Features
Why this unnecessary burden on pensioners and individual bond holders in the country?
Treasury Bonds are medium term debt instruments (Securities) issued by the Government of Ghana and sold to individuals or companies to raise funds for a specific time at a fixed or variable interest rate. The bonds have maturity periods exceeding two years.
Over here in Ghana, there is no upper limit but a maximum limit of GHc500.00 is required for the purchase of a bond. It generally includes a commitment to pay periodic interest called coupon payment and to repay the face value on the maturity date.
BENEFITS FROM BONDS
Unlike savings, bonds, especially those from government and major companies tend to be a safe investment. They can offer much higher return than savings account. The nature of this facility, has encouraged the majority of companies and individuals to rope onto the scheme with the intentsion of recouping sizeable interests to support them in various ways and endeavours. Even most employers in the country have taken advantage of the immense benefits to register their workers on the scheme.
In recent times, the government in its determination to revive the country’s ailing economy, has adopted a number of measures including a suspension on payment of external debt.
It,therefore, announced a Domestic Debt Exchange Programme which requires institutional holders of eligible bonds to agree to writing to the Central Securities Depository (CSD) to exchange their current holdings to new ones.
DOMESTIC DEBT EXCHANGE AND PENSION FUND
Initially, the government announced that Pension funds would be included in the debt exchange programme but Organised Labour, stood firmly against the decision which many believed was part of the conditions spelt out in the International Monetary Fund (IMF) laid out processes for the economic bailout. Organised Labour including the Civil and Local Government Staff Association of Ghana (CLOGSAG) and the Industrial and Commercial Workers Union (ICU), had all rejected the government’s attempt to include the pension funds in the debt exchange program.
According to organised Labour, it was against the law for the government to touch the pension funds. While CLOGSAG and the Ghana Medical Association (GMA) served notice that members would embark on industrial action, should the government fail to heed their call, the ICU also stated that it would be compelled to join other labour unions to demonstrate against such measures by the government.
After series of meetings between the government and Organised Labour on that thorny issue, the general consensus was to exempt the pension funds from the debt restructuring programme.
Hear the Minister of Employment and Labour Relations Mr. Ignatius Baffour Awuah, on the outcome of the meeting on Thursday, December 22, 2022. “Government and the organised labour will work together to resolve all issues to make the program successful towards the restoration of macroeconomic stability of the country.”
INDIVIDUAL BONDHOLDERS
It is surprising to know that after the attempts to include the pension funds on the debt restructuring programme had failed, the government has now turned its attention on individual domestic bondholders, as part of measures to salvage the ailing economy.
In the latter part of December last year, the government invited individual bond holders to exchange their old bond holdings for new ones with extended maturity in a domestic debt exchange programme. The invitation to this exchange programme, expired on January 16, 2023, at 4 pm, but the deadline has been extended to 31st January, 2023, at 4 pm.
According to the government, this exchange programme, would allow the country to restore sound public finance and sustainable debt levels and to kick-start economic growth, following the impact of COVID-19 pandemic. It noted that the alternative to the debt exchange would be far worse economic crisis with protracted closure from international markets, including imported goods and services, and further domestic both for the real economy and the financial sector. It would also mean depleted fiscal resources to support the neediest.
INITIAL EXEMPTION OF INDIVIDUAL BONDHOLDERS
It is recalled that individual bondholders were initially exempted from the Domestic Debt Exchange Prrogramme that the government launched on Monday, December 5, 2022.
However, the Finance Minister, Mr. Ken Ofori-Atta, in announcing the exemption of pension funds from the Debt Exchange Programme in response to recommendations by major stakeholders on December 22, 2022, said it would come at a cost.
It is important to state that the government has reached staff level agreement with its negotiation with the IMF for a three-billion-dollar bailout. Therefore, the amendment in debt Exchange programme is necessary to reach a Management and Board levels agreement with the IMF.
THREATS OF LEGAL SUIT AGAINST GOVERNMENT
This latest development has sparked off threats of legal suit in court by individual bond holders against the government. According to the Vice President of IMANI, Ghana, an Economic Think Tank, Bright Simons, three groups representing individual bond holders, have commenced mobilisation to file legal suit against the government for including individual bond holders in the Debt Exchange Programme. He explained in a tweet that individual/retail investors to Ghana’s debt default would increase the risk of litigation.
While some of these individual bond holders have threatened to commit suicide if the government fails to heed their call to rescind its decision of including their bonds on the debt exchange programme, since the benefits from that investments are the source of their livelihood and, therefore, taking them away from them mean, killing them softly, others have complained that profits from the bonds, are what they depend on to cater for their families, including their children’s school fees.
According to them, times are hard and the cost of living is unbearable, hence the profits from their investment are what they use to cushion themselves.
A number of prominent personalities including the Majority Leader in Parliament have cautioned against this latest move to involve individual bond holders in the Domestic Debt Exchange Programme, saying it is dangerous for the country’s development.
According to Mr Osei-Kyei-Mensah Bonsu, the progamme could wipe out the middle class and negatively affect the savings culture of Ghanaians. He has suggested that the Finance Minister should properly engage with the major stakeholders.
