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
How Nana Butler took down exploitative Management Committees

The year was 1993, and the destination was Australia. Down Under, the Black Satellites—Ghana’s exceptionally gifted Under-20 national team—were busy treating the footballing world to a masterclass. They ran, they tackled, they outclassed England, and they fought their way to a historic silver medal. But while the players were leaving their blood and sweat on the pitch in Sydney, an entirely different, much more lucrative sport was being played in the VIP lounges and luxury hotel rooms.
It was the ancient, revered African art of “Management Allowance Harvesting.”
Upon the team’s return, the newly appointed Ghana Football Association (GFA) Chairman, Samuel Nana Brew-Butler, glanced at the tournament’s financial ledgers. What he discovered was a mathematical miracle that would baffle even the finest economists.
The Management Committee, heavily populated by suit-wearing, brief-case-wielding officials under the leadership of Paul Kunke, had pulled off a breathtaking victory. They didn’t win a trophy, but they had comprehensively defeated the actual athletes in the per diem stakes. The officials had taken home significantly more money in allowances than the young boys who had spent 90 minutes sweating under the blistering Australian sun.
Faced with a squad of administrators who clearly possessed a higher “strike rate” at the bank than the strikers did on the field, Nana Butler did the only logical thing. He took a giant administrative sledgehammer and completely dissolved all the GFA Management Committees.
The True “Strikers” of Ghana Football
To understand the sheer genius of the Kunke-led management committee, one must appreciate the sheer physical exertion required to be a football official in the 1990s.
While a player like Augustine Ahinful or Samuel Osei Kuffour only had to worry about running several kilometres, avoiding bone-crushing tackles, and scoring goals against Brazil, the management committee faced far more hazardous perils. There were heavy per diem envelopes to be lifted. There were grueling, five-star buffet lunches to navigate. There was the exhausting psychological stress of checking whether the hotel’s air conditioning was set to the perfect ambient temperature.
Is it any wonder, then, that the administrative “allowance-to-sweat ratio” was heavily skewed toward the boardroom? The players were running on patriotism and the promise of future glory; the officials were running on high-grade, cold, hard foreign currency. Rumour has it that the officials’ wallets were so heavy they required their own tactical formations just to be carried through airport customs.
The Butler Cleans House
When Nana Brew-Butler took over the reins of the GFA, he brought with him a revolutionary, almost bizarre philosophy: that football money should actually have something to do with the people playing football.
When the financial reports from the 1993 World Youth Championship landed on his desk, the numbers told a hilarious story. The management committee had apparently operated under the assumption that they were the primary entertainment act, and the eleven players on the pitch were merely their opening warm-up band.
Recognising that Ghana’s real footballing talent was sitting in the committee rooms engineering per diem payouts rather than scoring goals, Butler struck. In a swift, unceremonious purge, he dissolved the committees, effectively telling the suits that if they wanted to earn that much money from football, they should buy some boots, practice their step-overs, and try making the squad for the next tournament.
It was a dark day for administrative freeloaders across the capital. For a brief moment in Ghanaian history, the ecosystem was thrown out of balance: the players were treated as heroes, and the committee members were forced to look at their bank accounts and reflect on the tragic loss of their premium per diems.
A Timeless Legacy
Decades later, the ghost of Australia ’93 still hovers over Ghanaian football. Nana Butler’s mass dissolution remains a golden, satirical benchmark for how to deal with the eternal affliction of “Committee-itis”—a disease where the number of officials on a plane outnumbers the players, and where the budget for official blazers exceeds the budget for training kits.
The lesson from 1993 remains clear: if you allow the suits to score more heavily than the boots, you will eventually find yourself with an empty trophy cabinet and a very wealthy boardroom. Cheers to Nana Butler, the man who reminded the nation that football is played with a leather ball on grass, not with a calculator in a five-star hotel.
By Emmanuel Amponsah
The writer is a former Editor of The Spectator
News
Agona West MP supports Swedru School of Business with mono desks

Member of Parliament for Agona West, Ernestina Ofori Dangbey, has donated mono desks to the Swedru School of Business (SWESBUS) as part of efforts to improve education infrastructure in the constituency.
Presenting the desks on Tuesday, the MP said the intervention is aimed at addressing some of the infrastructural challenges facing the school and enhancing the learning experience of students.

“Investing in Education, Investing in Our Future. Yesterday, I presented mono desks to the Swedru School of Business as part of my ongoing efforts to strengthen the educational system in Agona West,” she stated.
“Every student deserves a conducive environment in which to learn, grow and achieve their full potential. This intervention is therefore aimed at helping address some of the infrastructural needs of the school and improving the learning experience of our students.”
Madam Ofori Dangbey reaffirmed her commitment to supporting schools in Agona West and creating opportunities for young people in the area.
“I remain committed to supporting our schools and creating opportunities for the young people of Agona West. Agona West Will Continue to Rise,” she added.
By Edem Mensah-Tsotorme




