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Exporting air, cause of cedi depreciation – Ken Thompson

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The Chief Executive of Dalex Finance has exonerated the Bank of Ghana amid the recent depreciation of the cedi. 

Ken Thompson said the central bank does not produce dollars and can only work with the resources available; giving an analogy that “the BoG can only make the soup with the meat they have.” 

He told Daniel Dadzie on Joy FM’s Super Morning Show Thursday that more than 75% of containers that come into Ghana go back empty. 

“The cedi cannot stabilise when you continue exporting air,” the finance expert stated. 

Mr. Thompson believes the media should direct its arsenals at the Agric Minister, the Trade and Industries Minister and the Ghana Export Promotion Authority. 

“Haul them before you and ask them what they are doing to fill those containers [when they are leaving Ghana’s ports],” he suggested.

He insisted that the percentage of exports should be the Key Performance Indicator (KPI) of every government. 

“…because it [exporting air] destroys the value of the cedi and it doesn’t make sense. It is a crime,” he lamented. 

“You cannot have a stable currency if you import everything. The only way we can stop the problem is to export ourselves out of it,” he added. 

“If we solve that problem we stop it,” he said. 

Speaking to traders, Mr. Thompson said instead of focussing on just their imports, they should invest in exports as well. “Look for something to export, even if it’s chewing stick,” he said. 

He added that to cut their losses, traders should pay off their dollar debts or as quickly as possible.

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EVENT: 12 pm in Kantamanto by Cymple

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Prior to the announcement of “12 pm in Kantamanto” on 7th March 2019 was the buzz on social media of tweets and photos of Cymple, the stylist, posing on the streets of Accra with the theme “SAD”.

“SAD” became a concept one Saturday when the popular stylist, Cymple, roamed the streets of Kantamanto, the fashion hub in Ghana, observing the movements and activities of people in town.

Kantamanto is a daily busy flea market filled with brand new clothes and shoes, store rejects and second-hand outfits where most Ghanaians shop at lower prices. Out there under the scorching sun, he saw people in his field transport clothes or bolts of fabric on their heads and on trolleys, sellers calling out to customers, some shoving Artifacts in the faces of customers, others pulling their customers into their stalls or shops or table tops, etc. He got the inspiration of working on a collection with everything bought from Kantamanto when he came across the tailors who carry their machines around and those who iron clothes in town, among others who did this to earn a living. In his eyes, it was a sad experience but from interacting with these people, he found out they were happy despite the daily hustle to get people clothes to wear, filling their pockets with some money to feed themselves and their families. “SAD” in his perspective, is beautiful in a weird way.

12 pm in Kantamanto is a runway fashion show put together by Cymple, and a few street brands in Ghana, such as Wae Originals, Tribe of God, Free the Youth and Vigi Force, to promote street fashion in Ghana and acknowledge the hard work of the men and women selling in Kantamanto. It is basically a display of street content. The fashion show comes off on 30th March 2019 at the Moni3 studios-Haatso at 6 pm with tickets going for 20cedis. Come through and let us support street fashion in Ghana.

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BREAKING: Anas to petition Special Prosecutor over Galamsey fraud video

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Anas and his Tiger Eye Pi team are set to present a petition to the office of the Special Prosecutor investigate the suspects who were caught taking bribes to facilitate illegal mining despite the government clamp down on the act.

“The team will Send a petition to the office of the Special Prosecutor, which I believe is ready, and the team is ready to deliver to the office of the special prosecutor who has the mandate to investigate such things.

“The petition says some people have been exposed in bribery and corruption and thwarting the state’ effort at fighting illegal mining,” one of the lawyers for Tiger Sammy Darko told Francis Abban on the Morning Starr Thursday.

Meanwhile, the Ranking Member of the Mines and Energy Committee of Parliament Adam Mutawakilu has called for the prosecution of public officials implicated in the video.

The investigative piece christened ‘galamsey fraud’ uncovered massive scale of fraud perpetrated by some members of the Inter-Ministerial Committee against Illegal Mining.

The Committee was established to supervise the ban on small scale mining which was imposed in March 2017 when it was observed that small scale mining was being used as a cover for irresponsible mining as well as even illegal mining in many parts of the country.

The practice fast led to a degradation of the environment affecting severely rivers and forest reserves. In some cases, it even led to a contamination of agricultural products as a result of the absorption of dangerous chemicals used.


Details from the investigative piece spearheaded by ace investigative journalist Anas Aremeyaw Anas, however, point to a coordinated attempt by key members of the committee to derail the government and President Akufo-Addo’s efforts to fight the illegal mining menace.

A presidential staffer and Secretary to the Inter-Ministerial Committee on Illegal Mining Charles Cromwell Bissue has been fingered as the foremost collaborator against efforts by President Akufo-Addo to fight the menace.

Commenting on the expose’ on Morning Starr Ranking Member of the Mines and Energy Committee of Parliament Adam Mutawakilu told host Francis Abban President Akufo-Addo must immediately fire those implicated and hand them over to the police for prosecution.

“I expect the president to have fired these people by now and be prosecuted,” he said.

But, he said he believed the president will not because “he is benefiting from that activity.”

 

source: starrfm.com.gh

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PRESIDENT TRUMP AND NORTH KOREAN LEADER JONG-UN MEET FOR SECOND DENUCLEARIZATION SUMMIT

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North Korea’s Kim Jong Un and President Trump met in Hanoi today for their second summit, with Trump denying any suggestion he was backpedaling on U.S. demands for North Korea’s denuclearization.

Kim and Trump shook hands and smiled in front of a row of their countries’ flags at the Metropole Hotel in the Vietnamese capital.

Trump told reporters he thought the talks would be very successful, and asked if he was “walking back” on denuclearization, said “no”.

Some critics said he seems to be bending on a long-standing U.S. demand for complete and irreversible denuclearization by North Korea and risked losing leverage if he gave away too much in the talks too quickly.

Kim said they had overcome obstacles to hold their summit.

“Now that we’re meeting here again like this, I’m confident that there will be an excellent outcome that everyone welcomes, and I’ll do my best to make it happen,” Kim said.

 

Source: Thesource.com

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