The Minority caucus in Parliament has also called for total suspension of the Domestic Debt Exchange Programme and suggested a national economic crisis dialogue by stakeholders to discuss the whole issue, including the individual bondholders matter.
ECONOMY IN SHAMBLES
It is a fact that the economy is in a state of comma and our doctors will simply put it that it is receiving serious medical attention at the Intensive Care Unit (ICU) at a medical facility with all the life supporting gadgets including oxygen and drips fixed on it. The moment, you dismantle these supporting gadgets, means death.
It is so sad that, managers of our economy have supervised the economy to that extent of deterioration, despite other natural factors like COVID-19 and Russian-Ukraine war, which they have always relied upon to defend themselves anytime they are criticised.
What is amazing, is for the fact that our finest economists and financial analysts, keep giving pieces of advice to government that will help revamp the ailing economy, but because of political expediencies, these practical and reasonable advice and suggestions are constantly ignored and left in the burner, hence the situation we find ourselves at the moment.
What we have to do as a nation which is interested in building a sound and progressive economy to rub shoulders with other advanced nations in the world, is for us to unite and push party affiliations to the background and collectively pool ideas to build this country after all, this is the only country we have and nowhere else to go.
SUFFERING GHANAIANS NEED TO BE SPARED
The people are, indeed, suffering in the midst of economic difficulties and other challenges. The cost of living is unbearable, prices of goods and services continue to escalate daily, inflation is terribly high, the cedi which appreciated against the United States of America (USA) dollar during the Christmas period is beginning to depreciate, fuel prices, although reduced a little is not the best, insurance premiums and other road worthy taxes are astronomically high.
In the midst of all these economic challenges, the government cannot continue to burden the citizens with policies that are inimical to their progress. That cannot be tolerated whatsoever in any civilised country such as Ghana.
The government should find alternatives to address the present economic challenges and stop these unnecessary ad hoc and indirect measures to mitigate the numerous economic problems.
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By Charles Neequaye
Today, I focus on the Apostolic Church International in Finland, as I continue with my description of institutions and personalities and their accomplishments as members of the Ghanaian Diaspora in Finland.
The Apostolic Church International, Finland (or, Apostolic International Association Ry) was established in October 9, 2023. The Church in Finland has seen significant strides and accomplishments within the short time that it has been established in Finland, which must be highlighted.
History of the Church in Ghana
The Apostolic Church Ghana originated from the 1904–1905 Welsh revival, officially established in Ghana (then called Gold Coast) in 1935 following connections between a local prayer group in Asamankese (a town in southern Ghana), led by Peter Newman Anim, and the Apostolic Church, UK. There were historical splits in 1939 and 1953, but the Apostolic Church attained autonomy in 1985.
Today, the Church is headquartered in Accra. Last year (2025), it dedicated its new 10-storey headquarters, “The Apostolic Church Tower,” in Frafraha, Adenta West in Accra.
Activities of the Apostolic Church in Finland
The Apostolic Church in Finland conducts church service on Sundays. The service starts at 11a.m. in the morning and closes by 1 p.m. in the afternoon. There are no other activities during other days for now.
The Minister in charge of the church in Finland is also the Area Head of Italy Area. He is Pastor Daniel Kofi Addison who is the new Italy Area Head, and has just been transferred from UK South Area to Italy Area during the just-ended Council Meeting in March this year. Italy Area comprises Italy, which has 13 Assemblies, Germany, one Assembly, and Finland, one Assembly.
Elder Ebenezer Amoaning-Coffie is the Presiding Elder in charge of the Assembly in Finland. A Presiding Elder is responsible for day to day activities of the church (Assembly) and reports to the District Pastor, or in the absence of the District Pastor, reports to the Area Head.
Achievements
The Apostolic Church International, Finland was officially registered under the Finnish Law, guaranteeing freedom of worship and providing legal foundation for future growth. The church service is conducted in both English and Twi.
The church opens its doors to all people of every nation, especially Ghanaians who are in Finland and other African nationals. Now, the membership comprises Ghanaians, Nigerians and Sierra Leoneans.
The Church and the Ghanaian migrant community in Finland
The Apostolic Church in Finland plays a prominent role as a religious group that serves Ghanaian migrants and others in the Finnish society.
Thus, the Apostolic Church is a religious body for Ghanaian migrants in Finland and other nationalities who want to worship with them for diversity and better intercultural and multicultural understanding.
Elder Amoaning-Coffie said that the main and primary aim of the church is to bring people closer to God. “We aim to win souls for Christ. We aim to preach the gospel to the world. By propagating the gospel to the people, we are hopeful that they will turn away from any ungodly ways and be good individuals in the community and in society in general”, he stated.
He said that everything is going well so far. A key challenge, however, is how to get more members especially the youth. As a new Assembly, we are in need of instrumentalists, for example. We pray to God Almighty to help us do His work, the Elder disclosed.
