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.
Contact email/WhatsApp of author
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By Charles Neequaye
Features
Musicians, the Whiteman’s toilet and MEGASTAR

I have often been saddened by the condition of Sikaman musicians. Of course, some are not musicians. They are jokers who think anybody who can sing a hymn is a musician. And why wouldn’t they think so when people think that every man wearing a rasta hair is a reggae musician?
Well, these days, almost everybody is dreaming of becoming a musician, even some ministers and parliamentarians. And it is never too late for them to begin learning the solfas and composing songs like “If You Do Good You Do For Yourself,” after all, life begins at 60 these days. If you die three years later, that’s your luck.
For the jobless, becoming a musical star is an everyday dream. They think when you are a music maker, you automatically break alliance with poverty. They are often mistaken.
I know people who claim they are musicians but are always fasting not because they are devout moslems or are on a hunger strike, but because even one square meal a day is a perpetual wahala. And the only drink they can afford is the poor man’s holy whisky which has a thousand names including ‘Nyame Bekyere’.
Even most of the popular musicians we see in town claiming they are foreign-based stars are more of hustlers than musicians. When they tell you they are going on tour abroad, it is a careful way of saying they are going overseas to scrub the whiteman’s toilet or pick tomato or apples to save their neck from musical poverty.
When they are back to Sikaman, they appear quite flamboyant with chains hanging all over them. They change the few dollars they have scraped, spread it around and promptly get broke. Then they can organise another ‘tour’. In between tours, they struggle to release an album and that levels them up a bit on the financial balance.
It all points to the fact that the life of the average musician isn’t quite organised. He has no calendar, no programme and no concentration on the job. He has to wash plates, become a waiter, janitor and toilet scrubber while finding time to make music. No musician succeeds in life that way.
One musician I’ll always respect, who thinks deeper than the ordinary Sikaman musicians is Carlos Sakyi. He is not like the Kokoase guitar musicians who see the world just in terms of bitters, a willing girlfriend, constant supply of kokonte and jot.
Carlos, often loved for his percussive overtones in gospel music, and once a gospel-rock star, has studied the life of Sikaman musicians and has evolved a blue-print for a great improvement in their lives work, finances and comfort.
In short, he has simulated a Motown-style environment for musicians and his formula is working with accuracy with the five musicians he has started with. The blue-print is what has brought MEGASTAR into being. It was launched on September 15, 1995 at the National Theatre.
When it got launched, many probably thought Carlos was “too know or was dreaming more than he should and won’t think about himself. Anyhow, the MEGASTAR is now an institution musicians can look up to, a big phenomenon with lots of promise for struggling musicians.
Music business in the developed world is not the way we regard it cheaply here. A musician is never distracted by how his finances go; his contracts are entered, his engagements made, his interviews arranged, his personal security guaranteed.
Music is his business and that is where his mind is and his attention focuses. Other aspects of his life are programmed for him by his managers. They hire who has to light his cigarettes, massage him, drive his car and the one who will say “Good Luck” when he sneezes.
A bodyguard whose face is exactly like that of the devil is hired to scare off muggers, psychopaths and criminals in general. Sometimes his girls are organised for him.
So the only thing the musician does apart from sleeping and snoring is to concentrate on making music, and true to it, no one can succeed in any venture when he is distracted.
This is how the Michael Jacksons, Lionel Richies, Dolly Patons and Whitney Houstons have made it with dollars packed and over-flowing. They aren’t any better than Sikaman musicians. The only difference is that they know how to organise their lives.
I managed to corner Carlos Sakyi and asked him to tell me how MEGASTAR was doing. He is the Managing Director of Megastar Limited, a music company that has a board of directors and a chairman. Carlos Sakyi shares the proprietorship with a partner. Carlos himself was one great musician who played for a band that beat Eddy Grant on the charts.
“Megastar is in fact a concept born out of the idea that the future security of the Ghanaian musician which has always been in jeopardy can now be guaranteed. Artistes spend too much of their time doing things on their own, chasing money and not concentrating on music. So their full potential is never realised. Some are in fact producing at quarter-rate. That is why they aren’t making much headway,” he told me.
