’t catch a break because of these loan defaults. Seriously, it’s like trying to fill a bucket with a hole at the bottom.

Dr. Ernest Addison, the Governor of the Bank of Ghana, threw in his two pesewas too. Apparently, some savings and loans companies have strayed from their path, forgetting they’re supposed to be the guardians of MSMEs (Micro, Small, and Medium Enterprises). Instead, they’re playing hide and seek with loan repayments.

Osei Gyasi, representing the Governor, urged these companies to keep supporting MSMEs, despite the chaos. Imagine telling a juggler to keep juggling while half his balls (think oranges, please) have gone AWOL.

So, what’s the lesson here? If you’re thinking of loaning money, maybe check if your borrower isn’t secretly planning a one-way trip to the land of maple syrup. And for our dear public sector workers, please have mercy. Read more

STAY HOME, DADDY

Our Finance Minister Dr. Mohammed Amin Adam just let it slip during his budget review that Ghana is cooking up some serious labour reforms. And guess what? Drumroll, please… 🥁 

Paternity leave is making its debut!

E be so! Dads can now officially take time off to vibe with their newborns without lying that their grandma died. According to the draft Labour Bill, 2024, new dads can claim paternity leave within three months of their little one’s arrival or adoption. Five days to bond, diaper up, and master the art of baby talk. 🍼👶 

But let’s keep it 100 – this leave is for watching the baby, not watching live football matches, and video games, okay?

The mamas are getting some glow-up too. Maternity leave is getting extended to a cool 14 weeks, with extra time for twins or tricky births. Plus, mums get full pay and can take breaks to nurse their babies at work.

But what if you want to take time off to nurse your inner child (desperately asking for a friend) 😂😂 Read more

OKUDZETO ABLAKWA IS BACK WITH SOME PIPING HOT TEA.

Ablakwa alleges that President Akufo-Addo’s daughters, Gyankroma and Edwina Akufo-Addo, are linked to Service Ghana Auto Group Limited, the company at the center of a $34.9 million ambulance spare parts deal. The North Tongu MP blew the whistle on this and has even filed a petition with the Office of the Special Prosecutor for a possible corruption investigation. He dropped these bombshells on Facebook, sharing documents that suggest the company received massive favors due to its ties with the president’s family. Remember, we told you about this on Monday.

Let’s follow the money

Ablakwa claims that Service Ghana Auto Group got a cool $10 million in February, approved by the former Finance Minister just five days before he exited stage left. Talk about timing! The Auditor-General found that Service Ghana Auto was paid for eight months before the government even officially contracted them. They were also asked to provide maintenance services in January 2020, but here’s the kicker: the company wasn’t incorporated until April 2020. Time travel, anyone?

The Family Ties:

Ablakwa connects the dots, revealing that Stephen Okoro, a close business partner of the president’s daughters, is a director at Service Ghana Auto. Okoro and the Akufo-Addo sisters also run other ventures together, including SFO Initiatives Limited, Goodbox Limited, and Good Grow Limited. The latter is particularly spicy since it’s a cannabis farming business.

Ablakwa is baffled by why the government went ahead with the $34.9 million deal despite “damning findings” from the Auditor-General, which included procurement breaches and inflated invoices. He suggests that familial interests were at play, with the former Finance Minister allegedly rushing to approve the deal to benefit his nieces and their business partner.

What’s Next:

Ablakwa has handed over this explosive information to the Special Prosecutor, hoping to block an additional $24.9 million payment to the company. He’s calling for a thorough investigation. When it’s coming, it’s doing!🙄🙄 Read more

QUICK BYTE

• African Nations Go for Gold – Literally!

  Nations like South Sudan, Zimbabwe, and Nigeria are hoarding gold like it’s the latest Pokémon craze. This golden strategy is to shield themselves from those pesky currency losses and inflation monsters.

• The National Association of Graduate Teachers (NAGRAT) has had enough and is calling for the immediate removal of Dr. Haggar Hilda Ampadu, the Executive Director of the National Schools Inspectorate Authority (NASIA). NAGRAT claims NASIA hasn’t been playing nice with teacher unions. Despite reaching out for six years, no meetings have been held with union reps. They’re also puzzled why experienced Ghana Education Service teachers are being benched in favor of others for school inspections. Oh but, there’s more…Check out the full story

• According to gospel musician Broda Sammy, love used to be straightforward like this:

  Him: I love you.

  Her: I love you too. 💕

  But now, it’s slanted like this:

  Him: I love you.

  Her: My phone is damaged. Send me GHs 2000

  And he’s blaming the economic hardship for this turn of events. Read more

• King Charles III had a royal surprise as he welcomed the Asantehene, Otumfuo Osei Tutu II, to Sandringham House. As the Asantehene continues his Silver Jubilee festivities in the UK, it seems he's not just there for the posh teas and historic lectures. He’s also set to host the sixth Akwasidae Festival of the year in London. Read more

• While Speaker Alban Bagbin is out here saying “hold up, let’s not add more judges,” Nana Addo’s basically hitting the gas on the judicial squad to handle the overflowing case files and now, he’s explaining we need more hands. Read more

• West Africa is on the brink of creating a unified electricity market. Think of it as West Africa’s version of a universal charger. The proposed grid code is designed to make electricity flow smoother across borders, reduce power outages, and maybe even lower those shocking bills. Read more

• The Mining Industry Investment Fund (MIIF) is doling out mining scholarships to 1,000 women, making sure that the next generation of tech and engineering wizards includes plenty of female trailblazers. Project is set to start in October 2024. Read more

FACT OF THE DAY

Meet the Scaly-foot gastropod—the snail that’s got more metal than Iron Man.

This epic snail, native to the deep-sea vents in the Indian Ocean, has a shell made of iron. The shell is actually composed of three layers, with the outer layer being a tough, iron-based coating.

This unique metal armor helps protect the snail from predators and extreme underwater conditions.

Scientists are using its unique structure to develop advanced, lightweight composite materials and protective gear like body armor. This bio-inspired research is paving the way for breakthroughs in various fields, including construction and aerospace.

Chale, next time someone says, “I be hard guy”, they better be showing us some iron parts.

POLL OF THE DAY

CHECK OUT WHAT’S TRENDING

• Ghana’s public debt rises to GH¢742bn

• Mid-Year Budget: Gov’t revised targets

NEWS SOURCES

Today’s stories are curated from:

1. www.myjoyonline.com

2. www.ghanaweb.com

3. www.citinewsroom.com

4. www.norvanreports.com

5. www.channel1new.com