Integration
By its activities, the Apostolic Church is helping to ensure integration of its members well into the Finish society. This is important since social interaction and citizens’ well-being are an important part of the integration process in Finland.
As I mentioned some time ago, the role of migrant associations and groups such as the Apostolic Church acting as bridge-builders for the integration and inclusion of migrants through participation in the decision making process and by acting as a representative voice is highly appreciated in Finland. Thank you!
With Dr Perpetual Crentsil
The landscape of the Ghanaian palate is shifting, and not necessarily for the better. In our bustling urban centres, from the streets of Accra to the suburbs of Kumasi, a quiet culinary revolution is taking place; one where the mortar and pestle are being replaced by the pizza oven and the deep fryer. This transition from traditional staple foods like fufu, banku, akple, kenkey, tuo zaafi, and ampesi toward “continental” dishes is more than just a change in appetite; it is a reflection of a deeper social struggle with identity and prestige.
The illusion of modernity
For many, “stepping out” for a meal has become synonymous with consuming foreign cuisine. There is an unspoken social hierarchy where a bowl of Abunuabunu is relegated to the village category, while burgers, pizzas are branded as prestigious choices. We have reached a stage where we equate foreign with modern and local with primitive.
This perception is a dangerous illusion. Our traditional dishes are marvels of culinary engineering complex, nutrient-dense, and deeply rooted in our history. When we choose a processed foreign import over a meal made from local tubers or fermented maize, we are not just changing our lunch; we are eroding the indigenous knowledge attached to our local ingredients and foods.
We need to turn the consumption of indigenous grains and tubers like millet, sorghum, and plantain into a statement of self-worth and national pride.
The cultural and health erosion
Every time a local dish disappears from a restaurant menu to make room for foreign fast food, we lose a piece of our cultural fabric. Traditional Ghanaian cooking is an art that requires patience and skill. By choosing the convenience of foreign fast food, we are raising a generation that may know the taste of a pepperoni pizza but cannot identify the rich, earthy profile of Prekese or the subtle tang of well-fermented dough dishes like corn porridge, banku, etew, abolo, agidi or kamfa, and kenkey.
Furthermore, we are at the crossroads of a nutrition transition. Replacing high-fiber, indigenous crops with calorie-dense but nutrient-poor foreign fast foods is driving a rise in lifestyle diseases such as obesity, hypertension, diabetes, stroke, cancer, and liver disease. We are trading our longevity for 15-minutes convenience or unhealthy diet.
A call for culinary patriotism
It is time for us to appreciate, preserve, and promote our indigenous foods and culinary traditions. We need to be proud of our local dishes, ingredients and cooking methods, rather than relying heavily on foreign or imported foods. We must stop viewing our local delicacies as low-class and start treating our culinary heritage as the high-end gastronomy it truly is.
True sophistication does not come from imitating Western fast food; it comes from innovation and adding values to our own resources. We see glimpses of this potential in the rise of branded Sobolo and the creative use of gluten-free plantain flour in modern baking of flour-based dishes such as bread, cakes, biscuits and others. This is the path forward. We must elevate our local dishes, making them as accessible, affordable, presentable and trendy as any foreign alternative.
To the hospitality industry: Innovate or stagnate
Our hotels and high-end restaurants must lead the charge. They must stop relegating local dishes to the “traditional corner” of the buffet, and apply the same culinary finesse given to imported dishes to our Fante Fante, apapransa, aborbi tadi, fetritoto, akple, abolo, yakayeke, fufu, ampesi, kokonte, wasawasa, tubani, apapransa, mpotompoto, kelewele, aliha, brukutu, pito, and other local dishes. The industry must enhance customer experiences making eating local dishes the ultimate luxury experience for both tourists and residents alike. We must elevate the presentation of our foods by using modern plating techniques to show that a bowl of light soup can be as visually stunning as a French consommé. We need to reclaim our Ghanaian plate before it is too late.
To the policy makers: Let us encourage buying of local ingredients to promote the local food industry and economy. There should be educational programmes and talks about the nutritional and cultural benefits of local foods so that people understand their value.
We need to encourage serving traditional dishes at school programmes, parties, and celebrations instead of only fast foods,
To the Youth: Let us value and appreciate our traditional dishes instead of always choosing foreign foods. There must be balance in our choice of local and foreign dishes. Confidence in our culture encourages others to respect it too. Our local dishes can also be promoted by sharing pictures, recipes, and videos on platforms such as Instagram, TikTok, and WhatsApp to make them attractive and trendy.
Young citizens must learn from their parents and elders how to prepare local meals to keep the knowledge and cultural relevance alive. Local dishes can be modernised to appeal to younger generations and tourists.
Conclusion
We cannot afford to trade our heritage for foreign cuisines which are gaining grounds across the country at an alarming rate. We must disabuse our minds of the perception that anything foreign or imported is better than those locally made. Our health, economy, and identity are tied to the soil. It is time to stop apologising for our local flavours and start celebrating them. It is possible to embrace modernity without losing ourselves and our cultural identity. Let us make the Ghanaian kitchen the heart of our modern identity once again.
By: Marilyn Gadogbe