“Megastar is now giving them the chance of the lives. We handle the interviews of Megastar artiste, their press releases, costume, engagements and everything they hitherto used to do themselves. We get them exposed on M-Net and we have contacted BB to get on their programmes. We handle their finances pay them salaries and bonuses, so they only have to concentrate on music
“Most importantly,” he continued, “we do not make all the decisions. Management always meet with the musicians to take the decisions that affect them.”
But who are the Megastar musicians? One is the great Amakye Dede, a star from birth delivered onto the earth with music on his lips; he is the man who feeds hungry ears with musical salad and harmonic sausages. He is the recipient of many national awards.
Next is Naana Frimpong, a latter-day Carlos-groomed songbird with the voice of an angel. She sings to kill. Her beauty has charmed her audience and they stare and stare at her.
The sensational and fantalising Tagoe Sisters are the next. The twin music machine is one that has produced the cream, arguably the very best, of gospel music all these years. I hear they are inseparable; not even their better-halves can keep them apart. Are they Siamese? They dance, and when on stage, they move the crowd.
Then comes Reverend Yawson who is a known songwriter. He is imbued with the Holy Spirit, speaks in tongues and of course sings in tongues. He is God’s representative on the group.
What about my good friend and super-heavyweight, Jewel Ackah? He is a star figure. His appearance is awe-inspiring, his voice golden. A great delight to be-hold when at his best in stage-craftsmanship, he has beaten his contemporaries to it both on land and on sea.
They are the pioneers of the Motown idea. They are all releasing new albums this year. Let’s see how it all goes.
Features
The rise of female rage: Unpacking the complexity of women’s anger
In recent years, the term “female rage” has gained significant traction, symbolising a collective shift in how women’s emotions are perceived and addressed.
This phenomenon is not merely a fleeting trend but a profound movement rooted in centuries of systemic injustices, personal betrayals, and societal expectations.
As women increasingly reclaim their anger, it is imperative to understand the multifaceted nature of female rage, its causes, and its implications for individuals and society at large.
The historical context of female anger
Historically, women’s emotions have been subject to dismissal, ridicule, and pathologisation. The term “hysteria,” originating from the Greek word for uterus, was used to describe women’s emotional states as irrational and uncontrollable.
This legacy of silencing and shaming has contributed to a culture where women’s anger is often suppressed or stigmatised.
However, with the rise of feminist movements, women are challenging these narratives, asserting their right to express anger and demand change.
The anatomy of female rage
Female rage is not a monolith; it is a complex and multifaceted emotion driven by various factors, including:
1. Societal expectations: The pressure to conform to traditional roles of passivity, politeness, and emotional labour.
2. Gender inequality and pay gaps: Frustration stemming from systemic discrimination in the workplace and beyond.
3. Sexual harassment and abuse: Trauma and anger resulting from pervasive violence and objectification.
4. Emotional labour and burnout: The unsustainable burden of managing emotions and responsibilities in personal and professional spheres.
5. Hormonal fluctuations: The impact of hormonal changes on emotional states, often overlooked or dismissed.
The power of anger: Reclaiming female rage
Far from being a destructive force, female rage can be a catalyst for change. When acknowledged and channelled constructively, anger can drive advocacy, policy reform, and resistance against inequality.
The #MeToo movement, women’s marches, and increased representation in politics are testaments to the power of collective female anger.
Addressing the Stigma: Towards a more inclusive dialogue
To fully harness the potential of female rage, society must address the stigma surrounding women’s anger. This involves:
1. Validation and recognition: Acknowledging women’s emotions as legitimate and worthy of attention.
2. Creating safe spaces: Providing platforms for women to express anger without fear of backlash.
3. Education and awareness: Challenging stereotypes and promoting understanding of women’s experiences.
4. Support systems: Offering resources and support for women dealing with trauma and systemic injustices.
Conclusion
The age of female rage is a moment of profound transformation, where women’s anger is no longer silenced but celebrated as a force for justice.
By understanding the roots of female rage and addressing the societal structures that fuel it, we can move towards a more equitable and compassionate world.
The journey is complex, but the destination-a society where women’s emotions are respected and their voices are heard is worth the struggle.
References:
[1] Chemudupati, P. (2022). _The Rage of Women: A Historical Perspective_.
[2] Traister, R. (2018). _Good and Mad:
By Robert Ekow Grimond-Thompson




