News
I have been given over GH₵100K ‘haircut’- Franklin Cudjoe

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Founding President & Chief Executive Officer (CEO) at IMANI and African Liberty.org, Franklin Cudjoe has revealed that he has been given a ‘haircut’ as a result of the government’s Debt Exchange Programme.
In financial markets, a haircut refers to a reduction applied to the value of an asset.
This domestic debt exchange is part of a more comprehensive agenda to restore debt and fiscal sustainability.
It involves an exchange for new Government of Ghana bonds with a coupon that steps up to 10% as soon as 2025 and longer average maturity.
Revealing the plight of his investment on facebook, he wrote, “I have been given a haircut of a little over GH₵100,000 cedis in my EDC investment made over the years based on Marked to Market value.
According to Mr.Cudjoe “My Fund Manager adds a note rather painfully, that Investors that choose to remain in the fund until Ghana’s macroeconomic health and bond prices improve are not likely to realize these losses.”
“Folks, based on IMANI’s analysis of government handling of finances from 2010 to 2022, leading to the publication of IMANI’s Fiscal Recklessness Index, this means waiting for at least 8 years for governments not to be so reckless in pretending to manage the economy. And this will be hoping against hope,” he stated.
Mr.Cudjoe cautioned that “until we fix our broken political system that rewards cheap sloganeering with limitless tax and borrowed funds to be splurged at will, we are going nowhere.”
Ghana is facing a very challenging economic situation amid an increasingly difficult global economic environment.
The latest debt sustainability analysis has demonstrated unequivocally that Ghana is faced with a significant financing gap over the coming years and that our public debt is unsustainable.
The Government is currently discussing the contours of a comprehensive international financial assistance package and a debt re-arrangement covering our domestic and external creditors.
The objective is to reduce the excessive burden created by the country’s debt on the economy and reach the debt sustainability targets defined by the IMF staff for the period through 2028 and beyond. In particular, to restore debt sustainability, the government plans to reduce Ghana’s total public debt-to-GDP ratio to 55% in present value terms.
By Edem Mensah-Tsotorme
News
NPP mourns Ambassador Samuel Arthur Odoi-Sykes

The New Patriotic Party (NPP) has announced with profound sorrow the passing of Ambassador Samuel Arthur Odoi-Sykes, describing him as an eminent statesman, distinguished patriot, and one of the founding pillars of the party.
In a statement issued by the party, Ambassador Odoi-Sykes was eulogized for dedicating several decades of his life to the service of Ghana and the cause of democratic governance.
“His constant dedication to public service, constitutional democracy, and principled political leadership earned him the admiration and respect of colleagues across the political divide,” the statement said.
Ambassador Odoi-Sykes served as Member of Parliament for Ashiedu Keteke, now Odododiodio, during the Third Republic, where he rose to become Minority Leader of Parliament. He was noted for his exemplary parliamentary leadership and advocacy for democratic ideals.
As a founding father of the NPP, he played a pivotal role in laying the institutional and ideological foundations of the party.
His leadership as National Chairman from 1998 to 2001 was instrumental in uniting and strengthening the NPP, culminating in its historic electoral victory in the year 2000 and the first democratic transfer of power between political parties under the Fourth Republic.
Following that landmark achievement, he continued his service to the Republic as Ghana’s High Commissioner to Canada from 2001 to 2006, where he represented the nation with distinction and enhanced Ghana’s diplomatic relations abroad.
The party noted that throughout his lifetime, Ambassador Odoi-Sykes served on numerous national and party committees, offering wise counsel, strategic leadership and invaluable institutional memory.
“His integrity, humility, intellect, and constant commitment to Ghana’s democratic development will remain an enduring source of inspiration for present and future generations,” the NPP said.
“His passing marks the end of an illustrious chapter in Ghana’s political history. The nation has lost a distinguished public servant, while the New Patriotic Party has lost one of its most respected elder statesmen and steadfast architects.”
The party extended its deepest condolences to his wife, children, the entire Odoi-Sykes family, friends, and associates.
“As we mourn his passing, we also celebrate a life exceptionally lived in faithful service to God, country, and the Party. Ambassador Samuel Arthur Odoi-Sykes has indeed paid his dues, and his legacy of principled leadership, patriotism, and selfless service will forever remain etched in the annals of Ghana’s democratic history.
“May his soul rest in perfect peace, and may his memory keep inspiring generations yet unborn,” the statement concluded.
By Edem Mensah-Tsotorme
News
Yaw Ampofo Ankrah defers parliament appearance over ongoing CID probe

Lawyers for suspended National Sports Authority (NSA) Director-General, Yaw Ampofo Ankrah, say he will not appear before Parliament for now because matters concerning him are currently under investigation by the Criminal Investigations Department (CID) of the Ghana Police Service.
In a statement issued on behalf of Mr Ampofo Ankrah, his legal counsel, Jerry Avenorgbor of Brookman Amissah & Associates, said the sports administrator has cooperated and will continue to cooperate with the police as they work to establish the facts.
The lawyers said Mr Ampofo Ankrah and his representatives would refrain from making detailed public comments on the allegations while the investigation is ongoing.
They urged the media and the public to exercise restraint and avoid presenting allegations, speculation or unverified information as established facts.
The lawyers stressed that the existence of an investigation does not, by itself, amount to a finding of wrongdoing against Mr Ampofo Ankrah or any other person.
On calls for Mr Ampofo Ankrah to appear before Parliament, his lawyers said it would be “imprudent” for him to do so while the CID investigation remains active and he is under suspension.
According to them, appearing before Parliament at this stage could create complications for the investigation and potentially affect the process through which the facts are being established.
Mr Ampofo Ankrah has therefore decided to defer any appearance until the investigation has been concluded and the circumstances surrounding his suspension have been determined by the appropriate authorities.
His lawyers, however, stressed that the decision should not be interpreted as a refusal to submit to lawful processes or to account to Parliament or any other constitutionally mandated institution.
They explained that the position is intended to protect the integrity of the ongoing investigation and prevent any action that could potentially interfere with it.
The lawyers further indicated that if his suspension is lifted and he is restored to his position as Director-General of the NSA at the discretion of the Office of the President, he will respond appropriately to any lawful request to appear before Parliament or another competent institution.
Mr Ampofo Ankrah and his legal representatives are expected to respond to the findings of the investigation and address any issues requiring clarification once the appropriate authorities have completed their work.
They have meanwhile called for patience and respect for the ongoing investigative process.
By: Jacob Aggrey




